TFTC: A Bitcoin Podcast - Rabbit Hole Recap #200: The podcast stream has officially been moved

Episode Date: May 19, 2022

This week Marty and Matt discuss: - financial leaders of 44 countries meet in El Salvador to discuss bitcoin - Luna foundation sold 80000 bitcoin amid "stablecoin" crash - texas pacific land corp announces bitcoin mining venture - canaan revenues increased by [237%](https://www.coindesk.com/business/2022/05/19/mining-rig-maker-canaan-q1-revenue-more-than-triples/ - cambridge releases new mining data numbers https://www.jbs.cam.ac.uk/insight/2022/bitcoin-mining-new-data-reveal-a-surprising-resurgence/) - cambridge numbers are flawed - EU wants to scan all your private messages - summer of bitcoin mentorship program gets over 20K applicants - bitcoin education initiative launches in 40 high schools in Argentina - coincorner releases Bolt Card, a lightning payment card - Brink funds Michael Ford - BitMEX extends Gleb Naumenko's grant - a guide for bitcoin open source grant seekers - Ministry of Nodes Bitcoin Node Box Guide 2022 - bitcoin seed tool v1.0.5 - sparrow wallet v1.6.4 - gloria zhao releases package relay proposal - pieter wuille on private authentication protocols - new stablecoin backed by coldcards - this month in bitcoin privacy - fiatjaf on lightning penalty transactions - adopting bitcoin 2022 announced - mccormack releases film about el salvador - how bitcoin should be upgraded in the future https://bitcoinmagazine.com/technical/how-to-upgrade-bitcoin - Former lead of Facebook's shitcoin project launches lightning project https://www.lightspark.com - SBF buys 7.6% stake in Robinhood https://www.coindesk.com/business/2022/05/12/ftx-ceo-sam-bankman-fried-buys-56m-position-in-robinhood/ Shoutout to our sponsors: Unchained Capital Braiins HodlHodl CrowdHealth

What is up, freaks? It's your boy Marty Bent here to introduce this rip of Rabbit Hole Recap. Rip 200 of our weekly show. We meet here every Thursday. At least try to meet on Thursdays. the show has lived on the tftc feed throughout its first 200 episodes however as we've been announcing throughout the last few weeks we are creating a separate feed for rabbit hole recap go to your favorite podcasting app search rabbit hole recap like subscribe give us a rating a review to help us bootstrap that stream on these apps give it more visibility really appreciate all the support you've recently given us throughout the years and really appreciate it if you could help us with the visibility of the new Rabbit Hole Recap stream

by supporting it with likes, reviews, subscribe, unsubscribe, resubscribe, all that good stuff. Tell a freak, tell your local freak, if they are unaware, make sure they are aware. Rabbit Hole Recap will have its own dedicated feed moving forward. We're going to put episode 200 here

on the TFTC feed as well. clean break next week episode 201 on rabbit hole recap feed only this rip was brought to you by our good friends at Unchained Capital are you a high net worth individual? I know a lot of you are listening out there

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be there speaking. I don't know about what yet, but I'll be there. I like speaking. Hopefully it will be productive for you freaks. So there's going to be a whole week around this event. The official event is September 3rd and 4th. You go to BalticHoneyBadger.com

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Good rabbit hole recap. Take care. You've had a dynamic where money's become freer than free. When you talk about a Fed just gone nuts, all the central banks going nuts. So it's all acting like safe haven. I believe that in a world where central bankers are tripping over themselves to devalue their currency, Bitcoin wins. in the world of fiat currencies bitcoin is the victor i mean that's part of the bull case for bitcoin if you're not paying attention you probably should be probably should be the

lights of the nuclear bear market are blinding we had to put our glasses on freaks sunglasses till 100k i think so the laser eyes are hidden behind here you gotta put you gotta put shades on the laser eyes humble ourselves I have to say that you know after after the initial ball kick

of of a bitcoin crash passes there's a there's a nice serenity of of of blood you know just like blood in the streets all the fair weather friends disappear and you're just

like back to like the core the core rider dies there's a there's definitely a serenity moment there after the ball kick definitely you know watching watching your your net worth go down purchasing power so significantly is a bit of kicking the balls but after that it's definitely a serenity feeling serenity now serenity now do you feel it freaks it's here the ball kick i feel like i've got steel balls already i didn't even feel the ball kick this is why it's those tight pants those tight pants you wear prepare you for the ball kick again it's not tight pants it's large legs let's make this clear let's make this very you know they make you know they make multiple sizes right marty yeah but then they look weird you know i still got that brooklyn posh at

me okay need need to need to make sure the clothes are they might be a little tight but again it's large legs not tight pants bear market hits got a spring for the dale's pale ale yeah i mean we've been through this before we started this in the depth of the bear market post 2017 and the fall of 2018 i mean these are one of the best conversations happen when you have the diehards it's when people say the uh the building gets done people can focus on building stuff that will draw people in or provide utility during during the bull market and be like hey there's there's something here they come in for the gains they see what's been built and they're like hey this is actually pretty useful so cheers to you who knows how long we'll be in the bear

market i said i wasn't going to say it on the podcast but probably gonna have egg on my face at the end of the summer maybe decoupling the summer who knows stay humble marty again i tweeted a couple weeks ago you said i jinxed went down to 26 but we're back up at 30 because 30 or it did now i'm gonna cause another what was the tweet the tweet was oh wow bitcoin's holding up pretty well and amid this macro chaos yeah i will say that i i mean i i know we don't like to talk about price on this show um but if we're going to talk about price i i'm not sure if this is like the typical four-year cycle i i kind of feel like we're just slaves to the macro landscape right now like stocks are getting absolutely skewered every stock in the sp500 was down significantly yesterday

except TJ Maxx. Carpool the street. We're just getting pulled down. We're all TJ Maxx-malists now. This is officially a TJ Maxx pod. TJ Maxx is my safety. Carpool that tweet I sent in the group. So this is interesting.

Comparing the thoughts of decoupling. Not that one. We'll get to that one later. I just put one in the chat. that heat map is crazy yeah the thoughts of decoupling in my mind come from this very unique

position the bitcoin market finds itself in so this is from Suzu who recently got blown out by Terra not blown out but he had to eat some losses he owned up to it on Twitter yeah I mean he also deleted the tweet that was like

you know buy sell your bitcoin for USDT stake it on Anchor for 20% or whatever and he just deleted that tweet. Yeah. Yes, that's interesting. But I thought this tweet was interesting. Kari, you don't need to pull up the chart,

but it's just, he points out a few things that are happening right now in the Bitcoin market in the midst of all this macro chaos. Bitcoin price has been down seven weeks in a row, which is the most in Bitcoin history.

Like, will that continue? Will that hit eight, nine, ten weeks? Historically, that hasn't happened. We had the largest spot in derivative volume in a year during the Terra liquidation of 80,000 Bitcoin to 26,000. You have Bitcoin strength for stocks overnight, relatively Bitcoin stronger than the stocks that are currently dumping. The mare multiple, rest in peace, Trace Mare, wherever you are, is at all time lows.

Despite what you think about Trace Mare, this multiple has been a... No peace, just rest. It has been a pretty high signal multiple throughout the history of Bitcoin. It's like the single best price metric is the Meyer multiple, which is basically just the 200-day moving average, the price relative to the 200-day moving average. Yeah, and that's approaching all-time lows. And if you're trading off the Meyer multiple, the adage is that you buy when it's relatively low. that would be my main argument against the four year cycle playing out again

is that if you look at the Mayer multiple chart it just doesn't look like previous cycles on that chart not that I'm a big chart guy but that's like the one chart that I'm a little bit I'm a little bit open to

I do pay attention to it a bit and then the last indicator that we may be seeing relative strength in Bitcoin compared to the traditional markets as they go into chaos as Asian hours are stronger than US hours which is typically another leading indicator of some strength on the way so all this taken into consideration

I'm not going to say we're definitely going into a decoupling but these are interesting data points that I like to look at And they do seed that idea. Oh, maybe a decoupling is on the way. I would say that, like, that's, you know, at the end of the day, you know, a lot of these things are confidence games. You know, markets are fickle. And if we're talking about, like, true global financial chaos, you know, you kind of want Bitcoin to dump hard first and get rid of the weekends.

because if you have global financial chaos and Bitcoin's starting at a strong support level because the weekends have been washed out, then all of a sudden, you can get those momentum weeks where just week after week, Bitcoin's outperforming everything else. Then it becomes a self-fulfilling prophecy. If we're sitting at an all-time high when this happens, instead, you get a 70% decrease and you don't have that narrative shift. You don't have that momentum. So will that narrative shift come this summer? Because it seems like the traditional financial system is going to experience a lot of trouble, as we discussed last week with the supply chain issues, inflation issues, rate hikes, all of that seem to be creating conditions for pain in the traditional markets. where Dylan LeClaire was tweeting about the high-yield corporate debt defaults

that are beginning to go up earlier today. That's spiking to above 2018 highs and approaching a trajectory similar to that of 2020 before we had the meltdown during the COVID lockdowns. So yeah, things seem a little fickle over there. biquin has some relative strength don't trade off of what i'm saying stacks ads freaks oh exactly um the yeah i mean if you want to talk about trading before um if you want to talk about trading i think i think it was like 2015 or 2016 or something um there was some bucket shop i

forget which bucket shop it was that allowed you to go long or short the s&p 500 and me and my buddy lost way too much money trying to short the s&p and i mean if you look at an s&p chart from from 2016 it fucking skyrocketed was that the um was that the one allow you to do with bitcoin yeah so when i say money i mean real money i mean i mean coin what was that called one stock or something like that one one something yeah that was a horrible idea yeah i'm a horrible trader i have no idea what's gonna fucking happen short term yeah just stay humble and stack sets stay humble stack sets make sure you have cash flow too obviously the economy is going into a downturn but try to get as much cash flow as possible so if the price does go down you're able to i haven't

been watching cnbc but i imagine like the trad fi guys are going they're in like complete chaos mode right like a five percent day down day on s&p 500 um they must be freaking the fuck out right now yeah i did actually turn on cnbc uh yesterday and the day before just to see it's kind of fun what they were doing they were they were freaking out a bit um a lot of p it's funny they have they have like these companies come on like pitch like no we're gonna be fine we're gonna be fine it's are you not not so sure you look a little desperate yeah yeah they're uh the energy stocks are a big meme right now everybody's piling in the energy and the time to pile in the energy was probably last year or 2020 when when oil went negative that's probably what you

should have tracking stats is piling into energy too that's a good point um yeah yeah so i mean the real question is like marty do you think i mean you know the fed kind of caused this uh do you think they have the balls to crash asset prices further or are they just gonna i mean they're gonna halt no i mean jerome powell's come out and said that's exactly what he's willing to stomach to curb inflation he's willing to sacrifice asset prices for i really didn't expect that yeah i thought we're gonna do like a melt-up type of situation because like you might as well just kick the can down the road so you don't get blamed with tanking everything yeah well i mean they won't say it overtly but they really have to

hedge against social unrest and rising commodity prices food prices fuel prices affects the poor the most who don't own the assets and so they're in this position where it's like all right the rich are in all the assets. They have good salaries. Maybe their stock portfolios are going to get hit a bit. But we're doing that to say the little man is paying $100.

That's what's weird about it, right? Because usually the policy is fuck the poor. Apparently that's changed. Because again, you have to hedge that social unrest. It's happening all over the world. You look at Sri Lanka, you look at Peru, you look at Turkey.

if you haven't listened to the episode i recorded with doomberg yet uh did that yesterday we go into a lot of the social unrest that's popping up around the world and talked about how it could come to the west and i think jerome powell and company are recognizing that possibility and i think i mean he came out and said it they're obviously willing to sacrifice financial and real estate asset prices uh to to curb inflation at all costs but again like we said yesterday uh you can't or not yesterday last week you you can't just turn the stuff off and on the supply chains are so fucked that as hard as they try via interest rates to curb inflation it's still not going to produce natural gas oil food and bring it to market the supply of those

commodities is constrained to a point where it's inevitable demand static and rising and the supplies simply aren't there. So those prices are going to continue to rise no matter what they do with the interest rates. I mean, the only argument is if interest rates stay elevated and it leads to layoffs, you have less consumption throughout the economy. So I guess that's the only tool they have.

And so, yeah, it seems like they're trying to incite unemployment, not crisis, but maybe some unemployment so people stop driving to work in spending on these scarce supplies. I mean, there's another dynamic at play here too, right? Because like

the average person is more exposed to stocks than they've ever been before, right? With like the advent of Robinhood and stuff. And like those people have gotten completely wrecked.

Like their favorite stocks, like the, you know, their favorite stocks are getting completely crushed. Like the Ubers of the world. And I mean, do you see Coinbase?

Coinbase is trading like a fucking shit coin. Went from like $400 to 50 bucks, which if you dump shit coins on retail too long, you become the shit coin yourself, I guess. But you're going into midterms, feel like that has got to be a horrible look going into midterms where everyone's just like, their whole portfolio balance is down a shit ton. Yeah, that's a good point too. i feel like they got a budge but i don't know it doesn't really matter to us but i'm just surprised i i will wholeheartedly admit that i just did not expect the fed to be this aggressive about it yeah i mean they're in a very precarious situation i mean it's all

fucked like stagflation seems to be here there's no i mean i accepted they were fucked i just thought it was gonna you know let's just pump asset prices while we're while we're fucked yeah that's the other thing too like those robin hood traders a lot of those people middle 2020 throughout 2021 bought into the work from home meme bought zoom slack flicks netflix all that stuff got wrecked um i mean i have a buddy who fortunately i got into bitcoin um so he has a decent bitcoin stack but like i was chilling with him like seven months ago um before i moved and he was like showing me his robin hood and he had like four different like chinese electric car companies he found on on reddit or some shit like dude what the fuck are

you doing you have no idea what these companies do who runs them like what if you're gonna like what are you even thinking so there's gotta be a lot of people like that yeah a ton of people like that. And then from the other side, from the investment side, I mean, I know you watched this because you shared it. But David Sachs and Jeff Flohr from Kraft Ventures made public a presentation they gave to their portfolio companies at Kraft Ventures, basically explaining the macro landscape and how startup and growth companies should be preparing for economic turmoil. And they basically juxtaposed value companies,

which is like energy, and people making hard assets versus growth companies, which is your tech company, your Zoom, your Slack, your Netflix. Where they just like burn money for user growth. Yes. And even though companies like Zoom and Slack

are probably doing very well from a revenue standpoint, the markets are just flooding into these value plays uber has never made us profit uber keeps saying like we're gonna reach profit with scale uber's in like every city and they're losing more money than they've ever lost like the only thing that scales up is their losses they have they've never figured out a way to make any money yeah which is so interesting right because like if you're just uh if you're just an average person who doesn't actually look at numbers

or anything, you would think that Uber is like a blue chip. Uber is like an Exxon Mobil of our time or like an IBM of our time. They're everywhere. You would think they're the most solid company, but it's just all a mirage.

It's all bullshit. I spend a lot of money on Uber. They must be successful. Marty spends a lot of money on Uber. It's a good service. right it's uh i use uber at least once a week that is interesting yeah um and i would i would go find that craft ventures presentation that david and jeff gave uh and the concept of burn rate and how to handle expenses and stuff like that if you're running a company i think it was

it was very enlightening we can put in the show notes yeah we'll definitely i'll uh car i'll put it in the telegram just put in the show notes when we actually post it to the podcast feed yeah speaking of the podcast feed this is the first official week on the dedicated rabbit hole recap podcast feed if you've already subscribed thank you for doing so if you're listening to this live on youtube on twitter uh bitcoin tv wherever you're seeing this and you you haven't subscribed in your podcast ad please go search your podcast app please go search rabbit hole recap in your favorite podcast app and please subscribe like review uh we do have i know store uh you've been you've been pinging me week in week out when you're going to get the splits up we got

the splits up uh we've got matt myself car fountain podcasting index it's a fucking party And OpenSats is getting 5% of the sales. I love the OpenSats move. Hopefully, we're starting a trend there. The guy who does Talking in Bits also added a cut for OpenSats. So now we have three podcasts doing it. OpenSats is just a reminder to the freaks. The 501c3 nonprofit that I co-founded

to support open source developers with Ben Price. And we don't take any cut. We take zero management cuts. So 100% goes through to the open source devs. So if we get a bunch of podcasts to just constantly be streaming stats to open source devs, that shit gets really powerful really quickly. Yeah.

so i gotta i gotta figure out the splits on tftc2 um we'll add open sats that you're still getting sats from the tftc feed i just haven't changed yet so doubling up again are we posting this to the tftc feed too for one last time or no we can if you want to we probably should right one last time one last time to both feeds for old time's sake if you're listening to this on the tftc feed this is your last shot last shot please go like subscribe rate review tell your friends tell other freaks that you know that like the podcast but may not be aware of this stream change and it's a nice even cut we'll get 200 episodes this is rabbit hole recap 200 hit two c notes here freaks pretty crazy um we'll have 200 on the tftc feed and then we'll make the

clean break starting next week episode 201 moving forward we'll strictly be on the rabbit hole recap feed this is episode 200 yeah fuck yeah dude we fucking did it 200 now it's time to retire

set up the feed set up the streams and we're done we cancelled it last week what are we doing here we're just every week every week until 100k we're going to cancel the pod um mj smith asked why is ud on the board of open sets uh we have a nine person board um of different very strong big corners and ud is our diversity candidate it's important for the esg movement that we have a nice diversity board

member um and Udi fills that role hey you got to be diverse in these days ESG is dying though by the way

it's great to see definitely not doing it for ESG the uh he is a different perspective

which is nice to have on the board I will say that yeah and he's way better off line than he is on Twitter

yeah very very antagonistic on Twitter and I don't agree I mean he was pumping Terra so we'll just leave it at that let's get to Clark's dashboard

this is rabbit hole recap rip 200 we're currently sitting at $30,195 one cuck buck is going to get you 3,312 sats we are at block height 737,070 I caught a palindrome block the other day walked in here block clock had a palindrome block height up I forget exactly what it is

I think it was 7-6-3-3-6-7, or no, it would be 7-3-6-6-3-7. That's what block I walk in, was able to snap a picture. It felt really good. It's fulfilling when you catch a palindrome block, and your Uncle Marty caught one this week. It felt extremely good. We have a difficulty adjustment coming up in 786 blocks, estimated to be happening on May 25th, which is next Wednesday.

and as of right now hash price is really low so i i imagine a bunch of miners have turned off uh and so as of right now we're looking at a negative 2.7 percent adjustment blocks have been coming in at 10 minutes and 17 seconds on average since the last adjustment there are currently 16 691 transactions in clark's mempool samurai unspent capacity is sitting pretty at 4 700.79 bitcoin or 141.8 million bucks i believe this is a new all-time high or close to it that's all we got for the dashboard this week um yeah whirlpool all-time high whirlpool all-time high we are 56.3 off the all-time high of 69 10 according to clark's dashboard and i will add that you know i'm reading these comments freaks and i will add that ud was on added to the board

before the luna before he took like a huge turn on twitter um which i was very disappointed about um and he has single-handedly raised you know like 600 000 for open source developers for the other foundations not us um but for like brink and hrf and whatnot uh so he has done a lot of good work in terms of the funding of that and uh i respect that you guys don't trust him to make a sandwich um that's what someone said i wouldn't trust him to make a sandwich fortunately in this arrangement you do not have to trust any of the individual board members um with with the sats um that's why we have nine of us um so yeah there's that i mean you shouldn't trust me to your sandwich either uh evan thinks we look like feds with our shades on we look like who feds yeah

is this our warren canary is asking no we just evan you missed the beginning we're hiding our laser eyes the we're spooks and we cancel the show the nuclear winter is here and it's blinding us we need to put our shades on should we get into the list it's a long list today massive list one one of our longest lists. Yes, we'll start in El Salvador, where 44 countries, 44 financial leaders met to discuss Bitcoin, among other things. I think we should caveat here that this meeting happens annually. And this year, El Salvador was slated to host. And obviously, with El Salvador being the first country to make Bitcoin legal tender and really leaning into Bitcoin, it makes sense that uh having the opportunity to host that they would use that to educate all these leaders

from the global south about bitcoin um and so it was cool to see uh they were down there in el salvador all these financial leaders central bank representatives treasury representatives from these countries were learning how to use bitcoin and getting acclimated with the the concept of of opening their doors for people who want to use bitcoin within their countries what do you take from this uh i mean first of all i would caution people to you know cheerlead politicians um but uh it's a pretty cool initiative from bukele's uh perspective uh it's obviously pretty insane from a Bitcoin perspective to have financial leaders from 44 countries all learning

about Bitcoin at the same time in a country that has Bitcoin as legal tender. I thought it was really cool that, and I mean, this wasn't by design, this was probably just who would accept his invitation, but they're all like low GDP countries. They're developing countries for the most part, none of the big, there was like no G10 countries there, there was no G20 countries there. um there's it so from that respect it's like kind of grassroots uh as much as like leaders of a country can be grassroots but it you know that's kind of cool you know dichotomy of like a g20 meeting versus you know 44 44 countries meeting in el salvador to talk about bitcoin and uplifting their economies yes also the imf must be fucking freaking freaking out over this good

Fuck the IMF. They should be freaking out. They are. So that's a huge win. And again, during yesterday's episode with Doomburg, he discussed the fact that with all this commodity inflation, essentially what the U.S. is doing, having the reserve currency of the world,

they're exporting inflation to other nations. The dollar has relative strength in FX pairs across the board because of this commodity's inflation and the fact that the U.S. dollar is the reserve currency of the world. Even though we do have very high inflation here in the US, it is precipitously worse in many other countries and countries outside that are beholden to the US dollar's reserve status. So with these countries meeting, it's a good sign to see that they're learning about Bitcoin because if they want to protect themselves against that exported inflation in the long run, Bitcoin is a perfect vehicle to do that. 21 million sound money blah blah blah blah blah and so these are the countries that are getting fucked over by the reserve status of the u.s dollar and the uh the policing of the world that

the u.s does and so learning about bitcoin while they're importing all this inflation is probably unique timing and is a very interesting development in terms of the potential for light bulbs to be going off in these leaders' heads. So MG Smith mentioned he was confused by the map

that Bitcoin Beach posted and then Bitcoin Magazine posted because it seems to imply China and Russia were there. China and Russia were there. They grouped in countries that have already had positive comments about Bitcoin that weren't necessarily there.

So neither China or Russia were there. The list is Paraguay, Angola, Ghana, Nambia, Uganda, Guinea, Madagascar, Haiti, Burundi, Eswatini, Jordan, Gambia, Honduras. He's going to read all 44. Madagascar. I already said Madagascar. Maldives, Rwanda, Nepal. Maldives. Kenya, Maldives, Pakistan.

costa rica ecuador el salvador well obviously el salvador angola armenia bangladesh congo egypt india some of these are repeated twice senegal sundan so that must be sudan uganda there's a misspelling zambia zambia so all developing countries the grassroots of countries it's good to see it's good to see you like to see people uplift themselves in Bitcoin

can be a vehicle to do that what do you think do you think we get any announcements out of this you think people are stewing on this

they got their lesson I don't know don't speculate on it when it happens it happens gradually then suddenly and like you said

like don't rely on politicians like legal tender law is cool but as we discussed with Craig and Wiz during our live show

in miami last month i do prefer to see more grassroots than i would like would like to see more grassroots adoption as opposed to companies just being like it's legal tender forced to use it um countries yeah the but the story of el salvador is a grassroots story it's a story of a grassroots movement that couldn't be ignored by their president anymore and he had a choice of either fighting it or adopting it and he chose to adopt it agreed there agreed there i really like hyper localizing the economy it's like this weekend this weekend in texas rockdale which is the home of riots windstone facility they're hosting their first bitcoin meetup i believe the mayor is going to be there the local judge is going to be there and they're really

talking about how they can integrate bitcoin into their local economy and so that stuff like that i like to see it at the small town level. And if you're interested in that topic too, I had Jamie, the storefront guy on the show on Monday, who has really interesting stories from Ecuador, experienced hyperinflation there, recently moved to the United States to help small towns and small companies basically beautify themselves with beautiful storefronts. And he also happens to be a Bitcoiner and not only is he helping to make urban development more design beautiful design focus but he's trying to help these small businesses and small towns integrate Bitcoin into what they're doing so these are let's hit it from both ends let's get these legal tender laws

and let's get grassroots movements at the local level so hit them from all angles freaks speaking about all angles I don't know how we segue with all angles here but I'll try the Luna Foundation did sell 80,000 Bitcoin amid the stablecoin crash the angle

of their treasury went straight down from 80,000 to I believe like 360 they went from 80,300 Bitcoin to 300 Bitcoin and they completely failed at defending the peg So first of all, they haven't released any actual transaction info to prove this stuff.

A lot of theories floating around. There are some sleuths that have tracked up to like 40,000 of the Bitcoin going to Gemini and then a transaction that looks like it was them sending from Gemini to Binance. um but this is mostly you know the luna foundations uh word um luna foundations obviously is is what is is pretended to be the independent foundation that was backing the luna ecosystem the luna ecosystem is what the tarot stable coin was on that blew up um that we talked about last week so as it was blowing up um they allegedly took this 80 000 bitcoin and they were buying the stablecoin with it, the so-called stablecoin with it, to try and get it back up to the dollar that it was supposed to hold. And obviously, that was a massive failure. And it's basically zero

now. And Luna is absolutely crushed. And they have no reserves. My pet theory is that there was an exit scam that took place here that that that and i have no proof but it just feels right so i will i will i'm not saying this is a fact you're gonna trust that gut though but when they were buying so so that part of their mission you know this luna foundation they call themselves the luna foundation guard so it was let's fucking go lfg um part of lfg's mandate was to make sure that the UST peg in times of crisis was defended. Part of that mandate is to buy UST in times of crisis. Now, presumably, the founder of Luna, Duquan, and his buddies all held a ton of UST. While the crisis was happening, they could presumably sell their own UST to the foundation

for bitcoin and claim that it's part of the mandate and then they get to walk away with bitcoin while the whole ecosystem collapses so i wouldn't be surprised if that's what happened i mean it doesn't really matter to us uh if if you're a luna bag holder it probably matters to you um i mean it definitely matters to you but i just i find it hard to believe that they just you know basically threw away that 80 000 bitcoin um i have a feeling we'll see some things come out that shows that like a bunch of insiders including duquan got a got a significant stake of that 80 000 bitcoin and sold ust to the foundation as a result yeah it should be pretty disgusting if true i mean it is weird how a lot of these funds i believe pantera came out and so they got out

unscathed they said more than that they went from 1.7 million to like 140 million dollars they like made 100x more than 100x no no less than 100x nearly 100x profit yeah it's yeah there seemed to be some like insider favoritism that went on in regards to this it seems like i i believe i saw an article earlier this week that that dokuan guy is going to get dragged in front of the south korean um government to to explain what happened he's he's from south korea yeah the koreans are usually on top of this shit i mean they've come down hard on a bunch of uh people in in south korea companies and people that have have committed fraud over there um they're pretty sophisticated yes very sophisticated country in south korea uh so yeah he's gonna get dragged in

front of their government and have to explain himself and it'll be interesting to see that the pressure of that moment forces him to cough up some information regarding these theories that are out there dude's just like like having

seen videos of him throughout the past week it's like how could anybody take this guy seriously there was one where he was like he started like a terror terror yeah he was like I'm the big connect guy I sound like the big connect guy i'm gonna stop yeah it was like uh signals freaks he also like three days before the crash happened

he was on like deribits podcast and he was like yeah 95 of projects are gonna die but it's gonna be fun watching them die yeah like three days later his fucking his whole fucking ecosystem blows up there's some scumbags out there freaks be aware stay humble stack sats if it sounds too good to be true which tara obviously did i mean we called it out pretty early or like february this year it's probably too good to be true moving on yield thing is like the weirdest fucking thing that people are just like it's an overt ponzi i mean they admit it that everyone is just doing like these insanely risky things to get you know 10 to 20 yield when instead they can just hold the hardest asset that's ever existed and watch it increase in purchasing

power over time like why when you have bitcoin you don't need fucking yield yeah your yield is that increased purchasing power but hey people are going to get burned did you see nova's letter he was like the tattoo will be a reminder that because he has a luna tattoos like the tattoo will be a reminder that investing requires humility fuck that dude i mean i saw that he it a letter i didn't even have the the appetite to read it because i mean i saw some excerpts like crypto is here to stay it's like shut the fuck up dude it's like clowns like that i mean go listen to the first episode i recorded with ben hunt i believe i did too uh the one i had james o'burn on for when we recorded that and i digs or excuse me not i digs chain code labs offices in new york

city ben came in and that was one of the first things they love him or hate him i know he's a skeptic and a lot of people don't like his skepticism but one of the things he said during that episode was that novogratz was a raccoon and as somebody that people should approach with caution or not try to cheerlead because he doesn't really care about the revolution at the end of the day he's in it for himself um ate shit on the luna trade he's trying to save face didn't tweet for about two weeks um yeah just be aware freaks be aware on to some better news uh texas pacific land corp announces bitcoin mining venture with jay energy and mawson um largest private landholder in texas yeah so this is a big fucking deal it's a very big deal um so they own uh where

where is it i just had it up i believe they own something like 800 000 acres it's either 80 or 800 000 880 000 acres of land in west texas and so for you freaks who aren't aware of how the oil and gas industry works. Essentially, you have landowners who own the land. And a lot of the times they own the minerals under the land, natural gas and oil, which the Texas Pacific Land Corporation does. They're landowners. Obviously, they own 880,000 acres of land. And the way the oil and gas industry works, you own the mineral rights, you own the land. And essentially what you do is you lease that land out to oil and gas operators who will then come and operate, actually drill the wells and push that oil and gas into pipelines to deliver to market. And they get a lion's share of the revenue for coming in and actually extracting those minerals and getting them to market.

But the landowners get what's known as a royalty. Typically, it's anywhere from like 12.5% to, I believe, 25% in some instances. um so essentially traditionally oil and gas companies will come extract the extract those resources sell them to market and then the royalty owner the landowner gets a 12 and a half percent cut of that revenue for selling it to market and so that's one way to get revenues on your royalties another way and i'm not sure if this is exactly what's going on but this is what seems to be going on. You can either have an oil and gas operator sell that to market and get your 12.5% royalty check off those revenues, or you can take 12.5% of those minerals in kind and then

do with them what you want. And I think this may be the case here. I could be wrong. Don't take my word for it, but it seems like Texas Pacific Land Corporation is teaming up with Jay and Mawson to take some of those minerals in kind, natural gas specifically, to mine Bitcoin with. And so there's a three-way partnership here. Shout out to the team at Jay. I know Justin and Ryan, who recently left very well, very hard workers, they're incredible humans.

I'm not so familiar with Mawson, but I do know that they do build very good infrastructure. They've been around for a bit. They're based out of Australia, but do have some operations here in the U.S. So this is a really cool partnership a very strong signal that the oil and gas industry is is thinking about bitcoin mining very seriously having a large mineral owner uh like the texas pacific land corporation stepping in and

potentially again i'm not sure exactly the mechanics of of what they're doing uh in the back end but just having been around it seems to me like they're taking their minerals in kind and using them to mine bitcoin because they think they can make more money mining bitcoin than than they would off the royalty checks from delivering it to market tpl is also a massive uh they're publicly traded and so is mawson but mawson's much smaller but tpl has got a pretty high market cap um off the top of my head i want to say it's a like 50 billion dollar market cap um the my understanding was that they already like have agreements with a bunch of like energy producers and this is just going to be like one

of those agreements that they're not actually hands-on like tpl is not actually hands-on they're just getting paid out of fiat royalty or whatever yeah that so i don't know so they have the producers the producers are selling their oil and gas that tpl typically technically owns they have like wind turbines too and shit right and like solar they have a whole like tpl has a whole esg page hate to say it but you know what to each of their own uh again the way again knowing that they're 10 billion dollar market cap for tpl apology streaks tpl and jay will earn a net royalty interest and retain an option to acquire an equity stake mason intends to participate in demand response programs yeah so i don't know exactly what we do know is that this is a pretty

big deal in terms of tpl stepping in and allowing moss and nj to to mine with their resources so pretty big news seems like a pretty big deal to me pretty big signal in the market this week in this bear market um another strong signal wasn't expecting to see these types of numbers from canaan but it actually does make sense when you think about the the big mining meme that's happened uh over the last year and a half uh with energy companies getting in a mask canon revenues increased by 237 percent in q1 of this year uh obviously bitmain and micro bt are the two big players in the market but canon is also around they have around for a while and i imagine with supplies of what's miners and bit mains being a bit constrained

due to the supply chains and the the high demand for their machines uh the rest of the market looking to pour into mining as has been pouring into k9 as well um what are the k9 miners even called i believe avalon the avalon oh they are avalon i believe so and they've been around forever i don't know anyone who's actually using them right now do you know people who are using them uh there's some people out there i mean obviously their fucking revenues are pretty fucking high but you personally know people um you don't have to say who they are yes i do i do yeah anecdotal evidence yeah they produce the avalon miners they're um not as efficient as what's miners and s night and ant miners excuse me but um they do the job if you have a low

electricity cost and you're efficient with your operation they can be profitable um not as profitable as what's miners and uh i mean at the end of the day the market price is all these things right so yeah you should get a bit of a discount on it yeah um so that's interesting to see a lot of things going on in the mining sector as we said in the beginning of the episode the bear markets is when a lot of building gets done we're seeing a lot of mining infrastructure get built out the tpl news canon obviously has extreme demand right now so these are good signals that that you can use to really hone in on the fundamentals of bitcoin and what's going on the infrastructure is getting built out at the mining layer it's becoming more robust you have

more players at that layer succeeding, which you like to see increase competition. Very good signals in my mind. And then sticking on mining, Cambridge Institute released yet another report on

geographical distribution of hash rate. I'm just going to say it up front, I don't trust these numbers at all. Well, the next article I put on the list right afterwards is like, these numbers are flawed by Zach Voll. so i mean i think i think it's important to cover both um i will say that that cambridge um they try hard yeah they're one of the few outfits that actually gives a comprehensive

attempt at the bitcoin mining landscape when their last numbers came out they had china at zero percent and we said that was bullshit um now they have china at what like 23 percent or something number two but i was like kind of pissed off at them that they kept their old charts so like it looks like china went to zero and then back up to 22 um when that was you know china never went to zero to begin with um so that part kind of pissed me off um they did get some mining pools to buy in this time and give them direct mining pool information um one of them is foundry and foundry you know is a fully kyc outfit so they have a really good idea of where the miners are located because they they have them all cucked um so they they released the u.s numbers which

are kind of cool to look at with the grain of salt i mean you should look at it with the grain of salt um but but georgia came in like super high like the u.s state of georgia yeah there's a nuclear facility 30 percent of american hash rate was in georgia i mean that's where block streams operation is i believe there's a nuclear facility down there 30 seems a bit high though yeah like i said grain of salt but still i mean what was uh like i'm just relative to every hotel the other states uh it was like pretty significant regardless i i think a safe takeaway can be that georgia has significantly more hash than people realize or give it credit for um just because i mean i wasn't really another theory that people

had was that um i think core scientific and clean spark are both in georgia um and they disclose a lot more numbers so it could be overrepresented for that reason but anyway um in the show notes is a article by zach voll who kind of goes point by point about why you can't really trust these numbers and don't take too much from them um but shout out to the dudes at cambridge for making an attempt it is it is very interesting uh it's it's it's it's an interesting concept right which is where is the hash rate located in the world by region? Yeah. And again,

so this is essentially a survey that's voluntary. So, you know, there's certainly some information here. There's definitely some things going on in this area, but it's not, I wouldn't say it's holistic in terms of like, so they have Georgia at 30.76% and then they have Texas as number two at 11.2%.

and then Kentucky we'll see how that changes with these 2x of hashes or 3x of hashes that this Moss and J and TPL

2x of hashes they want to they want to add so interesting stuff be aware again mining very big theme right now

hash prices back up to like 13 cents yeah hash value is interesting if you so hash price is the price

per terahash per day that you can make off of Bitcoin mining that fluctuates obviously as the price of Bitcoin fluctuates if difficulty is going up, price is going down, that hash price is going to fall.

But the other metric that's coupled with that is hash value, which is the amount of sats that you'll mine per day per terahash. And it was interesting over the last two weeks, obviously we saw the mempool fill up and fees go up for a bit there. I believe we hit, on average, the highest I saw on the block clock

was like 14 million sats. Yeah, because Binance spammed the chain when we were dumping, bro. Yeah, but it was interesting. Don't read too much into it. I know, but if you go to insights.brains.com and you check the hash price versus hash value over the last month, there was a bit of a dislocation there. Did you see the spike? Yeah.

Yeah. So you're making more sats per day, but the price is going down, so you're making less dollars per day. and it's an interesting dynamic there that really highlights what are you after, sats or dollars. So just an interesting tidbit there. Before we move away from the Cambridge thing,

I just wanted to say, at least by Cambridge's numbers, once again, don't take them at face value. They had the order US, China, then Russia. Yeah. Like we said, I saw that freak in terms of hash rate that you were going back and forth with

when we had our conversation in May of last year or was it last year? Yeah, The Mining Man was last year. I gave him 100,000 sats for finding the episode. May 25th, 2021. We talked about it.

It was when The Mining Man was starting. You said, what did you say in that episode? I went back and listened. Did you listen to it? I listened to the part. It was around the 30 minute mark. Did he give us a timestamp on it?

know right he did 30 minutes around 30 minutes in like right before you're like 29 30 if you're interested in going back and listening but i was i was convinced that the exodus was happening you were saying i'm not sure if it is i think we were both like meeting in the middle there certainly was an exodus throughout the summer we learned that a lot of the chinese miners um were i mean you were doing like a lot of rah rah america things at the time in terms of like miners coming to america i don't know i haven't really listened to it i gave the freak a hundred thousand sats for finding the episode but if you go listen to it i listened to it today i was pretty level-headed i was just saying hey this is happening it's coming to america maybe that's better well anyway

the single coolest one of the single coolest aspects of rabbit hole recap being a weekly show is that we literally can go back at any time and see what our perspectives were um at that time and i think that's extremely powerful and extremely helpful in terms of improving your perspectives going forward when when things like this come up yeah and talking business on air that's one thing we can improve here and should probably aim to is like creating chapters in each episode so it's much easier to go find these time stamps um i just want to shout out that dude that he found it um i think he's at green pepe or something like that um he found it i told he originally thought it was a bet i was like if i won the bet i'll give you a cut of my

winnings and he found it he was like it wasn't a bet um and then he was like you were both wrong but both right and then i was like i'll give you a hundred thousand stats anyway so then i sent him a hundred thousand stats and then he sent it to open stats so cheers to him for supporting open source developers let's go yeah so that was at the beginning we learned a lot throughout that had edward evenson on and he described sort of chinese culture and if you remember what was going on around that time it was the 100th anniversary of the ccp and the theme of the anniversary was harmony and the chinese communist party basically asserted that uh bitcoin mining was not harmonious with what the ccp wanted to put out to their constituency or their

constituency isn't the right word since the communist party they're more um subjects they're subjects yeah um but um edward came on and basically described all right like after the ccp celebrations that that whole harmony meme will probably die out like four to five months after the celebration which i believe happened in october of last year and he stated at that point that there was a bunch of miners in china who were just holding ASICs and warehouses waiting for that to that celebration to come and then some time to pass

after it and then they were going to replug in and that's again can't confirm Cambridge is saying that there's a material amount of hash rate in China but if that story is played did play out it's an interesting theory that they were just waiting for that that celebration to pass

and then plug back in which is potentially what we're seeing or what Cambridge is seeing in those numbers the hash never left I mean a lot of hash left I know but the hash that's there right now they didn't even come back yeah no

I mean some of the hash left for Kazakhstan they had to leave Kazakhstan too but that's a whole different story come on in we're going to raise prices and taxes this is pretty messed up Trude Nota has a blog post

basically warning their users that the EU wants to scan all their private messages so the EU commission is planning an automatic CSAM scanning of your private communications or total surveillance in the name of

child protection. They're too denoted saying this would be the worst surveillance apparatus outside of China and completely disproportionate. So yeah, the EU for European freak subjected to this will probably pass yeah i mean it's my understanding it is pretty fun

look this is exactly why uh first of all criminals are gonna are not gonna listen to these rules anyway they're gonna get around it so it doesn't actually stop criminals it just hurts law you know honest honest people honest people that are doing nothing wrong um and which is a trend which is a trend with these types of government regulations right they're not effective and they hurt honest people um but this is why open source software is so important this is why the open source movement is so important because open source software is viral it's not controlled by any individual or company it's fucking code and that code can be shared distributed and it's very very difficult to stop and this is why this whole concept that i've been drilling in about about using more open

source software using more open source platforms using de-googled android phones right running open source software on top of that is so important because this law goes and passes if you're running a stock iphone or an android phone like you're going to be every every private message you send is going to be is is going to be scanned and and surveilled on um the only way around it is if you are are are purely running you know open source software and and and you're basically choosing to run programs that you know are protecting you because otherwise like iMessage and shit is just going to be completely surveilled and i do wonder like where does like the signals of the world stand when this happens um do they pull from the app stores in the europe european

union do they fight it do they release a separate apk because i mean you can just install a separate apk do they i mean signals attached to phone numbers do they block eu phone numbers um so it should be interesting to see how this plays out but this is not good but people should expect more of this like the surveillance is going only one way like never in my life have i seen the surveillance reduced just keeps getting added on top of you had to take control freaks another interesting thing about this story a bit of a narrative violation uh so oh yeah go on so here's um here's the eu's basically explanation for why they want to do this as mentioned detecting quote-unquote grooming would have a positive impact on the fundamental rights of potential

victims especially by contributing to the prevention of abuse if swift action is taken it may even prevent a child from suffering harm and there's more after that but the narrative violation i want to point out is the whole grooming concept here in the united states obviously okay groomer has become a massive meme and a lot of people in the mainstream corporate press are trying to say that like grooming isn't happening like this stuff isn't happening like Yeah. I mean, I wouldn't say that's a narrative violation just because even before that was happening in America, or at least this most recent movement in America, like this has always been the argument. The argument is either we're going to take your rights and surveil you to protect children or it's to stop terrorism. Those are the two main arguments that they use for most surveillance.

um so they're very consistent on that like there's you know when the uk added like when when you when you start to see these laws get passed that say you need to use an id to go onto websites and stuff it's usually they say to protect children or or terrorism um we have kita in the comments asking uh would they be able to surveil signal message or other intended encrypted messages that's the whole point the whole point is what they want is they want a client side solution similar to what iMessage did and then rolled back when iMessage got a lot of shit for it that basically is supposed to scan scan your messages locally even if they're encrypted and then if a flag comes out then transmit it to whatever authority is in charge um

so it's essentially a a backdoor into end-to-end encrypted apps um obviously they can do that in uh closed source apps very easily they can do that in centralized open source apps like signal they can force them to implement something like that or force them to pull out of the market um but if you have open source apps uh that that you manually install yourself that aren't controlled by a company or an individual uh obviously like encryption still works like they're they're they're basically doing regulatory pressure on on centralized third parties that can be choked out that that's that's the strategy that's always the strategy and this is why i say like it doesn't stop criminals because criminals will just go out of their way and sacrifice some

convenience for more private communications because the encryption is already out there if someone wants to use encryption they can use encryption but the average person who has a Samsung phone or an iPhone or something they have pretty much no idea of the threat model here they have no idea of the risks involved of this type of surveillance

and most of them could give two shits so they're not going to go out of their way to use a more secure method yeah another thing just popped into my head too like if these back doors are installed it seems like an incredible

entrapment tool too you can take somebody's phone or gain remote access to somebody's phone send some grooming messages and entrap them it seems like an easy way I mean that's always been the case seems like they're just trying to make that easier

beware freaks EU freaks feel for you even though it's happening in the EU now who's to say it won't happen here in the United States I mean if you guys remember a lot of officials were pushing these type of backdoors here in the united states under the trump administration only a few years ago these despots these kleptocrats want this stuff they do not want you to be free they want to surveil you they want to again you need to be

nannied you don't have any autonomy you are a child you need your hand held and what while we have this moment too i would just say uh keep in mind if you're an iphone user if you're backing up your iMessages to the cloud all those are are easily read already as it stands right now no new law needs to be passed and it doesn't have to just be you it could be the person you're messaging so just make sure you don't have the auto auto backups set on your iMessage and iMessage is closed source so we can't actually verify that everything's encrypted and there's no backdoors there but at least disable the cloud backup same i think same with whatsapp whatsapp might have added encryption to their cloud backups but for a while they were clear text cloud backups so

i don't think facebook's really keep that in mind really keeping your privacy top of mind and also telegram is not encrypted by default uh so if you've been sending telegram messages Those are all held on Telegram's cloud servers and can be accessed at will. Telegram does have a secret chat functionality that is encrypted, but they're using a proprietary encryption, which is generally frowned upon. You should use more standards with this stuff. Cryptography is not easy math, so that's why people use standards in the first place. Yes, listen to the meme. I mean, for good encrypted apps, I like Signal.

It does require a phone number, but it's just really easy to use. It's a nice trade-off balance because people are used to phone numbers. If you're using an Android phone, you could actually set it as your main text client. So if someone's using Signal, it auto-uses Signal. Otherwise, it sends a plain text, text message. Keep in mind, text messages that are not sent through iMessage, that are just regular text messages when you see the green bubble between an Android and an iPhone. um not only are those not encrypted like the carrier and like everyone in between can read

those they're like postcards going through the internet um threema is really good on phones i like their model it's a paid model you you basically pay them to use it rather than them monetizing off of ads um and i really like matrix matrix has just been absolutely fantastic uh matrix is great because you can do group chats really easily it's not tied to phone numbers they have a good desktop client um yeah and what btc pin said is of course you can use pgp with any messaging service uh but nobody uses pgp there's a good app on android that makes pgp really easy though i think it's called i don't know what it's called i have it on my phone what's it called

open keychain oh and your your twitter dms are not encrypted either so keep that in mind as well maybe elon's gonna change that

he seems to want to he's not gonna buy twitter it looks like it looks like he's backing out at the last second you see he's like making this fuss

about the number of bots yeah should we talk about that like what's going on did you see the project veritas

video this week no that one was pretty insane where they were talking about censorship and shit yeah and how there's two videos one and we don't have to get political but we're just saying what these twitter employees were saying the first was like a head of engineering or a senior engineer saying that the politics of twitter uh in the middle management

section is overtly leftist communistic uh and that they do censor this one they do censor particular political views that do not comport with what uh the communist at twitter believe and then there was a second one uh the guy was i believe the head of partnerships so they're ad partnerships uh that was actually a hilarious one but he also said um he made fun of elon musk is Asperger's said he wasn't competent enough and also alluded to the fact that they are censoring certain

political views but the funniest part about the second video was the guy at the end the Project Veritas journalist you got to give some props to this journalist played his part perfectly the partnership lead shared an internal email warning

employees that Project Veritas specifically was looking to um get inside information on the company by going they talk about that on the interview oh my god yes like he shows them the email and the project veritas uh journalist played it off so well he's like what's project veritas like he just mispronounced veritas and played dumb and the guy was like oh yeah these guys are trying to get us they they try and go on dates like we're on right now like you're lucky i found you organically i wouldn't be able to trust you he was talking to

that's fucking hilarious he was talking to a Project Veritas journalist it's good journalism they've been they've been kicked off Twitter what was also what was also really good

was Elon's interview when he was talking about the bots I'm pretty sure Elon is doing a rug pull on Twitter right now well apparently he can't

he's just making a mockery of the whole thing he can get sued apparently it's pretty on brand for him but he was he was doing an interview

because um he was doing this interview and he was talking about he was like you're gonna buy a house and they tell you there's only five percent termites uh and then it turns out and you agree to buy the house and it turns out the house is really 90 termites um you're not expected to buy the house anymore like they've they've lied to you and and so basically he was alluding to the fact that i mean it wasn't really an illusion he was very obvious about it uh that they told him that there's less than five percent bots on twitter and And he was like, does anyone use Twitter actually believe that there's only 5% bots?

Like every time you send a tweet out, we're much smaller accounts than fucking Elon. But every time I send a tweet out, I get like eight or nine bots like immediately respond to me. I have like a hardcore group of ride or die bots that just like love my content. The bot activity on my tweets has been a bit tame in recent weeks. It got really bad like a month ago. My block list is 90% blocks. That's what's good about bear markets, too, is the bots disappear, too. Yeah, they leave you alone.

And then Elon, Tesla's getting attacked by the S&P, the ratings agency. They've taken them out of their ESG fund or derated their ESG score. I forget what the explanation was, but now Elon's on an ESG tear. Elon, we're both in Austin. Freaks, tweet at him. Come on the show. We'll talk ESG. We'll get into Twitter. We're in the same city. It seems like you're coming around to the fact that ESG isn't really about the environment, social justice, or appropriate governance and corporate structures. It's more about control. Come on in. I know you're listening. I know you listen to this show. I know you're out there, Elon. i want to add two things first of all um with the impersonation bots twitter fucking sucks because if if i report the impersonator bots they they ask me for full kyc information to do anything about it so i refuse to give it to them um so they can go fuck themselves for that like it's

obvious they're using the same name and the same fucking profile picture you don't need my fucking kyc information to know that and then the second thing is elon was complaining that exxon is rated higher in the esg index than him so shout out to my dad exxon permable well i i want to be an exxon permable they're cocking themselves they're like actively moving away from these reliable energy sources the minerals that have been their bread and butter for i don't know are they really though yes they got that activist investor shareholders who took over i didn't think they were two spots on their board oh yeah they're they're actively i told you the story about the story about where i read the shareholder letter and it was like two pages on renewables and they were like we make

we we make like the the oil that uh lubricates the wind turbines and that was like their only renewable thing it was like a hundred it was like a hundred page shareholder book and like little just two pages on renewables was that yeah and uh that was some time ago those two greenie activist shareholders took over and got board seats and they're actively pushing them towards wind and solar and to divest from their oil gas assets which again go listen to the doomberg episode freaks if you haven't already i have not listened the energy crisis is very dire right now it's going to lead to a food crisis and i was a bit shook yesterday after the conversation because of how certain doomburg was that we're going to have a global famine um may not hit here in the

west but we're already seeing a pop-up in sri lanka we showed you guys the video last week they're about to run out of petrol uh they're already out of i believe their grain inventory is at like 30 percent india has just be a little bit careful about that because i mean you know how the corporate media is on on on crisis stuff like i talked to a couple people that are from sri lanka and they're like they're like it's not great but like it's not nearly as bad as you see in the news um so i always take you know these these international stories with grain of salt that's a good take um i remember when we were in new york and like the covid shit was happening people outside of new york though were just like dropping dead in the streets

and like that was complete bullshit yeah i remember the videos of the uh the big freezer trucks at the hospitals in brooklyn it's like complete bullshit like i i know two people that died from covid i don't know if i know any but they made it seem like 40 of us were dying like they there was like really bad at a point there so just be careful you know what you take away especially if it confirms our biases we need to be careful there yes um but we should definitely operate under the assumption uh that there will be food shortages and other essential item shortages um just because that's the safe play and you really have nothing to lose if you operate under that perspective um so the things that we've talked about in the past you know meat

freezers you know shaking your local rancher's hand stacking stacking ammo you know water like these things water purifiers is a big one oh i've got i've got a water story buy a bidet so like toilet paper shortages don't don't fuck with you you know you got it like simple practical things can make you more prepared in these kind of environments yes um and don't depend on the corporate mainstream press like matt just said they can be overblowing situations depend on price signals uh right like you're feeling out at the pump you're feeling it at the grocery store those are the signals you should be paying attention to. And I said, I had a water story. I have been, every time I go to the grocery store to buy, I'll just buy two gallons of water

just to stock up on. And like every time I go once or twice a week and just pick up two gallons of water at the Whole Foods here in Austin for the longest time, last six months since I started doing it, the price of a gallon of water was $1.19 last week when I went in, it was $1.39. So you had, I believe I crunched numbers, like a 16.5% price rise. I have one of those Berkey water filters for the house, which is fantastic. There's a big steel, all steel, no plastic, gravity-fed filter. You just put it next to the sink. You fill it up with water on the top.

There's a spigot on the bottom. Highly recommend. One of the coolest parts about it is you only have to change the filter every three years, three to five years. um, which is fantastically convenient. Then I have like these little Sawyer water filters for emergencies and travel, um, a couple of those. Yeah. They like they'll last for like a hundred thousand gallons or something crazy. Um, and then always like have at least like a flat or two of, of bottled water, just, uh, just for really big crisis situations and emergencies so that you

have you know easy transportable water that is that is drinkable yes i'm on the water side also fish antibiotics it's a big one they're not they don't require a prescription because they're not regulated by the fda or whatever you're gonna get us kicked off youtube for telling people to take animal medicine but it's good for the stockpile to have fish antibiotics hey i'm not trying to get rogan here where everybody's like fish and moxicillin like don't take it as your prime primary like if we're not in a crisis situation i have the human shit but like it's good to have if you get an infection during a crisis situation this would be hilarious if we get a strike for recommending animal medicines to people

animal medicines freaks just in case the closed caption system didn't automatically pick it up be prepared but again very good point Matthew do not focus on the corporate mainstream presses picture painting look at price signals

I would trust the price signals that's the highest signal that you can look at in a market moving on this is good to see on the rosier news you've got a nice nice structure of the list you got some like

disarming stories or you get some alarming stories bring it back to some good news the good news we've only been doing it for 199 episodes I think I could get it right on the 200 the summer of bitcoin

Foundation Initiative, the Summer Bitcoin Initiative has released their 2022 results there are going to be 83 participants that will be taking part in the Summer Bitcoin course that

is going to allow these students to learn about Bitcoin over 20,000 people applied I was going to get to that, I was going to say 89 are in it But yeah, they have a nice graphic here in the middle of the article. There was 20,317 applications. They had to cut that down to 1,352 applicants submitted to the proposal round,

and that was further filtered to 83. So that's a lot of... When I saw it posted and said 20,300 applicants, I thought it was a fuck-up. And then I went into the articles to see if it was real. And I was like, Holy shit. Like that is fucking, that is hard to fathom.

Yeah. This is only the second year they've done it. Right. I believe so. Yes. Second year. I met on the, at Bitcoin Miami.

Um, at Bitcoin. He was great. I met him too. Yeah. So shout out, shout out to the, uh,

the summer of Bitcoin organization. They're based out of India, trying to get more developers in the space. And again, Going back to bear market signals, they look for, in terms of a growing fundamental case for Bitcoin, this is one of them, 20,000, 100, or excuse me, 20,317 applicants to get into this summer Bitcoin program is a very high signal that there's a lot of people who want to contribute to Bitcoin. shout out to the 83 participants that were selected obviously the competition was very high

this year and shout out to the mentors yeah the mentors list at the top there's a lot of mentors we got 1, 2, 3, 4, 5 6, 7, 8, 9 10, 11, 12 times we literally say how many mentors there are

there's 60 pictured on the page yeah 60 open source bitcoin developers marty did good math on this one good math marty it's the sunglasses it is helps me uh see clearer on the screen what is this oh uh in argentina there's another speaking about teaching people about bitcoin there's a bitcoin education initiative that's going to launch in 40 high schools throughout argentina let's fucking go getting it into the minds of the youth which is important i wish i learned about money i wish i learned about distributed systems i wish i learned

about computer science and the importance of sovereignty in the digital age when i was in high school i didn't learn a little bit a lot about a critical thinking was a big part of the school i learned about any of this shit in high school yes um so yeah no i mean again talk about grassroots movements this is one of the lowest hanging fruits that that you can do in terms of a grassroots movement instead of getting somebody to adopt bitcoin a merchant or something that's a higher heavier lift just educating educating the youth planting seeds at a young age to to help individuals young individuals specifically think about the world differently and so the program is going to begin with 40 schools with almost 4 000 students expected to

participate. Obviously, Argentina has experienced many hyperinflationary events over the last 60 years. I wrote about it in the Ben a few weeks ago. Since 1953, I believe, they've engaged in 21 special agreements with the IMF. So that's essentially an IMF loan every three years since the 1950s. That structure doesn't seem to actually be fixing any of the inherent issues with Argentina's monetary system. Again, they've had many hyperinflationary events over the last six decades, pouring more debt into that economy doesn't seem to be fixing the problem. It is a bit insane that they keep going back to the IMF trough. So seeing that there is an initiative to to get bitcoin into the minds of the argentine youth is extremely

encouraging because uh hopefully these students learning will lead to changes at the monetary policy level there because well i'll tell you one thing you get to skip the step with them where you explain that the money's broken there you just tell them we have we have a potential solution here and you should learn about it you'd be curious about it catch them when they're curious when they're young the you i god damn it i had a grooming joke if you're going to groom groom about bitcoin just like i'm sorry i didn't want to taste poor taste um we have mj mg smith very active in the comments today asking how long i'm going to let this mullet ride for i don't think it's a proper mullet yet um but i think i'm going to cut it tomorrow because

i am flying to oslo i want to be a little bit more cleaned up when i talk to the activists over at the oslo freedom forum but i'm curious freaks in the comments say cut or no cut on your opinion of of my my hair length currently right now i am curious and while you're doing that like Like if you haven't already hit the like button, hit the subscribe button. The more important thing is give me some hair advice. Speaking of hair advice, it was my final thought the other day.

The two year old got absolutely butchered at, at the barber this week. I feel bad for him. We might have to buzz his head. What? I mean, it was just a horrible, it was a horrible haircut.

It looks, it's, I feel bad taking him out in public. he's not very good in the barber chair but well at least he won't have to impress any ladies for like 11 years

well he likes to impress the ladies already he's a big flirt he likes to flirt he's going to be a big brother soon sir that was the reason the baby is arriving soon and my wife wanted to make sure that he

looked good for the baby's arrival and that backfire terribly it looks terrible i see there's a lot there's there's a lot of there's a lot of uh debate in the in the bent household it sounds like over there there wasn't a little bit of hair tension no i know my wife we're both uh on the same page it's a terrible haircut uh we were both on the same page yeah maybe you should look buttoned up for the baby uh when it arrives Did you pay for the baby barber with Bitcoin? Did not, did not. You said that your barber, you pay with Bitcoin, right?

Yeah, well, the baby and I do not go to the same barber. I do not sit in a toy car with Disney movies on as I get my hair cut. I mean, what? Is it like a baby-specific barber? Yes. Is that how it works? Yes, this is how it works. Children do not know how to sit still.

I don't fucking know. So you have to create environments where they're more likely to sit still. The adults probably would not like getting a haircut in that type of environment. If they are, they're probably a groomer. This was cool to see. Coin Corner announced the Bolt card, an NFC-enabled card that allows you to spend

Bitcoin over the Lightning Network, leveraging NFC and LNURL. um so you load specifically ln url withdraw yes um so if you have so so by default it uses your coin corner wallet which is a custodial kyc you know their custodial kyc exchange um so you buy the card from them you tap it at an nfc terminal that supports it or a phone that supports ln url withdraw and the merchant withdraws it from your account um bitcoin q and realized it's just a standard nfc card so he actually wiped it and then put his own ln url that was attached to his ln bits which is the project that ben arc maintains that has like

full ln url support so you can actually use it in a non-custodial way as well now this should very much like this is a to me this is really cool because this is a look into what the future of Bitcoin payments could look like, which is you don't need your phone. It's just really quick. You just tap it on NFC terminal. Most terminals already have NFC, the tap to pay functionality are built in. A lot cleaner than a QR code. A couple of things. First off, right now, my understanding, this only works with CoinCorner specific uh payment terminals so like we're not going to get real adoption unless you use the hardware that the merchants already have they already have nfc terminals they're gonna they're not

going to want to buy new hardware to accept bitcoin um the second thing is because it uses l and url withdraw um you're trusting that the merchant is actually withdrawing it's a pull system not a push so you're trusting that the merchant's actually withdrawing the amount of money they save, they're withdrawing. The third thing is you're trusting that they're not doing like a replay where they charge you multiple times or wait till you leave and charge you again, that they're not cloning your card and taking that information and doing it again. Now, there's a couple of mitigations for now. The main mitigation being you can set limits on a transaction basis and on a daily basis. So you can say,

um you know i only wanted to approve transactions of a hundred thousand sats or less and only up to a million sats a day or something so you can set those limits um and you can obviously shut down the ln url on the server side if your card gets compromised but you know these are things that people should keep in mind especially if it's attached to an exchange account that has a lot of money in it or any kind of wallet that has a lot of money in it because this is bitcoin there's no chargebacks so um fun to play around with cool concept view into the future of bitcoin payments but there's still a lot of work to be done yes but yeah again got to take one step forward one step at a time this is a pretty big step i would argue in terms of showing the way for what can be

done as you mentioned is a pull system there are a lot of safeguards that still need to be built into place. I believe they can be over time and more people coming to build on these types of protocols or design landscapes will bring some creativity to this. I think this is an incredible

thing to see come to market. NFC payments. I became an NFC maximalist within the last year. If you don't have tap to pay, I look down on your store. so like seeing this name so I like what Strike rolls out this

partnership with the large point of sale NCR and Blackhawk would something like this be compatible with that presumably they're going to have NFC support yes I don't know if it's going to be compatible

with this particularly I mean Strike still doesn't support LNURL. I don't have a Strike account, but I'm 99% sure they still do not support LNURL. And this is based on LNURL. But my understanding is they will support NFC payments and the standards and stuff around that still needs to be decided. But you always have the qr code fall back i will say that this is above my pay grade a bit but like this card like is really a minimum viable product like because i mean you can you can clone this card that's what bitcoin q a did right like he wiped the card and put a new card on it you can clone this card my understanding is um with the sats card that that coin kite came out with and the

tap signer you can't just like copy the card like it's using a secure element or some shit i'm i'm not positive on the specifics of how it works um so ideally we'll have more secure cards that are doing this type of thing um but for small payments as a minimum viable product as like an intro um this is I think a massive step in a good direction for UX rather than doing a QR code agreed

agreed this list is so long the rest of the list is longer than most of the list that we have week in and week out we're going to take a break from the list and go to shout outs we have one shout out this week hello there are a group of us

you can call us guardians that have traveled back in time from the year 3033 to help with Earth's transition away from the black hole system, siphoning energy from every living being in the solar system. There are many of us on planet, on the planet. Some are awake and aware, others consciously unaware.

But that doesn't prevent them from doing their job. Bitcoin is a huge deal. And even though it isn't needed anymore where we come from, it is a huge step in removing the parasitic hold on energetic exchange money slash barter slash trade siphoning off the planet's population by a small group of beings marty understands this he has described bitcoin as a pillar of light drawing beings toward it providing a catalyst for co-creation and cooperation stop giving

parasites permission to take your energy take your power back with bitcoin open source money is foundational for a return to our authentic nature open to source. Shout out to our friends from the future. Thanks, Freaks. Appreciate the support. I like that. I like that type of shout out.

Well, sci-fi. Very creative. Sci-fi shout out. Don't let them siphon your energy. Listen to the futuristic Freaks from 1011 years from now. Another good Marty math right there. I just checked it in my head. It checks out.

1,011 years from now. It wouldn't be the first time that you were confident in your math. Ever completely wrong. Don't let them siphon your energy, freaks. Stack sets and stay humble. Back to the list. We've got Grant Brink

is funding Michael Ford, a.k.a. Fanquake, to be able to focus on his extremely incredible work of maintainer of Bitcoin. Fanquake is infamous throughout the Bitcoin core community. He's one of our legendary maintainers. You don't see

him much if you're not paying attention, but he's doing really he's a huge asset to Bitcoin. Yes. And he's a good farmer too. BitMEX is extending. BitMEX used to fund Michael Ford

and now he's moved to Brink. Yes. And in the Brink announcement, they said he's going to be working out of London. that's interesting he's usually based out of Australia right yes I mean that's where his farm is so I wonder what the deal with that is

yeah I think he's smart well the farm is like he controls it all like with code right maybe he can control it remotely I have no idea yeah the farm is automated

from what I understand BitMEX they're extending Gleb Nelmenko's grant obviously we've been talking about Gleb a lot in the last couple of months due to his efforts over in ukraine he's been running um he's been accepting bitcoin donations to make sure that people that are being affected by the war in ukraine right now are able to get necessary supplies um like we said many times uh i prefer you donate to glib instead of the ukraine government um but outside of that humanitarian work

Leb does also do incredible work for Bitcoin at both the core or excuse me the protocol layer and lightning layer

him and he's legit one of the best developers we have yes and the dude's got so much fucking integrity super smart tons of integrity

tons of tons of passion yes we're very lucky to have him yes I mean him and Antoine shout out to BitMEX for continuing to fund him shout out to BitMEX

him and Antoine the work they're doing to basically stress test the lightning network and do a bunch of security research on Lightning specifically is extremely valuable.

They've already highlighted a bunch of pain points that people are working on fixing at the protocol layer. Leb has worked at the P2P layer, communication between nodes and making sure that's as robust as possible. It's actually pretty insane

how many parts of the Bitcoin stack that Leb has touched and brought value to. So shout out to BitMEX for extending that grant. Speaking of grants and how you get them, Adam Jonas, shout out to Jonas from Chaincode. He's still at Chaincode, right?

Yes. He wrote a guide for Bitcoin open source grant seekers. So it's a blog post. If you're one of those individuals contributing to Bitcoin and you're trying to figure out a way how you can focus on it full time and get a grant uh jonas being from chain code which has given out a number of grants uh throughout

the years uh no they don't give out grants or they they hire developers to work specifically yeah they do residencies i mean i just i'm not being a dick he like literally says in like the first sentence he's like my experience at chain code while we don't give out grants it's on me that's on me so here's a little guiding blog post if you're looking to get some advice from Adam Jonas

the dogs the dogs speaking of nodes the ministry of nodes Bitcoin node box guide for 2022 has been released that's on bitcointv.com the link you put in the show notes is not working man

where you have to be logged in to view it. It's also on YouTube. I was trying to mute it when the dogs were... They're just greeting everyone. Shout out to Catan for putting these together. It's one of the best Node tutorials. It's using an old computer, so you can buy an old desktop computer,

an old laptop. You install Linux on it, Ubuntu, and then he goes through all the different pieces of software you can choose to install if you want to choose it. These nodes are way more powerful than the little Raspberry Pi nodes and not that much more expensive because usually you just use a used computer for it.

So shout out to Catan on this. Shout out to Catan, Ministry of Nodes. Again, Signal. the education, the information it only grows, it only grows day by day all the pundits will tell you that Bitcoin's dead that the show

should be cancelled, however as you can see by everything we've been talking about for the last hour and 45 minutes people are grinding people are grinding speaking about grinding we're at, somewhat at

the software update there's some proposals in here as well we're going to blow through these, I'll stop at Gloria Zhao's which is the third one now, so Bitcoin Seed Tool version 1.0.5 has been released, Sparrow Wallet version 1.6.4

has been released, Gloria Zhao released a package relay proposal on the Bitcoin Dev mailing list and she has some information on the design of this package relay on GitHub as well, so this is

something that Gloria is working on at the P2P layer that essentially is trying to make the transaction broadcasting in Mempool layer more efficient and I believe she describes it as fair in her proposal.

So this is some nitty gritty protocol work that is being worked on. Peter Willa, he wrote a post on GitHub, a write up about private authentication protocols. um is this specific to bitcoin or is this just uh yes okay um both it doesn't really mention what doesn't mention bitcoin and that's why i asked i mean the idea is is so like when you're

when you're doing uh p2p networks like bitcoin you don't you know you don't want someone to be man in the middle in you between you and your peers um how can we go about doing that so this is uh peter's uh peter's write-up is like a base write-up it's like he's collecting his thoughts there's no hard proposal there um but it is it is a problem that that we do have in bitcoin which is the authentication between peers so that you don't you don't have that man in the middle risk um it can be used for surveillance in the in the bitcoin network um to sniff what transactions you're broadcasting and what your ip address is um our main mitigation for like actually malicious man in the middle that isn't surveillance based uh like denial of service and stuff is just like

be connected to many peers but that doesn't help on the surveillance side because if if you if you have a man in the middle on that side they can just be spying on you um i just want to i so so So both of these, people should go read them. They're both a little bit above me and Marty's pay grade. So I don't think we're really doing it justice when we explain them, but they are important. I mean, Gloria's proposal is extremely important. And whenever Peter writes something, we should all read it because the dude's a fucking genius. Just try our best to understand it.

I want to just go real back real quick to Bitcoin seed tool, first of all, is that project that Bitcoin Q&A and SuperFatHour are running. They added the big feature they added was last word checksum. So if you're not aware, your seed is randomly generated, but the last word that you can pick your seed out of a hat, if it's sufficiently shuffled and random, I don't really advise doing it. But you could do that. And if you do that, or if you do with dice, you still the last word needs to be calculated

separately because it's a checksum. So it's, it's making sure that the other words are, are like in, in the correct order. So you can't, it's not easy to do that last word on your own. So now with the seed tool offline, you can do that. Another cool thing that I saw people doing with the seed tool was, you know, in cold card, you have the dice rolls to generate your seed with, with the seed tool, you can actually run the seed tool offline. So you can get the seed tool on the website. Don't use that one unless this would play money. Download it offline. Run it offline on a local machine. So people have basically done the dice on the cold card, and then they checked if it comes out the same on the seed tool.

and then you have two sources of truth to make sure that they match each other now i wouldn't use i wouldn't i still wouldn't use that seed but then you do it again and you're like okay the cold card didn't lie to me the first time so the second time should be fine like that's probably how i would do that process because at that point now you all of a sudden you have a seat on a computer even if it was offline like are you ever going to connect that back to the internet like you there's all these other uh attack surface things that you open up on the sparrow side the two cool features that were added here is you can now, he now has support for the seed QRs that SeedSigner uses. So if you've been using a SeedSigner and you have the seed QR, without the SeedSigner,

you can just use Sparrow now, which is pretty cool interoperability. I think that's pretty clever. And he added this dust warning system. So if you get hit with a dust attack where someone's trying to track your transactions by sending small amounts of Bitcoin to old addresses that you've already used sparrow will now warn you so two big features added on sparrow one big feature added on seed tool wanted to highlight them awesome again people building that seems like if you're like hardcore trying to create a seed that's an incredible upgrade to the seed tool and if you notice i'm wearing the sparrow hat bitcoin hack guy sells it if you buy from bitcoin hack guy a bunch of the proceeds go to sparrow development and it's just a fucking dope

hat it is a dope hat um cold cards got a new stable coin in the form of a gift card if you want to buy cold cards if you want to uh gift individuals gift cards to coin kite um they are offering that now on the site. You can go to store.coinkite.com slash gift cards and you can give people the joy of very dope Bitcoin hardware. The reason I made the stablecoin

joke, so like Marty was reading the list and I wrote on the list, I was like, new stablecoin backed by coldcards. The reason I make this joke is because you can buy these gift cards without KYC with Bitcoin. You can only buy them with Bitcoin. Right. You can only buy them with Bitcoin, no KYC. At any point, you can spend them on CoinKite products. Most Bitcoiners buy CoinKite products. So it actually could be pretty useful

for RoboSats and other KYC-free P2P exchanges where one side needs fiat. I imagine a lot of Bitcoiners would, you know, in terms of USD value, getting a CoinKite gift card is like a better value than some of the other gift cards. Yes. Are most Bitcoiners using cold cards? I mean, probably not. I mean, most Bitcoiners are just keeping their funds

on custodial exchanges, right? Well, I've been hearing rumblings throughout the industry that the uh the queen base 10q has lit a fire under a lot of individuals asses to to get their coins off the exchange and into uh self-custody so that it's good that brian armstrong came out and tried to warn everybody that they're not uh in danger of going um into bankruptcy so good on you this month of bitcoin privacy is out is this after a month-long hiatus yeah this is two months really it's march and april yes by our by our lady janine um so if you're fucking awesome interesting and learning about everything that went on

in regards to privacy in the privacy world and how it relates to Bitcoin. Janine has her most recent post up. We're going to link to that in the show notes. It's a long one, obviously. Pulling up two months of work here

for March and April. But this is a must-read every month if you care about privacy and you should care about privacy. And this one's a long read. I recommend setting aside some time on your saturday morning and i'll be working with her with the activists again we worked in miami for the last oslo freedom forum and this time we'll be doing it in oslo sweet um which i'm

pretty excited about what um what are we thinking for recording next week should we do business on air about that oof i don't know we got to figure it out i'm gonna be traveling on thursday i think okay let's figure that out you're gonna be way ahead of me too we'll figure it out yeah we'll figure it out this is my first Thursday in a while where I'm not traveling immediately following how's that feel? feels good

rest this weekend before Oslo but next week is a whirlwind so I'll figure it out and I'll message you in car MG Blazer's asking if Ozzo FF will be streamed or recorded it will definitely be recorded and posted afterwards I'm

99 sure it will also be streamed um yeah i mean we're also going to be doing workshops with the activists those will not be streamed or recorded um we're going to be doing like bitcoin 101 with activists it'll be like two bitcoiners uh with like eight activists um show them how to load a wallet spend from the wallet back up the wallet restore the wallet But Lightning on-chain, yeah, pretty fucking stoked for it. I'm bummed I had to miss it. Thanks, Carr. Look at that handsome gentleman right there.

Fiat Joff. Fuck you, T.O. In the comments. For the podcast people, he's making fun of my... Terrell Owens is in the comments? What's up, Terrell? My pronunciation. Activist.

activist I'm a little bit congested right now I gotta hey take it easy on Matt I gotta cold I gotta cold I'm fighting he's got a cold okay take it easy on him all right he's playing through is this is Matt's flu game episode

200 couldn't miss it Fiat Jeff this is like a fun little blog post a lot of character in this blog post I love Fiat Jeff he's a real one he uh he initiated a lightning penalty transaction you want to describe i think you'd be better at describing this than i would oh no so a lightning penalty transaction is what happens if um don't

close the channel right a user on lightning tries to cheat you uh they lose all their money in the channel so like as you're doing a channel uh you're basically updating your channel commits as the balances are changing, who has what. You're not broadcasting it to the chain. You're not broadcasting it to the Bitcoin network, but you're each signing and updating what the new balances are. Now, the problem is if one person can go back and you've already signed a previous one that says they have more money than you, they could broadcast that and take your money. But if the other partner is online or they have a watchtower that's watching it they can broadcast the penalty transaction which takes all of the attacker's money the

attacker loses everything so so lightning operates on this trust model where the fear that if you try and steal from your counterparty they can take all of your money in that channel stops the majority of attacks from happening so i mean i've been using lightning um i don't know for like three years now or whatever since like the very beginning and like i've never seen a lightning penalty transaction. Most of the times it happens is because someone fucks something up and they accidentally broadcast an old state, not that they intentionally meant to. They're copying a node over, they're loading up to a new node box or something, and they accidentally broadcast an old state not intentionally. So I've never actually seen a penalty transaction. It seems

like Fiat Jaf hasn't either. So he made one happen and then lost his money and documented the whole process. So it's just a cool little insight into how it would look if you tried to attack someone and you got subject to a lightning penalty transaction. So sometimes you can't trust,

you have to verify. Fiat Jaff went and verified that these penalty transactions will actually happen if somebody tries to cheat you on the lightning network. And again, like I said, the blog post is extremely colorful.

A lot of character in this post. Very nice storytelling here by our friend Fiat Jaff. the adopting Bitcoin conferences back this year in El Salvador and San Salvador on November 17th or excuse me, 15th to the 17th at the crown plaza in San Salvador. Adopting Bitcoin had its first conference last year in October of 2021. It was a great success.

And now the adopting Bitcoin crew is getting back together for mid November of this year. to educate people about Bitcoin, how to use Bitcoin, how to adopt Bitcoin. I've only heard good things about this event. I've heard very good things about this event.

Maritz from Spectre is heavily involved. He did a great job last year. I expect nothing less this year. There is a call for participation. The organizing team will invite speakers, but if you want to contribute to the conference as a speaker, you can submit an application at

adoptingbitcoin.org. So if you're a freak out there who thinks you have an interesting topic that you'd like to speak about at this conference in San Salvador adoptingbitcoin.org is accepting applications for speakers I don't believe they're doing

pay to play either it's going to be a meritocracy so you better have something good to speak about if you got two lungs you're short bitcoin this was cool I'm still haven't finished yet but watched uh more than half of it at this point peter mccormick uh released a documentary film investigative documentary i guess you could say he went down it's like 35 minutes yeah went

down to like mini doc style it kind of reminds me like the old vice stuff yeah no i mean the production quality on this is very very high quality um and so peter went down interviewed Mike Peterson and his wife from Bitcoin Beach, why they started it and then went into town and asked a bunch of people how they were using Bitcoin, what they thought about Bitcoin again I haven't finished the whole thing yet

I still have to get through the rest of it but the first 17 minutes that I watched were very high quality, interesting first person perspective on what's going down in El Salvador post legal tender law that's on Bitcoin TV

and YouTube um how bitcoin should be upgraded in the future by shinobi by shinobi uh taboo topic very taboo topic obviously with the debate around op ctv bip 119 and the controversy around how that may or may not be added to the protocol um is driving people to ask the hard question how which is good bitcoin should be upgraded in the future shinobi who should have this conversation shinobi has been in the trenches for some time now i think he was one of my first follows on bitcoin twitter back in 2014 2015 um yeah has been thinking a lot about this topic he went through the fork wars of 2017 i remember him being an ardent critic of all the attempted forks before

that like bitcoin classic bitcoin xt um so this is subject that shinobi has been thinking about for quite some time uh and he wrote a piece on it in bitcoin magazine that we're going to link to in the show notes i like to think that i helped inspire this piece um because shinobi and rusty russell were on dispatch uh last week to discuss this so we had like a two-hour conversation on the topic um you should all go listen to that in your favorite podcast app yes yeah it's a very important conversation like we should be having this conversation now you don't want to have this conversation when when there's actually something that we really need i don't i don't think there's like a pressing need for ctv um i don't think there's a pressing need for covenants that's just

in my opinion. But we need to have Bitcoin stakeholders, people that own Bitcoin, use Bitcoin, use their own node, rely on Bitcoin every day. You have to take an active interest in improving your knowledge and being humble enough to realize that we don't really know that much and that we're never going to know everything and that you just need to keep improving that. And part of that is understanding how the extremely beautiful yet chaotic Bitcoin consensus system works around upgrades and how we're going to navigate that as the network grows larger and has more value in it. Yes, and Shinobi hones in and probably a good place for you freaks to start when you want to learn about activation methods and the whole controversy over BIP-8 and BIP-9 signaling, which is a whole rabbit hole to dive down and to think about the trade-offs and what they mean. so BIP8, BIP9 is a good place to start

if you want to learn about historical upgrades and the different philosophies behind each mechanism version bit signaling and lot equals true, lot equals false, all that stuff even though

I've done extensive research on it in the past I still need to brush up on it and remind myself of how those two things differ in how they work in terms of getting something activated into the protocol. So that's where I would recommend you start. Obviously, read

the history. Definitely go check out the piece that Pete Rizzo wrote, I believe, last year or the year before about pay-to-script hash P2SH. Yeah, P2SH. That was the first soft fork in Bitcoin and the history of that, the

discussion around that. Back when Amir Taki, Luke Dasher, Gavin Gavin Andreessen Andreessen yeah Gavin Andreessen

and a bunch of others very interesting history of Peter Woola Greg Maxwell very interesting history and upgrades and again as is clear

at the moment via this post from Shinobi there is no very clear cut path to future activation so as Matt said

it's important to be having these discussions um better start now as opposed to later when when the need is i mean look one of the one of the reasons uh one of the reasons me and marty come back week in week out 200 episodes is because a more informed bitcoin stakeholder base like a more informed bitcoin or population is crucial for the success and robustness of Bitcoin. So we each need to push ourselves to understand Bitcoin more and more. And once again, be humble enough that we don't really understand it that much

and that we need to improve our knowledge. And then take it a step further and ideally go and help other people understand it better as well. Like if we each go out and help 10 people try and understand everything that's going on in the Bitcoin network, we will have a stronger network for it. Because ultimately, like this is open source code, but ultimately it's a movement of people. People need to run the code. They need to use the code. They need to build the code. They need to support the code.

and it's it's up to us as individuals to actually improve our knowledge and understanding of how this all works completely agreed to your part freaks try to educate don't try the most importantly we say this a lot don't trust us like and the only way you can do that is by educating yourself do not trust verify for yourself next on the list david marcus previously the quote crypto team lead at meta formerly facebook you should have used my fucking list item let me see what you said former lead of facebook shitcoin project launches lightning project yes so david marcus has has launched or announced that he started a company called light spark which aims to really hone in on the lighting network and build products that will bring the

lightning network to the masses i'm i'm distracted here because i'm looking for the raise they raise like a shit ton of money at a crazy valuation and i like raised it from like all the fucking fiat vcs yes um so a16z paradigm they're all in it yes it's i will say i don't think it's a coincidence that it's right after you know lightning labs is like we're gonna have shit coins on lightning come on what do you think you just like launched this country company and raised a bunch of money because of tara i think he saw the trajectory and heard the murmurs and was like i'm gonna launch a lightning shitcoin company yeah we'll see i mean we have three different projects working on lightning shit coins now this is the third one does

he mentioned check lines no but it's in his nature david's latest project light spark aims at nothing less than reinventing the largest and most antiquated parts of the financial services by building on the lightning network for matrix partners dana stadler an early investor marcus zongs marcus's zong the team will share more information over time but suffice to say there's no one i trust more than david to start and lead such an ambitious company downturns are good moments to focus on building and creating value with mission aligned people said marcus we're excited to dive into lightning learn more and work alongside the community we'll share more about our work as we progress yeah so it seems like vaporware that they're just raising on an idea shit coins on

lightning okay we'll see do you think it's uh gonna be a product that we'd recommend to people no we shall see I mean you might recommend it I don't know I don't plan on it you get really excited about these kind of things I'm not really I mean I saw this I'll say

regardless of what happens it's a win that he left Facebook shitcoin and is building a lightning thanks for the liquidity and it might be like the first time like A16Z and Paradigm have

invested in a lightning business. They don't have any exposure to lightning labs? I don't know. They might. That's part of the

reason why I think they knew about Taro ahead of time. Potentially. I mean, Taro's not like something that lightning labs

could, I mean, they can build products using the Taro protocol, but I don't think like LightSpark would build a Taro competitor, but

they maybe shit coins build on Taro. They might use Taro. They might build their whole business on Taro.

Who knows? Who knows? Right now it's just Vapor. Or they might build a competitor and try and win the market. They're going to let us know. They're going to let us know, so beware, freaks. Look out for the announcements. This was an announcement of an announcement. Announcement of a raise for potential future announcement of our product.

I will say that I used to give MVK a lot of shit because whenever we got a little bit drunk, he would always tell me, lightning is our way of keeping shit corners busy, working on relatively related to bitcoin projects yes yes and it is started kind of feel that way to be honest

it really is it really is um i don't want to denigrate any lightning developers i'm not trying to do that i love our developers i love our open source contributors i love all the teams that build on bitcoin but it does you know it feels a little bit like the most shitcoin-y stack on Bitcoin speaking of

shitcoin-y stack, SBF bought 7.6% of Robinhood and announces that stock trading will become an FTX, this is an odd move like buy a material amount of your competitor and then so first he bought this and then so he bought this like

he announced the buy right after Rabidal Recap last week and then it was like yesterday or two days ago they announced that FTX is adding stocks at zero fees I don't know this guy's like one of the richest under 30 in the world so

it doesn't seem that odd for him to personally you know cover his bases in terms of this and I'm sure it gives him access at Robinhood, right? Which could help FTX. It kind of makes sense to me.

Yeah, definitely. It does make some sense. But yeah, I think SBF's a bad actor. I mean, he had Tony Blair and Bill Clinton at his most recent conference. He's constantly pushing shitcoins

on people. He's constantly shitting on proof of work and leaning into the environmental aspect that's one thing I wanted to doesn't he live in

like the Bahamas and he's worried about the environment bro you live on a beach that's going to be underwater like you

it's a very odd move to make you really worried about the environment why would you live on something that could be pushed under the

ocean if does he actually live in the Bahamas like I know his conference was in the Bahamas I think he lives down there

he may be like a Cayman guy and do you really care about the environment or do you like the marketing spin on pos as an environmentally friendly uh consensus mechanism so that you can pump your bags a lot of which depend on that proof of stake meme 100 the latter i mean it's more than just pump the bags i mean i have tweets back in like 2018 or whatever um proof of stake networks Networks give custodians, particularly exchanges, way more control over these networks, way more monetization schemes, way more control.

They become a validator as well as a market. They're the miner and the exchange. Exchanges in Bitcoin already have a large amount of power and control and influence. We saw that in the Bcash situation. So if they're also the validator, they obviously have even more influence. If they're the main people that are securing your network, they have even more influence. And they have all these staking monetization schemes, yield bullshit. There's a lot more ways for them to make money there.

Yeah. So yeah, it's only natural for exchange operators to be pushing proof of stake. i just wish they did it in a more ethically sound way like just like there's they just repeat bullshit and these people aren't they know it's wrong they know they're not ethical they don't care i mean why would you expect ethics ethics from unethical people i know we're talking about spf right now but that joe lubin interview oh my god yeah pull it up car i tweet about it just Joe Lubin is rumored to control more than 15% of ETH in circulation. He's one of the co-founders of ETH.

There's this great story where Vitalik was unloading some of his own bags and Lubin bought Vitalik's bags. As an anonymous buyer. Yeah, Vitalik didn't know until afterwards. So there's a point in this interview. Well, first of all, Lubin just repeats a bunch of bullshit FUD that he knows isn't real. he looks really shaken and like desperate and weird in the interview for whatever reason giving

off really weird vibes but there's this one question that the bloomberg host asks him and he's like what happens if someone an attacker gets like over 50 percent and lubin's pretty confident that they won't and the reason is is because him and his buddies have over 50 probably yeah i mean i i tweeted they're the attackers like they're the threat to the network they're the cantillionaires of the ethereum network and they oh they're so happy about the transition yeah play it i mean before you play a car just like again body language reading if you can't see it at home you'll be able to hear it via the inflection in his voice but very low energy not convincing at all and just objectively lying throughout it like this is the co-founder of

Ethereum. It makes sense when you have the immutability of a proof-of-work blockchain. I don't want to put the deed to my house or my daughter's birth certificate on a proof-of-stake blockchain. It just doesn't have the security. That is not correct. Proof-of-stake is likely to be far more secure, far less attackable. As I indicated, there are 350,000 validators currently validating Ethereum 2. There are attack vectors against the proof of work systems that involve essentially hiring mining power

for short periods of time and executing an attack. And then if you fail, then not that big a deal. If you fail, first of all, putting an attack together in a proof of stake system is enormously expensive

because you'd have to- But very possible, right? All you need is 51 percent. Well, 51 percent of hundreds of billions of dollars is not easy to get to. And once you start trying to accumulate, that would drive the price of Ether up to essentially unobtainable levels. Only if you buy it, not if you steal it. Well, it would be very hard to steal that much Ether, I believe. So I have to disagree with you. I think it's pretty clear for people to understand that the critical stake systems are more simple.

What about the centralization? Because it seems like there is a relatively small number of firms that are staking a whole bunch of different coins. Is it going to be as decentralized as a proof of work blockchain? Well, the openness, diversity, and drive towards maximal decentralization of the Ethereum protocol is underway. 350,000 validators is a pretty big number, much bigger than any other system. And the barrier to entry for individuals or small organizations to validate the Ethereum network is very low now compared to proof-of-work systems. It is the case that some exchanges have sizable validator pools

and we built a technology that is just way more accessible and it will lead to maximal decentralization. I like how he ignores the part where he holds a considerable stake himself and he's the founder of ConsenSys, which got their hands in like so many different uh eth companies including infer and fura which runs the back-end nodes for a huge amount of projects in ethereum yeah um and he was so that's

really why he's not he's not that concerned i would say one thing is you actually don't need 51 to cause havoc in an eth system as far as i'm understanding it you could do significantly less than that somewhere in like the 30s well there um you can cause chaos with that there was a like another disingenuous line there was like there's 350 000 validators which is much more distributed now that it's like no it's 350 000 addresses with staked ether like yeah he like splits up all all him and his buddies they all like split it among 100 000 fucking validators or whatever and they separate it out so it looks it looks it's decentralization theater like you You can't just slapping the word decentralized on something like they did with Terra does

not make something decentralized. It has to actually be decentralized. And the reason decentralized matters in the first place, like I even don't think Bitcoin is decentralized enough, but it's by far the most decentralized system in the crypto space. And the reason it matters is because ultimately, we're creating money that's outside of state control outside some of the most powerful entities that have ever existed in humanity so if you're going to be resistant to those powers you can't have centralized third parties that can be pressured that is the key to the whole reason that's why bitcoin survived this

fucking long yeah um and matt while uh i had to apologize while we were sitting here recording i i sent out a tweet i usually don't do that but i put the tweet in the telegram group car we have some breaking news on our last week you were reading emails while we're recording this week you're fucking on twitter sending out tweets i got people pinging me pinging me pinging respect man marty you got to update the thread you got to update the thread we got an update to the thread I started in August of 2017 that has been tracking the long-awaited transition

from Proof-of-Work to Proof-of-Stake. It's changed from just a transition to Proof-of-Stake to ETH 2.0. I'm pretty sure they changed the name to ETH 2.0 recently, but apparently there's a permissionless conference going on somewhere in the world right now.

And Justin Drake says a post-merge world is extremely likely by September. So, Ethereum crowd saying they're going to go to Proof-of-Stake. by september um so just i mean they have like they also like the people that are using that are that are testing out the eth 2.0 system right now they're like locked into it there's like no

pulling out of it exactly so there's like a shit ton of eth that's like locked up in this system so they they're like forcing their hand they're like kind of have to do it otherwise they'll get chaos themselves and if if like my assumption is that like lubin and co are very heavy into that into that ETH 2.0 staking ecosystem so they're going to be pushing for it on their side to do it

as soon as possible yeah and they're locked up well I imagine the pressure is going to be extremely only going to get heavier if the decoupling narrative that we talked about at the very beginning of this episode if it doesn't come true

for Ethereum the price continues to dump as the global economy goes to shit and they are looking for liquidity they're going to try and force that merge so they can dump as soon as possible maybe they believe it'll pump

their bags who knows but the threat has been updated it's been going on for five years who knows maybe it comes to an end this summer we shall see I'm not holding my breath would not be surprised either way I can't believe you tweeted mid fucking rip

hey people i've got another update i'm offended freaks we're gonna have to cancel the show i've got i've got another update for you uh danny scott coin corner danny the founder of coin corner we were talking about earlier he uh is apparently listening in and has an update for us on the go thanks for the shout out guys and nice to hear the comments on the bolt card few bits to help understanding the card actually has replay attack prevention so a dynamic ellen url withdrawal every tap one-time use you can use it for static as a gift card route like what bitcoin q a did but when you tie it to your coin corner account it adds that security layer for the dynamic l and url withdrawal

it's now that's good it's now already compatible btc pay server pos and websites they just need to upgrade to the latest version we agree merchants don't want our hardware neither do we so we have some more news in the pipeline to help adoption we'll announce in the coming weeks we will be looking to tap into legacy systems too so they're compatible as they have the NFC capabilities generally already right now for non-custodian. It is only

static LNURL withdrawal but we will release a setup to do it in a completely non-custodial way with the dynamic piece just need a little bit more time and more hours in the day. Cheers Danny appreciate you thanks for the comments so the replay attack thing

was the point where I said the merchant could then after you walk away do another withdrawal from your from your account they can't do that if you're attached to coin corner is what he's saying it's my understanding yes that's good

hey we've got we've got power players listening to the pod man it's good to know thank you for listening Danny where did he post that under the tweet of the episode yeah the live stream last topic the house u.s house representatives passed a bill today that

would bar exploitative fuel prices uh so apparently price controls are potentially coming to america as we know historically price controls are the way to to control prices this is this is gonna work they're just gonna say hey gas can't be more expensive than this or else so this is the state

of the US government the US economy you have the people in charge passing bills through the house still gotta get through the senate and then that dude who doesn't know where he is has to sign it into law but yeah the price controls

are on the table it seems so i was joking historically price controls are you heard it here freaks marty's pro price controls make sure you clip that out out of context and post it everywhere i mean if you guys are clown world was the worst call ever i mean the u.s government is considering price controls such a bad fucking call if anybody if you've ever read any history book price controls do not work talking about clown world they fucking

they got rid of the ministry of truth the department of homeland security disinformation council because they said it was a target of disinformation there was too much disinformation

about the council so they had to disband it thank gosh thank god man that would have been terrible now that now they scary back into their hole now they're planning like alright how do we how do we rebrand this and bring it back yeah they should just I mean

it should not be a public facing agency they should just do behind closed doors like they always do well speak yeah speaking of it like behind closed doors did you see that video of that one agency like openly coming

out and admit that they perform psyops on the US population and foreign entities. No, I did not see that video, but that's been known for a while. That's our MO. Yeah, but Ghost, what was it called? Freaks. Somebody help me out in the comments because we should watch this video to

wrap it up. Ghost in the Machine. That's what it was called. Where is this video? Searching. yeah i got it now it's here oh we have we have coin corner molly in the comments too what's up coin corner molly what's up molly

wait is this it that's the one i'm thinking of my computer's so old it doesn't play twitter videos anymore so i can't tell if it's the exact just hit play let's just see if it is if it's not nope not it but

I don't know there was a really creepy video by some intelligence agency just saying that they're actively psyoping everybody I mean we know this is true if you've ever heard of

Operation Paperclip Operation Mockingbird the CIA specifically has infiltrated media organizations throughout the country since i believe the 50s or 60s they plant stories with journalists and feed you their propaganda be the mainstream corporate press our fbi agent hasn't handed us anything yet to feed to you freaks we're uh we're propaganda free outside of bitcoin propaganda up to this point but you never know you never know i don't know you're the one who's

pro price controls hey it seems like a good idea i don't like high gas prices we just say hey stop it at five bucks a gallon it seems pretty straightforward foolproof yeah no higher than five bucks a gallon freaks it makes sense these evil grubby oil and gas companies just trying to exploit you at a time of dire need it's their fault not the fault of our politicians and their energy policy and their greed and their incompetency and their strangle grip on the country. It's the entrepreneurs. They're exploiting you. $5 gas price, $5 a gallon. That's the ceiling. We go no higher. The price controls are here, freaks. Rejoice. should we wrap it up um a reminder freaks uh this is if you're listening to this on the tftc

podcast feed this is the last time rabbit hole recap will be posted there open up your favorite podcast app search rabbit hole recap that's where it'll be posted going forward press the subscribe button uh give us some reviews over there because the reviews do help in terms of discovery and it's going to be a brand new feed now so kind of starting from the bottom again in that regard i actually checked i checked the uh you should go do that the freaks came out last week i checked the uh itunes tech chart we were number rhr before we even like published a new episode on it yesterday at least when i checked was like number 50 fuck yeah thank you freaks yeah um while you're fucking killing it go do the same thing for citadel dispatch

like subscribe share what are we going to do like youtube and stuff is going to be uh it'll be we're going to do the same youtube feed let's just do the same youtube feed makes it twitch has rabbit hole recap already if you like twitch go to twitch rabbit hole recap all archives are going to continue to be posted to bitcoin tv.com um and is are you posting the rabbit hole recaps to rumble yes we have been but you're posting them in the tftc rumble or is there a separate rumble yeah let's just keep the videos on rumble at tftc yes um so so the rabbit hole recap specific things are bitcoin tv twitch podcast feed yes um the podcast feed specifically helps with the

value for value podcasting 2.0 stuff and we're just gonna people are gonna go on their

podcasting I'm sort of like ooh TFTC this isn't ooh what's this RR

just hit them from all angles we're hitting from all angles here if you're listening on YouTube

like hit that noti button comment under the videos too apparently that's good

for getting it out in the YouTube algo we're officially we have

no strikes on the YouTube channel as of today fuck google you don't have to comment under the youtube channel don't don't sign into google you're gonna use youtube just use it unsigned in what do you do what do you tell the freaks in the live chat use the twitch live chat i don't know amazon's not any better

i don't know thank you damned if you don't however you're supporting the show if you're participating in the live chat if you're a good point most most of the freaks in the live chat are on youtube aren't they yeah if you're streaming i don't know i love your freaks i love the live chat the live chat's important yeah so if you're if you're contributing to live chat if you're contributing with sats via podcasting 2.0 if you have been so kind to give us a rating and a review if you've subscribed we really appreciate all the support episode 200 or 200 episodes in now it's pretty crazy to think started this this show in september or october of 2018 and we're still here through another bear market another one we're not going anywhere until everybody is

like hey we already know exactly what you're talking about we understand bitcoin and the implications of all these stories like until that happens we'll be here week in and week out new dedicated feed rabbit hold recap on the podcasting apps love you freaks stay humble stack sets peace of love