TFTC: A Bitcoin Podcast - Rabbit Hole Recap: 2020.03.30

Episode Date: April 2, 2020

This week Marty and Matt discuss: - Breez Point of Sale mode added to lightning wallet - LSAT Authentication - Samourai Whirlpool GUI v0.10.1 and CLI v0.10.3 - MyNode v0.2.0 - Bitmex research bitcoin development funding analysis - Bitmex renews and increases grant to Bitcoin Core maintainer Michael Ford - Mulit-location backup scheme spec released by @openoms - Whirlpool March volume totaled 1523.45 bitcoin - Multi sig betting with caravan - Binance makes a distinction between coinjoin and custodial mixers in recent blog post - Coinkite begins selling power only magnetic usb cables - Surveillance companies pivot to coronavirus tracking to increase their reach - UK PM hosts cabinet meeting on Zoom - StandardNotes.org and meet.jit.si shoutouts - Calling out pedos - much more Shoutout to this week's sponsors. Cash App. Start #stackingsats today. Use the promo code: "stackingsats" to receive $10 and contribute $10 to OWLS Lacrosse you download the app. Unchained Capital. Head over to www.unchained-capital.com/vaults and check out their 2-of-3 multisig vaults.

Sup freaks, it's your boy Marty here to introduce this episode of Rabbit Hole Recap. Again, I said already in the episode, I'm sorry we did not get a stimulus package in this week. I've been terribly busy. But I think you guys will like this, man. I just ripped it for an hour and a half. A lot of topics, meandering conversation. We tried to keep it positive, kept meandering into negative topics. But I think you guys will like it.

To the QA non-crowd, we got on the QA non-topic, believe it or not, at some point. hey i will eat crow if i'm wrong okay ideologically i think i'm i'm with you guys but you'll hear you'll hear this episode of tales from the crypt was brought to you by our good friends at unchained capital you guys know all about i'm our boy matt odell uh american hodl and keep it simple bitcoin actually used one of their open source tools this week caravan their open source multi-sig tool to engage in a in a bet and matt is a a key in a two or three multi-sig setup in case keep it simple bitcoin or american huddle vouchers or vouchers that's not the right word uh if they if they flake on the bet matt is there to sign uh the bitcoin that

is in escrow right now uh on the bet via caravan to move that bitcoin to the winner uh that that will be uh happening on october 1st i believe the price of bitcoin has to fall believe 38 20 before then for keep it simple bitcoin to win and if it stays above that price until uh october 1st american hot was going to win but don't forget the technology behind a caravan which is uh the open source multi-sig tool that Unchained uses for their vault products. So if you want to go to Unchained and have them be a key in a multi-sig quorum with your personal stash, they can do that via their vaults. Again, they use the technology behind Caravan to set up a multi-sig quorum where you hold two keys, Unchained holds one. If you need to move that Bitcoin, you can always move

it by yourself out of the vault or if you don't have both keys on you unchained is there to sign for you on top of that they have their loan program friends on what's friends sell bitcoin you can use your bitcoin as collateral collateral to get us dollar loans and liquidity same day liquidity via unchained then on top of that again they're working on more open source projects beyond caravan including hermit slip 39 and their blog series gradually then suddenly um drew's working on huddle waves joe kelly and phil geiger and will cole are all are also putting out some great content as well go to www.unchained-capital.com www.unchained-capital.com check them out breathe a break

this episode of rabbit hole recap is also brought to you by our good friends at the cash app you freaks already know all about them they're helping you stack sats i messed this up in the episode you'll see it they're helping you stack sats not sat stacks okay you're you're sat stacks you're not statting sacks that's what it is you can stack sats via the cash app you can send sats receive sats sell sats if you so please then on top of that they have cash app investing now if you're buying the dip and the stock market crash, you can buy the dip and you can buy slivers of stonks while you're buying the dip. If your favorite stock is still too expensive after this stock market, I can't speak. I'm sorry, freaks. Stay with me though. We're going to get

through this. If your favorite stonk is still too expensive, even after the stock market crashes, you can buy a sliver of that stonk as little as $1 via Cash App investing. And because Cash App directly connected to your bank account there's no four to five day waiting periods to start investing to start investing today cash app investing is a subsidiary square and member sipc as always as always if you have not downloaded the app yet use the code stacking sats that's one word s-t-a-c-k-i-n-g-s-a-t-s you're going to get ten dollars and ten dollars going to go to our good friends at owls lacrosse not that dirtbag owl but our good friends at owls the cross. Download the Cash App today. Enjoy this episode. I think you guys will like it. Take care.

You've had a dynamic where money's become freer than free. if you talk about a fed just gone nuts all all the central banks going nuts so it's all acting like safe haven i believe that in a world where central bankers are tripping over themselves to devalue their currency bitcoin wins in the world of fiat currencies bitcoin is the victor i mean that's part of the bull case for bitcoin if you're not paying attention you probably should be what is up freaks welcome back to rabbit hole recap sorry we didn't do a stimulus package episode this week i was pretty busy oh oh we popping bottles breaking open cans too i was going to not drink i was going to try and get a workout in but then

matt and i were just talking for too long pre-record and i said fuck it let's just drink cheers freaks yeah there's somebody somebody called us out for drinking too much so we should take a month off

it made me want to have a drink me too I've been drinking pretty heavily during this quarantine it's not not recommended

by the who look at me fuck who I tweeted that out I had a middle of the night baby wake up feeding

and just tweeted out ignore who triggered a lot of people i just liked it all the people who asked who question mark that's a good one that's a good one um yeah as i was mentioning earlier sorry we didn't do a stimulus package this week i was uh me particularly i was extremely busy did not have time to record on monday night um but since we didn't record monday night we got a hell of a lot on this episode of Rabbit Hole Recap. Before we dive into everything, let's do a little check-in on Clark Moody's Bitcoin dashboard. Right now, we're at block 624,881, I believe. I

just stupidly exited out of that dashboard as I needed it. We're at block 624,118. A dyslexia there price pumped a little bit today we're at 6800 dollars right around 600 or 6804 dollars we got uh up to 7200 i believe at some point today give me that green hammer candle let's get it let's get it i'm not going to jinx anything i'm not going to say anything i'm not going to say anything maybe that's what we'll open up bullish is the uh is the uh the price prediction bet that you are a part of and you didn't make the bet you are an in arbiter we'll talk about it yeah i got pulled in got roped into that one yeah yeah uh mining stats hash rates above 100x a hash a second again um block times are at 10 minutes 44 seconds over

the last 2016 blocks since the last epoch since last week's difficulty adjustment blocks are coming in at 9 minutes 27 seconds so uh the network seems to be calibrating after that huge downward difficulty adjustment uh we are officially how many blocks from the halving let me check 5882 getting closer getting closer less than 6 000 blocks away from the halving uh fee rate ratio right now is 2.53 so it's lower than it was last week was in the three and a half percent range last week um but it's above one percent which it hasn't been for for quite a while so it's consistently staying above one percent 2.53 percent right now things are looking healthy things are looking healthy bitcoin is still working blocks are still being produced peer-to-peer

distributed cash digital cash transactions are still being enabled by the network it's beautiful to say uh someone said on twitter i guess bitcoin's an essential service i think it is it is funny what is essential these days like where i am there's the people across the street are putting a pool in that's getting built right now our pool is essential yeah i know they're a good reservoir for water for drinkable water in times of crisis if you don't use chlorine yeah our boy surfer jim he went out and did a little citizen journalism videotaping people doing essential work on the highways in new york i believe some were planting trees and others were making a bike path and it's just weird how uh

what gets labeled as essential and non-essential yeah i mean i i outdoor work should definitely not be halted this is you know i i think i look i think if if everyone covered their face we could we could have a lot more of the economy running right now which is why it's so weird that masks are still being not only are they not being recommended they're being like disrecommended people are being encouraged not to wear them yeah the surgeon general came out that's actually i just saw crypto graffiti i think his next piece is just like a an artistic play on that surgeon general tweet like embedding it in cloth within a mask like don't wear a mask the medical professionals need them maybe that's where we'll open up is the confiscation of uh

it's a k-95 k-n-95 mask which is the chinese k-95 mask and i mean n-95s have been confiscated too um the fda has upped their uh their policing at the border uh at customs for masks coming in um and it's like to sell directly to hospitals requires a bunch of different certifications uh and like red tape to get them to hospitals um especially the kn95 masks which are not fda certified um so they're supposed to be comparable to the n95s in practice they're probably a little bit worse um but you know supposedly our nurses need masks uh and so something is better than nothing clearly like that's a very simple logical point um and the kn95s are plentiful right now so people found a way around it and they were donating them directly to nurses

which i actually met this guy online crypto lixon at crypto lixon uh and he works for kobo vault a hardware wallet manufacturer over in china and he was in shanghai and had connections with the factory owner there um so through twitter we coordinated 5500 masks i think coming to the states most going to nurses and for that you had to keep everything under a thousand masks per box because if you did anything over than that it was going to get seized at customs um and i think that's just fucking ridiculous like how how the hell is that happening and how are they stepping up enforcement of that instead of you know even if they're not going to remove it like don't step up enforcement don't increase increase the enforcement instead of

reduce it yeah it seems like an okay time to turn a blind eye and be like all right i didn't see that like it's infuriating right it highlights the ineptitude of these government agencies and they really don't care about the people at the end of the day they just care about walking the line the letter of the law and how it was written and i even saw we're talking about nurses desperately needing this did you see the video of the nurse in chicago who had to quit she wound up quitting she wasn't fired but she quit because the hospital that she was working in wouldn't allow her to bring her own mask yeah she brought her own mask and they wouldn't let her wear it and they were like treating corona patients like that's so fucked up and then

meanwhile people are trying their best to get kn95 masks in and and then other times they get through and then the hospitals as you just said won't let them use the kn95s they say they're not certified you can't use them all right anybody out there who's thinking this way and you're listening to this podcast take a step back take a deep breath and realize what the fuck you're doing like you are allowing words on paper to overcome sensible logical action in a time of crisis like what the fuck use your fucking heads and then like the other thing is like people always you know even even in times like this when like masks are super needed and people i think people should be making their own and like you know any kind of face covering i think helps

everyone like the more people like if you go in public you should should have a face covering and then we get the privacy benefit of the of with facial recognition and whatnot like you shouldn't need an excuse to cover your face that's a good thing um but then at the same and then you hear people say like oh like yeah but chinese standards are bullshit right and like there's two things is like first of all most n95 masks are made in china and most of the ones that were ramping up production are coming from china anyway even if they're n95 certified and then the second thing is is like chinese people wear so many more masks than us like out of all the standards like that's one of the ones that i'm like you know or at least like they know to make

a comfortable mask like they wear them all the time that's what they do that's so like if you're not going to wear a mask comfort does increase usage yeah did you see the video of that chinese mass factory where they were like rubbing their feet on it yeah you know it's the internet man you're gonna see like the worst of the worst you just gotta no i mean hope you happen here in america too right yeah it happened at the amazon factory some douche was spitting on everything yeah and then there was like there's like a bunch of kids that got arrested for like going to walmart and stuff and licking all the stuff why why are people i mean we were talking about this too why can't anybody be civil

and we were talking about in different contexts but like where did civility go can we try to be civil with each other here i think look i think there's a lot too much to ask i think the overwhelming majority of humanity is great um i think we just you know the bad apples get more exposure uh they're louder the internet amplifies them you know engagement is high on those kind of things um it's like uh like a principal at a school usually knows like five or six kids on a first name basis right and usually those kids aren't the best students in the class they're the worst ones they're the ones that are always in his fucking office because they did something wrong right like those are the people he knows by first name

while the overwhelming majority of them he has no fucking idea it's like that i like that i like that that's um that's good um and then i like that analogy and then we were talking about it before we hit record um and like this crisis hopefully it it really highlights the need to be prepared for the next one like we were talking about something that james o'burn shared on twitter apparently there was a department of defense um department of defense report that came out in 2017 that said hey potential next big crisis in the united states is uh is a respiratory pandemic virus induced respiratory pandemic maybe we should create more ventilators and obviously that didn't happen that's really

a cause for a lot of the problems right now is lack of access to ventilators even though there are some now but if things get too bad we may be short um and then mask as well hopefully we uh we are able to up production of that and then there's gonna be a big push um there's gonna be a big push to hopefully bring stuff home uh production home to america to to make more of these masks as well so we'll see yeah um maybe a lot of positives will come from this yeah i mean i mean hopefully hopefully we don't get hit so bad here and it acts as like a as a you know a a warning shot a wake-up call to people and they respond better next time that they keep masks already you know that they just have them stored and ready and like we should never be caught in

this situation um where you decide who like that like who is wearing a mask in this type of situation everyone should just have access to them um if they want to wear one and you know i just i i just wanted to reiterate like how grateful i am that that people like lixon stepped up in china and accelerated a lot of these shipments and got them over here um when they when they're so sorely needed so uh it's just pretty cool to see and i know a bunch of big corners that went through lixon as well and got got uh mass for you know nurses they know in the in their areas um and And it's just really cool to see like Bitcoiners step up in these times of crisis all around the world, step up and, you know, just try and help where they can help. Yeah, that's great to see.

We've had a lot of crisis talk in the last couple of weeks. That's all we'll talk about during this episode and try to keep it more Bitcoin focused because there's a lot of Bitcoin news to talk about. actually um one of one piece of news which i thought was extremely encouraging earlier this week and maybe one of the most bullish developments i've seen in quite a long time is the the launch or the announcement of a spec that's been created via the lightning network lsat lsat stands for lightning um i always forget the service authentication tokens authentication tokens so this is if turns out if it turns out to be a working the spec turns out to be a working product which lightning labs has released an implementation of it they're looking for people

to help test and review it but it is a new protocol standard for authentic authentication and paid apis which leverages the widely underused http 402 payments required status code so this is a very interesting development so when http was developed and the internet stack was developed they have all these codes we know it was a 404 error is when the server is not responding 403 is another error and then this 402 error was created at the inception of http which they envisioned that there would be a digital cache that would allow people to exchange value via the internet via http and that 402 status code has never really been put to use because there hasn't been a digital cash system that made this viable up until now so it seems

that bitcoin is really fitting in uh to the internet stack pretty innately and filling fulfilling that role of digital cash that the creators of the internet saw at the onset of the internet yeah i'm you know it seems really promising i i like the idea that you can just get an api access to a premium api and just not have to give any personal information over besides your stats yeah exactly um we matt and i were talking about this before we don't know how private is uh in terms of your node like are you going to share a public key and docks your public key throughout the whole experience. That's my real question because the public key is fixed, right?

So I'm curious if the service provider knows your public key. Yeah. So if anybody working on Lightning is listening to this and knows the answer to that question, please let us know on Twitter after we post this. But, again, very promising. You can spin up as many Lightning nodes as you want. You can use private channels.

you know uh not be not not broadcast but i'm just curious i gotta look into that no i am as well but yeah the things that this enable is pretty pretty incredible it's just the uh the lightning network payable web that i think willow burn described when he was last on this podcast is coming to fruition if this actually works so it uses http macaroons and lightning that's basically the stack for lsat macaroons basically allow you to give granular permissions from your lightning node so if you're a developer making api calls that cost money you can set a threshold at which to automatically just pay those so you don't have to manually do anything if you're making if you're climbing up tiers of

API calls if you're a company that is climbing from a lower tier to a higher tier. Instead of having to do that manually, you can do that automatically. Just creating a more seamless experience on the web, which would be dope.

And then next on the docket is Breeze. Breeze point of sale mode. It's a new tool for the day after tomorrow. Why don't you jump into this one? Well, we've talked about Breeze Wallet before. It's probably the most user-friendly mobile lightning wallet, non-custodial.

They provide liquidity to you automatically, but you can tell in the recent updates that they've set it up so that hopefully they want other plug-and-play liquidity providers to step up to the plate so they're not always the ones opening the channel. we have a guide to breeze on tftc.tv guides but this is a option in that wallet that turns it into a point of sale with permissions on terms of if the person holding the point of sale can actually send the money or not they can only receive if you want them to so you know you have an ipad lying around because it's ios and android you have an ipad lying around or an android phone

or something you can install breeze on it uh automatically get lightning liquidity based on them as your liquidity provider and then you just enable point of sale mode and you put in you know the different things you're selling and you have like a little touch screen lightning enabled point of sale unit pretty fucking slick yeah slowly but surely slowly but surely in the midst of all the chaos of this virus spread and the economic slowdown things are getting built i was yeah again like this coupled with lsat getting dropped this week people are very hyper focused on the macro and geopolitical uh scene right now but it seems like the bitcoin developers and lightning developers are getting shit done which is which is very uh promising and i was like i saw a tweet

on i saw a tweet the other week last week i believe somebody was like is anybody else like having problem being productive during this even though we're all work from home and like have more time to focus and somebody responded with yeah we're actually like it it makes a lot of sense that people can't focus on their work or some people at least i've actually been getting a lot of shit done but some people can't focus super productive yeah it's like uh there's some sort of i forget i don't know the psychiatric term but it's like you're getting attacked by a bear or you were just attacked by a bear and your senses are just like oh my god what just happened and you're basically just looking out the horizon for any bears that may come and attack you again

so with this virus right now a lot of people even though they're working from home uh they're just Again, they've got a fear-enabled reaction that's not allowing them to pay attention to their work. So be mindful of that. If you're out there and you're finding it hard to concentrate, just sort of realize how your mind and your psyche is reacting to what's going on in the outside world. Maybe turn off the news one or two days a week, probably more, would be healthy. Well, I should have the Node Guides up soon, the first of the Node Guides. so if you want to build a node

that's a good use of your time as well I finally today the last remaining part of what I need for my my node showed up so I am plugging that in tonight and getting that ball rolling I'm going to start syncing the blockchain tonight oh that's something to talk about

I have my my node fully set up it's pretty slick it's a pretty slick little software package um i what's really just understated and cool like it has all you know it has all the lightning things in it um we'll we'll talk about it plenty more but it you know it has the samurai tool set in there it's got dojo and whirlpool but it's really understated and really nice is it's got

this uh bitcoin explorer in it and mempool a local version of mempool.space and like that's fucking fantastic i don't know it's just great it's just like got your own little blockchain explorer they're super easy to do anyone can do it um i think that's a big deal uh but anyway on the negative side now i have to wipe my setup my node and start again for the guide so that's the step i'm on right now freaks the the lengths at which matt goes to provide this these resources for you freaks should not be under understated or underappreciated it's not hard it's not easy work excuse me it's hard work and thank you for doing that and with that being said when you do wipe it make sure you download

version 0.2.00 of my node which they just pushed um oh yeah i already i already have that i so with my node you need if you if you pay for premium you get automatic updates um and premium is 99 but you don't get auto updates but you get like you click update and it updates you don't have to flash the sd card separately and do it manually um so i decided that i think the guides will be based on you paying the 99 because i think for most people um that's a major draw that you can just update all of the different packages by clicking that button but i'm a little bit torn on that so if you have a strong opinion one way or the other freaks you can mention in the comments i guess i could i could do both but i you know i want to do the other node probably i have a long

ass list of guides so i have to figure out how i'm going to organize this shit no i think i'm going to pay for the premium service as well but is there a trade-off there if you're allowing them to do that or would it just be the same you'd still be you're still downloading the update from them like you should look at the code right um but uh you're still downloading it from them they just automate the process in a button click right you just press upgrade as long as it the real problem is when it's like an auto update um and and it and it just the update gets pushed from server and just updates automatically and you don't actually have control over saying yes or no um is it like a major attack vector um because you can just have a malicious update just get

auto loaded on a bunch of devices all at once um so you should be like cautious with these updates you know i i have to think more on it but i like i don't necessarily love like the threat modeling of the average person using a mynode um from like a security point of view but that only really becomes an issue if uh becomes an issue in terms of mostly the the lightning wallets you know like if if you keep a lot of lightning funds on it i'm not sure if i you know i i'm not sure if that's the best option to keep like large amounts of lightning funds on but that's you know that's always a trade-off that you're worried about in terms of lightning because it's hard to back up uh and it is a hot wallet are you worried about uptime or just

exposure yeah i'm you know as someone who's like not like a fluent programmer or anything um i'm not sure how much i like trust the whole setup uh i i don't it just it's it seems um like when it's an it's a swiss army knife right it has all these different packages that are all running there and you can like you can it's like a nice really easy point and click interface but for a lot when you're talking about security it's nicer to have a streamlined uh like very transparent process like a very simple uh thing that's going on that you can understand better right and that has like limited attack vectors so the fact that it's a swiss army knife also makes it uh you know like like it's great that it makes dojo easier to run it's great

that it makes whirlpool easier to run but i think you end up i like i think i would prefer to end up in a situation where i'm like you're running a my node and you got your blockchain explorer you got all these different things on it swiss army knife it's an electron server all this other stuff but like for my samurai shit i'm like running a ronin dojo right and that's like a dedicated piece uh that runs in the command line you like see everything that's happening you like you know what's going on there's like there's more eyes on that specific element looking at the code and doing all that stuff um then some like a massive project that's got all this other shit in it you know what i mean yeah but don't they run ronin on my can't you run ronin on my node no they run dojo

and whirlpool but like ronin is a separate project dedicated that's just like a dedicated razz pie that has your samurai stuff on it it's the same hardware um just a different way so you're worried about just just multiple multiple software packages running on the same device maybe it seems like interacting with each other it's just like a bigger it's a bigger attack service i remember like i said to keto miner when he came on the podcast with askru um back in bitcoin 2019 um and i said like i want all the things on the noddle right and he responded back he's like matt everything you add increases the attack surface like you have to be very careful like what you're adding how many things you're adding how often you're updating each individual package um

you know and that adds to this attack surface especially if you're not a fluent programmer where you can't like go in there and inspect all the code yourself reasonably uh so it's just something to keep in mind um i'm gonna think more on that anyway so you'll hear more about in the guides really like my note though i'm not i don't want people to think i'm like being negative on my note i for forever the going recommendation is like not to keep large amounts of funds on hot wallets right so if you're not if you're not doing that if most of your funds are are cold and offline and not on the my node then that doesn't matter right but if you have funds on the my node either in whirlpool or lightning um it becomes a bigger concern that's all

yeah if you're running my node you have an election personal server on there you put your cold card a cold card uh pub uh you dump your pub keys from cold card in there and you use that only for samurai uh just to coin join and then move your coins to your cold card that seems like a good use case right yeah i mean if you if you use a cold card or you know and you're just using election personal server and your keys are on the cold card uh then it doesn't matter it shouldn't matter if the my note is compromised or not you know that that's not a it's when you store funds on the my note that you got all of a sudden you have to worry about when you store funds on any of these notes you got to worry about it it becomes a another thing

that you have to be concerned about yeah but that's that's what the main thing i'm looking to get out of this i want to download it get election personal server uh get whirlpool running and just whirlpool obviously it'll be hot while it's in whirlpool and then dump a cold card x pub key in the election personal server and and feed my coin joined utxos to that send it straight to cold storage yeah i mean i think a lot of people want to do that um i you know i think the samurai guys seem to be going back and forth but they might you know have a like a mix to hardware wallet uh coin join to hardware wallet option where you put the xpub directly into samurai of cold card and or anything and then it goes that way um

but you know we'll see if that happens i'm how could you do that without exposing your xpub key to them unless you're well no you just expose it to your dojo your own node if you're running your own dojo it doesn't matter instead of using you can do that on you can do that on my node right no but imagine yeah of course you could if you're running dojo on my node but like imagine in the samurai app if you could just put in a hardware wallet xpub right and then after each coin join like each utxo hit a certain amount of rounds like a predetermined amount of rounds that you chose it sends it to the next available address on your cold card right because it could do that if it had the expert it'd be nice if it was integrated but there's it's an

interesting dynamic with whirlpool because they have the free uh the the the you get you can be in as many coin join rounds um as you like once you're in without paying additional cost because your privacy is best if you just constantly are in whirlpool and you don't you don't move out into a hardware wallet so there's like uh there's it's a there's a balancing act there yeah yeah totally i agree it's fascinating it's all so fascinating and speaking of samurai whirlpool make sure you download the latest versions of their gui and their cli version 0.10.1 for the GUI and version 0.10.3

for the CLI those are dropped any groundbreaking upgrades of those updates it's a lot faster and smoother those are for CLIs if you want to run it 24-7

and then the GUI you can use to connect to the CLI like you run it on a little Linux box the CLI the gui allows you to connect to it and have like a desktop interface to your coin joins but if you you can also use the gui in standalone mode but then it doesn't run 24 7 it just runs when your computer is open um yeah but it's a lot faster especially the tor connection which is good to see and whirlpool also finished out march uh 1523 bitcoin total volume

uh like mass that's 3x yeah massive compared to the last couple february and it's going strong right now too the last the last two days have been strong so this is me predicting that uh april is gonna blow that number out of the water yeah i mean hopefully i'll be contributing to that within uh the next few days um yeah massive things going on massive things going on throughout the crisis things are just getting built things are getting done bitcoin developers are getting funded bitcoin bitcoin bitmex research uh dropped a great analysis piece on uh the amount of exchanges and disparate bitcoin companies i guess we'll say that are funding bitcoin developers uh and so blockstream lightning labs square crypto mit dci chain code purse at dg which is digital

garage async bitfinex zappo hardcore fund private donors bitmex okay coin bitsy and bull bitcoin are the only bitcoin focused companies out there supporting bitcoin core developers blockstream and lightning labs lead the way with square crypto and third the order at which i just read those out is the order in which they're supporting devs but it seems like 16, 23, 41. Wait, Marty, you forgot to name Coinbase. How many devs is Coinbase funding? Oh, I didn't forget.

They're not on the list. So fucked up. They're not funding any. The quote-unquote most important company in Bitcoin, not even worried about Bitcoin. I bet Brian Armstrong would fund it if there was a Bitcoin classic implementation that made it to market.

i that's i don't remember do they did he ever fund any of those guys i feel like he would have uh i don't remember i can't i don't recall off the top of my head uh maybe this was bitcoin xt he'd be funding it you know toshi though he had time to fund toshi that ever how that pan out you remember toshi the ethereum the ethereum browser right yeah it's huge now isn't it aren't people using it all the time didn't they acquire the other one that was beating them i don't remember what it was called i don't remember either there's another one that had all the market share like all of the little amount of market share they both had they bought it all the 10 people yeah

all the 10 active users anyway that was a positive story and i just like switched it to a negative slant so i mean it's great to see all these fucking companies uh contributing to bitcoin development um and bitmex must have taken as inspiration because uh they just renewed and increased uh their grant for uh the core maintainer michael ford uh which is really yeah shut up aka fanquake um and fanquake he's he's the australian farmer as well too he runs like a uh an ai run farm in australia and just i think he's well known if i remember correctly i could have the wrong core dev in my mind i think you're right apparently but he's also apparently like insanely uh too weirdly fast at uh marking pull requests and commits uh and labeling them

that's what he does mainly is help label and organize all the all the commits and pull requests in the core repository and he does he does it at a speed that that astonishes people apparently love it i i just shout out to fanky i just think it's you know like bitmex gets such a bad rap i mean not on this podcast but uh they're they've they've always been good to bitcoin you know and it's just this is just another way they happen so they have but um somebody pointed out to us the other day i think they're having some blowback from their their matching engine problems that that happened on march 12th when that caused a lot of liquidations i think they've seen a mass exodus of like 60 or excuse me 76 000 bitcoin since uh since that happened yeah

coin metrics released a report on it um i mean they still haven't officially released support they were sitting at all-time highs before bloody thursday uh and now you know a lot of people move their their bitcoin off the exchange but but there's still they're still close to all-time highs like if you look at the chart it's still you know number go up it's it's they've just been gobbling up deposits uh i always joke around 70s no one withdraws from bitmex it's a one-way street you send it in you get liquidated and you never have to withdraw so it's a it's a feature as bitcoin tina would say you get your nads ripped off i'm telling you i want that that green green hammer candle that that bitcoin tina likes to talk about it feels like the time is

right bitcoin yeah bitcoin tina are you bullish i'm just curious um now about 76 000 bitcoin is pretty material it's nothing to scoff at no but look at the chart let me all you listeners out there you know pull over your car and type in coin metrics blog why are you in your car freaks you should be self-quarantining in your house in your pod stay in your fucking pod the freaks don't the freaks don't play by nobody's rules let me read it first okay it's coinmetrics.substack.com oh is it not did they write a report on it i wasn't sure if they did they did it was on their twitter at least

if you look at it it's not that bad it's it's it's overstated bitmex still like dwarfs everyone else yeah yeah we'll see we'll see though um yeah you can move on to the next topic and i'll i'll pay well we're not going to move on to the next topic we're going to interrupt the topics it's right there on the top of their twitter on if you go to twitter.com slash coin metrics um i'm going to copy it for marty's benefit and drop it in our tg message they still have a lot of bitcoin in there see it's like it's a big drop off but that's a huge drop off dude that's material it's like one it's like almost one third of their holdings but they're like now they're back at like

july 2019 levels or whatever august 2019 levels well it is well that's actually funny if you're looking at the chart look at the exponential rise right before the fall that's what i'm saying it like peaked real hard and oh you know why do you think that is people are probably trying to cover and add to their margin or cover their margin oh i like that theory that's and then it came in late because there was a lot of uh chain congestion so and also bitmex is down so they're like trying to cover their position and then they immediately withdraw after they lost their money yeah that's a good theory that makes sense that might have happened stay humble stack sets um this is true this is true stay humble stack sets and we interrupt our topics we got a shout out this

week bro oh fuck yes it's a good one i uh always blush when i read these because i feel weird reading them but cheers to you guys helping bring change to the world brick by brick bottle by bottle brisket by brisket from your freaks in the texas citadel so shout out to our freaks at the texas citadel whoever you may be wherever you are in texas thank you for the shout out we really appreciate it cheers freaks um love the shout outs you can give shout outs if you want to if you want to get shouted out or just leave a message that you want the other freaks to hear tftc.io slash contribute citadel theory has completely been validated over these last two weeks yeah i'm not gonna lie coming around to it i think we're gonna see a hastening of the

of the dawn of citadels because of this crisis well that's what freaks uh you'll be very excited to hear that matt and i recorded with alex gladstein from the human rights foundation yesterday we got on this topic a bit but like i said yesterday and you'll hear this tomorrow know uh we're gonna i think we're gonna see like a mass balkanization of even the u.s like you'll hear it in the podcast where i give a greater explanation but long story short i think a lot of people are discounting the potential for people to lose so much confidence in the government here in the u.s over the next 10 years uh everybody thinks that uh the government's going to clamp down on bitcoin clamp down clamp down on a bunch of stuff but i'm not so sure

that's going to happen i think people are going to lose so much confidence we may see the breaking up of the u.s. into smaller nation states i could see california breaking off texas breaking off maybe the northeast who knows marty tries to use every synonym possible except say the word citadel that's all he does every time yeah nation state small citadels but like can you have a citadel the size of california and texas citadel is what you make of it you know citadels an idea it can be they're going to come in many shapes and sizes yeah yeah but don't discount that freaks that's uh what's the quote um what's the quote about like weeks happening in decades and then a decade happens in a week or something like that it was gradually than suddenly yeah

gradually than suddenly is the gist like things could happen a lot faster than people imagine or expect and i think we may be at the precipice on of an inflection point where things happen a lot faster than people expect like i mean describing describing earlier like the rent the rent strikes alone like scared the shit out of me people uh like do people not realize like all the rich people are in their citadels right now they're just shitty shit citadels they're not good citadels right like the the rich people all like flew into jackson hole and went out to the hamptons and went all their different uh like martha's vineyard and shit they went all they all went to their like rich secluded houses um that's like that's the beginning right there and it's just gonna

it's just gonna go from there yeah we shall see they're gonna realize all the things you're missing right now and they're gonna iterate yeah yeah all the uh all the liberals up here in the northeast are are very hard hard pressed to find guns they're asking questions about it they're definitely looking for some all-time high monthly sales right ever last time was when this number two time obama yeah it beat that time reelected the month after obama yeah yeah which is pretty crazy because look, there's a lot of corollaries here with Bitcoin, right? And also the scramble for physical gold.

The haters will say it's all priced in until one day everyone's scrambling for it at the last minute instead of slowly stacking sats before it. Yeah. You shouldn't be buying guns on the dawn of the crisis, like your first gun ever. you should like be prepared and have guns and know how to use them same with bitcoin yeah imagine that's like and yeah that's you should be hitting the range knowing how to use your gun

just imagine a bunch of people buying guns and ammo and just like getting robbed and not even knowing what to do with them they're sitting in the corner get used against them eventually yeah i mean that's probably what's worse about this time than uh when obama got elected because when obama got elected my guess is like a lot of people went out and bought their fourth and fifth guns you know and stocked up on a lot more ammo but this crisis was the first time i saw like a lot of people that had zero experience with guns go out and buy guns and you know so now we got like a lot of bored idiots that have their first gun you know without a job so it should be interesting to see how that one plays out oh god damn it i'm gonna keep it optimistic we're gonna

focus on on bitcoin let's let's circle it back to bitcoin this is a really cool project from at open noms or open arms on twitter o-p-e-n-o-m-s a multi-location backup scheme it's a spec it's released on github it seems pretty cool though i was going through it earlier uh basically would allow you to securely back up it's basically like a multi-sig for a seed phrase you get two or Kind of reminds me more of Shamir's, but yeah, some similar idea, multi-location, right? But the idea is that for most people's setups, they use multiple locations, but it's only one person accessing it.

So multi-sig really gives you advantages when you have like individuals holding keys that are going to do their individual signing processes and stuff. But if you have one person who is, you know, actually going to restore that backup uh this is a very clean elegant way of doing it um with existing hardware like he puts he basically uses a seed as uh pass rates as well which is pretty cool yeah and he's got tutorials for cold card join market and lnd um so these are three packages of cryptographically secure backups where uh the funds cannot be recovered from any single package but can be recovered with a combination of any two like we mentioned earlier

so go check that out we're going to link to that um he's looking for feedback to open arms so read it um i need to read it better and give him feedback and shout out definitely give him feedback he's awesome he also sent me uh so i have the crypto cloaks case um but he sent me that dope ass raspi blitz case uh that his his shop sells uh it's it's metal it has like a screen built in it's like fucking sick uh so i will be showcasing both of them in the guides so big thank you to him for that as well yeah um i'm sorry i was checking notifications while you're talking there but i think this is important to bring up futurism article kentucky god we were trying to stay positive but it's hard

when when this pops up kentucky is forcing coronavirus patients to wear ankle monitors what are your thoughts on this matt oh shit the freak should listen to um tomorrow's podcast we kind of talked about that we we talked about that ahead of time before it actually happened with alex yeah so here this is on futurism an ominous scoop by the carrier journal local paper kentucky judges in the state are ordering coronavirus patients to isolate a demand they're enforcing by making them wear ankle monitors i don't like as if they were under house arrest uh the home incarceration program is well suited for this amy has louisville's chief of public services told the paper it provides us with the proper amount of distancing we can monitor activity the monitoring

device gets affixed to them to make sure there's no further affecting the community bracelet bracelet seems cumbersome why don't they just they should just implant a chip like right under the skin it'd be a lot cleaner a lot less cumbersome there's no difference between the chip freaks there's no difference between you can't take off and a chip that you can't take out no difference i'm not where they're gonna try and chip you freaks they're they're setting the stage to chip you do not let them fucking chip you i will never be chipped uh i hope we're wrong fucking i hope we're wrong too up at bat we're probably not wrong they want to chip you they want to control you they do not

give a fuck about you they're going to try this shit they are trying this shit they're leveraging your fear be aware and stand up get over the fear think clearly and fight for your rights to not be fucking chipped shout out to our boy like whoa l-i-k-e-w-h-0-a on twitter who pointed this out to us we didn't have um the person from the texas citadel that gave us a shout out didn't uh tell us who he was it was an anonymous member of the texas citadel i love my texan bitcoiners hope all is well with you guys down there this wasn't on the list but if we're going to keep it optimistic let's shift back to optimism now uh parker lewis is one of the incredible texas bitcoiners out there uh wrote an incredible piece last week and it's gradually then suddenly

serious bitcoin as a rally cry if you have not read that yet go read it goosebumps uh incredible mac got a little shout out stay humble you gotta you gotta read the last sentence can you go back can you go read the last sentence for the freaks yeah let me find actually i actually sent this article to a friend uh today so i had the link at hand give me give me 10 seconds i um the last sentence like just i read the whole thing got me going but the last sentence just like got me super pumped yeah i'm sure it got you super pumped yeah um loading loading all right getting down to it i mean anyway i used i used unchained capitals caravan this week with keep it simple bitcoin and american hodl who got into a bet and wanted to make it multi-sig

so then they they roped me in by tagging me and i had to give them my opinion i was like well first of all uh keep it simple bitcoin's bet is like if it falls under 3800 by i think october first october 2020 um yeah he wins and if it doesn't then american hodl wins and i was like well first of all i keep a simple bitcoin like you i like you dude but like it's just bad bet terms um not only do i not think bitcoin is going to fall underneath that um even if it were to uh he has american huddle has limited downside right because it's um i think they bet 25 million sats each uh it's it's it's a limited downside because worse comes to worse he has to give him bitcoin at the price of 3850 but for keep it simple bitcoin like on the upside we don't know

what how the price could go to infinity right so it's uh it was a poorly skewed bet so i mentioned that and then i was like second of all both of you guys aren't gonna bitch out of the bet like you don't need a a multi-sig escrow and then they wrote me into it so because i responded so at that point i was like we're gonna use caravan uh because it's way easier than people expect and we got drunk and recorded the caravan setup uh so that was a good time i there was like yeah let's note you shouldn't drink in multi-sig okay this is very very uh very immature and not uh not responsible irresponsible is the word i was looking for there matt you know yeah you i mean you shouldn't you shouldn't drink in multi-sig but like we we have beer at the

bitcoin citadel workshops i think it like loosens people up and gets them less overwhelmed uh we did triple check it on the video as well uh i think you freaks would be surprised at how simple it is to use i know i know like if you can get if american hollow can figure it out drunk uh then most people i think can figure it out um and hopefully neither of them bitch out so i don't have to be i don't have to enforce the bet and actually sign with my key um yeah yeah i um i've i've used caravan too it is surprisingly easy and it is comfort inducing it gave me a lot of comfort going through the process and since matt uh described that i do have the article gradually then suddenly i want to read the first sentence first so you understand the first couple

sentences first so it works for me brings more context to the last sentence if you have not read the piece yet to the people of texas and all americans in the world in his open call to arms from the Alamo, Lieutenant Colonel William B. Travis began with an expression of America as an idea extending beyond borders. To all Americans in the world, it was a plea to all those that valued the fight for liberty and freedom. So that's important context for the last sentence. Now we go to the last sentence. Just a little tease here. We're going to tease the first couple sentences in the last sentence, and then you guys can go read the middle parts if you haven't already so to all americans in the world stay humble stack sets and hold the damn line whatever

it takes all right bitcoin is a rally cry fuck yes let's go like i just and i i tweeted this out when i tweeted uh a thread of quotes from the article it literally made me feel like william wallace in the p william wallace is that no that's that's uh that's uh braveheart who was he in the patriot who was mel gibson still mel gibson who was mel gibson and the patriot what was his character's name i don't remember his name but i know what you're talking about it's a good yeah that last scene they literally have they literally have a gif of the last scene where he's holding the line he's like don't retreat hold the line it's where my mind went and that was during the revolutionary war to get liberty and freedom here on american soil bitcoin is a rally cry

cry for liberty and freedom around the world protect it at all cost hold the goddamn line motherfuckers shout out to parker parker always gets me bullish but that one got me got me more and then i read that and then i immediately um i did i think right after i read that i did bitcoin 2020 happy hour uh i like i liked your uh i liked your filibuster even though you got censored he cut it early he cut it early so i i got one last uh i had the floor for one last time uh i was supposed to say goodbye to everybody so instead i just started reading the white paper till he muted me yeah that's uh well it is i mean that's another externality positive externality of this quarantine is people meeting online for happy hours i think uh that dirtbag al even though we

fucking hate him he's a fucking dirtbag uh he's doing friday happy hours as well yeah some some loser uncle bad touch is what we called him on the lacrosse field he was very weird you know i don't love that zoom is being used because zoom is horrible privacy wise and uh it's a chinese company um disclaimer we're using zoom right now yeah what's up but when you're publicly broadcasting it's okay uh because it's going to be publicly broadcast anyway and zoom does have the best quality but in terms of like a lot of friends and family are doing like happy hours and stuff um it's pretty crazy how quick the slide is from happy hours pre-corona uh you can do a happy hour with your friends and family and you don't have you know a screen recording device that's listening

to your whole conversation like transcribing it and shit storing it forever um not great uh and then people don't even bat an eye about it people don't even think about it no i know well apparently the ceo of zoom is trying to save face there they made a bunch of announcements at their uh patching uh bugs that have become uh apparent and apparently the one thing is like an automatic update function in the package that just allows them to do weird stuff with your camera so if you are using zoom and you have to use zoom for whether it be work or school highly recommend getting a um a camera blocker they sell them on amazon pretty cheap hopefully amazon's duct tape works too and i like my little slide i have a nice slide

they also have they have a browser you can use zoom in the browser which is better um instead of having the app installed um there's an app called an open source app meet.jit.c it's called jitsi j-i-t-s-i and that works pretty well i used that with rodolfo the other day and a couple other bitcoiners um it is open source which is nice uh one-to-one chats are encrypted but group chats are not encrypted uh the are not end-to-end encrypted so the jitsi server can see your chats just like zoom server can um but the one of the fundamental differences with jitsi is that you can run your own server so if you're a big company organization you can run your own jitsi server um you know i like i said before like there's trade-offs everywhere um zoom's call

quality is fucking fantastic like i don't know what kind of magic they do it's just amazing call quality so i completely understand as we're doing right now like to you in public broadcast settings when all the talk is getting broadcast anyway um to might as well use it but stuff like this week we saw the uk prime minister was holding a cabinet meeting on zoom like i watched all the james bond movies like do they not how do they not have like a proprietary video conferencing tool or something like why are they running it through fucking chinese servers how is that happening how is that a thing how are these people the people that are supposed to protect our location data and our facial recognition data matt we've been over this the emperor wears no clothes

the emperor's goddamn naked that's yeah that's what like i go back and forth i'm not gonna lie freak sometimes i uh i'm uh seduced by conspiracy theories but then you see stuff like this it's like uh actually i don't want to say conspiracy theories i want to say outlandish theories people do conspire powerful people do conspire this has been proven throughout time but then you see shit like that it's like oh these guys are fucking incompetent like how would they ever be able to pull off a a mass uh sort of masking of the world some grand master plan yeah i think they're way are they useful idiots they're way less sophisticated than people think but the you know the people behind the scenes are more sophisticated yeah i uh whatever i'm a couple

beers deep i'm gonna say it i i finally like after years of of hearing about them on twitter i i finally like just felt i fell down the qa non rabbit hole but just like did some research on what they believe and what they think they think uh those in charge are very um connected and or very well attuned to what's going on and creating a master plan. So be on the lookout for a bunch of pedophiles getting arrested this month. Apparently it's going to happen.

We'll see. I can't believe you just brought up QAnon. There's so much bullshit there, Marty. Oh, I know. I'm saying I finally like, I've just heard about it. Perfectly for so long. I finally like did some research

and what's been going on we had a whole q anon discussion on the during the bet that was cut unfortunately really uh and also what are they saying why was it cut give me the cut material there was a part that was cut that was that i like gave american huddle shit about trace um i don't know keep it simple like he likes to keep it simple so he like keeps it nice and concise on the which i respect i respect that that's fine um i my belief is you know that most of the 99 of people as especially like the ones q anon talks about and stuff they're just not sophisticated enough to pull any of this shit off you know they're it's it's like the idea that that this virus was released as like uh intentionally released as like

a bioweapon like it makes way more sense that like the chinese were just inept and they weren't able to contain it and they tried to cover it up and then our every other government was inept and they couldn't contain it and it got out you know and it just started spreading and our medical system couldn't handle it and that there didn't doesn't have to be actual malice behind that for them to then you know use the crisis to make authoritarian measures so i i just um that's you know where i stand on it yeah and just so anybody is partial to the qa non theories out there i do believe there are massive amounts of pedophiles in hollywood and other places but i don't know if uh if people are lining up to take them down this month particularly we'll see um hey i hope

so i hope those people what is this what is this theory oh the theory the theory is that uh Trump is quarantining the country as he sets up troops and agents to arrest over 200,000 pedophiles worldwide. We shall see that. I mean, if it came true, I'd be happy. There's plenty of pedophiles.

Trump is not rounding up the pedophiles. Not gonna happen. He did sign a Child Protection Act. April is like a Child Protect the Children Month, apparently. We'll see. there are some pretty fucked up people in high places though and famous people are some famous people are very fucked up but we'll see that was a two beer qa non-talk with marty and matt it happened matt how are you feeling after that uh yeah i mean i've never i've never really to

be unfair i've never really gone down the q and on rabbit hole i've just avoided it yeah in this quarantine i've i've uh i've had some extra time on the weekends and it happened over the over the weekend i think somebody tagged me in a post i was like what the fuck well i keep getting tagged in like the event 201 stuff so that's i mean that should happen yeah but i mean bill gates and a bunch of other people have been screaming about how pandemics are the biggest threat we have right i think even obama has mentioned it in the past like it's it's been a very common thing we had the movie contagion just because they were screaming about it the next step that they planned it and executed it you know and released this virus in wuhan to to run the test is

um that's a big step there's like a lot of moving parts there yeah no i totally agree tucker carlson had a very good uh um i saw on twitter he had a good segment on how the wuhan virus likely spread apparently there was a bunch of scientists from the from china who wrote a paper in early february and said hey it was likely um likely got loose from the wuhan virology center or some other wuhan disease center by the wet markets where uh this uh virus started but it was it was probably it's just it wasn't malicious it got accidentally released yeah yeah exactly right that's what i'm saying it's just incompetence yeah you know i mean they might have been malicious they might have been weaponizing shit

right like i wouldn't put that past them but then they probably fucked it up and got released accidentally or there was just poor poor sanitary conditions in wuhan a city of 11 million people um but yeah i don't know either way you can't prove it that was a recommendation from uh the team that wrote this this paper was like hey if you're going to be experimenting with the shut you should this shit you should do in a remote area probably hundreds of miles away from a city with the density of wuhan um but back to child sex trafficking we've tried to stay optimistic but it's here uh there's actually a really good thread like on how like i do because this is something i'm passionate about

as a new father and somebody who thinks is probably one of the most evil things that could ever happen in the world is uh destroying the innocence of a child there actually was a really good thread on how to go about uncovering and actually going after these people by a larry sanger um so i'll share that in the show notes as well um and he basically admits yeah this stuff child sex trafficking by elites is a horrible reality and he outlines the case for this claim basically going into epstein and all the weird connections he has with a lot of elites where he had is he alive is he dead who knows i'll agree with q and non on that like epstein didn't kill himself like that doesn't make any sense to me no he definitely didn't kill himself definitely

um but these are things like the catholic church definitely done as a catholic like it's fucking happened the catholic church pettawood underage groupies jimmy saville rotterdam cps disappearances the kinsey institute john of god these are all actual instances where child trafficking has probably happened and there's a calculated and uh level headed way to to uh sort of go after these people hopefully um should we should we take care of yeah hopefully uh the world wakes up to uh to the elite pedophiles and we arrest them all that's positive right no yeah i agree i hope so too cheers to that cheers to that um yeah we talked about it yesterday on the podcast that we dropped with

rodolfo coin kite has began selling power only magnetic usb cables we didn't talk about this we didn't oh this is not the cold power no this is separate now he's selling cables too i think i i like to think we're part of the inspiration because when we first talked about cold power on rhr i was like you still got to make sure you don't get a bum cable uh that's actually pulling data so now they're now they have power only cables as well so you can get the full package this is a magnetic power only cable with 3x micro usb or the package is three micro usb adapters power your cold car with confidence that the data lines are not connected leave micro usb adapter attached and then easily magnetically snap it into place as needed

a port saver shout out to rodolfo just pushing products i dig it um another positive note finance released on their blog a it was a blog about coin join and custodial mixers and they made a clear distinction between custodial mixing and coin joining which is what we love to see here at Tales from the Crypt are they going to implement that in their practices or are they just

pandering to the crowd Binance is a big company Binance Singapore was the one who was doing that original flagging and they did open up that guy's account eventually it was a KYC

account it was fiat to bitcoin um it was that fixed fee address on wasabi uh so we'll see how they proceed going forward but they're a big company this is like part of their you know uh education portal which you know you probably shouldn't be using finance's education portal anyway but i'm just it's just good to see from you know a major exchange blog the the clear distinction it was very positive towards coin join let me put it that way yeah no i read it it was positive but i hope they they implement that in practice and for any freaks that are curious out there i have been sending my utx straight from cash app to coin join wallets without any problem so at least up till now

cash app is uh is good on that we will we will keep you informed if that ever changes i really hope that doesn't change well as always you know best to get without kyc but if you're gonna kyc cash app's pretty great yeah bisque is a good alternative if you don't want to kyc check them out they've been bisque has been making some good strides too they just got added oh we didn't talk about that oh yeah we did did we talk about uh the liquid federation getting expanded last week we did not okay and it wasn't best it was just whiz yeah there's like a bunch of institutions and now there's whiz there as well yeah so yeah the we'll see how it plays out the liquid federation got expanded by 10 companies um and whiz so and whiz but i think

he had to start i think it's technically whiz's company that's part of it but whiz llc what yeah yeah um it's just funny uh and then did i see liquid volume or not volume like uh btc locked in liquid surpassed lightning recently yeah but like if you well lightning public channels uh not that there's you know probably that you know they'll probably surpass it really soon if they haven't already private channels as well um you know if you're a federation member of of liquid uh the trust model of locking up a ton of bitcoin in there isn't horrible for you um so it it it leads you to believe that there'll be more bitcoin locked up in there to begin with anyway you know because uh lightning is actually a permissionless system and

and uh liquid isn't so the trust bottle is a little bit different but for federation members like the actual guys deciding the consensus um that trust model is probably superior in terms of keeping large amounts uh in the system instead of with lightning yeah um yeah so things again under the radar we didn't even talk about that we've been so consumed with uh covet 19 and the reaction to that virus from our governments but it seems like bitcoiners are building bitcoiners are expanding their reach like for me the average user i just want to go back here for me the average user i'm more comfortable with my funds on lightning um where i can get out of lightning whenever i want and close on chain um then i am

with liquid where i need permission to peg out um but if you're if you're an individual federation member and you're part of that whole organization you know that runs liquid uh you get you get a bunch of advantages uh as long as you trust your counterparties which i assume you kind of do if you enter that kind of legal agreement with them or you're you're setting up this federated network um in terms of like you know you don't have to keep your wallet always online and and watching and and and making sure that someone's not gonna broadcast a bad state on you like with lightning and you don't have you don't have the issues with channels and stuff like that because you're you're basically locking it up in a custodial multi-sig but you're one of the custodians

yeah yeah the variety of options is expanding and the federation on liquid is growing i personally probably never use liquid i'm not a trader i do not move as much bitcoin as the the exchanges and entities in that federation i've personally don't have any use for it at the moment as somebody who's a humber a humble stacks stack god damn it i'm a humble sat stacker there we go well i always say stack satyr i don't know why it's a lot of people make that mistake it's liquid's pretty cool for if you're gonna like if you're an end you the only time i see it being really useful for like an end user not a trader at least right now it's like if you're trying to like coin joining no and there's no coin join clients um and you still have to deal with timing it might there might there might

be something interesting there because they do have confidential transactions um so if there was a coin join client i would be intrigued to see you know how that plays out but the problem is you got to be able to get in and out without kyc and without timing analysis even if you do the coin join because you're not going to want to keep your funds in liquid um so the the bigger use case i see is you know you can hold tether and green wallet through liquid right and you can send it like pretty much instantly um and tether you have to trust tether and if you're trusting tether that means you're trusting bitfinex bitfinex is one of the federation members of liquid so it doesn't really it doesn't if you're holding tether anyway which i would never

do uh it doesn't hurt the trust model of tether you might you know you might as well use it on liquid instead of ethereum or omni token on bitcoin yeah it makes a lot more sense especially if you can use it confidentially like you just said so you can oh why not you can have your tether gold in your green wallet yeah yeah i have no use for that either um but like we said yesterday i mean something obviously a lot of people have use for it tether uh creation and volume has increased significantly um over the last six months this is one thing i added that makes sense to you right why because look the dollar is stronger right everyone around the world is rushing into the dollar so places that don't have access to u.s dollars but have access

to tether would do the same thing right yeah that makes a lot of sense though with that being said the volume on people seeking safety in dollars like the overall volume to the actual tether volume is probably minuscule i mean there's like nine billion i think overall in stable coins tether making up eight billion i could be completely wrong on that but off the top of my head i think that's what i heard most recently um eight billion and safety in dollars is minuscule and the grand scheme of things with all the money that's being printed and assets that are being bought which is actually very good but there's six billion in tether six billion yeah eight billion overall

for stable coins oh yeah that sounds about right yeah so i was off by a little bit um it's a good segue into the last topic i threw in at the end here um mmt is here howard marks is a uh a very well respected investor puts out a very great monthly letter in his most recent letter for oak tree capital he said possibly without serious vetting and a conscious decision to adopt it modern monetary theory is here whether we like it or not we'll get to see its impact much quicker than i had thought um and this is true you see trump came out this week he wants to do two trillion in uh infrastructure spending and then also most importantly the the merging of the federal reserve and the treasury has happened behind the scenes like it hasn't been really

talked about in the mainstream media but there is no division between the treasury and the fed anymore the fed is uh completely uh taken over by the treasury basically at this point and that's what my monetary theory is is that the government can just print money and pay for it in the future they can just print money out of thin air and service it via fiscal policy or hopefully a return on the investment created by that

that ensues after that money creation I'm highly skeptical that either will be successful but whether we like it or not it's here yep unfortunately seems that's the trajectory that plus surveillance state

could end it on a positive note conspiracy marty coming out here i've been saying i've said it a lot on twitter and on the airwaves i think trump's an accelerationist like him screaming at pal on twitter uh about going negative about printing more money lowering interest rates again taking them negatively in some tweets uh i think maybe He sees the writing on the wall and wants to return us to a gold standard because if you look at his Twitter history in the early half of this decade before he became president, he was very much an advocate for the gold standard. He owns a lot of gold in all of his houses. We know he's enamored with gold. I don't think a gold standard would be as advantageous as a Bitcoin standard.

But if I were an accelerationist in the White House, the emerging of the Fed and the Treasury would be a step towards accelerating the demise and delegitimization of a system that you want to do away with. I'm not saying that's happening. That theory is out there. It would be funny if Trump is an accelerationist and he does have a master plan about all this. Marty's responding to my face. I, you know, I want to believe I just, I, it could also be explained by him just wanting the stock market to go up. So he gets reelected. Oh, yeah, exactly.

Show me the incentives and I'll show you the outcome. But hopefully he owns Bitcoin. I think he owns Bitcoin. So that lines up with your theory. Don Jr. definitely probably does. Kushner definitely does. On behalf of Don Sr., definitely. um but the uh i'm sorry i just had somebody interrupt right there the um yeah the incentives

of the system are such that he needs to keep it afloat to get re-elected uh he needs to keep it afloat so people don't lose their jobs so he doesn't have chaos six million jobless so we didn't talk about that 6.6 today to talk about yeah how much how much do you think that was of employers just cutting employees loose knowing that they would get unemployment and well that's the problem right that's part of the problem is that is that everyone just looks for the handout they just immediately they don't it's like when you have uh like a parent do all the work for the kid all the time then the kid never does any work right his incentives are all misaligned i was thinking about that too myself like um where they just like they fire their employees and like they

email them the like ways to access the unemployment benefits yeah yeah but i mean also our fucking economy shut down right or like a lot of people fucking hurting a lot of small business is going to go under a lot of medium business is going to go under the investment real estate market is fucking getting skewered and that's like that's a slow moving market like it's going to be hard to recover from that type of situation or people not paying their rents people not paying there's leverage though through the whole system you know you got you got tenants living paycheck to paycheck you have restaurants you know working month to month just to meet their bills then you have the landlords they're all levered up like motherfuckers um so you just spring on like all of a sudden out

of nowhere a month of economic downtime and we were already in a house of cards and who the fuck knows who you know people go into panic mode rightfully so yeah i mean airbnb's like the striking example of that right now is you have a lot of people on airbnb who went out and got a bunch of mortgages levered up to the gills expecting to make rent income and on these properties uh into perpetuity and then you have this and you're having a an airbnb renter strike i believe airbnb stepped in yesterday and said hey we're gonna we're gonna help help you guys out a little bit but who knows how much that venture capitalist back startup can can weather uh with the gravity of the situation that's going on right now but yeah like you said it's

highlighting systemic risks throughout the system like there are it seems we were talking about this before we hit record it seems like there's a bunch of rent strikes even with people that can afford their rent um right now which is i don't know how i feel about that there's like people just leaving the city and just like abandoning their apartments like people think the jobless numbers are crazy now wait till they see when the crisis when this all subsides and we start getting back to normal the vacancy rate is going to be insane it's going to be absolutely insane and that's a that's a process you know it takes months to rent apartments months years sometimes it takes years to rent a store like a storefront like all the storefronts you're gonna walk down

like second avenue in the city and it's just gonna be empty storefronts just like for rent for rent for rent how how does that turn into a v-shape bottom like it's not like the market is completely disconnected from reality right now none of this shit is priced in it's just completely Dude, the fucking stock market rallied on the 6.6 million unemployed number. It doesn't make any fucking sense, right? It kind of makes sense when you mix in like fucking trillions of dollars, government spending. But the trillions of dollars don't mean shit

if people literally can't go spend them. You're preaching to the choir, Marty. I know. It's a pretty crazy thing to watch. I just feel for my fellow humans out there struggling, you know? Yeah. there are better days ahead we can get away from this we need to get away from this we cannot keep kicking the can down the road we need to revert in my opinion to a sound money standard to again

that's what i said yesterday in the newsletter show me the incentives and i'll show you the outcome and matt basically just described what i wrote about in the in the newsletter like when you have a levered up economy and i focused on the housing market particularly the incentives are to lever up try to try to get as much property land ramped as possible rent those spaces out and get income on that but you're still over levered you're forced into the market to chase yield but as soon as you have a hiccup the system's going to implode and the incentives are such now where after 2008 particularly where the government and the fed stepped in and bailed everybody out everybody's going to take these obscene risk in these markets

because they expect the bailout but the bailouts are not going to like the bailouts are not going to have the the power that they had in the past like at some point you can't keep doing this like it's just modern monetary theory we're like howard mark said we're we're experimenting with it now it doesn't make any fucking sense people that believe in modern monetary theory are idiots in my opinion like you have to get back to a semblance of reality and connection to the real world and productivity and the best way to do that is to create a sound money standard with a legitimate pricing mechanism that again incentivizes less risk you're not there's still going to be debt there's still going to be people taking risk but it's going to be more calculated risk and hopefully

the ramifications of people failing when they take risks are less systemic than they are today that bike metaphor is the best metaphor it like lined up perfectly right you gotta keep going forward all of a sudden two weeks

of downtime and just bam the stick goes right to the tire break your back you're fucked alright that's a positive note we're gonna end it on uh shout out to our friends in the texas citadel for your shout out very much appreciate it we love you guys i don't have no idea who you are we love all you freaks stay humble stack sets peace and love