TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Bitcoin Week of 2021.02.08

Episode Date: February 11, 2021

This week Marty and Matt discuss: - Coldcard multisig vulnerability https://nunchuk.medium.com/the-missing-multisig-standard-5b4092e3ea92 - Tesla buys $1.5B worth of bitcoin https://www.sec.gov/ix?doc=/Archives/edgar/data/1318605/000156459021004599/tsla-10k_20201231.htm - Bitcoin Hash Rate New ATH - Samourai Wallet v0.99.96c https://docs.samourai.io/en/wallet/releases#v09996c - Nunchuk v0.9.7 https://nunchuk.medium.com/nunchuk-0-9-7-6b74b3848c3d - Joinmarket v0.8.1 https://github.com/joinmarket-org/joinmarket-clientserver/releases/tag/v0.8.1 - Sparrow v1.1.0 https://github.com/sparrowwallet/sparrow/releases/tag/1.1.0 - Twitter CFO says they are considering bitcoin purchase https://twitter.com/SquawkCNBC/status/1359501275650547714 - SEC Commish says they are ready for a bitcoin ETF https://www.coindesk.com/peirce-sec-coindesk-tv - Sending large files with blockstream satellite https://medium.com/blockstream/orbital-data-freighting-with-blockstream-satellite-2b9cde6aa79e - Saylor Academy launches free bitcoin course http://sylr.org/BTC4E - Gladstein + Reason Video https://twitter.com/reason/status/1357756578787708931 - Arthur Hayes Vanity Fair https://www.vanityfair.com/news/2021/02/the-rise-and-fall-of-bitcoin-billionaire-arthur-hayes - Castle Island new $50M bitcoin VC fund https://medium.com/castle-island-ventures/castle-island-ventures-ii-and-the-road-ahead-e1dfffe72d8f Shoutout to this week's sponsors. Cash App. Start #stackingsats today. Use the promo code: "stackingsats" to receive $10 and contribute $10 to OWLS Lacrosse when you download the app. Unchained Capital. Check out their white glove vault concierge service that will take you from zero to secure multisig setup in no time. Use the code TFTC and receive $50 off that package that includes 2 Trezor Model Ts and $1,000 in your vault.

What is up, freaks? It's your boy, Marty Bent, here to introduce this episode of Rabbit Hole Recap. Matt and I just had an incredible rip, and we're actually still live, but I'm gonna record the app now because, the app, the ads now, because I need to. We need to get this live to the podcast freaks that listen on different podcasting apps. This episode is brought to you by our good friends at the motherfucking Cash App. Cash App's not only for you to stack sats, send sats, receive sats, sell sats, if you so please. I'm saying sats, sats, sats, sats, sats Because sats are the standard

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the the boost program if you so please cash app could be your bank account they're offering account numbers and routing numbers on top of that uh have some things on the horizon i can't say exactly what but sats are so that's a part of that so be aware uh if you haven't downloaded yet make sure use the code stacking sats it's s-t-a-c-k-i-n-g-s-a-t-s you're going to get ten dollars Matt, if you haven't downloaded it yet, use the code stacking sets. You're going to get $10. $10 you're going to get to our good friends

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and then beyond that go check out their blog at unchained-capital.com enjoy this rip of rabbit hole recap i thought it was pretty good i hope you do too you've had a dynamic where money's become freer than free when 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. Cord. Woo, doggy. Caps Odell. How you liking this wave ride, baby?

Caps Odell is emerging in an emergent network consensus. Ooh, baby. Uncle Marty's drinking this week. Cheers to new all-time highs. um technically my prediction was 50k by the end of rhrs ascended freaks okay we've got a few hours maybe this just ends up us we got bozel mexican sir is that mezcal mezcal i've been on that mezcal kick you know since i'm since i'm coming back i haven't drank for a few weeks i'm gonna i'm gonna double fist here i got uh some magners irish cider my favorite cider and then uh some knob

creek single barrel my mother got this for me for christmas interested to see what it's like let me i'll open it up but yeah what a week a lot to talk about dude it's been absolutely insane right are we allowed to talk about what you just did or is that on the deal nope nope it's already teased on twitter so i guess we're allowed to yeah how's our boy the mooch doing dude i just had the most bullish conversation with anthony scaramucci i didn't think i could be more bullish leading into it but here i am afterwards extremely bullish he is he just sounds like he sounds like a proper bitcoiner like i feel like we can just retire and and we can just we can have him do the shills from now on just let the mooch take over hey you

know what we don't need to do this ever i just got a new desk set up but if the mooch wants to take over it's been a long long three and a half years so next man up that that podcast comes out on uh tuesday i did that with bitcoin magazine um i got him on the record to agree that it'll be over 50k by tuesday i was like i'm not gonna make him make him guess that'll be 2k and i mean it'll be over 50k in two hours but uh i got him on i got him on the tuesday kick um but yeah so that was a really fun one but fucking tesla man i don't think i don't think people realized this is why caps odell went extra hard this fucking week i don't think people are appreciating the gravity of this situation it's pretty massive like this can turn i like this thing i'm appreciating oh

yeah you you 100 appreciate i mean you you're you're basically all caps but just in spirit i too many lowercase characters coming from your account over there you know i don't i don't want to steal your shtick you know it's your shtick did you see the novelty account lowercase mart lowercase marty has a cuck mentality lowercase marty just isn't trying to step on any toes you know when i'm done all of bitcoin twitter is going to be talking in caps and then we can consider going back okay uh we we are going up here matthew i'm looking at my tweet deck right now bitmex wrecked uh there was just a liquidated short at forty eight thousand four hundred and two dollars less than sixteen hundred dollars away from fifty thousand dollars so all you freaks out

there pull out your phones and market by bitcoin right now let's see if we can get there the greatest short squeeze the world has ever seen a sad squeeze baby it's coming how is it being caps odell now like is it it's a lot of pressure do you like it oh it's invigorating if if you're not willing to tweet it out in caps then why tweet it at all this is good and you were inspired by zero hedge so is that like we were talking about a few weeks ago is that is all those stupid ass squawk services you know they they always they just tweet it out in full caps and like everyone's it's like oh well this is fact there's no source or whatsoever so i felt like if you don't tweet it out in caps you have zero conviction you gotta fucking do it oh god all right let's ground

ourselves here no show to produce let's start out with the dashboard then we'll get into the tesla i got a lot of great thoughts on tesla at least i think they're great thoughts we'll see what you freaks think uh currently the price of bitcoin is 48 480 dollars according to clark Moody's Dashboard. One Cuckbuck's only going to get you 2,063 sats. We're about to go below 2,000 sats per Cuckbuck. Number go down.

And we're approaching a trillion dollar market cap currently sitting at 906 billion. Excuse me, the price just went up a little bit. Attacking gold, coming at you gold bugs, eating that market. Dave Collum, if you're listening to this, if you're watching,

please, sir, buy a little Bitcoin. I worry about you. I love you. or you can just wait you can buy it 100k you can do that as well um and just still be early uh one bitcoin is going to get you 26.3 ounces of gold uh and bitcoin is currently climbing up the gold market cap uh and now represents 7.59 percent of the total gold market cap uh we're at block height 670 169 uh 88.7 percent of all bitcoin that will ever be mined have been mine that's 18 million 625 981.48 bitcoin have been distributed to the market some are lost some are in cold storage for a while and some are still floating out there you better try to get

them while you so soon can still can excuse me uh the mining hash rate's all-time high we pumped this uh in the sat standard over the weekend but it still continue to go up right now uh the hash rate is estimated to be over the last 90 days 142.7 exahash but over the last mining difficulty epoch uh that that that we're in right now uh estimated hash rate is 155.9 exahash per second that's going up uh there are 1159 blocks between now and the next difficulty retarget which is currently estimated to be 3.6 percent adjustment upwards blocks are currently coming in at nine minutes and 39 seconds on average uh faster than the 10 minute block target uh fees gone up average fees for per reward uh is this is an estimated next block either this is the average is this

yeah it's uh 13.36 percent so that's going up approaching one bitcoin currently at zero point or excuse me 96 million sats um are the fees uh they're currently 105 439 transactions in clark's mempool um and and whirlpool liquidity has gone down a little bit in terms of bitcoin but gone up in terms of cuck bucks currently in 1994.9 btc in unspent capacity and liquidity in world pool that's worth 96.8 million cuck bucks at the current bitcoin valuation in price um mom stop texting me i have a show going on how's your day did you text you 50k by end of show should i text her back mom go on youtube i'll talk to you there uh yeah dude big list this week bullishness man it's like are we living in a simulation almost seems too perfect

what's going on right now like too many dominoes are falling like bny melon coming out this morning yeah we're gonna get access to bitcoin for our clients let's let's focus on tesla to start but the bullish news just has been raining down on the markets this week i mean tesla 1.5 billion uh uh deployed into bitcoin at some point last month we don't i don't think we have an official numbers uh on how many uh sats they officially acquire but guesstimates are in and the crazy thing to me so this is where i'll start it out it's like mind-blowing to me is that tesla spent 400 million dollar dollars more than micro strategies and probably if the estimates are correct got about half as much bitcoin which is insane to think about like the amount of money

coming in and the amount of bitcoin it's able to get is is falling right like so tesla spent 400 million more dollars and potentially got half as much bitcoin as micro strategy whose cost basis was around 16 000 that's pretty insane to think about especially if you believe the thesis that tesla getting in is going to to start a domino effect throughout the the corporate world that that begins, that incites more and more of these companies dumping large sums of cuck bucks into Bitcoin. The CEO of Tesla happens to also be the richest man in the world. Pretty sure he front ran his company.

um i'm pretty sure that this is going to be the first of many companies to follow um tesla completely caught me off guard i think we agreed on the pod for a while that that elon was was securing a bag for him to actually do it through tesla this early in the cycle uh caught me off guard i thought they were going to be a later company um and now it's on everyone's radar you know um kudos to michael saylor and micro strategy uh and and then square did their small buy but for a company of of like tesla of tesla's size in the s&p 500 to come in with a one and a half billion dollar purchase off the bat is a whole different fucking ball game and and you said earlier like are we in

the simulation i mean if you wanted to fuck with matt odell uh and rug pull me like this would be the simulation you run because like i'm telling you freaks like none of us are ready like i've been preparing for years i am not ready so if i'm not ready maybe maybe there's like a dozen people that are ready but like we are about to get our fucking faces melted off like i don't people cannot fathom what is about to happen and yet i hear over and over again are we near the top like are the institutions gonna dump and have weak hands is this gonna happen is that gonna happen like it is all fucking negligible i said on the pod a couple weeks ago i mentioned how um last cycle i was shilling uh bitcoin in front of uh a bunch of wealthy investors including

multiple billionaires and i said to them i was like it doesn't matter if you buy it 19k or 13k or 11k or 6k or 5k it's all negligible in the long run and i walked out of the meeting and i was like is that true matt like i don't know if that's true it's all negligible now it's all negligible you think back you're like wow i could have bought a 13 i could have bought a 15 i could have bought at 18 i could have bought a 22 i could have bought at 7 does it fucking matter no it doesn't fucking matter it's going to be the same exact fucking thing with 48k is it though yeah tesla spent 400 million more dollars and got half as much bitcoin like that psychological aspect of this for anybody who's on the sideline still waiting in the first

mover advantage for these types of players is massive man like if stacking sats is your end goal go to stacking sats.com freaks i uh i was a sellout i had to sell it to elon he reached out i couldn't help myself did you redirect it let me check it uh where what are you doing matt let's see uh tesla.com hey elon congrats on that url that may actually be more lucrative than some of your business lines in the future if you're listening to this uh are you going to be buying a tesla with with your uh with your sats i it's it's it's it's classic bull market and we talked about this in the past

uh we talked about this the last couple weeks like leading up to this because because this is our first time having rhr in a bull cycle um people get confused about what's bullish and what's not uh right now they're freaking out about visa's bullshit announcement and mastercard's bullshit announcement and bny melon's bullshit announcement and meanwhile they're not freaking out enough about billionaire fomo and that is the signal the signal is billionaire fomo they're about we're gonna see foam on a level that no one has ever fucking fathomed before the whole goddamn world is short bitcoin um and meanwhile you're like oh well oh that's pretty cool that i can send a bitcoin on the mastercard network custodially you know like no one fucking gives

shit about that that doesn't fucking matter do not give a fuck mastercard bunch of patent trolls if you freaks don't remember in like 2014 they filed a bunch of patents for for blockchain technology so i wouldn't yeah i agree with you i want to cheer them on as much or or take that as as like the big news when you compare it to the billionaire fomo because again the billionaire fomo when you take into consideration how the price has been moving the last couple months and then you couple that with the amount of coins that have been taken off exchange, which we can see via Glassnode

and other types of data services, the squeeze that could happen is, again, like you said, it's unfathomable. Like, again, even if you have 10 of these types coming in in that size, like marty we had a nine thousand dollar candle right we had a nine thousand dollar daily candle the other day the fucking in march we were we were at four thousand dollars and i was told hyperwave we're going to 1500 we had a nine thousand dollar candle the other day i woke up nine thousand

dollars bitcoin had gone up what the fuck that that it is for us plebs we have to have more conviction when we stack. Because Matt putting in $100 isn't going to move the market. But for these CEOs, not only do they get to front run their own company, but after they front run their own company, their large ass company announces that they purchased Bitcoin, and then it automatically pumps the price. So even if they disagree with our long term, you know, value prop of Bitcoin, on the short term it is the most obvious fucking decision in the world it is it is guaranteed return yeah it's this feedback loop that we talked about last week when we when we read like when we talked about why this is designed to pump forever the FOMO is real the incentives are strong and

the 21 supply 21 million supply cap is not moving and more and more people are starting to realize that like the i wrote about it earlier this week or last week i forget now but this is going to happen much faster than i think most people think like a lot of people are trying to compare this to the internet and um like that sort of adoption curve and and the timeline over which the internet was widely adopted and and um by the masses throughout the world but you have to think like bitcoin's being built on top of the internet on top of that exponential technology and the means of communication that we have today compared to when the internet was coming up is significantly superior and the ability to share information about about this breakthrough technology that

is bitcoin and the revolutionary aspect of it with its scarce its scarcity and its peer-to-peer distributed nature leads me to believe that it's going to happen a lot faster than most people think even a lot of people that we respect and know and love in this space like the fomo is real the only question is like you said like set there is a setup for a big rug pull that's why i wrote about neil wood finds but it isn't because it's not a simulation marty it isn't a simulation but if you were going to set up a simulation to rug pull just me and the other big corners this is how you would do it again yes and i wrote about neil's thread yesterday and you have to assign a probability to that i think the probability of rug pulls your audio is being a little bit weird

is it are the freaks saying this yeah it's going in and out and i kind of hear it too okay um marty has a new audio setup going i just while marty tries to figure this out i just want the freaks to realize like i'm trying my best to stay humble and i i implore you to do as well but at the same time like i need the freaks to understand that people don't understand the gravity of this situation well now i have an echo and and and you guys need to understand it because it's gonna run away from us so fucking quickly and i mean i'm not going to stop stacking i'm going to stack forever but you know i wish i stacked more 3 000 i wish i stacked you know more 8 000 i wish i stacked

more 12 000 i wish i stacked more at 16 000 and to you freaks that are thinking about pulling your foot off the pedal consider not doing that i can't i'm gonna have to how do we even know speak to me show me bitcoin he can't he can't speak to me i'm gonna keep speaking um hopefully the freaks i'm the host now i feel like the guy on uh in the movie um so freaks i mean the real question to me is when we pass 50k do we do we should we people shouldn't uh get excited about thousand dollar all-time highs once we pass 50k we should only be celebrating the ten thousand dollar all-time highs like the on the ten thousands so like we can celebrate a 60 we can celebrate a 70 you can celebrate in

between but it's a bullshit celebration um so i look forward to celebrating at 60k with you all uh next rhr um i'm just gonna keep making bullish price predictions while marty is can you hear me is figuring out what's going on yep i can hear you oh uh the freaks are saying marty maybe your mistake is you didn't press the caps lock key uh have you considered that it could be it am i coming through like as clear as i was before no but now it's not going back and forth so now it kind of works but not okay are you sure you're on that mic tap the mic i'm not on this mic i think i'm speaking you're not on that mic you're not on that mic now speaking through my mac mini but i am recording locally here so the freaks listening on the podcast app can

can hear clearly god this is the tftc difference freaks you know i'm a new setup on the go it's the first time doing it live every time i've recorded it over zoom it's worked pretty well um god this is annoying i'm sorry freaks can you guys hear me on the live stream okay like the mac mini has a mic it seems like it huh that sounds kind of suspicious yeah well there's a mic you can't turn off like why does a desktop have a mic maybe it's not maybe it's my speakers or my my desktop one of the freaks rob hamilton says maybe you should reach out to your mom for audio help maybe that's why she was texting mama mama help please yeah the quality isn't as good can we switch it back can you try and switch it back

we can deal with the in and out i think what i need you to do is um i'm gonna leave and i need you to send me an invite link i have to send you an invite link yeah you're the host now i made you the host okay i can do that okay hopefully it keeps recording um it stays live god i hope it stays live oh my god it might not stay live wait don't leave why are you gonna leave it's not picking up my mic as an option for okay the freaks say that we're better off just chilling okay I'm sorry and they also want you to ask Siri if she's listening hey Siri

are you listening to me we're good been having important phone calls in this office you better not be fucking listening I threw an iPhone though so she's listening in there too she got me

Siri's got me by the balls that's one thing we didn't have on the list I know we're talking about bullish stuff but did you see what happened in Florida with that water system oh they got hacked yeah that's pretty crazy oh no but but uh krebs thinks it was an inside job disgruntled employee all right luckily um luckily there was that astute employee who was on top of it and reversed the uh the poisoning of the water in that particular town but let's get back to bitcoin billionaires are coming in it's going to be

is the FOMO starting like who's next like is Apple are these rumors about Apple I've heard rumors about Oracle you think we had Twitter CFO talking about acquiring Bitcoin to pay employees I don't know how like how much of this rumors are are people just like saying stuff because they feel like they need to or well the Twitter the Twitter one was fun because it was the host asked, the CNBC host asked him if they were going to buy Bitcoin, which I love the premise of. I love the premise of that every time you do earnings, the CFO has to go on CNBC afterwards because Twitter reported their earnings. He's going to be asked about Bitcoin. And what happened was he was asked about Bitcoin live after their earnings were good. They beat

earnings. They were up like 8%. The stock was doing well. It's like every CFO's dream. Now I gotta go do the cnbc show he's doing the cnbc show guy asks him if they're gonna buy bitcoin and he gives like kind of a non-answer but we're considering it we're thinking about it the stock goes up another fucking eight percent just fucking pumps just on him commenting that they're considering it you know so it's like a it's if if if we have if we have the host just asking them this question all the fucking time and putting them on the spot they're gonna have no choice but to fucking play ball is this good for bitcoin yeah like yeah fomo is good for bitcoin is this like when kodak was putting blockchain in there no like the block whole different whole different

why is it different because we don't we had like long island blockchain we had like shit coins we had like all this fucking shit now we even had like the bullshit where like long island blockchain like bought miners you know and now we have even the self-professed mining companies like mara who were like we can't even do the mining we're just gonna fucking buy the bitcoin like the pump is we buy bitcoin that is completely different than last cycle that is a whole different whole different ball game we're in um in terms of signaling and whatnot in terms of shit coins and blockchain and crypto and all this fucking shit versus just we are gonna stack fucking sats we're gonna stack as many as fucking possible and and if if if you don't stack we will stack them you know and they're

all going to fucking and i think my inclination is that we go back to challenger companies right this is always what we said on the pod is that it starts with the challenger companies in a lot of ways even though tesla's s&p 500 pumping is held by millions of people uh challenging the incumbent it's still a challenger company right like like elon is like the trolliest rich you know richest man in the world we've ever had you know and and part of the reason they bought bitcoin was because if you're an elon hater like is there anything more he could do to trigger you besides buying bitcoin uh like there's very few things he could do so so in that way they are a challenger company but they're massive and they put in a a fucking chunk of change man yeah it

was like 7.7 percent of their their cash holdings right yeah so yeah i mean one and a half billion dollars one and a half billion dollars like like we've we've been oh you know big corners are gonna get targeted for this and that and whatever and these guys just come in you know they just come in they just make us all their bitches you know fucking massive fucking buys um but yeah who's next i the the point is is is there's two types of boardrooms going on right now right there's the guys that realize and are scrambling to buy as quick as possible and it's not a quick process this shit is not priced in it is not priced in at all um and then there's the board rooms that are like ah this is a scam we're at the top and they're gonna buy at 100k

right is this last cycle is this like it's hard it is like is there is the culmination of this billionaire class starting to move into the market with authority with what's going on in parallel in in the government and the world of politics and central banking like is it a perfect storm or just like a slingshot to to a new normal in terms of bitcoin price cycles or is there this time is different right i don't want to be that asshole no look look we if if we go by past cycles and like you can believe in s2f you can believe in whatever the fuck you want you know s2f is like just trying to quantify design to pump forever as far as i'm

concerned it's just designed to pump forever and who cares about the specifics you know what price it hits it when it hits it it's just gonna go up you know to the right eventually um but if we go bypass cycles right 3x all-time high is the floor of the next cycle okay three is 60k okay so for people to say this is the last fucking cycle and we're under 3x last all-time high is fucking bullshit right it's like absolute bullshit if this is if this lines up with a similar cycle as last time right then you go up to 400k and then we come back down to 60k right i think this cycle could be longer and more aggressive than previous cycles because all of a sudden you have this billionaire class waking the fuck up and as we said there's a different model at play here risk

model at play the risk is reduced because like let's be honest i don't think anyone thinks bitcoin is going to zero anymore and and the risk is reduced because there's such whales they get to pump the price themselves just for coming in so i think we could see a more aggressive and longer cycle here um where we end up at a a new normal uh where you know you end up the floor is 100k instead of 60k or 150k instead of 60k but to say that's the last cycle is ridiculous like you hit like 700k and then you go down to 150 i call that winning you know but i i to think that we're not going to get a dump at some point at the end of this fucking cycle and i promise you joe is going to be telling us joe weisenthal is going to be telling us that the next halving is priced in

that there's a death spiral that's happening like all that shit is going to happen we're going to get all the same fucking bullshit fud maybe we'll have some flippening bullshit mixed in there all that shit is going to be the same it's just the question is what is the top what is the recorrection but for a stacker who the fuck gives a shit right i don't fucking care and while we have you freaks stack as hard as you can like today without getting wrecked yes that's why you stack stay humble don't overextend but today was the day like i sent my my high school buddies in our group text i was like all right guys like i hope you're stacking sats please just tell me you're stacking sats so what i do in my group chat which i implore all the freaks to do is every

morning just send them a message if you're the bitcoin if you're the uncle jim of your group send them a message am i the only one who's stacked today and it it hits them hard like they might not show it at first but it hits them hard day after day you just hit them with it it's like a different variation of have fun staying poor yeah a little less uh abrasive right um yeah i mean and also don't tell people in person to have fun staying poor i told my god dude it does not i know he's not listening because he's so fucking pissed at me but like my my cousin who in 2017 like told me i was an idiot because i wasn't buying a ripple and i was like all right dude whatever back then like he he texted me this weekend and uh and told

me i was an idiot because i'm not buying silver and i told him to have fun staying poor did he take it horribly you got so fucking pissed at me like so offended i think it like strained our relationship to a certain extent my lady said it to a good friend and i like i was like you can't you can't do that you can't chill me ripple and then show me silver i know i know but it's like there are boys right and even though he was misguided for ripple like you know way misguided he's your boy right my cut he's my blood right he's your blood he's your cousin um and like he knows that you've done very well on bitcoin yeah you know so it's like extra it's like it's like it's one thing you could ride this way from thirty dollars to a thousand i

was like bitcoin's at forty thousand the the funniest part is is the guy she said it to though he finally did buy bitcoin he wasn't gonna he hasn't he hadn't bought bitcoin the whole time it did work it worked so ud was right in that regard but it was harsh it was fucked up i i was i i do not support it yeah tell noriel to have fun staying poor don't tell your boy to have fun staying poor called jp koenig to have fun staying poor tell tell those types uh the fud that's the other thing like elon getting in uh the energy fud this week like people trying to virtue signal like oh tesla is like a green energy company how could you be supporting bitcoin a network that consume so much energy and that's happening right now at 48 000 like if this well you call that

appreciate like if this explodes like you just described i can't even imagine the screeching coming from from the no-coiner class that's gonna happen it's gonna do it you have the live chat open right now no why what are they saying it's all caps oh i saw all the freaks are in caps right now matthew matthew the people that are listening on the podcasting apps they don't like you getting distracted by the comments okay i'm not looking at them but they oh you're not how do you know it's all caps uh it's like no agenda you got it okay it's like no agenda you could check in on the troll army uh every once in a while okay but this is our show this is me and you mano y mano okay this is a bullish week uh where should we go next like do you want to

should we like bring it back to some bitcoin technical talk should we talk about cold card multi-sig vulnerability that that oh yeah we're blown out of proportion by a lot of people we're supposed to front load vulnerabilities but like when there's a nine thousand dollar candle we talk about the nine thousand dollar candle first yeah that's it that's a new tfdc rule it's a cuck buck vulnerability front loaded with that you know um yeah so i mean the cold card had a vulnerability that was patched in a firmware update v 3.2.2 i think it was december early january no it was early january january 8th i believe it was patched um so before you use your cold card again update your firmware um this is a multi-sig vulnerability so if you don't use

multi-sig you're not vulnerable to it um if you use uh your multi if you have a multi-sig setup with other hardware wallets um then they could mitigate that if they offered the feature but they don't uh so so so basically the premise is is that when you do multi-sig um you have to verify all the information that's coming from other the other signers right so you have signers you have three or five signers ideally it's five different types of signers only one of them is the cold card um all from different manufacturers all different types you know maybe some are in hardware wallets some are general purpose computers and you have all these different types of signers and each signer should verify everything that's happening on all the other

signers and verify every receive address and every change address so there's all this verification that needs to be going down all this communication that has to be going down between the devices and we have no standard for it this is all new shit um something that's discussed a lot though is like we need to get a hundred percent i mean we're we're moving guys we're moving i i've said on this pod you know six months till easy multi-sig like we're working on it like things are things are moving we're going quick things are moving um but these are hard problems to solve and their coordination issues um and and with the cold card the cold card is on the bleeding fucking edge it gives you so many fucking different features that you can do that other devices do not

even offer um so so in this case it is also on the bleeding edge and it had this issue where it wasn't verifying um the x pubs of the other devices the other devices that were presenting it to so so really a key takeaway i mean if you're if you're using multisig a key takeaway is you probably should have and and so i had rodolfo by the way the day of the of the vulnerability release i had rodolfo on dispatch and we went for four hours i'm pretty sure it's the longest podcast in bitcoin history it's definitely the longest podcast in tfcc history you sent that to me i downloaded the file i was like four and a half fucking hours well once marty marty you know how it goes once i saw it hit 335 i was like we're going for the record right let's go um how dare

you we got drunk we got drunk our episode was supposed to be that well the next one will be we'll beat it number go up records are records are meant to be broken um but we got drunk and like no holds barred like i went at rodolfo and you know there was a lot of things that happened in there so like i don't i haven't re-listened yet but i'm pretty sure we had a very good discussion about it in the middle um i told him to fuck himself a couple times uh so i think it was a good conversation people should go listen to that but regardless my point is is if you're going to do a multi-sync setup best practice is you probably have a separate device that has that is just a dedicated like computer um that has all of your xpubs from all of your keys on it

so these are privacy conscious these are privacy important things if they get compromised your privacy gets compromised and you should be verifying everything on that device right like if you have like an electrum or a respecter that has all the keys for all the different public keys not private keys how would you do is would you produce the private public key pair on the device and then use an sd card or something like that to move it to this dedicated machine yeah right like you would you you basically build your whole multi-sig wallet on like a dedicated computer and you should verify your receive addresses on that as well as on the hardware wallets that support it right like every time you do and and when we talk about verify

receive addresses is the reason is if the receive address isn't your address and you send to it obviously you lose your money you send it to a to a hacker but what people don't realize is if you're not using a hardware wallet most people aren't verifying the receive addresses anyway when when a trader sends like a million dollars from kraken to coinbase there is no way for them to locally verify the receive address like those people are way lower hanging fruit um and they're not getting attacked but they could get attacked basically that receive address that you see on the exchange website could be a hacker's receive address that's why we check them on the device but with multisig because all this information needs to be shared and verified it's still very

early there and it's not being checked fully it's hard to check all this shit and all this information to get checked fully you should have a whole separate computer that is is also generating receive addresses so you can confirm against it then it's like way harder for you to get compromised um if you have if you have both of those things going on at the same time right and ultimately so hugo hugo uh hanoi hanoi of nunchuck um and and like i've had a ton of respect for him even before nunchuck but nunchuck's a multi-stick coordinator uh that competes with with Spectre and Sparrow. So he discovered this vulnerability along with Shift Crypto.

The Shift Crypto team has just acted in bad faith, just to be completely, completely fucking blatantly honest. They've exaggerated the claims of this disclosure. They've made it to seem like cold card is just super vulnerable, even though most people aren't even using multisig. They sent out a press release to both Spanish and English publications uh to try and get it into as many different news articles as possible with an exaggerated headline um so like fuck you guys like i that it creates so much more issues for us and then you have the

jws that are just scaring the shit out of people i heard people in clubhouse they were like i'm gonna keep my coins with prime trust because like i don't trust shit so fuck that fuck that shit but hugo we linked to hugo's disclosure and he has a write-up it's a very good write-up um yeah and and and one second so hugo proposed a new bip right and the bip solves this so we have the firmware that verifies it but the bip is really what solves it and what we need is we need a standard format for the different hardware wallets to communicate with each other so they can verify all this shit and we're gonna get it okay and when we get it we'll be a lot better off there's some hardware wall providers that tend to go off on their own uh and they fucked up a stat like

trezor i'm not singling trezor out but like there there was an instance within the last year where trezor changed something that fucked up the hwi standardization right right yeah let's get it together hardware wallet providers we need the standardization think of the user stop thinking about your individual company please the hardware wallets that care about bitcoin will integrate the standard and then it'll be a lot easier to have uh you know a multi-vendor multi-sig in a secure way without going through these extra steps of needing like a whole different device that's verifying all your addresses and stuff my guide we run bitcoin just says single sig it doesn't say multi-sig because multi-sig should be for advanced users only right now

unless you're doing one of these hosted multi-sigs like unchained capital or casa but then you're trusting them with your privacy that is a separate trade-off that you're making yes okay and for some of my stash again disclaimer sponsor but i'm okay with making that trade-off for something like inheritance stash for my kid like just in case anything god forbid happened to me that is a trade-off i'm willing to make for that particular right and if you want to be self-sovereign about it you can use final message.io disclosure disclosure is my service yeah no it's yeah it's harry we're when it when would you make that six month uh prediction uh let's just say four months ago i think four months ago it was four months ago

it's probably around there it is getting better shout out to hugo uh like you said hugo before nunchuck as some of the best content in the space and one of the is one of the best thinkers in the space he's he's uh hasn't been as vocal in the last couple years uh on twitter or or via blog post but he has some of the the best content uh in describing proof of work specifically um and why it's important and and how it it makes bitcoin valuable and why it's important uh to make sure that bitcoin succeeds so shout to hugo let's get these standardizations like out there let's work together like the the again the flame wars whether it be between coin join teams or

hardware wallets compete definitely compete but like be a little selfless and think about the end goal of Bitcoin and Bitcoin users I know but come on it's bigger

than all of us right it's an adversarial environment it's never going to happen but people should have some self respect I agree with what you said like JW I love you brother been on this podcast but like going

and like fudding and expecting people to air gap Ubuntu distribution and trade a 7 like a 5 of 7 multisig is just unrealistic it's not going to happen I'm sorry it's not going to happen

to the new freaks that are listening thank you for joining us Bitcoin is designed to pump forever you should you should not trust anyone and you should verify and you should try and learn for yourself best practices um but a really key uh way to assess things is ask people what are the trade-offs everything has trade-offs and if they don't have trade-offs for you if they say something is perfect uh then they're fucking full of shit and using a cold card single sig with my rerun bitcoin guide is not perfect

you know there are trade-offs there are some trust in cold card uh you have to get a shipping address to them you shouldn't use your home address um you know and and and and the guide tries to cover as many of those trade-offs as possible to try and create a balance right and they said and guide says if you want to improve the setup the cool part about this setup is that you can improve it easily you can you can start adding signers for multisig right um one thing that craig raw mentioned uh the lead maintainer of sparrow um is is if you use bitcoin core uh which is what specter uses which what my guy on we run bitcoin.com uses um it it stores it stores all of your balance information unencrypted on the device so really you should be using at

least a dedicated device for that especially privacy wise um electrum doesn't have that issue but if you have to run an electrum server that is a massive hurdle for people right so that's a new trade-off that is entered so there's trade-offs all around and you know some setups will be better for some people some setups will be better for other people depending on how much they have also as well right people will graduate between setups and whatnot but if someone's pretending that there's one perfect way uh and that every other way is a fucking scam uh they're fucking full of shit they're 100% full of shit everything is trade-offs there's no trade-offs they're lying to you and everybody's different everybody has different preferences and different levels of

comfort and different technical capabilities do your research and find out what works well for you um speaking of bitcoin core maybe we can talk about that a little bit i did a little experiment last weekend and like we mentioned the new mac mini some of you may be hearing me if you're listening to this live uh through the new mac mini speaker which apparently exists uh or microphone excuse me uh but i did i've never done this before every time i've downloaded bitcoin core it's either been um via like just downloading the software and trusting that the binaries that were handed to me or the package that was handed to me it was going to build bitcoin core in the correct way so over the weekend i was like i've never done it from source i've got this

new computer people are raving about how how fast it is like let me try to build bitcoin core from source and i was actually extremely pleasantly surprised to to see how easy it was like the the bitcoin core guide that they have um to walk you through this process was very easy to follow and you and our boy jack are doing it together right yeah i mean so jack like unbeknownst to me or i actually didn't know i saw that he was downloading i didn't realize he was doing on the mac dorsey yeah jack dorsey i didn't realize he was doing on mac mini but he downloaded bitcoin core from source last week as well and apparently with the m1 chip uh you need some some additional dependencies to make uh to build core on this particular computer and i tweeted out saturday

yeah i tweeted out saturday morning like hey uh i'm gonna try and build bitcoin core from source on my new uh m1 wish me luck freaks and jack saw that tweet apparently and he reached out to me he's like hey i just did the same thing like you're gonna need to add to add uh these these lines of code after you clone the git repository and it fucking worked and that like i mean the the fact that jack torsey is is is figuring out like how to build bitcoin core from source with an m1 before a lot of bitcoin core developers um have done so it's pretty cool i mean it was just like wow they reached out he helped me it fucking worked um jonah chanelli has has some uh binaries as well to help people doing it on on m1 but apparently yeah homebrew needs to add some

things that uh to be compatible with the m1 and right now you need to manually add them yourself before being able to successfully run Bitcoin day. That was pretty cool. And yeah, you saw the tweet that he sent out. It was like, yeah, here's how you do it. And it's an open source contribution in a way, right? No, that was pretty cool. I mean, Jack is based in a lot of ways.

So I asked you last week, I mean, I said you should do this, right? Because I wanted to see how long it took M1Wise. So how long did the whole process take you? so it took a couple a few days but what i found out was at my in-law's house uh the internet sucks the internet sucks but i i thought i thought we were on the best package down here it turns out i talked to my mother-in-law she's like no we're on a seasonal package like after after september they like they they rate your internet down to like the lowest package so we've been like

literally using the lowest bandwidth internet for months and then i called comcast and literally i'm sitting here like i had the terminal open watching like the core index after ibd ibd was really quick i told you to check this fucking months ago marty no i'm sorry i'm sorry but like ibd happened within an hour ibd was really quick but then the indexing after initial block download was taking forever but as soon as i called literally hung up the phone with comcast they like switched our internet up and it went from like a trickle of like indexing to just like like um so if my internet was up to snuff from the start i imagine would have been like within 10 hours um it took a couple days uh one and a half of which uh were you was using the lowest

bandwidth internet that comcast has to offer my my little bit of the city i'm sorry brother um so so the freaks are the freaks are asking about your mic it's because marty is recording through his i mean he's broadcasting through his mac mini mic but the reason he still has the mic in front of his face is because we we are we believe it's recording locally on that mic so it is recording locally i can confirm quality for the podcast he's not just like uh he's not larping with the mic even no no i'm recording locally on an sd card the important thing for the freaks to realize is that marty made sure this happened because he tweeted out the other day that he got a full new setup and there'd be no audio problems on tftc going forward so there's no way that you tweet

that out and and you don't have audio problems like it was a given it was gonna happen i saw you tweet it out i was like fuck you marty we're gonna have so many audio problems it's like not even fucking funny the video is looking good though am i coming in clear you look you're like It's a new camera, right? New camera, new green screen back here. Actually, no, I'm in Mavericks right now. I'm in the ocean in a boat. This dude's just been chilling inside the barrel for quite a while.

Yeah, I got to figure it out. That's pissing me off. This mic has been working. I recorded some podcast via Zoom, and it's been working beautifully. I guess the live stream fucked it up somewhere. I got to figure that out. I'm working on it, freaks. The clear looks great, Marty.

That's from the freaks. Thank you. Thanks, guys. Love all y'all. I will never upgrade my camera, freaks. Please. What you see is what you're going to get. What if I buy you one and send it to you?

I mean, you could buy me a nicer mic, but, I mean, based on your track record, I don't even know if I want your mic. This mic is pretty. This is the mic you used to use when we do it in person. You say you don't like this mic? We're not listening to you through that mic. That's true. I have no idea what's going on.

You guys listening live are suffering. I'm sorry. We're going to make it better next week. You know, growing pains, okay? All you freaks listening at home that aren't commenting live, you're lucky. All right, you're getting a high qual. Yeah, I mean, if you buy me a new camera, I'll use it.

I mean, to answer your question, if the freaks buy me a camera, I'll use it as well. I'll buy you a new camera. But until then, I'm going to stack the stats instead. Okay. We can expense this, like tax deductible. I'm done. Bitcoin, I mean, we mentioned it when we were on the dashboard,

but hash rates at a new all-time high, not surprising. I did record a podcast earlier today revolving around the mining industry, and it's crazy. It makes a lot of sense that hash rates at an all-time high, prices at an all-time high, hash rate follows price. It's the way the network works. Some people are estimating the hash rate should double again this year, which is pretty crazy to think about.

But the conversation earlier today, it's insane to think that this time last year, like, especially, or a month, like, 11 months ago, in the middle of March, when you had that, like, crazy price crash, people were selling S9s for, like, $15 to $20, like, in March, April, beginning of May. They're going for, like, S9s, which are miners that have been around for, like, six years. they're bricks yeah well they're not they're still i mean at this price they're still profitable but they're selling like 250 into bitcoin for you they're selling it for 250 dollars now so like if you were just like really yeah dude it's insane that's uh like the the hardware mine that's like something i've come to learn working at grand american mining the last few years is the hardware the asic market is very reflexive to the price as well like the physical options on bitcoin which are the asic machines track the price pretty pretty tightly it's like a little

bit leveraged almost yeah because if if if if there's a lead time especially on the new hardware right i i i would probably guess that the old hardware tracks the price better because the new hardware has a lead time so people have to like price in um if i get it in two months i think bitcoin is going to be this price and usually it's probably in a bull market it's this price higher right and then it prices according to that but if you get like an old if you get old old machines then you'll probably get them right away right so it probably tracks it a little bit better yeah yeah because yeah the demand the supply is able to fulfill the man immediately and you can have that negotiating where the supply is going to be fulfilled six months i don't know though

there's like new new batches are selling out at pretty high rates as well um but yeah that's like something but that's my point right the new batches have a higher premium because you have like the butterfly labs effect you know it's like bitcoin's gonna moon and i want the newest asic one day my butterfly miner will come tell tell the uh tell the freaks the butterfly lab store uh i mean it's just an exit scam yeah it wasn't an exit it was like a failure that was garza right that's the dude behind that no no garza was pay coin that's what that was which was had a floor of 20 the coin would never go below 20 butterfly labs too butterfly labs i think was someone else um but butterfly labs was was i think they did one generation of basics and

the next generation just never showed up um or it finally came and it came like super late uh like after the hash rate was way way higher um and we've seen that long time in the history of the other company was asic minor i think they actually called themselves asic minor right and they had they would share they would trade shares on havelock um havelock's investments the centralized uh bitcoin based equity market uh well and yeah so i mean so there's a long history of bitcoin mining companies that have offered pre-orders um that have failed to deliver either in a timely fashion or ever uh yeah dragament delayed significantly delayed it happens all the time like if you're pre-ordering miners you're probably going to get wrecked you probably shouldn't do

that yeah yeah sometimes you get lucky and they get delivered on time and the failure rate's very low but a lot of the times it's not the case it's either delayed or especially if it's like the first batch of a new generation and the first test like it's a risk that's why if you're in the mining industry you want to drive your your cost of power production down as low as possible like try to get into the the lowest five percent of the mining industry and then you can use later more vetted better vetted models that you can depend on and you can sacrifice that that decline in hash rate produced by the machine because your your cost of power production is lower you have that competitive advantage that allows you some leeway in terms of hardware

uh the hardware that you acquire don't order bitcoin miners just don't pre-order bitcoin miners so i mean some people are if you're a professional consider it fine yeah it depends fragment was probably a bad pre-buy but like now like bitmain some batches are bad to pre-buy but like others have paid off my point is same thing marty if you're like an individual miner and you're just gonna have like one or two asics in your garage because you want kyc free sets or whatever buy on the second you should only only buy things that are not pre-orders that buy things that'll get shipped right away that are known that are that's a known it's a known machine that you know is going to give off this much you know this rate at whatever like buy that don't buy a pre-order

that's that's very good advice yeah for individual miners um while we're on the subject it's not on the list either but became apparent yesterday samsung announced they're going to build a 17 billion dollar foundry in in austin texas which is massive this is has massive implications it's going to be done by 2023 which is really quick i was surprised that that was the timeline within two years um so they're applying for permits uh and again samsung is the foundry samsung obviously south korean company everybody knows who they are their foundries in south korea micro bt who makes the what's miners they utilize that foundry tsmc is the foundry that bitmain leverages and both foundries are both semiconductor companies are building foundries

on u.s soil at the same time tsmc in arizona and samsung in austin texas and there's just massive for uh the decentralization of the mining industry and bitcoin the bitcoin network by extension so this is an incredibly bullish uh news item that that is something i've been waiting for and something i've been talking about i've been bullish on like the incentives i don't remember you ever mentioning this uh the the incentives beyond bitcoin just from a a national security perspective for the the compute that goes into our military technology is strong enough that it was you'd have very important yeah you had to believe that something like this was going to happen national security issue yeah and so this is massive that this is happening so you have tesla

going down there samsung going down there is austin and is silicon valley i guess that's the question supposedly biden is himself like the biden administration is prioritizing this um because i saw it went out in all caps on twitter i'm like if it goes out in all caps like you know you know it's real uh good good good um is austin the new silicon valley or is miami the new silicon valley i think it might be austin miami's like like are those people like are the people moving to miami now like have you ever lived in the south when a hurricane rolled through there i mean hurricanes hit austin too right yeah but more rare and by the time austin's pretty far inland that uh the the hurricanes uh are not as strong when they get

that far in obviously there's some outliers i know like it got as far as houston um a couple years ago i forget exactly what hurricane the austin crew is strong as fuck so when when you're so you're going down to austin to tour austin and visit our austin bitcoiners uh like the strongest citadel probably in the world right now to be honest um i mean they don't have anti-aircraft guns set up yet so i'm i'm not sure like i don't know i wouldn't be strong more in a metaphorical sense um so there's there can you explain to the freaks there's like some kind of uh a&m bitcoin conference that's happening while you're down there yeah there's um a conference at texas a&m i know michael saylor is going to be there i forget the complete while you're down there right

I believe so I don't know if I'm going or not yet Oh that's not the main reason you're going down there No I'm just going to check it out I promised the Austin Citadel crew That I was going to come down in January Due to something It was going on a great American Monday

I couldn't make it down And so I wanted to be a man of my word And when I Welched on that promise I immediately booked an Airbnb For two weeks yeah like it like um at my in-laws house right now been here for almost a year it's time to uh to move out my the wife and i are trying to figure out where we want to lay our roots and

the austin crew is recruiting pretty heavy so we're gonna go check it out for two weeks and see what it's all about and see if we move to austin number one bitcoin citadel in the world um yeah i mean that that's awesome that that's exciting yeah i forgot what was the oh oh the camera that you're using the freaks want to know what camera you're using you're using a nikon uh right now this is a logitech i have a fuji though uh x710 or excuse me ss10 uh that i'm waiting on a lens to come in before this is a completely this is not the camera this is a different camera yeah this is a logitech a shout out to uh crypto bobby uh who actually recommended this camera that i'm using now so what you have two new cameras no i've had this

one for a while you just haven't used it i have used it but i always thought it was shitty but now i have it like in the middle of one of those led lights and it's working much better than it did so marty has like a big ass led thing going on like all these different lights and stuff meanwhile marty every time i wake up i'm like i launched a new show like i just want to go dark like i'm just gone like what the fuck but i'm not gonna i won't leave you freaks i can't do it i'm here with you we'll do it we'll miss you we miss you too much why why why are you gasping it's a bullish week good things are happening are we winning i just i kind of dad i kind of want to take like a six month break and just like come back at like 140k

but like i know i can't do that for the sleep no sleep no sleep till 200 once we hit sats and parody though freaks like i'm going dark like it's over it was a good run uh we were right you know and uh we won't be necessary at that point at some point bitcoin becomes water right right i mean at some point when you want to listen to like your recent bitcoin news you just open cnn yeah right it's just gonna be it's just gonna but it's just gonna be like channel two news yeah like you open up channel two news and they're like the difficulty adjusted up today right the whirlpool all-time high yeah they're gonna change like the bottom right hand is not gonna be like clock time and the weather and the degree in fahrenheit it's gonna be the block height

and the degree in fahrenheit outside marty how are you gonna surf in austin let's see i brought this up to parker and i and there's going to be some trips taken to to central america south america the flights are cheap and not that long i'm gonna have to take well when priced in sats everything's cheap yeah and i'm pretty sure kelly slater has a wave uh ranch down there as well shout out surfer jim shout out surfer surfer jim long island surf ranch i can't wait to try it out i know you guys are working on permits right now i'm wishing you luck on that i will be one of the first to come try it out and i have not forgot

about your idea about using miners to heat that pool i think it's a good idea i think we can make it happen let me know when you get the permits we will figure out a way to allow you to mount mine bitcoin to heat that pool oh no not even that does he want the spare wave and energy that as well so you generate the wave and then you recycle the wave you recycle the way you use the waste heat from the miners to to heat the pool it's a circular it's beautiful beautiful baby i told i told our boy server jim that i would handle that for him and by by me saying that i just meant i was just gonna tell marty we've talked about i was like i got you bro talk about a big block boom for like an hour it's possible i think um how profitable it is is a question but anyway

that's a problem right like being close to the ocean i know it again so i should preface this austin citadel crew is eager for me to get down there i have a lot of family up here i do i am a family man i do love my family it is going to be hard uh to be pulled away from them so when i come down there you're gonna have to sell me extremely hard um if we're talking about negatives of austin crew there's it's been very lowercase from them i've noticed recently justin moon get your caps locks on very lack of caps you know like justin what the fuck is going on parker what the fuck is going on over there i just you know i i trust your guys judgment to a degree but the more lowercase letters i see come out of those accounts you know the more questions i have yeah i get

worried i get worried is it like is it all larping are you guys larping about how dope it is down there is there no urgency is there no urgency is there any meat behind your tweets or are they just is it just all lowercase are you living a lowercase life are you living a stack mentality it's a question they have to answer you have to look dig deep into their souls and ask themselves am i a lowercase individual i hope not i hope not now you got me one to tweet in all caps now just so i don't dude everywhere i look just caps caps rule the run caps rule everything around me caps caps odell again with a zinger when does it stop when does it stop uh we should get still keep going down the list uh we're at software updates we're an hour and

six minutes actually we're not we can i'm liking the vibe of this episode right now we will get to software updates uh samurai wallet version 0.99.96c is available i actually upgraded my samurai wallet on my pixel i forget what version it is but it's burning graphene and i did that over the weekend the performance enhancements are are material of graphene well graphene i downloaded that too but uh samurai like that's what i use my graphene for oh yeah samurai up is great yeah like uh it's like i was playing around with it last week or this happened on the 8th or earlier or no the third yeah it was last week um it's like a noticeable difference am i am i wrong in saying that uh no no i mean the performance in

general has just been going up and to the right i think yeah yeah um so if you're if you're running samurai go download it um i've used it yeah it's it's worth uh upgrading to this version again version 0.99.96c um nunchuck mentioned earlier uh the team that that uh announced the the cold card vulnerability they're out with version 0.9.7 anything notable you want to chat about was it's nunchuck yeah uh no okay uh join mark i have nothing i have nothing for you for all these updates okay join market version 0.8.1 is out uh and then sparrow version 1.1.0 is out that's it very uh very short software update list this week yeah everyone was too big like the bull market's gonna slow everyone down

we can't concentrate no one can concentrate let's be honest don't get don't get complacent freaks that are building out there please don't get complacent no one's getting complacent we're just all getting rich stay humble maybe stay humble please uh one thing i did want to bring up that i should have brought up last week but i forgot to um a bitcoin core contributor reached out to me after our discussion about tour uh especially tour version three and the fact that it was acting pretty shitty after it got attacked. A question came up of, are there alternative privacy networks like Tor

that Bitcoin Core is working to implement? And the answer is yes, actually. And here's the message. Is it ITP? Yeah, so Bitcoin Core's current dependence on Tor is why we're adding support for other privacy networks, i2p invisible internet project probably in the next release then cj dns after that i don't know about the other ones but itp is a shit coin why do you say that itp has been hyped forever tour

seems like a shit coin too no tour works tour tour is very bitcoin-esque in that it gets the fucking job done you know like there's a lot of haters but it gets the job done and people rely and it works and and i2p is like well if it's not i2p is like we're gonna have tokens on lightning or something i don't know you know it's like uh it's like something that is i've it's a constant two week and we're gonna get it in two weeks i've been hearing i2p for fucking years do you think bitcoin core users shouldn't have the optionality yeah yeah yeah yeah i mean we should support all of the privacy focused networks you know technologies or whatever possible that's what i'm trying to say um but my point is is that we're very much reliant on tor and we're going to be

very much reliant on tor going forward is that a good thing as long as we don't operate under the premise that we need tor uptime it's fine and you need tor up okay but for on chain we don't that's true for liquid we don't it's true so okay so that's a lightning thing that we should figure out and and and the real solution if someone was going to ask is is a sophisticated watchtower ecosystem yes where we have semi-corporate watchtowers that are operating on both clear net and tor but for me the point is is like it's a professional watchtower and like a tor node can pay them via lightning to watch them so even though the watchtower is being run by a known entity the tour node that is being watched by the watchtower isn't a known entity so like a bit

refill watchtower or something right where like you go to bitrefill.com slash watchtower and then like you put it in your pub key and then you like pay the invoice and you give them whatever and then they they cover your ass you can't do private channels without tour right enables the private channels uh no you can do private channels on clear net okay they're just not broadcast a private channel the only difference between a private and public channels is not broadcast the the difference between tor versus clear net is that your your counterparty that has the other channel with you knows your ip address okay and your ip address docks is so much shit about you right that's what's like really funny is like funny like not funny uh funny like when we have

people shit talk hardware wallets and they're shit talking hardware wallets because um you have to get them shipped to you so it's a privacy risk of doxing bitcoiners and they do it on a clear net app that requires you to upload your contacts to to invite other people uh and and is cataloging phone numbers and is not encrypted and is listening to every chat you're making and then tells you They have a back end run by a Chinese Communist Party company. Yeah, and then they tell you to go to a clear net website where they could easily be logging your IP address is complete bullshit.

I agree. I'm not going to fight you there. It is. So is Clubhouse the new TikTok that we're falling prey to? So Marty, I did actually kind of call you out a little bit on Dispatch. I forgot about that. What'd you say? About TikTok versus Clubhouse.

like you were so so you were pro tiktok ban right yeah i'm pro i'm hey are we pro club what i think the experience on clubhouse no that's not what i meant though no i think that's why i haven't been using it that much in the last tiktok versus clubhouse why should tiktok get banned but clubhouse doesn't get banned so the the ambiguity here not ambiguity but the gray area here is like it hasn't been confirmed whether or not that company agor is actually officially associated in running the back doesn't matter like it's coming it's an american company no my point is neither should be banned and they're both corporate surveillance apps okay you know i'll concede that yes so like the question really is like the question people have

about clubhouse is like are like u.s government corporations uh u.s government supporting corporations uh spying on you or is or is also the chinese government spying on you as well right like that's the question but really at the end of the day all these apps are spying on you they're all corporate surveillance apps and it's a slippery slope to say that any of them should be banned so none of them should be banned but like people should be aware of the trade-offs when they're using these services right and they should try and use burner numbers they should try and use burner email addresses they should be aware that their ip address is being leaked they should be aware that all their voice conversations are being transcribed and recorded most likely

and monetized um so like these are things other people should be aware of but like we shouldn't be banning apps and it's interesting to me where the tiktok back and and the first conversation i had on clubhouse which i signed up for to be like complete disclosure right i did use it i did use a burner number i didn't upload my contacts but i did sign up for it right um the first conversation i had was how tiktok was garbage and and clubhouse was the bees knees it was like the best thing ever right and it's just an interesting thing it's an interest you know like yeah like come on guys like it's all corporate surveillance including twitter which we use you know including zoom which we're yeah youtube recording through right now we're broadcasting this through twitter and

youtube and twitch it's like the three it's the three heavyweights of american corporate surveillance that we're broadcasting through but like let's not pretend that's not the case right okay okay you're making a very compelling point maybe i'll concede this point too cheers that is fucked up it's like ah like dude like again like if you're not paying you are the product clubhouse is obviously very free tiktok twitter we pay for zoom so they shouldn't be fucking spying on this though but they still are right yeah that is yeah like that can we flip this model that rule doesn't guarantee that you're not being spied on it's just that if if you're not paying you're definitely being spied on exactly but like they might also have a value add out if

you pay that they also spy on you and like that's the thing like the rumor is with clubhouse actually that their monetization model isn't going to be ad based, which is promising. Like that's a good thing. We don't want, we, we, I prefer if a company's business model is aligned with their users in a way that the user benefits, the user receives more subscription dollars. And we see this with Substack. The user receives more subscription dollars. Substack receives their bigger, their percentage. They get their cut, right? they get their cut users happy user has more audience sub stacks happy sub stack has more

revenue right and and the incentives aligned but it doesn't mean that there isn't games being played behind the scenes but it is important i think that we support companies that do have aligned incentives and zoom is one of the zoom is one of them but like they're definitely still spying on us but but their their incentive is that if they provide us a quality product we subscribe every month right yeah and i mean it is a quality product we're using it now you're they're not picking up my mic correctly so maybe not as high quality as i previously thought but uh yeah it's uh it's uh it's tough right my wife's screaming downstairs she's uh frazzling my brain right now why is she screaming because uh she just found out that you didn't have the best comcast

package this whole time she's talking loudly to the babysitter explaining things baby shut up um just kidding i love you uh the that's why i'm very bullish on the sphinx chat app and the the roadmap they have like it's sticky i like it it feels good as a user that is contributing to the podcast that i listen to via that app and then as a podcaster as a content creator is being rewarded um and i think the way they have their uh basically like node services set up does align incentives correctly i agree why are you laughing are you reading the fucking comments right now what are they saying they said they said your wife is mad at the package just not the comcast one yeah i could have told you that i'm like i was i was doing really well at staying

concentrated and then i couldn't help myself on that one freaks you know what it's the ocean in the motion the wizard not the wand okay that's all we gotta tell oh that's all uncle marty's gonna say okay i gave them way too much satisfaction they're super happy now in the comments you sick fucks don't talk about my wife what she thinks about my package please mind your own business freaks if you would appreciate it uh uh we already talked about twitter cfo do you want to add anything to that no i mean he didn't even they weren't even planning on announcing anything bitcoin related they just kind of got ramrodded on that it was just hilarious yeah jack like let's have some consistency between companies here like you got a very

get a bitcoin message at square yeah i mean jack let's be honest like you can criticize jack all you want like if he had the leeway to take all of twitter's cash flow and put it into bitcoin he probably would fucking do it yeah i agree won't think as much control over twitters anybody would like um yeah so hester pierce came out ready for this is like bitcoin etfs coming she's right she's ready to work with gary gensler to bring a b etf to market oh so thank you thank you commissioner couldn't wait like that's why we pumped it wasn't elon so this is i mean for any any any freaks who are new to this podcast to bitcoin this has like been one of the biggest memes in the space since what 2016 2015 the winklevoss were like oh we're gonna

an etf in like march of 2017 except except that michael saylor and fucking elon shoved their hand they pushed their hand here because if these guys don't make a move like every single company in the s&p 500 is going to be a fucking bitcoin etf so they have to fucking offer it if they offer it it takes some of the wind out of the sails of the these companies putting it on their on their balance sheets because there is a desire for bitcoin exposure and that's why we see all of these gbtc competitors release this week i don't have it on the list but blockfi released their version it's not a ticker yet this is why i don't have it on the list um but there's like three or four companies that are doing exact clones of gbtc um with smaller lower management fees than

gbtc to compete and it's because the market desires exposure to bitcoin without learning about private keys those boomers want access and if hester pierce doesn't give it to them they're gonna get it through these these companies balance sheets and uh so so so if they want to be responsible and they and like also after the game stop shit like this whole idea that like oh a bitcoin etf isn't a responsible thing to do is like fucking ridiculous you know like the fucking weed stocks are going crazy i got my boys they're like oh i'm trading like chinese electric car companies you know i'm like trading this and that and they got like 3x short s&p 500 etfs and shit like fuck you like the everyone knows it's a joke when you say like oh we're trying to be

responsible and there's no bitcoin etf right and it's like we talked about last week calper is getting exposure to riot micro strategies alone is outperforming bitcoin since they made that buy right they're up like 800 percent or something like that yeah the freaks actually corrected me because i said like the overwhelming i said they were like in line with bitcoin they're actually way outperforming micro strategy because they just assume they're gonna buy more bitcoin and because the demand is so fucking high for bitcoin exposure like people want bitcoin exposure they're demanding it and the regulators are the ones being irresponsible here yeah rodolfo just you didn't listen to the four hour dispatch sorry rodolfo i was actually recording a podcast did he

like dm'd you about it no he tweeted at me he's angry three minutes ago thanks for listening rodolfo we appreciate you love you you must be listening live yeah it's uh it's an honor he can't help himself i love my block lock i love your block lock uh the price is getting further away from fifty thousand dollars in the wrong what the fuck is going on freaks i don't know what the fuck is marty drinking bourbon plus beer plus ice yeah the ice is melted in my cider i got bourbon and i try to stay hydrated with the water as well are you reading the live chat now no i'm checking twitter stop checking twitter what the fuck are you doing bro if you're gonna if you're gonna reward any freaks for live action it has to be the live chat you

can't like fucking the next thing we know he's gonna be like oh i'm on instagram i just got like tagged by lindsey lohan lindsey a lot of people got angry at me last night for my lindsey lohan tweet i didn't i wasn't coming at lindsey i was coming at the bitcoin to the moon like just force-fed tweet the i think it's it's like literally like what do i tweet about bitcoin it's like oh publicist like i got the tweet for you it's gonna blow up oh well bitcoin to the moon right yeah and she did it all lowercase yeah which is like according to very low energy lindsey very low energy well i used to be a radical lowercase like let's be honest here right like i i'm a man of extremes i was radical lowercase now i'm radical all caps um but but

the thing with lindsey lohan and we've seen this with soldier boy the tweets look very similar these celebrities they pretend they're rich okay they they're short bitcoin they don't have any bitcoin they are poor they have cameos you can go to cameo.com you can make these you can make these so-called rich people do anything you want for 350 you can they're buying these tweets are being bought by shit coiners for like a thousand dollars to shill shit coins because these so-called rich people aren't rich they're poor they don't care about their audience and and and it fucking shows they're short bitcoin we're going to squeeze the fuck out of them i cannot believe if if marty if you took like even if you took like five thousand dollars to show a shit coin on your

twitter feed i would have zero respect for you i you would completely be dead to me you we can share a screen i could show you dms right now of how many i know i get them all the time i get them all the time you'd be the poorest person in the world to me and i feel like this cycle is going awake we're gonna like people are like these are top things having celebrities endorse these shit coins they're not top things we're still very early in this cycle it's just the shit corners have gotten a little bit more sophisticated the celebrities have gotten a little bit poorer and and and that combination of the two is is the celebrities are just all being bought off for like pennies they're getting they're getting bought off for like you can get lindsey lohan to show

your shit coin for like 500 000 sats you know like are you fucking kidding me like what the is going on yeah it is i mean it's weak right like don't and again like i say a lot it's a long-term reputation game right like are you willing to blow your reputation on 500 sats for a shit coin not 500 000 sats but still 500 yeah i mean yeah hopefully you're not doing it for 500 but yeah you sad sack of shit you're doing it for 20 cents i can't even rub two pennies together i need those sats ah yeah i mean it's that is crazy to think like how early we are if not a financial advice not trying to predict any price action but if we are very early

bozal mescal responding oh let me read that in spanish please move it move it back a little bit okay it's uh that's the mezcal of the day that was pretty horrible pronunciation bozal's great this is good shit you don't even know what i just said you don't know you can't even speak spanish you just said it terribly bitcoin moon hey yeah was it lasana no lasana is dinner right i don't know uh fuck it less lasueña is dream like dream big a lot of people say uh dinner is what is dinner no breakfast

we're not gonna get into no spanish that's all i'll say um this is pretty cool our boy grubel's over at blockstream shout out to blockstream we announced last week that they uh they are distributing the bitcoin core repository from the satellite one one-way transmission you want to download the code that allows you to access Bitcoin, Bitcoin Core specifically, the Blockstream satellite is streaming that information to anybody with a satellite that can accept it.

And then Grubel's wrote a, what are we calling this? A guide? A guide, yeah. Orbital data freighting with Blockstream satellite. You wrote a guide with a very, very nice title. yes um basically explain how to send big files via the blockstream satellite and this is something blockstream satellite is like one of the coolest things in the bitcoin space in my mind when we say blockstream satellite we mean like there's a bunch of satellites and also they don't own

the satellites no they own a channel in these satellites they rent them yes um well that's what like the tesla news too so tying us in it like that's not tesla or excuse me spacex uh The Blockstream satellite channels are lonely up there. They need a companion. Starlink's a game changer. Right? Starlink is a big game changer. I've seen the data come out from friends that are using it.

Are you a beta tester? Oh, no. I was just, someone mentioned that as a capital B. Stop. I'm sorry. You're like, oh, I thought you were like, oh, I'm using it. No. Oh, no, I'm not a beta tester.

It's hard to be a beta tester for Starlink. like you can't it there was there's a freak that's a beta tester though i know a couple beta testers and they say the data transmission is like insane yeah yeah i mean and rurally it's it's very difficult especially in rural america to have good internet i mean the internet fucking sucks and like it like i'm someone who's looking for land like i want to have a large amount of land um starlink really opens up the possibilities uh in terms of land that has good internet um so i'm pretty bullish on that i mean if you look at if you look at the elon stack right richest man in the world he could close the loop so incredibly he's got the cyber truck he's got fucking energy

he's got batteries he's got spaceships he's got vehicles you know he's got internet he's got tunnels like what did you see my tweet earlier this week let's let's focus on bitcoin though like he could put a bitcoin node lightning node in wallet and his tesla fleet uh you go to a charging station you can you can make it machine to machine payable it's lightning network there's a there's a proof of concept out there already i forget exactly who made it but i wrote a newsletter about it in the summer and resurfaced it earlier this week uh and then you could have the starling satellites feeding that fleet of cars block header data like accepting or receiving transactions or like the way that he can implement bitcoin from a full stack perspective into every one of

his businesses and their business operations is mind-blowing like you could literally create but all this is bullshit no it's not why no no it's all cool right but really why is it bullshit because it's fun and and and and when bitcoiners need it it will be like inevitable in the future right but when we're talking about it's mostly mental masturbation like when we're talking about why do you say that because tesla stacking you know four billion dollars more of bitcoin is a way is a way bigger uh okay thing you want the liquidity it's like it's the same thing higher price floor it's the same thing like uh i'm in it for the tech bro like the uber ceo the uber ceo was like they're looking into bitcoin payments for taxi rides right like that's bullshit right

and like it's the same thing like like car-to-car payments and stuff is cool like that that's not car-to-car it's like car-to-charger that actually makes car-to-charger what if you get charged by another car uh what do you mean you get like my car has full charge you need to go a little bit farther and we're parked next to each other like i should be able to charge you and you should be able to take some of my battery is that possible could you do that you know one day in your mental masturbation you'll be able to do it for lightning but i'm saying it's not that big of a deal you're the one meant you're the one making up all these fake scenarios i'm talking about is that a cool scenario that's a cool scenario i'm talking about what's possible this is like legit possible like

i said there's a proof of concept okay i have another we know the satellite exists in block stream like there's no reason starling couldn't do it too like these are possibly this is a mental masturbation like you're driving you're driving down the highway you're driving down the highway the person in front of you is driving very slow and you want to go faster so you just automatically send them a lightning payment to move out of your fucking way it works car-to-car payment but way less effect than a four billion dollar purchase on tesla's balance sheet why would you pay for that when you can just put the pedal to the metal and route around them i don't know i like the idea of like the slow traffic gets paid and they just move

just move them out of the way automatically see like we have a total convoluted view of this here in america because of the speed limits we just need to like bring the autobahn to the u.s like people should just be allowed to drive this i'm a fast driver i drive i only drive under the speed limit only responsible driving i'm like a consistent between 80 and 90 uh if if there's no traffic, a little bit above 90 type of guy. But it does feel like Elon's building a stack, right? Right? That's

all I was trying to say, Matthew. I agree. The potential for the stack is pretty massive. I 100% agree. Right? Does he realize it? Does he realize it? It doesn't seem like he realizes it. Is he fucking with Doge? Is he fucking around with us? Does he actually know what's

going on? Or is he confused about the... Because you've got to think, a PayPal, Bitcoin is exactly what they wanted to do Like fuck the Doge Schilling But it was kind of cute that he said that his son Was a toddler hodler So that makes you like

That little toddler hodler Is like a little leak That's a Bitcoin joke I know what I'm fucking talking about That's a Bitcoin joke You don't make that joke otherwise But like the stack When you think about

Like you have a toddler hodler Like that's funny Like you guys laugh about that You're like yeah that's funny yeah yeah a toddler hodler i can hear him right now i think he gets it i still think he's short bitcoin and if you listen to the scaramucci interview scaramucci also thinks he's short bitcoin like if you don't like he's he's the richest man in the world right he's he's way overweight fiat yes that's true so compared to me speaking from these guys yeah these guys

they have to move fucking mountains to not be short bitcoin i mean there's over there's like 50 million millionaires right and they can't each own one bitcoin 47 million or something yeah that's crazy they can't each own a bitcoin this is something we've been saying for years right but but but now that that wall street bets has come in and people know what a short squeeze is now we're trying to meme this meme this hard and and the truth of the matter is every single one of those millionaires they're short bitcoin and the squeeze is going to be fucking ridiculous it's gonna be absolutely ridiculous like i literally don't think humanity up to this point in history has ever experienced like the type of step function change that we're about

to experience right so did you have a typo on that tweet yeah i said compute i had such a good response and then you just deleted it on me it was perfect and i'm sorry but i literally was like crawling in my insides instead of comparing like my autocorrects change it to computer it didn't make any sense oh yeah fair yeah um yeah i mean i don't think humanity is ready like people don't realize like this has never happened before this will never happen again like this is we this is crazy this is the what what is about to happen is going to and like i wouldn't we literally chemically as a species as an animal don't have the prior experiences to react to what's about to happen like like our lizard brains aren't ready for what's about to happen i don't think maybe

we're being too bullish but like no we're not this is the thing it's like if i'm gonna join you twice weekly like i need to make clear how i feel otherwise i will feel bad in six months and it's important that people realize that we're sitting in a ridiculous scenario right now like right now is the most bullish time i've ever been in bitcoin it's not once in a lifetime it's once in humanity risk you're talking about all human history risk adjusted bitcoin has never been more bullishness today i have never stacked more on a daily basis than i do today i stack more today than i've ever done and i probably should have stacked earlier what we had that little dip into like the low 30s last week i just kept stacking i bought that tip and like just looking at that like

buying the dips at this point right now you'll be so proud of your future self once you buy that it's important that we make this clear because otherwise i will regret it and i do not want to regret it no the freaks need to realize we there's a sad squeeze going on we are just getting fucking started guys this is going to be ridiculous it's going to be absolutely ridiculous and none of us have enough bitcoin no and what do you want to say to your future children when they're sitting there 2035 2040 papa papa what were you doing during 2021 different than that guy marty's owl yeah asshole what were you doing like do you want to say like i was slacking ass just hanging out

gambling i was gambling oh yeah i gambled on the super bowl i took the oath oh i did gamble in the super bowl did you gamble in the super bowl fuck no i don't gamble i've never gambled on my i've made one bet in my life a junior year in high school there's kids at my lunch table that ran a book and i bet the eagles would cover the spread tom brady's the goat do we agree literally bet i literally bet ten dollars that the eagles would cover the spread against the patriots i won that bet i've only ever made one bet in my life i won it and i've never gambled since is is tom brady the goat yeah i mean it's hard to like seven betting on tom brady as he went to tampa bay and took them to his championship in one year betting on tom brady as the underdog

was the easiest sats i've ever earned in my life yeah so thank you to all you pigeons out there who uh who bet on the chiefs what a racist team name oh stop that i'm sorry i'm sorry i win one bet And then all of a sudden I just Calling the other team That was a boring Super Bowl I turned it off We started watching The Sopranos It's not boring when you have a million sats on the line

No, I don't gamble I'm happy you won that bet Me too There was a $9,000 candle the next day Thank God I fucking won it Is fantasy considered gambling? Yeah, fantasy is also considered gambling It's less effective gambling

It's the extent of my gambling it's like dollar cost gambling yeah because you you like average it out for the whole every week right sometimes my cousins will play this game called shut the box or we'll play like five dollars not very humble caps i agree let's get pretty big what did you play boxes this this this super bowl uh no so i'm talking about a different game it's a dice game called shut the box um really fun game i'll throw like five to ten dollars on that every once in a while so i do gamble but nothing nothing's saying if you're a freak out there listening to sports gambling fiend i feel like you're coming like don't bet on sports bet on

sats bet on yourself if you do consider nitrogen sports.eu which is bitcoin only no because then you're telling people to give up sats instead of cuck bucks for i'm just saying like yeah you're you're you're making them sat poor you're advising people to become sat poor right now i've never used it but if i were to use a gambling site i would use nitrogen sports.eu they've been fantastic and they're only bitcoin they're bitcoin only yeah don't don't don't entice the freaks to gamble away their sets i advise against that don't use any gambling site stack sats and said say my mother my mother she plays the the fucking lotto every day and i'm like mom stop buying these lottery tickets like it's literally yeah i mean but designed to make

you poor just literally go on the cash app and use the money you would to buy these lottery tickets and buy bitcoin with it but if you're if you're comparing lottery tickets to a money line on the goat then then you know that that is yeah i'm not gonna bet against tom brady but i'm also completely different it's a completely i'd rather bet on bitcoin than tom brady even though he's the goat i'd rather bet on bitcoin to be clear to be clear i lost all my bitcoin on sales with clubs so i have no bitcoin now it's gone i lost it all gambling i was surfing mavs earlier today and had my hardware wallet in my in my board shorts fucking age shit it's at the bottom of of the ocean rest in peace god bless that uh that person who goes on the treasure hunt and finds it

we talked about michael saylor a little bit earlier today uh he launched a an academy for bitcoin courses shout out to our boy stefan lavera uh is very integral in this uh michael saylor academy uh it's just an aggregation of the best content to help you go from zero to understanding bitcoin and why it is an important asset in our lives today and will be for our children's and grandchildren's lives moving forward um really well done uh bj boy potty uh parker lewis a bunch of magazine bitcoin magazine a bunch of really good content that we've talked about throughout the years no tftc concept but we're like not but heard about that at all like uh the the uh i'm fucking with you uh it's if you want to send somebody to like go

from zero to understanding bitcoin i really like the the would you call it a syllabus or the course yes syllabus so so sailor academy is is the absolute coolest thing that michael sailor has done beside it's the eighth coolest thing like his seven yachts are the are the the coolest and then the sailor academy is dope it's free it's a completely free education product um stefan handled this course he did all the curation for the course it's like a fucking 10 hour course all completely free to learn about bitcoin um that's badass like props to you bro uh for both of them props so i don't know if he got paid for it or not props to both we did a lot of work i'll tell you definitely props to like sailor like billionaires don't have to educate people for free

so that's fucking dope but michael if you're listening to this bitcoin is a currency okay like i'm just gonna say wait no so we actually talked about this on dispatch and uh rodolfo convinced me what'd he say this motherfucker is speculating attacking the dollar he's he's attacking the dollar and he's just like i'm we're not attacking the dollar okay that's what he's saying right he's like and he's charging horsing it all right he's right but the metaphor i used was put in put in in ukraine right where he just like took the he took the logo off of his army guys and he was just like oh but those aren't those that's not russian army you know and like he just like sent them in and like he just took it over and like that was enough plausible

deniability that everyone was like oh well i mean it doesn't say russia we don't know they're just guys in camo we don't know who they are right and that's what sailor's doing sailor's just he's speculating attacking the dollar he's legitimately attacking the dollar yeah i mean encouraging other billionaires to attack the dollar and then at the same time he's like no we're not attacking the dollar i i agree with that okay i can get down with that and nothing is more makes that more evident than the 650 million dollar convertible note at 75 bits that got rolled right into bitcoin and it's worth something like two billion dollars right now uh it's insane yeah no i mean i i'm sold i'm sold on that one like he's

he he must know he must know he's attacking the dollar like he's doing it he's literally living that he figured out the cheat code he's fucking going for it and i i kind of love that he's at the same time he's like we're not going to replace like there's no reason to hold dollars in a world in a post bitcoin world like you hold the bare minimum dollars um and people realize that like we had the the guy i started dan nathan of risk reversal advisors who i started dispatch with this week on cnbc he was like he was like if we do not ban bitcoin every single company is going to replace the u.s dollars on their balance sheets for bitcoin he he owned it he owned it he basically was like bitcoin is the best money we've ever had

and everyone should own it unless we ban it like he he brad sherman the fuck out of it he just 100 understood the value but he was like completely combative right like he's like we can't he's like mike green like we can't do this like yeah he was like we're gonna regulate the shit out of it to make sure that companies can't do it because otherwise there's no reason for them to keep the shitty money over the good money this is this is a perfect segue into what came out of nigeria today 100 like the nigeria senate had like a hearing um i don't think it was specifically about bitcoin but i think bitcoin became a topic and i've heard about it in the bend today but it's just like it's so illuminating like how some politicians think about this and like what

bitcoin's actually doing so again nigeria the nigerian senate they had a tweet thread today of a basically a live tweet thread of a hearing they had again bitcoin was a topic that came up and a few senators of the Nigerian Senate just had a discussion about it. It was actually a very nuanced discussion. There were some naysayers, and then there were some people like, hey, people are building good businesses

and doing good things. It's undeniable that this is actually helping Nigerians create successful businesses. and so the tweets i highlighted in the bent today is where it starts so senator sani musa uh who's like worried about bitcoins and like it's funny because they get the the gravity of what's going on right now cryptocurrency has a worldwide transaction which you cannot even identify who's owns what nuance there uh the technology is so strong that i don't see the kind of regulation that we can do so saying we can't regulate it like i don't think we can actually regulate this

bitcoin has made our currency almost useless and valuable so this is where sonny goes wrong like and that's what i wrote about today is like the bitcoin is not the reason why your currency is almost useless and value is like the i looked it up too i went to the what is equivalent of the st louis fed for the nigerian central bank and they printed they expanded the uh naira float by 30 last year in the last 12 months uh so they expanded the the free float of of nigerian naira which is their currency by 30 which is pretty significant um and so like it's not bitcoin doing that like well bitcoin gives people an option to leave their currency yeah so that's what i said so they they expanded their balance sheet they expanded the free float of of the units

of naira which just naturally devalues everybody's uh holdings of naira within nigeria and then on top of that like you have the the nsars movement where they shut down the bank accounts of those uh those protesters and then recently attempting to shut down the ability for banks to operate with cryptocurrency exchanges and stop using the c word bro bitcoin exchanges we can we can be the change you want to see in the world you know just switch it with bitcoin thank you for they're they're closing the bitcoin or bank account i'm reading i'm reading what they're saying they bitcoin is the reason their currency sucks you know just switch up that they actually did say bitcoin has made our currency almost useless but it has it has pretty much made their that's

projection it's projection projection was the word two weeks ago and again we're going to bring it back they're rejecting what they did to their own currency again they printed it 30 and they expanded their amount of naira in in the market by 30 in the last 12 months and then they've weaponized the the financial system within nigeria against their own citizens and so like you can't not expect well individuals that turn to bitcoin in this situation when you're debasing their savings and and you're inflating away the currency they use and then on top of that you're not even allowing them to use that currency for they what they want to so they're naturally going to turn of bitcoin and that's what like it was very interesting about the senate hearing at least

the the peak and that we got with this twitter thread particularly that there seemed to be like nuanced discussion so like another senator chimed in said um we didn't create bitcoin switching it out for cryptocurrency and so we cannot kill it and also cannot refuse to ensure it works for us and that's the thing like they they reference like the young nigerians using You just said it again, bro. Well, that's what they're writing. Just replace it in your mind. These children are doing great business with it,

and they're getting results. This is incredible. I'm so pumped somebody said this. I mean, they're so out of touch. Nigeria cannot immunize it. Well, no, this guy, Senator Bayardin Elujimi, I think I pronounced that right, he seems to get it. i think so like i think this might be the our our queen lummis down in nigeria no they're so out of

touch that they didn't realize when they tweeted this out they were going to get ratioed of course they're going to get ratioed like you guys are just it's like it's such a self-owned it's like a massive cell phone our lady christine covered it the best um these guys they're going to need to cover the escapes lagarde if they don't if they don't if they don't cover the escapes then why would we ever stay with their shitty money why are we going to use your shitty money if we can use better money unless you block us from using better money and it's going to become immediately transparent as all of these countries start trying to block the exits from their shitty money they're proving that their money is shitty in the first place and they can't they they can't

effectively block the exits they're not they're not it's well that's that's a beautiful irony this particular uh argument from the one senator in nigeria today is like oh they're turning to it it's like with the nsars movement they literally force people into bitcoin and over the summer nigerians turn to p2p exchanges over central like paxful i'm pretty sure nigeria is number one in volume on paxful i could be wrong it's up there at least top five at least and and like if you speak to any nigerians you know which there's a lot of them on clubhouse we've had a lot of conversations with them on clubhouse uh recently like a lot of them use these p2p exchanges and the way the nature of p2p exchanges if you go listen to the episodes we recorded mount alborg

from useful tulips is like you'll do one like above board exchange on paxful and then you'll you'll basically develop a rapport with a trader and you'll just trade directly without a third party over whatsapp or telegram and that seems to be a very significant driver of bitcoin trading within nigeria specifically and that's just like highlights that again and these senators admitted it like we can't stop this like they're using it and they're building successful businesses that's the beauty of bitcoin it's fucking happening man it's working that's what like it's i get pissed like this week with the western journalists like uh energy fud like bitcoin has no value why is it expending all this energy like i would love for these journalists to go to nigeria

and go to these these people in the nsars movement and the people have been cut off from banking and and tell them to their face that bitcoin has no utility go tell these people literally anybody from slash dot bloomberg fucking mike.com box.com you privileged asshole idiots you guys are ignorant go to nigeria go to lagos go meet one of these bitcoiners in lagos that is literally using bitcoin to skirt state sanctions on bank accounts and tell them that bitcoin has no utility i would get it on camera get it on camera and bring it back i want to see that that interaction when you tell this person that bitcoin has no utility it's fucking disgusting that these asshole like journos try to say that bitcoin has no utility like it's it's

It's infuriating. I would love to see the reaction video. That would go viral. Tell these people that Bitcoin has no utility, please. Assholes. The Nigerian politicians, I'll give them a break. The reason I highlighted in the bet today is because this is what Janet Yellen and her crew are going to say about the U.S. dollar. They're going to blame Bitcoin.

They're going to be like, oh, Bitcoin is the reason why the dollar is failing. It's like, no, you're incompetence and you're mishandling a monetary policy. and, conversely, the politicians mishandling a fiscal policy, that is the reason that people are turning to Bitcoin. Bitcoin is not the reason that you made these stupid decisions. People are turning to Bitcoin because you made these stupid decisions. Like, that is the causality. It's not reversed.

They're trying to reverse the causality, and it's not going to work. Like, it's too obvious. You are too dumb. People are waking up. It's the digital age. It's the internet age. We all have access to this information. you're losing in the market of truth in the market of ideas you're not going to win bitcoin is

inevitable the sooner you bend the knee and let your citizens adopt it and use it freely the better off they will be we will be the common man will be accept it the the point i was trying to make is is that i i think these sub-tier countries um these non-american countries they have to deal with uh the u.s dollar hegemony to begin with right so they already had to deal with their currency being way worse than u.s dollars um so i i don't blame them as much um they come from a society of currency protection where they realize that if they allow free market competition of currency everyone's just going to use u.s dollars um the hypocrites are the brad shermans of the world that are like oh but we should control that supply we should not allow free competition of

money um the hypocrites are on the american side uh as far as these uh agreed other countries that don't have strong i think some of the nigerian senators like got it they're like hey like these guys are making good business i love how you're talking into that mic and like i don't hear you through that mic it's fucking hilarious every time the freaks that are listening most of the freaks that listen to this podcast are going to listen to you the podcast apps and they're going to be happy i'm talking into this mic i'm sorry i'm just i'm just glad you're all caps marty you're just all caps marty is is going hard right now and um that's what it's about caps rule everything around me

brad sherman come on the pod bro let's have a discussion i spoke to brad the other day what was he saying not why would i speak down that there's no connection i have there so we had the gladstein reason video this week um since the last time best content it was very good and again like gladstein basically said what i just said in more level-headed and uh articulate way i think i mean like way more but yeah he's very good at being articulate right he makes me feel way less articulate i'm not very articulate in any form it's written or so he did it with our boy jim epstein um for reason and it's dope

everyone should go watch it and honestly like send it to all of your like progressive woke friends who are like anti-bitcoin right and go tell those people perfect for them belarus zimbabwe Nigeria, Venezuela, Russia, tell them that Bitcoin has no utility. Tell them it has no value. I dare you. I dare you to go do it. Get it on film. Please get it on film.

I want to see it. And shout out to Reason.com. It's an incredible publication. Shout out to the Epstein family. Not only Jim, it's Father Gene, what they do at the Soho Forum, what they did at the Soho Forum before the lockdowns. One of my favorite events in New York. um just like straight uh socratic debates uh over economic issues and other social issues

uh just incredibly um a great family like the epsteins do do great stuff uh whether whether it be via reason.com or the soho forum so for him i miss dearly i hope it comes back um at some point in the next year you miss it at all yeah i mean it was dope as fuck i miss new york i miss my city but everyone should go watch that it was he did a really good job um and then we had arthur hayes and vanity fair that was i didn't read the whole article i feel for arthur man did you read the whole thing no i didn't i read the whole thing which i usually don't read the long ones like these like these journalists they're like i'm gonna write a fucking 20 minute fucking thing that you're gonna have to read and and people are gonna read like no one reads that shit but i read

it because arthur's a boss and i miss him like we don't have him on twitter right now he's in hiding he's he's we're not getting his newsletters he's he's somewhere in the seychelles probably or i don't even know where he is he's in the seychelles where is he i don't know it's a small islands right so like probably not actually he's probably somewhere else i mean i think he was in hong kong at one point i i'm not trying to dox where he is because i have no idea where he is the vanity fair article was really fucking good it was really fucking good um i don't think people should speculate on bitmex especially now that it has kyc but that dude is a boss he's a true bitcoiner he's a pioneer like what they did at bitmex before like they got kyc thrust on them

you can speculate about them front running their own customers and stuff like that but like if you're just like approaching it from a like building a product from a way that's done in a bitcoin native way that is stays true to the ethos of bitcoin and is uh is um like they were arbiters of the bitcoin network too like their daily withdrawals there you can only send and receive bitcoin you can't have any fiat reaction i think the best bitcoin native business to date in in the bitcoin space by far so i fucking they provided products for the market that the market wanted it wasn't regulated people regulators weren't happy but people wanted to use them people did use them and they provided a service a lot of people

lost sats on there but a lot of people made a lot of sats on there too and they did it the right way like i if you talk about like innovative companies from a bitcoin native perspective bitmex should be number one i mean i don't know about number one but but they they definitely kept it real you know they kept it real and i respect the shit out of them um freaks we got 183 of you um right now in the live chat um we have 12 retweets on twitter so if if if you want to support the show the single most important thing you can do for the show is retweet our live stream on twitter uh we we would appreciate that that that is a it's a big deal for us yeah we get we get a lot of dopamine hits when we get the retweets so make sure you make sure you smash

that and if you know me well you know it's hard for me to say that but that's the single request i will make everybody's on clubhouse dude podcasting's dead no they're not on they're not on fucking clubhouse they're here with us i'm looking i'm not looking at the live chat right now um but if i were i would request for them to to give us a retweet on twitter guys or at least you gave us a little sad squeeze in the comments you know give us a little sad squeeze let's go let's go go mark it bye all right people are people are retweeting it works it works thank you freaks i love all y'all thank you freaks thank you matt thank you matt i mean appreciate you freaks i mean thank thank you well marty should be thanking me i should be thanking the

freaks that's this is how the it should be uh we move along the it's a little uh what do you call Order of operations Right, it's math Science PEMDAS There's an order of operations to these things That's what I'm trying to tell you Thank you

I've been trying to say this for Castle Island, our boy Nick Carter And Matthew Walsh, our boys Nick Carter, Matthew Walsh Walsh, Walsh Raise the second fund, Castle Island Ventures 2, $50 million. This news doesn't really matter, but they're our boys, so it's dope. Matthew Walsh helped me break the micro strategy news.

It's good to see Castle Island getting some money. I mean, they're like the signal in venture capital, right? There's no real venture capitalists in Bitcoin that are actually targeting Bitcoin-focused companies like they are, in my opinion. Agreed. Everyone else is too. They're getting tokens and blockchain

and all that fucking bullshit. Dude, do you see that NFT? You're going to get your hash mask or whatever it's called. What the fuck? All these NFT shits? It's all noise freaks. It's all bullshit.

Everybody's like, oh no, you want that digital scarcity. so you're going to want to have, like, no. NFTs are dumb. The standard for non-fungible tokens are SATs. That's why you need to use CoinJoin. Right? Yeah.

Do you want, like, to own... Would you spend $100,000 for a JPEG? No. Why would you ever do that? That's stupid. Why would you ever do that? That's some... Oh, Marnie, they're not JPEGs.

They're unique, like, hash certified. Like, it's a fucking JPEG at the end of the day. it's some it's some poor man's logic is what's going on there like that's some like ridiculous fucking shit that's how you end up shilling shit coins for like 500 000 sacks like that that's how you end up in that hole it i mean honestly like i i like to think that i uh approach things with intellectual curiosity and and like earnestness like earnestly it doesn't make any sense like i would never ever spend a hundred grand on a fucking digital nft a digital jpeg it doesn't make any i mean maybe i'm dumb maybe i'm missing something that honestly that's

earnestly i feel like it doesn't make any fucking sense you that's it's a really bold claim from marty bent that he would not spend a hundred thousand dollars on an absolute piece of shit bitcoin right really bold i'm i'm glad you put your name on that one well they'll gaslight you man it'd be like it's huge it's huge all the artists it's gonna revolutionize it's gonna do all this it's gonna do that it's a new wave of art it's like is it is it is the current wave of art even good is it current wave of art even worth it like no no i respect our bitcoin artists and i'll buy their art yeah like crypto graffiti making like the the silk road stuff and like the like dollar like cutting out the dollar making like paper mache art out and then like

maybe there's something there if if my certificate of authenticity is tied into the bitcoin blockchain instead of you know like like i get the physical art that you actually give i want physical i like physical art i don't get the jpeg art wait no no so i'm saying i have the physical art and then it's also tied into the to the you can't tie the physical to you can't tie me space to a blockchain though it's just impossible well no you could because you can't because somebody could come and say matt oh i took your physical art you may own it on the blockchain but i actually possess it no no so you could you could take a picture of of the of of the art and you can hash it into the bitcoin blockchain and you can enjoy that picture all you want no you can present it you

can present it as a certificate of authenticity for the art that is bought in physical form and as long like it's still physical art though yeah right somebody steals that physical art and you own it on the blockchain you owning it on the blockchain doesn't mean dick like okay but i'm just saying but regardless either way uh art is a horrible store of value and i love all my artists but like it's gonna it's trending to zero when price insets like with everything else like you're also in the same boat as the owner of the chrysler building i'm not saying that it's true uh you're in a different situation there like that's the case like you're still in the same situation as elon who the majority of his wealth is in tesla stock seems all trending to zero in terms of

bitcoin that sucks for elon though he can't like liquidate that without inciting a mass uh collapse of that stock sort of stuck in that until it gets priced in sats maybe it should get priced in sats um i added these to the list we'll just lightly touch on them uh janna yellen my bitch lover uh she she made some she because you put the gif i put this this line in our telegram oh my god me kissing her i yeah i did that i did the marty kissing uh yelling gif i'm thinking of uh what's his name uh from wedding crashers the brother your owl is my your owl is saying that that that yellen is hot he's attracted to her she could have been back in

the day is that ages maybe do we have a young yellen photo look it up for you it's kind of creepy she came out i mean like the prototypical weak fud misuse of cryptocurrencies misuse of Bitcoin is a growing problem, like citing terrorist financing. With the FUD, you can still say cryptocurrencies. And money laundering. It's like, all right, this is easily debunked. The US dollar is the vehicle of choice for money laundering and terrorist financing. But this is the argument, right?

This is the argument we're going to hear. Yeah. It's coming. I mean, it's already been here. It's been here for almost a decade. I mean, they did this with Parler. i mean parlors uh shit coin example of it but still you ever use parlor no i mean but the it's like the majority of you know neo-nazis or whoever they wanted to say use parlor

use twitter for you freaks listening at home matt put neo-nazis in quotations the majority used twitter right but parlor was percentage like parlor was the target so they hit parlor with it right they said parlor was the one who did right yeah but like the majority were using like the world wide web they were just like using the internet they were using like reddit they were using twitter they were using like all the mainstream platforms they were using facebook they were using instagram and but but but they hit they hit the niche platform they didn't like right and that's what's going to happen with bitcoin we will get hit you know and we'll let's stand it it's bullshit and and we'll deal with it well this is why it's imperative to build

out these p2p open source apps and access points to bitcoin get the like that's why i love sphinx app and that's why i say sphinx right sphinx that's why it's sticky like that's a p2p app that leverages RSS feed and lightning network that actually, like, UX is good enough, right? Yeah, but it's centralized. Is it, though? I think in the current setup,

it's pretty centralized still. No, because I was talking to Justin from Sphinx last night. It's a Sphinx protocol. Why is it centralized? You can hook up your own node. It picks up your RSS feed. Maybe the UI is centralized, but the concept... We'll find out.

I promise you we'll find out everything that's centralized about everything as it happens do you have any optimistic bone like maybe like yeah my optimistic bone is bitcoin is designed to pump forever i think we're gonna win i think we're winning freaks i think we're winning too uh i tweeted out in all caps we continue to fucking win and we fucking do we fucking do freaks we are winning i am trying not to win it's hard not to win when you had the truth on your side right like i guess the objective truth in the form of the bitcoin blockchain too i guess and we're talking our book or just talking your book i don't even know do we have i don't think we're talking about i think we're talking objective

truth here like anytime we get a no-coiner or pre-coiner like in the realm of like a philosophical or ideological debate like truth prevails we have better first principles better critical thinking better answers to the problems that face humanity today like bitcoin is a better like it's objectively true we are objectively fucking winning yes

but we need to make sure we continue that process yes never let up complacency kills keep beating them into the ground freaks we will never stop we will never relent we will keep going

hashtag sad squeeze seriously don't we're going to squeeze them all it's going to be the most fucking crazy thing that anyone has ever seen in their lives it's going to be ridiculous and we're all going to do it together and

we're going to laugh along the way we're going to build strong families along the way we're going to build great friendships along the way we're going to build great towns great technologies it's all positive stop being so lowercase

yeah everybody get your caps get your caps up get your caps up we're going to win it's going to be peaceful it's going to be beautiful the potential of humanity

is going to be opened up we're going to save the environment we're going to save our country we're going to save our children we're going to save everyone together they're going to thank us we're gonna win and they're gonna thank us i don't even want thanks i want again i want to fade i want thanks and i will say you're welcome

stay humble matthew stay humble i will stay humble okay at 100k turn your hat backwards okay but look no okay yeah no i mean i'm getting a little excited here but i do believe like we can do this peacefully we can do this globally we can do this distributed like the truth is on our side freaks the truth is on our side the objective truth that the bitcoin blockchain provides is on our side and then the truth of the matter that it is better than the system that perpetuates the kantian effect that perpetuates a two-tiered system that keeps the calming man down like the truth is on our side maybe i'm rambling this is the first time i drank on a thursday and like a month and a half it's about fucking time i'm sorry bro i'm sorry the

freaks what are the what's the uh comment section oh they're loving it they're loving it the comments the comments are going i mean if i was hypothetically reading the comments uh they're they're like the freaks are all about it they're the freaks are with us um we're with the freak i mean i'm with the freaks uh i mean i'm not with i'm not with the freaks you think i'm like fuck you guys no i'm unhypothetic i'm hypothetically not with the freaks but i'm with the freaks you know oh yeah we're all together they're fucking killing it it's all right in the wave we're all right in the way our live chat is not just all caps but it is it's all guys everyone's all in caps and it's the most beautiful thing i've ever seen and it's fucking fantastic and honestly we

are the haters are going to fucking their mind is going to blow it's already happening dude it is going to be ridiculous and then the craziest part of this whole process is in three years they're going to be showing us bitcoin they're going to be telling us like oh bitcoin's this bitcoin is that bitcoin's this and i'm just going to look at them and be like yes yes oh really okay i'll look into it look into it interesting i love you guys i love you matthew again positive vibes so much right we are winning we and we can win in a peaceful way in a distributed fashion it's not going to be peaceful it's going to be peaceful i think i think it's going to surprise people no one's peaceful about like losing their wealth and their position and their power and all that

shit that's true maybe i wouldn't be peaceful about it like if someone was going to take my fucking position in the world enough to realize if someone was going to take my position in the world i wouldn't be peaceful about it well what dictates your position in the world right you don't have a predetermined position i think i guess we're getting philosophical here like if you really do believe in positions in the world it should be based off of like meritocracy right

and if you believe in a true meritocracy and the Socratic method then you should be able to concede when you're wrong yes it may make people angry but you can't deny reality or excuse me if you can't accept reality that's a you problem wait

these freaks fucking destroyed it on Twitter after I asked for that retweet so fucking thank you to all the freaks out there like that's fucking crazy like this is why we do it you know this is why we come in week in week out um two and a half years like has it been two and a half two and a half years of rabbit hole recap we started august of 2018 it's been it's been probably over 300 hours of

rabbit hole recap. Easily. Yeah. Mostly drunk to be honest. Always short the corn also to be honest. We probably should have owned more Bitcoin. What the fuck were we doing? But we did it all with all of you people

and it's fucking fantastic and I appreciate all of you. I love all y'all. Should we end it on this note, Matthew? yeah absolutely this has been crazy and uh i i marty i want to end it on a price prediction for next i so i'm anti-price prediction but in bull runs no in bull runs like we're just going to price prediction everything like there's going to be price predictions all over the place because we're just going to beat them every week week after week so 60k next rhr above or lower

and and we're currently at 47k just an effort to sound more bullish and you're going to go over you're going to go over so then i i'm going to go over with you okay this is so you didn't you don't sound any more bullish than me i think we're going to be at about 61k i'm saying 65 65 yeah fuck you okay done cool i'm i'm down i every rhr this cycle we're just gonna we're gonna price prediction the next cycle the next i don't know the next price predictions every episode i don't know okay well i will do it and you can choose you can choose over under on every episode if you want to or you can just uh lowercase marty it you know fuck all right i can't lowercase marty it you could just like not say anything

all caps marty came out tonight he's it's great coming out party freaks this is fantastic all the freaks are all posting their uh price predictions for next uh what are they saying what's the high i kind of love this i kind of love this post your price predictions in the live chat if if for next next rhr you know what um freaks i can't my son's downstairs with the babysitter i don't know what she's doing but he's like giggling like crazy right now she's giving me immense joy this is why we do it that's sound creepy but like my son's laughter downstairs is like it's pretty we're doing it for them it's not for us it's pretty funny that you say that while all the freaks all guess 69k because they think it's

hilarious like the little children they are grow up how many 69 420s come on guys we're supposed to be rich gentlemen actually i legitimately i legitimately thought about putting on my tuxedo for this episode because we're at all-time highs i may do that i'm gonna show up just in the tux one day we're gonna have like the the grand ballroom of uh bretton woods behind me as my background well i knew it i knew it for the mooch interview well first of all don't tell me when you do that because that's hilarious you're just fucking running on me for the mooch interview i said to my lady i was like i gotta wear a button down because i know this guy's gonna pretend like he's like a hacker and he's gonna wear a hoodie and and she was like no just wear the

hoodie like be be yourself and i wore the hoodie and he wore his hoodie too i knew it i knew he's gonna fucking wear his hoodie um come on tftc we'll have a little powwow yeah so so pretty much all the freaks are just like 69k so like freaks like if we don't hit 69k um grow up grow up you sickos yeah but we don't have to grow up if we hit it then we get to be children again it's true so 69k by rhr thanks told you you heard it here first peace and love freaks