TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Bitcoin Week of 2021.02.15

Episode Date: February 18, 2021

This week Marty and Matt discuss: - Taproot activation timeline released - Dread admins discuss issues with ongoing Tor attack - Jack and Jay Z announce 500 bitcoin development endowment - Canadian Bitcoin ETF gets green light - BlackRock "dabbling" in bitcoin - BlueWallet v6.0.5 - Zap Android v0.4.0-beta - JoininBox v0.2.0 - Umbrel v0.3.3 - Wasabi Wallet v1.1.12.4 - BIP47 v3 draft spec released - Bitcoin Storage Guide by Sparrow Wallet Team - Ministry of Nodes Ubuntu Node Box Guide - Osprey Bitcoin Trust (OBTC), a challenger to Grayscale Bitcoin Trust (GBTC) - Myanmar internet cut multiple times as military curfew continues - Matt + Scaramucci - Texas energy debacle - Bitcoin is the #6 base money in the world - much more Shoutout to this week's sponsors. Cash App. Start #stackingsats today. Use the promo code: "stackingsats" to receive $10 and contribute $10 to OWLS Lacrosse 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. My son, he's in the background, so if you hear him, I'm sorry. Just ripped RHR with our good friend Matthew O'Dell. Quality rip, coffee rip. Ripped it earlier this week. Matt and I both have something to do this afternoon. So, we got it in at 11.30 a.m. East Coast time. This rip was brought to you by good friends at Unchained Capital. Doing incredible things, building Bitcoin native products,

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of the best content in the space and everybody at unchained is super smart and the way they approach bitcoin uh makes me proud to have them as a sponsor here at tftc we will link directly to the white glove concierge service in the show notes so you can go right there if you're interested in the multi-sig vault setup this rip is also brought to you by good friends at the motherfucking cash app sats sats sats sats sats sats son you gotta pump it up pump it up pump it up you gotta pump it up pump it up pump it up guess what freaks cash apps help me use stack sats send sats receive sats and sell sats sat sackers set the floor that allows us to pump it up pump it up you gotta pump it up and you can do so by stacking sats on the cash app what are

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Woo! Woo! Owls Lacrosse. Son, do you have anything to add here? You're going to come in. Get the chapstick out. Oh! You have a door stopper in your mouth.

Dad's recording ads here. He should be paying attention to you. I'm sorry. Got the door stopper out. Now, son, do you have anything to add here? Yeah, very good advice. Very good advice. I agree.

Oh, yeah? Anything else? Okay. Yeah? All right. Enjoy, freaks. Take care. you've had a dynamic where money's become freer than free

if you talk about a fed just gone nuts all all the central banks going nuts so it's all acting like safe haven i believe that in a world where central bankers are tripping over themselves to devalue their currency bitcoin wins in the world of fiat currencies bitcoin is the victor I mean, that's part of the bull case for Bitcoin. If you're not paying attention, you probably should be. We're live. We're live. We're recording. Got to pump it up, pump it up, pump it up.

You got to pump it up, pump it up, pump it up. Matthew, $51,940, according to the block clock behind you. What a week. Your mooch call was correct. How did that feel? did you see it yet yeah yeah i saw all my like this was that was the interview that my dad's friends were finally excited about you know you know it's good to make papa proud you know his friends are um yeah i mean that was that was a little bit unreal i mean i i because the the the meme of like the great short squeeze that is is bitcoin uh really manifested itself really quickly like i see a lot i mean we had

the winklevosses were were tweeting about uh if you don't own bitcoin you're short bitcoin and then one of them uh you know of course they have to ruin everything was like if you don't own eth you're short eth but yeah i'm sure that's my design tyler sure it's good to be short eth yeah if you're long eighth you're short on some brain cells i think um pretty controversial to say these days but i think in the long term that'll prove to be right i've said it many times i believe that ethereum is the the theranos of this cryptocurrency world but we're not here to talk about ethereum we're here to talk about is that what is that how you pronounce isn't it theranos theranos theranos i don't know we all know i'm not good at enunciating or pronouncing words so

i'm sure i'll be corrected are you already in the comments what are the what are the freaks saying he's in all caps uh thursday i you know i'm not i'm not in the live chat i promised you i wasn't gonna be in the live chat all right good good um it's just because i haven't had it i didn't open it up yet is this still this is an early rip of rhr which means it's a coffee rip coffee which means matt needs to like get in his get in his zone auto zone this episode brought to you by auto zone to help matt get in the zone just kidding but auto zone if you want to sponsor the pod let us know big week uh broke through the 50k barrier we'll go to clark's dashboard which was down earlier this week this is why you run your own node freaks the uh the energy crisis

in texas uh i haven't talked to clark i'm just assuming that it knocked his uh electricity out which which knocked his node uh down and it was behind significantly for quite a time but i'm seeing the little green dot in the bottom right hand corner looks like everything's a go now on clark's dashboard current price as you can see behind matthew i believe it's pulling from this dashboard is fifty one thousand nine hundred forty dollars the cuck buck isn't going as far anymore it's getting you less than two thousand sats per dollar currently one thousand nine hundred 25 sats per cuck buck market cap approaching one trillion currently sitting at 967.6 billion cuck bucks we were at block 671 144 i had the pleasure of glancing over my node yesterday when

we hit block 671 000 it was just like a nice 671 000 just like a nice round even number felt good to catch it then particularly um that was exactly a day ago 144 blocks ago uh there are currently 18 million 632,062.58 bitcoin uh that have been distributed to the market via the protocol that's 88.72 percent of every bitcoin that will ever exist uh there's there's not that many left we've got some mining to do but after that all the 21 million bitcoin will be distributed to the market i believe it's like 99.95 within the next 12 years uh we have a difficulty retarget coming up in 184 blocks estimated to be tomorrow at some point and right now blocks are coming in at 9 minutes and 54 seconds so a little bit quicker than the 10 minute target that is set

in the protocol so when we have our adjustment in 184 blocks it's estimated to be a 1.1 percent difficulty increase uh fees per block are going up i've been following that stat on my block clock pretty pretty aggressively and we're almost getting to to an average of one bitcoin worth of fees per block over the last 2016 blocks i believe it's currently at 0.98 something um what else we got here clark's mempool currently 77 653 transactions in that mempool samurai whirlpool uh believe the unspent value is at an all-time high currently sitting at 101.7 million dollars there are 196.54 bitcoin uh in unspent capacity in liquidity in the whirlpool ecosystem software coin join whatever we're referencing it how would you say matthew

world pool privacy liquidity pool i like that okay i like that um yeah we got there matt we we fudged up last week we fudged up pretty bad what did we fudge up do you know what we fudged up we it's impossible it's impossible to fudge something up what did we do we fudged up pretty bad we didn't read the shout outs oh yeah we did i mean you fucked that up this is this is a two man show here i need you to to hold me to account right and and likewise i will hold you to account it was it was it was it was really uh we both we both fucked it up but also every freak that was in the live chat also fucked it up freak so that's on you guys as well yeah it is on the freaks in

live live chat um yeah you guys fudged up too thanks for holding us to account we told you never to trust us we need you to we need you to keep us keep us in line here if you are in the live chat right now and you aren't subscribe to the channel subscribe hit that like button share it with a friend give us a retweet on twitter we tweeted it out if you're listening via periscope if you're listening uh after the live recording on your favorite podcast app give us a like a review we need rates and reviews they go a long way uh if you're be so kind to give us a rate and review potentially share it on social media to get other people to do it we'd really appreciate it we'd give you some internet love there uh getting right into the shout outs because

i forgot them last week i don't want to be that big of an asshole um so here's the first one sup freaks is shit coinery just something we have to deal with at work i'm the bitcoin guy and we do weekly bitcoin 101 group chat lessons like what money is and share podcasts like tftc you all know that the giga chad stuff but now a lot of the group is posting shit coins in 2017 it was all about icos but now they're all into earning yield using shit coins i've been doing my damnedest to show them the shit coins versus bitcoin stuff but to no avail i'm about to just post have fun staying poor but i do work with these people so i'm trying to stay humble does mainstream just have to learn shit coinery lessons themselves if so we are far from mainstream

adoption yeah i mean this is just gonna happen people gotta touch the stove there's been many cycles of of shit coinery and started with uh pow chains uh fair launch pow change some pre-mined pow changed and ethereum uh incited uh italic is is proud for normalizing the normalization of small pre-mines and that has incited a platform where all these scams can easily be spun up we saw that in 2017 with icos and uh current defi governance token yield uh farming craze i believe is just another uh magulation of these shit coin cycles and it has happened up to this point i think it's getting a little less crazy than it has in the past but um no you don't think so we're just it we just haven't hit the new crazy yet that's true we're about you know we're on the

verge like retail really is like the full cycle isn't really here yet like if we compare this to previous cycle we're around you know 2500 3000 bitcoin maybe a little bit less um so like the real craziness hadn't happened yet in that's like in the last cycle um so i expect more uh i expect you know i i think i think unfortunately you know this time is not going to be that different uh and the important thing that people should realize is i don't really think these shit coins are, they're not a threat to Bitcoin. They're a threat to the individuals that speculate on them. And they'll learn their lesson one way or the other. Yes, it is true that some people will successfully trade them for more Bitcoin, but the overwhelming majority won't and

would be better off simply staying humble and stacking stats. Yes. Yes. Sidhu has been throwing out the stat quite a lot recently and i think it's good for people to hear if you haven't heard it yet but there's been some research in fx markets specifically around fx traders and how often they are successful or profitable in their trade trades and if like the research just been done shows that 89 of foreign exchange traders are are not profitable and actually wind up losing money um so i i think especially with how volatile these markets are i think you could probably assume that the the amount of people losing money in these markets is around the same around 90 percent um that's why matt coined the phrase stay humble well yeah for illiquid shit coins like

whales whales have so much more control than you yeah you know so like if you're just a little if you're just like a little pleb just trying to fuck around with some illiquid shit coin they can just fucking play games with you all day long yeah and they will and i mean and that's the impetus for stay humble stack stats correct it's it's don't get drawn into the siren calls that of these shit coins they're they very attractive it's like ulysses you had to tie himself to the mast i got i got yelled at for saying stern at one point he tied himself to the mast because the sirens were singing these beautiful songs uh but if you actually go close the sirens are going to eat you um this is what happens with shit coins they're going to eat your

bitcoin uh if you if you fall prey to their siren calls that's what's cool about stacking sats is that we turned it from a situation where the plebs you know were we were getting massacred you know in these illiquid semi-free markets that have you know very little regulation into a situation where we can weaponize the whales for our own advantage, right? Like, these whales are going to need to come into Bitcoin eventually. If you're a wealthy person, you're going to need to come into Bitcoin. That's whether you're a shitcoiner in terms of shitcoins or if you're a shitcoiner in terms of holding gold

or a shitcoiner in terms of holding a ton of real estate, you're going to need to come into Bitcoin eventually. So as long as we just keep stacking, they're going to pump our bags. They just have no choice. It's just survival. yes so stay the course freaks and and when it comes to for this particular freak who purchased this shout out when it comes to trying to persuade your co-workers just i would just let

it be just say hey i don't think this is a good strategy i'm going to stay humble sack sats do what you will um but don't forget i told you and they don't try to aggressively persuade anybody you'll find that that strategy just doesn't come to work a lot of the time these people are going to do what they're going to do um because yeah if you care just let them just let them know that they can reach out to you if when if they ever come around you know and just leave it at that and the cool thing about this game is you know it's sometimes it's fun to argue and i understand people want to have debates and everything but at the end of the day uh the person who is right is the person who has more sats so so so it'll play itself out you don't

have to worry about you know winning an argument um they'll come around eventually they just might have way less sats than they would have otherwise yeah you actually had a lowercase tweet today feels like everything that needed to be said has been said now we just sit back and enjoy the ride i think this applies to this particular situation as well you said i proceeded to just type tons of caps tweets right after that so i guess i i guess i was a little bit misguided on that one yeah it's you know what you gotta you gotta have these jolts of coming back down to the lowercase world just to just to uh connect with with the normies out there uh skip this one this would have been actually a good shout out to have read last

week considering one of the topics that we have on the list this week why the fuck don't we have widespread adoption of bit 47 hashtag yes on 47 um we're going to get to this topic uh in later in the show there has been an official bip proposed uh to implement this i believe a bit on top of bit 47 correct no there was already an official bit yeah no there was already official dip oh it's a it's a third draft excuse me another spec has been released for this particular bit excuse me so we'll talk about that more in depth later in the episode thank you for the shout out sorry i forgot to read it last week again it would have probably been great to read it last week and then this week we have some news to say hey that freak who bought the shout out like maybe people listen

but it seems like people are listening in the background regardless if we read the shout out last week or not um poop is tasty i love to eat poop that was a shout out somebody paid 50 bucks for that that was that was uh 102 102 807 sats thank you poop is tasty i love to eat poop thanks for the sats it's not me it's not coming from me i guess whoever whoever wrote this shout out It was an American hodl. We shall see. This is an all-caps shout-out. Freaks Together Strong, love you guys.

Thank you for promoting peace and unity. Love, Patricia. Patricia, we send our love to you. Thank you for the shout-out. Freaks Together Strong. Last but not least, I have to please note that this is an all-caps shout-out as well. If you are not listening live and joining the freaks in the live chat,

you can have fun staying poor matt will never quit the chat he loves us too much bitcoin is slaying the haters and if you are short bitcoin you are fucked matt please have cuckmentality.com redirect to dave columns twitter attack account because he's been a salty bitch lately join the hodlers dave it's not too late hashtag sad squeeze i do not co-sign the fact that dave's been a bit you know what he's he's an old gold bug he's set in his ways i think we're making progress matt whether or not you want to direct cuck mentality.com to his twitter is up to you you own the domain it is your domain you can do what you want i sold i sold it to elon so it's going to be up to elon uh okay elon the redirect goes no you're listening um i i lost

that domain in a tragic boating accident so i can't be held responsible for wherever it redirects these goddamn boats but i saw you called him out on twitter you called that column on twitter it had to you know i was pretty positive it was a bit of a poor take yeah well i mean the gold bugs are starting to scramble because gold's falling as bitcoin's going up by hundreds of percent in a very short amount of time and like everybody in the in the macro world at the institutional level is is picking bitcoin over gold it seems they're not pumping tesla's not pumping 1.5 billion into gold they pumped it into bitcoin and it seems that that trend is going to continue um at the corporate level and then the institutional investor level we had

blackrock come out this week the largest asset manager on the planet announced that they are dabbling in bitcoin um obviously we have stone ridge uh and and y dig uh announcing that they're they're going to be uh trying to like formalize an etf structure for bitcoin and pumping more money into the asset class and gold isn't getting that love and i think the precious metal people are starting to uh to freak out a bit actually like silver is getting more love than gold these days which is interesting too because that's the precious metal shit coin because the silver yeah the silver's got like the bullshit it's like a ripple pump you know it's got the unit bias uh shit coin pump going on um i think that's just noise that's just short-term bullshit

noise i mean there is zero scenario where a company like tesla is gonna buy any gold whatsoever this is never gonna fucking happen you know poor dave column is short bitcoin and he doesn't even fucking realize it yet we had you know i called out bill gates for being short bitcoin about two weeks ago so he went on uh cnbc's bitcoin podcast and told told the world that he's not short bitcoin he is short bitcoin he just doesn't even fucking realize it yet and as these guys start fucking realizing it that's when shit gets crazy yeah all right they're gonna be too stubborn to realize dave i love you we're gonna have uh an episode with dave soon i need to reach out to schedule it with him i hope you see the light and we had that famous gold bug we had that famous

gold bug that uh i'm sorry i keep talking over you i think we have like a little bit of a lag No, no. You can talk over me. You're good. But we had that famous gold bug. What's his name? Gundelok or something? Gundelok. Jeff Gundelok. Do you know who I'm talking about? Yeah, yeah. He's actually known as the Bond King, I'm pretty sure. But yeah, I think he likes gold as well.

But he tweeted out, he's like, gold is dead, Bitcoin lives. He did? I mean, it was longer than that. That was like my tweet. Does he have an official Twitter? Are you sure it wasn't like a... Yeah, it's his real Twitter. wait wait i'll tell you i'll tell you exactly what he said wait i'm looking it up right now

because i i commented sad squeeze underneath him he's a g j a geo right truth gundlach uh is his name is his username jeffrey gundlach on twitter i am a long-term dollar bear and gold bull but have been neutral on both for over six months lots of liquid poured into a funnel creates a torrent bitcoin maybe the stimulus asset doesn't look like gold is yeah looking at it he might as well have tweeted out bitcoin to the fucking moon let's fucking go like he sent this out when i was sleeping damn it jeffrey i didn't even we were all sleeping um and he intentionally didn't use caps because he didn't want people to read it jeff welcome to the team bro if you ever want to come on the pod i know you're watching right now just reach out dm me oh i see your dms are open i

might slide in there um yeah so those are the shout outs uh thank you guys for the shout out sorry we forgot to read them last week from the bottom of my heart it's on me number one but also this asshole sitting across from me should have been been like marty where the shout outs um and also the live chat freaks took full responsibility all right good thank you i need we need this type of accountability accountability is is key in this world a lot of people are not accountable for their actions and you know as as a bitcoiner somebody who likes to to preach about extreme ownership i want to own that i was number one on the trail of messing up with last week's shout outs but there's there's some people behind me that could have could have

prevented the shout outs from not being read last week we just just want to make that clear uh all let's get to the list big week big week like uh i think we're gonna get back to some even though the price is at all time i actually broke the 50 50k barrier uh there's a lot of stuff going on on the software on the technical side of bitcoin particularly around taproot they had the second taproot irc meeting about an activation path and there's been a a timeline released i wrote about it briefly in the bent yesterday it seems that if things go according the plan and i'm actually like been getting crazy uh notifications on my gmail uh from the bitcoin dev list it looks like matt corallo and michael fulkerson and z man are having a back and forth about activation pass so

maybe we'll link to that thread as well in the show notes you guys can get more context around that matt is worried about a chain split again it's all around the the bit bait true versus bit false i'm too stupid to explain it so um how the internet to to the bitcoin community outside of tftc go hit up ben the carman he does a great job of describing what's going on basically it's it's user activated software first minor signaling activation um i don't think we need to get to a user activated software level i think miners are ready to signal we should at least give them a chance but who am i decide for yourself but if all goes according to the plan it's a timeline set forth from this irc meeting uh full node software will be released between march 17th

and the 31st and then the block height that they want to start signaling is block 693 504 which right now with with the pace at which blocks are coming in and where hash rate is is estimated to be around july 23rd that's when the the ability for signaling will begin and if 90 of blocks within a 2016 block period so that's uh 1815 block signal and they want to activate taproot minor signal 90 of blocks that are mined in that period signal that they're ready for taproot activation it will activate um and if it goes perfectly to plan uh the entire economy will bitcoin economy will have upgraded by august 1st 2022 um because if or yeah i messed up i messed that last part up

um it should activate before then yeah it should activate before then but they're just saying their last their last line item is like and then all the stragglers will finally update to taproot eventually yeah that's um so so so the argument and so we we linked not argument we linked to the timeline they posted this was a result of the irc discussion that happened um it also includes uh the people that were there their votes on on whether or not to do true or false on that on that line item and so so just to simplify that what that argument is is basically what that debate is is do you give the miners uh you we could either set it so we run the software and if the miners don't activate it then it automatically goes to a user activated

software um or we could do it in a way that you give the miners an option first and then if the miners you know drag your feet and fail to activate then we could then proceed separately if we wanted to force our hand yes but um and and the argument against the the first is uh if you start kind of doing that just going straight to user activated soft fork it kind of gets a little bit close to this idea that devs choose what's in the code or not um and you know you want you want checks and balances so so ideally if you go to miners choose the devs already put it into the code right and then the miners are seconding it but if you remove that option and the miners don't really have an option to approve it you're kind of just strong harming them and so i'm not really

sure where i stand um like i i you know i i i haven't i haven't quite decided uh where my position is there um do you have what do you think marty you think you should the miners should have at least a chance to do a second and then if they don't we we force their hand yeah i think i fall under the the camp of like user activated software should be a last resort not a first resort it seems like this is going to be pretty uncontroversial i mean it seems like like i mean loose social consensus in the mining world there's nothing uh they've done actually at the protocol level to signal yet but uh outside of the protocol it seems that a bunch of the major mining pools are signaling that that they would upgrade to taproot if given the chance i believe the

latest estimate was around 90 which is necessary for uh it actually be activated and the the activation method has been set forward um yeah it is weird there's just so many scars from the segwit battle that uh and it's creating i don't want to say unnecessary drama because it is important to think about all this adversarially and have a strong debate around the topic um i want tapper to be activated i i don't think it's going to be i don't think a user activated software is necessary but we'll see so just to show the freaks, if you're not clicking this link, of these 50 people that presumably are paying the most attention to Taproot and its activation methods and participated in this IRC chat to

begin with, of that vote, it was very close. It was 26 people said you should give the miners an option first and then force their hand afterwards if they don't actually proceed with it. and 19 said we should just go ahead and just force their hand so there's only a there's only a delta of seven people there um just just to show that there's no concrete like real consensus on that and i would just add that there is a kind of a situation because let's be honest bitcoin is um bitcoin is a space filled with fucking egos we're both guilty of this uh and but like if if there's a situation where maybe there's some miners that if they get completely blindsided out of this decision then all of a sudden it becomes controversial just because they feel

like it's getting rammed down their throats right like if we if we say you have no you have no say whatsoever uh then you could create controversy out of no controversy yeah which is flame wars man flame wars there's flame wars everywhere in the space uh and actually another thing to note from the minor side too is like this btc.com and their pools just got bought by like a chinese betting website 500.com so they now arguably control those those mining pools and are they they even know what's going on do the people at btc.com still have control over their pools i haven't read too deep into the situation but that's something that happened within the last week like i don't know if that's just going to be like a black swan wrench that's thrown into

the situation you have the corporate structure of one of the largest mining pools changing pretty abruptly uh does that does that throw um some some chaos into the mix who knows i don't though well so btc.com is one of the assets that jihan got to keep um after the whole split up right so it seems like jihan was looking for some liquidity and that's why he sold it um i would be surprised if uh you know they didn't keep people on staff that like knew what the fuck was going on yeah i hope they did i imagine they did but uh i think five i think i think that site is a premier league sponsor as well are they so we might have we might have two bitcoin bitcoin premier league teams and they're both going to be sports betting sites Chinese sports betting sites

Watford's our bitcoin team right now right that's sportsbet.io yeah Watford is or sportsbet is part of 500.com sportsbet.io is wadford sponsor and they accept bitcoin so they put bitcoin on the on the shirt yeah you know the game the gambling sites it's like the most obvious play ever like if you were if you run a sports book online like you understand the value prop of bitcoin instantly like there's no there's no learning period whatsoever it's just immediately fucking obvious yeah what was that infamous day in the poker world black friday like thursday yeah yeah that was my original when i found bitcoin that was the first thing i thought of was was sports betting i mean the freaks know

i'm not a gambler um but that was the first that was the first value prop uh that that i realized right away um when i discovered it but we have paul miller in the comments he's asking why do both steps have to be lined up why can't you just ask the miners then decide whether or not to do a uasf after that user activated software after it that's basically the discussion it's either that or force the miners those are the two options yeah i i would i think the former is the the path of least resistance and presents a path of least friction we should try that first um but yeah the miners aren't ready to do this as a miner like a great american mining we want to have root uh you can say that pretty confidently like i i just

I think there's, again, scars creating controversy that may not otherwise exist if we didn't go through SegWit2x, but it was arguably very necessary to go through the SegWit2x battle to prove Bitcoin's value prop. We'll see what plays out. We'll be keeping you freaks abreast of the developments of Taproot activation. Obviously, we've been following it pretty closely up to this point in time. So this is the update this week.

We'll see where it goes from here. Yeah. I mean, I think, uh, I would say, I would say, I assume you're more bullish on your bet, uh, with me now than you were before. Cause I know I'm more bearish on my bet. I originally said it wasn't going to be activated, uh, until, you know, until next year. Um, so it does look like it will probably get activated before then. Um, so I'm glad that I was able to provide that, that million stats incentive to get that done it was all us no ego yeah i'm fucking with you guys this is a this is a you take over here uh the dread admins discussed issues with ongoing tour attack seems pretty significant yeah so this is uh uh so dread is a popular dark market forum

it is basically like reddit but through tor uh so everything is is tor only um and that's where you see like a lot of interesting discussions uh about privacy happening um you know you know almost no one has like uh no one's using their government name on this website it's all nimbs uh everyone's way more uh i don't know there's a lot of adversarial thinking over there And it's really interesting because, you know, we've been talking about these tour reliability issues for over a month now. And there's really been no proper dialogue out of the tour lead devs, like we like the tour project, the tour foundation, like no one's really given anything concrete. and meanwhile dread's over here and they're like the whole tour network is failing us like we're trying to keep up it's costing us a ton of money we have an active attacker that's just constantly denial of serving servicing us like just all the time just constant dos and to combat them they

have to increase their server expenses um and as a result the attacker increases and it's just bringing down the whole tour network um and dredge is presumably not the only one being attacked other onion only sites like a lot of dark markets and whatnot are also getting attacked at the same time um so i mean it was just a really interesting post uh like the freaks should go read it yeah yeah it's uh the hell's going on with tour it's a little a little unnerving to say the least um but yeah we'll we'll be staying on this story as well as it develops it's uh yeah it's a weird one on to some better news jack and jay-z this came out of nowhere i was not expecting jay-z to be funding uh bitcoin development uh jack announced last week on twitter that uh him and jay-z are

giving 500 bitcoin uh to a new endowment name name a new endowment named b trust to fund bitcoin development initially focused on teams in africa and india will be set up as a blind irrevocable trust taking zero direction from us we need three board members to start so they're looking for board members uh if you want to be a board member of this trust that they just i love they just tweets out a google forms link asking for board members right um i like you dropped out a tiny bit there i mean it's africa and india it's development in africa and india um two key takeaways here first of all jay-z's gotta have a bag of bitcoin right like you don't donate 250 bitcoin and like not have your own stash and then the second thing is it's another billionaire um

yeah i mean i don't blame him of course you know that's some king right there and then the second thing is i love the idea that it's denominated in bitcoin you basically have this endowment um you know my favorite coin analogy is the chrysler building um the cooper union in new york city was donated the chrysler building as part of their endowment And for like 40, 50 years, they were able to offer every student free tuition because they had the full rent role of the Chrysler Building and the increase of valuations in the Chrysler Building so they could take cash out and use it as collateral, right? And that's exactly what's happening here. Like when that Chrysler Building was donated, no one thought it was going to hit

the valuations that it hit, you know, in the future, but it created this base that was able to grow with the institution. So this foundation, they may never run out of the 500 Bitcoin. right the purchasing power is just going to increase crazy concept yeah yeah yeah shout out to jack uh and jay-z for for getting this endowment together i also saw that jack followed bisque on twitter earlier this week um interesting development looking into that that uh p2p bitcoin exchange if you freaks don't know about bisque that allows you to to buy bitcoin without kyc aml-ing yourself to a certain degree your counterparty in the trade knows a little bit of value but the information distributed is significantly reduced compared to exchanges

that force you to share very personal information and they're being forced on the back end by the regulators who don't realize that their regulations are completely ineffective like kyc aml specifically is is known to be completely ineffective like it stops 0.1 percent of all the crime it is attempting to stop so uh keep pushing back there are products on the market that allow you to push back bisque being one of them and matt likes to to track the price of bitcoin on bisque because it hits new all-time highs much faster than than the kyc exchanges well for dispatch for civil dispatch i put uh we put the evil empire on the screen coinbase pro and then bisque underneath so you have both at the same time yeah um yeah if you freaks haven't been checking out

the dispatch make sure you're getting on that too wiz and uh who else was on this week wiz and uh simon simon the they both work on mempool together mempool.space there's a really good conversation um and we got like at least four or five digs on katan about his one saprabite throughout the whole conversation you always gotta always gotta be digging um yeah so freaks be wary mempool's filling up the the lower threshold of of of sats per byte needed to be included in the block is rising make sure before you're sending transactions particularly i saw somebody making fun of somebody who sent a a three hundred thousand dollar uh bitcoin transaction and they try to do it with a very low fee and it's just been stuck in the mempool for weeks so if

you're trying to send large amounts make sure you're checking wallet software or sites like mempool.space uh to to have a better understanding of the speed in which your your transaction will be included in a block well the reason we had uh one of the main reasons i had them on the show this week was because they just launched mempool v2 on umbral um so now you can easily and it was already on raspi blitz but now it's on umbral as well and you can easily uh with umbral it's like super easy to just run your own node very clean interface and it has this new app store that they added um and just one click you can just install a local copy of mempool and then you know you that's the most private way to use the tool right because then you're not doxing all of your

transaction information your ip address and whatnot um with mempool.space's central servers and in addition to um mempool they also i mean might as well just do the umbral update now they also update they also added samurai server um which includes both whirlpool and dojo um so super easy just one click uh and and all of a sudden you have your your samurai stack all set up as well oh yeah yeah i've been messing around ronan dojo highly recommend that um if you're if you're looking to to run whirlpool on in your own dojo and the guys working on that are doing some incredible work canadian beat beat btf i almost said btf canadian bitcoin etf got the green light last week um and so that has hit the market on the ontario securities from the ontario

securities regulator um and so there's officially an etf on the market now and actually chris gimmer from um from bitbo the enemy right before we went live uh sharing some information about the premiums for for products like uh gbtc and other uh funds closed-end funds excuse me so the premiums have dropped significantly uh gbtc's premiums currently sitting at the canadian closed funds premiums have dropped and they're now at discounts so qbtc is trading at negative 5.8 percent to the spot price of bitcoin btcg.uto which is another canadian closed-end fund that's negative 3.63 percent and there's another canadian fund that's trading at negative 5.68 percent discount and so that's interesting i guess that's evidence up in canada at least when an etf has

been introduced to that that market at the premium that these closed funds have had for quite some time gets suppressed pretty quickly and even driven into negative territory who could have guessed it marty not us we haven't been we haven't been warning about this at all no idea i had no idea that was coming but anyway this is the first etf in north america so i mean it is it is something that is that's something big um you know as i just joked like this this negative premium negative discount is something that we expected um once you have like a proper etf coming in so we should see that also happen in the u.s if they ever get their act together um you know etfs are a custodial product not your keys not your coins uh they might be useful for some investors they

will help number go up i'm glad we're not proof of stake so we don't have to worry about them gobbling up the supply um but really the freaks should be focusing on trying to accumulate as much bitcoin in their own custody that they own the keys for btc is the etf you don't need the etf you get the real thing it's very easy you get a cash app you get a bisque and all these apps just get the real etf and send it to your personal custody you don't need this derivative exposure blackrock again we mentioned it uh in the beginning a bit uh they announced that they're dabbling in bitcoin uh said cryptocurrency a lot what are you knowing for it wasn't an announcement this was the same thing yeah they were on cnbc they're on the cnbc bitcoin podcast that's what

this whole network is turning into uh is a bitcoin but but marty that's the important that's an is so black rock manages trillions of dollars right yes they don't want to talk about buying bitcoin until they have a position right and he was like he begrudgingly had to answer that question on air live because he was asked that question but if he you know that's why they're just dabbling you know this wasn't a formal announcement this is this is him you know getting put on the spot when really he doesn't want to talk about the fact that they're short bitcoin and just realizing but the people black rock that smart like the dude kept saying storehouse of value i've never heard that term before i'm like why are you saying storehouse it was triggering me it was like is it just me or

that annoying anybody else by that were you i was also triggered yeah the storehouse of value it's like dude you're working at black rock let's get your economic terms down down pat here never heard storehouse value uh well what i was thinking what what i thought of was remember uh when backed launch they kept saying like your bitcoin will be held in full custody at the backed warehouse yeah so i was thinking maybe in his head he was like mixing the two together like store value and warehouse and storehouse but i don't know yeah it was very triggering he's like bro come on yeah so blackrock forced to mention about it like it is funny cmb sits they ride the hype cycle as well but we have come a long way from brian kelly uh spinning up his own shit

coin and nautilus coin and telling people to buy ripple at the top uh they seem to have stayed away from the the altcoin space at least up to this point in this particular run and focused on bitcoin uh joe kernan and aaron ross sorkin were were actually like in a conversation talking about crypto they said i waited on bitcoin not crypto um which was interesting that's what i started the dispatch with yeah that clip yeah um you know what's an interesting thing about it is is like so joe kernan is one of us like he he has a bag of bitcoin everything divided by 21 million dropped it so good and like historically we've always said you know when you own bitcoin you have an incentive to talk about it improve it chill it right so i expect financial journalists

um these anchors and stuff that have bitcoin they want to talk about it a lot and that's what we saw with brian kelly last cycle right he had all the shit coins so he was trying to dump them on retail so he wanted to talk about them a lot what's really cool to see is salty no corner sorkin uh his co-anchor who has to bring it up all the time and because his his like editors or whatever his producers are telling him he has to bring it up and he is so deflated he is so deflated just watching bitcoin go up he looks destroyed inside and yet he still needs to ask the question he's visibly physically triggered like when he has to like bring it out he's like squirming and like his voice changes a little bit harren it's working about voice changes how about your boy

which one portnoy port noise port noise video dave dave you gotta pump it up pump it up pump it up You got to pump it up, pump it up, pump it up. Dave, I know you probably don't like me. But I don't want to, like, I would not want to see the success that you've achieved in life be diminished because you miss out, because you're short, Bitcoin. Just get it, bro. I know you probably don't like me, but this is advice coming from the heart, not trying to troll. I told you to get in, bitch. We're going to the moon back in October.

if you were to listen then you'd be okay right now okay that's all i'm gonna say matt i don't know if you're gonna step in the dollar cost average in august yeah i told him dollar cost average back in 2017 twins yeah the wink the wink of us twins fucked him over and that's what they always do you know this is the problem with this space right it's like they know bitcoin is designed to pump forever they know bitcoin is the future money they know bitcoin is the best money we've ever had they own a shit ton of fucking bitcoin but their exchange is based off of shit coin trading they make a ton of money off of it so god forbid they ever talk about the real thing and they just they always need to pump their fucking bags and it happens every fucking time the crazy

thing about this portnoy thing was he literally said i'm never going to buy bitcoin which is usually the last step right before you you end up capitulating and we capitulated this morning did you see that did he buy some well he said he's getting it like he's not going to be swabbing the decks uh like on the pirate ship because bitcoiners are getting so rich like he doesn't want to be the peasant swabbing the deck so he's got to get some skin in the game very volatile dave your your decisions around bitcoin just stick to it i told you this in 2017 just just buy a little bit on a consistent basis and forget about it just forget about it like he was uh i saw he did a video this morning is is that uh what's the wall street bets guy's name yeah i responded to that one

Peak fucking value, is that his name? Yeah, but that's not his account. His account is... Anyway, the point I'm trying to get to is, are they trying to bring... Roaring Kitty. Roaring Kitty, that's who it is. Are they trying to bring legal action against that guy?

Yeah, because security is violations. Well, anyway, Dave was alluding to that fact and saying that he would lead a revolution in the streets against the suits uh if warren kitty was to be arrested and thrown in jail dave bitcoin is the revolution this is how we fight back against the suits most aggressively and most potently uh it's probably a more accurate descriptor of bitcoins as a tool against the suits potent so i mean i tweeted at him in all caps in response to that tweet bitcoin is the revolution join us and like 15 minutes later he joined us so um caps work people caps work credit goes to you credit goes

to caps odell here caps odell changing minds making sure people are credits go to all the credits go to all the all the all the plebs who've just been telling to have fun stay poor for like the last eight months i mean we got to give a shout out to uh i want to make sure i get his name right but like that that pump it up montage from yesterday just got me all hyped up i actually uh was listening to it my son pump it up is now my son's favorite song we were dancing to it yesterday like i just heard me playing in the background and he just like naturally started dancing pump it up you gotta pump it up pump it up it's high vibes and then like the memes on top of it so dr bitcoin md at dr bitcoin md on twitter incredible incredible montage

to the pump it up song legit gets me pumped up um but should we be staying humble here man like are we we we hit we're like at all-time highs and we're we're just losing all of our humility here the thing is is like like i've been trying to to distill my feeling but they why how can you be how can you be humble in all caps at the same time and i'm not trying to grandstand and say i'm humble because i've always said that one of the reasons i i i've said stay humble over and over again is is to remind myself it's a thought experiment it's the alexander the great you were only a man you were only a man it's the alexander the great like having somebody walk behind him right except

there's a humility to seeing this massive wave coming ahead of you i posted like the interstellar clip today right like this you have this massive wave coming at you and the humble move is to like let it flow through you you know and and and and express the urgency to people you know all caps you know there there's urgency here this thing is coming we have never been in this situation before ever in terms of both bitcoin and just humanity like i have these guys are different than last cycles whales these guys are billionaires large corporations and they have to telegraph every move they do way ahead of time they have to they have to get front run by design so there's all this messaging out there and also in combination of the fact that we see bitcoin

off and repeat you know relatively similar to previous cycles so you have the combination of the two and you're sitting in this position right now and i just trying to help people get on the lifeboat i can't exactly exactly and i feel like the humble move is is is is to concisely say that to people and say it loud uh now until instead of afterwards you know like to to to just and and And, look, lowercase Odell has been here for fucking years now. I feel like I've reached everyone that lowercases were going to reach. So now you've got to say clearly for the people in the back. I think that's admirable.

I don't think there's anything wrong with that. I don't think it shows a lack of humility. It shows a lack of compassion, if anything. Or, excuse me, a sense of compassion, not a lack of it. Arguably, you have more compassion than most people because you're trying to get people onto the lifeboat. So I commend you for your efforts, Matthew. and i commend you for starting a movement an all caps movement you're pulling me in too i didn't

want to like rip off your shtick but like it's hard not to when when things are going home like this it's not a shtick yeah yeah it's a it's a lifestyle it's a it's a lifestyle i was gonna say that i was like no it's not really a lifestyle it's a feeling it's mostly a feeling that i feel inside all the time right now okay like uh i mean i i had i'm not gonna blow up our spot but like i had a conversation with you yesterday like you're feeling the feeling too yeah tons of people in the space anyone who's been paying attention feels this feeling right now and that's why that's why other people have started going caps because we all you know we all feel it i mean there are people that have worked in this industry for five years or whatever that still don't fucking get it and

we're going to front run all those people but there's a large portion of us a lot of the freaks especially that are sitting here and they're like oh my god like you know exactly what's like i've never had more fomo than i have right now yeah no i mean like we we talked on the phone yesterday and i was saying like your comment towards the end of last year like like set like a stats goal for for yearly salary and try and hit it and like looking like doing my daily weekly purchases and seeing how little bitcoin you're getting for it compared to this time last year it's like holy crap like you need to turn it up gotta pump it up um yeah no it comes quick we're in the bear markets it's like i can't wait for it to pump and then the pump starts it's like holy shit i need

more you never have enough sets you never have enough sets when you go to sleep at night march march feels like a fucking decade ago right not even a year ago yet there were people that sold in fucking march there were people that got liquidated in march there were people that rage quit in march and we're sitting over 10x from them almost 20x really close you know when do we you know what the crazy thing is we're closer to 100k than we are to zero i saw joe rogers tweet that out yesterday or the day before and i was like whoa it's pretty crazy big facts big facts big facts i'm bringing this back to the technology come for number go up stay for the technology that gives you freedom

uh we got software updates blue wallet it's just been crushing it dude crushing it they've got uh version 6.0.5 has been released actually released a week ago so i believe it was released during last time we were recording our hr um so it's been out for almost a week if you guys are using blue wallet uh make sure you go upgrade they're they're adding like dope multi-sig full node compatibility on the desktop app uh they've got fee estimation i think was added to this this particular version um so go check it out i i've been using blue wallet more and more and it's just an incredible product shout out to the blue wallet team for putting out dope software bitcoin wallet software specifically another wallet i like to use

not on android though on ios zap zap android version 0.4.0 beta has been released if you're running zap on android go check that out join inbox version 0.2.0 has been released our boy open arms has been working on this this is just an update to the most recent version of join market But Cignet support has been added and other stuff in the release notes that I'm not going to embarrass myself by reading. Well, the big one here is that he has a proper SD card release. So there's just an image that you can flash onto an SD card, stick it into RazPi, and good to go.

All right, sweet. That's important. We already talked about Umbral earlier. Version 0.3.3 has been released. That's what we were talking about earlier when we were announcing Memple.Space integration and a bunch of other stuff. wasabi wallet version 1.1.12.4 has been released um they updated their tor client and trying to get more stability on the software um and they added bitcoin knots

were upgraded to bitcoin knots version 0.21.0 all right this is pretty big news we mentioned it um during the shout outs particularly the one that asked about bit 47 why isn't it being widely adopted i guess uh the developer community isn't hasn't been uh impressed with the particular bip and so i had the individuals working on this bit 47 which enables paynims which samurai is the only wallet that has enabled um they've cleaned up the spec it seems have another version out there So maybe this will be up to snuff for people in the community to actually get it implemented and more widely spread out

in the wallet softwares that exist out there. I've been using PayNims, and I think they're awesome. I don't understand what the beef is with them from the developer community. Yeah, so I mean, the original complaint about PayNims was that they wasted chain data, that there was it was the notification transaction uh we used op return and it it was it was it was not efficient enough on chain um so this v3 um removes that requirement um so it's it's more efficient on chain i really don't think that was like that's not the reason i i i don't understand

more drama you know play more drama yeah i yeah i think it no it's just you know the if devs didn't get excited about it and you know other devs besides samurai didn't get excited about it and so there was never really any traction on it and i just it's just weird it's one of those things that i've been trying to push for behind the scenes a lot in other wallets because the only real negative of PayNims that I can see is that only Samurai users can use them. So, and it's Android only. So that means if you want to accept,

so if you want to accept donations, you could only accept them from Samurai users. Now, this is a key, right? That I think people don't realize is this is a key use case. People need, one of the first things that people think of when they think about global censorship resistant money is this the ability to receive donations in a semi-private way without permission?

And what that means right now is historically, people have just been posting a static address, but that's horrible for your privacy and it's horrible for the donator's privacy. One of my favorite independent journalists, dark.fail, who reports on all different types of dark market things, had a static donation address, Bitcoin donation address, that Chain analysis and other companies flagged as uh as you know an illicit address so they were closing accounts based on people donating to them right so paynims fix that um we and and i don't care if it's paynims or something else that should be a major goal for for anyone working on you know working on bitcoin i think is that we have an easy way for someone to accept bitcoin relatively

privately without having to spin up like a full btc pay server instance uh just to do that like that seems a little bit ridiculous uh and and this was one of the things i tried to champion over at hexa where they have this you know that has its own trade-offs but that it has this donation capability where it creates like a little donation page it rotates addresses and you can donate to it just so any random person could just install an app and and for instance we we announced that and luke came in and he was like it doesn't use your own node it's not your it's it's you know it's really custodial because it doesn't use your own node blah blah blah and luke was the one who trashed bit 47 to begin with right and it's like the enemy the enemy of good is perfect like this

idea like oh like like we can't provide tools for for amateur new users so they can accept bitcoin donations relatively privately uh because it's not fucking perfect yeah i completely agree there it reminds me a lot of like rendezvous payments in the lightning network where essentially that's it you get the pay name and it basically takes your donation and sends it to an address associated with an ex-pub but you don't know what that address is correct he's nodding i think what was that it's you're reading the chat you're goddamn reading the chat matthew i saw you get distracted if it happens again rhr is over forever i said it's akin to a rendezvous payment correct where like you just pay the pay name but you don't

know what address it goes to at the end of the day yeah i mean i don't really yeah so every time you pay a payment uh it gives it gives you a new address that's just unique between the two parties so it's uh yeah so so every time you pay it's a new address but you can just keep that one contact name or whatever that one it's really a payment code uh there's like long string of numbers and then and then you can use that to to pay people yes um a lot of people think the replacement for that will be something like key send you know like because at the end of the day and i don't think it will be because i i don't like the idea that you just have a fixed public key uh but at the end of the day like i don't care how it gets done people need to be able to

just post something that's static static and text just text just a little text string and people should be able to donate to them relatively privately that should be the goal that should be the ultimate goal and we don't have that yet to be clear we do not have that yet outside of samurai right the closest we have is pain hymns yeah it goes on it goes on i've got a new guide on the market sparrow uh has has issued a bitcoin storage guide uh sparrow is a team working on software similar to specter which you've been talking about we've talked about sparrow a lot in the past but if you want to learn how to store your bitcoin how much are you storing and what options should you consider based off the the amount you're storing this is a good guide that

walks you through the levels of a bitcoin self-custody so it'll give you advice on what to do if you're a beginner if you're at the intermediate stage and at the expert stage how to get to true cold storage and just like a great little explainer of how you should approach the the concept and practice of self-custody so shout out to the sparrows team for putting this together anything to add there no it's a great guide yeah check it out yeah and our boys katan and stefan at ministry of nodes have released uh an ubuntu node box guide um if you are looking to to run your own software and hardware or run your own hardware running self-sovereign software uh stefan and katan i put this together for you it's two videos

an overview and explains exactly what you're doing and the benefits of setting up the Subuntu node box particularly. Shout out to the Ministry of Nodes. Some of the freaks might have noticed that he had a great node box guide already. This is an updated version. This is a new release of it. It is available for free. uh they do have like you can get the command separately as a as a it's like a freemium model

uh so you have the full guide but if you want like all the text commands to easily copy and paste uh then you pay i think twenty dollars worth of bitcoin um they also offer so this is a full node box that runs uh linux uh ubuntu um and he walks you through all these steps they also offer consulting um you know katan is very close he's become a very close friend of mine uh i know freaks that you may have dm'd me and i just haven't responded to a dm i just between the price pump and between like every single person in my life that i've ever showed bitcoin to texting me i've been a little bit overwhelmed lately if if i have missed it you should send me a message on keybase because at least it has a decent interface that i could see um but if i still

haven't responded to you a really good person to reach out to is ministry of nodes you can reach out to them i think they're charging like 70 an hour or something like that 60 an hour and they'll jump on the phone with you um they'll do a video chat whatever you want to do screen share we'll do that with you and they'll walk you through all the things they have way more patience than i do so uh and i you know i'm just gonna stay a little bit humble but but i've had i have a lot of patience but they have way way more patience like i can't fucking i've so i've been trying to just send people over there so go check it out highly recommend yes i agree i have noticed that that uptick in it's crazy communications from friends and family and random freaks try to get to it to

every message i can as well um bear with us though it does get overwhelming at times considering the content we're putting out we both have day jobs as well we're doing our best here i have like i have like 2 000 dms like sitting in my fucking inbox right now and i just don't even know and interface sucks there's like no search i don't like know how i'm ever going to claw that back yeah at least on keybase like i i am making progress i get through the mind keybase yeah i um i get like decision paralysis sometimes it's so much like ah which one do i respond to like how do i respond i just wind up like waiting until after 10 p.m and i'm just laying in bed like all right here here's what you need to do my favorite is i have some freaks now that they

send me like paragraphs worth of questions it's all caps boss you started a revolution with the caps there brother uh another closed-ended fund similar to grayscale uh investment trust bitcoin investment trust has been released osprey uh bitcoin trust uh i feel bad for these guys because it seems like we're close to getting, I mean, we thought we were close in 2017 and years past, but I think with the posturing from Hester Pierce and Gary Gensler,

particularly in the initiative that Ross Stevens from NYDIG announced earlier this week that we're getting closer to an ETF here in the US, maybe I'll eat these words at some point in the near future as another ETF gets rejected, But I think the lifespan of these closed-end funds is coming to an end over the next few years. And shout-out to GPTC for taking advantage of their first market, their first mover advantage. Dude, they made a lot of money from that.

Fuck you, Barry. That's true. Barry, repent. I don't co-sign the shout-out. um i uh i mean who knows if an etf i i think i think if anything fucking sailor is pushing their hand like if he just keeps if he just keeps buying bitcoin how do you not have that on the list you got to slow him down you got to slow him down with an etf you know otherwise you know mstr is just going to become the de facto etf well thank you for

mentioning that it's crazy and over oversubscribed so microstrategy announced earlier this week that they were issuing another note that allows individuals to participate in this debt offering to to turn that debt into equity mstr equity at some point in the future um so he announced earlier this week offering 600 million of a debt note to the markets that got oversubscribed i believe it ran up to like 926 million at zero percent interest it's dude speculative attacking the dollar at zero percent interest like all bitcoin has to do is literally go up three dollars after you purchase it like you can pay back this debt it's insane so first of all so it started at 600 then it went to like nine something

it's there's still more room the speculation i tend to agree with it is when he finally announced it when he finally announces it it's going to be over 1 billion that's the whole point it's like an over you know over a billion dollar purchase um and everyone's gonna ask so surprised when when his tweet goes out like we've accumulated this much bitcoin at you know fifty two thousand dollars or whatever and the price is gonna pump now the second point is um you know it was really funny with 50k uh people wanted to be the first to call it on twitter so like people were calling it way early the day before um and the only thing that got above 50k was the futures markets none of of the spot markets got over it um and and to the point where so many people were calling it i

actually just like i i did like a periscope stream of crypto watch i saw that people nothing had gone over 50k except for um but anyway the next morning we still hadn't gone over 50k in spot right and i just want to say like i appreciate you michael especially speculative attacking the dollar while saying we're not attacking the dollar and you're only attacking gold but you couldn't let us just have 50k for ourselves like he woke up in the morning he was like they didn't go over 50k now i'm gonna fucking take it and he announced the 600 million 600 million uh deal and and then we went over 50k that's what that's what brought us over 50k was his announcement dude how he took it from us how many of these is he gonna do like how much money is he just gonna raise from public

market it's insane he's infinite the limit does not exist right the only thing that could stop him is regulations new regulations they could pass they could like go after him that's like the only thing that stops this train i don't know if that's like right yeah i don't know if that's socially or politically palatable at this point i mean man of the people not if more companies start buying right yeah he's legitimately speculative attacking the zero percent interest like the the note before was 75 bps and i thought that was extremely low literally zero percent it's like what how are you able to do this it's insane when we look back when people look back the fatal misstep that that u.s regulators fucked up in terms of trying to keep their hegemony alive for

a little bit longer was was agreeing that that bitcoin was not a security and i don't think bitcoin's a security i think security certainly regulation could go fuck itself it should not it should not exist but that's what set up all of this that's what allows billionaires to front run their own companies that's what allows him to put these offerings out and then buy bitcoin on his balance sheet without any kind of securities violations like that that the fact that they open that door um and let's be honest nothing they do is logical there's plenty of things they do that illogical they could have easily you know been dicks about it uh and called it a security under securities regulations even if they didn't even if even if they knew it wasn't security right and

they didn't and it opened up these floodgates and looking back in the future that's going to be like one of the main mistakes they made well take the other side of that like what if they're allowing this to happen because they think this the best way for a soft landing right like just let individuals and corporations within the country get exposure to bitcoin that like i'm starting to come around to the u.s being open to to bitcoin and innovation they realize dude they are backed into such a corner from the monetary perspective and the fiscal perspective that like if I were

that high up like making decisions at that level I'd be like yeah just let them get in like this is our scapegoat could be wrong that's the other side of that token and that token not attached to a blockchain you know

history is going to be written by the big corners so we get to decide how we want to write that but i i could see like a lot of about faces afterwards where they you know people said oh like we wanted to lean into it or whatnot but i think that's you know you're giving them too much credit like the there's people that have been in this space for fucking years and they still don't understand the implications like they don't understand you know what's valuable and what's not coindesk released an article today about the concern that kyc might be required for stable

coins like are you fucking kidding me like where what year is it where the fuck are we you know like why why is it why is the censorship resistant you know global financial network valuable in the first place people still don't realize that and they've been in the space for fucking ever so these guys these powers that be in the traditional finance world that have basically laughed at bitcoin you know almost all the way up until the last couple of months to be quite honest like the idea that they're thinking that they're fallible that that the solution could be this open source software with you know no regulations kind of seems a little bit of a reach to me could be a reach could certainly be a reach could also not be a reach though i guess uh well i'm yeah let's

support that i'm down save america save our country bitcoin will save this country yeah bitcoin is an extension of the ideals this country was founded on and people get triggered when i say bitcoin there's nothing more american than bitcoin i'm not saying like america like made bitcoin and americans run bitcoin saying bitcoin is very much aligned with the ideals this country was founded on and in the digital age i think it would be beautiful if the united states uh ushered in a bitcoin standard uh justifying it by the fact that it is representative of the ideals that this country was found on mainly freedom of speech freedom of money freedom of sound money country was founded on that ideal as well and freedom of association separate money and strong property

rights yes very strong property rights uh speaking of which to turn the coin there in the u.s which road do you want to go down you want to go down that route of freedom or do you want to follow in the tracks of a country like myanmar which shut off the internet uh on vast amounts of their country the the internet connectivity dropped from around 100 to 14 percent uh within within a matter of hours earlier this week on valentine's day specifically um and so this is an interesting interesting conversation to have especially in the context of bitcoin it's one of the biggest fud lines that comes up is like what if the government just shuts off the internet um this is why we we focus on alternative transaction relay networks like mesh networks

satellites ham radio um gonna be frank probably not as robust as we'd want them to be in this particular situation in Myanmar but uh this this is uh a a stark reminder that we should be working on alternative transaction relay networks what do you want to add to this Matthew um I mean so there's a couple of things that are interesting here so so the military uh that is in charge over in burma i'm told we're supposed to call it burma as a meme warfare because uh the military is who changed it to myanmar um so i guess we're supposed to call it burma but anyway uh that's peak triggering if the military is listening um the this idea that they can shut off the internet is exactly why i put it in there right because i think this is like a main tool that governments

are using now and really they're doing it primarily i would say for social media purposes because we're seeing it happen in Burma every day when the curfew hits, internet gets cut. So the curfew hits, anyone outside for the curfew is probably getting fucked up on the streets like they're getting wrecked by the police and the military police and they don't want people filming it

and posting it on social media. The thing that people need to keep in mind is, yes, that is a weakness of Bitcoin to a degree. As Marty said, there's mitigations that are being made. Obviously, you can hold your keys completely offline, which is you know of the utmost importance but the important thing to realize here is the traditional finance system is way weaker in that regard i mean when they cut the internet they also cut atms and banks and cut off any dissident from any kind of of their money except for potentially

cash but as we see in a lot of these places cash is slowly disappearing um so bitcoin is a major step up in that regard uh and if you wanted to attack the network as a whole i mean you're talking disrupting the internet globally not just in like a local region which is a is a way different thing and to say like a western democracy is going to do it as opposed to like a military um you know authoritarians is is i would say a reach like i i think we're probably we should we shouldn't assume it but we're probably past the point to have like a major western country um there it'd be hell to pay if they cut the internet yeah do you imagine all the zoomers not being able to access tick tock in america we wouldn't even have to hit the streets matthew the zoomers

would go crazy and they would they would revolt for us we wouldn't have to do anything or would they what do you think of the zoomer class the zoomer demographic not i love our zoomers i love our zoomers too um i mean talking about no internet so we we also have you know uh natural causes that can result in no internet. And we have a bunch of Bitcoiners right now that have no internet in Texas and the Southeast United States because of snow, right? A massive amount of snow resulting in power failures. And I'm sure you have strong opinions on that. But before we get to that, in terms of the internet cutting, there's something that I think people should keep in mind from a privacy perspective um if you if your location is known

and your self-host and your internet goes down i mean it can it can like dox your location if your if your if your self-host and your servers go down when when a known event like this happens it can dox your location and one of the things i was thinking of is someone if we're going to talk bitcoin specific someone has multiple lightning nodes that they're self-hosting right and one of them is public maybe they use it with strike um and and so their public key is essentially kyc or maybe they post it online they've used it with public services uh maybe it's attached to their company or something if that node goes offline at the same time as your other nodes you're you're you're there's a there's a process of elimination right yeah you can use a process

of elimination uh heuristic sort of identify that now yeah i mean you can just see that they're they're both going offline at this if if i i didn't check right but at some point over the last week a shit ton of nodes went offline right and most of those nodes were in southern united states because the internet got cut the power went out at the same time down there right so so so there's a there's a location there's a location heuristic that happens in those kind of situations yeah no like i mentioned at the beginning of this of the episode clark's node went down it was out of sync luckily i was running my own right here i was able to check the blockade and everything that was going on but yeah no it was stark

reminder and yeah i didn't have this on the list either but the energy problems in the southwest section of the country are very interesting it's very interesting case study in the woes of subsidies inciting misallocation of capital in the energy sector particularly the way that grid systems work and sort of fine-tune for estimated peak demand. The demand for energy over the last week in the southwest part of the country has far surpassed the estimates for peak demand.

And the way the grids work is such that they will produce enough energy, basically assuming that when peak demand comes, they're going to meet that demand for energy with the perfect amount of supply i mean so you if you have events like we have had in the last week where it gets significantly colder than expected and stays that way for significantly longer than expected you really have a dry up in the supply of energy that can be served to these markets so that's why you've seen rolling blackouts in the energy capital of the united states and

arguably north america in texas it is insane that we're having these problems number one in the first world country and number two literally where most of the energy on the continent is produced and i wrote about it a few days ago bitcoin actually does help out in this instance because you don't have to with bitcoin bitcoin mining specifically you're going to have constant demand for cheap energy and so if you want to overproduce for these five sigma events that stray many standard deviations from the mean of peak demand, you can overproduce a significant amount of energy

and those Bitcoin miners will come in and consume that energy off-peak hours when the temperature's temperate and everybody's comfortable. Bitcoin miners will consume that energy and mine Bitcoin with it and become profitable with it. But when you have an event like we've had over the last week,

they'll be able to shut down their miners and the grid will be able to serve that energy to the people that need it to stay warm. And conversely, in the summer, if you have insane heat waves, you can do something similar to make sure people are able to cool their houses. It creates more robust, flexible energy markets.

Yes. I mean, I think you explained it very succinctly. This is one of the... I mean, I push back a lot of times, especially on this podcast, when we say Bitcoin fixes this. I mean, Bitcoin fixes this. uh just straight up you said just one nitpick you said you're able to overproduce because you

have the reserve demand for bitcoin because bitcoin exists the idea of overproduction disappears yeah that's a good point right that's the cool part if you can mine profitably there's no such thing as overproduction overproduce for with peak demand in mind right overproduced for the traditional demand yeah excluding bitcoin yeah yeah pretty cool yeah it is really cool I think it'll be interesting to look back on this Valentine's Day 2021 in the context of the energy markets. I think it's going to be an inflection point where people are really pissed off down in Texas, and rightly so. Like, how could it get this bad in the energy capital of the U.S.? and hopefully grid systems and energy markets are calibrating

and thinking long and hard about how to prepare for something like this in the future. Because again, it's like a polar vortex, and there have been many polar vortexes over the last decade. We're living through two in Chicago alone, so to think that these won't happen again moving forward and won't move as far south as Texas is probably wishful thinking. so a pain point has been highlighted and hopefully we can we can learn some lessons and and um restructure some some of our energy infrastructure to make sure it doesn't happen again there's been some crazy like the fact that you're in dallas and people are driving around in cars taking videos of others sleeping in their cars to stay warm is insane it's crazy it's because like none

So the houses or shit are like, are designed or insulated to be able to like handle this kind of cold, right? Yeah. And so that, and then more particularly like, so the wind turbines froze up some degree and weren't able to serve, uh, energy. The solar panels obviously was snowing. So there was clouds. They weren't able to, um, absorb energy from the sun because there was no sunlight reaching them and then on the fossil fuel side like the the natural gas industry doesn't have their pipelines insulated so like you actually had pipelines freezing because they didn't think it would ever get that cold so they invest in insulation technology to make sure when temperature drops that that low that the the gas lines don't freeze and so you just had a convergence of a

shit show of events even the nuclear plant had some frozen sensors that reduce the amount of of nuclear energy being served to the market in the area um just like a perfect storm of of events that are that are highlighting vulnerabilities of the energy grid um again living in america yeah uh yeah extremely fragile uh hopefully makes you appreciate bitcoin more you know yeah proper anti-fragile system i mean we so we had our boy this is not just just to to for people to realize like how widespread this is i mean we have our boy joe rogers in little rock um and he he posted a picture yesterday he's got like eight inches of snow like nine inches of snow like that's crazy yeah it is funny like being from the northeast

watching southerners i know it's like it's so cold it's i remember living in charleston south carolina i remember the first time it snowed when we lived in charleston when i was a kid it didn't even like snow it flurried they didn't even stick to the ground and people freaked out the canceled school coming from philly we're like what the fuck is going on here like you can't handle this southerners you gotta you gotta be able to handle your snow you see like a little bit of ice and they just have like pile ups and like car pile ups and like no one's expecting black swan events do videos coming out in north carolina a few years ago like cars on the side of the road on fire from a little bit of snow um but anyway you know shout out to all

the freaks out there hope everything is i hope you guys are getting by it looks like you're on the up now it looks like hopefully the worst is behind us yeah and hopefully as a society we can begin to have more adult conversations around energy production because like i just mentioned there were many factors that coalesced to make this situation particularly bad but there was obviously some things uh particularly subsidies that that led to a misallocation of capital in the energy market down there specifically that that made the system fragile in the first place um and it is like a forcing of green technology on on markets and esg movements leading arguably to a misallocation of capital like there's ways to

do this you want to be getting energy from as many sources as possible renewables and fossil fuels doing it as efficiently as possible i think it's time for for an adult conversation around this because you never want to have people sleeping in their cars in the energy capital of the united states it's embarrassing frankly um so that's all i'll say about this failure state things yeah right like it's like venezuela like the like ah hey hopefully we learn hopefully we uh dude we mentioned it last week your interview with the mooch um been out there since tuesday how's the feedback been it was i mean that you know it's a good interview when you re-watch it and then you get fomo i mean it was mostly just him he just he he loves talking and he just kept

talking and he was saying like all of our i i all the points i wanted to make he kept making them before i can make the points um one thing is i did tell the freaks uh that he called 50k by tuesday um on rewatch he didn't in my head i was gonna put him on the spot for 50k by tuesday and i just called it in my own head and just never actually never actually mentioned that so i do apologize for that um and we have the youtube link in the show notes if you want to go check it out it's a good one to send to to parents and stuff bull fuel bull fuel i watched it you did an incredible job um your background plays well plays very well well this background is going to be gone next week so we'll find out where you're going um the last topic that i threw on

the list towards the end was uh the fact that bitcoin is now the sixth largest base money in the world uh excluding gold and silver if you include gold and silver it's number seven which is still pretty incredible uh and the last time the crypto voices guide did this monetary base update in november it was in the 12th spot i believe or 10th spot x gold and silver 12th with them included so in less than 120 days uh bitcoin jumped from the 10th spot on the global base money uh the 10th it went from the 10th largest global base money to the sixth largest and it's creeping up on the uk and should surpass the uk when it gets to around 1.2 trillion dollars where we're 300 billion dollars away from that at that point it'll be the fifth largest base money and then

from there you have the big boys in the eurozone uh japan the u.s and china and those are in the multi-trillion dollars but you know what they say matthew the first trillion is the hardest once you knock that down uh the trillions after that are much easier to I don't think it's going to take 12 years to reach $2 trillion and then $3 trillion. I think we'll see the trillions add up at a much quicker pace than it took to get to $1 trillion market cap. We're not there yet. Very close, like we mentioned in the beginning of the episode. But I believe around $56,000 is when it will be there, according to latest estimates.

$153,000-something. Really? Actually, that works. Well, I mean, technically, the number goes down. yeah as blocks get produced right yeah um i mean yeah i that that's what my mom always told me the first trillion is the hardest so yeah it's definitely a very very famous phrase yeah you know people think a trillion school you know what's cool a quadrillion that's really cool um yeah i mean

it is like people are too focused on like the 50 000 and above price range this actually shocked me when i saw it earlier this week i missed it they dropped it on friday of last week and um i was looking for topics for the bent over the weekend and stumbled across the crypto voices it's number six it's the sixth largest base bunny that's pretty massive in a very short amount of time well let's be honest like it's competing with really shitty money and of the shitty money there's like one or two decent monies of you know the top of the shit well i would say it's It was like a major drop-off, right? Yeah, there is.

It's approaching the top of the shit. The UK, the pound is a pretty historical currency. So once it overtakes the pound, it's game on. But a perfect, like, so like, what are we at right now? We're at like 52, we're right under 52 right now. Like, just to put this into reference, Freaks, like, it was at 47K last week. um in your head would you go ham on 47k if you could right now like i know i would go

ham on 47k that seems cheap as fuck right that was 5k ago um next week is going to be the same thing like that's what did these bull cycles do to you like it's going to be like people can't you really you you fathom it more when you look back um i i you know i i i really i like i don't i think the floor is set i think the floor is set i don't think we fall under 40k um i might end up eating my words but i don't think we ever go i don't think bitcoin ever goes under 40k again on in like any kind of real way i'll go down on the ship with you i don't think so my feeling yeah i don't think so either and i and like so like right now it's easier to say that right but i said that on dispatch two weeks ago and it seemed like a stupid fucking statement to say

like i both rodolfo and paul kind of you know pushed back on me when i said it um and now and like yeah so i it's important freaks to have conviction like history is going to favor the bold here and i don't want people to over leverage themselves i don't want people to use leverage at all i want people to stay humble but you have to like if you don't do it no like no one's going to do it for you agreed there's a sense of urgency here think of your future self you don't want your future self yelling at your your your present self at that point it'll be your past self think of think of the future freak in you and what he or she would think if if they were not able to acquire sats at particular price levels always think of your future self it's what lowering

your time preference is about thinking about your future self um yeah it's crazy it's uh interesting time i think willie woo actually had a some data to prove that that like 48 is like the new 35 level um but who knows that's ta stuff you'll remember hyperwave we're gonna the low of $1,500. Just wait for that, guys. Is Tone Bay still short in the corn? The hyperwave was like nine months ago. Yeah. The hyperwave bullshit. That's crazy.

Happens faster than you think, freaks. The floor is $50K. Don't be so bearish, Odell. That's the freak in the comment. Appreciate you guys for keeping me honest. Yes. Alright.

i'm getting yelled at in the comments i've been looking at the comments too freaks i'm gonna cancel rhr because because i've been i've been missing willie woo is in ta's he's fundamental analysis i'm sorry he does like on chain and shit yeah a number of whole hodlers and stuff like that tone tone tone does ta though okay yeah he's got like the nine signal hammer or whatever it's called one two three four five six get wrecked matthew we both have stuff to do this afternoon it was a good morning rep even though it was a coffee rep i i thoroughly enjoyed it very dense yeah i i mean i i also enjoyed it uh i always enjoy uh these rhrs it's just a good time

um i love all you freaks and i look this week's good i like i i think i think we're easily over 60k this time next week i don't even know why why does matt now all of a sudden doing price predictions is because this point of the cycle is the easiest time to do price predictions so i'm gonna stop doing it once it becomes less obvious you know once we're like properly in orbit like i'm just gonna there's gonna be just it's only stay humble stack stats but until then uh up and to the right up and to the right every single fucking time you hear my voice and uh my camera's mirror here we're going that way freaks yeah thank you guys for joining again hit that subscribe button hit that like button share it with a friend join us for the ride it's going to be a ride it

already is a ride this year uh i can't wait for next week i think we're going to be significantly higher than we are now um if you're just looking at the amount of coins being pulled off the exchange via glass node like it's either people funding margin to trade or big boys making purchases and moving it to custody so we shall see just a disclosure again they're moving a lot of that those funds are getting moved into fucking third-party custody uh you know land very large custodians that may as well be in exchange like i don't you know i'm i'm really it's really frustrating to me that no one's providing like i still think that's it's super misleading that the glass node thing and especially it's not including coinbase custody which is the most

exchange-like custody yeah um you know it came out there was a leak we didn't know some people speculated that tesla bought uh via gbtc it seems like someone at coinbase had loose lips they went through coinbase just like michael saylor did with all the little buys um and then afterwards that bitcoin got sent to either coinbase custody or to one of their major competitors um and their major competitors do the back ends for some exchanges so like this idea that that that one and a half billion got pulled from an exchange is like uh it definitely got pulled into a stronger hand but it's still an essentialized honeypot yeah that's what i wrote in the bend today like worst case scenario it's going to these third

party custodians but that still distributes risk right would you prefer that to them all keeping it on the exchange they bought it on or no i mean i guess it's still better than nothing uh but what i really want to see is i really want to see and i think this is also happening it's just hard to break the signal from the noise um is is like freaks and just regular plebs just constantly pulling pulling coins into their own their own their own wallets um that they control that that are not custody um yeah i i just uh that that's that's how the floor is really set the floor is set by the stackers everything else is just more it's like it's just a little bit of noise yeah so be aware freaks be aware keep stacking keep moving to personal custody driving liquidity off

these centralized exchanges it's been a pleasure thank you guys for joining us again hour and 40 minutes here in here uh and i hope you enjoy the rest of your day rest of your weekend i hope you have safe travels to your next destination love your freaks stay humble stack sats peace and love