TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Bitcoin Week of 2021.02.22

Episode Date: February 26, 2021

This week Marty and Matt discuss: - Taproot LOT OF LOTS - BitPay Sanctions Violations - Bitfinex and Tether settle with NY AG without admitting fault - MicroStrategy bought another ~19.5k bitcoin for a ~$1.03B, they now hold 90.5k bitcoin - Square quarterly earnings - Coinbase discloses number ahead of Nasdaq listing - Teleport Transactions CoinSwap implementation - Arthur Hayes emerges - Specter v1.2.0 - Onion Share v2.3 - RTL v0.10.1 - Hexa Wallet v1.4.5 - Samourai Dojo v1.9.0 - MyNode v0.2.27 - Sparrow Wallet v1.2.0 - Blockstream Green adds encryption to wallet metadata - River raised $17.3M - BottlePay raised $15.5M - Can Governments Stop Bitcoin? - BitMEX provides third grant for Michael Ford 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. HodlHodl. Lend at Hodl Hodl is a new non-custodial bitcoin backed lending platform, that allows peer to peer lending and borrowing between users, globally, anonymously & on your own terms. Create you offers & set your own terms on lend.hodlhodl.com

What is up, freaks? It's your boy Marty here to introduce this episode of Rabbit Hole Recap. Matt and I, great rip. I must admit that audio-video issues on my side, I fucked up. I fucked up, freaks. I fucked up. It's hard. I knew it was going to happen. I said, hey, I'm going to fix the audio-video problems that we have on this podcast. We've been around for three and a half years, almost four years now.

We're going to legitimize the operation. We bought a bunch of equipment, new mic, new, I don't even know what to call this thing, the Rodecaster Pro. It lets me check my levels and make sure the sound's sounding good. I've got a new camera, a new fucking computer, monitor, the whole nine yards, and it feels like the audio issues are only getting worse, I'm sorry, especially if we try to do it live. So yeah, it was like an interruption, but don't worry, you guys listening on podcast apps hopefully the the interruption will be minimal because i'm going to edit it edit it out

but if you're listening live and re-listening now thank you number one and number two i'd like to say sorry um for for the poor quality of the product the product's supposed to be getting better over time and um due to your uncle marty being being a boomer living in a millennial's body still hasn't been able to figure it out don't know what's going on hope we figure it out i think we're going to figure it out i'm going to work hard tried to reverse the juju on twitter earlier today by saying we're never going to fix this problem we're never going to fix it we're never going to fix it just get used to it hopefully you guys stick around uh and continue listening to the podcast if if you do so make sure you're giving us a rate review a follow a subscription

a recommendation to a friend or a family member looking to learn about bitcoin we'll take whatever we can get at this point um considering the state of the audio visual quality of the podcast i'm sorry i'm burping burping bob darstle the burping murdered a bunch of people and he burped when he when he got confronted i didn't murder anybody i'm just burping because i'm nervous right now not because i murdered somebody because like i'm trying to own up to our our audio visual problems i i'm sorry i'm sorry this episode is brought to you by our good friends at the motherfucking you freaks already know all about them you don't know about them let me tell you about them i was just in uh twitter's new spaces uh disclaimer cash app sponsor this pod twitter uh has the

same ceo as square which owns cash app um but it was just on twitter spaces i guess they're trying to create a clubhouse like product and pat mcafee the football player asked me hey like do you have to buy a whole bitcoin like what are the smallest units of bitcoin if i want to go to the gas station and and buy uh some some cinnabons with bitcoin to like spend a whole bitcoin what are the denominations they're sats satoshis each bitcoin has 100 million sats in it so you don't have to stack a whole bitcoin let's spend 48 000 in the bitcoin you can stack sats you can spend a dollar and the cash app allows you to do that you can stack sats send sats receive sats sell sats if you so please they've also made a p2p sat sending function in the app so you no longer have to send

dollars only to people via cash app you can send sats as well if you want to uh on top of that you can dca in the sats what's dca dollar cost average you can buy a certain amount of sats per day per week or every two weeks you want to buy 20 a day you can do that via the cash app they have their boost program which sometimes allows you to get sats back you go use your boost card wherever visa is accepted and you'll get some sats back up to a certain limit you guys are using the app Make sure you're cognizant of the withdrawal limits. Make sure that you're not stacking too much to the point where you're not going to be able

to get it off the app. If you get up to the $2,000, $5,000 limits, make sure you're sweeping it to a wallet that you own. If you haven't downloaded the Cash app yet, make sure you do so by using the code STACKINGSATS. That's S-T-A-C-K-I-N-G-S-A-T-S. You're going to get $2, excuse me, $10. $10 is going to go to our good friends at Owls Lacrosse.

That's Owls Lacrosse. Woo! ows lacrosse this episode is also brought to you by good friends at unchained capital you guys already know all about them but if you don't know about them i'm not going to do the same thing i did for the last time unchained capital is like the creme de la creme of the space when it comes to education and building products uh with the security first mindset using Bitcoin's native properties. And so what we're talking about today

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if you tell them that tftc sent you it's going to drop from a $1,500 package to a $1,450 package what you're going to get is multiple video calls with the unchained team they're going to walk you through how to set up a multisig vault why you should want to set up a multisig vault they're going to get you hardware wallets get you comfortable with creating seeds and protecting those seeds then when you're finally comfortable with how multisig works how the vaults work particularly how your wallets work and how you sign signatures to move your bitcoin they're going to dump they're going to set up a vault number one and they're going to dump a thousand dollars worth of bitcoin in it so go check them out www.unchained-capital.com they've got

incredible blog series Parker Lewis, Phil Geiger, Drew Bonsall, Joe Kelly, Buck Purley writing incredible content about bitcoin why it's important how you can use it how you should think about it moving into the future it's all around great product great team great people great service great vibes great vibes check out the wake love concierge service link in the show notes and last but not least our good friends at hodl hodl have a new non-custodial bitcoin back lending platform that is available to u.s users because it is peer-to-peer lending and borrowing with with no third party there's no it's it's non-custodial again they're they're leveraging multisig as well it's available globally anonymously and on your own terms if you're

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create your own offers for these non-custodial or go get your your your loans using huddle your non-custodial hodl hodl setup uh at lend.hodlhodl.com it's lend.hodlhodl.com incredible team over at hodl hodl as well leveraging the native properties of bitcoin this is what we like to see here at tftc all right go check it all out freaks love all y'all You've had a dynamic where money's become freer than free. When you talk about a Fed just gone nuts, all the central banks going nuts. So it's all acting like safe haven. I believe that in a world where central bankers are tripping over themselves to devalue their currency, Bitcoin wins.

In the world of fiat currencies, Bitcoin is the victor. I mean, that's part of the bull case for Bitcoin. If you're not paying attention, you probably should be. What is up, freaks? Welcome back to Rabbit Hole Recap. It's your boys at the party, and Matt, sitting down, Matt, is a mountain man. You're really living the mountain man stereotype. Vitalik Buterin would be proud of you.

I hope it triggers him. I spent the last eight hours trying to clear ice from the satellite so that I could actually do the show. and i want you freaks to know that the dedication is real the show must go on and made it happen show must go on your your strategy was a little perplexing to me you were throwing water on the ice boiling water how does this work boiling water yeah you got to time that up right i just kept heating i was just heating pots and pots of water i had like three different pots going that was my whole morning was just throwing boiling water on this thing it's boiling water uh boiling the ocean's a big uh big topic and in the news this week it seems to never go away

uh let me pull up clark's dashboard oh i should probably i haven't even looked at the shout outs yet this week i remember correctly i think there's a juicy one for you find out um current price bitcoin is 49 925 dollars cuck buck it's going a little bit longer than it did last week i'm to get 2003 sats per cuck buck the the bitcoin market cap is under a trillion dollars and 930.5 billion we're at block height 672 167 there have been 18 million 638 455.11 bitcoin distributed to the market already that is 88.75 percent of every bitcoin that will ever exist 88.75 percent of the 21 million pork slap. Wow.

I haven't seen a pork slap in a minute. I know. Let's go. I got some nostalgia when I saw it. I've got a, I've got a Russian river Valley Chardonnay drinking some white wine. Basic bitching it today. Davis buying them 2016.

Good vintage. I'll pour myself a little glass here. Ah, drinking wine on a 2 PM on a two on a Thursday. It feels good. It feels good. Cheers to you, sir.

50 K Marty drinking white wine. 2pm on a Tuesday I'll put my pinkies up I'll put my pinkies up before we get into everything ah what a week man what a week we got a lot to talk about

a lot of FUD being debunked a lot of good fundamentals we had a price dip this week but before we get into that how you doing how you feeling how are your vibes

that picture that American Hoddle shared earlier today really hit me in the feels lashing back to that particular interview. Did we know he was taking that picture when we took it? Did I put my hand down to cover my face? Or was I just... I don't think so. I think he caught you in a moment.

I liked how someone, people brought up that I had the shitty mic. Freaks. I had the shitty mic for like 150 hours of TFTC. There was like a year and a half where I had to hold my own mic before I actually got a stand to use.

well hey same with me well no in that in that video you got your nice setup you got that nice setup going this actually this used to be your mic well because when we would have a guest we would do uh you would co-host the interviews with me we'd be kind to the guests when we give the guests the good mic and give you the shitty mic just being good hosts we couldn't the way i look i mean you can't trust american hodl to hold a mic like the guy can never pull that off no no it's too much too much all you can do is stack sets i'm trying to pull up the the shout outs you speak to me while i um i mean this week has been fucking lit i was like when i was putting this list together like i didn't really realize

exactly how crazy it's been i mean rhr last week we speculated that the micro strategy purchase was going to be over a billion dollars um literally like i guess like eight hours seven hours after we recorded it was released that it was over a billion uh since then he actually did his purchase you know he usually does this in three steps he announces that he's going to take out debt um then he announces that he's taking out more debt than he originally announced then he announces that he purchased it's like a three-step process he finished the third step um and and that feels like that was just a decade ago uh with all the other news that came out i mean um it's just it's meanwhile people were you know we had all the bitcoin haters um we had we

had a massive down day a double digit down day uh which was the day of citadel dispatch um down like 13 all the bitcoin deniers coming out of the woodwork saying that bitcoin's dead while it's trading at forty eight thousand dollars on the seven year anniversary of gox you know like fuck you like there's no way bitcoin has failed at forty eight thousand dollars who the fuck do you think you are and then another big thing was crypto watch added that feature where you can put tweets now directly on the on the chart so we can we can fully shame the bitcoin deniers and their bad takes and put it on a nice nice chart that shows how wrong they were yeah someone someone shared a tweet from paul krugman with me in private using that that chart

tool like him calling bitcoin evil in 2012 2013 just like the price going parabolic after that sweet justice to these keynesian idiots paul krugman you ever want to come on the pod and try to give your case for why we should continue down the path of monetary easing and easy monetary policy that's been employed by the central banks and the treasury uh up to this point invite is open i hope you're watching when you're when you're charting when you're charting bitcoin for your own purposes you should always use log scale because it's an exponential adoption it's happening but uh if if we're trying to shame bitcoin deniers make sure that you use linear so it really looks crazy yes yeah you have to it has to be potent salt and the linear

scale chart is is much more potent than way more provocative log chart uh and it yeah and it was funny that uh that same day we had the crash and all the uh all the creatures were crawling out the woodwork to say that bitcoin was dead like the fundamental news uh the course of that 36 hours was pretty significant like you mentioned sailor finished his purchase and announced it oversubscribed stacked a whole bunch more sats uh square had their quarterly call disclaimer sponsored the pod uh they uh they uh had like an epic 2020 i believe they had something like four billion in like sales but like revenue created like one point let me look the big number for me was a twofold first of all they bought another 170 million dollars worth of

bitcoin which is just hilarious because uh it it seems so small in comparison to micro strategy like that's all you're gonna fucking buy i mean our boy more bitcoin than coin boy ben goffman was like um what are you short bitcoin you only have you have 95 of your reserves in cash like what the fuck's going on um yeah coinbase has even less uh i think they were at 130 million but the big numbers for me out of the cash app thing um the cash app quarterly earnings was three million customers bought bitcoin this year through cash app um and one million of those customers were first time bitcoin buyers um that was like the first time we really got hard numbers on an exchange um and then of course coinbase has since filed public today and we got insane

hard numbers from them we got everything um and with them they say they have 43 million verified users. But out of those users, 2.8 million are monthly transacting users, which means over the last 28 days, they bought Bitcoin. So actually, Cash App doesn't seem that far away from Coinbase, which is kind of surprising to me. But also at the same time, that 43 million number is way higher than I would have expected in terms of trying to extrapolate for bitcoin users also on the coinbase side i think it was like 80 to 90 percent of their of their users of their volume is still driven through america the majority of their of theirs their customer base is america um and then another big thing is they said the retail buying has been

waning right first of all retail they're charging like two percent as a percentage of their overall sales they're charging institutional like nothing it's like point zero zero five percent fees or something like that um but one of the big things that they mentioned was they're holding 90 billion dollars worth of assets for customers now a lot of that's probably shit coins but that's pretty fucking crazy like percentage wise like how much of that i don't know they didn't break it down you know but 90 billion dollars that's fucking insane yeah i mean again like well this news came out after the crash earlier this week but we're still hovering uh about 10 below highs right now below 50k uh so you had that news you had square and squares growth going back to square like their

year-on-year growth in uh bitcoin revenue is insane in 2019 it was 177.6 million last year was 1.76 billion you literally have like a 10x growth in in bitcoin revenue for square alone like you said it's crazy like last year their 50 billion dollar purchase when they did that i believe in august or september uh got them 47 or excuse me 4709 bitcoin again 50 million dollars fast forward to this year last month i believe they bought uh and they spent more than three x like three and a half x almost 170 million dollars they only got 3318 and in meanwhile so yeah they're hovering around eight eight thousand bitcoin meanwhile microstrategy comes in and buys 19 000 bitcoin bringing themselves up to 90 000 bitcoin um fucking

insane the other thing with coinbase that it behooves me to mention is if the freaks remember brian armstrong lied to everyone and told us that he needed to recoup costs and that's why he sold surveillance tools to the u.s government for a couple hundred thousand dollars meanwhile they had 300 million dollars in profit last year and 1.28 billion in revenue like fuck you there's no way it was to recoup costs right ah the naked mole rat naked mole rat yeah so that's the big question right now they're valued at what 100 billion is it justified i mean it's gonna it's gonna be even higher when this is all said and done first of all you think so the stonks are all irrational anyway they only go up you know the market's crazy there's a huge appetite for

for bitcoin right now their ticker is going to be coin um you know they're doing massive volumes and like the value the valuation i wouldn't be surprised if it blows past 100 billion that doesn't mean that it makes sense to me or whatever but you know i think people should buy bitcoin instead um but to think that this isn't going to be like an insane blockbuster you know um offering i i don't really understand exactly how the whole direct listing method works um and how that's different from traditional ipos i know there's a couple different ways you can do it um but i do think that at the end of the day when all is settled um and they've been public for a couple weeks their valuation should be significantly north of 100 billion dollars yeah i would agree

chamath was freaked sorry for picking my teeth while we were live i forgot we were live there for a second it's a poor forum on my part pretty disgusting hope we don't get screenshots of that but i saw jamatha tweeting out uh he's going to use this as a barometer of whether or not direct sales to retail are are fairer than the traditional route or the more common route that um that stock ipos have been taking recently which is being underwritten by an investment bank and getting insiders in first so we shall see it'll be interesting i mean i think you know it has been sorry i mean i i think you know it it's it's something that doesn't really uh move the needle much for me in terms of what is more fair to retail because the whole process

in general is designed to really kind of just dump bags on retail regardless of the method you go through um you know there's a reason why i've always thought that accredited investor laws were fucked up and stuff like that because you you have these these rich connected people who are able to get in early and then by the time retail gets it it's just dumping bags on them regardless of the way you come in yeah yeah no and like all this pre-ipo posturing and the buzz around it just like leads to an inevitable pump should we ninja launch ipo in the future i just think companies companies are staying private longer and and and the reason they're doing that is because of of so much regulatory overhead um when they go public um so they

they they squeeze out the the amount of return you can get from these companies has been reduced significantly because they wait until they they go public it used to be they would go public a lot sooner i think in general yeah yeah that's a conversation we have again like will we ever want to go public i think we want to stay private as long as possible it's just easier the headaches aren't worth it you could argue they can get more scale going public and cash out but is that the goal is that what you want to do cash out and it was like surprising to see that they only have 130 million dollars worth of bitcoin on their balance their treasury it's like you've been around since 2012 coinbase have you not just been siphoning off some of the bitcoin especially back

well you should have acquired enough enough bitcoin back then to just throw in your balance sheet and have sit there for for a decade to to be far ahead what micro strategy is and like yeah they're behind squared from a treasury perspective it's pretty sad yeah no because they can't even they can't even do anything with their custodial bitcoin because other people have claims to it yeah it's uh it's pretty it's it's pretty sad forget square it's pretty sad that micro strategy has that much more Bitcoin than you, Coinbase. We knew Coinbase was short Bitcoin. We had speculated that for a while,

but now we know that they actually were. I wouldn't be surprised if they made those purchases more recently when they realized that there was a public appetite for it. And when they IPO, it adds valuation to them that they have it on their balance sheet. This is what people want to see now. So I wouldn't be surprised if it was a more recent situation.

And I wouldn't be surprised if they actually didn't put that much in and then it went up in value because we have gone up significantly over the last couple months um one other thing i'd mention from that coinbase s1 um is brian armstrong has significantly less ownership than i expected uh he has he still has more voting shares he still has he's still the largest voting shares by individual but um anderson horowitz has a larger percentage stake of his own company than he does um it doesn't surprise me at all the cap table was something like i think brian owns like 22 or something like that i don't want to kill my internet over here by checking um but whatever it was it was significantly lower than i expected

and fred ursham still have fred ursham only has nine percent where was that cap table remember roughly yeah it was the block the block pulled it out i think i think larry called it out lawmaster executive compensation but anyway i mean it doesn't matter exactly i know he made a million dollars in salary this year yeah but then he also yeah 57.67

million option awards pretty significant yeah I mean he made 59 million dollars last year salary being the smallest contribution to that but I don't know I feel weird talking about people's finances

the breaking news shout out to rob hamilton at rob one ham on twitter incredible freak uh cameron winklevoss one of the winklevi twins just announced that gemini will be donating one million dollars to the mit digital currency initiative to support open source development in advance the security of bitcoin the bitcoin protocol um so shout out to the winklevi and gemini for for finally uh joining the the effort to help fund protocol development it's harder to get out than it should have been um any thoughts there matthew immediately off the top of your mind um it's good that's good to see i mean i know they're wanting are you looking at the chat right

now no i was trying to find uh the armstrong percentage but whatever it's not honestly it doesn't fucking matter who the fuck cares uh the bullish thing is how many is like just how much users they have i think is like the most bullish thing for for a bitcoiner um and and otherwise coinbase can go fuck themselves um you know it's good it's good to see gemini contributing um you know we have on the we have on the list uh bitmex contributing to to um michael ford and quake again michael ford and quake um yeah and uh that's their third grant they've given to him and like They're getting drilled by the US government and they're in complete survival mode

and they're still contributing to developers. So it's good to see Gemini doing it as well. I think this was their second dev funding that's happened. Gemini's? Yeah. I think they gave to Brink. I'm not sure. That would make sense.

I can't confirm or deny that right now. I'm ignorant to whether or not they did that. Fanquake, legend. Shout out to BitMax. Oh, that's the other thing I wanted to mention. It was interesting to see Arthur Hayes come out with a blog post a couple weeks ago. We didn't touch on that. It's on the list.

It's so good. Right. Should we just go to it? Yeah, fuck yes. I didn't realize it was on the list. Let's fucking talk about it. Arthur Hayes emerged. and uh yeah i mean he wrote a pretty pretty long blog post just on it's actually not too long

another i remember on basically what's going on gamestop and two-tiered system and how the plebs have no power and they should just walk away take your funds and walk away don't don't support these companies and these entrenched incumbents who continually and just don't play by the rules create their own rules piss on your face tell you it's raining um and and keep stamping on the little guy and it was like i caught it right away when it came out i think shout out to no bullshit bitcoin for for being right on top of that i believe where i saw it first um i was like wow he's actually like pretty ballsy to be writing this type of uh blog post as you're as you're being investigated by the u.s government well i mean it's his first

statements in september when when the us gov uh arrested his co-founder well and he's is he fugitive right now yes sir yeah boss ballsy i mean for you freaks who don't know maybe new to bitcoin uh and new to bitmax and arthur hayes they provided a service to the market that was very much demanded uh but it was a legally questionable especially in the eyes of u.s regulators they provided bitcoiners with the ability to trade options but they did it in a in a bitcoin circular economy way you can only deposit bitcoin and get paid out in bitcoin and trade using bitcoin you could trade other coins

bitcoin on leverage but uh like an og company in the space was the most popular options trading platform for quite some time and for the longest time you had no kyc uh they have their blog which is really good content they've been contributing to developers like we just mentioned michael ford being one of them over the years and uh another thing that i really respect that they did is they were they were smart about their their footprint print on the blockchain and they had a way in which they would would issue withdrawals they did once a day and were very cognizant of what do you mean by that why are you doing this uh i thought it was smart i mean i it was it was it was it was cool it's it's a it's a smart way to reduce risk by just doing one withdrawal period per day um

Because then you know that your keys aren't, you know, are only hot in that one period and you have a very set process to do it. And that's probably one of the reasons why they never got hacked. So props to them for that. The reason I said is because it wasn't really, and this is fine, they paid their fees, so it's fine. But to say they were good stewards of the blockchain is a little bit of a, because in their peak, it was like 9 a.m. Eastern. if you if you didn't get your transaction out before 9 a.m eastern you had to wait like two hours because they just slammed the chain with withdrawals you know like the fee pressure would go up at 9 a.m every day um when those withdrawals went out that's a good point

yeah they're batching and stuff like that well anyway bitmex saga continues they ran this exchange for quite some time americans obviously not allowed to use it not allowed to trade unregistered options or unlicensed options and so the U.S. government came to find that at some point at least U.S. citizens were actively using the exchange in September of last year like Matt mentioned they brought a a suit against bitmex and uh caught one of their executives and co-founders sam reed uh in boston he's been i think is he out of jail now is he out on bail i think they still have him still yeah i thought he was out on bond maybe um anyway and they're looking for arthur i think arthur

may be hiding out somewhere um trying to to skate the the long dick of the u.s government and uh yeah he came out with this blog post uh about seven days ago probably right after we recorded this episode and this is like acting like nothing's going on but like there was like a message in it like walk away from their system but in the context of gamestop but uh it seems like there's there's an underlying message in it all like not only walk away from these institutional investors and what happened with robin hood and citadel and all that but just in general i'm away from this this corrupt system that pervades everything yeah i mean he really channeled what we've been feeling for a while and i think the freaks have been feeling and and they've been hearing on rhr

but it's just it was good to hear from a legend that we hadn't heard from in a while and uh it was a baller way of doing it he didn't tweet it out like it just went on the bitmex blog titled walk away and he was just like they're gonna fuck you they're gonna fuck the little guy stop trading the rigged markets walk away use bitcoin yeah arthur if you're watching this i doubt you are i hope you're well i mean yeah it's like like you talked about like these these laws it was a free market that's the beauty of bitmex right it's like a true free market people were putting their sats at risk on their own volition um and it operated pretty well like it was at one point like i'm pretty sure institutional

investors from around the world were using it as their options platform because it has the most liquidity and the best options products on the market even though it was legally dubious whether or not the service was um was above above the uh the uh above the table whether or not be legal or not so that's a sad day like we talked about this when all this stuff happened in september it was a it was a sad day for bitcoin when uh when they finally got bitmex now everything's kyc'd can u.s citizens use it i'm pretty sure not even if you kyc you can't use it it's not right so i mean um the whole argument was they weren't following u.s law so what what what bitmex said was bitmex said uh we we don't want we're a global company we're not trying to hurt the privacy and

the experience of our users globally just for america so what we will do is we will block American users via IP address. But in practice, what was happening was American users were just using a VPN to get around it. But in BitMEX's defense, they didn't want to block VPN usage because that's a pro-privacy feature for their global users. So basically what America is saying is, if you do not implement KYC on everybody to simply filter out the Americans, then you're breaking american law so so basically american regulators are compelling companies to put the privacy at risk of all of their clients globally just for the sake of blocking americans which is an extremely slippery slope it's something we see um getting implemented everywhere uh like across

the board and i have it on the list as well i mean fuck bitpay bitpay can go fuck themselves but they recently got hit with sanctions violations because they had users that were buying from merchants from sanctioned countries. And that's why BitPay has since, not only do they have to pay a big fine, but now they have to do KYC on orders, anyone paying a merchant that's over $3,000. And I think like KYC underneath that. And this is exactly why BitPay, BTC Pay Server and other open source tools are so important because if we have centralized third parties that are doing this, they're always going to get pressured

by the long arm of the U.S. government. Yes. Yeah, that's why BTC Pay Server exists. We are BTC Pay Server users. We recommend that any of you freaks looking to receive payments on behalf of a business, if you're a merchant, or even an individual who runs a blog

or something like that, BTC Pay Server over BitPay and other centralized solutions, every every day of the week especially if you're comfortable uh custodying your own coins it goes straight to your custody it's the beauty of the bitcoin network it's the way you should be leveraging the bitcoin network um have the the pay settlement up so it's a settlement agreement between the u.s department of the treasury's office of foreign asset control and bit pay so this is ofac coming after them um and let's see bit pay agreed to remit 507 375 to settle its

potential civil liability for 2102 apparent violations of multiple sanctions programs so crimea and ukraine cuba north korea iran sudan and syria were were the countries where users of bitpay were accepting payments from marty your mic's all fucked up do you sound like a robot fuck do you sound good is it like a loose connection or something i don't know what it is like do you do i sound good to you that's my question no no you were chopping up for me my choppy i thought it was my fault but the live chat is saying that it's your fault

god damn it the audio issues continue i am recording live cuts in and out marting is lagging hard it's not you matt it's marty okay maybe we should just end the live recording and keep recording by ourselves because i am recording locally so it should be good it's like the glass room already classy uh i mean you're recording locally anyway right yeah i'm recording locally so all right it's back to my mics my mics keep switching it's mic switching problem

ah it's so annoying all right is it is it lagging in and out for you right now yeah i mean i can't i you're breaking up you keep breaking up all right we're we're ending the live the live stream freaks we'll we'll continue this uh off offline enjoy the 30 minutes that you had live and sorry that my mic doesn't work i do need to defrost my my internet i'm sorry guys this is annoying to me wait marty marty try cutting your video before you cut the live stream does this work is this better no that didn't help at all okay stop in the live stream sorry freaks all right we stopped that for all you ogs listening via your podcast apps you're getting

that clean audio so lucky for you uh the what we're talking about bit pay yeah so they it is weird well maybe this is a good thing because it'll highlight the need for things like btc pay server he's still looking at the chat but the chat can't even see us right now the chat's still going right now they're like why did you just cut the live stream you're still cutting off from me am i it didn't help at all no i don't know what's going on then god damn fucking mic is it like can you understand what i'm saying now you can understand what you're saying we can just continue i'll let you know if i can't hear you let's continue it'll be good locally sorry this is annoying uh it's the tftc difference freaks

we aim to please yeah i mean hopefully this bit pay situation just pushes people to solutions like btc pay server um it just sucks for bit pay because people are just not gonna be able to use their service because they want to KYC. Could you see OFAC coming after BTC pay server operators like ourselves? They might go after individual BTC pay server

operators. I hope they don't. They might say to someone like us that we should be IP filtering before people give us shout outs and stuff like that. I think it's a lot harder to enforce. They might go after people they really don't like or doing very large volumes right but like bit pay is a centralized entity that they

could hit just for everything instead of going after individual btc pay merchants right do you think do you think the the feds like us are we on their good side are we on the naughty west i don't know sometimes we talk a little flippantly sometimes do you have a vpn on no because it disrupts too much it's just weird that it's just cutting in and out so much but the show must go on what's our next on the list we're talking about btc pay server let's just get to the the shout outs um that were that were paid via btc pay server our btc pay server to be exact it's a good one for friends out there hey maddie g i know you're listening i just want to say nice

work quietly front run the world you and the other plebs will rise up bitcoin is freedom see you on the other side of sat sent parody this is one friend to another this is very touching very beautiful to see um shout out to maddie g maddie g if you're listening your boy or girlfriend I don't know who it is, bought you a shout-out just to talk to you. So this is another instance, Matthew, of two freaks talking to each other, and we don't know who they are or what their inside jokes are. Marty, I feel like it's getting worse. What is?

The audio? I mean, now that we're not live, should we try and troubleshoot the audio? Because in the beginning it was good, and now it's not. What we're going to do is you keep recording locally on your end. I'm going to keep recording locally on my end. We're going to close out this, this, and we'll spin up a new Zoom chat. Okay, sounds good. Sorry about this, freaks.

This is a very poor forum. It's, I don't know what's going on here. I don't know what's going on. I don't know why Zoom, especially when we try to record live, messes up the audio. It's pretty annoying. it's not ideal. We're four years into this podcast,

almost three and a half years. You should have these audio issues figured out. Sorry for the, uh, the slapdick nature of the operation right now. Um, but yeah, Maddie G,

if you're listening, I hope it didn't ruin your shout out at all. Um, I hope that, uh, that it was good for you at least. And, uh,

your friend is, is happy with, with the shout out as well. waiting for Matt to re-enter the room should have the zoom link and I have my headphones on now for the audio that I'm recording locally and it's coming in very clear so I don't know what's going on here I don't know what it is here comes Matt he's coming back in joining joining joining connecting to audio maybe the CCP's fucking with us directly can you hear me yeah it's still sound weird on your end it's still

fucking up what i had my headphones in like i can hear what it sounds like locally and it sounds fine oh no now you sound good okay okay show must go on shout outs let's hit it shout outs maddie g you have a good friend maddie g's good friend what are you what are you down what are doing couldn't hear any of that couldn't i mean i can hear it on my end it's recording god damn it what the fuck is happening can't hear you can't hear me hear nothing up now i hear you you can hear me okay people are just gonna stop listening to this because we're we're doing this this is annoying well no we'll just cut we'll just cut this part out of the local recording that's true Because we're not streaming right now, so it doesn't matter.

Okay. Is it okay to go now? No. You can't hear me. How about now? God damn it. Boom. Now I don't hear you.

Okay, keep switching from my Rodecaster to my Brio mic. It's fucking picking up my camera mic for some reason. I don't know why. It's so weird. Does it sound fine through your monitor? Yeah, it sounds completely fine. it's not making it to the computer it's not an internet issue it's it's got to be an audio connection issue it's zoom it's running through zoom zoom's going in and out from my camera mic

to this mic um yeah it's got to be an audio connection issue what if we stop recording right now together and then you restart your computer and then we give it another we give it another shot and that way it doesn't matter because we can cut out this end part of this of this local recording and stitch them together let's do that but right no good deal take three audio issues today freak sorry about everything that's going on here i think we got it together though it is my camera mic that is causing the issue so i unplugged my camera uh and matt is just staring at a a blank tftc sign do you like this better matt or

do you prefer seeing my face you know it's been it's been two years of me looking at your face so it's nice for a little bit of a change uh i like change every once in a while too all right we're live again we're recording third time's a charm third time's a charm i turn my camera off we think it was my camera mic that was continually cutting in uh we're gonna pick up back at the shout outs uh two two shout outs today we're reading the second of two it's a quote from a podcast i recorded last week uh the rest of the country needs to adopt the texas model of how they run their grid just a pure free market that was uh that was a quote from i don't know if i said it did i say that let's see there's a youtube link in here we'll link

to it in the show notes uh yeah it was from the uh the mining trends bitcoin liquidity crunch and money printer go brr with the guys from blockware solution so i think that's a jab at whoever said that potentially me i may have said that before everything happened there um talked to parker lewis last week about what happened in texas with that whole thing and he was actually pretty proud of texas 100 year storm country of 30 or country state of 30 million people maybe that's a 40 and slip maybe texas will be its own country soon less than 100 people dying when you have those rolling blackouts three million people affected by those blackouts um yeah that's interesting matt i think it's only you on screen right now uh yes it is

it is it is indeed um i'm glad that that that parker and the austin crew are doing all right it it was pretty vicious down there i think it's still pretty bad uh i did have a discussion with him a great discussion with him yesterday on bitcoin magazine's live stream um for the anniversary at gox um yeah no that's just pretty crazy i was just a little bit distracted cheers to the freaks with the shout outs i was a little bit distracted because uh i just wanted to retweet the the new live stream link on twitter um and it's fucking hilarious let's be honest this is uh the freaks have been with us for years now um we're we're at 50k bitcoin and bitcoin might not go down but uh our audio problems continue bitcoin never has audio problems bitcoin never

has audio problems this is why you you stack sats and you don't stack tftcs and you should stack tftcs too i was speaking out of my ass there yeah sorry for the audio issues being in my existence i thought they were gonna i was gonna solve them with this this whole new podcast setup and it seemed to have only gotten worse believe it or not uh the shout out for the shout outs. Thank you, Freaks. Shout out to Mikey G, wherever you are. You have a good friend out there speaking to you via RHR. We have no idea

who they are. We were talking about the fact that the price crashed earlier this week and it was kind of ironic because the fundamentals are very strong. We talked about Square, the fact that Michael Saylor bought another billion dollars worth of Bitcoin. One thing that we did not touch yet

is the fact that Bitfinex and Tether settled with the New York Attorney General's office without admitting any fault. They had to pay something like an $18.5 million fine, which is significantly lower than I would have expected. I don't even think that's a slap on the wrist. That's like a tap on the tush, like a, hey, just don't let it happen again. And they didn't have to admit any fault.

So Bitfinex and Tether produced 2 million documents to prove that they had one-to-one reserves. So I think the fact that they didn't admit any fault means that Tether's fully backed. One of the biggest pieces of FUD that's continually thrown at the Bitcoin markets has been completely debunked by the New York Attorney General's office. I mean, I wouldn't say necessarily that this means they're fully backed. Why not? look look i i i've defended tether way too much like i've had to deal with all this fud for years i have threads and threads if you search on on twitter search is super powerful if you search

um if you search from uh matt odell from semicolon at matt underscore odell tether there's just you know thousands of tweets where i was arguing with people about this shit and bitfinex and his crew they blocked me they went private so they like broke up all their threads and stuff and like they were wrong right they were wrong you know bitfinex has said since eight hundred dollars he sold his bitcoin um because tether was going to collapse the price and even if tether is unbacked and fails in the future which it very much very met way very may well um that is bullish for bitcoin like people are just gonna fucking run into bitcoin in that situation so um they were completely wrong. This is an extremely bullish situation because it's a major de-risking

of the space. There's a lot of so-called sophisticated investors who were scared about Tether. And now that there's this no-fault ruling, no-fault settlement for nothing, like you said, $18 million is fucking nothing. It removes that risk for them. And you combine that with all the other bullish news we see and it's really just prepping bitcoin for this like massive fucking run that we already you know caps odell has already been freaking out about um and it just it just adds even more fuel to the fire and it's just pretty crazy watching all these these guys that have just been super anti-bitcoin and have been running with the tether thing just like in complete denial when this when this settlement came out

yeah it's uh yeah i wonder what bitfinex is doing do you think he's gone forever hopefully we can rid ourselves of that idiot no i'm gonna die on this hill like i think people severely underestimate the fact that tether has bitcoin as reserves backing tether like the dollar value of that bitcoin has been increasing significantly so like i think there's an argument to be made that there may even be like over collateralized when it comes to it but that was always the two sides right like the side for me was i was fine with them holding bitcoin as collateral because they're cut off from the banking system and i think bitcoin's the best collateral there fucking is but to the tether truthers that's what they thought too you know and they thought

bitcoin was going to go to zero so it's you know backed by a horrible collateral so so and tether never admitted has never admitted to holding bitcoin as the collateral right so uh there is that i mean look at the end of the day the whole reason tether exists is because there's a massive banking blockade on american business on bitcoin businesses um globally this is part of the reason we were talking about bitmex right like this is how they pressure companies uh bitmex got around it by just having no banking relationships whatsoever um obviously that only lasted for so long. And Tether was the other option. Tether was the other option. You had all these exchanges that could pop up. Binance in the early days had no fiat connections whatsoever. Like they just

were able to use Tether as a connection. Poloniex, you know, they were able to use Tether as a connection. Bittrex, they were able to use Tether as a connection. And then they didn't have to do the banking relationships. Basically, Bitfinex, who is also like the parent of Tether, created this situation where they allowed all these little exchanges to pop up and not have to deal with the the hard side of the equation which was the the traditional banking side so so so tether by itself was always breaking the law they they were they were designed to circumvent u.s regulation um i never argued against that you know and that that's something that like the anti-tether people were always conflate they would always conflate the two um and just to be absolutely clear like i've

never hold tether it has third party risk you have to trust them uh the whole reason we bitcoin is is so you don't have that risk but there's obviously a value prop for it uh it doesn't compete with the regulated stable coins it doesn't compete with future central bank digital currencies because it's black market money it's a black market u.s dollar uh gray market u.s dollar that's designed to get around all the u.s regulations completely agree yeah i've never touched tether either don't plan on touching it it does exist people do use it it was interesting they went up against the new york attorney's general and got like a tap on the tush like even though they are a black black market operation it's interesting interesting they were able to do that excuse me

the bullish as fuck this is probably the most bullish news of the week and there's been a lot of bullish news this week yeah and then i don't know if i certainly want to consider this bullish news but certainly a bullish driver uh something that you don't have on the list but i've been writing about this week is is the fact that inflation is peaking its head so there's a few things going on in in the financial world that is really um starting to worry me i warned about this of april 7th of last year in in the bed uh rag issue uh when we started the lockdowns and uh the trump administration and the powers that be were talking about helicopter dropping money into people's bank accounts like the echoes that this particular situation has with the weimar republic

it's obviously not exactly the same weimar republic uh post-world war one they owed reparations they weren't allowed to pay their reparations in german marks they had to pay in other currencies or gold and when they weren't paying the reparations back quickly enough the french army came in and occupied the weimar republic and the the rulers of weimar republics told the the operators of the factories who the french were expecting to build stuff to start paying back reparations not to go to work and when they stayed home from work said hey you're not working don't worry we'll print money and put it in your bank accounts and that's ultimately what led to the hyper inflationary event in the weimar republic now obviously here in the united states 2020 2021

we're not in the same exact situation we just get out of a world war we have the u.s dollar as the world reserve currency and there's there's very nuanced differences between the two situations but there's also a lot of similarities right like we shut down the global economy but we shut down the economy here in the u.s we'll focus on the u.s uh last april of last year as you had a global supply chain crunch underway and the government decided to airdrop money again twelve hundred dollar stimulus check nothing too crazy they also bailed out a bunch of people gave out the ppp loans and and a bunch of other stimulus actions and in april 7th of last year i said hey this doesn't seem like a good idea you can't shut down the economy stop people from producing goods

and then drop a bunch of money into people's bank accounts whether it be via direct stimulus or the PPP loans and not expect the prices of goods to go up and since then I think every once in a while check in be like hey it seems like things are getting more expensive and then you have the Joe Weisenthal's of the world and the the central bank academics of the world saying CPI is low the Fed coming out and saying we need to increase CPI to higher levels than before and then our than our previous targets of two percent we're going to try and overshoot that and all the while like inflation has been creeping up like these people are again pissing in our face telling it's raining telling us it's raining and the if you go and look at the commodities prices

on finviz.com like it's disgusting how how quickly and how abruptly prices have risen over the last year so if you look at the price of cotton copper lean hogs corn soybean oil soybean meal oats rough rice soybeans wheat canola crude wti crude brent gasoline arbob heating oil all these commodities are up significantly against the u.s dollar and meanwhile the u.s dollar index is sitting below 90 currently at around 89.89 and you have a the fiscal side about to throw gasoline on the fire with even more stimulus 1.9 trillion as an appetizer and talks of like 4 trillion at some point further down the road and then this week this is like tinfoil hat is on now it seems like the fed is trying to hide what's going on they changed the

way in which they're reporting the m2 money stock numbers from a weekly data points to monthly data points oh i can't hear you at all i'm sorry the live chat wanted me to pretend that i was talking while you were talking um we have a lot of action in live chat i just want to say thank you to all the freaks who have joined us for the third take on the live chat um for the for the people who are asking the reason we don't have a camera on for marty is because the camera was causing the issues uh marty the the the bent um that bent was like one of your best bents ever you just like copied you just you just pasted the the charts of like everything going up in price kudos and they're saying that there's no inflation

it's like how can you that's what I said I was drunk sorry the bank got out so late last night I was so busy like I was pissed off people are parroting this there's no inflation there's no inflation CPI's low like when the fiscal side comes in

that's probably when we'll see inflation literally shut your fucking mouth and open your eyes and just look at the charts you have to be an idiot to not recognize that these prices are going straight up and then like just anecdotally my parents were in a coffee shop and my dad over the last six weeks has been forwarding me emails of their suppliers saying hey just uh warning you we're gonna have to raise our prices five percent seven percent like it's happening at the at the small business

level too and this is serious and again the fiscal side is about the poor fire for gasoline on the fire excuse me i think and then i was pretty black pilled this morning when i woke up a combination of the fact that we missed our flight to to florida yesterday woke up at 3 a.m uh to drive to philly from the jersey shore showed up to the airport literally two minutes late they wouldn't let us check our bags in uh my wife was like we're not torturing our son we're going home we're gonna get the credits for the flight and go somewhere another time so i was i've been up since i was up at 3 a.m from 3 a.m until 1 a.m almost 22 hours straight and like so i and then i had to wake up my son woke up at like 7 a.m so i got six hours of sleep after being up for 22

hours straight and just thinking about this all this morning like and i was actually uh tell you you're not in florida no i'm in jersey yeah i was telegramming with uh maddie mazingtious from the um from the uh crypto voices uh podcast and like we we actually did the compound annual growth rate of the bls's report of the cpi versus shadow stats inflation numbers and it's disgusting like if you compound the annual growth rate over the last 10 years that the bls has reported they're saying that you've had 1.77 inflation over the last two years since 2011 real estate stocks university prices everything uh says that uh it's bullshit everyone knows is bullshit anyone who's got a fucking brain knows it's bullshit right yeah i mean marty i just want

to be clear here like i was giving you the benefit of the doubt because i thought you were staying at some place in florida and that's why you were having these issues so now you don't get that benefit of the doubt but you do get the benefit of the doubt if it sounds like it was a very very long night um so i'll give you that very long day now i know why now i know why the bent went out at midnight yes had to work on top of all of it as well got a podcast in with lynn alden did a clubhouse with the oil and gas industry but now like back to this inflation stuff it's infuriating inflation isn't here inflation isn't here maybe it will show up when the fiscal side starts stimulating it's like wake the fuck up people and the fact that the fed is changing the

way in which they're reporting this m2 data again has my tinfoil hat on like what are they trying to hide are they worried that if they were to report this data weekly that it would be such a shock to the market that that they couldn't allow it so they need to extend the amount of time between data points so the market doesn't get too freaked out every week um it just happens once a month and then they start with like the monthly and then they're gonna like be like oh we're gonna switch to quarterly and then we'll switch to yearly or whatever probably it's like a slippery so i like like thank god we have bitcoin you know if we didn't have bitcoin i'd be fucking freaking out right now you know i'd be like sounding the alarms inflation's here they're

lying to us we need to solve this where it's fucked up and stuff but instead i just stay humble stacks at so i'm just like you know it is what it is if you don't want to listen to caps odell then i don't know what to tell you well that's why it was probably a combination of exhaustion and just frustration with like again the media class and the like the academic economic class really parroting this line that there is not inflation that we don't have enough inflation really angered angered me and then like had a black pill moment where like i'm worried for a lot of people it's like fuck like people aren't prepared for this a lot of people take what these idiots are saying at face value and like yeah everything's fine everything's fine don't worry

and it's going to sneak up that's the thing it's going to fucking sneak up and people aren't going to be prepared for it which makes me worried it was why we do this show stack sass i don't want to hfsp people ryan fan i have the i have the comments open okay i uh well that's good since we don't have the you don't have the video you should at least have the comments uh the live chat open i uh i i like what ridolf was saying now instead of it's have fun have fun buying higher um another thing that i thought was interesting was on my conversation with parker yesterday i asked him you know parker has this great blog series gradually then suddenly um and i think a lot of people think like caps odell means that we're in the suddenly phase like it doesn't like

parker agrees with me we're still in the gradual phase when the suddenly phase happens you can fucking rip your face off so um i know the freaks are prepared we're just preaching to the choir here i think we're i think we're ending or we're nearing the end of the gradually phase honestly the fact that the fiscal side wants to throw this 1.9 trill stimmy on the markets with another four trill down the road we had another repo spasm a couple weeks ago and if you go listen to the conversation with lynn that i had yesterday she does an incredible job of breaking that down it's not exactly like what happened in 2019 it's actually the opposite there was too much cash and not enough treasury duration matchup uh you had fedwire go down all day yesterday and another

pumping game stop like there's like all these tremors and these alarms going off at least in my head maybe again maybe i'm too tinfoil hattie tinfoil hattie and like paranoid but like i don't No, it seems like something's going on. Yeah, I mean, something's obviously going on. We've been, you know, we've been saying this for years. So this is why, this is why, this is why we Bitcoin. It's one of the reasons we Bitcoin. Bitcoin is hope.

Bitcoin allows you to opt out. Bitcoin's a lifeboat. And I'm just super grateful we have it as an ability to, you know, not have to participate in this fucking ridiculousness that is going on right now and it's just it's done in such a bad faith way like i just like there's few people talking few there's few people talking about this in in any kind of good faith it's gaslighting it's straight up gaslighting dude in which like the whole controlled demolition conspiracy theory starts

make more sense. If you actually understand what's going on, if you actually just look at the charts, it's obvious that they're lying. All you have to do is, again, shut your mouth and stop parroting what they're saying and open your eyes and look at the charts. Prices are skyrocketing. It's weird.

The psychology of it all on a mass scale really freaks me out. I don't know, Marty. Prices seem to be going down for me. Ha ha! Your cuck bucks not uh getting you more sats this week than it did last week so be aware be aware onto onto more white-pilled stuff onto building onto optimism yeah the 10-year yield that spiked up

this week too it's fucking oh god damn it all right good stuff let's talk about the good stuff teleport transactions coin swap implementation pretty massive before we talk about that i mean I think we should talk about Taproot real quick. A bunch of freaks were asking us to talk about it again. I mean, we talked about it last week. I don't know exactly where the confusion is. Maybe they didn't listen to RHR. But basically, there's this discussion of this lot value.

And you can either do lot equals false or lot equals true. And there's two questions. There's a question is, what should the default ship as for core, Bitcoin core? and alternatively regardless of the default what should individuals choose to run and basically lot is lot equals false um has the miners activate uh taproot um lot equals true says at this date we're going to activate taproot regardless and if if you if you haven't then there will be a fork in that situation um there's there's more nuance right like lot false is purely miner activated soft fork

not true is miner active soft fork if they don't activate it you get the user activated soft fork behind it I mean if the miners activated first then okay right but it's it's just going straight into a user activated soft fork if it's if it's a lot true because at the end of the day like the

miners know like at this date it's going to be a UASF right regardless and then there's a middle ground right but that's not giving them an option that's just saying you know i have a gun to your head comply or you'll get shot that's a good point so so then there's a third option where you go lot false you let the miners see if the miners go along with it if they play fucking games and we want to be conservative they play games that in the future we can go into

lot true and then we can force the hand so so to be clear here like it's a very dangerous precedent i think for core to ship default lot true i think core needs to ship default lot false because otherwise there's a perception rightfully so i think that the devs are forcing or pushing this decision they're they're pushing this decision as a as a fork as a default um this soft fork as a default um at the same time though if core ships lot false doesn't mean there won't be like a bunch of toxic bitcoiners who will manually switch to lot true um so anyone who's considering as a miner considering not activating in a lot of time will take that into consideration and they'd be encouraged to obviously go along with it to not create disruption does that does that

make sense yes it does it makes a lot of sense i agree yeah a lot true is is a gun to the head it's weird like a lot of people are attacking developers and like we're gonna and everybody like we're gonna use activated software we're gonna use activated software like I said last week like I don't get why everybody's so up in arms about this like I think it's gonna be pretty easy like I don't think I don't see

any miners actively posturing they're not gonna activate this I think we're making something out of nothing potentially nothing yeah like you said like a lot false the miners don't activate it and then you can have the user activated soft fork i think i think part of the issue is that we don't

have like a set way to handle this stuff so like i i would like that in the in the future we have like a process in place which is this process i think you go to minor signaling first and if the minors don't activate then then you can do a user activated soft fork afterwards yeah and then we don't even have to have this discussion every time like we shouldn't be discussing activation methods every single time we need to activate a soft fork it should be or consider activating one right i think there's an important distinction to make here too like i think maybe there's a belief that with lot false you're you're abdicating the decision to the miners which to a sense is true but like it's really like a preparedness

thing right like you just want to make sure that the miners are ready to upgrade so there's not a chain split you don't have some hash going off on one chain and another part of the hash hash rate going off on another like it's a preparedness thing not a power thing is that a correct framing yeah i mean it's also just nice that you just have multiple parties all agree on something in a process right so the devs ship it and then the miners agree and the users are running their nodes at the same time and you know all these different user groups are all you know coming to terms with it and agreeing with it on the schedule and it happens um i i would say like metaphorically the difference is coming a lot true off the bat especially default core

is like holding a gun to their head loaded um you know going lot false with the intention of going lot true if we have to in the future is like having a loaded gun in your holster you know like it's still there you still got the fucking gun you can point it at them in the future if you need to but there's no reason to just go straight to pointing it to their head if you don't have to yeah especially considering the precedent that's it yeah i think we're in agreement here um lot false lot false with a separate user activated soft fork if need be i just want to say um there's two people who have really embraced the caps uh on twitter our our boy brian lockhart and and lop lop has fucking gone all caps like he he went he he sent one out yesterday or today

it was like lot equals false send tweet all caps just fucking sent it out it's all that yeah i'm on i'm on team lot false i'm on team lot false there's gonna be a bit of controversy on i i think i think i think if a user wants to go a lot true that's one thing like i might go lot true myself but i think core ships lot false like the the default should be false you'd have to create your own binary to do that wouldn't you there's someone's gonna do it you know yeah yeah that's they'll be the version that's that's a lot true version and they can't config it right so you can pick in the release right uh they can't make it optional i would like i i prefer if there's like a toggle in the fucking release to be honest like an easy way for someone to do

that i don't know if they're doing that or not but that would be the best to me you default it to lot false and you make it easy for someone to enable it if they want to that would be the safest way in terms of you don't have to have users downloading from some other source you know they know i'm going to download core from where i usually download core from and i just enable one way or the other yeah i think that would be the best and personally i and i think that's the cleanest going forward you know you have a new thing you want to activate you ship it and and users can choose if they want to go user activated or not right yeah yeah i agree we're in agreement here and again like i think we're

making a lot out of something that doesn't need to be a lot but hey these are the tough conversations that need to happen the important thing is these like we love bitcoin bitcoin is scarce bitcoin is hard money because it's hard to fucking change like this is not ethereum we can't just ram and update through everyone and that's fine like we can wait like if marty has to pay the million sats to hrf because we don't activate till january 2022 so be it you know like it's not the end of the world this yeah this is true i'll be happy to give up those sats because it's gone to a great organization um but yeah no i would never i would never uh try to pressure the network to do something because i'm going to lose a bet yeah this is it is hard to change this is actually

maybe we'll look back um a few years from now maybe taproot won't be activated maybe it will be regardless if it is or isn't we'll look back and and be happy that it was this hard to to come to this decision that proves that bitcoin is hard to change which reinforces its whole value prop god i fucking love bitcoin i fucking love bitcoin thank god we have fucking bitcoin dude and like it's just invigorating at all times these conversations uh getting into the arena of ideas whether it be on twitter on the mailing list not that i participate in the mailing list them too intimidated probably not wanted their other forums it's beautiful it's beautiful chaos beautiful rough consensus this is what it's all about freaks embrace it enjoy it soak it in

now can we get the teleport transaction fuck yes let's go yeah so we've been following this since last may chris belcher announced last may that he had designed a spec of an implementation of coin swap an idea that has been around since 2013 i believe greg maxwell came out with it in 2013 i mean the same it was like similar timing as coin join right yeah around then um i think greg maxwell proposed this idea with somebody else i forget exactly who uh it sat there as an idea in the internet for seven years and then chris belcher said hey uh i think i have a design spec for this went out and raised some funds so that he could focus on it in december he uh teased the world with the first ever coin swap transaction on testnet or multiple transactions actually

and then last week uh he announced on the mailing list that he has a a working uh basically wallet implementation called teleport transactions i'll let you take it from here matt i mean he's he he did his own test via testnet right um i don't think implementation has been released yet um i think it was more i mean it's like built out not used yet the way i understand it um one thing that was interesting is he mentioned two elements there uh it could be a standalone implementation like something like join market or it could be built out in a way that that it could be easy to implement into other wallets and i think that we need that second one right like we like really the power of something like coin swaps becomes

um really practical and useful at scale if we get it implemented into into the major wallets and then people don't even really you know and then that way chris doesn't have to deal with ux and stuff like that right because let's be honest like ux isn't your market strong suit it just needs to be like a very strong action format interoperable implementation that can just be put into any kind of wallet yeah completely agree and so the way coin swap is different than a coin join right is a coin join is you mask your UTXO and a bunch of other similarly or exactly sized UTXOs in a transaction you get privacy via obscurity you don't know you join in this coin join with same size UTXOs and it's hard

for the chain analysis companies to to actually decide which UTXO you own at the end of the day or the others and that that coin join owns makes it harder especially if you do multiple rounds Coinswap allows you to create a transaction in which you can send different amounts of Bitcoin in a private fashion.

So you send to two addresses. How does it work exactly, Matt? You say that you're sending it from A to B, but in reality, it ends up in another wallet. Okay, so this is the metaphor. You ready? let's see if this metaphor works coin join is you have five people we're in a room together

five people we each have a gold coin we put it into a smelter and we melt that gold that gold of those five gold coins and then we pour them into five new gold coins that's a coin join transaction okay a coin swap transaction is you give me your gold coin i give you my gold coin yes so the the negative of a coin swap is since you gave me your gold coin and i gave you my gold coin i you're trusting me with your privacy so in order to implement it in a uh trust minimized manner you basically need to do multiple coin swaps in a row so that you might know the next party but at the end of the day when it goes through five coin swaps you don't know where the last where it ended up you don't have to trust anyone with your privacy as long as one person in

that process was you know you know not a civil attacker not not a malicious attacker thank you for bringing that makes sense yes it makes a lot of sense dope and then you can combine coin swap coin join join market all these you're not allowed to look in the live chat excuse me you're not allowed to be in the live chat that's just me and the freaks i didn't look at the live chat i wasn't in there i'm you commented i tried my best here i see your comment i did try my best onto software updates a lot of software updates a lot of big things happening spectre version 1.2.0 has been released shout out to the spectre team anything big there that you want to mention uh no i don't have anything on the updates i've been too busy onion chair

version 2.8 you're gonna have to explain this one because i haven't seen onion chair on the list yeah what is it oh onion share i actually can talk about that that is a big one uh the onion share so onion share is this piece of software that you can run on your computer uh historically it was used for two main things um you could share a file so like if i wanted to share a file with you let's say this podcast recording afterwards i'd run it and it would give me an onion link and i would give you that onion link and then it would just automatically transfer encrypted via tour the file between the two of us but just the piece of software pretty cool um and then it also allowed you to host like a static tour website so like if you just had a website that was like

html or plain text uh you can just put it into onion share and you can just host it from your computer just any computer and it gives you an onion link and you all of a sudden you have a tour only website so really fucking cool little piece of software he added a new feature where now you can uh p2p direct chat uh privately via the tour network um which is i it seems it's just a really slick um really slick way to take advantage of tours features uh in in a ux like very ux forward friendly way oh yeah like what's going on with tour can we trust tour anymore it's the best we have but don't uh don't think it's perfect don't treat it like it's perfect

but i i i don't i think if you're not running a hidden service if you're not running like a dark market or something um it's you know it's probably it's probably private enough for the overwhelming majority of users um we don't see like widespread dn anonymization of users especially if they're staying within the tour network um but yeah like you know the freaks know i have my concerns with it i just there's nothing really um usable at scale besides it so agreed that's like one thing i noticed actually using brave is my browser on mac mini i got away from chrome uh makes it a lot easier to just like get into tour now so that came out that came out this week i forgot to put it on the list oh well i think i brought it up what's going on

tour so i always thought one of the coolest parts of brave was that they had the tour browser built into the private like incognito mode it turns out they leak all of your tour traffic to the dns provider uh over clear net they just patched it so if you've been using the tour feature on brave uh there's been like a major activity privacy leak to um usually i guess your isp usually is usually your dns provider awesome so that's not great no happy i brought it up though now i know well it's supposedly fixed now but i like they have a horrible track record the problem with brave is like they have reasonable defaults and it's pretty cool in terms of like i like that

it's a stripped down version of chrome and it's got ad block and stuff but there's just not enough eyes on it there's not enough eyes on it and i really question the uh motivation the motives of of the team over there i mean uh what's his what's his name the guy who invented uh yeah brendan eich like he's just like like he's he's a he's a bit of a dirtbag you know like he's like he's just trying to monetize you he's got like binance ads when you create a new tab and shit crypto.com ads and shit um so i it's it's the the incentives but it's not it's not proper open source software it's just like it just seems wrong yeah maybe i gotta try out the center now yeah you gotta get chromium you gotta get uh chromium just de-googled chromium i can download that on my mac i don't

need that on android correct awesome moving on ride the lightning version 0.10.1 has been released go down that there was actually something pretty big in that wasn't it they add bolts or something bolts compatible yeah i think they integrated swaps into there yeah do you see bosworth fucking flexing on people again lightning no what was he like sharing his uh his routing node well first of all people yeah so i and to the freaks that are unaware i've said in the past like it's you know alex bosworth is like legendary in lightning he's like uh you know i'm one of the main lightning developers he runs some of the most connected nodes um nodes in uh lightning pool where the liquidity marketplace

are ranked on a score method called the boz score which stands supposedly for balance of satoshi's but it's also the first three letters of his last name um and he he oftentimes tweets out like how much he's making in routing fees and it makes people think they can get yield uh easily from running a private you know lightning routing node um and i always think that's misleading because he's super well connected um and the average user is going to be going through tor only and it's way harder to have a performant routing node if you're going through tor only um but anyway uh and also i just think it's this idea of trying to seek yield on an asset that's designed to pump forever is ridiculous you know like you're you're talking about like oh i'm gonna i want to get six percent

on my bitcoin and meanwhile it goes up 20 one day drops down 20 the other day and like meanwhile you're like trying to get six percent or five percent or whatever like you're fucking ridiculous what there's no counterparty risk there's counterparty risk if you use lightning if you have a watch there's definitely risk okay besides the point i'm just saying this idea this yield idea needs to be like nipped in the bud a little bit this this idea that like the base yield of a deflationary asset is holding the deflationary asset the risk-free rate of return is number go up is is just the number going up and and the return is going to be unfathomable for people that we don't realize how high the number is going to go up if you want to try and

get four percent uh on lightning two percent on lightning or or six percent on block fi and keep it with a centralized custodian i guess fine fucking go for it but it's it's it's a dumb fucking decision as far as i'm concerned but anyway that's besides the point uh alex tweeted out like he has a he has a channel that's that that's got a capacity of 250 000 um and he's like he's like it really hit me when you sent an instant payment worth 10k how transformative lightning was and i was just like are you getting this is like the i i don't know i just lex it was just a funny tweet that is a boss flex shout out to alex i mean he's forging away like his first mover advantage is going to be pretty significant that's what he said he said 10k for 10 cents

instantly settled transformative that's insane 10k for 10 cents is that point zero zero zero one three zeros freaks i don't pretend to do math live on rhr i'm opting out of that i think i got it right i think i got it right uh moving on hexa wallet version 1.4.5 has been released disclaimer matt's an advisor of this this software uh they added buys didn't they they've been there for a while yeah buy bitcoin with apple pay that's what they added it's pretty big they added it's called ramp have you heard of ramp.network i have not neither have i uh but it has apple pay support pretty low fees i think it's like half a percent or something yeah apple pay debit credit cards bank transfer it seems pretty big for hexa um samurai dojo version 1.9.0 has been released

if you freaks are using whirlpool we highly recommend that you use your own dojo so you're not depending on somebody else's node if you're not going to download your own at least use somebody that you trust i mean i like the samurai team and everything they built but just to live within the ethos of what we're doing here don't trust verify for yourself and try to abdicate that risk to yourself or um a very trusted individual that you know and can trust and uncle jim if you will uh anything about this dojo upgrade that you want to talk about i don't think no i didn't really i haven't dove into it yet but it seems like a good they're making great strides

just in terms of performance and reliability it's just UX improvements from what I can tell mynode version 0.2.27 has been released if you're running mynodes go check out that sparrow wallet version 1.2.0 has been released

you had Simon on on Tuesday I wasn't able to check that episode yet how was it not simon craig um good craig good craig that's who not bad craig craig raw first podcast ever how did that's always it was great it was a good conversation i i think sparrow's completely underrated um the freaks should go listen to that dispatch if they haven't uh it it it caught me off i mean i think it caught you off guard too right like sparrow just hit us it blindsided us and it's just the first time we talked about it i was like have we not seen this

yeah it's performant it's clean the ux is is is is great um this guy like he's a massive adversarial thinker adversarial thinker um which is what we want to see in the space he comes in as a nim which is also you know pump the nims let's fucking go like i i'm just super bullish on sparrow um it was really great to have him on he's from south africa so he our live stream literally started at midnight his time um and ended at three in the morning so uh props to him and uh yeah it was just i i'm just really blown away by sparrow i think it's a great project craig raw sorry for calling you simon i don't know why i thought your name was there for a second well that was because the week before i had the mempool guys on which is whiz and simon

that's what it was that's what it was there you go um blockstream green adds encryption to the wallet metadata finally big update it's taking them a while um so this is now this is my update stream servers doesn't know your labels correct uh yeah they knew they would know your labels and yeah your account labels like all the metadata they that all the metadata wasn't n10 encrypted now it's n10 encrypted with your seed um and the big one was was the account labels uh which would automatically they still automatically get restored but now they're end-to-end encrypted with your seed uh before they weren't and if you update it will automatically delete your cleotext ones and replace it with the end-to-end encrypted ones after you update but this was

massive this was a a thing that i've been asking for for a while so it's really great to see how can they replace that like what they have to know it i mean wouldn't they know it if they replace it well when you update then they intend to encrypt it from that point on and they delete whatever they had previously okay okay right yeah yeah okay okay um river shout out to our our boys at river alex leishman and crew they raised 17.3 million dollars uh to to build out the rest of their product um massive it's a i mean base team building a product from scratch they're handling all of the security the custody of the bitcoin they're they're onboarding customers educating them so i'm very happy to see that that alex and his team are are getting support from

investors uh they need to get into more states they're pretty limited in the amount of states that they're available in right now and so hopefully um they can take these funds and and go hire people to get expansion and build out the product more very very impressed by the river team and they're they're pretty based and very aligned with bitcoin's ethos so congrats to the river team keep crushing it yeah cheers to them i fucking their product seems fantastic i obviously haven't gotten to try it yet um because of the states uh i mean they're not available in new york yet um but uh and to be frank honestly like i'm not going to sign up for another kyc product but it seems like they're building great things and i said cheers to them yes uh big news for you

bottle pays back baby bottle pay is back how's it feel disclosure matt's an advisor of bottle pay um they fucking i had to sit on this fucking shit for a while before it got released but uh dude the vc market is frothy as fuck bottle pay raised 15 million 15 and a half million at a 70 million valuation post money um for a company that hadn't launched yet hadn't relaunched right so they they relaunched um basically as like a cash app strike hybrid kind of deal um so it has full lightning integration uh with withdrawals and deposits um but it also has uh you know you can do hourly auto stacking you can do daily auto stacking you can do weekly auto stacking um you can do like cash app you can send you know euros or pounds eventually dollars

between accounts um or you can send sats um so it's like a pretty it's a it's a pretty massive goal they have uh and they're going right now they're uk only then they go eu then they come to america so they're going like in the opposite direction of cash up and strike yeah i mean that was a huge bottle pay and before they had to uh they didn't really have to that was the admirable thing about what they did they shut down because they didn't feel comfortable um thrusting all the regulations on their clients after having been using the app for so long so they shut down recalibrated now they're relaunching with uh with a an adjusted roadmap and it seems like a pretty dope one like you just mentioned and yeah i'm happy for the for the team for you disclosure

matt's uh advisor uh that's just good to see good people succeeding and their product was dope before they had to again they decided to shut it down and had to yeah i mean that that that is you know and it's it's super commendable and i i'm i i want to see more projects do this in this type of situation but they got they had a kyc free product uh that never interacted with fiat it was just easily sending sats between people uh using lightning and using social media handles and uh amld5 in europe uh got you know they also had like the brexit they're a british-based company they also had like the brexit things happening at the same time right but at the time they were eu um because they were in in england and amld5 happened they had to implement kyc

uh by a certain date i think it was like january 15th or something of 2020 uh which feels like a decade ago um and uh instead of doing shotgun kyc people have funds on the thing and make them make them do kyc to withdraw they said we're closing down completely they returned all user money they they stopped all their momentum they had like a ton of fucking user momentum of using it and now they came back and you know it is a kyc product because they have to do kyc but they were like if if we're going to do kyc anyway we might as well just go go ham on on on the fiat integration side right so they built this and it's very similar to to river or or strike in that they built out a proper connection um to the fiat world so like other companies

they're not relying on a third party to handle their fiat to bitcoin and their bitcoin to fiat so they will be the you know the integrator like if if another app some like random finance app wants to integrate sats into their app they can do it all through bottle pays api so there's this whole uh like corporate integration side and they basically just were like you know kyc sucks but we might as well lean into it if we're going to be forced to do it dev suites smart idea again freaks i'll keep beating this dead horse until it turns into a zombie and attacks the the creator that made it kyc is completely ineffective aml is completely ineffective the people who thrust these rules on on the globe on everybody that lives on this planet

break these rules consistently again we lived in a two-tiered system the people implementing these regulations don't follow them usually they buddy up with people like jeffrey epstein like the mexican drug cartels other pedo and drug dealers and uh they let them do what they want to do while me and you can't send three thousand dollars worth of bitcoin to each other because that's just that's just not not good you can't have the plebs sending three thousand dollars worth of cuck bucks or three thousand three thousand cuck bucks worth of sats to each other without knowing exactly who they are you need to be able to track them in case they get out of line right you need to be able to track everything they're doing to prevent money laundering every

pleb is convicted of money laundering before they even do it you're guilty until you're proven innocent you got to give up all this personal information you got to give it to the banking and financial system that can't even keep their systems up you got to give it to them so they can store it in their their insecure databases that have been prone to hacks throughout the years you got to give them where you live when you were born your social security number a picture of what you look like the addresses that include the amount of bitcoin you hold and you got to give this up for your own safety give it to them they want to protect you they care about you give them all this information they love you they don't want to buttfuck you into the digital

panopticon at all that's not what they're trying to do just give them the info they need it they need it to keep you safe freaks they fucking need it give it to them it hits different when i can't see your face yeah what is this like for you right now um it's a little bit strange i mean it's fucking hilarious the freaks are only seeing me so i'm just they like when they hear you they're just looking at my my reactions to my reactions to you and the live chat because i am i am watching the live chat i'm your inner voice you're just having a conversation with yourself right now that that is basically what isn't that what we've been doing for the last two and a half years I have a random topic that I wanted to bring up.

Okay. We've got a hard stop at like 3.59, so like nine minutes, but bring it up. What? I've got a call. That's why we started recording early. Yeah, but you're supposed to tell me about the hard stop before now. All right, let's get into the topic. Did we hit the rest of the list?

Okay, so we just. Gladstein's article. Yeah, we only have one thing left. Yeah, Gladstein's article. go check it out can government stop bitcoin he did it in i don't know how to pronounce the the brand quillette quillette quillette quillette quillette so go check that out it was a good piece as usual from gladstein um the the subject i wanted to bring up um is trace mayor came out of hiding um he literally came out of hiding a year to the day after his last tweet um before

he went dark so he got he was he was he was caught shilling like the most bottom tier shit coin ever this this mimble wimble privacy coin after he was shaming bitcoin privacy activists advocates myself included and saying like coin join was illegal all this shit and then it turns out he had this privacy bag that he was shilling which is the biggest hypocritical thing ever because like if your argument is that coin joins are going to be illegal uh your fucking privacy coin is going to be illegal as well so like if that's if that's the argument like you've fucking lost already and then it turns out that he was shilling the shit coin okay fine i understand guys trace has done a lot for the space so then he like he should acknowledge that and he should

he should you know fucking apologize and ask for forgiveness and explain himself but instead what did he do he was a coward and he fucking disappeared and a lot of people said a lot of people said oh he's doing it for opsec reasons well here we are 50k a bitcoin a year later and he's doing just a coin desk interview with like the worst person ever tim swanson who called he said i didn't understand economics at fucking 200 a bitcoin when i said people should fucking hodl bitcoin and he was like you don't understand economics and to this day he's like even though it went from 200 to 50 000 doesn't mean that you should understand economics okay tim so salty tim was on the feed with him uh this looks like he has infant alcohol syndrome and trace just didn't

acknowledge it whatsoever and if it wasn't like i i hope that the high mind would have noticed but like i was fucking on that like a fucking like if trace thinks that i want to fucking forget that shit like he's out of his fucking mind like i know i was like i started like what the fuck he just he just came in to talk about tether just like out of nowhere um so so i mean look trace if you if you want to come back into the public square like can we have some acknowledgement of what happened can you discuss what happened can you talk about the mistakes that were made um because obviously mimble wimble is garbage it's been going to zero since you shield it agreed and you're talking to somebody who's sat down

with trace face to face multiple times had lunch with the man it is extremely disheartening to say the least uh perplexing and then it makes you think like what is your motive like do you really care about bitcoin like like you need to man up about this like it was objectively a pretty shitty move uh i mean pretty public like american huddle uh reported on what exactly happened at the confiscate conference last year which is like he pulled hodl aside said hey you should be buying mimble wimble coin i own like a vast majority of this coin it's got a pump you realize what happened there right yeah like matt mentioned it was on completely false pretexts

and completely hypocritical because like if mimble wimble coin was going to succeed it would have the same scrutiny as CoinJoin would. If you would even believe that CoinJoin is illegal in the first place, which it isn't. Yeah. Trace, if you want to come on and discuss

the invite is open. We'd love to have a heart-to-heart and bring you back into the fold if you'd be so willing to apologize for being a bit scammy. just to be clear here like people say to me like oh he's done a lot like we should forgive him like you don't forgive someone until they like acknowledge what happened and ask for forgiveness

you can't just disappear and and fucking like that's not how things that's not how mature adults fucking deal with things that's not how people who respect their audience fucking deal with things um also just to be clear like american hodl gets a little bit too much credit for calling out trace um i noticed i know i noticed trace was doing this anti-privacy shtick and something was suspicious yeah i know he did without me on it and and he did it on stefan's podcast and he did it through the at bitcoin handle and the culmination was at unconfiscatable he did it live on a video with american hodl and uh what's his name adam meister and they were like they were like oh i wouldn't coin join that's like you're doing it with north koreans like and all this shit and i took that

video and i posted on twitter and i was like this is fucking cuck mentality and then coincidentally like an hour later american hodl called out uh chase mayor so there's a little bit of uh peer pressure there oh oh oh matthew matthew we all know you're calling this out as well group effort it was a group effort yeah I'm just the voice in your head like I can see the YouTube right now

and you're just sitting there and I'm just like I mean we should do like a skit out of this or something at some point a spitball in here I've got to run in

three minutes what should we end it on count Bitcoin said he was the one who called him out on Adam Meister's show in the comments so cheers to count

Bitcoin as well um i mean can you hear the heat on that just turned on like it's like sounds like a loud vacuumish noise no no i can't okay that's good marty's owl i will never hoot so forget about that that's never gonna happen um apparently we're gonna be 60 minutes this year marty we are gonna be on 60 minutes this year we're gonna call anderson cooper a cuck mentality that was fucking hilarious I want to ask you what do you

do you think RHR next week what do you think are we going to be over 60k by RHR next week you're always the bullish guy I'm going to be bullish we're going to be 65k by this time next week book it

book it freaks they're gaslighting us freaks they're lying to our faces they do not care about you they do not care about me they are lying shut your fucking mouths

open your eyes look at the charts stack sats enjoy your lives too go forth multiply raise strong families be the change you want to see in the world

I love you freaks stay humble stack sats peace and love stuff breaks it's your boy Marty here to apologize feel very bad for messing up the audio three and a half years in

I need to do better I need to be better as my good friend Crypto Graffiti would say this is very low T of me I'm described to be high T I need to be better I want to be better I will be better for you fruits

I'm going to figure it out I'm going to up my T my low T is going to turn into a high T okay love you guys thank you