TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Bitcoin Week of 2021.03.29

Episode Date: April 1, 2021

This week Marty and Matt discuss: - coldcard physical attack - Kentucky signs bitcoin mining incentives - Strike launches in El Salvador without banking partners - Azteco adds lightning - Goldman to start offering bitcoin exposure to rich clients - Morgan Stanley prepping to add bitcoin exposure to major funds - Brink's first round of dev grants - Gemini provides grant to mempool.space - Specter v1.3.0 - Coldcard v4.01 - Bisq v1.6.1 - BTCPay Server v1.0.7.1 - sphinx-relay v2.0.7 - c-lightning v0.10.0 - MyNode v0.2.29 - Umbrel v0.3.8 - Zeus v0.5.1 - JoininBox v0.3.4 - Wasabi v1.1.12.7 - HWI v2.0.1 - Chainalysis raises $100M, valued at $2B - Canada increases KYC requirements - Lightning node performance tests - Probing lightning channels paper - Largest KYC leak ever from MobiKwik in India - GBTC still trading at discount - Bitcoin transcripts hub - This month in bitcoin privacy - SuredBits Multi Oraclee deep dive Shoutout to our sponsors: Cash App Unchained Capital HodlHodl Braiins

sup freaks it's your boy marty bent here to introduce this episode of tales from the crypt rabbit hole recap tales from the crypt rabbit hole recap rabbit hole recap matt and i just ripped it great rip did not pre-record these ads so i can confirm that it was a great rip as was last week's rip where i pre-recorded the ads this week's ep was brought to you by good friends at the motherfucking cash app cash app something you stack sats send sats receive sats sell sats if so please we're saying sats sats sats sats sats because sats are the standard they're the standard there's 100 million sats in one bitcoin you don't have to buy a whole bitcoin you can stack whole sats instead cash app makes it very easy you can dca in a sat it's a dollar cost average you set

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just thought it was record wasn't recording i am recording thank god that would have been a lot of a lot of words wasted back to hodl hodl if you're short funds you don't need to sell your bitcoins okay get some liquidity by borrowing using your bitcoin as collateral and the great thing is you don't need to entrust somebody with your funds again you're leveraging bitcoin's native multi-sig properties you hold a key hodl hodl escrow holds a key your counterparty holds a key you know where your funds are you know they're not being re-hypothecated you don't have to entrust them with a third party that's a black box your collateral always remains locked in escrow and you control a key to it. On top of that, if you want to get yield on stable coins

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That's Brains with two Y's. B-R-A-I-N-S.com. All right, Brains, they're a leader in the mining industry. They've been running Slush Pool since 2013. Back in 2018, they released the first free and open source firmware of AntMiner S9 so that miners could have an alternative to Bitmain's firmware. This was huge at the time for the decentralization of the mining industry because Ampliid, which was something where Bitmain had the ability

to shut down miners remotely in 2017, when the Brains team discovered the backdoor, they created their own firmware to make sure that users could download that instead of being beholden to Bitmain's Ampliid firmware. And in 2018, Brains verified that S9 could run about 13% more efficiently with overt ASIC boosts, which they gave to their customers with the Brains OS Plus firmware. The feature wasn't public at the time via Bitmain's firmware, so Brains included it in the Brains OS. They developed Brains OS Plus, which is a custom accounting firmware to give miners more control over their ASICs and help them stack more sats. this is incredible if you're in the mining industry a very huge service for the industry

currently supports ant miner s9s and the s17 and t17 generation and the dev team is working on supporting what's minor i no longer have to ask when what's minor this is beautiful they're working on it the open source initiative uh is still going strong with brands leading stratum b2 right to help decentralize the mining pool protocol layer uh they're working with mack carollo and square crypto brains has a working implementation of stratum v2 on slush pool and including in the brains os plus firmware so go check it out if you have compatible miners make sure you're running brains on it you're going to stack more sats and they also help educate bitcoiners good content all right in the space so they're they're putting out a lot of content if you're interested go to

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Enjoy the rip. to devalue their currency bitcoin wins in the world of fiat currencies bitcoin is the victor i mean that's part of the bull case for bitcoin if you're not paying attention you probably should be probably should be record what is up freaks welcome back to rabbit hole recap boy marty bent here with our good friend matt odell another week where i'm just a voice and you get to see matt's beautiful face with with the price ticker but we wanted to do it live and we're here matt how the hell are you howdy freaks uh i hate the internet on april fool's day yeah i thought it was april fool's day yesterday i know you legitimately i got posted the bed at

2 15 and we all got it we all got it in our emails we all saw the subject line marty legitimately like until somebody responded somebody responded to that email they were like i agree with everything you said in this in this piece except for the date i was like what i was like i had to go check that's when i was like oh shit it's march 31st so you don't even you just wing it you don't even like check the date before you mail out a newsletter yeah it's i mean if you freaks couldn't tell it's really by the seat of my pants stream of consciousness no editing grip it and rip it i mean i and i guess you're not like a big april fools guy either right because you like woke up you didn't you thought it was april 1st but you

didn't think it was april fool's day yeah i'm not a big april fool's day i used to be when i was a kid there was a couple uh in high school my brother and i got our parents pretty good on april fool's day it's lost it's luster as i've grown older in age how'd you get them did like a specific time or just routinely there was a specific year where my brother and i really really really planned something out like stayed up or like set our alarm for 3 a.m uh we did we did the shaving cream on the toilet seat we did the saran wrap on the toilet seat um we got both my parents it was pretty epic my dad went to the one bathroom he peed on the saran wrap my mom while he was cleaning that up went to the downstairs she sat on the the shaving cream

um it was a good one i dig it i dig it yeah i mean in the age of social media um especially in the age of of like bitcoin hyper connectedness it is just the most frustrating like two days of the year i mean like yesterday and and because we're it's global it's it's more than just one day right um i mean like the one like the amazon of india announced they they don't even it's not even a joke it's not even a prank it's just they like send out a tweet they're like we've added bitcoin to our shopping experience so you can pay with bitcoin now it's just a lie it's not even it's not even a good joke and then like and then you know and then we have people like cd um which a big shout out to friend of the pod der gg uh for getting hired by them and they

announced it today on on april 1st so you don't you don't you know you have real announcements mixed in with just straight up lies it's extremely frustrating yeah shout out to gg for landing that gig and ct for landing gg yeah massive for both of them two great forces joining together yeah but with that being said like it's pretty weak april fool's day this year i don't know if everybody's just dejected from the year that's been or what's going on but like you said very low effort nothing really good i think everybody expects it now like the level of expectation of just getting fucked around with on the internet particularly twitter today is so high that it's like it's not even it's very hard to put out a good april fool's prank on the internet and twitter

specifically um yeah 100 percent uh i just it's uh i don't know it just feels like uh a lot of people just phone it in there's not much uh i guess the teletubbies putting laser eyes on was like decent but then they decided to go like the shit coin route yeah what happened there i didn't follow i didn't follow it they added tell the teletubbies added laser eyes which is hilarious because it overshadowed it got more engagement than than goldman announcing that they're going to start offering bitcoin exposure um because it's just so ridiculous having the teletubbies with laser eyes um so that was just a good intern somewhere figured that one out but then today like they announced like i don't know it was april fool's joke they announced some kind of teletubby

coin um of course they did some nft speaking of goldman sachs i don't know if you have it on the list um but our boy joe squawk joe kernan just shitting all over colman yesterday it was a beautiful thing to see i was gonna use him for the clip for dispatch next week uh like that was just a fucking most hilarious fucking comment ever i'm telling you he's my he's my favorite bitcoin podcaster joe kernan over at cnbc yeah he's very high quality i mean just full-on owning goldman sachs like did you know the price was four thousand dollars last year he's like isn't this supposed to be their job or are they aware are they aware that the price is now 55 000 it was 4700 last year did they not understand shout out to joe i know you

listened to this we'll bring you on to the tftc network one day we'll save you from cnbc don't worry we're coming for that ass show uh let's jump into it we'll start with clark's dashboard you guys obviously have the the chart what is that crypto watch yes this is crypto watch the top the top price is coinbase pro the evil empire and the bottom price is bisque bisque market no kyc more than a 10 premium right now 11 is that up 11 in the day on bisque or is that the premium that might be an all-time high on visc right now 64 000 interesting uh according to clark's dashboard it's a little bit off from from coinbase's price on on what you guys are seeing it's 58 740 dollars one cuck buck is going to get you 1702 sets market is sitting at 1.1 trillion

dollars thank you for making that easy so i didn't have to try and do math in my head with fractions all-time high price of $61,760 according to Clark's dashboard. So we are just under $3,000 or over $3,000 away, $3,010 away from the all-time high or 4.9%. I like this stat. I don't know if you just put this on or I've just been glossing over it. There are 1,373,716 Bitcoin sitting on corporate treasuries. That's 7.36% of the overall supply. Really eaten into gold's market cap here. Gold has been dumping. Bitcoin has been holding steady and trending upwards this week. One, Bitcoin is going to get you 33.9 ounces of gold. Bitcoin is currently 9.77% of the total gold market cap we are currently at block 677 344 88.91 of every bitcoin that will be mine

has been mine that's 18 million 670 811.33 btc uh let's get to the the next adjustment which is in 32 blocks 32 blocks away uh so what will that be um 300 minutes i'm still stuck on the fact that three thousand dollars is 4.9 percent movement that's pretty fucking crazy right i'm sorry i just brought us all the way back to percent away from all-time highs is three thousand dollars aka under five percent a hundred percent of the price like a year and two weeks ago fucking crazy man right it normalizes so quickly and normal people are complaining about sideways right now that's fucking crazy to me okay sorry if i mean we don't do too much price talk particularly like whether we think it's going to go up or down or but the consolidation in this

range has been beautiful to see do you agree like i like this tight range that we've been moving in it's always it when it when it gets tight it's it's it's always uh it always gets me going because you know it's about to you know it's about to either coil up or coil down um but either way it's the stacker's paradise when it's when it's flat yeah i hope you freaks have been stacking i hope you miners have been stacking too because in 32 blocks there's going to be a difficulty adjustment and currently it's estimated to be a 6.3 upwards difficulty adjustment i believe that should take us to a difficulty all-time high and is going to adjust that much because blocks have been coming in uh at nine minutes 24 seconds on average since the last difficulty adjustment so

36 seconds below faster than the the 10-minute block target we're currently 56,988 transactions in clark's men pool fees per block estimated next block are around 13 samurai whirlpool still hovering uh in the high 1900s at 1960.82 btc or 115.2 million cuck bucks worth of liquidity big citadel dispatch this week yeah it's a really good one everyone should go give it a listen i have a really great guests lined up for uh for this coming tuesday as well okay tease it a good one too what are you allowed to tease it i'm gonna have uh wax wing and belcher come on join market to lead maintainers of join market it'll be a fun one adam gibson and uh chris belcher hell yeah there you go check it out freaks it'll dispatch killing it um all right

joe kernan we're trying to recruit you if you're listening i don't know how much your salary is but if you're accepting sats let's come haggle come haggle with us haggle with us from cnbc to tftc so the transition you need to make we're just going to go straight into front loading the vulnerabilities yeah that's what we that's what we do best here at tales from the crypt all right let's get into a cold card physical attack uh was this was they discovered this internally correct no uh this is a completely different thing i spent the last half an hour with nvk uh prepping for this but if you want to try and explain it first and then i can uh come in properly explain it so pen replacement

attack a twitter user by the name of freedom isn't safe that freedom isn't safe lazy ninja lazy ninja he uh he bypassed the pin on an mk3 so he's calling an mk3 pin replacement attack and so he bypassed an mk3 security feature which prevented needing 100 trust in the secure element not serious by itself however when paired with a second attack on the secure element it allowed for seed extraction if an attacker steals your wallet there's a video um in this thread so physical tech need access to it um and seems like they're able to extract the seed which is uh a first outside of the ledger which was the ledger was on the mk2 this is on the mk3 the most recent cold card um as the freaks know it's our favorite hardware wallet uh both of us i think i

speak for both of us it's definitely my favorite hardware wallet um so a couple things to unpack here first of all this is very much feels like it's like a lab style attack uh similar to uh the the attack that you mentioned earlier um that that ledger's don john uh did right so it's an expensive intricate attack um where you're actually physically extracting the secure element right and the secure element um is what protects your secret on a cold card uh it's covered in epoxy right it's covered in this like glue like substance to make that extraction more difficult so there's a chance that you damage the the chip as you're doing that um on top of that there's two vulnerabilities that it takes that it requires one is is the secure element version and one is the bootloader both

of those can never be upgraded after they've been shipped right they're they're the bootloader is hard-coded. The secure element is literally a chip that is designed to do one thing, and that's to secure your secret. So the bootloader has been patched as of June of last year. So if you got a device since June of last year, not vulnerable. The secure element had been upgraded to the newest secure element the 608 a to 608 b a couple months ago if you got that you're also that the other side of the attack is is um uh prevented right so basically you have to have a device before then the attacker has to be sophisticated you can't have you you if you have a passphrase you're protected here because they're pulling the seed off of it they still would need your passphrase

which isn't stored on the device um and if the device is a post-june device with the new version of the bootloader even if the attacker does all of that correctly and then they'll brick the device if the bootloader is the more recent bootloader and there's no way for them to tell the bootloader until they've already attempted it so it's a it's the fact that the new mk3s that are out um get bricked in this type of attack scenario kind of provides some kind of protection to the previous ones um so all of these things combined and obviously you need physical access to the device all of these things combined mean that it's i don't want to minimize the attack right but it's it's a a less likely attack even if you look at uh our boy a lazy ninja's thread

disclosure he didn't even he doesn't even have a blog post his thread disclosure the last one is this is this disclosure is 40 for users and 60 for me to brag so i think all of this said you know you should still try and protect your devices you don't want people to have physical access to them regardless of the device if you have a you should have a passphrase on your devices regardless of the device it helps you with physical access and also helps you with plausible deniability this is just standard right um all those things said still one of the most secure devices on the market especially if you have the one after june um now speaking to mvk he he doesn't want people to be alarmed by it especially if they're trying to you know stack as many stats as possible and

they have a you know a bunch of mk3s they've already purchased um but if you if if it does bother you he's willing to offer a 25 discount if you you know replace your existing mk3 with a new one but he doesn't want people to feel like he doesn't want to scare them into into throwing more money into his hardware especially um when i'm sure he has you know new awesome products on the on the roadmap right um so so all that said i is it was that a are you confused marty did i do a decent job explaining it i think you did an extreme extremely good job explaining it um yeah and i i think again to stress what you just said and this is something we've said many times on this podcast is secure your device physically like physical security of these devices is

paramount make sure that you put them in places where other people can't get them you should be the only one accessing these things but still like when you like look at like the like the threat models here i mean if someone has physical access to you in the device i mean a five dollar wrench is way more likely if you're using multi-sig then you're protected from both five dollar wrench and this you know it helps mitigate both um you just like work through the threat models i mean this is uh it's not not a concern but it should be uh first of all something another thing is like you know these devices they're in the what are they like 120 something like that like if you're storing a large amount of money um you should be upgrading your hardware frequently

fortunately rodolfo and and team over there him and peter over there are constantly giving us new upgraded hardware right they added a new secure element uh this is completely different than some competitors you know which are still selling old hardware that isn't you know you can just pull seeds off of very easily. So it is very much like a whack-a-mole type of thing, but it's good to see these kinds of attacks and disclosures because they make the products more secure. Even he teased to me that they're already working on using an even better epoxy just to add on top of all of this. So all these different little things will improve. Yes, it'll cost us some more money i mean i have i have cold cards of every single generation so uh i i assume

rodolfo is getting ready to take more of my sats you can take them uh yeah i mean again like you said ninja in the last thing of the threads today i just went to brag i did something cool if you watch the video it's a very involved uh hack secure your devices that is paramount use multi-sig geographically disperse your devices use a passphrase use a passphrase uh this is the 25th word freaks if you don't know what a passphrase is you have the 24 words and then you have the 25th set up a dummy uh you can set up dummy wallets within the cold card again this is particularly for if somebody ever physically cost you in real life uh while you're with your device you can brick it with a pin the number one thing you can do for physical attack is multi-sig

number one thing you can do for physical attack is multi-sig in different locations consider it uh craig raw on dispatch made a very good point in that he was from south he's from south africa and for him that is the number one threat model and there's not a single thing that you can do that's better than that i mean i guess there is that was kind of absolutely this but you should consider multi-sig yeah and it's an interesting conversation like how popular are these five dollar wrench attacks going to be if bitcoiners just publicly announce that they're they're gun owners and how many attempted $5 wrench attacks that... Sorry, there's something going on downstairs. Something loud. How many $5 wrench attacks that end up with the perpetrator getting

shot in the leg need to happen before that risk gets mitigated? Yeah. I mean, I think both gun ownership and multi-sig adoption are two sides of the same story, right? The more Bitcoiners we have practicing both uh the more protected we are as a whole right because it won't seem like as opportunistic of an attack uh right if an attacker expects that there's a good chance that the person they're attacking has geographically distributed multi-sig and is armed um then they're way way likely to even attempt an attack to begin with yeah fuck around and find out speaking of guns in bitcoin that conference is what the 10th and 11th down in austin this month yes yes and tickets are about to go up in price it's good check that out buy them if you're interested shooting guns

learn how to use bitcoin privately learning about 3d printed guns self-sovereignty in a conference unfortunately i'm not going to be able to make it but if you're interested go go check it out guns and bitcoin i don't know the website off the top of my head but it's happening in austin the 10th and the 11th i got i'm all over the place right now i gotta find the list i can't see the list because i'm screen sharing and i have my rider dive freaks in the live chat over on my my other screen over here so okay how's the live chat doing how you guys all doing in the live chat if you're in the live chat like retweet like share tell us tell us whether or not you love or hate us uh ben the carmen's upset with you that uh you don't think his efforts uh

to uh to april fools participate were good enough he said he tried his best very low effort very low effort i can pronounce words good ben you asshole i mean we've been talking about this for weeks but it's finally officially official signed into law kentucky signed the bitcoin mining incentives bill that waives the sales tax on energy prices or energy costs for for miners up to a certain limit within the state again this is a data point in a growing trend that we're following and very excited about here at tftc states a costing uh not a costing excuse me trying to incentivize bitcoiners and bitcoin businesses to come do business within their borders to produce tax revenue and to incentivize

stoke in the local economy so this is pretty dope this is kentucky we've seen stuff in wyoming there's a bill in north dakota that's going through the legislator right now we had francis suarez mayor of miami he was on the the compass mining podcast uh i believe they launched that yesterday or this morning uh talking about putting bitcoin on their balance sheet and the process that he needs to go through to do that on his mind he wants to do it he's got to go through the city council and get them to approve it and all that but this we're seeing this jurisdictional arbitrage play out in real life here in the united states and again we're very excited about this trend because uh it is bringing us back to

something that this country was founded on which is strong states rights and states competing for citizens uh based off the services they provide the citizens within their borders so this is a beautiful thing to say yeah i mean i want more of this let's fucking go yeah and beyond that like right like newsletter yesterday caused a quest quite a stir i'm happy that you freaks liked it a lot of people did not like it uh but again this vaccine passport thing i think this is a line in the stand that we need to draw and stand firm against and you're seeing some states particularly florida ronda santos down in florida saying adamantly we will not allow vaccine passports within our borders i think it's very important that we see individual states make

a stand on this particular topic because as i said in the newsletter yesterday it may seem benign at face value to many people but it is a step down a slippery slope that that could end in some legitimate physical conflict between the state and citizens right and it's a step towards like a social credit system and a cbdc wallet and all that i mean in general uh in general any kind of uh track and trace program uh is going to be a horrible privacy nightmare for the average citizen um this included uh and and the strongest part of our country is the fact that we have uh these competing local governments um so just across the board it's really good to see

uh that actually being flexed regardless of of your view here um i think it's nice uh not nice i think it's imperative that we have you know different differing policies and differing ways of approaching things uh among states and that we have a free and open competition there yeah let that competition heat up New York you're slacking slacking New York Pennsylvania slacking New Jersey slacking all states that your boys lived in and Uncle Marty's I'm not so sure how I'm going to stay in the northeast for for too much longer if we if we get the the tom wolf's the the mayor kenny's the the de blasio's the cuomas of the world keep their tyrannical idiotic policies up you're gonna lose citizens you already have lost citizens

keep it up mess around and find out you're gonna lose all your best tax revenue this is the first time i mean not the first time but more so than any other time in history that that uh that the citizen base is the tax base is so mobile right that they're able to move so easily um and for a lot of people it is it you know some people are unfortunately too poor to to be able to exercise that but for the overwhelming majority of people uh they're they're more mobile than ever uh so hopefully that will mean more competition yes uh what that does mean is these are not you know it's it's kind of similar to Bitcoin in that regard that the governance system

is not a very clean governance system. It's way worse than Bitcoin's governance system because Bitcoin's governance at least is like extremely hard to change. With our local politics in general, what it usually seems to be is we go horribly in one direction and then it's going to take years to decades

to to to move back to a reasonable thing right it's like it's it's not an instant process um unfortunately oh god i want to stay on this vaccine passport thing real quick like the whole the well health safety sticker did you have you seen have you been watching no i haven't been watching the tournament so i've missed all the i saw like a commercial on uh that our boy liberty blitz posted on twitter um how crazy is that is that like a that's like a private organization right yeah but it's like global it's global yeah it's it says global international well health safety it seems like something i wouldn't be surprised if like the world economic forum or like that type of the davos crew has their hand in it to some degree

that the commercial like my wife and i almost dropped her name we're watching it uh i'm watching the tournament on sunday and a commercial came on we're both like is this real you have like jennifer lopez lady gaga when they bring the celebrities and it makes it so much creepier like are they they're that out of touch you know right it's like the celebrities will will convince us right it's like hey pleb i'm a celebrity i'm famous look for the seal but the crazy thing about it it reminded me of it reminds me of those those chop up shots of like the local news station saying like this is bad for our democracy right but that's just one company right that owns like all the yeah but that's the thing the way this commercial is set up you literally have four

celebrities in a row say look for the seal look for the seal look for the seal look for the seal it's like just that repetitive like mk ultra repetition to to force actions it's very creepy and he's like what are these jlo deniro michael b jordan lady gaga you hang out with that that weird satanist abramovich whatever her name is like i don't trust these people at all and he had like chefs in there too and again like i said in the newsletter it starts with that like hey look for the seal and it's like hey if you're going to go into a restaurant with the seal make sure you have your vaccine passport it better be flashing green before you walk in if it's yellow get the fuck out of here and then it's if you're a business without the the seal you got to shut

down until you get your certification or we're going to tax you a bit more well well to i mean the the businesses that exist in the places that are going to force the seal they've already gone bankrupt uh unfortunately uh but uh like if you're if you're a bartender that was making a lot of money in new york city like you live in miami now um like you don't live in new york city anymore you're not making any money you still haven't made any money um for the last fucking year two weeks to flatten the curve or whatever right um i think you know the celebrity thing is always a weird always like a really weird kind of influence move um but what's really been interesting to me is the like the peer pressure effect especially from like family and friends uh oh it's strong

where they like kind of like insinuate you know like have you gotten it yet like why haven't you gotten it yet you know or use this use this website to track where you can get them yeah it's really weird it's really creepy it's happening a stronger influence than a celebrity right oh believe me i know i mean my family have you gotten yet nope this last thing we'll say i'm a healthy 29 year old adult never gotten the flu shot never gotten the flu i haven't gotten covid yet i don't think i got a cold maybe it was covid took me three days to pass i'm not taking an experimental mrna vaccine

that literally hasn't been tested there hasn't been enough time to test the long-term effects on this i'm sorry i'm not willing to take that risk i will risk getting covid over taking the vaccine i'll say it loud and i'll say it proud i think it's important to realize like this is not like an anti-vaxxer position um vaccines are very important medical advancement that we have uh fighting viruses um but uh it is pretty crazy that the same people that first told us their masks don't work and that we should go eat at chinese restaurants and then said masks do work and that we must wear them uh are now saying like take the vaccine and absolutely trust us you know when they use like this experimental method as you said uh to do it um so

yeah and especially when we're super hot you know we're healthy individuals so it's uh living in a very unhealthy society so right the double think all the time is like really frustrating uh and i there was one thing that you really nailed on that on that bent um was was taking a nuanced topic and making it black and white is like a very effective tactic. And, uh, Hey, big corners. We see that a lot in Bitcoin land as well. It's true. Right. Should we do shout outs?

Yeah, let's get in a shout out. Stay strong. It's it's, I mean, but again, like I'm, I'm like, we're in, we're somewhat pussyfooting around this cause it's like, Oh, like cause we don't want the backlash, but you know what? we have to talk about this it's time like michael krieger said like i said in the newsletter strong men and women need to step up and speak sanely about these topics and speak their minds and how they feel don't be afraid to say what you feel there are other people out there like that desantis made a very clear point that i i think should be restated and i definitely do not agree

with everything he says uh but i agree wholeheartedly wholeheartedly with this the idea that the goal should be to get access easy accessible access to the vaccines all the brands to as many people who want them everyone who wants them should be able to get them for cheap they should be able to get them completely ideally for free um very easily with with no friction uh but there should be no mandates period completely agree completely agree if you want it and you're willing to take that risk again free market free society do what you want just don't force it on me and force me to flash a passport together we're not going to do that and desantis actually mentioned that too he said he was like you're going to trust these corporations with protecting

your data they can't protect our data and that's always going to i have a hard line on that as well so um first first shout out it's supposed to be the the audio from the houston bitcoin meetup nobody ever sent me the audio i have the audio right here i can play it for the freak okay after the shout out okay i mean that's it just i think it's just like a placeholder okay should i play it yes tell me if you can't hear it so freaks it's david here at the houston bitcoin meetup Big thanks to Al's Lacrosse and Jeff for putting this together Happy to be the First audio shout out on TFTC

I'll pass the phone around to a few people and let them say something What's going on everybody This is Scotty What the hell is next club mate What a freaks It's Phil Gibson Have fun St. Paul And maybe get a stat fundraise

So we can send Marty to speech therapy God damn it Phil Ben the car man I don't know what to say think about this but uh go buy some bitcoin what's up freaks it's al's lacrosse bent we expect to see you here soon you're always a crappy lacrosse player but we're proud of you for all all your oil field mining making sure that the oceans don't boil like that bastard nick carter wants to do to everybody all right guys thanks shout out to our houston freaks i love that i want more of

this and matt like if you would have sent that to me i could have put this on my roadcaster and played it like clearly i completely forgot but i had it ready so well that's the that's the rhr special right there yeah i think this is uh this is time for me to put my hand up and say maybe i can't pronounce words too good maybe my geography is not as good as it should be either uh slight mix up last week on the location of houston in comparison to austin i got houston and dallas mixed up on the fly that's on me and actually one of these shout outs uh really calls me out on it you know what hand up i'm gonna eat it i'm gonna eat it i don't think it's this one but you'll hear it one of the

shout outs next shout out of all tyrannies a tyranny sincerely exercised for the good of its victims may be the most oppressive it would be better to live under robber barons than under omnipotent moral busybodies the robber baron's cruelty may sometimes sleep his cupidity cupidity that's a good word may at some point be satisfied but those who torment us for our own good will torment us without end for they do so with the approval of their own conscious a c.s lewis quote peace and love once in future p.s tf golf tourney sunday after bit block boom question mark ab is that the date the date of our golf tourney no we are not playing golf uh in august that's gonna be fucking miserable yeah it's too hot and we're gonna be way hung

over that sunday i imagine it's gonna be too fucking hot freaks this is the one thing the northeast is good for it's like nice temperate golf yeah david i'm so i'm seeing the the youtube comments now we're not gonna go off in dallas at the end of august too hot it'll be too hung over be terrible terrible time though we're gonna figure it out we're gonna figure out we'll probably do it northeast david h i didn't see your tweet asking for an email address i'm sorry about that yeah but i i i made it happen thank you that's why the freaks have the freaks have two parents just in case one of them lets them down hopefully both of us never let you down at the same time all right here's one call me out matt you get thrown into this too but i was sort

of gas lit you a little bit last week so i'm gonna take the brunt of the responsibility for the geography mix up appreciate you marty and matt and last week's rhr it was ironic you guys dunked on blue checks for the ignorance of middle america yet struggled with middle america's geography and even basic terms for pork production be better and shout out to suzy who stacks sats working in a shoe shine shop where she shines for sats she sits where she sits she signs for sats love at basic huddle hand up all right you want to call me out i'll take it i'll eat it fucked up my geography maybe was a bit hypocritical or ironic as you called it i don't know if it was ironic or hypocritical or both what would you say matt it was mostly ironic especially since

you say you're going to move to austin and you're going to go check out uh you're checking you're about to you're about to go down there um but uh i i guess i have to own the pig raising right what i'm pretty sure i said on last rhr that is called nurturing a pig obviously that was a joke what raising pork is called the vernacular for raising pork i guess the freak's not going to tell us either in the shout out he's just going to talk shit about me never nurturing a pig in real life i didn't know there was strict vernacular for apparently there is apparently according to this freak um and you know he paid the sats so it's truth as far as i'm concerned it's a pig rearing no one knows freak if you want to send another shout out next week

uh and let us know how how we should refer to to nurturing uh pork in the future let us know i i do want to own a farm one day so i'm very interested to know there's a farm uh by us down here my village by the sea they raise mainly pigs and chickens and the pigs are so cute they're like spotted pigs and the pork is incredible my wife made a ragu with a pork shoulder the other week it was the best ragu i've ever had restaurant or homemade the live chat is telling me that the proper vernacular is raising pigs and i just cannot accept that i think there's probably a better like slang that we can learn on the pod raising pigs what do you do with chickens tend to raise them you just i guess

we're just raising everything we're raising goats we're raising chickens and raising kids nurturing children i don't know the mother certainly nurtures all right this is a two-part shout out pretty intense one ian freeman and five others were arrested on march 16th for free speech violations using bitcoin ian and nobody formerly known as rich paul are still caged being denied bail. Feds are calling them criminals based on the King's disapproval of the way my friends exchange value. I say free speech because they're accused of using Bitcoin. Bitcoin is only words. A thought, an idea, can't touch it, eat it, build a house out of it. It is an intangible thing, only an idea. Outlawing slash criminalizing Bitcoin makes the use of Bitcoin a thought

crime. Ian Freeman is directly responsible for thousands, if not tens of thousands of people moving to new hampshire in search of more liberty and like-minded people ian and nobody both are hosts of the nationally syndicated radio slash internet show free talk live free talk live has been and still is a beacon for freedom and liberty my friend ian freeman is a hard fucking core non-stop machine of a liberty activist the state is using this bullshit legal land mumble jumbo to keep him in a cage continued i gotta find the second part of this i'm going to the wrong one i thought you disconnected but you're just being a boomer i am being a boomer

wait a second there was a second part of this i can't find it out being a complete boomer you know freaks when marty when marty sends a text message he only does speak to text i'm sorry uh whoever sent the shout out i can't find her and uh it was here this morning when i looked it up let me um marty's such a boomer he only pays cash at tolls oh that's actually a good move you should do that and that was weird i don't know why i did that oh because he didn't he just sent a 50 transaction that no it was a shout out item code djc's if you're listening or gotta figure something out just as they were with ross albrecht ian freeman is the most peaceful person i know his home and church were raided violently by the feds they used a drone flash

bang grenades and multiple heavily masked armed soldiers to enter his home early a.m earlier this month i owe a lot to ian freeman for where i am and what i do in bitcoin today you guys have a far-reaching audience please share the story and what is being referred to as the crypto six stay cool as fuck and i greatly appreciate your time from gm he wants us to point freaks at the site freekeen.com it's f-r-e-e-k-e-e-n-e.com i went to it and it's uh it's got a youtube video of somebody who showed up to ian's house the morning or yeah early morning it was or is being raided and he was being arrested he has a weird scene the fbi showed up a lot of heavily armed guards uh again

that's as far as i went to doing research into exactly what happened so i'm just going to take the freak who purchased the shout outs word for it and that they're they're being arrested for something related to a bitcoin transaction uh my understanding is uh they're bitcoin ogs uh in new hampshire and they have a podcast and they to be absolutely absolutely clear they were not on my radar until after the arrest um i see bitcoin podcasters get arrested and i you know perk up and i i read um i didn't look into both sides of the story but the state's case um is that they were operating a fiat to bitcoin uh exchange business under the table and not doing kyc aml checks um but i haven't i don't know more than that that is what the

state is claiming that is what the charges are yeah from my understanding it's pretty fucked that they don't have any bail yeah i don't know i don't know if they don't have bail or not but if if this freak is saying that then yeah that is that is pretty fucked yeah well but i but i do i could you know they're gonna that's gonna be a common theme i think with big corners right because they're gonna claim that we're more mobile than uh non-big corners what's the common claim gonna be they did the same thing to the ethereum guy with the north korea thing aiding and abetting a foreign entity uh the the claim that the that no because because the reason bitcoin is such a better money that it's so super easy to move around the world you know well i'm trying to get

at is are we in danger do you think are we doing anything no we're not marty are we doing anything illegal no okay so no we're not unless we're spreading wrong thing becomes legal we're not we're not doing anything illegal and i have full faith in our justice system that that'll be the case yeah i mean anybody who sent bitcoin to us can check we've never moved it so bought merch bought shout outs bought anything matt just gave a sick wink to whoever's looking at him in the room fuck i thought you should have told you i'll never know when my screen's up or when when it's well yours i could see you the 24 7 oh so they might not have seen it only you saw it yeah gotcha okay uh do we have any more shout outs that was

shout outs for the week thank you freaks for the shout outs one of our favorite parts of the show if you want to purchase a shout out bitcoin only tftc.io slash contribute the site's having a site has always just been like a uh, not a lot of effort into that. I don't want to say not a lot of effort, but it's just a placeholder for content that really tried to drive too many people there. Uh, all time high, uh, action in terms of people visiting the site recently, it's going up every time before you do your, your, your daily internet activities,

just do a quick TFT set T T F T D C.io enter and just inflate our numbers. yeah it's not but it's not like we do it we don't sell ads on the site or anything like that right there's there's literally no bragging bragging rights yeah yeah it makes marty feel marty has a has a has a pep to his step if you do it so yeah consider it i get to show my father-in-law hey look people read my stuff your daughter married good don't worry uh back to bitcoin stuff really big news it's been great to see these two gentlemen hanging out uh in el zante el salvador uh jack mares jack mares jack mallers um yeah jack mallers and uh our boy mile suitor been hanging out down there for a while kings seen pictures for weeks now both looking small

as fuck you know gentlemen send me your regimes your regiments whatever you're doing to get a swole uh and it seems like jack is putting a crescendo on his trip by announcing that strike launched uh in el salvador without banking partners so that is the second country that strike is available uh is el salvador to see it right this is what i want to see more of you know I want to see more of these developing countries that really need it. They really need Bitcoin. You know, fuck the developed world. Let's go where it really matters first.

I think it's a really cool aspect to this that the banking partnerships on the US side is what was really important for these users because El Salvador is one of the highest remittance countries in the world. um so it's it's really people with u.s bank accounts converting using strike to send bitcoin to el salvador um which really showcases the power of bitcoin like he doesn't even need to have banking partners in el salvador for it to be an extremely useful tool for people and and and i've been very supportive and very grateful for the work at bitcoin beach in general

and now you have all of these merchants down in in bitcoin beach that accept bitcoin for goods and services so these people don't even have to convert into the local el salvador money in order to spend that bitcoin that gets sent down to them yeah it's a pretty beautiful thing to see everything is going on with strike and el zante miles being down there for so long and so that's another day miles has been down there for for a bit he's never coming back i don't think he's ever coming back and he's ingratiated himself at the community down there particularly the surfing community and so actually it's pretty tragic story um i think the the best woman's pro surfer i think she was on the olympic team uh for el salvador she was struck by lightning and

killed a couple weeks ago they're actually going to be doing while she was in the water and they're going to be doing a bitcoin um fundraiser in honor of her um i've seen a video i don't know if if it's been posted publicly yet but be on the lookout for that um so a bit of a shitty situation that happened down there but the bitcoin community is going to rally around uh the el salvador el zante community specifically hopefully provide some good so be on the lookout for that at a fundraiser at some point in the future i'm pretty jealous though of miles and jack just living the life surfing down there the waves down there look incredible i need i need to get down there i've only been to el salvador once and it was for a layover i think bitcoin beach might be the first

uh the first citadel right maybe like they they're just you know they're just trying to encourage all these bitcoiners to come down there and set up shop i mean i i know they chirped at us at one point that they had a like a plot of land ready to go um i dig it i fucking love to see it right i would buy citadel land down there god i love everything they're doing go follow bitcoin beach on twitter retweet all their shit yeah if you guys want to figure out if you're like what the hell are you two talking about if you're new to the yeah the podcast actually recorded an episode the founder of bitcoin beach so go check that out um as techo our boy beauty on adds lightning it's been beautiful to see she's been posting screenshots of people buying one dollar worth

of bitcoin uh and and receiving it via lightning added to the list of why i hate april fools why because i thought it was an april fools joke at first no he's been posting these for like weeks yeah well like a week or two now there's me i got tricked but uh that's fucking awesome i mean it's a perfect fit they're using ln url which is this standard where you can scan a qr code to withdraw um and a bunch of wallets already supported pre's already supports it phoenix already supports it wallet um yeah blue wallet supports it but blue wallet's custodial so like it's really fantastic to see in a high fee rate environment it's perfect for these vouchers

you know so as techo uh their business is um they have supporting merchants around the world um you pay the merchant the merchant gives you a printout code that's a voucher to claim bitcoin you scan the code and the bitcoin goes to your wallet previously that has been on chain um through partnerships and now they're using this ln url standard i guess you can do one or the other you have a choice and if you do the lightning you have reduced fees makes sense makes sense another podcast i listened to this week was ryan gentry biz dev lead from lightning labs on preston pish's podcast and they had a part of the conversation where they talked about onboarding people directly on the lightning and it really

makes a lot of sense for a lot of people especially buying lower amounts of bitcoin lightning is probably the smartest way to onboard them um and these products like the one that's techo just launched make it extremely easy straightforward the beauty of this techo too is it's it's non-kyc right you show up you get a voucher when you're able to send bitcoin directly to a wallet that you control so it's pretty beautiful uh as techo is not inherently non-kyc they just push the kyc requirements onto their individual resellers yeah exactly it's like would you say that's like bisque no i mean bisque is a an attempt at a proper distributed protocol as techo is a centralized company that appears to mean well um but has to

operate under the regulatory restrictions uh that other centralized companies are forced to operate under otherwise they'll be thrown in jail um and for better or worse probably for better as long as the tradeoffs are disclosed to their partners properly um they push that liability on to their partners rather than them deciding unilaterally um so it's a little bit more distributed in terms of you know who has to make that final decision um but but regulators can easily uh you know force kyc in in in those not maybe not easily but they can they can they can force kyc onto those individual merchants that are selling the codes and me personally i would never i would never sell those codes without kyc like i you're just putting a big ass target on

your back um but yeah i'm not trying to uh flood that that that company i i appreciate everything they do i think it's a really cool i think i think the voucher idea is perfect for bitcoin adoption um this idea that you can walk into like any bodega and get 50 worth of bitcoin like that's the future i want to live in i think it's a it's a perfect fit it's a very proud brother last night and i got a i got a text from from my brother it was just a picture of a bitcoin atm he's like buying bitcoin the old school way bro smiled on my face yeah bitcoin atms are still underrated on the buy side a lot of times the kyc isn't that high either for those and it's the same thing like the operators is who's liable for it um but like a lot of times like on the buy side it's just a

phone number and if you have a burner it could be a very very private way of stacking but you will pay a premium almost always beware freaks beware next up we already mentioned a bit but goldman is going to offer bitcoin exposure to their rich clients nothing crazy like joe carden said what the hell's taking them so long uh somebody was was goldman splaining on behalf of them uh to joe kern and i forget exactly who it was it's like oh the regulatory scrutiny all that it was their journalist it was their journalist who got the fucking scoop man it was an exclusive article and joe was just like yeah yeah yeah it's a trillion dollars they're just getting in uh let's i mean we don't have this on the list like fucking black rock like

just like fucking only they like bought like six bitcoin worth of uh 6.15 be specific look that that that's a fun number to say because they said 360 but if they were fucking around in january then the price was between 20 to 30k so um it's actually significantly more than that um but they could have went short as well they we just know that they fucked around with cme about 360 thousand dollars worth in january i'm running with it they bought 6.15 yeah particularly they didn't own any bitcoin anyway because it was fucking cme it's paper fucking bitcoin it's not real hey it's a step in the right direction would you say that exposure i don't know i mean but i think it was either ben kaufman or ben the carmen because he even knows uh which one it was at this

point uh that responded to the article and was like i know many plebs that have more that have more bitcoin than blackrock and and and what he meant by that if i want to translate is that literally anyone who owns any kind of sats has more than blackrock because they don't own their own bitcoin like if you're in cme you're already you already lost the game they've already lost the game if they're playing with futures let alone you know three hundred thousand dollars worth of futures when they have trillions of dollars under management or whatever yeah many trillions yeah it is you're right yeah pretty weak cme very paltry cme futures exposure no sats on the balance sheet

that's like you had an intern just like fuck around you know they like sent a test transaction it's not even like a real fucking I'm gonna give Rodolfo some shit that should not be on Bitcoin Treasuries yeah he

this is why I'm pushing back right is that he went into the joke right he put 6.15 Bitcoin into Bitcoin Treasuries remove it remove it rodolfo we should fork the project let's fork the real bitcoin treasury or bitcoin treasuries cash.org carry up look for the domain name fork it yeah so well these guys are getting more in goldman is allowed i mean the interest i guess

the interesting thing about goldman not the poo-poo the whole announcement was the fact that It seems like their customers were begging for it. Like, yo, what the fuck's going on? Like, it seems like we need exposure to this market. But this is what we theorized, right? Like, not to be like, oh, we were right, but we were right. Like, the customers are going to demand it. They're going to have no choice.

They have to fucking play the game. Yeah. Right, no matter how hard they want to grandstand, like the Jamie Diamonds of the world want to say it's stupid and all that. Like, you get enough high net worth individuals being like, yo what the fuck how come i can't access bitcoin via via your bank they're paying these guys they're paying these guys big fucking money to be their wealth management professionals and they're getting on the phone with them and they're asking them what their bitcoin strategy is and they have

nothing to answer they look like fucking fools they look like fucking idiots they got their pants fucking down and they're all gonna fucking scramble to try and get bitcoin exposure and people act like they're late right now like it's fucking insane like after the after this all plays out people are going to be like this was the most obvious thing ever right then what the fuck is going on guys if it's the most obvious thing ever then why aren't you all going fucking hand over fist trying to fucking get as much bitcoin as possible because they didn't make it this isn't their baby this isn't their it's a monetary innovation the biggest step function improvement of a monetary good in human history and the banking elite had nothing to do with it it probably makes

them a bit pissed off but like right it's like hey have you been paying attention to that asset that's had 220 annualized returns for like the last 10 years can we get exposure to that please like can we get some of that some of those returns in our portfolio wealth manager marty the best framing that i saw recently on fucking bitcoin twitter is um you ask the average person on the street can you comfortably retire with a million dollars they will say no no fucking way um if you ask the average in the know person if they can retire on 20 bitcoin yeah they'll be very fucking comfortable yeah that's a completely different that's that's a framing right there that is there's something going on there's something going on you should check that out all right

we don't have this on the list either but uh my ex-boss dave portnoy came out this week and said the winklevi really really threw him off course with their their goals are going to rain from the guy's explanation we told him we warned him dave dave dave if you're listening i know there's there's some bad beef not with me personally but i'm here to help i'm your god we'll dunk on marty together yeah you can bring matt in he's already been you know he's an hq2 not hq3 but find your goddamn treasure too or the seed phrase please that keeps me up at night as far as i'm concerned like dave you personally can go fuck yourself but i want to convince you uh the path of stacking and being humble in stacking

sets because you can convince so many future plebs to do it as well like him with him comes millions you know and i i i don't want i'm watching i'm watching this opportunity fade away from the average person and i don't want that to be the case i want i want to bring in as many you know you know many as many practical people as possible before this thing fucking blows the fuck past them and it's just super frustrating like even in my friends groups man like my my college friends groups and stuff my high school friends groups like i've converted so few of them they all think they're fucking late right fucking crazy like what i'm like desperate i'm desperate and there's no reason for me to be desperate i got my own but you know

i don't want them to miss i don't want them to miss the boat neither do i and i've replicated your group chat tactics and that's actually been pretty fruitful for me i i like what you mentioned that like you know you've won when you get someone else in the group chat to do it right yeah and i have that too like i have multiple group chats where someone else is the one who's doing it and i'm just like plus one in them right it feels good it feels good the best is when you see the screenshots of like your tweets and shit just like in the group chat you like you come in you're like ah they're giving him caps odell they're just like throwing

caps their bell adam oh but it's funny yeah in the context of barcelona it's like dave yeah you can really help a lot of plebs really materially make their lives better by getting exposure and stacking sats and i'm not going to poo-poo their business model but i think it's wiser than gambling um personally um well i mean he could be on the he could be on the fucking uh frontier of value for value too but uh that's a little bit more i'm not trying to derail his uh his money machine over there you can do whatever you want in that regard i just want you to understand that when you buy bitcoin it's it's it's not competing with buying stocks you're not competing with pen you're just taking profit you're just having some savings you're just going

and put some money into your savings account um and it's a saving account that will go up in value unlike your actual savings account today yeah don't worry i'm actually i've onboarded one of the uh barstool podcast producers on the sphinx he's he's sort of he's paying attention so i wouldn't be surprised if at least one of their podcast experiments with it at some point within the next 12 months it would behoove me to not mention it but uh uh freak shores provost um has been experimenting with using breeze uh to stream uh sats to us um while he's listening and it is definitely still as much as i love the breeze team love the the the uh the vision of podcasting 2.0 and i do think that it could be a fucking massive paradigm shift

um and how content is produced delivered and paid for um like he like destroyed his iphone like it was just like super hot he tried to listen to an rhr we like went long you know he used like 700 megs of data um you know it's like an always on ln node was going on in his pocket at the same time it got super fucking hot and the battery died um so trade-offs you know they're working on it trade-offs growing pains pain points to flesh over that being said i don't know if you have this on the list but do you see use yost uh yeagers yeah it's on the list oh yeah i'll pay yeah it is um all right we'll get to that we'll talk about it now let's start timing yeah um so jose agar had on the podcast he did a test basically using the particular use case that

we're talking about streaming sats to podcasters via apps like sphinx and breeze and basically just did a performance report on basically how nodes and channels perform in this particular use case He's trying to surmise whether or not scalable to the masses, because right now, obviously, it's a small niche group of Bitcoiners working and using these apps. And so he used LND B-Bolt, LND B-Bolt with key send payments, LND single instance, ETCD, LND ETCD cluster, C-Lightning, SQ-Light, Signal Channel, Eclair, SQ-Light as well. and transactions per second range anywhere from four to 61 c lightning being the the most performative in lnd bolts being very good in that 33 to 35 transaction per second range marty what's the takeaway here it takes up a lot of disk space right and apparently right now it's not that good there's a lot of room for improvement is my takeaway

my takeaway is is is that nothing is without trade-offs and it's not like we can just scale lightning forever infinitely and everyone can just like stream payments to you without any kind of development work um we have massive work in front of us here yes yes but obviously it scales significantly better uh than on chain i don't think anyone would ever argue with that and so this is interesting to to take into consideration to roast beef who's the uh is he the cto at lightning labs not sure he's definitely he's definitely speaks the fastest i think i think we can say that very confidently he ran a similar test uh and i i guess what he's trying to highlight is like hardware really dictates performance as well so he ran on his m1 laptop and got different

results uh he only let it run to 10k uh 10 000 minutes 10 000 people excuse me well i mean both of these guys are ignoring the real limitation well let me explain this and then you get into the real limitation okay marty so in his on his m1 laptop he got 170 transactions per second with lnd b bolt in 71 so significantly more on both implementations he works for lnd he's building lnd he was able to produce 6x the the amount of transactions per second on his m1 so he says depending on the hardware it's run on nevertheless uh a nice basic easy to run benchmarking suite that's that was his comments on yostas these guys are talking about super well connected cloud clear net corporate

cloud clear net notes that look like powerful you know and and and the vision of podcasting 2.0 in my mind the cool part right is the censorship resistance that you can run it from a closet in your home or your office through Tor privately on your own hardware, right? And that is the real bottleneck. You know, we got to hit both bottlenecks at the same time. And like, you know, obviously, like we're going to, you know,

I want to see performance improvements across the board. But the real bottleneck right now for the sovereign content producer that's trying to monetize on a value for value model a la podcasting 2.0 with streaming stats is Tor is their Raspberry Pi it isn't any of the

stats these guys calculated agreed with that being said I mean shout out to the freaks listening in the Sphinx tribe right now or TFTC tribe where the freaks dwell incredibly encouraging how many of you are

spinning up your own nodes whether it be umbrella press pi blitz my node connecting and getting in it seems like today specifically there have been a few freaks who have finally got it working and are saying ah it seems like the latest sphinx update particularly android users i think this has allowed me to to actually see all the messages and stuff so yeah growing pains these are early days extremely early days extremely early days for lightning even more early days for excuse me extremely early days for bitcoin even earlier days for for lightning so these pain points should be expected i say it time and time again you can't expect to have everything out of the box immediately it's very high time preference thinking it's going to take work it's going to

take hard work roll up your sleeves get stuff done if you're develop developer out there listening to this and this stuff interests you and you want to help out start diving into github making prs a lot of work to be done a lot of opportunity you can see it as oh it's not as good as i want it to be or you could be like oh there's a lot of opportunity for me to contribute here how are you going to approach this mentally are you going to be a poo-pooer are you going to be a get something done type person you gotta ask yourself that question which type of person you want to be get shit done freaks what's next on the list marty you can't see me so like i was like pretending like i i could see you and i was like a stalemate there like who's going to speak first

yeah i have no freaks for the record especially for the freaks that are coming in through our through our podcast feed i have no idea what's going on with marty over there i just got this this tftc logo that that's all i can see um and marty can see me and the freaks can see me who are watching it live so i'm actually naked right now so completely naked like a proper pooper pooper pooper oh i thought it was like someone who's like is an entrepreneur but just shit at it it's a pooper oh i did not say that but i like that matt odell another one god fucking hey this dude's a marketing we're live i hope someone doesn't get the domain name you can't you can't do it yourself because you're no one can spell pre-preneur anyway

so like it's a horrible domain entrepreneur is literally one of the ones where i like spell it out i'm like oh the fuck right click look up uh stop stopping the madness right now bisque price trading at a discount i just want to make you freaks aware morgan stanley i think we talked a little bit about this last week but uh we had the sec filing they are officially preparing to add bitcoin exposure to major funds for their clients again another institutional investor finally getting it apparently there's been like a morgan stanley rep on clubhouse who's been extremely bullish over the last week um and it's saying that like it's got very bitcoin tina vibes from what i hear

it's being a bitcoin tina banned banned from clubhouse can't have a name on there the the the revelation that clubhouse like fucking hates your privacy is going to be pretty fucking funny to watch right i mean sorry freaks yeah i mean everybody in the bitcoin rooms does not go by the real name so or not everybody but most people meet us on sphinx sphinx sphinx still can't pronounce it next on the list marty our good friends at brink shout out john newberry mike schmidt gave out their first round of grants uh jesse posner they're funding him to support his work on adapter signatures and implementation of the

frost threshold signature screen screen something i haven't heard of um they'll bring additional security privacy and functionality to multi-sig and second layer protocols uh alexis felini they're going to fund his work to support his work on the bitcoin dev kit which he's been working on with steve myers uh it's great to see i know i think alexis was the starter of the dev kit correct it's called magic wallet or something like that i don't know because i i thought it was steve and then i think they merged right i just discovered alexis app from this grant before this i didn't oh really yeah i've been following him on twitter for a while great great dev to follow failed i failed in that in that regard and then uh hannadi hannadi

uh stepping off who's been a prolific reviewer and contributor to to code uh excuse me the bitcoin core since 2018 uh has received a grant from brink as well uh vaunted on the brink website is one of the most prolific contributors to the project uh will allow him to work full-time on Bitcoin Core Development and Review. Nadia's previously received support from CardCoins and Pavant. So shout out to the team at Brink. Again, John Newberry, Mike Schmidt, and Tony Hodge. We got Carla Kirk-Cohen, Dave Harding, Jerry Brito on the board there.

Carla's been on the podcast before. Incredible Lightning developer. Glad to see these guys giving out grants to well-deserving developers. We got privacy for multisig, Bitcoin dev kit for wallet standardization and review and just overall contributions. I think that's a good mix. I fucking love Bitcoin development grants. I love that it's the cool thing to do now. People do not realize like two years ago, it was very, very rare.

And now it is very common to the point to where people almost are like, really? Another grant? You want to talk about another grant? Like that is fucking awesome. um fantastic to see uh they they will be hopefully contributing to the open source dome um at bitcoin 2021 uh so which i'm championing so i'm pretty excited about that um and we mentioned earlier guns and bitcoin prices are rising so is bitcoin 2021 tomorrow uh so if you haven't bought your ticket uh you can use my referral code humble and i make no money off of that but

you get 15 off so consider it oh all caps otherwise you don't get it i don't know if you have yep you do have the grant i look at the list of the grants right there gemini is providing 25 000 to mempool.space the funniest part about this one is is marty that is less than 50 million sets hey hey all right so former co-worker of barstool beardo he's now uh he's now uh marshall beard is now at gemini has been there on on their finance team for quite some time and i've been dead fun pilling him for the last years and he's been pushing hard internally for this and this was his first big breakthrough so i want to give a shout out to beardo to marshall beard we have hardcore bitcoiners and they're championing this stuff no it seems like gemini wants to make a

pivot to bitcoin uh which i love to see so cheers to them for that um you have a lot of ground to make up after you shield link and uh he's gold rating down on the earth and and they also they also told him they could help him make his own fucking personal token and tell instead of telling him to just fucking stay humble and stack um to port noise so and to all his followers more importantly to portnoy's audience like i don't care if you scammed a fucking millionaire uh portnoy can think for himself uh but you scammed his audience too and do better be better how does having like one percent of the overall bitcoin supply like affect your your learning right i i think they should do better and be better if they have one percent of the bitcoin supply i have

significantly less than that and i aim to do better and be better so they should do that as well like what the fuck guys i agree i agree the thing is they have more than one percent of the ethereum supply but that's another that's another discussion are they gonna stake that probably if proof of stake ever materializes and i know that they're technically staking now but are they really are they really matt is it protecting their network all right we're at the software updates section of the podcast we're going to blow through these until matt tells me to stop to talk about specific ones specter i know we're going to talk about it's a pretty massive uh release for them and the the big thing here i'm trying to remember off the top of my head is

what the freaks can't see me only you can oh one click core tour there we go remember one click man one click it's fucking built the fuck in my guide now my guide now i was able to cut out like a huge portion of my guide you literally just you set up your fucking cold card and then you just install specter and you just follow the wizard you got bitcoin core in there you got tour all set up ready to go follow the fucking wizard get to use your own node with keys you control easily upgrade to multi-sig that's the future that's fucking massive that is this is a big fucking deal yeah yeah actually shout out lou late switch lou who's the reason this podcast exists and he's not like the most technical savvy guy he sent me the the tweet from ben kaufman

that announced uh the one click core tour and he was like one click core tour like even he was like wow that's pretty massive um so people are noticing people are noticing what you're doing specter team and it is making it extremely easy for the plebs out there to run full nodes which is what you want to see i believe i saw was it stefan uh lavera talking about a friend that was able to easily download spectre and connect it with their hardware wallet earlier this week yeah yeah uh stefan was bragging about the fact that he got to do less effort to uh tom board his friend and yeah i mean it's massive this is something that we've been hoping for a while and and low-key a big thing about this is that it then verifies the core install for you

so theoretically if you verify the spectre install um what i hope for in the future is and i've talked to ben about this and marit's about this is this idea that is what bis does is once you have bis installed it pgp verifies all future installs for you so if you if you get that first install right you're good to go in the future and that verification step is the step that scares the shit out of most people this this idea that you why do we pgp verify we verify so that we know that at least uh we're trusting that the develop that nothing changed between the developer and us getting the software um that is a very important step to do it's very it's it's more accessible than people realize it's easier to do than people realize they should

learn how to do it uh bitcoin q a big friend of the pod has has a great guide on it i think it's bitcoiner.guide slash verify software um there is a link to it in my cold card guide but regardless my point is once you verify the software you should never have to verify it again it should just automatically verify itself going forward um and and including bitcoin core in that process just streamlines the whole fucking thing we want we want best practices to be the default as much as possible okay matt you're being uh your reputation's being called out in the chat you're being called fed odell i know right look look don't go to a conference if you want your privacy freaks

privacy advocate matt odell like i look i'm i never called myself an expert i'm not an expert i think privacy is important but i also think you shouldn't be a little bitch and you should have a good time with bitcoiners okay and uh these conferences are fucking fun they're fucking fun and that's the trade-off the trade-off is privacy for fun so just keep that in mind yeah life comes with trade-offs are you willing to take the risk and on that note you uh on the pgp note you pgb signed the fact that we were launching this at 3 p.m today but to prove it wasn't april fool's joke but how does that prove us on april fool's joke really doesn't right uh what your pgp message in response yeah i mean i could be an asshole right but i just thought it was funny because it

it it lined up with our fake news like uh our fake news discussion i think last week with nft is just this idea of digital signatures right um at least you know that if it isn't at 3 p.m i fucking lied to you it was me who lied to you that i like that okay all right this is the cold card update i was thinking of um not a hack but they had a vulnerability that was self-discovered so they have a new firmware version 4.0.1 where's the 0.01 4.0.1 yeah you messed up you're only vulnerable if you had already upgraded to 4.0.0 if you're which was their big upgrade if it's not then you're not vulnerable i have no idea what this vulnerability is nvk wouldn't tell me what it was um for the sake of the users because he's afraid i was going to steal all

your bitcoin um but uh yeah upgrade if you've upgraded to 4.0.0 upgrade to it i'm sure he'll tell us what it is in like six months after everyone upgrades all right yeah just make sure you're under 4.0.0 you're not vulnerable to it yeah just make sure you're not on 4.0.0 yeah and and i have a i actually have one piece of knowledge that if you did follow my guide you're not vulnerable to it but i'm not allowed to i'm not allowed to say what that piece of knowledges hmm now i'm trying to think don't fucking try and dissect my statement just if you followed if you followed both if you followed the original youtube guide with wasabi or if you followed the recent text guide with specter plus core you're not vulnerable to it boy man i'll say

why i'm not boy matt odell always looking out for you freeze don't say he never did nothing for you okay don't say he never did nothing for you moving on best version 1.6.1 has been released running best may want to update to that big btc pay server version 1.0.7.1 update was big you're supposed to stop me before i get on to the next one okay it brought down the minimum to a hundred thousand sats oh yeah yeah that was pretty big massive yeah that's a big that's a big deal yeah 100k sats now is like 50 bucks 60 bucks is nothing oh and and if you're paying attention to the screen right now the best discount is something you might want to take advantage of

so opened up a guinness and drink a guinness as we head into easter weekend here bdc pay server version 1.0.7.1 has been released and this comes with a patch of a bug that was disclosed by tesla obviously we've been talking about tesla over the last couple months they put bitcoin on their bitcoin excuse me on their treasury they announced that they were going to accept bitcoin as payment for tesla's and they announced that they actually built their own payment processor they're in-house and this week we found out that they uh helped disclose and patch a bug of the btc pay server software uh which is beautiful on two fronts one it leads us to believe that they're probably for btc pay server and are using it as their internal payment

processor number two they feel so compelled to contribute back to to the project which is an incredible thing to see it highlights one of the beauties of free and open source software and the network effects that come when you get bitcoin ingrained more and more of our society we still don't know if they're using btc pay server which is pretty fucking cool right um but we do know they contributed to one of the most important false projects in bitcoin and as a bitcoin cultist one of the most important false projects in the world so so that's fucking dope that is that's the power of free open source software cheers to tesla for for responsibly disclosing the vulnerability they found

and if you use btc pay server upgrade asap yeah it was a mess up on their docker implementation correct wasn't even necessarily i'm not sure exactly to be honest but it doesn't matter supposedly is pretty critical whatever it is i they didn't really disclose it fully okay um they don't even in the change log they don't mention the specific changes uh that the disclosure involved they just mentioned that it was responsibly something was responsibly disclosed by a tesla engineer and they patched it and they're grateful and and so we don't know if tesla is using btc pay code it's probably likely they are but we don't know for sure it's an amalgamation if they are though it's not just straight btc pay server code

and we don't know what specifically the vulnerability is yeah yeah we will eventually presumably all right so go update your btc pay servers but again on that note to stick on that note like this highlights part of the beautiful feedback loop of bitcoin right it becomes an integral asset on a company's balance sheet becomes an part of their financial infrastructure and just the natural incentives of this open source project or such if you're going to adopt it and leverage it and use it for your business you're going to make sure that it works and it works well and it works for what you need it to do so you're going to be dedicating engineering resources to to make sure that it does all those things and as you get

the teslas of the world and the squares of the world more and more large companies with extremely talented individuals from an engineering perspective on their team you sort of pull that talent into the bitcoin ecosystem it's incredible right yeah i mean i would argue it goes even farther than right it it goes all the way down to the individual because the individual engineer got props for it right and it goes on his like permanent record or his resume or whatever um yeah just just having a solid open source record in an open source world is advantageous for the for a developer who's trying to move up yeah so shout out to tesla that was that was low-key one of my favorite stories of the week

sphinx relay version 2.0.7 has been released sorry for cutting you off there matthew as i said earlier freaks in the tribe have been uh highlighting how how much performance has improved since downloading the latest version so if you're running sphinx relay um with your node go download that sea lightning version 0.10.0 has been released this sounds like a major release i have nothing this is a major release consolidating a number of features fixes and experimental extensions i'm done reading release they have a very technical release notes i i don't i don't use c lightning iris i i love i love that they you know move that project forward i hope that lnd isn't then you know isn't a completely dominant implementation

i hope that we have competition and diversity but i do not use c lightning so i cannot add anything here okay all right i got nothing to add either my node version 0.2.29 has been released umbrella version 0.3.8 zeus version 0.5.1 has been released join box version 0.3.4 wasabi version 1.1.12.7 has been released a lot of points in there uh and then hwi version 2.0.1 has been released and they fixed the treasure t on device passphrase entry treasure just breaks everything over and over again i'm sure andrew chow loves the people over trezor uh shout out to derrick in the comments i don't give a fuck 1.4.7.8.958 is released maybe you don't give a fuck but other people give a fuck so sit down important that we cover all the

important open source developments that happen over the week while people pretend that nothing happens in bitcoin land um it might be more common that people cover software releases now but uh before rabbit hole recap fewer were covering software releases in bitcoin if anybody i don't know if anybody was but i'm not going to pretend um to be the absolute verdict on that but i i think we led the fucking way on that shit yeah get him marty zell fuck off derek the uh love you derek sorry rodolfo rodolfo gave us some props over the weekend i said i wish like the queen desk and the block cryptos of the world would highlight software updates like this i've been consulting for bitcoin magazine and it's not a coincidence that they have been covering these

things oh let's make a publication that actually is for bitcoiners by bitcoiners that'd be great thank you for your hard work behind the scenes speaking of hard work it's got to be hard work being a spook chain analysis launch blockchain forensic startup raises 100 million dollars at a two billion dollar valuation uh the snoopers of the bitcoin chain are valued at two billion dollars their services they're providing it they're thrusting it on exchanges a lot of exchanges dude two billion dollar valuation for chain analysis can we make that zero can we can we i'm hoping jason kalakinakis is an investor in chain analysis and they just all lose all their money um i hope i hope every bitcoin hater is an investor in chain analysis unfortunately i assume

that a lot of bitcoin lovers are investors and they've just resigned themselves to the cuck mentality that is everyone's going to get chain surveilled and it's a fantastic business to be in um but like what kind of what kind of world are we leaving for our children when we say that chain analysis has a two billion dollar valuation who are you uh what do you what is your view of the future that you think that is a reasonable valuation and let's fucking destroy it let's fucking make it zero what what are we doing here freaks what are we doing here they're literally trying to de-anonymize the chain to save us from terrorists and drug dealers

chain analysis needs to save us from the terrorists and drug dealers fuck off fuck off what else was i had something else said again two billion dollars is a lot of money that's crazy they raised a hundred million dollars at a two billion dollar valuation that's a lot of fucking money yeah that's not just like uh oh i remember i was gonna say too go on they go to exchanges like hey you need us to be compliant i talked to the guys that on chain all the time like it's not true at all they don't need that they don't need this shit yeah me me pronouncing jason's last name incorrectly is a feature not a bug for the freaks in the live chat just to let you guys know jason calicoxness supposedly i pronounce

like galifianakis wait was calicox was he was he on the round um i i have no idea if he was on i'm hoping he was on the round and i hope we bankrupt them is my point um and also shout out to 6102 bitcoin um he did a horrible like really a poor april fool's joke today with all the other poor april fool's jokes i just don't really like april fool's so i'm a little bit biased about joining elliptic uh another chain surveillance company uh and elliptic uh liked it liked his tweet uh which i just have to say a lift is that why i said please don't dox me yeah they they are the most no no that was for something else no one should ever dox anyone somebody's trying to dox it yeah it's fucked up it's that's fucked up like if you disagree with someone you try and

dox someone you can go fuck yourself um but i was just going to say something positive about elliptic the chain surveillance company uh is they're they're more self-aware they realize they're the bad guys you know they realize they're the baddies uh chain analysis like they they think they're the good guys and they can go fuck themselves they they both can go fuck themselves but at least one self-aware yeah yeah what are you what are you doing what are you doing we're gonna skip down the list or do we have yeah we're gonna skip down the list a few we're gonna go straight to the the largest hack would you skip i'm going to moby quick dude but we're gonna go back yeah we're gonna go back up okay yeah the moby quick shit was fucked up right 100 million

kyc hack ever period it's disgusting and we've been saying this time and time again again we love being right here but not in these instances but being right means that if people had their personal information leaked to the internet the dark web and all that bullshit but largest ky leak ever says moby quick uh oh you had the tour link um addresses physical address i put the tour link to the actual database link oh i'm not going in there uh why not i don't want to see i don't want to see it i don't want to see where these indian people live i mean like that's the source that's the source that that it is what it is um a fucking fucking 140 million people exposed is that's half of the u.s population

uh this is one of the most popular applications in india um this is a country that has been very against financial privacy it's a country that has been very against bitcoin um and this is a perfect example of the risk you put your citizens at from foreign actors as well as domestic actors if you make them provide intimate personal information to companies to interact with them and these chain analysis companies are trying to get as much information on this stuff from the exchanges and then give it to authorities on you and that'll be stored in shitty databases and again this is the point the kyc aml does more harm than good like it is objectively true the amount of funds that have been laundered that have been prevented from being

laundered from kyc aml compliance laws being followed by these third parties is 0.1 it's 10 basis points of all the laundered money that's been laundered since these compliance regulations have been put in place. It is wholly, completely ineffective, and it makes people vulnerable. And again, I don't think you had this on the list, but the River team sent another letter to FinCEN commenting on their intention to lower the limit of reporting from exchanges to the treasury about how much Bitcoin is being moved by their users. And I think they made a great point. It is extremely dangerous, especially considering the nature of Bitcoin and the public ledger

to collect this data and store it in a database that is likely to be insecure. Sure. The threshold rate at the price at which River wrote their letter to FinCEN for the dollar threshold was like 0.17 Bitcoin. So like $10,000 threshold. Right now it's 0.17 Bitcoin that could turn into millions of dollars within the next five years. And if that individual moves that Bitcoin from River, from Cash App, well, you're not going to be able to do a Cash App because the limits are too small, but like any other exchange, moves it to personal storage. That was pretty bad. And holds it there.

And that database gets leaked. It's literally a honeypot of, hey, Marty Bent owns 0.2 Bitcoin, which is worth millions of dollars and he lives at this address and guess what he has a wife and kids he has a podcast where he talks publicly about bitcoin and how he custodies his bitcoin like here go fucking beat him up with a wrench take his bitcoin it's disgusting yeah i mean kyc in general is fucking the illicit activity it it is it is what it it is what puts everyone at risk um and it's it's it's gonna take our society a while before they realize how bad it is

what um why a while it people need to get burned people are going to get burned slow and steady more and more information is going to get posted on the internet and it's they're just going to get fucking wrecked and as they get wrecked and as they get burned they're going to fucking learn that the the solution is we don't fucking share this information with trusted third parties like you shouldn't have to trust super intimate personal financial information in order to conduct, in order to conduct regular, you know, regular business or regular life activities. Like that's ridiculous. That's a ridiculous expectation.

It's evil. It's projection. it's like again wholly ineffective like you can prove this with data it does nothing to actually stop the perpetrators of these crimes that they're putting these compliance regulations on businesses and individuals to comply with like it doesn't even stop the fucking crime it's it's like a perfect example of just how ass backwards things are in our world right now you have these central authorities trying to micromanage these very complex systems they can't micromanage them they can't contain the data that they're collecting like imagine how much data they're collecting especially as we head into the digital age

100 million people you have name first name last name middle initial phone number social security number whatever it's called in india email address home address blah blah blah blah india they actually have like a national id system too which is super fucked up yeah that's like how many how many piece of data for each individual multiply that 140 million individuals in this particular case and like they there there there is a generalist argument for kyc in a traditional finance world because it's so fraud prone they have so much fraud in traditional finance that they need to know who the person is that they can hit with lawsuits and shit and criminal accusations after

the fact but with bitcoin because it's a push system we don't have that issue like with because bitcoin is a push system you're either paid or you're not fucking paid uh so you should develop your systems along those lines you don't need fucking kyc the kyc is a a vestige of this of this horrible traditional finance system that's just inefficient um mixed in with this fact that that people in control want control and they they want that control forever um so i mean like there is there is literally no light to stand on for people that think that that this this super intimate personal information needs to be shared with people period fuck these people man and they want to do it more

fadif wants to do more finson wants to do more they want to take more of your data they want to lower the limits at which they can collect your data it's disgusting fuck these people they're evil legitimate evil like they're literally it seems like they just get joy and pushing the ball forward the stuff ah we're going to lower the limits take more data we're gonna collect more more types of data we're gonna we're gonna make it stricter and lower the limits from which you can actually send a personal custody you know what maybe we're gonna try and ban personal custody it's i don't think like there's any argument to be made anymore that they're actually trying to do this to protect consumers or individuals i think it's them

seeing how far they can push people's buttons and how they can push the issue and how much control they can have over everybody i think they get like a sadistic like rush of like horniness from this stuff this is what gets them going is their control over all the individuals in the world by forcing these evil regulations on individuals because it has nothing to do with actual protection but more with sadistic sort of self horniness from these people yeah i mean i don't think we have to explain to the freaks why kyc is evil i think the majority of the freaks agree they are demons they're demons they are demons we're in we're in a battle of good and evil these people are evil they are demons are you are you narrowing a

nuanced topic down to black and white no i don't think so we just jumped into the nuance um yeah i i i just i i don't think the majority of people that support it are demons but uh i i do i do think that uh no they're demons i i i think it's a it's a very user hostile policy it's a citizen hostile policy period yeah yeah hamish pipe down over there okay they're not trying to do any good what do we got next we have to go back up the lips I don't know you only have the list

I don't have the list Canada is increasing KYC identity verification guidance here it is and they're lowering the limits to what $1,000 if you're Canadian you're completely cucked Yeah, they made it super strict.

And they're going to make it more super strict. And every country is going to make it super strict, period. Yeah, so. This is going to get worse and worse and worse and worse. They're going to slowly fucking squeeze everybody. So Canada is in a weird situation right now. Things are getting very irrelevant. They're printing a lot of money.

They're putting people in hotels. To quarantine them. So the Financial Transactions Reports Analysis Center of Canada, FINTRAC, that's what they call it up there. That's their alphabet soup name. Put out new Know Your Customer guidance for virtual asset service providers, also known as VASP,

and money service businesses for money laundering and terrorist financing. So according to the guidance, VASP must verify the identity of a customer in the following situations if it has not done so previously and kept the associated records so again saying hey you got to keep these records in your database receiving ten thousand dollars worth or more in virtual currency in a 24-hour period transmitting a thousand dollars or more in funds so receiving more than ten thousand a 24-hour period if you do that they have to send

your information to a database held by the canadian government if you send more than a thousand same thing foreign currency exchange transactions of three thousand dollars or more um transferring that's the same thing as transmitting i would imagine exchanging a thousand dollars worth or more in virtual currency this includes fiat to crypto and crypto to crypto remitting virtual currency to a beneficiary in the amount equivalent to a thousand dollars or more yes they're basically making it hard to send any any amount of bitcoin over a thousand dollars yeah i mean uh not your keys not your coins and and every every single every single government in the world is

going to make the kyc aml shit more restrictive and and this is a perfect example and it's happening in canada right now yeah shout out to our canadian freaks stay strong just get that loser trudeau out dude sucks it's fidel castro's son he's got brown nipples dude it's fidel castro's son have you seen the brown nitpicks marty's seen the likeness marty sees the faces i'm making out i i don't fucking know man i have no idea here i'm i i've not paid attention to his nipples color he doesn't look like they don't look like canadian nipples but uh but it seems like shit is not going well in canada right now so he should improve that at least that's as far as i'm gonna go with uh with their politics what do we have next on the list

beware the brown nipples freaks uh the paper from our good friends or one good friend i know personally uh gleb nelmenko alex biradov and sergey tikka tikka marov butcher those names i'm sorry alex and sergey but they basically did a lightning network probing a parallel channels attack test um and i think they found some vulnerabilities and um have have put forward some solutions wait they've made the fucking lightning network their bitch yeah you're being a very you're being very easy on it uh and i i just want to be clear like a lot of this shit is over my pay grade um but gleb gleb is fucking he's in new york city bitcorner he's like yeah we know him uh so i i i don't i don't think this is off base uh claims

but i but it's it is it is very much over my pay grade yeah i mean gleb's one of the young guns him and antoine riard and basically set up a a company um a developer think tank if you will to specifically do this type of stuff right to to probe the network with attacks and figure out the pain points and how it could be they fucking wrecked it though they like destroyed this fucking network yeah so according to their simulations an attacker can infer up to 80 information regarding channel balances spending uh in about 20 seconds per channel the suggested countermeasures limit the attacker's gain at 30 percent while also increasing the attack time uh by two to four times so they focus on channel balance probing uh

does this can they steal funds or is it just like a private no they can't steal funds privacy thing it's a privacy it's a privacy attack vector um and they've reported the uh that the fixes that they think that makes them a significantly more difficult for an attacker to scale this kind of attack. Um, so props to them. I appreciate them for working on this. Um, and it's just like a very good example to people to let them know. Um, there are attackers watching, there are people watching the lightning network trying to figure out

information about us. There is a lot of information to be had. it is an experimental network uh tread with caution um and and and just and try and proceed accordingly um but but these kind of papers are are super important for us in terms of trying to strengthen the lightning network um and make it more private and make it more secure because ultimately a privacy vulnerability is a security vulnerability because uh one one requires the other agreed and we're again we're lucky to have individuals like leb alex and sergey working on this stuff and like i said earlier in this episode you're not going to get it all out of the box it's not going to be perfect out of the box to expect that is it's just unrealistic right it's going to

take time it's going to take building it's going to take hard work and luckily for us there's individuals like the developers who wrote this paper that are putting in the hard work highlighting pain points here's how we could fix it let's move on to the next one where's the next pain point how do we fix that slowly but surely builds into a robust and resilient system beautiful to see again like we said earlier once you get the teslas and more important companies and individuals uh with skin in the game in the bitcoin game in the lightning network game that the the pace of development and um particularly development that helps secure the network increases significantly so i mean the tesla example is beautiful to see you bring

that engineering talent just for simple payment processing and they help discover a a critical bug and patch it within within two months right when do they get in last month or they get officially last month or the month before and they've already patched over a critical bug uh january january and it is april so two months ago it's april 2nd right no it depends where you live yeah yeah you know utc no one lives in utc right now utc always confuses whenever you see is usually london time but then they go to daylight savings they have their own daylight savings so then utc right now is in the middle of the atlantic but anyway i digress continue we have your hard stop coming up so let's finish

this list we can you know the hard stop is because like my in-laws on their way down i'm in their bedroom but you know what they can wait i love it the hard stop just became a soft stop guys let's go freaks we're going forever now what's next similar to bisque which is trading at a discount right now gbtc is still trading at discount um and close to like the the highest highest or lowest discount percentage discount there we go highest discount lowest premium yeah

well it's a negative premium dude it's bad man like what they said they were going to buy a quarter of a billion dollars worth of of GBTC and it didn't fucking move it at all like how could they expect it to

if I was Barry I would just like wind down the fun i mean he should at least bring it up to par well kenny that's the question he can do it himself i mean why not why not like how do you not see the writing on the wall like all these products that are vastly superior to the product that i'm providing are coming to market you got your two and twenty you printed you printed cash for years barry i think you just gotta you just gotta unwind this one if you can so so we have full-time ftb full-time bitcoin in the comments he's saying it's right now it's eight and a half percent right now it was 15 if you look at the chart it looks like it's trending down um one thing i might say is maybe

uh you know block fi is trying to launch a competitor gbtc so maybe barry thinks he can play games and fuck with them and and not tank the price of bitcoin which i would agree with him like honestly i don't think bitcoin will be affected at all if blockfi died or gbtc died if any of these regulated companies like the the lie that they want to tell you bitcoiners is that any of these compliance bros are controlling the market okay the humble sat stackers are controlling this fucking market what we say fucking goes okay and as long as we keep fucking stacking and fucking securing it ourselves holding our own fucking keys using your own fucking node they fucking can't do shit and we can fucking run this fucking price up to the

fucking moon and then there's no stopping us so so if if if these guys want to pretend like they they have control they can fucking do that and maybe between them they think that they can fuck around with each other but if i was in blockfi right now knowing about this fucking trade and how hard they went on this trade and the fact that it's still negative today the whole month of march has been negative like that's scary shit you know and ultimately you know people can say i'm flooding people can say i'm creating fear uncertainty and doubt among blockfi users as far as i'm concerned if someone has custody of your bitcoin you should always feel fear uncertainty and doubt regardless of what the situation is because you're a little bitch who wasn't able

to take full responsibility of your finances you never know what's gonna fucking happen should be doubtful of your ability to to provide no like regardless like outside of block fine their exposure and involvement in gbtc like again like reiterate what i just said like i don't think like it's going to be competitive like why not just wind it down like you had a good run they make so much money off of gbtc the thing just prints money but it's not it has printed money up to this point it's still printing money at a negative well yeah you're getting your management fees but the management fee is where they print their money he's still getting his two percent he gets the two percent regardless of what the discount is yeah guys still like

fucking they're making so much money trying to think it through here what's to think through like they're not gonna get like is that is that two they were getting that 20 right they were getting two percent of a 20 premium as well yeah they were getting boat they were getting their their two percent was coming out of a premium so they were getting the benefit of both yeah maybe so but like yeah they're arguing to be made that they're not following their fiduciary responsibility no the end goal is they're trying to just get to an etf yeah obviously they have like etf like 17 etf positions on their job board right now so they're not really hiding that i don't think anything they've done so far breaks

their fiduciary responsibility i don't think they have any fiduciary responsibility to block fi customers who are who are trying to arb their premium and got caught i don't think so either and i don't i don't think block fives you know whatever their raise was changes the game at all in this respect and i and and i understand that people can say i'm fucking fudding whatever i don't fucking give a shit not your keys not your coins if there's no issue then there's no issue withdraw hold your own keys wait to see that there's no issue if there's an issue then they'll be pissed off at me for saying that if there's no issue then there should be no problem with you just requesting to withdraw your coins just holding them in your own custody and waiting to see how

this fucking plays out godspeed godspeed i'm happy i don't have that that stress to deal with this is extremely cool to see ptc transcripts wow btc transcripts.com uh just a collection of transcripts from uh events in bitcoin conferences of bitcoin obviously if any of you know like the most prolific transcriptor in the bitcoin space is brian bishop uh i think a lot of this is his work but there's others who've contributed as well i believe michael fulkerson um a bunch of others and if so if you're a a visual learner and you like to read and you want to go back through bitcoin archaeology uh and just things that have gone on throughout bitcoin's history that have been transcribed by people um there's a website out now btctranscripts.com

it's really cool uh they're on they're on github if you want to submit uh transcripts yourself yeah it's community maintain i don't know how anybody could try to transcribe any of this stuff especially live well you know a lot of the transcripts are for recorded content though marty yeah well well i'm thinking of brian bishop like he does it live in person i know yeah that's super impressive but like shout out like all the freaks like they're looking for translations and stuff like if you can provide transcripts for recorded content um in in your local language that's a massive benefit to the project so um go check that out yeah yeah go check it out i think i think mike schminney may put this together so i think he did yeah

i'm seeing the maintainers the contributors on the space so oh it was adam jonas adam jonas oh it was jonas michael fulkerson uh eric sossman duncan dean carly crisco thank you thank you guys for putting this together it's incredible resource adam jonas i miss you bro new york big corner let's fucking go this monk this monk i can't speak yeah i get two ciders and half a guinness deep and i can't fucking speak freaks it's been a long day this month in bitcoin privacy by a good friend janine is out march 2021 um so if you're interested in this month in bitcoin privacy janine has been putting together the top stories as they relate to bitcoin and privacy in her mind um for for

many months now i think over a year at this point um this week it's seven stories fat if uh is on there join market privacy bug fix uh quick and discreet lightnings dlcs a lot of information on there go check it out we have the link in the show notes and speaking of dlcs our good friends at short pits particularly nadav cohen who entered in a bet with our boy ben the car man a price bet particularly using multi oracles one being pierre richard the other being Bitfinex and the third being who's the third map

pull the blog up now I don't know dude you're the one looking at it I think you're supposed to remember this from memory I remembered Pierre I think it might have been Kraken let's see the key aspect

is that you can use DLCs in a way where you have to check multiple oracles and if it falls outside of the range if it falls outside of the range then it fails yeah so you basically if you engage in a discrete log

contract for any of you freaks who are not well versed on what that is it's basically a smart contract in which you engage with a counterparty so if Matt and I wanted to bet on the price of Bitcoin next RHR beginning of next RHR we would pick oracles

so back up a little bit like uh like the dlc implementation has been revolving around single oracles where you pick one oracle like say we bet on the price of bitcoin we say hey we want to take a bit bitfinex price at the start of our original oracle market an oracle is somebody who serves you data to basically say what the what happened to the particular event right so what is the price of Bitcoin or who won the baseball game? Yeah, exactly. And the problem with that is you don't want one Oracle

that could potentially feed you bad data. You want to have redundancy there and make sure that you're actually getting good data. And as you're engaging in these discrete log contracts that automatically release sats to the winner when the transaction is signed, you want to make sure that the winner is actually winning and the data is actually true and one way to make sure that is true is to pick multiple oracles

and make sure that they're uh you basically distribute and reduce risk that way because it's harder to to hack multiple oracles than it is one so one big worry with these setups if you're doing a single oracle is hey what if that oracle is hacked and they feed you bad data and somebody knows what bet you're engaged in and they they intentionally hack that oracle or a better example is a better example is the election where you have people who disagree on the outcome right that's a good that's a good point you want to have multiple oracles it's a it's it's you you almost there's no situations where you want to have a single oracle really uh in general you want to have multiple oracles uh this is called the oracle problem this idea

that how do we connect the real world with bitcoin um there's been many shit coin schemes that have been designed to try and incentivize to a solution to this oracle problem um this so-called oracle problem this idea that like how do you know what the truth is but really a very simple clean solution is that you just have multiple people multiple organizations and people uh be those oracles and you need to have a overwhelming majority of them to to settle any kind of dispute um and and you and and you have a reputation system built into that as well hopefully uh to rate those oracles appropriately like how do they how do they respond to any kind of situation you don't have to solve this idea you just need to have like a very straightforward

way of handling it yeah yeah again you distribute risk amongst yeah and i think it's like a beautiful thing especially when you compare it to god what was the uh the prediction market coin on ethereum that auger auger yeah they like attempted to say they solved the oracle problem they didn't like the world problem i don't think it's ever going to be solved by a blockchain this chain link solve the oracle problem no i mean none of these guys that's what i'm saying right like yeah the simple solution is you have multiple trusted parties and you kind of create a reputation system around them and you build that whole system in a way that you don't expect any individual participant to be trustworthy yeah and the beauty of dlcs too is that the oracles

don't know that you're actually using their data to attest to your discrete log contract so they can't know that you're entering let's say matt and i bet like 100 bitcoin on the price of bitcoin next week um arguably matt could go to one of the or like never mind that's a bad example but the oracle can't see that we're in 100 bitcoin bet unless one of us goes to the oracle and tells them um so that sort of reduces the incentive for the oracle to try to cheat um when they're feeding data right they don't even know that their data is being used to attest particular dlcs which is uh which is really cool and so short bits came out the blog the multi oracle dlc deep dive and adav who's an extremely intelligent individual and a great developer i've had him on the podcast

before chris stewart actually the last live podcast before before covet happened um he basically describes how how this oracle setup works you pick an oracle uh you basically have this is oracle number one number two number three we're gonna try number one first if the data falls outside of a standard deviation from the others we'll go to the second one and blah blah blah blah and if all three of them fuck up then you just don't you don't follow through with the dlc so there's fail-safes there as well um we're going to link to this read it in the show notes and that was it for the list matt how do we do i think we did uh i mean i don't even i we did horribly we we've done better in the past we aim to please freaks we aim to please i horribly

i'm just trying to be critical of ourselves i just wanted to give a quick shout out to ministry of nodes um if you have any issues uh with your current setup and you're trying to be self-sovereign trying to use your own node you're trying to hold your own keys um consider reaching out to our friends over at ministry of nodes um katan is fucking killing it over in australia i spoke to him earlier today um they work on the value for value model so uh if you think they provide you value, I expect you to give them a substantial compensation for that value. But they will hold your hand and they will help you be sovereign. So consider going over there. Definitely consider it. Check out the Stefan Levera podcast too. I actually caught a bit of the Parker Lewis

episode this week a great one on bitcoin definancialization um or how bitcoin leads to definancialization more more articulately um putting out great content content content content never sleep i have one more thing marty go for it moscow time moscow time right now according to clark moody's dashboard is one thousand seven hundred two hours uh should we explain to the freaks that might not have been aware on on bitcoin twitter what i mean i think your tweet was dunk of the century so jack jack dorsey disclaimer square company's ceo sponsor the pot uh was pulled in front of a the senate hearing committee senate committee hearing wow i can't fucking talk uh and to to

talk about like social media free speech and all that shit and he did it from his kitchen with a block clock in the background and the blue checks were very confused very confused what the hell is this clock what's going on and one in particular i forget his name uh he basically surmised he was like wow what was like 1592 it was the sats per dollar 1952 1952 it was the sats per dollar at that point that was the stat on jack's block clock and one blue check mark was like well that's the time in moscow right now jack is like 7 52 p.m yeah jack is coordinating with the russians he's a stooge like this is this is massive we're making a breakthrough here he's pushing it in our faces like not knowing what a block i think this is this literally happened while we were recording

rhr last week because i came out of rhr drunk and i went onto twitter and i saw this blue checks take and then i responded in all caps lmao nailed it nailed it dude fucking hilarious right like they hate us they hate us so much why do they hate bitcoiners so much what the fuck man like again it goes back to envy it's something cool that a lot of these people think they're gonna fix the world they don't realize it's not gonna be them it's gonna be bitcoin it's not gonna be us but this guy didn't realize he didn't even hate us he had no idea that was the hilarious part just to be clear but they do all hate us unfortunately the blue checks are all short bitcoin so they're gonna have to deal with it

well they want the blue check again like going into that like you hopped in alex gladstein hop it was like yo dude like i want to make sure that you're like not looking like an idiot like here's it's a block clock here's a link to oh no i i just completely fucking tried to ratio him i was not being friendly but but gladstein was being friendly yeah but the point i'm trying to make is like you just dug in further no you're wrong so he doubled down yeah he doubled down it's like no i actually have one of these at home and then he tried to like brag about like he was like i lost all my money in gox it's like okay congratulations bro yeah i'm sure you did i'm sure you did but like why didn't you buy back in like what were you doing what what happened yeah

it's gonna be an uphill battle these people hate us i think honestly i don't know like what jack was thinking uh publicly broadcasting with a block clock in the background like what a fucking asshole you know like who would do that who would ever do that no actually it's pretty based he was like liking tweets during the hearing it was so good he he liked my my lmao nailed it and then and the guy like tweeted out he's like jack like this i i told you i nailed it blue checks he had uh his profile pictures avatar it's like very similar to the one guy who wanted a vasectomy seven years ago because he was crying in an airport because of all the energy that he was using because he was flying wound up having kids and then big hot tub user

as well and complains about energy use they have like the exact same shitty hair and and blue shirt set up there's like a there's some physio physiognomy physiognomy physiognomy physiognomy keep trying physiotomy physiotomy physiotomy we're gonna end it there freaks i love you all uh honestly guys like under 60k is going to be a flash in the pan i know you guys think it's uh i know you guys think it's been a while but it hasn't been and i hope i hope that our humble stat stackers um have taken advantage of this because i know i sure as hell have been less than humble and just gone balls to the wall in this range um bitcoin is something else guys

and uh i i love being a part of this with all of y'all and uh stay humble stack sets of all y'all to keep stacking god we love you guys keep fighting draw the line in the stand if you're a strong man or a strong woman out there stand up it's time it's time we need the strong men and women to stand up and speak their mind speak your mind you shouldn't be afraid to speak your mind you shouldn't be afraid to put these ideas out there and don't let them cattle herd you into a false framing of a black and white pick this side or that side there's more of the world and i'll admit maybe the fat of people aren't all demons there may be one or two in there though can i end it with a shout out again yes sir i mean phil we already played the

shout out freaks it's david here at the uh houston bitcoin meetup uh big thanks to alza send me 50 more dollars for the sad happy to be the the first audio shout out on tftc i'll pass the phone around a few people want to say something what's going on everybody this is scotty what the hell is next pub mate what a freaks is phil gibson have fun same pour and maybe get a sad fundraise so we can send marty to uh speech therapy what a freaks is uh bent in the car man i don't have to say anything about this but uh go buy some bitcoin what's up freaks it's al's lacrosse bent we expect to see you here soon you're always a crappy lacrosse player but we're proud of you for all all your uh oil field mining making sure that the oceans

don't boil like that bastard nick carter wants to do to everybody all right guys thanks peace and love freaks