TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Bitcoin Week of 2021.04.05

Starting point is 00:00:00 Sup freaks, it's your tired Uncle Marty here to introduce this episode of Rabbit Hole Recap. Fear not. Matt O'Dell is with us. He did not leave us. He just took a little Twitter break. Now he's back. Court a great RHR. I think you freaks are going to like it. This episode is brought to you by our good friends at the Daddy Fucking Cash App. Ew, sounds dirty. Sounds dirty coming off the tongue. Cash App is how you stack stats, send stats, receive

Starting point is 00:00:29 sats sell sats if you so please we're saying sats sats sats sats sats sats sats sats the sats are the standard now there are 100 million sats in one bitcoin you don't have to buy a whole bitcoin you can buy whole sats instead you dca no sats you can buy daily weekly bi-weekly via the cash app you can get your paychecks direct deposited into the cash app they're offering account numbers and routing numbers so you can stack sats even quicker uh they have their boost program which sometimes allows you to get sats back on purchases made wherever visa is accepted whole shebang i sent i sent some bitcoin via the cash app to it to my brother last night just typed in his cash tag he came over he babysat my young boy i mean he didn't ask for sats but i gave

Starting point is 00:01:13 him some sats and i sent it over cash app and just sent it to his cash tag he didn't have a wallet on him at the time so there's like here take them it's cool use the code stacking sats if you haven't download the cash app yet it's s-t-a-c-k-i-n-g-s-a-t-s you're gonna get ten dollars and ten dollars gonna go to our good friends at owls lacrosse that's owls lacrosse owls lacrosse this rope is also brought to you by very very very very good friends at unchained capital unchained capital it's an incredible company in space they love bitcoiners we love them they're building financial products for bitcoiners with security in mind using bitcoin first principles using bitcoin's native properties to bring ow i said my funny bone ah peter griffin moment

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Starting point is 00:03:43 we'll link to the concierge service in the show notes this rip was also brought to you by good friends at Hodl Hodl Hodl Hodl is here to offer you freaks no KYC anonymous

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Starting point is 00:05:36 an alternative to bitmain firmware if you remember correctly if you recall correctly bitmain was was fucking around you're messing around with their firmware as particularly with amp lead in 2017 a bunch of developers discovered that bitmain's firmware gave them the ability to shut your miner off remotely very sneaky very bad in 2018 the brains team verified uh i mean brains basically brought brains os plus this firmware to the market for users so they don't have to use bitmain's software they verified the s9s could run about 13 more efficiently with overt overt asic boost this feature wasn't public it wasn't enabled by bitmain so brains brought it to market again brains os plus is a custom auto tuning firmware that gives miners more control

Starting point is 00:06:26 over their asics and helps them stack more sats makes them more efficient let's some squeeze squeeze the liquid out of the rock more more sats out of the rock currently supporting at minor s9s the s17 the t17 generation they're working on what's minor when what's minor ed edward evenson i know you're listening to this when when's what's minor i know it triggers you i love triggering you the open source initiative still going strong brains leading the strata v2 development along macro and square crypto a more decentralized mining pool protocol brains is working on the implementation they actually have it implemented on slush pool shroud and v2 that is and it's included in brains os plus firmware if you're using that so

Starting point is 00:07:07 they also push out a lot of good content and have good profitability tools so go check them out That's brains, B-R-A-I-I-N-S, B-R-A-I-I-N-S.com. Check out all of this. Incredible content. Today they launched something with, if you're operating a large mining farm, they have some software for you, like a dashboard software. They partnered with, I forget who, Fatpool maybe? Fatpool?

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Starting point is 00:07:57 dot com interesting shout out on this one don't ever give me you'll listen to it never accepting those shout outs I'll be sending those stats back maybe I'll keep them spam deterrence i only have to keep it once not read it maybe it'll be i don't know let me know what you think enjoy okay you've had a dynamic where money's become freer than free if you talk

Starting point is 00:08:31 about a fed just gone nuts all all the central bank's going nuts so it's all acting like safe haven i believe that in a world where central bankers are tripping over themselves to devalue their currency bitcoin wins in the world of fiat currencies bitcoin is the victor i mean that's part of the bull case for bitcoin if you're not paying attention you probably should be let's just fucking rip this shit that's what you just told me matt odell so we're we're ripping this shit now what's up dude freaks are worried about you how are you are we live yes we're live not going dark on the freaks so quickly i'm frustrated marty are you not frustrated in this bull market i think i actually

Starting point is 00:09:21 i'm very optimistic right now you're very optimistic right now cheerleader marty Not cheerleader. Just things I'm seeing on the ground. Me and my other ventures in the space. I'm very optimistic right now. That's all I'll say. I'll say more. We've got some items on the list that are making me optimistic.

Starting point is 00:09:43 Okay, Marty. That's great and all. I'm also optimistic. I'm bullish on Bitcoiners. I'm bullish on humanity. I believe Bitcoin is designed to pump forever. um i'm excited that a lot of our predictions are starting to come to fruition it seems like um we're able to tell the future and everyone else is just trying to fucking figure out what

Starting point is 00:10:07 the fuck is going on after the fact um so all of those things are consistent um but also at the same time we have the same fucking bullshit that started to happen around early 2017 started to really hit full force in early 2017 where we had every charlatan fucking scammer come out of the fucking woodwork and try and run interference for like every fucking scam there is and they do gotcha questions and and all these different you know what about isms and shit um and this time it's it feels even more insidious at least last time i guess you know it was like it was kind of more obvious on the surface you could see icos and all you know it was like really really um transparent maybe i don't know i maybe not transparent it's the wrong word um egregious

Starting point is 00:11:02 yeah i mean specifically what i am witnessing is a this whole idea of this custodial yield where you provide your bitcoin to a regulated custodian who kyc's the fuck out of you and they provide you some magical interest rate um is insidious it's insidious and it's providing an incentive to newcomers to give up custody of their bitcoin and it reeks of shit coinery to me it absolutely reeks of shit coinery to me and my question is if you are someone who thinks that shit coin promoters should be called out when they don't properly disclose trade-offs and they use what about isms and they run interference or scams um and insinuate that oh well you know most most shit coins are are going

Starting point is 00:12:05 to zero most shit coins are scams but not maybe not my shit coin maybe this one shit coin if you put your bitcoin in you'll have more bitcoin later understand the risks is like the same exact fucking thing that's happening with all this yield bullshit and it's only going to get worse from here it's only going to get fucking worse and we're getting to the point where there's large accounts on twitter and shit that are fanning the flames of this these like dangerous concepts like like that that the risk of storing your bitcoin on a regulated custodian that re-hypothecates as a service is a less risk for a newcomer than if they try and learn self-custody and they they they're actively pushing this narrative and it's only going to get fucking worse and and so

Starting point is 00:12:53 so that so i need a little bit of a break from twitter because i was fucking furious i know i know you were i could tell you were i think everybody could tell you were but matthew a wise man once told me don't get triggered online it's a sign of weakness well that's why that's why i just signed off yeah i know yeah i think i mean again to be clear be aware of the risk freaks i know some of you out there are using these interest-bearing services i'm sure everything's been working out well for most of you up to this point just be aware of the risk be aware of the risk be aware of the options out there it's gonna fucking blow up it's gonna blow up you're not gonna have any bitcoin when

Starting point is 00:13:42 all of a sudden fucking done oh is it definitely going to blow up this is the problem right this is the problem it's the same fucking thing that happened with shit coins and and i at least think i'm a little bit more consistent here than some other people in this space because as far as i'm concerned shit coins weren't a threat to bitcoin and they still aren't a threat to bitcoin i'm completely fine with people putting their money in shit coins if you want to put your money in shit coins by all means do it you have a right to do it i think people should have options people should be able to exercise their own right my free market you know i have a hundred percent believe in the free market um i who i take take issue with is people who know better and

Starting point is 00:14:21 intentionally mislead people for for profit right for the promoters that are intentionally not disclosing the trade-offs right so even in a world and this is where it comes back to the ico shit coin bullshit even in a world where let's say you know you're a provider of this yield interest and you're not uh you're just trying to act in your user's best interest and you're not re-hypothecating um and you're you know you're so you're not relending it out and you're running a full reserve i don't even know where you're getting the yield from but let's just say you're in this theoretical world where you're offering all this stuff and maybe you have insurance and you have it fully disclosed and stuff there's always going to be a scammer you're

Starting point is 00:15:01 offering that offers two percent more right and what you're doing is you're providing cover for that scam your option because you're saying it's the same thing like like oh 99 of shit coins are scams but not the one percent but but but the newcomer should go figure that out which one is that one percent you know and you're like providing cover for it and it's just gonna i it's i i i i i we understand yeah go on we understand your frustration i know where you're coming from Again, it's not in my risk appetite. I am completely content with the games that Bitcoin and its number-go-up technology has provided me up to this point

Starting point is 00:15:48 and I believe will continue to provide me into the future. As you said, Bitcoin is designed to pump forever, and I'm not willing to risk it for the 6% biscuit. Personally, again, some of you freaks out there are. Beware the risk. And if you are shilling these products, make sure that you're articulating the risk right i think that's important to stay logically consistent and be a good steward of stuff that's going on right yeah yeah i mean i that's a very

Starting point is 00:16:26 level-headed uh distillation of kind of where i'm at here um but uh i literally i i don't think that these products should be in the risk appetite of anyone who's new period like it's it's like you know if if if if you're some if if if you're if you're some old timer that should know better and you you want to make a little bit of yield off of of your bitcoin then then it makes more sense to me but like these newcomers like what like this guy a guy who owns you know 10 million sats and is just trying to stack for his first time is is being encouraged and pushed into these services and it just seems wrong it just seems wrong and it just feels like no one's fucking talking about it for the same fucking reasons that people let the shit coins happen and there's a lot of

Starting point is 00:17:20 hypocrites on the bitcoin side of things that are very very outspoken about shit coins that are very very quiet about this shit you'd be warned freaks we'll warn you here understand the risk understand the options like i said i'm extremely bullish right now we don't have to focus on this i know not all of you are are doing this stuff probably most of you aren't let's talk about the good stuff we're gonna start at clark's dashboards we got accused of i also been getting accused of fucking fud all the time um which i'm aware of freaks so i front loaded it with bullish shit there is a ton of bull i mean i'm very optimistic i mean we are winning i think we're going to win spectacularly based on what's going on right now we'll get to it first clark's dashboard

Starting point is 00:18:09 consolidating consolidating consolidating you bored of this price action yet matthew we're We're sitting at $57,760. One cuck buck is going to get you 1,731 sats. I fucking love this consolidation. Stacker's paradise. Let's fucking go. Moscow time is standing still right now, it seems. We're sitting at a $1,080,000,000,000 market cap.

Starting point is 00:18:37 I'm pretty sure I got that right. I got that right. I probably got it wrong now that I'm thinking about it, but whatever. We are 6.5% below the all-time high of $61,760. Rodolfo has been adding to the corporate treasury website, currently sitting at 1,373,437 Bitcoin are being held on corporate treasuries at 79.3 billion CUC bucks worth of Bitcoin or 7.35% of the total Bitcoin supply. Current block height is 678,352, 18,677,111, and 33.33 Bitcoin have been distributed to the network. That's 88.94% of all the Bitcoin that will ever exist,

Starting point is 00:19:28 of all the 21 million Bitcoin that will ever exist. Lightning public capacity is standing pretty still as it has for quite a while we had a difficulty adjustment since the last time we met matt and it was a 5.8 upward adjustment uh i believe we're sitting at difficulty all-time high right now also hash rate all-time high according to some estimates we're 1040 blocks away from the next uh difficulty adjustment which is estimated to be on april 15th 2021 blocks are currently coming in at nine minutes and 55 seconds that's five seconds quicker than the 10 minute block target so we're looking at a upwards difficulty adjustment of about one percent if blocks keep coming in at this pace over the next 1040 blocks there's 52 295 transactions

Starting point is 00:20:19 in clark's mempool fees are fees per block have been uh trending down around the half of bitcoin per block area over the last uh three months i believe it is according to my block clock um so it's been interesting to follow you know all's quiet on the on the bitcoin front it seems except for like what's happening outside of the bitcoin network uh with announcements and developments and there's coin flips going on what do you think of the coin flip let's start with the coin flip i fucking thought it was hilarious uh your caps like coin flip tweet and then like the next morning you like woke up like i guess like a little bit hungover or not and you're like i don't really like it anymore yeah well i just like it was it was i was all happening in the moment so i was

Starting point is 00:21:11 just like excited i was like coin flip what the fuck like i was reading the mailing list it's like coin flip it like happened as i was writing the bent that day so i wrote about it and i in the ben i just tried to be uh as objective as possible just explain what was happening and and like not really put my opinion in because i didn't know if i had one yeah then i slept on it woke up i was like i don't know if i like this i think regardless of your opinion you shouldn't like the coin flip idea yeah so let's explain it you want to explain it for the freaks you want me to so so the a bunch of a bunch of bitcoin developers have been having these weekly meetings on irc or sometimes bi-weekly um about taproot activation and i guess the most recent one

Starting point is 00:21:56 there was a variable that it seemed like a bunch of of the participants were split between whether or not they should use it um and it was it was either the actual block height or the medium time passed correct yes i believe it was like we'll activate after but what's the activation logic yeah like so so so when you're doing activation logic but in this case i guess it was it was the speedy trial concept right where we have three months minus of three months to signal then after those three months if they signal it it'll activate um three months after that and the question is what is the time that you put in that activation logic and and it was block height versus medium time past and because there was a disagreement they basically

Starting point is 00:22:52 decided that at a future block the hash of that block would act as a coin flip and if it fell one way or the other everyone in that disagreement would agree with whichever way it went right yes and not everybody agreed height makes so much more sense to me i think but i don't know if i just think that because like grass is greener because like mtp got selected i don't i'm too long it just seems clean yeah block height seems really clean but i don't get the median time block height what i don't get the median time pass what is it like you have an activation threshold time pass is because the issue is the reason we use block height in the first place is because you don't the time stamps

Starting point is 00:23:39 aren't standardized so you need median uh because the time stamps are like within an error range but the miners are just submitting their own time yeah you could technically have like a higher block time that's which is why we would be median because just in case fuckery happened that it would get averaged out yeah i'm too i just i think the bearish the bearish aspect of this is that there's just why did this why are we even in this tangential discussion i i the whole point of speedy trial i thought was just to speedy trial it yeah figure it out is the coin like such a developer argument right and so that's like that's why i think like i did all caps coin flip i was like oh we figured something out to to break a stalemate if you will

Starting point is 00:24:33 will and then um yeah then i slept on it i was like i don't know is this the best way like is this a precedent like is a queen flip a precedent that could bite us in the ass in the future we talk a lot about precedents with protocol upgrades it's just one of those hastily thought out solutions that that'll come back to bite us in the ass i don't know i'm waiting for our resident young opinionated uh bitcoin core dev ben the carmen to jump into this live chat and tell us what to think. But I just want to be clear to the freaks. I think this is a little bit above my pay grade. I think it's a little bit above Marty's pay grade. I think it's an important topic, though, which is why I'm already covered in the bent and we're talking about it here.

Starting point is 00:25:16 But I think that one of the key aspects for people to realize is that Bitcoin is hard to change. And that's a feature, not a bug. So whenever things get delayed, you shouldn't fret. You should just be grateful that any bad changes would also get delayed hopefully indefinitely yeah and so there was some action on the bitcoin dev mailing list earlier today michael fulkerson folks and excuse me uh wrote like a little uh god the uh subject of the emails update on speedy trial colon the circus rolls on uh and basically gave a breakdown of what we just described and And then so Andrew Polisher responds to that. And I think this is interesting for what it's worth to somebody who wants to use Taproot.

Starting point is 00:26:05 I don't care at all about activation parameters, and I especially don't care about BlockHide versus MTP. If a coin toss is what it takes for people to move past this, that's fine by me. And Matt Corallo responds to that. It's probably worth noting. But while the coin toss was acceptable to many people as who cares, just move on. The two authors of actual code for the two proposals here also came to an agreement on a way forward.

Starting point is 00:26:29 so it's not like it was a coin toss to overrule everyone on the other side i think people proposing mtp and block hype both agree to a coin toss um i don't know it's like matt said it's above my pay grade figure it out that's all i'm gonna say i just i just think it's oh ben you're in the live chat uh are we are we supposed to be happy with the coin flip or uh like what is our opinion supposed to be on that um i i just i just i i think it's like bad it's just bad uh just to add on top of that i just think it's it's just bad press when when we're supposed to be like this uh very conservative development process and and people see coin flip yeah it was cool how they did the coin flip though they use bitcoin to do the coin flip was it ben was ben ben the carman was

Starting point is 00:27:25 pro uh block height not mtp right yeah ben the carman is saying coin flip is good stalemate was broken okay but ben but there was the opposite choice that was picked of yours right bad press is very true this uncle marty will read the uh we'll read the okay it sounds like it sounds like we were mostly on on the same page with our resident you over here with ben so we appreciate ben for coming in and providing some insight there after he was called uh he is pro block type but he's also pro coin flip so he's he's most aligned with marty pre-sleep all right maybe i had a bad sleep that night maybe it wasn't so bad

Starting point is 00:28:13 the queen flip i just think blockhead seems clean but i maybe i'm wrong because there was a disagreement yeah it seems yeah right like andrew polstra i think he's been working has he been working on tapper is he more like moose dig i think he's been working on tapper a little bit but like yeah he's like i just want it figure it out i respect his opinion very smart from what i can glean all right we'll keep you guys posted we've been covering tappered activation for some time now we're not going to stop after the coin flip so hopefully stalemate was broken we get more progression towards an activation method because i personally would like to see tapper integrated into the bitcoin it's already integrated live on bitcoin's

Starting point is 00:28:57 mainnet um activated i thought this is what set you off on tuesday um coinbase ip it all set me off marty it was it was the crypto council it was fucking coinbase it was fucking signal adding the shit coin and it was fucking people running interference for custodial lending schemes that rehypothecate as a service it was a combination of things it was everything combined that was just like clown world to the fucking t and i just went all caps and i just got i had a had a lot of people in my comments and i just signed off i just said i need a break from twitter did you enjoy your break yeah i need to take more of them twitter's my only social media and it's just i should i should it's a problem i need to just use it less yeah use it smarter

Starting point is 00:29:51 i do as well i do as well it was too much time on twitter or is it a waste of time love hanging with you freaks um yeah well coinbase they're ipoing uh they don't own a lot of bitcoin their ticker is going to be coin doing a direct listing on april 14th so that's uh a week from yesterday next wednesday uh and then it became apparent i mean we got a first deep dive into their financials and i think the thing that particularly pissed you off is that it became them glaringly obvious that they have a significant amount of revenue and profitable i believe it's like 1.2 bill in revenue and 800 higher marty 1.1.8 billion 1.8 800 million in net income for this quarter alone yeah and you're mad because they were larping about selling chain analysis

Starting point is 00:30:45 software surveillance software to the irs or the u.s government specifically the dea the irs and the sec or was it just the dea and the irs i'm not sure the point is they sold surveillance over to the u.s government agencies and brian armstrong and coinbase told us multiple times with straight face that they needed to do it to recoup costs and they made less than 400k on it you know and and meanwhile they they're gonna make two billion dollars in revenue this quarter um clearly full of shit but everyone's got their hands in that fucking pie and no one wants to rustle feathers um or if they have hands in a competitor pie that's being looked at as a you know a comparison in terms of valuation that also wants to go public and no one wants to

Starting point is 00:31:37 fucking rock the boat about it but they clearly fucking lied to people like it wasn't to recoup costs um why'd they do it they did it to earn favor to get this ipo out the door so that they could fucking do their final dump on retail because that's what they love doing dumping things on retail um so like that's fine i i but just be honest about it and like other people should be honest about it instead of cheerleading this fucking ipo like it's some golden fucking beautiful moment for Bitcoin when it's not. It's a sad story. Coinbase is a sad story of them capturing users and shoving shit coins down their throat. What could have been? What could have been? I saw our boy stop into crypt getting into it with Eric Voorhees over this particular

Starting point is 00:32:25 subject. Voorhees coming out and be like, how can anybody be against Coinbase? They've provided so much like we would not be here without them and i mean arguably true yes but somebody would have stepped in and filled that void if it wasn't coinbase right and then like what if that party that stepped in stayed true to bitcoin didn't try and split the network didn't offer all these shit coins to dump on retail didn't hire an ex hacking team that's that like built software to spy on a whole country's which they then sold to the u.s government and other governments for pennies yeah while pretending that they're recouping costs yeah and then meanwhile they don't even own that much bitcoin which is like

Starting point is 00:33:10 what the fuck but there's a delineation to be here made here right so they don't own that much bitcoin themselves and and presumably my guess is the bitcoin they own is because they realized they were ipo-ing and they saw what michael saylor was doing they were like fuck we need to own bitcoin before we go public because everyone wants to see bitcoin on balance sheets now it's like the cool thing and they like scramble to try and get something on their balance sheet um but if you oh before i continue we have our boy keep it simple bitcoin that's trying to call a top here on the coinbase ipo saying that marks the top uh presumably for bitcoin i mean you couldn't be more wrong dude i i hope you don't trade based off of that information just stay

Starting point is 00:33:50 humble and stack. We are nowhere near the top. Coinbase might not own that much Bitcoin themselves on their balance sheet, but they are currently custodying $223 billion worth of quote unquote cryptocurrencies. The overwhelming majority of that is probably Bitcoin. Almost half of that, a little bit more than half of that is institutions. So just a reminder that every time you see that glass node chart about things leaving exchanges it's like leaving coinbase and then going into coinbase custody um i'm grateful we're not proof of stake so that's not an issue to me as a as a self-sovereign bitcoin user um so i do not consider this fud but that is like most of that bitcoin will never leave coinbase like that big like it's a it's like a lobster

Starting point is 00:34:42 trap it's like a you the lobs the bitcoin goes in most of it's never going to come back out i like that analogy i've never heard that one yeah hey if you're a corporation out there buying buying bitcoin put it on your balance sheet maybe think about collaborative custody hold your own keys don't uh don't expose yourself to the risk of of one custodian do some multi-sig collaborative custody where you can actually control your utxos and move them as you please one of our sponsors works on that disclaimer unchained capital sponsor of the podcast uh another big news in the the mainstream media for bitcoin this is like pretty massive news oh wait wait before we go there just just if that

Starting point is 00:35:36 was too much funny for people because people like you know they want to they want to hear only bullish things um i do expect the coin the coinbase ipo is gonna i expect to be bananas like i i have i expect it to be absolutely crazy craziness like i i i'm not i don't plan on trading it but i think uh i mean i think it beats all expectations a easy valuation over 150 billion when the dust settles. It's going to be, it'll be a massive legitimization of Bitcoin in terms of like the traditional finance types.

Starting point is 00:36:15 Yeah, it'll be interesting to see like if Money Printer is still going bird too, just like Coinbase IPO and just hop on that Yodel. Price is right, Yodel. Mountain up. Yeah, 100%. Yodel.

Starting point is 00:36:29 And even though they don't own that much Bitcoin on their balance sheet, their fucking ticker is coin. so people are just going to assume they own more Bitcoin than MicroStrategy because people are idiots. I mean, you have to admit, that's a pretty sick ticker. It's a great ticker, yeah. Somebody who hoards domain names and thinks of good slogans,

Starting point is 00:36:45 you have to respect the coin ticker. Coinbase IPO next Wednesday. Be aware. Stack sats, not stocks. That's what I would say. NYDIG, another big announcement, another big raise, 100 million uh from a cadre of insurance companies um so nighting raises 100 million for strategic partners including star liberty mutual insurance and other pnc insurers so pnc

Starting point is 00:37:15 insurer what is that again uh property and casualty uh and i i think safety and actually highlighted and said something pretty eloquent about is that what p that's what pnc stands for property and casualty or causality casualty or causality interesting casualty so it's life insurance um and say if he had a good thread on that i'm actually writing about in the bent the next three topics i'm writing about in the bent because they're like making me extremely bullish and i think they're they really highlight one of the paths to success for Bitcoin that many people talk about,

Starting point is 00:37:59 and it's sort of a sneak attack of so many entrenched individuals and institutions getting in that it's going to be hard to ban Bitcoin or curtail it significantly because there's just so many entrenched individuals, corporations institutions getting access to bitcoin because they want to leverage its utility so this is uh this is one of those cases and here's what safe said on twitter possibly the most underrated trend in bitcoin is nidig's expansion into offering bitcoin solutions to

Starting point is 00:38:34 the insurance industry bitcoin's appreciation makes it a far better asset for insurers and their clients than depreciating fiat and he quoted ross stevens from the press release of this particular raise announcement. And Ross said, fiat depreciation causes inflation of fiat premiums while collapsing the purchasing power of claims. We see a bright Bitcoin-powered future for the billions who depend on the insurance industry every year. So safe again, saying NYDIG's insurance solution division is hiring the former CEO of TransRe, Mike Spanar, excuse me, Sapnar. They already have investment from MassMutual and New York Life. The global insurance industry is a $6 trillion a year and it hasn't even dipped its toes in Bitcoin yet. So this is

Starting point is 00:39:19 a massive conservative industry really moving in earnestly to use Bitcoin as a better claim payout or insurance product for their clients. And they're doing it because they've done their homework, they've evaluated the options and they've decided that Bitcoin truly is a better asset for them to protect their businesses and their clients' policies, which is really, really interesting to see. And that's something that really got talked about much throughout the years that I've been following Bitcoin is insurance companies coming in and using it in this way. They completely caught me off guard. And the people that I guess this is a signaling mechanism for think it's a very big deal um like marty just said uh that that the insurance companies are the

Starting point is 00:40:10 most some of the most conservative players um with massive with you know massive balance sheets uh and obviously are paid to understand risk so their opinion i guess is appreciated by people i personally have never liked insurance companies but we did have a freak reach out who tried very strongly to convince me that i was wrong on that and i did appreciate that do you remember that marty yes i do so i i just want the freaks to know that when you when you reach out to us about those things it does change my opinion a little bit um all that said though uh in a post-bitcoin world, I listened to your most recent episode with untapped growth, your most recent discussion with untapped growth. In a Citadel theory world, shouldn't I just hold Bitcoin? Why do I need

Starting point is 00:41:13 to pay an insurance company that is going to try not to pay me when I need them to pay me? i would yeah i would argue yes i think the signal here is that these insurance companies are rotating into bitcoin for claims that have already been made by customers so they're adding it to protect claims that are already made right it's not like maybe they will integrate it for future claims but it's really a protection mechanism for assets and policies they already have on their books which is interesting so uh keep it simple bitcoin is a little bit upset with me for mentioning his top call um so he is he is mocking me a little bit in the live chat uh my thinking with the post bitcoin world thought is

Starting point is 00:42:04 is is this idea of needing insurance for everything that we do a product of like the fiat you know over litigious society that we find ourselves in like isn't the ultimate insurance like having savings yeah i agree yeah i agree again i think i'm highlighting that i think it's very interesting because again like it like insurance or not it exists and people are buying it and buying policies a lot of which is mandated like a great american mining it's actually it's shocking how many insurance policies we have to get just to get on these oil fields so they exist and i think the the signal here is they literally need bitcoin to protect the value of their policies and the the ability to pay out claims right that's irrelevant of the

Starting point is 00:43:03 end user whether or not they're going to choose insurance or not yes they need to cover their own ass every man for himself yes so pretty massive and again this is like hey large multi-decade some of them centuries old insurance companies are very conservative coming in saying we need bitcoin right makes it harder to shut down and it does feel like nidig is just fucking vacuuming money in right now right which is like it's like super it's like so like this is what the crazy thing that people are calling tops and shit you know or like arguing about the efficacy of six percent like like these guys behind the scenes are just funneling money into bitcoin right now absolutely ridiculous yeah i mean a little inside baseball for you freaks out there what

Starting point is 00:43:58 i'm seeing i not it's actually pretty obscure inside baseball but the conversations were having a great american mining would would shock people um what's going on out there in the mining world in the united states specifically more bullish news our boy matt alborg uh has updated some data on the useful tulip site i'm not sure if this is like a live data feed or he has to manually update this um it was basically diving into p2p exchange volume uh in africa hit an all-time high this week uh and the only so take take that line there african p2p volumes hits new all-time all-time highs with a grain of salt so it's two p2p exchanges paxful and local bitcoins um so you have to take into consideration that it's only those two and then on top of that you

Starting point is 00:44:48 to take into consideration it's only the volume that they report and their customers report to them uh and and then on top of that i think you have to consider the fact that many people just do one or two trades with other individuals on these centralized p2p exchanges which is funny to say um and then they'll just coordinate with each other offline yeah on chat apps and i would suspect that that volume on the chat app trading is significantly higher than what what we see from the actual reporting on the on the p2p apps yeah first of all um it i am 99 sure that it's updated automatically um he just every once in a while will you know recap where we stand uh to bring to highlight the numbers uh specifically on twitter but sometimes he gives us like a nice

Starting point is 00:45:40 detailed blog post. Shout out Matt Alberg. He's been doing great work. Those are the two largest P2P exchanges globally. And I think it's safe to say that we're at all-time highs because they're relative numbers. They're numbers that he's been tracking this whole time from these two P2P exchanges. And then they can be extrapolated further. But I do agree with Marty that they're probably significantly higher because you have the Airbnb effect. You have people who they find a customer through one of these platforms and they have a direct financial incentive to take it off the platform because if they stay on the platform, then they're paying a fee to Paxful and LocalBitcoins. But if they go off the platform, then they get to keep that fee in-house. So you

Starting point is 00:46:25 see that all the time in these apps, these platforms that are designed to connect two people together um and that's why you see a lot of the time the platforms try and control as much of the experience as possible with like uber like all the payments go through uber airbnb all the payments go through airbnb and if you try and put your phone number into the chat and stuff they try and block you so you can't communicate outside of it uh but in the bitcoin world like we're talking about permissionless money and a lot of times on the opposite side we're talking about like gift cards and cash and things that are less you know that they're on the fiat side or the more censorship resistant side of it so they really can't protect um they it's very difficult for

Starting point is 00:47:13 them to prevent people from going outside of them for return business without completely destroying their platform so it should be assumed yeah and then matt i actually got into i saw chiefy nundum uh free freaks are unaware is a got an individual from ghana who i actually had on the podcast really early days when we're still recording a bar stool yeah um talking about bitcoin in africa would go check that out if you want to like a throwback um got in a conversation with him about it because he highly obviously he's from africa and he he was shocked at the p2p value uh he said i think if people understood the data people like steve hanky going around saying bitcoin is a footnote would be discredited there'd be a lot

Starting point is 00:47:54 more thoughtful discussion about what was really happening and then matt hopped in that that thread as well and made us aware that binance actually has a pretty big p2p exchange but they don't report trading data for some reason so that's another probably because of regulatory reasons uh the yeah i mean even if we just assume that all the activity was only happening on those two exchanges it's massive right like that's the key takeaway but it's probably a lot larger than that um we have a ride or die freak in the live chat mg blazer asking um will nidig fight extreme btc cap gains tax and you know i've been talking on this podcast about how i don't think uh these these institutions and and and rich individuals wealthy individuals are necessarily um going to

Starting point is 00:48:47 fight for sovereign bitcoin usage but when it comes to taxation uh they're a hundred percent financially aligned with us uh specifically because it's easier to tax them than us as well uh because they're in uh they're like holding it with regulated custodians and shit it's all they're disclosed they literally disclose their holdings you know especially the public companies they disclose their holdings every year so i think they're very they're very aligned and and that in that respect would you agree marty i would yes and i actually i would push back i would say some of these i think we have some based freedom loving bitcoiners in high places i think you'd be oh i don't disagree and some of them listen to this podcast um that's not my point my point is like

Starting point is 00:49:34 don't just assume don't just assume that because because someone buys bitcoin they're they're completely aligned uh with specifically with a sovereign bitcoiner yeah someone who's trying to use their own node hold their own keys um there's there's there's overlap but there's not complete overlap yeah and just like one last note on the african p2p volume i think it's just incredible to see i think everybody wants to call it like western rich tech bro speculative asset not you really used by anybody and this is proving it wrong especially nigeria with the recent um crackdown like the police brutality protests um the nsars movement yeah cutting off all the bank accounts all that's exactly what you want to see

Starting point is 00:50:29 yeah it's uh it's yeah it's incredible it's bullish like people are using like it's coming from all angles you have the the institutional insurance companies again been around for decades centuries some of them or more than a century coming in you have individuals in africa turning to bitcoin and then uh the third thing is we're finding that politicians ukrainian civil servants own more than 46 000 bitcoin a story in coindesk came out this week i think they have to report in ukraine that's the way that works and like so like if you add up all the reporting bitcoin holdings between politicians in ukraine they have more than 46 000 but it's like it's

Starting point is 00:51:14 like three dudes like fucking hammed it did you see the breakdown like one guy owns 18 000 bitcoin like that dude like i can't believe he's still he's like fucking city council member of didn't pro or whatever yeah mish mishalov like it's worth more he's got more than a bill we're talking about have fun staying poor that was the fucking headline made me feel poor as fuck can you imagine being i guess like in ukraine like that influence of being the city council member might protect you more if it's already disclosed yeah like can you imagine like doing your day-to-day fucking bureaucracy shit in in random city in ukraine when you're sitting on 18 000 bitcoin right like i'm a billionaire but you know what i'm gonna i gotta fix these

Starting point is 00:52:03 traffic lights let's get down there and see what's going on yeah they humble and stack sats ukraine politicians are are civil servants and they're humbly stacking it's important to really i guess the distinction between civil servants and politicians is that not all these guys are are elected officials if they're elected then they become politicians otherwise they're just bureaucrats uh that's the distinction uh for the freaks that care about that but i think a key thing to realize here is ukraine owns no bitcoin well that's the beauty of it right the politicians or no i just have to correct myself the bureaucrats a sordid group of bureaucrats own 2.6 billion dollars worth of bitcoin but ukraine owns no bitcoin that's the way it should

Starting point is 00:52:50 be right the the individual like these countries should not like what i mean maybe yes maybe they should have some bitcoin on their balance sheet to hedge inflation risk if they want to be able to pay for the services they're providing uh that makes sense but in terms of like so like i don't know how far down the list the peter teal comments are if they're even on the list they're on the list of course they're on the fucking list uh that's it's like obviously big hoopla yesterday uh market became aware of the fact that peter teal is talking at a event richard nixon something event which is actually pretty ironic that he's richard nixon event talking about bitcoin uh and i mean a lot of theories going around people saying whether or not he

Starting point is 00:53:38 trying to fund bitcoin or slyly trying to incite the u.s government to think more smartly about bitcoin and get in the game basically saying that china is all over this and it could be used to attack the u.s dollars reserve status and so maybe you should be paying attention i think that's probably what it was now that that's another thing i had to sleep on like uh i called peter teal if you're listening i called you a pussy i deleted the tweet i'm sorry did you really delete it yeah you know what i felt bad yeah you felt bad for peter deal well no i mean i felt you saw what he did to gawker right like i'm not if he tried to take down tftc that would be like the most bullish thing ever i was mischaracterizing i think i was mischaracterized wow guys freaks

Starting point is 00:54:25 you heard it here first marty got scared of a potential lawsuit and pulled no i didn't get scared of a lawsuit i i i mischaracterized what he said um is it the ill or teal i go back and forth uh rgbt no observant tape in the comments is making fun of my pronunciation that's why i hesitated i didn't know but it doesn't matter i just want to go real quick back to ukraine before we jump into peter um the oh now they're agreeing with me that i pronounced it correctly um the i think like if you're a city council member of denipro which is the main guy let's talk about the main guy 18 000 bitcoin right um 18 000 bitcoin is is a lot of money what what is it billion dollars is it a billion that's what coin i mean at the time that the coin desk article was

Starting point is 00:55:24 written right right right 18 000 bitcoin is a billion dollars so this guy owns a billion dollars with a bit more than a billion more than a billion dollars with a bitcoin um it's kind of fucked up that he's not like i hope i mean i don't know i'm not gonna i i hope he's advocating for the city that he's representing to also on bitcoin right yeah one would hope yeah like they should be they i hope he's just been ignored this whole time and he's just been you know screaming his head off like a proper bitcoiner maybe more maybe he's quietly trying to become the but there's nothing quiet about publicly disclosing that you own 18 000 bitcoin yeah well and again tying this back to teal's comment so a lot of people took that

Starting point is 00:56:08 it's like the u.s government needs to get in and buy bitcoin yada yada yada I think the individuals, all the U.S. government has to do, they can buy Bitcoin. I think that would be effective in signaling to the global markets, but I think the best thing they can do is just incentivize U.S. citizens to

Starting point is 00:56:30 innovate around Bitcoin, acquire some Bitcoin. They're sort of in a weird spot where they can't actively say go adopt Bitcoin because it competes with the dollar, but they can slyly via lax regulation and a lack of coming down on bitcoin activity incentivize bitcoin adoption

Starting point is 00:56:55 among the citizenry they could easily incentivize adoption the thing is is really the prudent move and probably how you see it play out or playing out right now is that the politicians are securing their bags and then they're going to try and have the government secure their bags before they tell the average pleb to to you know be incentivized to go do it yeah uh that's like how the incentives are set up right yeah yeah that makes sense um okay so let's let's go back to to to mr paypal mafia um his comments since we jumped ahead on the list uh do you originally thought so it's very interesting because well so this is a lesson in bloomberg headlines not accurately reflecting things that were actually said so i only had the bloomberg headline and a small snippet of

Starting point is 00:57:56 uh part of his speech at the nixon event and then i saw the video with the full context and changed my perspective right so first bloomberg tried to run with the headline that was kind of funny and they sent it out to all bloomberg terminals first and it was like peter teal calls for a bitcoin regulation reverses course and calls for bitcoin regulation this is a guy who has a massive bag of bitcoin um he has he's invested in his own mining venture that competes with great american mining in terms of trying to be as patriotic as possible in their messaging um he obviously co-founded paypal um so he has he he has always been a pro bitcoin person um at least pro bitcoin in terms of like he wants number to go up in his bags to increase

Starting point is 00:58:48 uh so so bloomberg tried to almost picture it as him completely changing his opinion on it right and calling for super tight regulation and saying that it was a weapon of China. I think they specifically used the words weapon of China. And then the Richard Nixon Institute, I guess this was a private event, but it was virtual. The Richard Nixon Institute released,

Starting point is 00:59:16 or Richard Nixon Foundation, whatever the fucking organization is called, released the actual video clip after the Bloomberg headline, basically as a FUD buster, right? Yes, yes. There's, I mean, very interesting context and very interesting thought experiment to place there. I think before he mentioned Bitcoin and cryptocurrency, he was talking about the Euro and how in the past China's tried to strengthen the Euro to attack the

Starting point is 00:59:46 US dollar via that avenue. It was unsuccessful and a more likely route now that Bitcoin exists probably attacking u.s dollar reserve status via bitcoin it's much more potent um if they wanted to to attack the dollar and if they are actively attacking the dollar which i mean i think you'd have to be an idiot to think that they're not trying to undermine the dollar to some some capacity um but and then yeah and again like he was called himself a bitcoin maximalist and he said like he shit on central bank digital currencies too like they're not They're not cryptocurrencies, they're not distributed. So would you say your take is that he is,

Starting point is 01:00:30 and I saw American Hodl came out with like a similar take, is that he is basically trying to neg the US government into having a pro-Bitcoin policy to counteract the Chinese. And he's trying to take advantage of anti-Chinese sentiment to try and drum up support. yes and i think it has ulterior motives for palantir too right palantir and layer one his mining firm or whatever he else wants to do yeah i don't know what the status of layer one is right now i just want to be absolutely clear like peter teal is an enemy of the people yeah palantir sucks

Starting point is 01:01:10 palantir is a straight fucking evil corporation uh and yeah and but but i do here's literally a front company i i under their surveillance corp uh they're a ci they're basically an arm of the cia they will be in the chain analysis game as well you know they're completely uh surveillance as a service um the but but the the use of of chinese fear-mongering to try and prove a point is not lost on me it is something that i admit that i do to try and get people to care more about privacy. Because remember, freaks, do you really want the Chinese to be able to see all your financial transactions? Look what they do when they do have that power. Do you want your social credit score? Yeah, it is weird. It is weird. Bitcoin is the money of enemies, as they

Starting point is 01:02:06 say. I think the Palantir founder, or he's not a founder, is he? He's just like a largest investor. is he yeah i think it's his baby i think it's his post paypal baby i don't know because i wasn't there a point when like the paypal or excuse me the palantir ceo didn't he leave angrily because he just hated the direction the company was going and basically admitting that it's like a cia front and i don't remember he's not happy with it i don't remember that but uh they are a public company now they're larger than they've ever been and i'm pretty sure he's one of the founders if not the founder i would always get i would always get i was oh like in the they had a did you ever walk by their office in the meatpacking district

Starting point is 01:02:51 no no always creep me out it's like a it's got like one of those neon lights it's like right on one of the cobble streets by like the beta works vc building uh and i'd always walk by it Whenever we'd go to the West Village or Meatpacking, it'd be like, ah, it's where they're spying on us. It's just like a nice little storefront, non-descript office space with a neon Palantir sign. It's like, wow, this is where it's happening. The beauty of the private surveillance companies in America

Starting point is 01:03:24 is that they're able to do things that the Constitution wouldn't allow the government to do above board. And then the government just pays them a contract to get the databases. so it's really a beautiful uh symbiotic relationship right there and then meanwhile he he champions himself as a as a uh libertarian but that company just completely exists on government subsidies it's just all it's just all government contracts yeah yeah maybe do you think palantir is doing good things on behalf of the government no

Starting point is 01:03:59 fuck them yeah i i have come to the conclusion though that the evil companies tend to do they tend to perform better financially uh so i wouldn't say i'm short palantir but they can go fuck themselves i would co-sign that message all right but what i'm going to write about in event today after i post this get this live late bent sorry freaks again nidig raising 100 million african p2p volume hitting a new all-time high ukrainian civil servants earning 46 000 worth of bitcoin oh another thing i wanted to mention there hugo uh when quote tweeted that and said he was in vietnam and there were like rumblings when he was in vietnam that their politicians were doing something very similar to what's going on in ukraine so again like this is just like it's

Starting point is 01:04:54 coming from all angles you have the institutions the individuals and the politicians all acquiring bitcoin the crazy part is is u.s politicians are required to disclose bitcoin ownership as well um so except for the smart ones that haven't disclosed um These Ukrainian bureaucrats have way more Bitcoin than any of the U.S. politicians. No one comes even close. I don't even know if we have a U.S. politician that has disclosed more than 50 Bitcoin. You got to pump those numbers, U.S. politician. I mean, you can't trust a politician.

Starting point is 01:05:33 You can't expect a politician to be this based in America. That's pretty crazy. like if we can extrapolate you know most countries of ukraine's level don't have disclosure policies i presume i don't even you know like like are there just like low-level civil servants and just like random ass fucking countries that have thousands of bitcoin seems like it what does that mean for the next 20 years or the next 50 years especially if the u.s is slow here well that's the beauty of the like luckily regulatory crackdown has not happened excessively in the u.s so would you garner to say like american citizens

Starting point is 01:06:21 per capita compared to other countries have more bitcoin yeah i mean i think maybe not more but i think america measured in americans holding bitcoin we're doing very well for ourselves as a percentage of the overall population maybe not as a percentage of the overall population because we do i mean not if you compare us to like an india or china but compared to everyone else we do have quite large a population but i think if you talk about absolute numbers um we're doing really well if you're when you start talking per capita then all of a sudden you know ukraine's doing really hot right or like canada or australia or like sweden or something where they have very low population but they have

Starting point is 01:07:11 i'm talking about bitcoin users yeah but i'm talking about not holdings size of holdings just exposure as a percentage of the overall population we have we have freak uh hornet m in the live chat that wants he makes a very good point is that this guy who owns 18 000 bitcoin that's just a bitcoin he disclosed that's his decoy stack so it's important to realize he has he has significantly more than that what a flex an 18k decoy stack uh yeah but again very bullish it's a bitcoin is inevitable it's just ingraining itself in society from all directions it's a beautiful thing to say now onto more controversial topics i didn't like this news it's just like

Starting point is 01:07:59 nothing like this council has done nothing yet but it's just like stop making these councils Crypto Council for Innovation was announced So it's Square, Coinbase Disclaimer Square is a sponsor This is why I hate having sponsors of this show Why? It's just not worth it

Starting point is 01:08:22 What? I know because we're very candid about it But it doesn't fucking matter It's just It's just assumed It's assumed bad faith And it's just but anyway freaks we will change that going forward um the

Starting point is 01:08:41 yeah you know i'm glad that big corners are inherently skeptical of this shit um specifically two of the three founding members coinbase and paradigm are in the surveillance game uh paradigm is is one of the lead investors of chain analysis um so people should be skeptical of this shit uh but at the at you know at the same time uh people shouldn't be surprised that this shit is happening and cash app square could have done way and it's like it just sounds like i'm just it just sounds like i'm making excuses you know but like they could have they could have done so like our our bar is so low when you compare them to someone like coinbase um or like a gemini or something um our bar is so low but but square crypto keeps coming out

Starting point is 01:09:48 they keep funding all these projects um we haven't had you know like any kind of coin join issues on withdrawing out of cash app um it does seem like jack is in tune with the bitcoin community but again nothing's been done yet with this council but yeah it's like what we've seen this time and time again even when bitcoiners try to do it what was it the the b foundation after the the bitcoin foundation let's say so if any of you freaks are new to bitcoin these types of the foundation was it was interesting okay continue let's do the history so it all started with what the bitcoin foundation i guess there was a bitcoin foundation there's the bitcoin association you remember the bitcoin association i don't remember the bitcoin that was just bruce bruce fenton just like created

Starting point is 01:10:44 and made himself ceo so he had like a nice title president of the bitcoin no i like him too and then he became the president of the bitcoin foundation first bitcoin association then bitcoin foundation um and the b foundation but it felt like it was co-opted right well yeah that's so that's the thing it's like all all these quote-unquote foundations now council they get together and it's just like people in the industry like trying to i don't want to say dictate the speaking on behalf of bitcoin and bitcoiners which a lot of people rightly so are uncomfortable with so that's like i guess that's the question i have for you like is this different than a coin center because coin center like doesn't really have

Starting point is 01:11:34 a company corporate skin in the game in terms like building bitcoin products they don't have a lobbyist right but but this feels very this feels more pro-corporate right so one of the issues with bitcoin foundation was the main members you could be an individual member i think there was like a lifetime membership if you gave them a bitcoin it's just like super expensive in hindsight um or or but most it was it was like mostly supposed to be like an industry association of companies um and the whole block size war uh it just got super corrupt it was a centralizing factor that super corrupted power corrupts like who was on the board who had control there like all this shit um got super corrupt i mean look at what we talk about with the ethereum

Starting point is 01:12:24 foundation right same exact shit um and then you had a follow-up you had dcg you had the digital currency group parent company at coindesk parent company of like a lot of other companies in this phase including grayscale um pushing the new york agreement in the segway 2x battle and so you have all this distrust from bitcoiners which is exactly what you want to see um then you had the b foundation and i think they meant well but the hive mind just destroyed them real quick they announced it in riga at the huddle huddle conference the honey badger baltic honey badger conference and before like the next talk was even finished i think the b foundation was dead right so but then since then i mean the goal of the b foundation was to try and create an easy way to fund to fund open source

Starting point is 01:13:18 developers um and since then we've had major pushes to fund open source developers i don't think people realize like the last two years um we've basically made it cool for people to fund like the bitcoin pleb community has made it cool for it's great pr if you fund an open source developer um to the point where we have shitcoin exchanges trying to bend the knee and prove their worth. You know, the OK coins, the Gemini's of the world trying to prove their worth by funding Bitcoin developers. And because of that, you've had different organizations pop up. You had Chain Code pop up. You know, Chain Code was was funded by two very well-off Bitcoiners primarily in the beginning, but they started to receive donations. Since then, you've had a kind of a spinoff with

Starting point is 01:14:08 brink um we have square crypto involved we have hrf involved in developer funding um we have bitcoin dev list where you can fund developers directly uh bitcoin dev list.com um so there's there's more diversity in terms of these developers getting funded and i think that's really important because we get them the funding but we don't have centralization right like a bitcoin foundation um you know they were funding gavin gavin wanted bigger blocks right they were calling him chief scientists uh chief scientist of the bitcoin foundation right like they were giving him this this title this power um this perceived power so there was more of a an issue there um i have been and marty knows this and i guess i'm i'm not allowed to really talk about it yet

Starting point is 01:14:59 i am working with some people to there's going to be another there's going to be another organization that hits that that is going to be announced hopefully soon um that is going to try and fund open source developers that is a little bit more pleb focused uh which i'm excited about but i think the important part here is um is that you have many different organizations now with this crypto council thing you have like three massive companies and some other companies just coming in just trying to i don't know there should be distrust there should be a massive amount of distrust i i think to me it's a net benefit that i see square up there but the but i i i i can't help but be skeptical agreed right maybe square isn't there to be a reasonable voice in the room

Starting point is 01:15:52 but God, it's hard. It's like, I mean, it's just like we've been, we've been given the finger by the Coinbase of the world before. I can never, I don't want Coinbase lobbying the government on behalf of Bitcoiners. I don't think they have Bitcoiners' best interest at heart. What I do like is, is I like that- Speaking on behalf of Bitcoiners,

Starting point is 01:16:18 they've completely misrepresented everything throughout their history, Like, Brian Armstrong, time and time again, has actively attacked the Bitcoin network. Right. I think a key difference is with the Bitcoin Foundation, they were a lobby organization, and they also funded developers, right? I like the idea. I think it's important that organizations that are funding open source development aren't also lobbyists. They should be separate. So I think that's a net benefit that it doesn't seem like this crypto council has any intention of funding developers. So at least we have some separation there. But it just goes back to rich people and institutions to think that they have the same incentives, the same alignment of incentives as a sovereign Bitcoin is completely misguided.

Starting point is 01:17:09 They obviously don't. We shall see. again i think we should be fair they have not done anything yet except announce that they exist so maybe they'll surprise us we'll see well i mean paradigm is one of the lead investors in leading chain surveillance firm chain analysis and coinbase sold surveillance tools directly to the u.s government and presumably other governments because why would you stop at the u.s government if you need to recoup costs like you should just sell them to everybody uh we'll see we'll see we'll see we shall see again maybe it'll surprise us maybe a little

Starting point is 01:17:52 me uh going public maybe ryan armstrong secures the the ipo bag and and turns heel on on the regulatory structure we'll see not not holding my breath on it but again nothing has happened yet nice transition here square crypto has an ongoing grant for mempool.space a project that we very much like here at tftc so they're doing bitcoin denominated grants they've got 14 million 43 207 sats yeah sats denominated grants so 12 months i think they're gonna be paying out uh it's 14 million sats a month for 12 months

Starting point is 01:18:42 yeah per month that's what i was i didn't know if it was 14 million sats overall or 14 million a month no it's like it's like a bitcoin and a half yeah hell yeah so shout out square crypto again mempool.space Shout out to Wiz and SoftSimon the two lead maintainers over there you know they're bullish they negotiated the grant in Bitcoin locked

Starting point is 01:19:07 into Bitcoin terms I look forward to we'll circle back in 12 months and see how much those 14 million sats are worth for that last month That's if you're a podcaster out there you can negotiate these Bitcoin

Starting point is 01:19:23 how many add deals in Bitcoin it's a good deal it's uh it's done tftc well throughout the years hopefully we just go value to value at some point just get sat straight from the freaks for i guess we stop here freaks complaining about having to listen to ads on sphinx as they stream us that's just i can't create we've already talked about this like the separate rs that you can't have an rss feed if you contribute just skip the ads that's it uh and we gotta figure out mark you gotta figure out how to do the split

Starting point is 01:20:05 i do you see that curry's doing the split yeah we gotta do the split i need to have dj for this curry's got the split automatic from podcaster wallet i think you can just like change the code yeah i gotta figure that out you know uncle marty's i can't even get my video going for this so i gotta figure out i gotta sit down and figure that out maybe it's easier than i think uh let's do the shout outs oh good call i was gonna forget we got a lot of shout outs this week first one i think a freak thought they were gonna get me but i noticed it right away it's just a hex of the first bitcoin block the genesis block uh interesting i'm not gonna read it out loud do you think they actually want me to read it out

Starting point is 01:20:50 loud? Yes. Should I? Is that going to take too long? Look, I'm a man of the freaks. I will always say yes. All right. Oh man. Wish me luck. F nine B E B four D nine one D zero one zero zero zero 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, I can't even say zero anymore. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 B A 3 E D F D 7 A 7 B 1 2 B 2 7 A C 7 two c three e six seven seven six eight f six one seven three c eight one b c three eight eight eight a five one three two three a nine f b eight a a b or excuse me four b one e five e four a 29AB5F49FFFF001D1DAC2B7C01010000000000000000000000000000000000000000000000000000 0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0

Starting point is 01:23:15 0 4 F F F F 0 0 1 D 0 1 0 4 4 5 5 4 6 8 6 5 2 0 5 4 6 9 6 D 6 5 7 3 2 0 3 0 3 3 2 F 4 A 6 1 6 E 2 F 3-2-3-0-3-0-3-9-2-0-4-3-6-8-6-1-6-e-6-3-6-5-6-c-6-c-6-f-7-2-2-0-6-f-6-e-2-0-6-2-7-6-9-nice 6 8 6 b 2 0 6 f 6 6 2 0 7 3 6 5 6 3 6 f 6 e 6 4 2 0 2 6 2 6 1 6 9 nice 6 c 6 f 7 5 7 4 2 0 6 6 6 f 7, 2, 2, 0, 6, 2, 6, 1, 6, E, 6, B, 7, 3, F, F, F, F, F, F, F, 0, 1, 0, 0, F, 2, 0, 5, 2, A, 0, 1, 0, 0, 0, 0, 0, 0, 4, 3, 4, 1, 0, 4, 6, 7, 8, A, F, D, B, 0, F, E, 5 5 4 8 2 7 1 9 6 7 f 1 a 6 7 1 3 0 b 7 1 0 5 6 d excuse me 5 c d 6 8 8 2 8 e 0 3 9 0 9 a 6 seven nine six two e zero e a one f six one d e b six four nine f six b c three f four c e f three eight c four four three five five zero four e five one e c one one two d e five three

Starting point is 01:25:15 three eight four d f seven b a zero b eight d five seven eight a four c seven zero two b six b f one one d f one d five f excuse me ac zero zero zero zero zero zero zero zero zero i'm never doing that again no more hex i think you missed a zero i may have like the like the 10th or 15th zero you missed you missed around there like right in the beginning should i do it again i'll tell you when i when i saw usually freaks i don't get shout outs sent to me ahead of time but marty sent me this one ahead of time i didn't think it was that long that's pretty long that long when i said yes anybody time it well i'm never reading a hex code again so for any of you freaks who are sitting there like what the fuck did you just do so this is how bitcoin data

Starting point is 01:26:12 is stored in hex what's it called the best is when you read 69 you're like nice so this is the so this is data displayed above or excuse me the data that i just read out loud is bitcoin's genesis block it's binary data in hexadecimal form with one byte per two characters a quote-unquote blk file is composed multiple blocks like it the upper limit of the size of each blk file is 128 megabytes the file reaches the maximum allowed size the bitcoin program creates another file to store new blocks so we live and we learn and don't ever send a hexadecimal shout out again because i won't read it i'll send you your stats back i tried to i tried to show the freaks it on uh on the screen like mid hex way through and then i realized again that

Starting point is 01:27:09 zoom has like a horrible screen share policy where they just try and docks every screen if i if i if i open it so there you go you're gonna have to deal with audio only you heard it here first and maybe that's the first time the genesis block hexadecimal data has been read aloud if so history was just made thank you freaks for joining us on this episode of rabbit hole recap i need a glass of water yeah we've got five six more shout outs to go i thought you were just ending the episode that was like that's how you usually end the episode uh to the freaks that care i posted uh the full shout out onto twitter um if you want to go back and verify to make sure um that he didn't miss that zero i'm pretty sure

Starting point is 01:27:55 the 15th zero you missed it so just keep that in mind that was hard that was hard all right next one hello freaks i'd like to give a shout out to a project that will never buy ad space on tftc bisque i'm allowing the bisque shout outs allowing the matt i think you'll be okay with it um i completely missed that what was the best shot did he just show BISC? Well, I just read the first sentence of the shill, but it's a shill. Sorry, I got stuck on Twitter because I posted it. I apologize. Pay attention. Stick with me here. Everyone should use BISC. We have BISC on the screen right here. And I think Corey Edwards, freak Corey Edwards asked if the BISC price we use is based on a limit order or if it's the last known sale. And

Starting point is 01:28:49 It's the last known sale. You can see on the left side, it shows the last known trade. Now you know. Well, we're not done the shout-out. I'll start the shout-out again. Hello, freaks. I'd like to give a shout-out to a project that will never buy ad space on TFTC, BISC. Bitcoin is the most important tool for a sovereign individual.

Starting point is 01:29:07 Then BISC is number two. How can you expect to fully seize a resistance, censorship resistance, and all other important aspects of the core? and with KYC sets, you can't. Is there a learning curve? Yes. Do you have to deal with on-chain fees for multiple transactions?

Starting point is 01:29:25 Yes. But if you're not willing to put the work in now, you'll regret it later when the next data breach leads to someone committing a $5 wrench attack on you. Did you know that TXN fees are lower on the weekends? Transaction fees. Did you know that trading fees are lower for market makers? did you know that the offers you don't see are for a lower premium but we were already taken

Starting point is 01:29:52 man up be a maker set your offers on the weekend you'll never pay more than a one and a half percent premium i've done it since 2019 and then he has something for us to read individually uh well you're not gonna read it publicly oh he asked us not to it's a pro okay so send that to me um so i can read that shout out to this freak i mean shout out use best guys what he's talking about with the makers is is you can set an order that doesn't automatically get filled and it presumably will get filled at some point is the hope and usually if you do that you're able to set it uh a decent amount underneath um the evil empire price like on coinbase or whatever which we have the evil empire on the top here if you're watching the the live stream or the

Starting point is 01:30:39 youtube after the fact and we have bisque underneath um you're you're able to usually set a lower price and and that order will get filled if you have a low time preference um i do want to correct one thing that he said uh bisque would never have an ad on tales from the crypt um i implore this freak to go back and listen to some of our my citadel dispatch discussions um because i must have given them now like eight or nine free ads i think he's saying officially paid by best which i agree i mean we've showed best plenty of times at this point i know yeah so bis the the bis maintainers are secretly bribing me in the background to provide the ads um that's the conspiracy well then you got to stop tweeting

Starting point is 01:31:26 out that they said it'll dispatch ad free i mean ad free doesn't include the bribes the secret she'll bribes yeah okay all right all right next shout out you thought i was done motherfuckers all caps best shout out incoming put your diapers on chain snooping perverts are cucking you brian armstrong keeps asking you for thick pics don't be an influencer keep your head down and stack sats is he calling us out here freaks i'm calling on you to man the fuck up and use bisque watch caps odell cap odell's guides on pgp verification start with zell then use money orders then take some of those sats and buy your own bish shout out on rhr i expect there to be more time dedicated to bish shout outs than ad rates if you don't peter shift wins peter shit wins excuse me

Starting point is 01:32:13 jane analysis wins president alzheimer's wins marty has mouths to feed i better not be the only one buying no kyc all the way do it fucking do it now bisque bisque bisque bisque bisque bisque bisque let's fucking go fantastic i love you freaks you guys are the best thank you i do have mouths to feed freaks thanks for contributing to the tftc endowment yeah thank you for contributing to my son's uh health well-being and growth as a young as a young child and my wife too we're feeding her mouth i eat every once in a while as well hi marty and matt i like many freaks first bought from kyc sites and sent to cold storage but what can be done now with stack sat stacked in cold storage can i add some privacy to these what are

Starting point is 01:33:06 my best options mix my future transactions out of this kyc cold storage buy another hardware wallet now and mix to this new cold storage sell and buy back without kyc possible caps gain tax i've started a non-kyc stack mainly atms which will be kept separately so privacy is improving wondering if you and matt could discuss this topic on rhr for any freaks like me possibly shed light on what can be done to improve privacy on the already kyc acquired sets thanks for all your great work cheers and all the best a non ps when lockdowns are over yourself matt plus families should come to ireland would love to i don't know fuck yeah uh we'd love to show you the great surf spots and golf courses we have

Starting point is 01:33:52 maybe have a rhr golf classic here i'll stick marty's owl and puppy sale down as a two ball uh peace and love public sale represent shout out to our irish freaks and to answer your question that's hard to get it's it's a personal preference right to consider the trade-offs If you move the coins, you got to pay the fees If you do the coin joining, you got to do the fees If you're comfortable with your cold storage setup And you don't want to mess it up You have to take that into consideration

Starting point is 01:34:24 I am under the belief That we're going to I'm going to out hold the regulators You're going to out hold the regulators I'm going to hold out to Valhalla Is your whole stash coin joined? Not all of it, no A lot of it is

Starting point is 01:34:38 Is over 80% of it coin joined? uh i don't know if it's over 80 oh i thought it was higher than that okay you know it's your own personal decision i would say to the freak have you considered getting a six percent yield off of that stash you can use our ref link which is in the show notes um do your own research risks are applied um i'm kidding obviously uh don't fucking do that uh i don't know man like i i obviously think you should coin join i think uh i think forward privacy is important i think you have kyc records and those kyc records are directly tied to exactly what you bought um and the addresses you bought and in the future they can be used to determine every single transaction you

Starting point is 01:35:30 make in the future if you give it to your grandkids or whatever every transaction they make in the future um bitcoin privacy dot guide is a great resource uh to start with uh so so maybe consider going over there it's very all-encompassing um personally i'm i'm not a hardliner in terms of sell and then you know sell payer taxes and then get no no kyc uh i think there's a place for a KYC service, if you're using your KYC salary, your KYC fiat salary that is going into your KYC bank account, then goes into your KYC Bitcoin account, and then comes out and then goes into CoinJoin is a relatively reasonable trade-off in my opinion. From a privacy point of view, pulling it out as cash and then using the cash to go into bitcoin and then coin joining is strictly

Starting point is 01:36:29 better but um it is what it is i think it's a it's a reasonable enough trade-off yeah yeah i mean the convenience of exchanges is real i personally do succumb to the convenience of it so oh yeah so we're having just to this freak like we're gonna have a tftc golf tourney in uh in ireland right is that like the plan is that what we're doing i this is way better than the idea of doing it in fucking in dallas in august or miami in june like i feel like ireland tftc golf tourney for the children is what it's about the real diehards yeah we're gonna do it for the children we're gonna donate to the children matt i i'm sorry to admit it but i had the masters on silently here in the backwards we got uh we got bryson's plus four right now and uh what the hell is this

Starting point is 01:37:26 guy's name i can't believe you're watching the masters in the background right now that's that's masters we got a ride or die freaks turned off the masters they put live sports on record on their dvr and they're joining us and you have it on the background is somebody who what the hell this guy's name i can't think of it um young buck under armor sponsored he just had a terrible shot off a tree uh trying to get out of rough next shout out that was your master just one second just just to go back to the freak i mean i mean no matter what you should keep your note the number one thing is keep your no kyc and your kyc stack separate even if your kyc stack goes to coin join keep it separate and then even if you fuck shit up at least you don't have them

Starting point is 01:38:11 combined yes beware beware the trade-offs again these are personal decisions it's up to you it's up to you extreme ownership over your sats do not trust us do your own research on to the next one sup freaks me and my brother plebs class of 2017 and love the pod we shoot the shit daily talking about btc and other maxi things to help distract us from our day jobs this was a special week for my brother as he became a father to a brand new pleb baby boy at block 677 938 congrats welcome welcome to the club to this freak's brother uh he's a bona fide stud and the entire family is absolutely pumped i know so many people are scared of bringing babies into this crazy world but btc tftc citadel dispatch and the other plebs give us confidence

Starting point is 01:38:59 towards our new family members future much love hope to unite with you boys in miami uh satoshi Soros. Congrats. Life circle of life continues. Bullshit on Bitcoiners and their ability to pump out children. Bitcoiners are good fuckers. This is something I've come to realize. A lot of kids out there.

Starting point is 01:39:23 Congrats to your brother. It's a father myself. It's a, it's, it's an incredible thing. Incredible gift, the gift of life, gift of being a father.

Starting point is 01:39:31 It's a, it's a beautiful thing. So I'm very happy for, for your brother. I hope you're listening to this and you're smiling because your brother bought a shout-out for your son. It's a good uncle. I 100% co-sign that message.

Starting point is 01:39:47 Love to see it. Congratulations, Freak. But at the same time, I think it's important that we mention that Pardis, BTC Pins in the live chat mentioned that we really shouldn't be watching the Masters until they switch to an orange jacket. Like, as long as it's a green jacket, I feel like we should be boycotting it. Ooh, I don't... There's some Lindy on the green jacket at the Masters.

Starting point is 01:40:14 I don't know. Well, we're breaking Lindy here. We're breaking Lindy with a new Lindy. That's just true. Maybe that's when we know Bitcoin has made it, when a Bitcoiner buys a Gusta National and changes the Masters green jacket to an orange jacket. Or is that like a top signal?

Starting point is 01:40:33 That's a good question. That might be a top signal. I mean, keep it simple. Bitcoin was wrong about the Coinbase IPO. But when the masters do change their jacket color, you should probably expect a big dump. Yeah. Yeah.

Starting point is 01:40:45 Yeah, be aware. We warned you. Next one. Two more shout outs. Continually grateful for all the dopeness that streams through your mics every week. Thank you. Thank you.

Starting point is 01:40:57 And thank you. I know I'm not the only freak who feels your importance in the space cannot be understated. That said, I am a little concerned our boy matt odell having followed him and you marty on twitter since i discovered bitcoin in the 2017 bull market as matt pops the bottle uh he seems to be getting frustrated losing patience coming in the form of snarky tweets in the recent alter ego and caps odell matt slash caps the freaks

Starting point is 01:41:23 are relying on you to stay positive and continue the fight the good fight we are behind you figuratively not literally and remember if things ever seem like they're getting worse consider a world without bitcoin which would mean a world without uncle marty and the freaks i mean i would still be here uh definitely just be maybe i don't have a podcast uh that's a world not worth living in damn it i'm going to stretch these 50 cuck bucks as far as i can marty what's the most annoying thing about matt matt please respond same question directed at marty picking from at yolo pills they're all thrown in to cause uh because at this god put me on the spot here i didn't read this one until here um i don't i don't i don't know i don't maybe what's the

Starting point is 01:42:09 most annoying thing when i'm on the golf course and i get the standards ready for you text i guess i it's not annoying at all i'm just annoyed it's like fuck i gotta i gotta that's like when someone takes like a job interview and they're like oh my my negatives my weakness i'm too loyal i'm too critical of myself it's like oh yeah you're so annoying you you get the standard ready while i'm golfing yeah no i guess well in the context of this shout out i get annoyed when you don't listen to your triggering advice okay well i get annoyed when we're like four rhr lives in and marty still doesn't have his camera working that's that's valid i get annoyed at that as well oh that's good someone said you should be annoyed at me when i get distracted in the live chat with the

Starting point is 01:43:00 rider dies yeah but now i'm starting to get distracted with them too so it'd be i literally got distracted to let you know that um but cheers freak appreciate you uh don't worry don't worry like like the bitcoin bull market doesn't need more cheerleaders right now okay so i'm fine with being the resident fudder. Like, just know that I believe Bitcoin's designed to pump forever and I'm bullish on Bitcoiners. I just want Bitcoiners to be prepared.

Starting point is 01:43:25 I don't want Bitcoiners to turn their back right before the fight happens. I want Bitcoiners to have the shields up and be ready. That's it. I like that. I like that. I can pick it.

Starting point is 01:43:35 Just knowing Matt and talking to him outside of there, I think he's okay, freaks. I think he's okay. He's here. People were worried you weren't going to show up to RHR this week. Ridiculous.

Starting point is 01:43:45 we've gone two and a half years straight every week where am i i i'm addicted to you freaks i'm not leaving i can't go i where am i supposed to go fuck twitter they can ban me on twitter i'll be gone from twitter but i'm not gonna skip an rhr it's good to know yeah like freaks thank you for the flattering comments i mean where i consider myself lucky that some way i've ended up on this platform and i'm able to speak in this mic and you guys keep coming back to hear my dumb thoughts so uh it blows my mind every week weekend and week out i always look at the download numbers expecting them just to crash to zero and they keep going up so thank you guys for coming last but not least what up freaks just wanted to say thank you to marty and matt for the consistent

Starting point is 01:44:31 hard work of pushing out top-notch content there's a perfect mix of entertaining and informative i look forward to rhr every single week matt can't go dark until we reach that scent parody later this year not sure this counts as an ad so use your judgment and feel free to ignore it in uh what are those what does he put an ad there at the end what is shift eight shift eight uh asterix between asterix no this isn't an ad this is good i'm looking to fund a rust developer with mobile experience to work on a free and open source bitcoin project no shit coin no custody no cuck bucks no revenue stream if this is you slide into my dms this is from john cantrell 97 our good friend john cantrell that's john yes yo dude cheers bro definitely not mad so if you're a rest

Starting point is 01:45:19 developer with mobile experience wants to work on a free and open source bitcoin project hit john up on twitter he's at john cantrell very solid developer built juggernaut um yeah john thank you for the kind words it's again like i said to the previous three kids extremely flattering everybody comes back to listen to my dumb thoughts and matt's better thoughts um so it's uh i love you freaks love the shout outs that's it for the shout outs this week a lot uh reminder i'm never reading a hexadecimal uh data again it took way too long and i don't think i can ever pronounce zero correctly again after just pronounce zero zeros well that's like i was like i felt like i was having a stroke

Starting point is 01:46:09 with my zeros there zero zero zero all right love you freaks if you guys want to interact we love the shout outs uh you can contribute and uh and buy a shout out purchase a shout out on tftc.io slash contribute i want to if you're the freak who bought the hexadecimal shout out i want you to show your face i have some words for you back to the list arthur hayes he surrendered in hawaii correct i don't know where he surrendered he got bail right former bitmex ceo arthur hayes turned himself in to face U.S. charges that he failed to take steps to prevent the pioneering

Starting point is 01:46:53 cryptocurrency exchange. He co-founded a money laundering in Singapore. He surrendered in Hawaii. Six months after prosecutors asked him to, he got released on a $10 million bond. On nothing for him.

Starting point is 01:47:11 Is the U.S. government racist? What is $10 million in Bitcoin? Is that $200 Bitcoin? 200 bitcoin what was the insurance fund that like a hundred thousand i think it hit a hundred thousand at one point didn't it yeah i don't know it was 200 the point is is for us freaks 200 is a massive number but for for arthur hayes it's a negligible number he got a very good deal there yeah was the u.s government racist bringing down

Starting point is 01:47:45 the most successful black ceo and in bitcoin yeah i still think that's a really good argument point that we probably failed a little bit at hitting that one home yeah goddamn government man i'm cheering for i mean we've talked about this many times in the past of you come back to to rhr it's uh one of the one of the never used it but one of my favorite companies in the bitcoin space because uh because they're bitcoin native properties they really use bitcoin uh to build a bitcoin product it was a beautiful product many people liked it people wanted to take risk bitmex allow them to do that people were using their free will to put their sats at risk and the u.s government did not like that and now they're trying to take down the

Starting point is 01:48:34 founders of the company very very violent violent using the threat of guns to uh to come after and cage non-violent people making financial products think about how crazy that is threat of guns getting dragged out of the country you live in in front of a u.s court put in a cage having to spend 10 million dollars to get out of that cage all for a financial product that people ask for used and we're happy to use what a world we live in this was give me the archive link for this i just got sent to the justice department website department of justice oops so court authorized department of justice uh court authorized the service of john doe's summon seeking identities of u.s taxpayers

Starting point is 01:49:30 have used cryptocurrency and this was aimed at Circle and Poloniex specifically, correct? Well, Polo is owned by Circle. So if you use Circle or Polo between 2016 and 2020 for more than $20,000 worth, I assume at the time, not at current valuations, because then it would just be like a half Bitcoin, they're sending all of your records to the US government be aware to get a similar thing done with kraken and the judge pushed back on the kraken one so the kraken one needs to be more narrow but the circle and polonius one is not going to be more narrow on this note i see you don't have it on the list uh betonic in the netherlands they're fighting the amld5 and they're actually i think they won um some ground uh court

Starting point is 01:50:27 hearing this week when did that come out uh earlier this week somebody tagged me in it let me uh let me search it on twitter real quick but the point is is like kyc is fucking forever guys like they have like they have to keep the shit forever and all anything that happens on these centralized exchanges is just gonna it's gonna be there forever and if you didn't use privacy best practices after the fact and you withdrew all those transactions are on the bitcoin ledger forever yeah so be aware of that freaks dutch court criticizes crypto policy of the dutch regulator a preliminary relief judge ruled on the eagerly anticipated case initiated by dutch bitcoin exchange batonic against the dutch regular which is their national bank and yeah so they

Starting point is 01:51:17 basically said this judge said that betonic has a case that the the dutch national bank is overextending its its boundaries when with the amount of data that it wants to collect from from the exchange interesting maybe we can like that sounds like a good win right yeah i'll take that it's a w it's a w and yeah so the the dutch national bank has to explain their their reasoning behind the the data they want and so yeah it's going to the court shout out to pitonic for fighting back stay strong our dutch brothers and sisters you know somebody's standing up right not bending the knee more of this more of this when are we going to end fat if i don't know marty you're the bullish one on that when when when do you think it'll end

Starting point is 01:52:15 2027 yeah you want to bet 2021 it's 2021 six years will fat if exist i would garner yeah let's make a bet Six-year bet. Low-time preference. No, I'm not... Six-year bet that FATFA doesn't exist. Or... I'm not trying to take your stats on that, Marty. You're going to lose that.

Starting point is 01:52:42 I don't know. I could see. I'm trying to think of the bet in my head. Would it be FATFA exists or rendered obsolete? How do you measure rendered obsolete? Should we use a coin flip? MTP? Does anybody actually follow the guidelines and recommendations they put out? they just get like cocked that people are just like that get the fuck away from here

Starting point is 01:53:03 we'll see six years what was six years ago just uh put this in context it was 2015 how about this how about in six years do you think you'll be able to no it's too messy there's no there's no objective there's no objective rubric to use. Yeah. All right. We'll come back to it. Maybe we'll think of a bet to agree on.

Starting point is 01:53:36 You can't have anything that's like it needs to be measured effectively to be a good bet. I'll tell you one thing. If Fatfoot doesn't exist or whatever in six years, that's super bullish for Bitcoin. yeah let's make it happen freaks you already yeah what comes first marty orange jacket or fat

Starting point is 01:54:00 fat gone fat if gone the orange jacket if it's not a top signal will be a a victory lap of bitcoiners rubbing it in fat of space that they got disbanded and rendered obsolete fuck fat fuck those people uh kraken you already mentioned it the year was 2024 and fatfo was replaced by the cci oh matthew uh so what'd you say kraken we already mentioned kraken they're similar to circle and polo and they fought or the judge said that the irs has to narrow their their requests you know your favorite topic another one that sent you off a former chain analysis chief technical counsel now the head of finsen and this is one of those this is one of those topics it was your week thought of the week in the sat standard we had a freak respond uh with

Starting point is 01:54:57 some comments on your particular thought around this so the most important thing was the guy wasn't the cto of fucking chain analysis he was the chief technical counsel which is like the chief technical lawyer um at chain analysis which to be fair i took it from coindesk but i shouldn't have you know i shouldn't i should have verified it um but coindesk still to this day their article says cto in it so um that's where i pulled it from uh regardless revolving door anybody you know and like to be like matt's been talking fud for the last two years about bitcoin privacy and needing to learn about it and then fucking closing the noose on us and and and and cutting off cutting off the entrances into bitcoin and now we have the the head of fincen is is former

Starting point is 01:56:01 top dog one of the top dogs at chain analysis valued at two billion dollars one of the leading surveillance firms that has a lead investor paradigm that created the crypto council that's also joining two other public companies and doing it right but yeah fud hey will you stop spreading fud yes that happened this week too yeah a dude who helped architect some surveillance technology going to finsen and this news is coming on the heels of the irs requesting a bunch of data from exchanges on their users but to be clear the irs stuff is they they tend to highlight these things as tax day approaches because they want to scare people into compliance so people should expect

Starting point is 01:56:58 that kind of thing the chain analysis fin sen thing is bad like chain analysis has embedded themselves in every single regulated corporation in this industry if not them then one of their competitors that emulates them and now one of their main lawyers who was previous government then went to chain analysis now comes back to fincen fincen being the main regulator that decides our kyc aml policy like this doesn't disprove my so-called fear-mongering like this this is this is exactly the type of slow boil that you expect to see if these things come true and if they don't come true then fucking party time guys like i don't think like this hurts bitcoin i think individual bitcoiners just need to be aware and need to take their own future into

Starting point is 01:57:57 their own hands rather than just assume that everything's going to be okay because their favorite influencer tells them that there's nothing to worry about beware freaks hope for the best prepare for the worst classic regulatory capture yeah i mean it's like laughable right like do you think do you think our new fincen director is gonna require that all regulated exchanges have a chain surveillance provider or do you think like that will just be a coincidence when he offers that like are you fucking kidding me how big is that that chain analysis contract

Starting point is 01:58:41 going to be yeah and when does it and then afterwards it goes to ripple too you know he's got to complete the shit coin trifecta yeah hey only i can advise like i've been through this i actually made the law let me uh let me advise you on how to work through all the loopholes i put in there make sure

Starting point is 01:58:57 you're compliant you can go join mobile coin download btc page server get your coins in personal custody there's actually another i saw a tweet i forget to tweet i think it was like lucas burkhart i think he's a swiss bitcoiner i saw him tweet an interesting theory that like finson and fat f and amld5 are literally gonna push the exchanges into a corner where they don't allow individuals to send Bitcoin between each other on the exchanges, from exchange account to exchange account.

Starting point is 01:59:36 And actually, like, it's... He's completely wrong on that, right? It's a way to force... Nah, he's full of shit. I mean, he's not full of shit. He's just speaking out of his ass. Why do you say that? I mean, I think he means well.

Starting point is 01:59:52 I don't think he's, like, intentionally lying. Did you see that? You know what I'm talking about? Yeah, yeah, yeah. He was like, VASP regulation, virtual asset service providers, which is the language they use,

Starting point is 02:00:04 the regulators use, will push people into self-custody rather than transferring between exchanges. Yes. Logically inconsistent. Why is that? If you have two regulated wallets, wallets, right?

Starting point is 02:00:21 uh those transfers are going to be prioritized over you going to an unregulated wallet maybe we're in like a sweetheart position right now where like the regulations actually do the opposite of what they meant to do but uh if you think they're going to prioritize self-custody users over going from regulated exchange to regulated exchange i would like what you're smoking and i hope they legalize it in the in the state that i live in like why would they do that marty that makes no sense i mean but could they ever ban self-custody i don't think so i mean banning self-custody is easy as banning self-custody i mean enforcing is the difficult part in the united states i mean you have to ban private property right

Starting point is 02:01:13 can you deny people of marty you can't you can't self-custody stocks you could you used to be able to well i mean even if you had the paper you still weren't really so were you really self-custodying it well it's different right it's like it's not a bear is a stock a bearer asset marty have you tried to pull uh a half bitcoin worth of fiat out of your bank in cash no go to the bank go to the bank and try and pull 25 000 out of the bank in cash what are they gonna you and tell them free speech but yeah they'll give it to you let them freaks know how it goes yeah but like so what but

Starting point is 02:02:04 if they ban personal custody what does that mean for all of us with our with our sats in cold storage are we now criminals are they going to do that because that is that possible it wouldn't be the first time the u.s government has criminalized law-abiding citizens it's just normal non-violent behavior it wouldn't be the first time could they do it and we're not the only country we're not the only country no but we're i i think to assume that self-custody prohibited you can make it so it's prohibitively difficult to self-custody without like look what new york has done with guns right the second amendment doesn't allow new york to ban guns they can't ban guns technically you can you can request a a gun

Starting point is 02:02:58 permit from new york city police department and they go through this nice constitutional you know abiding process to tell you that you're not qualified to take the gun but they'll they'll push you through the whole regulatory bureaucratic rigmarole to pretend that you had an opportunity to get it but they won't let you actually have the gun at the end of the day why would that be any different with bitcoin and i don't think this is fun i think this is just natural logic no yeah and again i'm pushing back there's so many factors right it's different not a a weapon that can kill somebody not that i think guns should be banned it's different arguments again the political climate the trust

Starting point is 02:03:50 in politicians all-time woes the ability to communicate and push back be a motivated bitcoiners and plebs who already have stuff in self-custody exists i think that movement could be powerful i don't know what i'm saying marty is all i'm saying is what i expect i expect this too just so you know i expect at least prohibitive withdrawals right so they make it as burdensome as possible for you to take self-custody and if you do anything on this transparent ledger that they disagree with they will just they will take down your account and if you try and and you try and open account in a different location they will use your social credit score to make sure that you don't do that and that is the expectation that i'm working under

Starting point is 02:04:42 right now and and and the whole time we'll have like the palms of the world tell us that you can still self-custody which will be the most infuriating part of the whole thing and me and you will probably not be publicly talking about it at that point and hopefully we won't be in court cases that is what i'm that is like the situation i'm operating under right now back to the beginning the episode the bullish news the allies oh i think bitcoin will be pumping in that situation to be clear i do not think that's a reason to sell your bitcoin it's a reason to buy jurisdictional arbitrage how could they ever deny americans the ability to self-custody if it's going to be happening in other places again i get what you're saying and i completely expect it to

Starting point is 02:05:29 but i'm hoping i'm i uh i could see a way where it doesn't happen that's all i'm gonna say the crazy thing to me is just like maybe 2019 me saying these things and i think i've been incredibly consistent me saying these things was outlandish maybe a little bit provocative um but 2020 just fucking happened so if if if you think being skeptical of your government is fud or after 2020 have i called a fud no i'm not talking i'm not this is not directed to you marty you are out of your fucking mind right i'm not you i'm just saying anyone who thinks that this is like a fud conspiracy level theory concept after we watched globally businesses get shut

Starting point is 02:06:27 down and just people just accept it um is out of their fucking mind yeah well we got on this tangent because the chief technical counsel of chain analysis going to finson and the best thing we can do is keep building software that borks the heuristics used by these chain surveillance companies to make it harder to identify which Bitcoiners

Starting point is 02:06:56 own which UTXOs that won't stop FinCEN from not allowing you to take self-custody, which I hope doesn't happen. I don't think I will agree that in America we'll see

Starting point is 02:07:13 i don't think we'll see them go door-to-door and like take people's bitcoin yeah that's just that's logistically hard and then marty you don't have terrible optics you don't have to if you convince the majority the four years ahead of that that you just have them deposit into regulated institutions for six percent then you don't even have to bother with that you just you just hang a little carrot out you hang a little carrot out you let your fiat policies incentivize this massive buying of you know incentivization of of user-based growth and then you wait till they're all captured and then you just prohibitively restrict withdrawals and you're good to go for

Starting point is 02:07:58 the most part yeah that makes a lot of sense not your keys not your coins freaks that fud if that uh that does ever come to fruition everybody holding all their stack on an exchange is gonna i wish they weren't because that's self-custody and bitcoin is still gonna have access to the p2p network we're gonna have control over our utxos we're gonna be able to move them and accept them it's gonna be a beautiful thing software updates blue wild version 6.0.8 has been released matt you know the drill stopped me when you want to talk about something it's pretty hilarious you just got to solve for it go on uh hexa wallet version 1.5.0 has been released cold card version 4.0.2 big one

Starting point is 02:08:50 uh fixes that self-identified bug no that was fixed for the last one they have a better brick method uh yes so if you brick if you put your brick pin in now um it doesn't break it right away in front of the guy with the and we keep saying five dollar wrench so you can't buy a wrench for five dollars now inflation like you got to pay like at least twenty dollars for good wrench but like the guy who's going to do the twenty dollar wrench attack um previously on the cold card when you brick the device it just bricked right away like you put the brake pin in it just bricked right away that's obviously horrible in that situation in this case now you provide the pin you put it in it looks like the regular countdown was going through the 13 passphrases

Starting point is 02:09:34 but even if they pick the right one after that it's going to brick regardless so that's a nice a nice bonus there um it's cool to see them working on anti-wrench type of feature sets and then the other thing they offer is now you can disable the usb altogether in the settings which everyone should just go do that because you should be using an air gap mode so you can disable the data of the usb port and make it so it's only uh an air gap mode pretty dope pretty dope shout out to rodolfo and team hit your goddamn bingo board sphinx relay version 2.0.9 has been released sparrow wallet version 1.3.2 has been released and electrum version 4.1.2 has been released light software update week sparrow is a big one too

Starting point is 02:10:29 sparrow added ssl pinning for electrum servers which means that if you connect to an electrum server and it's it works and you're in a trusted relationship then in the future if you connect back and that ssl certificate that https it changes signaling a man in the middle it'll pop up a warning which is great shout out to all the teams working on the software out there helping to make the bitcoin ecosystem more robust provide more utility to bitcoiners more products more optionality it's a beautiful thing to see love all y'all lexus nexus signed a contract to provide a database of 283 million people to the u.s what is ice the uh the deportation to police yeah yeah uh

Starting point is 02:11:25 international customs and enforcement or something uh i don't know what the i is but it's immigration and custom immigration yeah immigration there you go yeah so this is an article in the intercept which no longer houses glenn greenwald which is a shame because is an incredible journalist founded the company to kick them out for speaking the truth um but it's a good article lexus nexus signed a 16.8 million dollar contract they're going to sell information you know 283 million individuals to to the u.s immigration and customs and enforcement agency i thought lexus nexus was like uh it was like uh yeah everyone else did too it was like a journal like a school research they do all sorts of collating whether that's

Starting point is 02:12:13 journals or whether that's people they don't give a shit there's a lot of money in collating people like i thought it was like a j store they're like good at databasing things so they database people as well oh that makes sense didn't know they were databasing people i think the point of that one is is like guys like you could just be just your email could have leaked from the ledger hack but you combine that with something like this database from lexus nexus and then you're fully exposed right um all these data leaks as bitcoin eats the world and as more and more people become bitcoiners they don't have to be bitcoin or focused databases it's just global corporate surveillance spreading and it's going to hit bitcoiners across the world and they should

Starting point is 02:13:04 just be aware of it they're sending your data everywhere they're selling it everywhere and it's getting leaked this one was pretty massive is this like top five all time i think so we're talking about facebook yeah it's pretty bad 522 million facebook users info leaked online email addresses marital relationships it's really bad phone numbers it's really bad and then right before we started this 533 million you were off by one on your keyboard there was one off by one shout out jeff garzik uh there was also there's also um one that came out i think publicly scraped from linkedin right before we released oh really but that was at least kind of public i mean i don't know if people realize linkedin like if

Starting point is 02:14:04 you don't have a linkedin account you can't see anything that happens on linkedin uh which i don't have a linkedin account so it wasn't public to me but now all that information is out that was another 500 million um i'm trying right now to look up the details of this facebook one it was well the facebook one's pretty egregious they knew about it and they didn't warn users right it's an early 2020 vulnerability that enabled seeing the phone number linked to every facebook account was exploited creating a database containing information of 533 million users across all countries phone numbers facebook usernames full names locations birthdates bios and email addresses that's so bad i'm happy i don't have facebook or linkedin so bad delete your linkedin

Starting point is 02:14:56 freaks it's such a terrible i like kind of respect that like if you're a pleb like trying to make it the world like you kind of need it yeah that's true but i i'm fortunate enough to got rid of mine a couple years ago yeah it's liberating it gets like that should be a goal in life is to get to the point where you can delete your linkedin just leave that wretched place behind for the rest of your life everybody's always asking me about get great american mind like what's your linkedin like i don't have one sorry that was another like maybe uncle marty is exuding his privilege right now i do like i feel lucky to be able to do this freaks and to work at great american mining and to have gotten to where i am personally in my career because i don't like

Starting point is 02:15:48 somebody was like talking to me about their resume earlier this week and i was like holy shit like i fucking forgot what a resume was um when i'm in this position i think i'm also unemployable moving forward like i have to to make this work or start another business by myself talking about being unemployable marty thought i might not be in rhr this week so yeah god but like just think about like the resumes linkedin it's all annoying i'm sorry if i'm sorry if uh you know what i'm not there's like a whole there's a whole bitcoin community you think we have like you think we have tales from the crypt like you think we have freaks in the linkedin bitcoin community that like are shilling they're like

Starting point is 02:16:38 live commenting right now on linkedin about it linkedin's all like corny office jokes and fake stories about success. I woke up at 4.30, had some lemon water, worked out, and then closed the biggest deal of my life. It's copy and pasted stories.

Starting point is 02:17:01 It's all bullshit. Here's a thread about how I missed out on the Coinbase fucking seed round. I was there. I was at the cafe where Brian Armstrong was shilling to his bald brother, Mark Andreessen, in the Valley.

Starting point is 02:17:18 We were at the coffee shop. I overheard. That's the other thing. It's like the CCI thing is Coinbase plus Paradigm plus Square. Coinbase is run by Brian Armstrong. Paradigm is run by Fred Ursham, co-founder of Coinbase.

Starting point is 02:17:37 And then you have Square. You have Square. Coinbase. An A16Z portfolio consolidation company. I could have got in on the seed round. Here's my LinkedIn story. If you're still on LinkedIn and you're talking about getting on Coinbase's seed round, you weren't able to get on Coinbase's seed round.

Starting point is 02:18:05 Did Reid Hoffman get in on that? I don't know, bro. What else do we have on this list? Last but not least, Jake Scherensky's Q1 review. I haven't read this yet. Is it good? So good. Fantastic.

Starting point is 02:18:15 Thank you, Jake. The only thing that should be different is you should use Bitcoin instead of crypto in the title. Yeah, crypto law and policy. This is his sub stack. It should be Bitcoin law and policy. That sounds way better. Crypto is a subset of Bitcoin.

Starting point is 02:18:29 Crypto is so cringy. You can still talk about blockchain and NFTs and all the other bullshit you want to talk to, but call it Bitcoin law and policy and then it's a subset. Yes, I agree. Just, that's my two sats, Jake. But besides that, fantastic, sorely needed. Appreciate your insight there. Yeah, so for you freaks who are unaware of who Jake is,

Starting point is 02:18:52 Jake Stravinsky is a lawyer in the space and he has this law review, dives into the different aspects of Bitcoin and law. FinCEN, FATF, PUSH-AML regulation, the Biden administration, staffs of Bitcoin, ETF, HOPE, Rises, robin hood hints at a bright future for defy and more so that's the type of topics that that jake talks about and tries to to bring a perspective a lawyer's perspective to the conversation and

Starting point is 02:19:23 keep you freaks abreast of what's going on in the regulatory world the world of law long dick of the law only getting longer when are they going to stop writing more laws matt can we get like less laws i don't know there'll be no laws in 2026 the law number has to go down we need number go down technology number go up first this is this is a number going up that's not good it means that your civil liberties and your just freedom overall is decreasing you have to be aware more laws i mean it's it's ridiculous it's like we're getting to the point where it's just like no matter who you are you're breaking something yeah you're breaking some law and you don't even realize it's ridiculous it's a

Starting point is 02:20:15 bureaucracy at its finest yeah before you know it i'm never going to be able to do this podcast again because they're going to make a lot of says you can't podcast with your pants off it's true it's true and i'm wearing pants but you know you know this is one of the you know the freaks asked why am i annoyed with marty's because he pretends his camera's broken but it's really just because he tries to record without his pants on it's not only my pants my shirt too i've been recording naked last month he's just 100 naked right now in his father-in-law's bedroom um that's how i that's how i assert my dominance shout out to andrew uh well i forget his last name starts with calling you out. He's like, it's amazing

Starting point is 02:20:57 what Marty can accomplish in his father-in-law's bedroom. Is he calling me out or giving me a compliment? I took it as a compliment. It was a call-out compliment, which is the best kind of compliment as far as I'm concerned. What, is he tired of me mentioning the fact that I'm coming to his house? No, he's impressed. He's impressed,

Starting point is 02:21:13 but he's also like, it's not your bedroom. You know, like he hits you. He's being a good friend about it. Like a good friend should rib you while complimenting you. Yeah, it's not my bedroom. he's got a tv here he's got a desk yeah it's amazing bro sliding door behind me you got the birds chirping windows up we're proud of you marty the point is we're proud of you but we're gonna tease you while we're proud of you that's it's this is a key aspect of of a masculine

Starting point is 02:21:39 friendship like yeah no ribbing a good ribbing yeah accept it oh yeah oh yeah oh yeah uh i think we should talk about the signal shit coin oh my god how did you not have that on the list that because it's not bitcoin related i don't know but you have an opinion on it yeah i mean it's fucking it's ridiculous i don't recommend signal well this is well it's coming more apparent like since they adopted the shit coin like facts about how signal actually works like sgx or sxg what is that it's like sgx it's intel secure element and it's like a board source it's a board secure element no it's just closed

Starting point is 02:22:24 source it's just a black box like we don't really know what's going on there yeah i mean mobile coins centralized pre-mined shit coin it uses stellar validators in its consensus mechanism it's like it's it's a monero fork combined with stellar ripple but they actually use stellar validators correct like no it's not the same no they for the same design or the stellar's consensus mechanism okay mixed with monero's protocol privacy mixed with sgx to scale it and also add additional privacy guarantees yeah i think it was poetically beautiful because i think stellar the fact that they're using stellar's validator consensus mechanism and i believe stellar validators like went down for a considerable amount of time this week well i mean

Starting point is 02:23:17 the freaks might be aware that i've called liquid ripple without the shit coin this is ripple with a new shit coin uh that's a little bit it's more private i'll give them that it is more private is it though no it is because first of all i have freaks in the comments saying sgx aka backdoored i agree 100 you we should just assume that intel proprietary shit is all backdoored um but mobile coins privacy guarantees don't rely on only sgx if sgx is broken it's still basically monero on on the back end um written in rust they rewrote it in rust um so you still have some privacy guarantees there but uh you know they have like geo restrictions and shit everything about it just reeks scammy bullshit yeah but i would argue that if you're against this but you're

Starting point is 02:24:16 fine with custodial yield then maybe you should question where you stand it always it's always going to come back to custodial yield for um but yeah no they this is a massive disappointment like could have easily done this um i don't think with lightning yet i mean look sphinx is the future right we have we have encrypted onion routed communications um that has payments baked in at the protocol level right uh permissionless payments baked like this is like a clear example right is the signal approach versus the sphinx approach um a complete example of shit coining versus not shit-corning. But at the same time,

Starting point is 02:25:02 if they were going to go with this trust model, a closely held centralized shit-coin, they could have done interesting things with a Bitcoin sidechain here, like a liquid-esque type of situation

Starting point is 02:25:16 with SGX. They could have still used SGX with confidential transactions. And would it have been completely censorship-resistant? No. but like mobile coin isn't so the the if i was going to steel man myself the argument is that they want to create a way to make money sustainably for signal but i i still think that they they could have taken some kind of fees if you paid through them right like you use their centralized side chain and and you just get you you have you have to pay them one percent or a point five

Starting point is 02:25:57 percent or something yeah they didn't need a pre-mine they didn't need a pre-mine to fucking monetize it yeah sphinx has it figured out i mean sphinx doesn't have it completely figured out marty that's important for us to acknowledge but i mean scaling and that's the lightning problem but i think the incentives of how you look at the comparison right and it's just like you see who's the rent seeker and who's not very easily yeah yeah i'm trying to think of what i got on top of my head it's really disappointing because i've convinced so many of my friends and family to switch to signal and i guess the one positive is it's such a shit coin that it's geo-restricted to uk only so like at least i know like the new yorkers i got

Starting point is 02:26:46 on board because of the bit license like they probably can't even use this feature for fucking five six years but that's exactly why this is a bullshit integration agreed agreed all right well well it's yeah i mean it's very disappointing i've been a signal user whatever i mean it's it's they're trying to monetize these apps they don't know to it's a shame that the resorts to shit coining i think streaming sats and paying a dev fund a portion of the sat streamed is is the future is it scalable right now probably not we'll get there i think so i think so we're going to end it on on the leaderboard at the masters justin rose leader after 15 four under matsuyama in the club clubhouse with uh with a 69 that's three under so is harman reed uh is in the clubhouse

Starting point is 02:27:44 with a 70 it's minus two and simpson at minus two as well it's the uh top five players at the masters currently grows in first through 15 not in the clubhouse yet subject to change this is what people don't realize like i'm i am extremely critical of michael saylor and you know don't trust verify and i will not um stop being critical of him uh but it's very rare for someone to come in and just understand it on the bitcoin level so so clearly um uh all these guys are all gonna especially on the tech side they're gonna come in they're always gonna come in on the shitcoin side and this is what we're seeing with the signal thing it's it's a very it's a very rare case that they come in they're like lightning bitcoin you know and like we need to use bitcoin

Starting point is 02:28:40 only solutions like it's very very very rare uh they will almost always come in on the shitcoin side and then they will learn an expensive lesson um i just want to do a quick shout out um john valis uh is going to be a co-mc at uh bitcoin 2021 alongside peter mccormick i'm very excited for valis to be running that shit i think it's going to be a great fucking job by him um so i think it has to be an mc neither of us did we don't want to be mcs i know i know that job uh i i think valis is going to be fucking perfect for this i think he's going to fucking kill it so i'm super excited for it um i i really i i can't really think of a better option it's it's very difficult for me to think of a better option so if you don't have a ticket yet

Starting point is 02:29:33 consider joining us out there um yeah and uh besides that oh i'm so i i also have this this other this organization that i teased earlier that i've been helping that is going to launch that's trying to support open source developers. The idea is basically free open source developers getting support from Bitcoiners. So if you're a Bitcoiner

Starting point is 02:29:56 that's trying to support open source development, reach out to me. And we're just trying to create like an organization that's 100% pass-through. We take no money and it just goes straight

Starting point is 02:30:08 to the developers. So if you're interested in doing that, reach out to me and hopefully it'll launch right before the conference. um besides all that you know it's the usual i will not go dark on you before dispatch on tuesday and i will not go dark on you before rhr next week i love you all and stay humble stack

Starting point is 02:30:28 sets keep crushing freaks we're gonna win have some confidence stand up speak up be strong do your push-ups i don't know about cardio love all your push-ups just do your push-ups i love it maybe push-ups is cardio love all y'all thank you guys for coming back we love it if you're liking this please share with friends rate review give us some feedback send us some shout outs no more hexadecimal shout outs peace and love freaks freaks together strong

TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Bitcoin Week of 2021.04.05

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