TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Bitcoin Week of 2021.04.12

Episode Date: April 15, 2021

This week Marty and Matt discuss: - Speedy Trial taproot activation method merged - Comments by greg maxwell - COPA sues CSW - CCI releases first report stating there is minimal "illicit activity" using bitcoin - VanEck "bitcoin" ETF DAPP that does not hold bitcoin directly - btc-rpc-explorer v3.0 - trezor suite beta v21.4.1 - Alleged paxful KYC leak claimed to be fake - Gladstein biweekly column - shitCOIN IPO, currently valued at ~$66B - Mexico fingerprint KYC for phone sim cards Shoutout to this week's sponsors. Cash App. Start #stackingsats today. Use the promo code: "stackingsats" to receive $10 and contribute $10 to OWLS Lacrosse when you download the app. Unchained Capital. Check out their white glove vault concierge service that will take you from zero to secure multisig setup in no time. Use the code TFTC and receive $50 off that package that includes 2 Trezor Model Ts and $1,000 in your vault. HodlHodl. Lend at Hodl Hodl is a new non-custodial bitcoin backed lending platform, that allows peer to peer lending and borrowing between users, globally, anonymously & on your own terms. Create you offers & set your own terms on lend.hodlhodl.com Braiins. Braiins are leaders in the mining industry; running Slush Pool, creating firmware to make miners more profitable (Braiins OS+), and building out Stratum V2 to help further decentralize mining and make Bitcoin more robust. Check out their mining profitability calculator.

What is up freaks, it's your boy Marty here to introduce this rip of rabbit hole recap. Matt and I just ripped it and guess what, I just like did a whole eight minute ad read. You freaks are going to be happy to know I'm going to shorten this one, but I had the wrong mic and I was just down in Austin exploring Austin, got my beautiful wife next to me making some chicken noodle soup. Like in Austin so far, vibes hot. The vibe is hot down here. That's how I'd describe it.

We're missing Matt O'Dell down here. i wish you were down here for the events of this week at unchained capitals bit devs bit devs meet up at unchained capital tonight beefsteak tomorrow many events many bitcoiners it feels like the the bitcoin meat space shelling point is shifting down to the southwest very interesting to see very interesting rip good rip this week it was brought to you by good friends of the motherfucking cash app to help you stack sets and sets receive sets sell sets if you so please. We're saying sats, sats, sats, sats, sats, sats, sats, sats, because sats are the standard. There's a hundred million sats in each Bitcoin. You don't have to buy a whole Bitcoin. You can

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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 probably should so what's up i'm on video for the first time in a while uh using my laptop as i am in austin and don't have my desktop with me and it seems that it's much better than my desktop setup and uh the going live flow from zoom to to all the third parties that we're we're currently streaming on is completely different on my laptop than it is on my desktop so we just ninja launched it i thought i was gonna have a few seconds there a little under prepared right now matt how the

hell are you oh that was a good pop boomer marty coming live from austin doesn't even know he's coming live i wonder i wonder at what point they came in there anyway freaks you got that inside baseball welcome got inside baseball uh you got my brother he's taking a an instagram story video of me right now my wife and son are on the couch beyond us so if you hear any uh the rumblings in the background um sorry for that freaks but hey what a week short list i'm surprised how short the list is this week yeah yeah it was uh a quiet news week um i mean you wouldn't know that from mainstream media but for proper bitcoiners it was a quiet news week yeah well i mean quiet news week that ended with a bang yesterday or not like ended but we got a pretty big bang yesterday

looks like you're going to be sending a million sats to the human rights foundation stay humble murray i mean it's hard hard to be humble when you start to be humble this isn't ethereum you know this isn't ethereum you don't just see a uh a merged uh pr and then all of a sudden the things activated what's the latest with that i had to hop on like a virtual conference for an hour i wasn't able to follow along uh speedy trial has been merged into bitcoin core i know about that i'm talking about the ethereum kerfuffle oh i don't know you were following that more than me i don't really give a shit yeah apparently i had a big hard fork today and we'll get into it let's start before we get to speedy trial before we get to

that shit let's start with clark's dashboard as you can see on crypto watch there is a bit of a premium on bisque trading at 65 110 it was above 70 000 right before we hit record the price according to clark movie's dashboard is 62 570 total bitcoin market cap is 1 trillion 170 billion as of right now we are three and a half percent below the all-time high we hit 64 840 this week at one point uh there are currently we're currently at block 679 373 getting closer to 89 of all the bitcoin that will ever be mined have been mined we're at 88.97 that's 18 683 492.21 btc um i've got my laptop set up different different screen sizes so scrolling through here mining we had an upward difficulty adjustment of 5.8 percent and that was we talked about that

last week we're 19 blocks away from the next free target so that should happen uh in 193 hours three hours and 10 minutes about uh and it's estimated to be a 1.6 upward difficulty adjustment that's because blocks are coming in at 9 minutes and 51 seconds, 9 seconds quicker than a 10-minute block target. And unspent capacity. Wow. On Samurai, went up big. We're at $2,358.51 or $147.5 million.

That's pretty significant. I wonder if it's the guns and Bitcoin effect. You think so? I was talking to Ben about that. He said it was a really good conference, had a lot of fun. Yeah, that just happened in Austin. uh last week i heard it was a massive success and a lot of fun um and samurai played a very big role there so yeah i actually um i got one of the uh pies or pine 64

uh nodes like whoa and our boys elko hooked me up so i've got that waiting for me back back at home to plug it and set up it's a beautiful thing it's 3d printed a case it's it's a really high quality node they were giving those out of guns of bitcoin as well those looks like yeah um yeah so what's going on what's on your mind we just went through the dashboard a lot of stuff going on you said is this low news week i think it was pretty big this week um well i mean the biggest story if you asked uh a normie i almost didn't even put on the list and then i looked back afterwards and then added it to the list so i don't count that if you don't count that then like we have speedy trial we have the

taproot activation right but besides that pretty slow news week yeah what am i talking about marty coin the coinbase ipo yes sir very hot topic a lot of people got pretty rich off that what's trading it now i haven't even checked today it's at about 68 billion market cap okay uh i think that's i think it was like 330 or something per share my favorite take was from dylan over at bitcoin magazine he had he priced it in sets and he was like number go down and i think that's the proper framing you know like it might perform well in the short term but long term it's going to trend to zero like everything else um measuring bitcoin but i would say that you know a 68 billion dollar valuation in this type of insane you know stonk market uh seems kind of low to me

right people were expecting a lot higher people were expecting like 95 billion so i was expecting like over 150 yeah and i and i had no math to back it up except just pure insanity i just expected the most insane thing possible which is usually a good bet recently you just bet on insanity well the world is going insane outside of bitcoin you want to start like they're trying to stuff the courts now what do you think about four more supreme court justices getting added to the supreme court i this is the first i've heard of it oh yeah they're pushing for it i isolate myself into my bitcoin bubble that's uh it's a good it's a good way to do it oh buddy it's okay um yeah so let's just jump right into speedy trial we

We talked about it yesterday with Ben on the pod that will be released tomorrow. I sat down with Ben and Chris Stewart from Short Bits. We talked about speedy trial and the debate around the activation method, particularly block height versus MTP and the coin flip and the controversy around that. And after that conversation, like, yeah, I'm okay with the coin flip. 100% okay with the coin flip. I know we determined that. We're past the coin flip now, Marty.

I know, but there was a lot of bike shedding around it. Um, but it seems like we're, we're beyond that. The, the activation method has been merged into core and we'll start, I believe in two weeks or on April 24th. Correct. Um, yeah. And then there's going to be a three month signaling period where miners can signal. Um, what's the threshold? Is it, is it 95%? It's 90 or 95. I'm pretty sure.

I just heard a slight echo. Oh, you did? Is this better? What percentage do you think it is? I thought it was 90. Okay, well, it's 90 or 95%. And if the miners don't reach that threshold after three months, then UASF is on the table.

Then there might have to be a user-activated soft fork or at least a thread of one. Yeah. but as it stands right now um that wouldn't that wouldn't be necessary if the if the miners if the miners signal uh to the proper threshold which is above 90 it's confirmed 90 is the threshold um on on the tappert activation linux page right now or in the the mailing list that's good because 95 is like a pretty fucking insane bar to hit um and talking with ben yesterday he made a very good point like outside of segwit every other soft fork with this type of threshold

was merged within three months pretty pretty easily you may have even said three weeks but i'm an error on the side of three months yeah i mean i like the idea of of of this as a rubric going forward for these kind of um proposals right where you have uh you basically have the devs do you know the dev community do a like due diligence period they work on and everything it gets merged you give the miners the ability to signal um and then if there's opposition there at that point after all that um then you can continue to more deep uh debate or conversation and where to go from there right yeah and it's funny what the debate around this particular last leg

of the activation method being determined was about. It was very, very niche edge cases. So the way Ben described it to me is the MTP versus block height debate was about the edge case of miners being able to, a miner with MTP being able to reorg and sort of change the times on the blocks. and confuse the network about whether or not

Taproot was actually activated, and during that period, if somebody were to use a Taproot address, they would lose those funds, which, again, edge case, niche case, the probability of somebody actually using that right away, Taproot address, and going right into it is probably low.

It's going to take time for wallets to adapt app and adopt the um the the code and integrate it into their software so it would have to be like a core dev who just couldn't wait to uh experiment with it and that's like the probability of that happening and the debate around that was just very intellectual like masturbation if you will um i mean that is like more of a niche i'm hearing slight echoes so that that was that was more of a niche thing or detail aspect to it, but there's a bigger overarching debate, right? Which Luke is still upset with, Luke Jr. Is this idea of, do you just go straight to user-activated software or do you give the miners a period of signaling before you do that, right? And

it seems like there's still a decent chunk of people that would prefer to just go straight to user activated yeah and then like what's so the argument there is the threat of a of a chain split if you go straight to user activated software this is more of a clean way and organized way to do it yeah i mean the the speedy trial approach is a more conservative method right yeah um and it's it's basically it's basically the decision between do you use user activated soft fork uh as a as a threat as a last case scenario type of move or do you use it proactively um in both cases like even the people that the overwhelming majority of people that support speedy trial um are doing so under the assumption that if it fails to activate

from minor signaling then a ua user activated soft fork is in the cards so like almost everyone agrees with that aspect it's just when do you do it do you do it before the miners do it or do you do it after and the nice thing about having the miners go along with it is it's a very easy thing to measure them signaling it's an objective measurement i mean they could fake signaling but at least we can objectively see signaling because you can't objectively see node numbers or anything like that that's why proof of work exists in the first place um and it's it's just in a lot of ways it's easier if it's not contentious yeah it makes sense right like that seems like that's how the segwit user activated software

worked right like the miners didn't signal and they were around so it's like all all right we're going to use activated software correct let's see i mean there's some nuance there but more or less yeah yeah um yeah so i'm happy i'm happy because uh i think steve lee moneyball uh steve from square crypto he tweeted out yesterday like if this activation method goes smoothly and it happens within a three-month period we'll have um tap group by november 21st which means they're cutting it tight i would keep my million sats is our um is our bet pushing taproot forward i know we've talked about this in the past i think i look i know freaks it's important to stay humble but i i 100 agree with marty that

that rabbit hole recap is single-handedly pushing taproot through all the core devs listen they know they had this this prediction market in the form of this bet of a million sats going to the hrf um marty's really paying off paying off all the powers that be with his a million sats on his side just to win out of pride yeah yeah well that's risky so then i have to pay like two million sats if i lose and they get the way yeah well um we'll keep following this it seems like there's uh quality legitimate momentum towards getting this activated which we've been talking about for a while it's been a stalemate if you will but the stalemate's been moving forward it's been debated thoroughly and like we've been saying time and time again this

is a good thing to see bitcoin is extremely hard to change um and i guess after we talk about greg maxwell's comment on reddit we can we can get into juxtaposing how hard it is and has been to get taproot activated versus the the berlin hard fork of ethereum today which created a huge yeah disruption to the network and also for the freaks like we're gonna have uh i guess probably the next two episodes on this feed are going to be taproot focused and i have a feeling there's going to be a lot more discussion about it in general going forward so there won't be a dearth of discussion on it yeah um so what'd you think of greg maxwell's comments there's a fucking hilarious quote in the middle there i uh let me see if i can pull it up over here because i'm

sharing my screen um there's a fucking quote no one like brought it up at all um i'm pulling it up right now sorry freaks i'm looking for i have it up right now but do you know which quote i'm talking about um i'm trying to think okay it's in any case a bit frustrating but i think ultimately not a big deal someone always gotta climb the right stag dressed as spider-man and i guess this time it's luke's turn yeah this is basically in the context of luke uh being very staunch not not hold out but he's being very he's he's playing one end of the spectrum and holding the line there i don't want to say he's dying on a hill but he's uh standing strong on a on a very

cement and a semantic hill if you will well i luke primarily wants to do he wants to do he wants to do user activated software yeah um that's his primary misgiving and it seems like he's just pushing back on on little details here that's greg's main complaint he thinks that there's pretty much consensus and that just arguing over the little details aren't really benefiting anyone um the freak should go read his actual post from greg maxwell um but marty like what is that reference i'm not getting the reference it seems like a real personal jab that he put there uh the reichstag is the government building right that the nazis burned down yeah what does spider-man have to do with it

i was just trying to seem i don't know it was like one of those quotes i read i was like oh shit burn and then i was like i have no idea what this means i mean he's like trying to be a hero but he's doing someone dressed as spider-man so it's not actually spider-man a fake spider-man screaming fire or something yeah not screaming fire yeah yeah i'm just trying to articulate not articulate but uh translate what this may mean it's like somebody just being a hard-o i mean he wrote like thinking they're gonna save the world when it's obvious they're not it's it's like the beginning of the the dark knight rises or the dark knight where you have all the fake batmen like with guns and they're really not solving anything i mean greg greg

wrote this like nice insightful reddit post like six paragraphs or whatever i just can't get over this one sentence in the middle that's just completely unrelated to the rest of it in terms of like i don't know yeah i find it interesting that uh greg maxwell still hangs out on reddit i mean he loves reddit it's like his favorite platform yeah and he's described why he's not on twitter he does not like the uh fair enough the brevity of of tweets doesn't think it's a a good spot for quality conversation which i think there's a good argument to be made there and understand it but yeah that was uh interesting to see his thoughts uh it's moving forward freaks april 12th i still think he's on twitter we just don't know what his name is

no you do no i don't think he'd be able to control himself you'd be able to like tell we'll never know based on his language uh what else do we got here i guess we didn't know if signed a message on twitter but that's it yeah i mean it's a good week i mean again it's very hard to get these things merged into bitcoin it takes a lot of time um and again we're going to juxtapose this with the berlin hard fork which again is pretty incredible to see how that played out so basically ethereum had a hard fork upgrade today and it split the network a lot between geth and open node or uh not open node free node or it's open ethereum something yeah open ethereum something whatever um so i guess geth clients continued unabated and open ethereum node

whatever it's called uh those clients got stuck at a certain block height and it turns out that a lot of the major exchanges uh and service providers within the ethereum uh ecosystem were using that no i don't think they were no i mean ether scan was which is arguably the one of the largest they had coinbase gemini no i think a lot of the exchanges i think what happened was a lot of the exchanges just froze things as an abundance of caution they saw things were up and they didn't know you know which way consensus might go because when you have a chain split you have two possibilities right um i don't know if there was actually a chain split here i think they just crashed but either way my understanding is the exchange is stopped

because of an abundance of caution um if you're running it if you're doing ethereum on an exchange i assume they're running multiple clients uh because there's all these different clients but uh you know this is just this is the shit coin liability you have when when you're covering these things as exchanges i don't uh yeah yeah and i think another important thing to highlight here too is like the difference between soft forks and hard forks like they're literally forcing all the important companies and users that that want to use a full node to to upgrade so they can merge the code that they want to merge and it just shows that it creates the possibility for a large disruption like we've seen today i don't even know if everything's been fixed

and things are back to normal but it kind of shows like it should i think the real big takeaway is that it shows that this idea of having like multiple multiple clients being used being more censorship resistant and more robust than having like a single reference client which is is a common criticism we get a lot about in Bitcoin land is that you have this, this, this reference client Bitcoin core that is used by the overwhelming majority of nodes, especially economic nodes in the Bitcoin network. And Ethereum people and and shit corners in general often use that as an argument against saying it's not decentralized and there should be multiple clients. But in this case, you know, geth is basically the reference client of Ethereum.

well what kind of what kind of robustness or censorship resistance does adding open ethereum or whatever on as a client into the network do if it crashes and you don't count it as part of ethereum anyway right you're going with the reference client to begin with so it's just like it's lipstick on a pig this idea that these extra clients these other clients actually give you any kind of additional censorship resistance or robustness does that make sense yeah it does because like if you're running yet you just had no idea i mean you're fine yeah then i think well i'm trying to steal this this is too much talk do you like knots do you like libid coin you think they're important i i think i think that if there's a chain split

and you know bitcoin court goes one way and one of those smaller ones goes another way the the chain that's going to have consensus after the fork is going to be the bitcoin cores and whether you like it or not that's going to be the case like fucking 90 of the economy runs on it yeah i agree it's just the reality of the situation um again keep steel manning this so how is uh how is bitcoin still decentralized with that taking into consideration well because no one can force us to update our clients they've merged they've they merged taproot into into bitcoin core they haven't packaged the actual binary the install file yet but people like ben uh the carmen have already built from source and are

running it right um but presumably all all actors in the network have a have the ability to not update their software right we don't have to run it if we don't want to yeah and then you're making the point that i originally made right like that is the beauty of bitcoin it's opt-in right but you have that compatible yeah like that's that's not necessarily unique to bitcoin but this idea this idea that multiple clients provide substantial censorship resistance is is kind of bullshit um isn't it unique to bitcoin in a sense that's the priority and the preferred well i would say i would say that most shit coins have at least adopted the rule of no auto updates um some some will you know most 99 have centralized actors that that basically peer

pressure everyone or economic pressure everyone into updating right but at least we don't see many that have auto updates there are some shit of the shit that have auto updates right um but like the 15 people that are running ethereum nodes are going to manually update their notes yeah but what isn't this hard for like a forced up upgrade i don't know marty i'm not really following it that well either of mine um i'm planning on talking about it on rabbit hole recap well i'm in my own little bitcoin bubble well considering again the the activation of taproot and the way that's happened i think this was a great dichotomy dichotomy exactly um how's austin marty i'm jealous that you're down there and i'm not vibes are high vibes are real

why the bitcoin scene down here uh it's what new york used to be they're winning they are winning um yeah i mean i've seen last night i had dinner with three new york bitcoiners that uh two of which are down here now permanently one who's thinking about coming down here permanently um it was great catching up but that was funny i was like we've met before in person up in new and just did it now down in austin um it seems like the the shelling point of bitcoin mindshare in meat space is meeting here in austin i got lunch with ryan gentry the other day um had some tacos with him talking lightning he was explaining the scene i met up with gladstein um got a drink with him he was in town um he went on alex friedman's podcast we talked about that and

somebody drew a picture of us i'm sure some of you freaks have seen it was a very good picture very flattering for me um not so much for alex but i guess alex and i what was it like a street artist yeah um yeah we were just having drinks in the back of a bar and somebody woke up walked up to us like hey i drew a picture of you so yeah thank you that's awesome yeah i'm very jealous i guess there's like almost maybe over 200 people are going to be at pit depths today Yeah, it's going to be interesting to see if we can all fit in Unchained Capital's offices. There's some skepticism about what's going to happen there. People are going to have to get on people's shoulders or there's going to be overflow outside.

And not everybody's going to be able to participate, but regardless, it's going to be a good time. Yeah, I mean, you know, like a lot of the New York Bitcoiners are in town, flew down. i'm aware i i got uh i got reprimanded by multiple people for not for not joining i mean i've reprimanded i've been telling you to book a flight to this for months now you can't make it though you can't make what are you gonna do there's always there's always next month right it does it is a good vibe down here uh i like the weather yeah we decided to come down here check things out maybe down here just getting a lay of the land uh but it's good for us we're coming down here 12th to the 25th and hopefully when we get back to new jersey uh the weather

will be like manageable it's like that weird weather time in the northeast as you know where like it's raining it's hot and it's cold it's windy um just trying to avoid that as much as possible hopefully we get back and it's like low 70s are you referring to the spring marty yes well northeast spring i fucking love northeast spring i'm fucking popping right now

i don't like the the it gets me bullish as fuck the volatility of the temperature and just like i'm an allergy guy it messes with me messes with my throat i prefer my preferred summer i'm a summer guy

beach guy what's the weather like today is it raining huge northeast spring maxi so you can agree to disagree on that one what's the weather like today oh it's horrible and rainy but uh yesterday was very bullish oh yeah was it hot yeah it was like a nice hot sunny day and like when you're in the city like the skirts come out and everyone's on the street and now now at least like one good thing i guess like the one of the only good things we have going for us now is like open container laws are fine like they just disregard the open containers and that's uh yeah i just like this weather it just always puts me in a good mood after the darkness of the winter yeah no i agree

i love the the sundress season days where where they all come out um but again the volatility you can have a sundress season day and then at five o'clock the weather turns and everybody's like wearing shorts and a t-shirt gets like way too cold or your time preference what do you mean there's volatility you know there's volatility but the weather trends up in the spring yeah it does it is upward trending it is upward up into the right trajectory with the volatility uh yeah speaking of which we broke out of the the consolidation phase it feels like we've been hovering in the low 60s for many days now which feels good uh we were above 70 on bisque but but i guess we didn't get the live launch in time

i tried to i ninja launched on myself i tried i tried my best um yeah i mean i think it's look i i have been feeling immense fomo uh like caps odell is is in full effect right now uh i feel bullish as fuck take that as you will now i do as well i do as well it's hard not to be bullish right now it seems again let's let's jump to the cia comments what did you what did you think of those you even have those on the list the cci comments no the cia director um wrote it he wrote it for the cci oh he did okay the crypto council for innovation yeah i don't like i didn't like it so the crypto council for innovation is what we talked about last week it was formed last week um and what is it it's square fidelity coinbase paradigm yes and paradigms leading

to chain analysis coinbase has their own chain analysis competitor a lot of bitcoiners are rightfully skeptical um a lot of people who love engagement more than they love bitcoin uh you know post extremely bullish things about it uh without being skeptical because you get more engagement that way um and really like everything else in life it should be somewhere in the middle uh right you should be helpfully skeptical but at the same time hope that you know the loose incentives are aligned enough that these big companies will help us more than they hurt us right but always keep them honest always have you know always be ready to to stand the fuck up right um so so the main purpose it appears they told us the main purpose

of cci is to lobby government right for favorable quote-unquote crypto regulation And the first thing they did was we got this report from ex-CIA director, Michael Mosier, I think is his name. And basically, the premise of the report, he leaned a lot on chain analysis data, which is one of the investment companies of the CCI member, to say that there's not much illicit activity happening on Bitcoin, and that Bitcoin is overwhelmingly a force for good, and the US government should treat it as such. which i think is a lot of bitcoin is took away as a rightfully positive message right this is something that you know is a good thing to champion um i do agree that the overwhelming usage of bitcoin is for non quote-unquote illicit use um the i mean it depends whose perspective it is if it's from a dictator then they might say the whole thing's illicit use because they don't like free movement of money but that's what it is um now uh the nuance take is

there's a part of there's a part of this report where he like basically states um that chain surveillance allows them to have full control and access to all everything on bitcoin so they'll be able to police any kind of criminal activity and he specifically referenced a very hyperbolic reference he he he said that it's going to be the same way that assam bin laden no longer used cell phones after he realized that america could listen to his calls so he basically he basically said like don't worry we're going to do the same kind of global warrantless surveillance that we've done with every other network with bitcoin that's why bitcoin's good um but i i that's not true though even even today when we talk about my issues with

with using bitcoin privately it's for like the average user like if you're a sophisticated criminal you can use it relatively privately already um so i feel like he's not intentionally misleading people i think he's just ignorant just he only has a surface level understanding of this shit yeah well i was highly highly skeptical of this number one xci director cia is an evil organization. I mean, in Golf of Tonkin, they've experimented with people in the past

with vaccines, particularly in Missouri. MK Ultra. CIA is not... I don't trust CIA as far as I can throw them. Marty trained his son on CIA. Whenever he hears CIA, he starts crying.

He cries. He knows it's uh screams so somebody comes helps me um but so that's how it's going yeah like the language of his note made it so like yeah bitcoin like criminals won't be able to use bitcoin we'll be able to find them which is again like you described number one it's wrong they can attain privacy but two like is that the posturing that the lobbying towards the the government is going to be moving forward like are they going to attempt to make it so companies can track everybody even if they can't track them they can't interact with those individuals you know oh yeah go on well like the point i'm trying to make is like if bitcoin doesn't work for

criminals bitcoin doesn't work right like if if if if if the u.s government can stop uh some criminal from using it uh some alleged criminal from using it then a dictator can presumably stop uh like a refugee or protester from using it right it's the same argument as encryption um and but but but anyway but the the thing that rubbed me the wrong way is it really felt like and our boy uh and freak uh rafael yacobi mentions this a lot is is this idea that Chainalysis basically lobbied for an issue, they created this problem, this idea of illicit Bitcoin usage. Then they said, don't worry, we can solve this. And we can make sure that there's no illicit Bitcoin usage, but you have to use our service and you have to pay us a subscription fee.

It feels like that lobbying is going straight to the US government from the ex-CIA director through this corporate lobbyist group the cci that has two companies that are heavily involved in the change surveillance business um and it feels that that should be a concern to people in my opinion like like many people talk about the trojan horse like sailors trying to trojan horse bitcoin into the mainstream by just saying like posturing like it's only a treasury asset and will button up this seems like a trojan horse from the opposite direction um to to implant chain surveillance and make it harder to use bitcoin like again if bitcoin doesn't work for criminals it doesn't work it has to be a peer-to-peer distributed cash system that

cannot be censored by any third party so i was not a fan of these ex-cia head comments everybody was like going crazy about it on twitter so it's because you get so much engagement if you just blindly say something is bullish like in a bull market the nuance takes get like fucking shit all for engagement and anyone who just and if you don't post a source like the twitter algo it's better to you and so so what happens what happens is in a bull market is you just get inundated with all this fucking noise that is that is hidden as that is matt masquerades as super bullish news it's the most bullish thing ever um and really like in this case it's probably just something to be aware of that doesn't really move the needle one way or the other right but uh

a lot of my pushback is because we saw all of that oh this is the most bullish thing ever kind of fucking things come out yeah yeah it is what it is i don't like the cia getting involved with bitcoin the ex-cia director the ci is evil you know a lot of people think that's why jfk got murdered because he wanted to abolish the cia he was pro-bitcoin pro-bitcoin he wanted to shatter the cia into a thousand pieces and blow it into the wind yeah um but anyway is it a reverse trojan horse i think uh i don't like that posture i don't like the posture bitcoin to all the haters out there that aren't listening um we are aware cash app is our lead sponsor and then square their parent company is one of the leads for the cci um and as you can see here we are

more openly critical of their moves than 99 of bitcoin media so there's that yeah take it as you well uh speaking like it's funny like here's another thing copa something started by square two they sued uh craig wright for suing people for copyright infringement um so i guess they're bringing a suit against craig or or lobbying to have a suit brought against him um to to say he's making false copyright claims because he's not actually satoshi could this backfire yeah i there was also a lot of bullish bullish tweets about this one too

um i don't think it's a purely bullish headline right yeah like how could it back like there's so much nuance in the legal world and he like can't prove a negative right that's yeah i i think it's a net benefit that they're suing him um i think as many people should sue him as possible and i don't want to do it so if they're going to do it and they have deep pockets then by all means and and to be fair um he sued multiple alliance members before the alliance went out and sued him um and this was for hosting the white paper that he pretended he wrote and he's been pretending he wrote and a lot of people in the community gave him protection for a long time and have never

um gonna make copo about it and admitted fault and called him out definitively and we still see you there's a lot of you out there we know who you are um the record doesn't lie so it is cool to see um a relatively newer entrant like square who leading copa but it's a ton of companies are part of copa now it's this idea of this open they they accumulate patents together and they use them together defensively rather than aggressively against each other um so in that way it's good uh but at the same time um it's important to keep clear that you know copa doesn't have a rights to the white paper either they can rip that out of my dead hands

Are they claiming? I don't think they're claiming rights to it. No, they're not. They're not. But they're suing him, right? That's where the misgiving happens, right? Is that you have this centralized organization suing people for suing people, I guess. Yeah, I guess. And then, like, the question

and the response may just ignore him and let him fade into obscurity and irrelevance. Like, he was already going away in my mind. Or do you stand up? like because it is like a ddos on we can't ignore him yeah the ignoring that like it's impossible he won't he won't he won't let up yeah it is it is really annoying and then you have like people like the financial times and

stuff that give him platform yeah you know so hopefully something like this can like if he's gonna attack if he's gonna he's like he's he was attacking our you know our open source contributors yeah one of the lead maintainers vladimir seriously considered stepping away yeah i think i think it's strictly a net benefit this copa thing i'm way more supportive of that aspect the cci thing i'm like super fucking skeptical of sketched out about yeah i agree i agree i think this is a net benefit benefit as well especially compared to the cci thing my main concern about copa is is it does it does feel a little bit like an organization that can bully little companies into joining or being fucked um which kind of sucks but i don't know how you

avoid that yeah so for the freaks out there who aren't aware what copa is and what its initiative is, started by Square, as Matt described, many more people have joined the alliance. It's basically a patent alliance where people can put forth patents that they're creating to only be used in

a defensive nature, never to create a motive. To join, you have to give all of your patents in the defense pact. You can't keep any out. All of your so-called crypto patents have to be a part of the alliance and any member in that alliance is allowed to use them and

you use them together yeah i think what we're getting at here though like i like this especially this thought behind it and like game theoretically like playing it out maybe it can backfire to some degree with the incentives that it creates but really the underlying topic and point we should get here is that the ip laws are all fucked right yeah i think that's like where a lot of my issues lie right it's like people are getting sued and patents are happening and all this right yeah um meanwhile like information wants to be free and if you don't have the private keys you have nothing and and those two things obviate both of those two things but that's not the world we live in right so because that's not the world we live in we're going to have messy in-betweens in

the process of of hyper-vacuumization and it is what it is yeah net benefit skeptical of cci don't like the cia director trying to to force a narrative really hated like my whole feed just like being like pro him out of nowhere because like they had a bullish headline and it was only a bullish headline like if you actually read further than the headline he's like these chains are going to make it so criminals can't use bitcoin it's like that's that means bitcoin doesn't work no boy no more yeah bull market fluff i know you hate bull markets more bull market fluff vanek bitcoin quote-unquote bitcoin etf t-a-p-p doesn't hold bitcoin directly it's basically an etf of stocks that are tangentially related to bitcoin bitcoin mining stocks

coinbase so i put this on here because um uh historically so first of all freaks like i'm not trying to put high high noise things on the list uh so i think this there's signal here and the cool part is is so so the u.s government won't allow like a proper bitcoin etf there's like a bunch of people that have been trying it's a meme bitcoin etf is coming we've heard this since the last cycle um they won't allow an actual proper bitcoin etf even though gbtc which is a shitty version uh that's attempting to be etf like is almost past fucking gld the largest gold etf um but they allow this right which allows you basically vanak major etf providers they have tons of etfs uh our boy gabor is in charge of like their whole bitcoin side of things

they allow them to to do like bitcoin companies in their etf one of the thresholds for this one is they're including companies that hold bitcoin on their balance sheet so it's like a fucking russian doll bitcoin etf like micro strategy is one of the holdings like if you look at the holdings it's galaxy digital who holds bitcoin but like a lot of shit coins too but they hold bitcoin then it's square who holds bitcoin then it's marathon that holds bitcoin then it's silver gate i don't think they own bitcoin but they're heavily involved then there's riot who owns bitcoin then there's voyager have no idea who they are then there's micro strategy which holds a little bit of bitcoin and just does a little bit you know so it's it's an interesting

little uh a little end around and it just shows how bullshit the whole fucking system is that that like that's allowed but a proper bitcoin etf isn't yeah yeah it's a i i'm tired of the etf stuff just buy bitcoin like you don't need it yeah same with coinbase don't buy the stock you don't need it you can just buy bitcoin one thing i will say about coinbase we'll give them props uh despite all the attention that was around their company in their app yesterday, their app did not crash from what I can tell, which is something that historically happens.

Lowest bar ever. We'll give that to them. Should we give them the shoutouts? Before we do, personally I would never own a Bitcoin ETF. Neither would I. The big argument has always been 401ks

and you should use our boy Vanjoo's service and he's partnered with Unchained Capital uh recently to make it even easier for you to hold your own keys and you know have it in a tax efficient uh form if you're an american um but at the same time like this idea that we have all this we're just i feel like big corners are their eye our eyes are open to like all this garbage that people are served through our financial markets right and it's so corrupt like like watching every ipo you watch is like the most corrupt process ever and like we saw it again like with coinbase specifically it's like it was a topic that we knew well right that we watched

and we saw it unfold and you really see like the whole corruption and and just like how the insiders are just able to make so much fucking money and this idea that like a bitcoin etf just a very simple bitcoin etf just a way to have exposure to the underlying bitcoin is considered high risk and isn't allowed just shows like what a fucking garbage system it is you know it's just like such a perfect example of how bullshit it all is yeah and speaking of coin coinbase specifically i got a story time i went to a 30th birthday party over the weekend at a top golf just ripping uh ripping drives and at the end uh we're like sitting having drinks like at the bar at the top golf and uh one of my buddy's friends i've never met before comes up to me

just puts his phone on my my face and it's a coinbase it's just like the first time i've seen the coinbase app in person in years there's just like a list of shit coins he's like what do you think about v chain like i couldn't tell you two things about v chain i sat there and i had to sit through a v chain pitch for like five minutes and i just had to be like you're talking to the wrong dude guy freaks whatever marty was just referring to do not buy that shit um should we go for shout outs we will but before one last point it was interesting that bernie madoff died yesterday um as coinbase ipo it's like one scammer dying and phoenix rising in the coin base my favorite was ether i i found out bernie i i bet bernie i found that bernie

madoff died uh because brecky von bitcoin tweeted out um bernie madoff died in prison based on pomp who didn't post a source based on zero had you didn't post a source based on me who did post the sources i saw three three tweets three tweets down the line without a source and that's just classic twitter classic twitter yeah do we say rest in peace bernie manel i mean yeah r.e.p he's a person yeah hopefully you're redeemed for your sin sir i hope you contemplated uh all the scamming you did while in prison he was completely interconnected with this whole fucking system he was you know very much a scapegoat in some ways you know a lot of people got off that knew um and they but i mean he was the mastermind yeah it was like a

very well-known untalked about secret in the industry correct he was super well connected wasn't he like he was the head of a bunch of like regulatory shit yeah finner i believe he was on the board of a bunch of stuff ridiculous yeah um i had really close with jp morgan from what i understand you know like if it was like 15 years ago like he'd probably be lettering you about why kyc is important like that's the type of dude he was all right yeah um yeah rest in peace we're trying to die and he's 82 i think he just died of natural causes well are we sure like uh we got zorn 101 in the in the comments saying

madoff did not kill himself i don't know where are madoff conspiracies what are they who's i don't have the comments open this week what what are the conspiracies zorn says epstein killed madoff i could i could imagine that there's some conspiracies that he's going to spill the beans and stuff that's that's an easy one to to ponder i heard he had like a super cushy job and like in prison he like had medical marijuana and stuff and like everything was really nice and cushy for him yeah birdie madoff was chairman of nasdaq like this idea that like it was isolated to just him is like the most ridiculous fucking thing ever shout out to rad vladdy in the comments coming

through with that nice little snippet yeah it was crazy how many people lost my i remember one of the phillies pitchers like i had a bunch of money invested with him i think not not cory lytle cory lytle is the guy who flew a plane into a building in new york accidentally my grandmother's friends had like all of their life savings in with bernie and and now they like drive they drive cabs they drive like black cars they're fucking in their 80s they're a couple in their 80s like super fucking sad that's fucked up yeah i mean a lot of people committed suicide after that they put all their all their eggs in his basket um he was running a ponzi scheme this is why we bitcoins we don't have to hold funds with bernie madoff's of the world you can just store your

wealth in a scarce digital good and uh that is expected to to pump forever as matt odell would say uh you don't have to go ponzi for the people by the people it's not it's actually more of a pyramid scheme because there's no there's no ponzi at the top yes yes i like the way uh menchus goldbug described bitcoin as a bubble money is a bubble but a good bubble well good money is a good bubble yeah yeah should we hit them with the shout outs we should hit them with the shadows there's a funny one uh apparently this is hilarious actually apparently the person who sent the hex code like to actually didn't want to read to me they were trying to make a point which i i understand like i've oh they made a point i've

known about this for uh for quite a while um dj if you're listening listen to this point the previous hex was to prove how easy it is to spam the spam there's no limit in this text field i can go on forever and deny all the other freaks from your content danger i actually didn't expect to it to be read in full so ridiculously long but you perform good work i think we'll verify soon previous shout out tx id um so he shared the transaction id of that shout out um so i can verify that it was actually him that paid that's fakeable how i guess it's not that fakeable he should have signed the message well he would have access to our btc pay server right so it could be dj fucking with us it's true um but anyway i mean we have a transaction fee to reduce spam

yeah that's true yeah if you want i mean if you want to spam and pay us while you're doing it i want to consider that spam right i would not consider i mean one man's spam is another man's fucking proper transaction right i don't believe in spam as long as you pay the proper fee i thought i thought that was one of the best shout outs i've ever heard on rabbit hole recap period a lot of controversy around it i think that was like peak shout out right now like i is the top in definitely not for bitcoin maybe for shout outs i saw some freaks talking about sending in a shout out that would uh we would broadcast the transaction via via shout out please that's kind of cool that's gonna be way too long

oh oh you verbally yes yeah no marty has already said that he's not going to do that again so yeah yeah and don't like try to get around it in a roundabout way by doing a transaction broadcast instead of a hexadecimal 100 just you should constantly try and beat the system freaks that's why we're here okay matt i'm gonna read the shout out now okay matt are you ready no matt i am ready are you ready one sec no this is a shout out i'm reading the shout out now wait has the whole thing been you're ready what i just said is part of the shout out okay continue thank you freak next shout out hold on okay i'm done with the shout out next one this is from from our boy marty bent should i read it

should i read it well i don't is this part of the shout out i don't know like are we in shadows please don't read the shout out how many shout outs have we done so far should i have we done is this part of the shout out that was the shout out yeah this guy had like a script for me to confuse you i dig it how many shout outs was that uh we're two in okay i think we might only have two this week actually that's a pretty good shout out right i was confused i was too um when it originally came and i was like oh i see what you're doing here yeah two shout outs this week um i think that may be a product of the fact that our btc pay server was down for a few days um had to get that back up so two shout outs thank you freaks we loved the shout out section

that last one was very creative to the freak who said that one we i think we got matt i yeah i'm still confused did we read the shout outs if we did we did that one that was the shout out i appreciate you freaks thank you it's uh yeah you make it worth it he was trying to troll you with that one he or she could have been a woman as well or they were they or azir um all right we're short list this week man i've got something i want to add to the list though it's about our good friends of the financial action task force um we'll get to that in the software updates btc of course you do rpc explorer version 3.0 has been released anything you want to talk about here we we haven't read it's it's a it's a secret dope project that's in pretty much

every one of the node packages if you want to use your own Bitcoin Explorer. So cheers to that. I was going to say, I haven't seen this on the update, the software updates list ever. Well, this was a major release.

3.0. So it's new designs. They got dark mode redesign. More performant. Support for prune nodes, nodes with disabled TX index. Shout out to Sheshik for that. mempools summary improvements mining summaries yeah it seems pretty pretty major major refactoring

modernization and code reuse improvements shout to everybody working on that making node ux better getting more information to to node operators this i thought this was pretty big but i want to defer to you the treasure suite update my card did i know what you think is big hasn't been released yet yeah the the thread that they posted right right so treasure suite just updated it but what are the changes you have the notes in front of you i can't because yeah so zoom sucks for screen share yeah so the focus on this release is to make sure that everything is primed and ready for treasure suite to leave its beta phase and become the main interface for managing your treasure device um so they got new design for accounts it's like basically not that big of an update

no but the thread right so treasure suite is historically in the past treasure has used a web wallet wallet.treasure.io the default when you bought a treasure hardware wallet was he used the web wallet the website um ledger their main competitor especially in the shitcoin landscape has has their own applications they have ledger live they have it on computer and they have it on phone so trezor needed to catch up to that so they released trezor web suite trezor suite not web suite and that's a native application on your computer that manages your trezor right and one of the first things they did was they added native tor which is really good to see so even though they can even though you still use trezor's node when you use it

if you go through tor at least they won't have your ip address they have your addresses they know the addresses are connected to each other they know your transactions but they don't know your ip address so presumably they remove that one personal piece of information which is a net benefit they released a whole thread the other day where they said they were going to add easy full node support which is what we're seeing ledger do now as well which is really good to see um coin control it's been a fucking long time where the fuck has coin control been i'm glad that's coming in the meantime you can use your treasure with electrum or wasabi and have coin control um or specter with bitcoin core and have coin control um and coin join and they kind of

just put coin join in a tweet right uh and and people ask them you know what implementation you're going to use how you're going to do it they're like wait and see like we'll show you so these are important things i want all of these things in treasure suite um i just don't want to blow too much smoke up their ass until they actually ship something like i've gotten false promises on on these things for such a long time that i'm just so broken broken you're broken i just i'm i'm i'm a i'm a realist about it and i i will believe it when it ships it's the same way i treat shit coins you know like don't ask me about some like hypothetical magical shit coin uh until they at least ship they should at least have a fucking chain up no i agree i agree i'm not

i'm gonna laud too much praise on them until it is shipped but that would be awesome and full node support so you don't have to send your transaction and address information to their servers uh coin control like you said where the hell has it been that should be easier implemented yeah it should be standard isn't it labeling yeah it's like there's no excuses and it is like infuriating it's like all right you're going to support support all these shit coins uh but you're not gonna have coin control they support 1600 shit coins like the the amount of technical debt and engineering resources that are wasted by supporting all those shit coins is it's sad to think what what could could be produced if if uh

the cold card yeah right exactly uh and coin join do you think they're going to roll their own implementation you think they're i don't know it doesn't really matter they could they could roll the shittiest coin join ever and it's still a net benefit for the space so i commend them on that like i like if trezor is widely used like their web their their suite whatever their wallet the software side is probably one of the most used pieces of software in the bitcoin space like people underestimate how much ledger and trezor have in terms of market share among normies especially um so so if if we can get them on board the coin join train if we get ledger on board the coin join train build it directly into their native fucking clients um obviously i'd

prefer if it was well thought out and we had shared liquidity pools um where they they they actually bought into the liquidity pools and it's really cool because samurai actually thought of that ahead of time um their whole system is set up so these players can easily integrate into the liquidity pools and get a cut of the fees so they have an incentive to actually fucking do it um because of where samurai sits among the community i'm highly doubtful that that treasure or ledger will integrate with their liquidity pools uh but my point is is like i don't even fucking care anymore like if we just have we have more coin join usage by more normal users the less hardcore users net benefit i don't fucking care uh if it's bad or implementation or not

i would agree there just getting more people acquainted with just the concept of a coin join and the fact that they should be thinking about is in that benefit at the end of the day yeah 100 and and and coin control is a massive benefit uh tor is a pretty big benefit and then full node use is another massive benefit in terms of using bitcoin privately so they seem to be in the correct direction um and i want to support that and we will keep talking about you treasurer if you continue down this path uh we will dedicate so much time to you on this podcast so just keep going down that path yes keep going down that path and speaking of this path not on the list but i just thought to bring it up something i wrote about last weekend did you see that mit hackathon

around um payjoin yeah that was pretty cool they had the the the payjoin uh mobile payjoin implementation beta or a uh you know a test product yeah so onion onion 78 i believe is the implementation i forget the exact wallet um no they like created it it was a fresh it was a it was it was just a straight pay join implementation on mobile and so like what really impressed me with this is what is the the biggest knock on mobile pay joins samurai has mobile pay joints yeah and they're pretty they've still away but what is the biggest knock that both people have to have their phones open in the software running at the same time correct

right it has to be hot right and the one thing i really was impressed with this particular hackathon is like the use of ux and ui communication within the app to make it very obvious right like if you're sending this if you're receiving a bitcoin in this way you have to keep your phone open and people are like oh that's that's like this will never be scalable because everybody has to keep their well their phone open and their app open while it's going on but like you can communicate these things with design that's the point i'm trying to make if good design can make these experiences better yeah i mean i think i think uh and and and samurai made great strides with that recently because they switched from qr code base

to they're like there's a p2p tor connection that happens they're calling that sore yeah um and they open that up so other wallets can add to that but once again other wallets aren't going to add it because it is what it is uh but uh yeah i i think look i think pay join excels in two situations um you're paying a merchant which we've seen a lot of push for that uh especially with this new standard the p2ep standard um where where like you pay a btc pay merchant we have this enabled on our store and that btc pay merchant is obviously always online anyway because it's fucking btc pay server and if if we need to do lightning anyway we're already going to have a hot wallet right so that's like a perfect candidate and then the second candidate which

is the one samurai kind of cornered in the early on they realize this pretty early because like if i'm paying you in person obviously we're both online right like if i'm next to you if i'm next to you or or even if i'm not next to you like right now i need to pay you and you're in austin i'll be like marty i'm gonna pay you and you open you open the app and and we do that communication and i pay you right like that's not that that's not too much of a reach to ask for the receiver to to just approve it on there basically that's that's what you need you need the approver you need the receiver to like press the approve button on their side to share an input and create it you know yeah no i think that's the point i wanted to make with this is like you can use

design and communication within these apps to make that obvious and reduce the chance of failed transactions and i think people have made it out to be a ux problem that cannot be overcome but i think what the hackathon proved is like you can communicate these with users and users will adapt if the design pushes them and nudges them in that direction um which makes me extremely bullish on these types of privacy my issue marty is is we we have the capability we need developers to fucking stand up and not be scared of implementing privacy focused things do you think they're scared or just lazy the question is is is we have many good bit bitcoin mobile wallets now and we didn't three years ago we have many good bitcoin mobile wallets now um there's like almost none of them

are offering privacy focused features why and and i'm not trying to be a dick i'm not offering those things uh i don't have a fucking wallet that i'm offering those things but the the question comes down to why and the reason is because i think is that a lot of people are a lot of developers, a lot of teams are scared to implement these things. They don't want to implement them. Yeah. Don't be afraid.

Don't be afraid. But that's what was interesting about this hackathon. You're seeing developers who aren't afraid. There was a hackathon. Yeah. And specifically, it was Kasa engineers.

So that's cool. So when does Kasa ad pay join when does casa add coin join right when does casa add casa has added coin control last i checked um which was dope i'm very happy they did that um when do they add labeling to their coin control so that in 10 years i know what the fucking differences are anyway yeah let's put the pressure on freaks demand it if you are a user of these products oh ben Ben the Carmen is saying they were chain case devs, which is dope. I mean, chain case has actually pushed fucking shit.

They have their own version of Wasabi forked for mobile. Yeah. I believe the chief security officer of Caso was part of the hackathon team too. Right? Because I only saw it because of Lopp. Yeah. Lopp was bragging, Ben, for the record. We have Ben the Carmen in the comments.

Lopp, I've got egg on my face because of you, Jameson. Why? that that m1 chart that he posted and he has on his website it's wrong the crypto voices guys have it right bitcoin is actually higher in terms of uh global currencies in terms of m1 money stock it's at like number six right now potentially number five he includes like spain germany italy and france in that that list but they should all be under the euro um so i wrote a whole newsletter on it and i should have known marty because i've been following the the crypto voices don't verify marty i know i didn't verify i was in it is i was it was the

travel day when i came down here uh to austin it was like late i was just trying to get something out and i wrote in haste i'm sorry freaks anybody read that it was misinformation spreading misinformation and yeah how good does that bisque price look though oh purchase 73k 12.24 premium right now i feel like tales from the crypt is is a failure if if live rhr doesn't pump the bisque price pump it uh it's not very liquid freaks if you care you'd pump it live yeah and i love all you freaks i love all you freaks to give shout outs to say that we we don't pump bisque like it's literally the hope the bisque price has been on on the screen the whole time use best up broad barrage is telling me that that casa is now added labeling

um to be clear freaks uh when casa was a sponsor i paid out of pocket for a casa platinum membership to make sure that it was a decent product for you freaks um i came to the conclusion that it a decent product as long as you were willing to trust them with your privacy and then i proceeded to never use their wallet and i paid the full price for that um which at the time was like 30 million sats or something it's like 1800 i don't even know i don't want to know exactly what the bitcoin price was when i did it um but just for the record that that's how i know what's going on with that wallet and i canceled that subscription when they canceled their sponsorship and uh that was a little bit ago so there you go yes yes more egg on my face

i want to start an epic thread particularly on kyc aml leaks and not only in the bitcoin space but beyond just to prove and drive home the fact that that KYCA about data collection does more harm than good and puts many, many, many millions, hundreds of millions of individuals around the world, billions of people around the world in harm's way as their very sensitive, intimate, personal data gets leaked to the internet

because these companies, governments, whatever it may be, are piss poor at actually securing the data and they're forcing you to give it over. So you're caught between a rock and a hard place in a lot of cases and it's just bad for humanity overall uh i wanted to start a thread to document this and i picked an alleged paxful kyc leak that uh ray pack ray is a yusef is claiming to be fake

egg on my face again uh i don't think that's egg on your face i think it's still a cautionary tale um i mean it was alleged five million uh kyc documents uh paxful is a full kyc service i i appreciate them that they focus on emerging markets um but they're 100 of kyc service it is what it is they operate within the laws that are given to them um to this point we have two sides of the story and there's no way for us to prove it either way um so you should just assume that any kyc documents you fucking give to any of these companies including our sponsors will be leaked eventually you should just assume that because you can't verify anything anyway that's the only thing that's safe to assume and it's important to realize uh when you have something

like the ledger leak there was a million people that had email addresses only leaked there was like there was a subset of those that had full names and addresses leaked but there was the overwhelming majority was emails only you mix that with other leaks and and an attacker has all that other information right like if if if linkedin gets hacked and your email address is in there with your address and your your name and your fucking photo and where you went to school and your fucking mother's maiden name and all your fucking intimate fucking information, the hacker, any malicious person

can connect those two databases together easy peasy. It's the Excel document shit. Yeah. I mean, process of elimination, combining disparate hacks. It's really, again, dangerous. It does more harm than good. And this is actually a good segue into the FATF topic

topic that i wanted to bring in to this episode and there's basically a gentleman by the name of uh simon lilly lilly veld lilly veld lilly belt i'm going with lilly belt um who's been trying to make the case that that fatiff is actually uh like an online an unlawful organization so he's saying a follower from academic circles reached out to me to confirm that the Financial Action Task Force is indeed not a legal entity. So his, again, one lawyer saying this, but confirming that the OECD provides the secretariat

to the Financial Action Task Force and the Financial Action Task Force has no legal personality in France as an association or otherwise. So we're taking guidelines from an organization that isn't even a legal entity around all this KYC AML data collection that we've been talking about ad nauseum since this podcast started uh and this is like where

the guidelines for all these large corporations and governments emanate from this weird obscure task force that started in france apparently but according to a lawyer in france there's no legal entity within france known as the financial action task force you're staring at me what's up i mean like marty like the world isn't fair you know like i'm not saying we have we have corrupt we have corrupt fucking bureaucrats ruling everything around us um unelected i i i appreciate whoever this guy was letting us know that this is another corrupt bureaucracy um that is like breaking laws i like what it it means nothing to me to me it's just like it's just more bullshit

that we have to deal with it it doesn't there's no nothing actionable there you know well maybe the action is better educating the populace around the fact that this is an unelected body of bureaucrats that make these guidelines that eventually most of the time get implemented by corporations and governments that actually have an effect on end users like ourselves at the end of the day. And maybe, hey, the first part of solving a problem is what?

Identifying a problem and highlighting a problem. Most people are like, oh, they're elected. We have to listen to them. It's like, no, actually, they're not. And we're letting them create this surveillance system that's actually putting billions of people in harm's way with all this data collection yeah i mean i agree it's it's it's the status quo is fucked up freaks yeah don't uh don't bend the knee to the status quo

fight back fight back and you know who's doing that our boy gladstein he's starting a bi-weekly column at bitcoin magazine that's probably the thing we were discussing when that gentleman drew a picture of us uh on tuesday night um and his first column he's gonna be doing this every other week uh is bitcoin is a trojan horse for freedom um so he's been on here describing that he's he's got a long his new meme fgu freedom go up baby fgu um so he's gonna be doing this column every wednesday i believe uh no no so bi-weekly is a tragedy of english uh no one knows when you say bi-weekly whether you mean twice a week or every two weeks that'd be semi-weekly bi-weekly can mean every twice a week if i recall correctly

during the conversation he said every other week right he's doing it every two weeks yeah that is what he is doing yeah but i think bi-weekly could be both no it's semi semi-weekly versus bi-weekly yeah okay well either way i mean it's it's it's going to be every two weeks this is a fantastic partnership you know we love gladstein so yeah um i mean he's on the front lines pushing this stuff forward fighting for privacy i mean that like in terms of like having an ally in the privacy front in like the human rights foundation like you have them openly advocating for bitcoin privacy technology and uh funding it as well funding developers working on it and if you want to play to the emotions of skeptical no-coiners and and friends who are like oh it's too private like

criminals and drug dealers can use it just point them towards the human rights foundation the work they're doing to fund privacy development within bitcoin and why they're doing it to like matt said earlier criminals can use it privately yes but also refugees and people escaping these despotic regimes sorry i got the baby screaming in the background freaks no i mean i mean the baby heard despotic themes and couldn't help himself yeah um i i mean look this is an organization i 100 support uh gladstein at the helm over there as their chief strategy officer uh has been massive in my opinion i mean he's become a close friend he's a you know i would you had dinner with him the other day and drinks and he uh he was actually

telling me the ceo of hrf is becoming more and more orange pilled but of course he is like he or she can you imagine dealing with gladstein all the time and not be that'd be like dealing with us all the time and not be like it's ridiculous he's probably incessant about it he's probably fucking annoying i heard a rumor that piquantina may have her ear as well i do like uh in the comments we have jeff teague saying that he should have used the term fortnightly for every two weeks what do we think about fortnightly i mean fortnightly i mean it's very it's very specific every two weeks fortnight is two weeks right yeah every fortnight um but in general i mean i think this is just another case of bitcoin magazine the team over there this new

growing team of plebs just completely turning around that organization i mean this this is a uh very fan very good for bitcoin we needed we needed we needed a a proper news organization to actually care about bitcoin rather than like crypto blockchain and just the turnaround over there with that team has just been absolutely amazing to watch and yes disclosure i've been consulting for them but that just means i have a front row seat at this fucking turnaround and it's been fucking gorgeous so cheers to everyone over there yeah dude i just did a like virtual conference panel on bitcoin mining energy consumption i took it to one of the uh digit diginomics guys whatever it's called um

that week publication that always comes at bitcoin mining and the energy it uses but dude like between like we got into the zoom call early everybody on my panel and we had to wait through like five minutes of commercials for this shitcoin conference and it was brutal dude you had like the shilling acons shitcoin like all the shitcoin exchanges feeling like all the the d5 product it was like actually disgusting uh what was going on there um so again yeah happy to see we have more bitcoin focused content more signal in the space the the bull run people taking advantages with these virtual conferences and other conferences like it's it's what our boy adam curry always talks about right is that is that

the the shit corners will pay you the most ad dollars period like you get shit corners as your sponsors and you get the best ad dollars so so literally to run a news organization that relies on ad money um but keep it bitcoin only is you just you're just turning around you're turning away revenue constantly it's just a constant battle about turning around turning away revenue and just just uh and i don't have to tell you this i mean this is what we fucking do all the time at tales from the crypt right yeah i mean you should see my inbox is just a graveyard of shit coiners trying to get me to take their money right so the expansion of that is fucking gorgeous right like we want to see this bitcoin only network expand uh this bitcoin

focused network expand and and watching it happen at bitcoin magazine has just been really really fucking dope and and seeing them get people like gladstein to do these regular um contributions i think is a massive step forward uh for the whole space so cheers to that i agree cheers shout out to bitcoin magazine shout out to gladstein keep crushing it i got ben the car man in my dms uh do i have a link to the crypto voices correction a lops m1 chart um he has it listed for aren't you gonna see him in like two hours yeah listed for bit devs and ben know that they didn't do an official correction but if you go to their pin tweet that was the latest update from q1 or q4 2020 excuse me um and if you like they haven't updated

it yet but if you go back to are you responding to the dm via yeah i was listening um so uh the the information is there in their pin tweet and in their pin tweet excluding gold and silver bitcoin was already number six in terms of global based money so already so the the next two episodes of tales from the crypt are going to be ben the carmen we we have uh marty had a conversation with him and chris stewart um that's going to drop tomorrow and then on tuesday we're going to do live still dispatch uh me him and i'm included so yeah ben said i didn't need to respond on air uh but ben that was much more efficient and z he responded he was listening you're correct boomer marty with the voice text to every freak boomer what do you

think about youtube stars calling us bitcoiners boomers uh who who's calling us boomers that dude akim star whatever the fuck his name is oh i don't i don't know who that is i didn't know until people started acting like i know you're talking about the ripple guy i'm i'm i'm cool with pretending i don't know who he is have fun with ripple have fun with it yeah uh shitcoin ipo oh we already talking about good headline i like this headline clever right yeah yeah matt has shit all capital coin yeah lowercase shit all capital coin yeah yeah yeah value is 66 billion we already talked about this is scary for our mexican freaks out there uh mexico senate approves the creation of a biometric cell phone registry lovely this is so fucked up this is scarier not just for mexico this

is if it's just mexico then then there's a market for bitcoiners to pay people to send sims in right so they have to basically put a fingerprint down to get a sim card correct fingerprint and potentially i data as well lovely pupil data um we've seen kyc creep into the cell phone market very very quickly and the reason is because cell phones are basically used as an authentication now for people it's used like they use the cell phone number as a soft kyc for services right like if you're going to use twitter or something you're using that cell phone number as basically soft kyc to use twitter so if they can kyc the actual activation of the phone number um then they have that ultimate source and in classic

authoritarian fashion they said it's to stop kidnapping and extortion yeah they always say it's for stuff like that and it certainly does happen a lot in mexico but there's a little language of this reuters criminals are going to get it anyway yeah exactly just look at the language of this reuters article it's like crazy to see how this gets lost on people so like the legislation which had already passed in the lower house aims counter crime by requiring telecom companies to collect customer data including fingerprints or eye biometrics for a national registry managed by mexico's telecoms regulator the ift a national registry like list list list when people start getting lists the sad part is the cartels

are gonna all get that list and they're gonna use it against their enemies it's doing the exact opposite of what they're saying it's doing it's tragic this is surprised the cartels are um somewhat pushing this forward like aren't they pretty intertwined with the mexican government already yeah i mean like look look i i'll already tell you freaks there's going to be a story on rhr at some point in the near future about all this data leaking right like it's going to be for sale pretty soon on as the mainstream media likes to call it low-level hacker forums well beware freaks be aware that's why we put these stories on the list that's why we talk about them so you can be aware so you'd be better educated so you can better identify problems

the first part to creating a solution to a problem is identifying your problems that's what we're trying to do here is identify problems logical inconsistencies and bullish news as well good things happening in the bitcoin space to bring the signal to you guys that was a short list today matt i was not expecting it to be that short i know it feels like a lot has happened but i'm telling you most of it was like coinbase and taproot okay it really wasn't uh and also just like i don't know like i assume the freaks can't concentrate right guys like it's just the the number go up is just really just destroys my brain i me personally like i haven't been that distracted by it it's pretty boring

all-time high that we're hovering at right now marty i'm in full fomo mode right now like i'm literally i'm pouring in every last fucking every last stack sat i can stack i'm doing it and I am unabashedly assaulting my friends and family and telling them that they need to pour money like I I spoke to someone someone the other day was like I have this money for a house I'm worried about uh I've been trying to buy a house and like the market's running away from me i don't know what to do or whatever and historically i would tell them like stay humble and staff right like everyone knows like that's matt like who's gonna say that i was like you should just put it all into bitcoin that was my response i was like you just put it all into

bitcoin i i didn't even there was no qualifications there i i didn't say like it's a high risk investment it's this or that like that's where we are in the cycle right now we're like if if i i urgency matt matt feels there's a sense of urgency i i really do think i really do think that 200k by conference day is still in play and that is what is that fucking 50 days away not even it's uh we're on the 15th right now right so even if i'm wrong even if i'm wrong and we're at like a humble 140k or something that's 50 days on the dot you're right like who's gonna be fucking upset with that shit no one's gonna be upset with that shit i i i i and no one can tell me that i am being irresponsible when the ceo of goldman sachs calls a 500k price target

well like okay was that did he call that there was some misinformation going around like didn't One of the Block guys said that he was talking about Bitcoin replacing gold. It actually wasn't him. It was the dude from Galaxy, Novo. Oh, wait. Did David Solomon not say that he's going to flip gold? It wasn't David Solomon. One of the Block reporters had to come out and correct his misquote.

It was a misquote. It was Novo. Oh, well, Novo is obviously going to do this bullshit again. Yeah. okay well a lot of people myself included thought that the ceo of golden sacks called for five um so that alone is bullish as fuck yeah no but i mean i mean like marty i am so fucking bullish right now like i i don't i like i i'm i'm in the the incessant annoying phase of this cycle i'm sorry to feel bad for my family

i haven't um i haven't been that annoying to my family members at all you should see my lady man my lady i'm like i overheard the other day i like walked by the room and she was like talking on the phone she's like she's like if you don't like if you don't buy this right now like we will still take care of your children but but we won't do it happily like we wish you like would participate in it i was like what the fuck i walked in after the call i was like you have to be a little bit nicer to these people like they're confused they're lost they have no idea what's going on shame shaming into stack a shame stack is that what we should call uh the first stack after you get shamed into it by bitcoin a shame stack yeah i'm i i i'm with her though i'm i'm

at the point of the cycle where i'm just shaming fucking friends and family trying to get them in you know what i do feel good i i didn't get friends in but i i at the top golf that i mentioned earlier i had two buddies who got married within the last two years and i'm that deadbeat friend is oh i give them all bitcoin man they all they're all up so much every wedding i've ever been to they're just up a shit ton well i was two years late and i brought two open dimes to top golf and loaded them with some sets and handed them over i was like i'm sorry but hopefully this makes up for it i think it will oh you gave them after the wedding yes yeah there's literally no wedding that i've been to uh like the average wedding that i've been to is up like 10x

they're fucking killing it all right it's like yeah yeah that average wedding gift uh is up significantly and the open dime is the best too because it's it's so good it's not straightforward to to move the sets so there's like somewhat of a force fold wait and also like even the biggest hater of bitcoin thinks it's the coolest fucking piece of hardware ever i handed it to my one buddy his wife saw it and she like was like just inspecting it she was like we need to buy more like right because it's cool it just looks cool yeah it just looks like the future yeah um all right i've got a call here in 30 i need to go buy a micro sd adapter oh wait no i don't we're recording through zoom so i don't have to do that luckily i have no idea what you're

talking about boomer i've got a micro sd in my roadcaster i don't have a micro sd adapter to plug into my laptop i gotta go get one um for the recorded locally recorded audio um so i gotta do that before tomorrow for the bed in the car man for a stewart episode oh you haven't recorded that yet no i did but on a micro sd and i don't have a micro sd adapter to move the file to my computer oh interesting yes marty's a victim of the standards oh yeah yeah it's um yeah this this macbook this macbook the little engine that could i've had it since like 2014 it's creating better audio visual quality than uh than my m1 mac mini plus camera setup at home so very interesting marty are you bringing you brought the family down to austin right yeah i'm sure you freaks

saw my brother holding my son walk behind me at one point i don't think they saw it i saw it but i think you weren't speaking so they didn't see it but even if they did they saw it very little um we're like the little thumbnails which i love um are you bringing your family down to miami for bitcoin 2021 i am not i am not my brother wanted to come and i said hey just meet us in austin my wife and i have a airbnb with an extra room stay with us there say that don't buy a conference ticket you don't need to stack sats and said that was my advice your wife's not coming down either she is oh she is but no no baby no baby no baby cool well i look forward to seeing you both in miami um there's been a lot of progress has been made over there i mean i don't

know why you're freaking you don't have a ticket i i do if if you're questioning whether or not it's worth it to come down to miami for the conference don't come just stack sats uh if you have to ask you don't have enough bitcoin and we none of us have enough bitcoin but like you should probably just stack instead. I will humbly say that. If you're feeling like you've saved a lot of money this year and you've poured it into Bitcoin, I really do think like this conference is going to be a once in a lifetime type of thing. I think people desire human contact. We've had this ridiculous last two years. I think Bitcoin could be trading over 200k and even if i'm wrong by half it could be trading over 100k um and it'll be an absolutely ridiculous

party with a shit ton of bitcoiners uh the the on the conference side they just keep adding things and like we're not i'm not even allowed to talk about this um but they just keep adding things like the the tracks are getting ridiculous like in terms of speakers like it's fucking awesome um okay like yeah i i don't know what i'm allowed to say or what i'm not allowed to say but if you haven't bought your ticket consider buying a ticket and they haven't rug pulled my my promo code yet so i i still have code humble you get 15 off now it used to be 21 it's the best i can do and i don't make any money off of that so consider it stay humble look at your stack look at your available capital and make the decision i'm very much

looking forward to it marty i miss you man it's been it's been a fucking minute i haven't seen you since like 18k i miss you too wow wow dude and doing like an in-person with chris stewart and ben yesterday like just felt good the in-person vibes are so much better i hope that when people look back and they realize when i was with you and arbed out at like 18k like like i just saw the future and i just was i was just completely lost control i was like i couldn't help myself um do you still have moral hangover from that one i mean what we're like we're 3x we're 3x from the last time we saw each other more than that yeah 300 when you put it in percent it sounds bigger than 3x 300 yeah that's crazy and we'll probably be at least 500 by the time we see

each other oh yeah i mean you're being bearish um i love you freaks thank you for joining us a big shout out to all the rider dies in the live chat uh you're my people i love you marty enjoy austin give my love to everyone out there i will you will be missed tonight and tomorrow um i'll make sure to send send your regards to everybody and yeah thank you for joining us freaks if you're liking it please smash that subscribe button like share tell your friends about it don't tell them about it you like the shout outs we love the shout outs tftc.io slash contribute keep crushing best way the best way to fix a problem is to identify a problem i think we're identifying problems i think we're we're providing solutions to bitcoin's a great

solution enjoy the rest of your weeks we'll see you like how do you say that when you're like talking to many people do you say enjoy the rest of your week or is everybody having an individual week so you say weeks y'all we're going to the moon stack as many fucking stats as possible peace and love freaks