TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Bitcoin Week of 2021.04.26

Episode Date: April 29, 2021

This week Marty and Matt discuss: - BTCPay Server vulnerability disclosure - JP Morgan bends the knee - Tesla CFO on bitcoin during Q1 earnings - Public video game publisher Nexon buys 1717 bitcoin - Chiefs veteran tight end Sean Culkin converting entire salary to bitcoin - Second bitcoin exchange goes down in Turkey - Turkish gov using it as an excuse to regulate further - Bitcoin Fog custodial bitcoin mixer operator arrested - DC Cops hit with ransomware which threatens informants - Global ransomware task force launched - Bisq exploring new trade protocol - Adam Gibson on big picture Joinmarket improvements - Blockstream satellite easy base station - Umbrel v0.3.9 - RaspiBlitz v1.7.0 - Specter v1.3.1 - Sparrow v1.4.0 - Sphinx Relay v2.0.13 - BTCPay Server v1.1.0 - Specter DIY - Square adds former vice president of U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness - LND benchmarking, 1000 TPS on consumer VPS possible - Bitcoin Beach feature - Rizzo on Satoshi's disappearance - Gladstein on the petrodollar Shoutout to our sponsors: Cash App Unchained Capital HodlHodl Braiins

What's up freaks, it's your boy Marty here to introduce this rip of Rabbit Hole Recap. I like to say it was a quality rip, but I don't know recording these ads before Matt and I go live at 2 p.m. Eastern today, April 29th, 2021. Trying to be productive here, trying to be a good allocator of time. I don't want to have to record the episode, then record the ads, then have you freaks waiting for it to get live on the podcasting app. So I have some time here, I'm going to read the ads before the rip. This rip was brought to you by good friends at the motherfucking Cash App.

Cash App, helping you stack damn sats. Just kidding. I'm not going to get cheesy with the rap. But seriously, you can stack sats on Cash App, send sats, receive sats, sell sats. If you're so pleasing, send sats to other Cash App users with the cash tag alone. What else can you do? Oh, you can DCA in the sats. You can buy daily, weekly, biweekly, set it and forget it within the app.

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use the code stacking stats if you haven't downloaded the cash app yet that's se how do you spell stacking stats 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 this rip was also brought to you by our very very very very very good friends at unchained capital unchained capital is building products for bitcoiners leveraging bitcoin's native properties it's an incredible thing they've got on top of that they've got great content i sent parker lewis's gradually then suddenly series to somebody yesterday orange pilled them in the afternoon dude emailed me last night i was like i'm sold i'm in i love this

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they sold me they sold me on austin i'm coming guys marty's coming for that ass austin better prepare itself uncle marty's coming to town he's got his shit kickers and he's ready to kick some shit this rip is also brought to you by good friends at hodl hodl hodl hodl is helping you leverage bitcoin's native properties as well and they've got a new lending platform lend.hodlhodl.com which is available to u.s customers so it's pretty big because hodl hodl usually isn't allowed to do the u.s customers because the u.s government and the regulatory agencies hate freedom lended hodl hodl is a new non-custodial bitcoin back lending platform allows peer-to-peer lending and borrowing between users globally anonymously and on your own terms

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and he likes cracking down when what's minor i'm gonna have to whip you ed the neat like what the devs when why am i saying when's when what's minor because brains os plus firmware allows you to stack more sats it's pretty incredible but we're going to talk about today is the fact that brains has recently released two significant product updates that can make life much easier for bitcoin miners especially larger operations if you're a large operation listen slash pool got its first major update in the past couple of years and has some new industry first features the payout system is ultra flexible enabling miners to receive rewards on a daily weekly or monthly schedule of their choosing or to set a custom payout threshold which automatically

triggers the payout transaction when reached this is pretty massive this is pretty massive big utxos if you want those big utxos you can set it to get those big utxos we all know the ladies love the big utxos to get all hot and bothered over it they've also enabled mining rewards to be split within an account for example a miner could automatically send a portion of their rewards to a hot storage wallet to cover up opex and another portion to cold storage for long-term hodling or you say you have three partners in a mining operation you want to split those mining rewards evenly between the three of you boom slush pool is enabling that also miners have been requesting it for a long long time and you know what the brains team aims to please and

they're here to let you know the brains made it happen slush pool now has a dark theme for users who want a UI that's easy on the eyes. You get those fat UTXOs and you're able to save your vision at the same time. Slush Bulls looking out for you freaks. Visit slushbull.com to check out those updates. Then a major update to Brains OS Plus Manager, an online platform that enables miners

to remotely monitor and manage all their ASICs running in Brains OS Plus firmware. This can help miners improve uptime and keep the farms running optimally without the hassle of needing to be on site 24-7. You don't need that little mining menu on site like let me mess with the hash board make sure we're getting as many sets of phones no brains os plus firmware monitoring system is out now the manager will always be free for brains os plus

miners and they cannot and they can connect excuse me to an unlimited number of devices so you can monitor it on your phone laptop wherever you may be security and efficiency were top priorities brains os plus manager uses stratum v2 for smaller and less frequent data transfer with all ASIC configuration and telemetry data being sent via encrypted connections which protect against eavesdropping and man-in-the-middle attacks. Very important. For details on the manager and how to set it up with your mining operation, go to brains.com.

That's B-R-A-I-I-M-S dot com. Double I. B-R-A-I-I-M-S dot com. And click the BrainsOS Plus manager in the top menu. Enjoy this rip, freaks. I don't know how it's going to go. I'm reading this in the past before we recorded the rip. vibes are high right now for your boy

energy's high I'm going to bring the energy is Matt O'Dell going to bring the energy? I'm pretty sure, he usually does he's never even low energy especially not even during the coffee rips I'm expecting a high energy RHR today

I guess we'll see how we did in a few hours like four hours enjoy Fricks you've had a dynamic where money's become freer than free when you talk about a fed just gone nuts all all the central banks going nuts so it's all acting like safe haven i believe that in a world where central bankers are tripping over themselves to devalue their currency bitcoin wins in the world of fiat currencies bitcoin is the victor

i mean that's part of the bull case for bitcoin if you're not paying attention what is up freaks probably should be welcome back to this week's rip of rabbit hole recap matt marty the price is tanking alts are pumping is bitcoin dead uh it's weird that the price is tanking since there's another bullshit rumor of a company owning a shit ton of bitcoin down right now i missed that uh was it facebook was so yesterday was facebook right the bitcoin twitter decided to start that rumor and then it hit fox business and then bitcoin twitter was like fox business said it too even though the rumor started on bitcoin twitter i'm 99 sure it was started on bitcoin twitter you know people uh they realize they get the engagement if they come out with

unsubstantiated rumors first so everyone's rushing to get it out first um needless to say facebook did not buy any bitcoin we saw a fantastic little pump and dump on the on like the five minute candle and then today before we started recording um i saw an alibaba rumor come out uh and that one just sounds completely unrealistic because not only do they say they bought 20 billion dollars worth of bitcoin um i'm pretty sure jack ma is still mia right does anyone even know i was gonna say i think he may have resurfaced recently i don't think he's allowed back at alibaba if i recall correctly freaks correct me if i'm wrong but i do think there was a jack ma appearance recently i forget exactly what it was but it was like a

hey jack ma go out on stage prove you're still alive and then go back in your hole type of situation but yeah been a week back in new jersey still got my cowboy hat on temporarily back i we gotta rip it at two we went live at 2 p.m 2 15 excuse me we said we'd be live at 2 2 p.m 15 minutes late i'll take it i've got a flight uh out of philly tonight hopefully 1800 utc we're utc maximalists now i'm like way off you you're utc maximalist i'm still trying to to catch up what are you on like texas are you on texas time now i'm in some weird twilight zone i don't even know where it i like that's the thing when you travel and with a laptop that's from 2014 your calendars don't manually update and so you have to go in

and or they don't automatically update you have to go in and manually update them it's like i got back and i was still in central time on my computer i was all out of whack and like manually re-update them i hadn't mischeduled some podcasts and all out of whack and now i'm just about to throw myself way into whack going from central time to east coast to west coast time within the span of like six days you can avoid this if you do my method which is historical times or block height and future times of utc and let's just make that the standard we already made sats the standard so now i'm uh i'm on to time conventions i like that i like i like that distinction that you made in that tweet past is block height i think you say present and

past is block height and future right ordination is utc time and speaking of present where are we right now according to clark's dashboard we are at block height 681 1113 the price of bitcoin is 52 660 according to clark's dashboard a crypto watch it's a bit lower it's five five two five five two uh sat cuckoo sat sats per cuck buck is 1903 sats we're under a trillion dollar market cap right now 982.2 bill uh we are 19 away from the all-time high interesting uh there are i almost said 77 million that's impossible 18 million 694 366.84 bitcoin that have been distributed to the market. That's 89.02%. We talked about it last week. There was a hash rate shock to the network a couple of weeks ago as power plants in a province in China were forced

to shut down, which took off a lot of hash rate with it. But since then, it seems that a bunch of hash rate has come back on the network this time last week. The estimated adjustment was going to be i believe like 23 percent uh 23 percent decrease in difficulty as of right now uh the next retarget is in 295 blocks and is estimated to be on may 1st 2020 and that is estimated to be a decrease in the difficulty target of 14.2 percent uh blocks are coming in 11 minutes 39 seconds on average since the last difficulty adjustment and yeah so uh if you guys listened last week we talking a lot about the hash rate fall off in china and uh whether or not the we would see the biggest downward difficulty adjustment uh in bitcoin's history uh we called it but yeah now

it's not happening the hash rate came back on the network this is a pretty big adjustment downward adjustment but nowhere near the largest weren't we around we were this is where we guessed it was going to be right what is it like 18 or something it's 14 we said 18 and 20 um but we got the general idea that the that number go down right that it was gonna as as hash came back online especially with fee pressure yeah that estimate was gonna pull itself back a little bit yeah it was estimated to be like 25 downward adjustment at some point last week so interesting to see interesting case study a bunch of people like this isn't interesting i thought it was pretty interesting you know um so here we have who do people really think it

wasn't interesting yeah there was a bunch of people like oh this is like no news yeah it's not like anything we didn't have like freaks send us feedback about rabbit hole recap specifically right you're talking about like yeah there were people on my event yeah there are people like commenting yes exactly i wrote a ben about it and there are people in the comments the replies yeah so i mean the difficulty adjustment uh expectation is saturday yes so that's really soon um historically weekends have less transaction volume which means that on sunday it's the mempool is going to be really fucking nice so if if you got caught with your pants down because of this recent fee spike um consider reserving a portion of your sunday morning you

pour yourself some nice coffee and do some UTXO management, open some lightning channels, maybe use the TFTC stacking sats node, maybe consider using some CoinJoin and get those dust UTXOs. Any UTXOs that you have that are smaller, you're going to want to consolidate them, but you have to be careful about that because if you consolidate them, obviously you're connecting the two UTXOs if you combine them and that hurts your privacy because all of a sudden anyone that is watching the chain watching those UTXOs knows that those both those UTXOs belong to the same person so take care when you do that but definitely reserve some time on Sunday it's become like a Sunday tradition for me to like do some manual UTXO management and it's it's worth keeping in

mind guys that if you you can't do it all on one sunday because you know if if all of a sudden um a hundred utxos a hundred transactions happen that are all like the same heuristic at around the same time like there's a very good chance that's the same person so when privacy is is involved um you basically have to you're like forced to do this utxo management over a extended period of time otherwise doing it all at once is a heuristic in itself so just be aware great combination cup of coffee and some utxo management it's it's a it's a great way to send spend a weekend morning you know you're getting caffeinated you're consolidating utxos you're getting confidence and sending bitcoin transactions and sending your your utxos to cold storage it's just practice

this makes perfect repetition is key. And like Matt said, be aware of the heuristics that, that you may be drawing attention to. And so I really liked that tip, Matt draw it out over many weekends. There was some point earlier this week where the men pool, like not even on the weekend,

like the average fee for that block was like 10 sats per bite. Is that correct? I mean, I know on Sunday, this past Sunday, it wasn't that bad. It dropped a decent amount. uh you know usually in general uh like utc like 8 a.m right like so like uh eastern time like 4 a.m

5 a.m on like a regular weekday is going to be like your least uh it's going to be like your least fee pressure right because at that point it's after the work day it's like 5 p.m in asia um europe is still asleep and the united states is still asleep so the transaction demand in general is less than so the see like a couple blocks um in that period um dip down but if you like if you wait a little bit and it becomes you know noon utc 8 30 new york city time or something in the morning shit spikes so fucking quickly especially if there's like any kind of real news like before traditional markets open and stuff it spikes really really fucking quickly um the cool thing about bitcoin transactions on chain bitcoin transactions is obviously you can send

you can preemptively send and just hope you snipe it when it falls right like it will confirm at a later time um so sometimes you know do it the night before and just you know hope that it drops down that's an interesting point to make like during the week when fee pressure is a bit higher does it make sense to send low transaction fees and broadcast transactions maybe throughout random hours of different days to to bunk some heuristics well yeah i mean that's what i really want i've been thinking um and i've talked to 6102 about this a lot um it'd be nice if we had you know more tools available to us that have basically like a random um like a random auto send built into it right and you could you could imagine um that the big thing that we were always thinking

about was coin join to then cold storage. And that's obviously a major heuristic. If you have a bunch of coin join outputs that all get sent at the same time, there's not that many coin join users. That's probably all the same person. So it'd be nice if you could just enable a wallet to just at random intervals, send them out. We don't have that yet. I think he has like a little tool that does it that's written in Python that I haven't tried. I remember him building something like that. Right. But it'd be nice to have it like built into wallets. It'd be nice to have it built into maybe some kind of lightning clients where they can open channels for you at random intervals um i was like brainstorming earlier today like it'd be kind of cool if you had a

you know so like the the the issue in a in a high fee environment if fees go up is that we have all these small inputs and we want to consolidate them but we want to do it in a private way so maybe like some kind of wallet that randomly at random intervals pegs into liquid and then randomly at random intervals shuffles within Liquid and then allows you at any point in the future to then swap back out into a larger consolidated transaction. And now the major negative with that would be that no one uses Liquid right now. So obviously that's you. So it's like a chicken and egg thing. You need to have the software there, but then you need to have usage go up. You also have like options like, you know, we had Tom Trevathan on from Commerce

block uh talking about state chains um we had no power on dispatch recently talking about uh wasabi 2.0 wabi-sabi these are both ideas that are designed to basically allow you to consolidate um or one side effect of them is they allow you to consolidate these small inputs uh without necessarily absolutely destroying your privacy but both of them don't have working implementations yet right so it'd be nice to see some of these tools get worked out before um katan dies on his hill and we just have a sustained hyphy environment katan good luck dying on that hill but with that that broadcasting tool that random broadcasting tool what would it just be like psbt that you pre-sign and just loads it into this broadcasting

tool and it just randomizes it yeah i mean it wouldn't be a not a psp partially assigned transaction you wouldn't broadcast it right it'd be a fully signed transaction and it'd just be waiting there for the software to randomly send it out right this is uh an instance of a chunk of marty got the acronym mixed up in his head i think i thought pre-signed bitcoin transaction but it's partially signed bitcoin transaction and i mean it's a little bit confusing right because they're actually there there's situations where you have a fully signed partially signed bitcoin transaction just because the format is called psbt so you're not completely uh off there for being a little bit uh confused or tongue-tied yes yes be aware freaks be aware this is a good

utxo management talk uh we got to front load this with vulnerabilities though matt was proud of me before we hit record because i have our bdc pay server updated and this afternoon they disclosed uh the vulnerabilities that were disclosed to the project by tesla and there's a lot there's a lot i'll go through the list and then matt will get your thoughts on exactly uh what's going on here so uh the timeline the vulnerabilities were disclosed on january 19th or excuse me uh march 19th um then btc pay server if you guys remember a few weeks ago on rabbit hole recap we made you guys aware like hey there's an undisclosed vulnerability on btc pay server it's probably a good time to upgrade well that the vulnerabilities were

announced today so there was a bunch of cves one was account takeover where a malicious party could generate an email asking for a password reset to the victim uh that seems like a pretty big one victim clicked on a malicious phishing link then they could basically have somebody take over their bt space server unknowingly uh path traversal it was the apparently bt space server is not properly validating file names uh stored xss xss vulnerability in the point of sale feature There was an insufficient randomness for PageOin UTXOs and the legacy API keys that were using weak RNG, a lack of HTTP only cookie we are using for saving preferences of users, could be used from JavaScript because it was missing, couldn't be used by JavaScript. so that seems like pretty minimal one uh lack of secure stored xss and no rate limit for forget password page so that's a list of vulnerabilities that were disclosed to the project by the tesla

engineering team um obviously uh not ideal but again like we said when tesla originally came out and or when btc pay server came out announced that tesla helped them uh find some vulnerabilities and highlights the amount of attention that is going to be brought to these open source projects by a bunch of companies that are that are getting involved in bitcoin and this while it may seem pretty scary and certainly is scary uh is actually a net benefit in my opinion because it shows that they're the inf the uh not the infiltrate like the help is coming the help is on the way What do you think of that? So this vulnerability disclosure came out right before we went live.

So I haven't dove in completely. That first one, which follows basic logic that they would front load the worst vulnerability on the front, sounds like the worst one. And that one sounds actually pretty bad. It's great that no funds have been lost. They did announce previously that there was a vulnerability and you should upgrade. We just didn't know what the vulnerability was. So this is their responsible disclosure process. And as Marty said, I mean, this is really the cool aspect, the viral nature, the anti-fragile nature of free open source projects that we have large organizations that are going to start to come in and start to use these projects. and ideally they're going to contribute back um as they do that right and in this case you know you had like a top tier engineer that works for tesla that's getting paid hundreds of thousand

dollars a year hundreds of thousands of dollars a year top tier and he comes in and he looks over this code and he contributes back and and as a result um you know any person or any organization that uses btc pay going forward is going to have a a better experience right and i a more secure experience that's that's pretty fucking powerful and i think people don't realize um the significance of that kind of knock-on effect yeah network effects getting stronger engineering talent focused on bitcoin getting stronger as well it's it's a beautiful thing to see again matt and i've said it many times on this this podcast ptc paid server is one of the most important projects in the space the the ability to spin up a btc pay server and be able

to access the ability to receive and send bitcoin in a way that ensures that you actually custody your keys and your utxos and have full control over your bitcoin is an extremely powerful tool to have powerful open source tool to have specifically and it's only getting stronger day by day so but with that being said if you're running a btc pay server and you have not upgraded to the most recent uh version make sure you do so it's not just the most recent version it's yeah after 1.07.1 i believe right which was probably a couple weeks ago right or march 30th yeah so make sure you're at least at yeah 1.0.7.1 a month ago march 30th 30th so yeah less one day less than a month ago 29 days ago it was a month marty

i thought there were 31 days in uh in march last month that's uh that's how out of whack i've been matthew but i feel like all the months should have the same amount of days it's kind of ridiculous they have different days you can't control like how the earth rotates around the sun you know i mean you can't control you can't control how many days are in a year but we could normalize the amount of days per month you'd have to have like half days though we could do every month could have the same exact amount of days we could do 30 days per month period and then december could just have like 34 days or something yeah well that's and you don't have the same amount of days per month but that'd be way easier to conceptualize right like i don't know what people

are thinking we should just completely revamp the calendar i agree what do flat flat athers flat earthers think like does the sun I don't know does the flat earth revolve around the sun or does the sun go around is it a heliocentric Pardis BTC pins has a better point than your point

that he thinks that we should have five months 73 days per month I could get down with that a month is a season essentially why not four let me just do four months combine the quarters into one large month, a quarter.

You just have seasons as months. I like that. You just have four months. You have spring, summer, fall, and winter. That's what we mean. We have four months and a single time zone, UTC. Hey, anything can happen. They could change the calendar many times in the past.

There's no reason why we can't do it. Dream big, freaks. Let's go. Dream big. uh jp morgan bent the knee i think they were literally shitting on bitcoin the day before they announced this i think they literally bent the knee like i think jp morgan associates so they're letting uh clients and i think high net worth clients particularly invest in bitcoin fund for the first time it's an actively traded uh bitcoin fund so they're going to be trading

both sides of the market it looks like and they're going to be searching for that two and 20 or whatever their expense and management fees are um where the rich clients could just hold bitcoin self-custody and reap the benefits of a 200 percent uh compounded annual growth rate that bitcoin has has shown for the first 12 years of its existence um outside of just a bending of the knee is there anything significant in this story that piques your interest matthew no i mean really uh first of all this is only for their uber wealthy clients um you know and i'm fine with the uber wealthy you know taking a little bit more time and not realizing you know what's happening with bitcoin and let the plebs stack more so i'm not in i'm not in too much of a rush

there um and uh for those uber wealthy as you said like they should probably look into actually buying bitcoin instead of um paying fees and not even owning their own bitcoin they're just to own ious but all that said obviously it's a major reputation thing and uh once again we've had one of these major bitcoin haters come and uh bend the knee and capitulate and they're all going to start capitulating and what's really interesting with the private wealth um and specifically is marty i'm hearing a little bit of echo by the way oh you are i've got your your thing turned down all the way in my ears i'm not hearing that the the with the private wealth like they're going to demand they're going to go to all of these guys and demand like what's your bitcoin

strategy how do i get exposure to bitcoin if they don't have it these guys are going to move to someone who's can support it and uh they really have no choice ultimately they have no choice they either have to adapt or die first before i go on any echo still um let me test by saying uh obviously the reason that we would do five months is because 365 is divided by five cleanly and four doesn't work you got one off you got one extra day in one of the marty proposal i don't hear an echo now i don't think freaks do you hear an echo on your end let us know in the chat and let's continue i've got the chat open by the way yeah can't divide 365 by four but yeah you get at nine one you get 91 days per quarter and then maybe the winter quarter has 95

is that so bad freaks can we agree on that five months just it fucks up the four season sick sick cloud sickle sicklity sicklity sicklity sicklity there we go i was missing an eye um yeah i'm a four month four months out of the year maximalist now i think this is just a very important topic that bitcoiners around the world should debate endlessly i agree i agree we got to save the sun too we're going to do it this year no more we're not turning we're not turning the clocks back this fall but that goes with the utc plan you know it's just a single time zone yes when we get to the third month of this year we're not setting the clocks back we're saving the sun this year tesla cf cfo well he's not the cfo he's master of the coin matthew

your your your description of the tesla master of the coin in in the show list is is wrong note it technically he has both he has both roles yes so what did you think so long story short tesla had an earnings call this week and it became apparent that tesla liquidated some of it's bitcoin but 10 of its overall holdings correct of what it purchased they have two and a half billion dollars worth of bitcoin and people wanted to pretend it's fucking bearish like are you fucking kidding me what world does an s&p 500 company have two and a half billion dollars of the bitcoin and has their cfo being referred to as master of coin on the q1's earnings call and he's just he sounded like i started dispatch out with it um you know shout out no bullshit bitcoin for

clipping out the fucking part of the the relevant part of of the earnings call but like that that clip have you listened to that clip it is the most bullish fucking clip ever they believe in bitcoin they wanted to test its liquidity they needed to prove its liquidity that's that was like what was interesting to most people marina was like is that like a cop out because you just want to lock in some profits well first of all is the first time they've ever made a profit they made more profit it off of Bitcoin than they've ever made on cars. I think they're not proving liquidity to us. They're not proving liquidity to Elon or the master of coin. Those guys know that they were able to sell. They were proving it to all the hater shareholders that are Bitcoin deniers,

right? I think people don't realize that the average person doesn't think we can easily sell bitcoin and they're talking about five thousand dollars right when they're like talking to us like if i buy bitcoin can i sell it but in this case it was 200 million dollars and they fucking sold it and the market had no idea because it's super liquid right um so i i do believe them when they say it was to prove liquidity but it's not to prove liquidity in like a technical sense like obviously bitcoin liquidity indicators showed that they could easily sell 200 million it's to prove to the haters that look you know we took profit and that profit happened to be more profit than we've ever had in the history of the company and we did it easily and and and now you

know that this is not just like a black hole on our balance sheet that we can never get out it's not an illiquid portion of our balance sheet it's it's properly liquid yeah it's like here haters watch we're just going to market sell 200 million there's going to be no problems the market's not even going to notice a lot of people are trying to attribute that to that's uh there's a lot of dumb people out there a lot of people are like oh that was the price movement on sunday it's like no like they made this this sale weeks ago to months ago potentially and they're now just announcing it people like to take these headlines and attribute it to immediate price movements or price movements in the present or

very close to the present and it's like yeah that's not the case extremes drive engagement whether that's overly bullish or overly bearish they always drive engagement so just be aware you know in our click-based society like you're gonna every headline is going to be the extreme you just have to keep that in mind i've been very proud of myself over the last couple weeks as i see you hop on twitter i saw it yesterday you're like making fun of everybody hopping on the facebook rumor i haven't been following i haven't been i haven't been like hype tweeting about any of this stuff i did tweet about the next topic which is the public video game publisher nexon buying uh 1717 bitcoin but it was just to make a joke like what is this cash allocation for for

ants they they allocated two percent of their cash and cash equivalence balance to bitcoin um and these guys are based out of korea or japan marty they allocated 100 million dollars to bitcoin okay two percent they have two i mean they have significantly significantly more bitcoin than me and i've been obsessed with this for fucking years so props to them and i think i think they did it based on did you see how many bitcoin they bought 17 17 that that can't be a coincidence right like some guy was we all pick numbers you know fucking american auto pick 6.15 like they were like we're gonna do 17 17 it's my lucky number i'm just gonna fucking buy 17 17 but i think the fact that it's an allocation for ants is the bullish part right because it's there's

plenty of room to grow there they're just starting this is this is this is a testing the waters type of allocation um i've never heard of them before i'm not going to pretend like this is a company i've heard of before but i never heard of microstrategy when they started dipping their toes um and this is a publicly traded company with a shit ton of cash on hand um so it's a big deal right yeah this would be the square model of allocation that's what square said they bought i believe it was the same thing two percent of their cash cash equivalents square bought like 50 million at the time right yeah it's gone up like 5x yeah and and they square announced that they're going to be dca again over time um which is what you love to see but yeah i was right

south korean and japanese nexon you said which you asked which one it was you were right you don't get the right question is both yes a b or c and c was right uh another interesting tidbit about these guys these guys bought bitstamp didn't they that's something that's like underscore they own bitstamp or at least a portion of it and they're wait really yeah apparently they own part of bitstamp they're bidding for are you sure it's not bit dumb well they're they're also trying to get exposure to bit them too and they already have exposure to another exchange from what i understand as well i mean bitcoin and quote-unquote cryptocurrency is fucking booming in in in south korea so what do they call it the kimchi um premium well that

that's because their banking regulation fucking sucks so you can't arbitrage you can't use their exchanges unless you're a south korean um unless you're south korean so like the only way to arbitrage is like you have to bring like briefcases of cash uh across the border and then have a south korean trade it for you or yeah i've actually talked to a person i'm gonna try and disclose as little details as possible american yeah it's probably too many details already basically like there's there's people that arbitrage i said it the opposite way you have to sneak bitcoin into the country. Then you sell the Bitcoin and you have to sneak the cash out. That's how you arbitrage the premium, obviously. But South Korean citizens are still paying a premium as opposed to what

we're paying, correct? Right. Because it's so hard to do that arbitrage trade. It's so hard to move fiat out of the country that they have a premium. It has nothing to do with demand. I mean, demand has, obviously demand has some degree. It's not nothing, but it's because their banking system sucks. It's constrained liquidity

at the end of the day, right? Right. Because they only have liquidity within their own borders where most people have access to. They're isolated. They're a separated market. They're a bifurcated market.

Yes. Any South Korean freaks out there, we love you. Shout out to Nexon putting Bitcoin on the balance sheet. and yeah there's individuals putting bitcoin on their balance sheet too chief's tight end colkin sean colkin to convert his entire nfl salary into bitcoin i'm surprised he's a veteran he's only making i'm not gonna you know what that would be uncouth of me to say he's only making

970 000 he's making a million dollars a year i feel you know dude could be doing so much better i hope one day i'm making million dollars a year uh i mean he's five years tight end we i mean if you follow football there's a big drop off in tight ends um but yeah you know this is uh our boy russell okun started this trend he's making significantly more money than colkin but i love you russ conviction wise russ is only converting a half of his salary to bitcoin colkin is going full full hog he's he's he's pledged to convert the whole thing through strike um their strike is going to do uh every twice a week they're going to be doing uh conversions from dollars to bitcoin for him um yeah that's baller i love this trend i love this

trend i want yeah i i love i love the ideas the idea of like athletes leading the way here uh Because as far as rich people go, our athletes are the most real people out of rich people, right? They're like the plebs of the rich people. And I feel like they get just nickel and dimed by every financial advisor. They get fucked over and over again, regardless of sport. It doesn't matter what sport you're in. And to see them move over to Bitcoin is just beautiful. It's massive.

There's a great 30 for 30 on that particular topic as well. like of athletes just getting taken to the woodshed in terms of asset management there's a lot of grifters and snake oil salesmen that that attach themselves to athletes and bleed their their assets dry throughout the course of their career and that's one thing you have to notice about athletes as well as their careers are not that long especially in the nfl um any league really like if you make it to the pros the amount of individuals who actually extend their careers beyond a decade is very small uh being from philadelphia i mean it's alan iverson story is most popular like he he was a terrible manager of money would literally not pack when they would

travel to play away games and he would just buy clothes every time they showed up in his city and he actually did have a good asset manager it was like saw that alan was terribly waste was wasting money terribly and was like all right we're gonna take this 40 million dollar reebok check and we're gonna put in an account that you can't touch until you're like 45 um power to him for signing that you know and just realizing he's like fuck i suck at money too um russell i think he's doing really well in asia now right yeah yeah i mean well stefan marbury is like the king of china right but alan iverson i think is like a sub sub he's doing the same strategy right but on a on a lower scale i'm not sure it's like like watching sixers games i'm sorry that i still watch the mba like

sixers just have like a special place in my heart but like he's getting these like sports betting commercials it's like alan come on bro you know then you know he really needs it yeah the real win the real win when you're when you're an athlete is if you get that nice lucrative commentator contract afterwards like tony roma's making more money than he's ever made in the nfl did you see would happen to paul pierce no i miss that so paul pierce's is he carved out a good uh commentating career for himself at espn and uh a few weeks ago he went on like an instagram live with a bunch of strippers and he was like smoking bones and stuff and they like axed him immediately it was a shame to see it was hilarious you get canceled very easily in the society especially for a disney

company oh before we move on to the next topic russell kung if you're listening the freaks are calling you a bear in the comments i think you should just we love you russ even if you're a bear um and then shout out shout out to sovereign hodler who um confirmed what marty said um nexon's uh subsidiary did buy bitstamp pretty much wholly they they own 80 percent of bitstamp now um with uh i don't know how to pronounce his first name but kodrick uh co-founder uh still controls 10 percent of the company um and he was gonna act he's gonna act as the chief executive still so he's still running the company but he only has 10 of the company and then i guess like there's a smattering of people who own the remaining 10 so that is interesting i didn't realize that

bitstamp is is one of the ogs they were operating when mount cox was still operating so yeah and another was it bitfinex or bitstamps token or bitcoin that were hacked that were moving earlier this week we have that one bitfinex bitstamp also got hacked but at that point pantera capital was that's one of the lead investors um vc firm and that was like that was when bitcoin had finally grown up was like mount gox got hacked everyone lost their money when bitstamp got hacked they just moved everything to cloud servers rewrote it all from scratch and then pantera just paid everyone out they were just like we'll take the hit um it was significantly less money for what it's worth but it was like it was like bitcoin had reached a new professionalism right and that

was in like 2015 or 2016 if i remember correctly yeah it was still pretty early on but i don't think it was that much money yeah bitfinex was 116 000 bitcoin portnoy hired paul after did you know this hired who after um paul pierce yeah after paul after paul pierce had the instagram live thing portnoy hired him i i saw that dave tweeted at him and said hey hit me up i didn't know they officially hired him there you go it might have been the best thing that could have happened to him right they got deon sanders and deon's doing really good things on the nfl front even though he's like a head coach of a football team now too and college team but they're from what i understand their their nfl show with deon did really well this year we don't have that on

the list poor no i bought a coin dave find your treasure dave should i just like say what happened yeah we already said what happened but i want i want i want the freaks to know reiterate reiterate you said it on air though he's gonna blaspheme i helped him set up a treasure it didn't it was like hey here's how you set it up here's to get your private public you pair here's how you send bitcoin to it i'm specifically vividly remembering making sure like watching him from afar write down a seed phrase and telling him give this to your dad and tell your dad to put it in a vault your dad's a lawyer you should be able to protect this and if dave didn't listen to me thank you for inflating the rest of the the bitcoin price

i mean it is what it is dave's done fantastic on pen i don't think he's really hurting from is missing fifty thousand dollars um what really hurts him is that the longer he waits to really go whole hog into bitcoin um not just that one bitcoin for him not one bitcoin for a lot of people that's life-changing money for him it's not um that's a bullshit cop-out though that he said he's like i can only afford one bitcoin so i bought it like the dude's like fucking fucking around day trading like millions of dollars um you're telling me he can't you know dollar cost average into bitcoin at you know twenty thousand dollars a week or something like come on dave sack the fuck up yeah well how much is dave disclosing who knows well the thing

is he's he's he's actively leading retail into horrible investment strategies it would be nice if he was going to flex if he just flexed with you know very large dollar cost averaging through bitcoin i agree i agree that barcel also launched nft this week like there's some shit coiner going on but dave was also he was very like up front about like we're launching this nft i don't know how much i believe in it but we're gonna see where it goes he's sponsored by blockfolio which is ftx like what do you expect like it's gonna be shit coin central they've been fucking pumping does like crazy and freak stop asking me how much bitcoin they've moved to his treasure like that's a very personal question and one man never discloses another man

sat stack it's very disrespectful it's dishonorable don't even ask the question dave disclosed that anyway though did he yeah i mean it was a while ago but he did okay and i just did it accidentally so i think i'm pretty sure no comment no comment no comment no comment anyway it's negligible amount of his net worth and he should just fucking own it and just move on it doesn't matter we all lost shit i agree the reason one of the reasons one of the reasons like og shit coins like doge pump is because people lose their wallets over time so like it's worthless and they just forget about it so that the supply of a shit coin like doge ends up being significantly less five years down the line because so many people lost their wallets and it's just an

immeasurable thing that you can't measure um it just comes with the territory any any anybody who tells me that you haven't lost any coin um i just feel like i i maybe if they're a new corner but if they're if they're older like coin gets lost all the time you just you own it you gotta own it and you can't dwell on it either you can't dwell on it on on the coins lost or spent in the past that'll that'll eat away at your psyche and your mental health it's accepted to move on apparently freak zaya zaza wants everyone to know that he owns over a thousand bitcoin um in the chat so just keep that in mind he says alas i do not we don't want to we don't want people coming after zaya zaza zha zha zaza zha zaza i think that's right

uh before we get on to this topic i do need to apologize i could have had better wording in the rhr announcement tweet last week in it i said turkey hates freedom which obviously isn't true it's all my turkish freaks out there i love you and that that part of the announcement of rhr last week turkey hates freedom makes it seem like turkish people hate freedom what i should have said is the turkish government hates freedom dude i think you called the false flag really do you see what they're doing they're they're proposing so they had the second exchange go down yep since last rhr proposing the central

bank controls everything right yeah they want the central bank to hold everyone's bitcoin yeah false flag called it it's like it it fits perfectly yeah this is a 6102 attack yeah is this how they're going to do it for your own protection all these exchange operators are running away with your bitcoin we need to monitor and custody it for you we're going to bring legitimacy to the industry uh god matthew i got i got my bloomberg page views limit of this month hit already so i can't read the article uh did i not put the archive they're really dicks about it they are anyway you don't have to read i i probably didn't put the archive because if the article doesn't really matter but it's important to post sources yeah they're just

they're they're they that is the article that they are proposing a central bank custodian to protect people for their own protection yeah and mind you this is a central bank that's completely mishandled the lira individuals in turkey are escaping the bitcoin because their local currency is inflating at a at a quick pace and they need an inflation hedge to make sure that they can maintain purchasing power and hopefully increase purchasing power over time and i believe also this week is probably strice and effect of the turkish government doing this is across the whole globe i believe if i remember correctly searches for bitcoin on google in turkey uh that's that's where it's again an all-time high in turkey number go up it's like the most i think

turkey and nigeria nigeria is a hot bitcoin scene man hot bitcoin scene there's a lot of like don't sleep on nigeria and its impact on bitcoin that's all i'm going to say i think that's another area where it's like number one google search for bitcoin um when you factor in population yeah no i'm bullish on nigeria and the nigerians i i just i i mean i just wanted to mention that you know chad sailor had a pretty funny uh pun about the turkish lira because their their currency code is try try so he had some kind of like if you fail at your currency try try again or something like that i don't know but it was pretty funny michael he updated strategy.com his meme warfare website

i didn't realize he had a meme warfare website strategy.com is is where i got those little clip outs that i would always post under peter's shifts that showed like gold down and performance oh yeah yeah yeah it was like it's literally designed to just be easy to copy and paste the png into social media troll is that it's it's a troll site that's 100 what it is um but he updated it now it has even more features to it so check that out michael if you're listening the invite to tftc is still open i don't know what i don't know what happened there matthew i don't know marty if you fail try try again it's true i think it may be hand up outside of a tweet sent by matt walsh from castle island ventures in that post on fool.com that he sent i think it

the first person in the bitcoin space to cover the micro strategy news of them adding bitcoin to their balance sheet however in the bent issue last august that i wrote i basically came out i was like i've never heard of micro strategy like i don't know if it's a legit company and may have like connotated that it wasn't a legit company i'm sorry about that well if i recall correctly i was a bit of a hater and then like you were like no don't be a hater about it because i was I was like, no one knows this company. I was like, it's just bullshit, fake news. Yeah.

Whatever. You know, we've been in Bitcoin for a while. We're skeptics. You know, we're trying to keep the signal high on RHR. It's what happens. It's what we have to do. At least we admitted we're wrong. Yeah.

That's all you can do. You need to admit when you're wrong. MicroStrategy is going to be like the second most valuable company in the world in 10 years behind EOS. Oh, my God. EOS still has like 150,000 Bitcoin. Let's talk about that. block one or whatever could you imagine block one is gonna be like shaking my head what are you gonna do what can we do nothing free market it is what it is that's right any of you eos stands

out there and may be listening to this they literally number one i'm trying to like can i legally get gone after for like slander so i think when have you cared about that i think it was like a large money laundering scheme like the way you look at like the the ico you already said that how it was tiered out huge money laundering scheme and the fact that they just cycled everything and like a hundred thousand bitcoin correct 150 i'm i believe block one has 150 000 bitcoin yeah and you had some creepers like block pier block pierce brock pierce and a bunch of other shady characters from the early days of ethereum in the eos raise and the way dan larimer yeah i had like a like a very money laundering vibe to it like the way it was tiered you could you could rewash like

ethan to like next years it was very interesting they're gonna be our overlords am i gonna get sent to the gulag in the future because block one doesn't like that i'm spreading look i don't i I don't think in a post-Bitcoin world they're going to run the world, but I do think Block.One is going to be one of the most valuable companies. It's just a shame, but it is what it is. Should we have started a shitcoin scam?

No. Is it worth it? Maybe, but I have no regrets. Yes. It's hard to morally... you know could my morals be bought out for 150 000 bitcoin or like a fraction of that yeah you know never never give it yeah okay well you're full of shit if someone gave you 20 000 bitcoin you know i'm sorry freaks it was a good run

yeah i'm going to my island you don't hear from any of them right brock brendan fucking larimer they're all like fucking off in the wind right brock ran for president i don't know how well he did i don't know how many votes he got but okay let's get back to bitcoin fuck them what's going on bitcoin fog i never even heard of bitcoin fog bitcoin fog was like the og mixing service i never heard of it it was like one of the it was the most it was like one of the most used original ones um and yet to be clear this is a custodial mixing service so you literally send bitcoin to them they send you someone else's bitcoin and for whatever it's worth there's already precedent set um there's already precedent set

that the u.s government and other western governments consider this an illegal organization like this idea of having a custodial mixer it's the same idea with like a bitmex not having KYC, where you have custodial wallets and you aren't complying with KYC AML regulations, you're going to get hit with these money laundering allegations, prosecutions, whatnot. So they arrested this guy. This is different than CoinJoin.

It's important to keep that in mind. CoinJoin is a non-custodial, it's a batch Bitcoin transaction. It's simply a batch Bitcoin transaction that takes privacy best practices into account. Completely non-custodial. This is a custodial mixing service. What's really interesting here, and I linked to the lead dev of formerly MyEtherWallet, and then she branched off. They got into an argument.

Forget what her new wallet is called. MyCrypto or just Crypto.com, right? No, no, no. Crypto.com is different. It's MyCrypto, I think. um but anyway it's tayvano on twitter uh she's like one of my favorite shit corners uh you know like she's got a good head on her shoulders and she was talking about this case and what's really interesting is it seems like they're using the databases they have from btce and mount gox

and they're like going through behind after the fact and their ip logs they have ip logs they have usernames they have kyc stuff they have bank information they have email addresses and they're going back after the fact and they're using a combination of the bitcoin blockchain plus these databases plus whatever else they fucking have and they're going after people and she noticed a similarity with this and remember that like mount gox hacker that like how to give back millions of dollars of bitcoin um a couple months ago uh so it's interesting it seems like they have active that they're working on active cases based on those databases and and and it's it's questionable whether or not that's legal by u.s law that whether or not the irs and hsi can do

this well the irs can do whatever the fuck they want if you don't pay taxes but like the fbi and stuff whoever arrested them yeah i'm sorry i'm glancing away to see if you've had this on the list but there was another irs story yeah i don't think you do have it on this let me just well this guy didn't get hit by the the primary thing was the fbi yeah but she mentions the irs and the the thread and that's why taylor does that's why i've got on top of my mind now did you see the vice article that came out about the irs looking for people to help them hack into hardware wallets so they can force individuals they're auditing to give up no when did that come out i think today let me find it real quick you you you riff a little bit i'll find it no i mean i look i the

the one one aspect that people should keep in mind with these custodial mixing services is that they have hit uh the operators of them in the past but they have not hit the users at least uh so that is something that we can keep in mind um as like a some kind of positive these these services were the main way that people tried to use bitcoin more privately before we had the coin join implementations um they were heavily used um and you know it's it's very comparable to something like bitmex right where bitmex got hit hard the founders got pressured um for not having kyc but the actual users haven't been hit yet. If they will be hit, it's yet to be seen, but they haven't gone after specific users

for breaking the law, right? They go after the operator and it's the same concept with the custodial mixers. And it's the same concern I have over custodial wallets in general. And this is why we don't see many custodial wallets. And it's unfortunate because really the market would be very well served if we had like a proper free competitive market of custodial non-kyc wallets um that are interoperable with each other especially on lightning and it's just hype it's super risky to try and run one of those services because as you can see for something like bitmex that you can't hide you can't if you get too big you know you can't it doesn't matter if you're in the seychelles you know it doesn't matter where you are yeah the seychelles

did not keep Arthur safe from the long dick of the law. I found the Vice story on Motherboard. Dropped at 1025 AM this morning. The IRS wants help hacking cryptocurrency hardware wallets. As more investors and criminals move

to hardware wallets to secure their funds, the IRS is looking for new methods to access those wallets in criminal investigations. And this is according to a document posted on the agency website in March of this year. so this may be um oh god damn i just downloaded a file from the irs website i love that first line as more investors and criminals move to hardware wallets

yeah what a line man criminal investigations is an audit a criminal investigation or are you assumed a criminal if they're auditing you look i'm not no we don't presume guilt in this country i but i i i think um it'd be naive to think that governments around the world aren't working on trying to compromise self-sovereign bitcoin solutions but at the same time let's be honest um it's about low-hanging fruit for the most part and there there's there's so much low hanging fruit and they're you know the the number one thing you can do is is take self-custody because there's so many people that just don't take self-custody and those people you know you don't need like a you don't need a hacking team to fucking get into that yeah i mean this makes

the case for multi-sig set up with different hardware providers geographically dispersed yeah i mean i i'm 61 and 2 loves this idea this uh multi-jurisdictional global multi-sig yeah it's a similar concept to i guess what the liquid side chain federation is trying to accomplish with their federation being geographically distributed but they're doing for a whole chain rather than just a single wallet yeah um so beware freaks the irs is looking into hacking hardware wallets that's a it's a headline i didn't think i'd see this year but shouldn't be surprising shouldn't be surprising at all i added that to the list so we can add it to the show notes dc cops hit with ransomware which threatens informants is a pretty big

and then okay yeah you do have it in here the global ransomware task force which i think is just hilarious so dc dc police got hit with ransomware for 50 million dollars um 250 gigs of personal information and that includes informants if you've been snitching these ransomware criminals are about to about to snitch on you so well the way i put the reason i put this in here is because like you don't kyc your informants you know like this this is this is this is the end result of every kyc database that exists is that it's going to be compromised at some point and in this case they did it with their most sensitive fucking contractors which are their informants and and now they're sitting there and and they're gonna have to handle this right

They're going to have to see what this is. This is probably, you know, I feel like this escalated the ransomware war a little bit. And it does go hand in hand with this ransomware task force. It's really interesting to me because ransomware is this idea that you take their data. And usually what you do is you encrypt it and you say, if you want that data back, if you don't want to deal with starting from scratch, or even for some major organizations restoring from backups. But if you're like a hospital and you're restoring from offsite backups, your computers could be down for days while you're restoring. So that's going to cost you significant money anyway. So usually what these ransomware guys do is they give you a reasonable amount of money and it scales based on your business. If it's a small business, they might say, give me $3,500. And they're very good. usually when you pay them whether that's historically that's been in bitcoin but recently it's been moving to monero when you pay them they will give you back your keys and

they're very good about it's a reputation game because they want you to pay so they'll tell you like the last 40 people we ransomed like i've all gotten their keys back and these are their great reviews you know like they'll plug in we've got referrals yeah there's like this whole reputation game about it this escalated it because it's more than just you know we have your data and it's under a lock and key and if you want the key you're going to take it this is you know if if you don't pay us we're going to start leaking your data right which is it's a step above that what's really interesting about this ransomware task force is they're not really they don't have make no mention of really the issue, which is the vulnerable systems in the first place. The issue

isn't that they get compromised and then we have a currency that's actually good money and you can pay a ransom with it. Good money, you should be able to pay a ransom with it. The issue is that the system is vulnerable in the first place. That's what we should be focusing on. We should be focusing on hardening our systems. Well, so the link about the ransomware task force that you shared links to krebs on security and i don't know if you saw the segment he had krebs did on bill maher a couple weeks ago did you see that by chance no he's staging an attack on bitcoin like using ransomware as the vector so he's basically saying that bitcoin is bad because it enables ransomware instead of the the logic that you just laid out

which is ransomware is possible because our systems are terribly insecure and ransomware criminals are simply leveraging uh bitcoin's p2p natures to make sure that they get paid out it's not a bitcoin problem it's a insecure systems problem and so this is interesting that that they didn't get to the crux of what's actually the problem is on krebs on security he's got like a major and he was one of trump's advisors he's trying to get back in the biden administration um to push this particular narrative cryptocurrencies are bad because they enable ransomware i i suggest you freaks go look look up the bill maher segment he had either a few weeks ago or a month ago it was really scary to see him come out and talk that way about bitcoin

specifically that's interesting i didn't realize that i actually i respect a lot of his work that he does in terms of you know write-ups and whatnot no i do i did i agree and i yeah i was extremely disheartened uh to catch that clip i forget where i saw it exactly but i was like are you fucking kidding me dude but yeah i mean that that's like right like it's ridiculous like you shouldn't harden your systems like it's not you know if someone kidnaps you and asks for u.s dollars the issue isn't the u.s dollars in the duffel bag the the issue is that you allow the person to get kidnapped in the first place and you gotta you going to make sure that that doesn't happen. Exactly. And on this note, I saw a really good

KYC tweet today that I wanted to share on air. Paul Graham tweeted out, what do you suppose is the ratio of trouble cause for the innocent to trouble cause for the guilty by KYC regulations? A hundred thousand to one, a million to one. And then Joe Colangelo, who's the CEO of Boxcar Transit, he came out and he had a really good quote tweet of Paul Graham's tweet, which was kyc is what we call a self-licking ice cream cone in the navy which is to say it serves no purpose other than to sustain itself if a company instead of a government had created aml kyc they'd have killed it after seeing it hurts innocent and is bypassed by criminals i just thought that was very interesting yeah i mean kyc doesn't work and it's fucking dangerous so

yeah the uh the ice cream cone analogy is going self-licking ice cream cone and that's another thing like too if this was implemented by private industry they probably would have dropped it right away because they've been gotten feedback from their users and feedback from live data enacted on that feedback yet the government is unable to do that because they really don't care about your privacy or your protection at the end of the day they care about control over you freaks they want to control over you matt obligatory are we even fucking free no we're not i mean thank you marty i think i i think it's important to realize though that credit card fraud is so rampant and it's the pull system um so without kyc that whole system falls apart especially

online and it's just because it's broke like it's a broken system every way you look at it you know But in Bitcoin land, you don't need that because it's a push system. So you don't have that element of fraud there. Ironically, or not, I mean, you see stronger KYC on the Bitcoin side because you have the combination of the potential fraud on the traditional finance side going into something that can't be reversed. While on the traditional finance side, you can reverse this shit after the fact. but it's it's it's very much a attempt to band-aid a problem over on the traditional finance side mixed in with the fact that it does obviously give regulators and the powers that be more control as well yeah uh still thinking about that ransomware attacker who's thinking about

leaking that data it's like fucked up very fucked up bisque let's launch a new trading protocol i mean we mentioned this last week i think we we shared a thread from mempool.space which is run by whiz who's working on bisque as well talking about how fees go up and it sort of prices out people coin joining and using these p2p exchanges like bisque and so bisque is trying to front run this potential fee pressure problem and they're exploring ways to create uh different coordination tactics on the bisque exchange one of which would be using the lightning network and what what's the deal with the tainted bisque tokens bsq tokens how would they implement that they're not tainted they're like colored coins but no but it says it in the in the release notes

off-chain trading using a lightning network of btc and tainted bsq okay i mean i guess tainted is like uh it's just a weird word to use for it um my understanding is that they're exploring liquid there's there's a very this is a very controversial topic right now um it's a very hot topic i do have whiz which is one of the project leads over at uh bisky's gonna come on dispatch on tuesday and we're going to discuss this more at length um but this is going to be an argument that is going to um yeah it's going to it's going to get bigger and bigger this is not a debate that's just going to end on this rhr just something that we're mentioning in passing and they're going to change and part of the reason is is because 80 of the volume right now on bisque

is the BTC Monero market, okay? And when you trade on BISC, the fees go out in this BSQ token, this colored coin token, right? And so the development of BISC is paid out in this BSQ token. And the majority of volume that pays out the value to that token is Monero volume.

And the Monero users are forking BISC and they're calling it Haven O, I think, and they're going to make Monero the base pair. And all of this is happening at the same time that fees are rising on the Bitcoin chain. So there's a sense of urgency in the BIS community to move to something more practical to try and mitigate any kind of liquidity split situation

that happens from this fork. Yeah, there's another interesting thing of the notes. So it said, finally, the recent BISC fork from some Monero community members, and then this next part is crossed out, strikethrough crossed out, adds pressure to find a solution as in case their fork will end up in a successful project, it might take away a big chunk of the Monero trade of volume, which accounts for about 80% to 90% of the revenue of BISC. Such a reduction in volume could render BISC unsustainable.

so they struck that out and this is release notes from chimp 1984 dude this is like super it's like a super contentious topic so um i look forward to talking about this at length with whales on tuesday i look forward to to peeping it on that godspeed godspeed best team i love this shit though this is fun this is like this is the type of uh i i i love the like i don't know like a non-wars that happen in bitcoin land you know yeah it's it's free market at its finest right we'll see what happens we'll see what happens if you're not using best you're using a centralized exchange do yourself a favor in the very least please make sure you learn how to and you eventually do take possession of your

own utxos not your keys not your coins it's the beauty of bitcoin is the fact that you have this digital bearer asset that you can hold and possess yourself and have full control over that's how you actually participate in the p2p network if you're not using your own utxo your own wallet verifying with your own full node the p2p the first p and the p2p transaction is that centralized they're part of you depending on you're actually not one of the peers in that peer-to-peer network your exchange is interacting on behalf of you so be aware take care of take care of your keys learn don't get complacent use a sunday morning practice practice makes perfect spin up a private wallet or not private wallet a personal wallet private to you um create a

private public key pair write down a seed phrase erase your wallet spin it back up recover from seed send a little bit of sats send a little bit more sets get more comfortable get more comfortable practice makes perfect and you'll be like i can't believe i was ever scared of sending a bitcoin transaction in the past get on it freaks adam gibson on big picture join market improvements i wasn't able to dive into this yet what's going on well these were fun to put back to back because it's the same idea right it's it's bisque and join market lead maintainers um realizing that they need to start exploring um long-term improvements uh and you know adam didn't really mention anything particularly um

unexpected uh people should go back and listen to the dispatch that i did with him and waxwing uh that was a really really good fucking conversation that was three hours of us talking joint market and the future of joint market um and it's just it's just really good to see him making these moves you know because i you know he is one of the most talented minds in Bitcoin privacy and our enemies are constantly improving and we have to constantly improve. So, and I think Jordan market is great. It has served us very well. But we should be making big moves. We should be making big moves. We're entering like a new paradigm of Bitcoin and our privacy tools should be moving along with it.

Agreed. Shout out to Adam Gibson, aka Waxwig. Legendary figure in the Bitcoin privacy space. Very excited to see that both these projects, BISC and JoyMarket, are being proactive. You never want to see complacency. You can never settle, especially on a Bitcoin-like network. And you're combating people like chain surveillance companies that are honing in on their heuristics. and it's a whack-a-mole to try and get in front of them and destroy their heuristics and complacency defeats the ability to do that. So to see that BISC and JoidMarket are being proactive in trying to get ahead of this stuff is an incredible thing to see.

And while we're on the subject of privacy, there's a different way to make sure that your privacy is better enhanced, if you will, as you're using the Bitcoin network. And that's how you propagate transactions. And you want to make sure that we have a diversified transaction relay options for bitcoiners and we're happy to report that blockstream has uh expanded the products that they're offering for their satellite

transaction relay um their satellite and they've released the base a base station so it's like an all-in-one uh base station features an advanced all-in-one antenna that enables users to run multiple bitcoin nodes without internet access or any additional hardware um so this is something that makes the bitcoin network significantly more robust and freaks i'm sorry if you're hearing construction in the background what the hell is going on somebody just started buzzsawing in the background um yeah so i mean we already had the block stream satellite we've talked about this many times um it's really multiple satellites and they're actually leasing space on someone else's satellite so these things are flying around the earth um it may allow you to download

bitcoin blocks without any internet historically we've needed um a dish to do it it was a big operation you kind of had to do a lot of things yourselves they had a kit but it was definitely on the more complicated side this makes it super easy you don't have a dish you just have this little box this little flat panel um and then it just plugs directly into your your network um into a traditional network i think it uses ethernet power over ethernet so it uses ethernet um and um yeah and then and then all of a sudden you're connected to the bitcoin network on the downside you still need to be able to if you want to send a transaction you're going to need to be able to upload uh somehow whether that's through the internet or cell or mesh

or sneaker net where you put on usb drive a signed transaction you broadcast it somewhere else you're going to need to be able to broadcast you can't broadcast with this you can download the cool thing is because it's passive um like a radio like fm radio ham radio there's there's no surveillance uh capability here right so so when you have um if you're on the internet and you're downloading bitcoin blocks your internet provider can tell your your your government could potentially tell if if they're looking for it um even if you run a vpn or tor they can see the data right they see like a significant amount of data is being downloaded this is one of the reasons why we wanted to keep the block size small they see a significant amount of data being downloaded

this allows you to um avoid that so you could theoretically even if you have internet this is a more private way of doing it you could download the blocks through the satellite and then when it comes time to broadcast you know you can send a very small transaction with a very small amount of data um through a vpn through tor to broadcast it out um and it's a way more private way to use bitcoin yes pretty cool very cool and highlights the fact that bitcoin as a project particularly on the development side may seem a bit slow conservative not up to date on the latest tech but it's all in an effort to make sure that network is as resilient and robust as possible in in case of worst case attacks from from a state government this is what you want to see

people working on if you truly want Bitcoin to succeed long term things are nice right now things are rosy right now we got JP Morgan bending the knee we got South Korean Japanese companies buying exchanges putting Bitcoin on their balance sheet we've got the IRS trying to hack

in the hardware wallets but any day the long dick of the law could get a little angry and say hey we were going to try and attack Bitcoin and these other cryptocurrencies and how do you increase the chances that that bitcoin the network survives an attack like that you create alternative transaction relay networks you make sure that people can download the blockchain

with very very small hardware matt just said all this but i'm reiterating it it's what we want to see it's a beautiful thing to see shout out to blockstream blockstream also announced this week that they have a feed similar to No Bullshit Bitcoin where it's like read-only. You can comment on post. I believe it's at Blockstream on Telegram.

Did you join that group? No, I didn't know about it until just now. I'll check it out. So it exists. Beware. We're at the software update section of the podcast. I'm going to start with Cold Card just because it's not on the list and Rodolfo wants us.

to talk about it not not wants us to talk about it he pushed it out right before we uh yeah i mean the the uh well first of all i just looked it up but yeah they added a block stream channel that is like their blog post but they also have a telegram channel that is the block stream uh satellite satellite transmission feed which is what you can receive if you have the satellite but if you don't you can also use telegram to receive it um and that's just pretty cool because people are literally paying sats um via lightning to broadcast any message they want to send which is i i till this day i think is the coolest fucking thing ever and it was just too cool for twitter because twitter fucking banned that bot uh very fucking people were just sending crazy

messages yeah they're shit talking um as for the coin kite update um yes as as as for every legitimate company they should rush out their updates to get them out before rhr so so nvk was notified that rhr was going to be at 2 p.m um i don't co-sign this message by the way i think you should take your your sweet ass time don't rush your releases for your your hardware your firmware releases for our show right and actually to apologize i said 2 p.m what i meant to say was 1800 utc um the so he knew rh was going to happen at 1800 utc so he got it out at like 1805 utc and then like tagged us both in it uh so so what is that that's cold card v 4.1.0 has been released correct and it is it adds the how do you pronounce is it xor xor xor xor see we talked about it for

like 45 minutes on dispatch if freaks are curious about it yeah for the freaks did not listen to dispatch but are listening to rhr how would you describe it in in 30 seconds um you could take one seed and you can store it on you can split it between multiple seeds and all the seeds are 39 compliant so they look like real seeds and you can store dummy funds on them so in practice what does that look like you have a single sink cold card and instead of storing your seed on a single steel plate you can split it up onto two plates four plates six plates eight plates ten plates whatever you want to split it on each one will look like its own seed but you're going to need all of them to recover the main wallet so if anyone finds the single seed plate they can't

access your funds it's like it's like simple it's it's not quite multi-sig multi-sigs better in that for a for a pro user it's better that you can um you you you can have it on different devices so you don't have to have all your secrets on the same device so this has that same trade-off that shamir secrets has where you have like all your secrets are on the same device when it comes time to signing um but it's a nice simple tool i think personally for a new user who just has like a single-sig cold card, instead of them having to just worry about securing a single seed. And if someone finds that them losing their funds, they can store two and they have to find both and they can put them in different places. But it's important to realize that it's not like

multi-sig where you could have like a three of five. And if like two houses burned down, I don't know why you have five houses. Two places burned down where you're storing your things, you can still recover your funds in this case whatever you pick you're going to need all of those secrets in order to restore the freaks shall inherit the earth and they will all have at least five houses matthew and if three of them burn down then you can't access your multi-sig don't just don't give away all your addresses you know just have like one of your five houses where things get delivered and then you keep the other four on the down low so full disclosure i think this is a really cool feature and uh 61 and 2 doesn't like it so it seems a bit complex for me

the point is is that it's simple compared to multisig so on the cold card instead of it showing you 124 word seed it'll show you two and then you secure both that's it and each are just individual seed they're real seeds so if someone finds it you can store some coin on it and if they find it they'll think they found your seed plate but where does the seed plate come in or whatever if you write it on paper you can write on paper if you want to write it but it's instead of having like one 24 word seed you can have as many as you want and you need all of them to to recover i see what you're saying so you could have four 24 word seeds and to recover the master wallet you need all four 24 word seeds so it makes

it so if attacker knows you have a cold card and finds a fucking seed phrase they don't know if it's a child seed phrase or if it's if it's your main seed phrase and you can store funds on each of the individual ones you could even mix that with something like multi-sig you could use those seeds for multi-sig so you could have a multi-sig wall on top of it yeah it's getting way too complex in my opinion or like one key of your very extravagant between multiple seeds yes it competes with pass raises it competes with shumirs you know i think it's inferior to multisig but multisig is more complex but these it's good that we have options and it's good that i agree because we have these options it means an attacker

like it's not so obvious in their head how you're storing your shit right what they're looking for yeah i agree physically secure your devices physically secure your seed phrases geographically disperse if you can to mitigate all this risk that's but that's one thing i worry about right is like over complicating it where who are bitcoin holders like how are they mainly going to lose their coins at the end of the day is going to be more coins lost from attack or more coins lost from complicating the process 100 more coins are going to be lost from over complicating yeah and just you're just gonna you're gonna fuck it up because you got too paranoid and you went a little bit too crazy uh with it and and someone mentioned the comments yeah like once again with the pass

phrase the passphrase is like the 25th word of your seed so you have these 24 random words and then you have your own passphrase is the 25th word those the best way to use a passphrase is just like we said with this seed x or if you have um you put funds on the on the seed without the passphrase so if an attacker finds the seed they go oh i found your wallet and then but really most of your funds are on the full 25 words with the passphrase yeah but the thing is is if everyone's just doing that then that doesn't help you right because the attacker is going to be like okay like i took that money now where's your pass raise like i know you fucking have a pass raise so it's important i think that we have many different ways of doing this so that you're

just throwing attackers for a loop they don't know you might have multi-jurisdictional multi-sig you might have seed x or you might have pass raise you might have a combination of the three you might be using shamirs um right like it's important that we have all these different get german shepherds carry guns you know what we need and this has been talked about like behind the scenes and nobody wants to say it publicly but i'm just going to say it publicly like we need one of these attempted robbers to show up on a bitcoin or the bitcoin is like a pull gone and i fucking shoot him in the face and just be like don't fuck around fuck around find out we need one of those well i mean usually when you find when you hear about it doesn't happen in

america yeah usually it's a it's like in a european country with horrible gun laws um the i really like and i can never use this idea because i've talked about it publicly but i'll mention it again is like five german shepherds each one with like an rfid chip and then they each have a multi-sig key so you have to get each dog yeah that's fantastic like there's no other money you can store that way don't put the dogs between you and your bitcoin you know you get pita after the podcast the last thing we need the last thing we need is pita coming i love dogs dogs are great i'm gonna have dogs regardless you know you might as well we already have you might as well have them more we already have citadel dispatch like getting us like dmsa

whatever it's called takedown dcma dcma takedown should we show that bitcoin tv.com yeah let's show it show it it's incredible i've yet to have time to upload all the interviews but we got we have a personal isp yeah we have whiz is managing the citadel servers um so we now have bitcoin tv.com uh which is a peer tube instance an open source version of youtube um all the recent rhr lives are uploaded there already marty's going to upload the tftc uh interview series and citadel dispatch is up there so we don't have to worry for youtube's inevitable ban of of our channel which will happen sooner or later matt and i had this discussion off record last night matt thinks it's going to be me that's going to get the channel bans and i'm

saying it's him sharing they don't care about the copyright they'll just block me the copyright they're not it's like they they don't care they care enough to block the individual videos but they won't take the channel for like you talk about some you know let's talk about something get his band you often talk about things that are on like the no speak list okay and uh you know it's it's eventually i'm surprised it hasn't happened already yeah maybe it will happen today because i'm about to fucking say something a couple glasses of whiskey deep and feeling emboldened you don't need me to explain why you're gonna get us canceled we've got a mass psychotic event going on right now freaks the world is under a psychotic delusion with covid

everything going on right now like it is literally you get looked at i've had it to me happen to me personally and somebody's like we've talked about this in the past like are you going to get the vaccine i'm like no i'm a young good looking healthy 29 year old if i were to get covid i'd probably fart it out and not even worry about it like it wouldn't really affect me and i tell people like i know i'm not getting that this experimental vaccine and they freak out of me and yet we have example after example after example of young healthy men and women getting it and getting like my my critis like this dude he seems like it seems like a dude that was like getting first in line to get the vaccine like happy-go-lucky like doing his part his name's

tom schultz came out yesterday yes and april 28th so on april 27th he had a heart attack cardiovascular system is completely normal and healthy but last week i took the pfizer vaccine and there are reports that it's been causing heart complications most causes have been ruled out and it looks like pfizer may have done this to me the number of people specifically younger men that have reached out saying they've had heart attacks issues to post heart issues to post vaccine is astounding. Even people in my immediate network, low odds of happening doesn't seem too low from where I'm sitting. Moreover, according to my doctor, there have been many more cases of my exact situation in this very hospital. Young men, 18 to 30 years old, going through mild to

severe cardiac events post-vaccine. Even Moderna and Johnson & Johnson. This is crazy. And today he tweeted, it's official. I have myocarditis caused either from a viral infection, which I have no symptoms of or from the vaccine i think the answer is clear feeling better should be discharged with medication later today it's crazy to say like hey i don't want the vaccine i'd rather get the covid where is this from twitter tom schultz tom schultz he lives he lived but he's got like a picture himself in a hospital bed it looks like a healthy young man had a heart attack but by the way marty you're you realize you're proving my point but this is like this is the type of talk that's gonna this is why we're gonna get removed from youtube had a freak reach

out to me earlier today after i wrote yesterday's newsletter today's newsletter regarding today's newsletter experimental vaccine is right when people ask me if i will take it my answer is fuck no my friend's 34 year old little brother perfect health and fit got the second moderna shot on monday tuesday had a seizure and was rushed to the icu now he's still in icu and unconscious they're doing a third mri swelling in his brain he may not make it my friend is understandably erect how come hospitals are obligated to report covid cases and not vaccine cases this should be a national story also my 53 year old friend died of heart failure what do you know he took the second dose of the vaccine two weeks prior otherwise healthy this is a freak

this is a freak reached out to me after yesterday's newsletter and guess what youtube you want to take us down like i didn't claim anything i'm just like literally reading anecdotes from people that are reaching out to me i don't want to get the vaccine i i will rather risk it i'm going to put my neck on the line and say that because i know there's a silent majority of people that think this maybe not a silent majority but a large number i mean we're not very solid in the bitcoin community no i mean people should not be forced to take anything period if you want to take it You can take it. I mean, you've already discussed this on this podcast.

I have no problem. Your body, your choice. My body, my choice. I'm not- But let's be clear that if we do get canceled from YouTube, like this is why we're going to get canceled from YouTube, which I'm fine with, by the way, because we have bitcointv.com.

I'm completely at peace. I already thought we were going to get canceled from YouTube, but it's important. YouTube is like nothing crazy either. So it's like- Well, that's the only reason we haven't gotten canceled is because we just aren't very good at YouTube. Like I was telling you this off air.

I was like, if we had 20,000, 30,000 subscribers on YouTube, maybe we'd be canceled already. But they're like, ah, you know, they're under 10K. It doesn't matter. But it's crazy. Like yesterday's bent. I felt compelled to get it out there. There is an episode of mass psychosis going on in our society right now.

People are literally denying reality. People are detached from reality. They've been fed a conjured illusion by the mainstream media. please unplug your boob tubes people these media outlets the political class the corporate class the academic class they're feeding you bullshit and everybody's picking it up like it like another thing that pisses me off making kids wear a mask it infuriates me when i'm at the park with my son and i see other kids 7 to 12 years old running around they should be having the time of their life and they're fucking wearing masks and their parents it makes me very angry i don't think we

should be making children do that i just think it's pretty crazy that people have lived through 2020 and now 2021 and they just like blindly trust their governments and corporations still right and this goes for bitcoiners too like there's a lot of like the overwhelming majority of bitcoiners are uh skeptical of the vaccine which is fantastic to see um but in in the bitcoin privacy discussion there are a lot of fucking cucks that are just completely fine with just trusting governments and corporations to act in good faith and it's just very weird to me had a good tweet right before we went live too i'm trying to remember the exact context oh is the fda came out and said they're gonna they're gonna ban menthol the the creation and distribution

of menthol cigarettes and his tweet was like yeah they're gonna ban like a type of fucking cigarette and you don't think they're gonna try and ban self-custody the the before all this before covid they were going after e6 they were like uh cigarettes are still fine but like but god forbid you have you know a menthol jewel or whatever like fucking ridiculous yeah and freaks there was a lot of hoopla over the the picture of me smoking a dart my cowboy outfit in austin texas last week you know what a dart every once in a while never killed anybody a dart is that philly talk or texas talk dart i learned the term dart in philly but i would love to bring it to texas if i can offer anything to texas i'll bring dart down anyway i'm i've happily

quit cigarettes so um i'm i'm you're welcome to do whatever you'd like to do and i will never give you shit for anything you do marty um i've had a tobacco addiction since i was like 16 but i'm very i'm very proud of myself for quitting nicotine it is you know one of my most low time preference decisions i started out with chew that was my thing i do i do like a 10 a day until i was like 21 i never got into i was i was a smoker but not a never never did chew yeah okay can we get back to bitcoin yeah we can we gotta be skeptical freaks always stay skeptical no matter what and think for yourself and don't listen to us and just do it do what you think is best yes don't be skeptical for skeptic skeptic skepticity skepticism's sake god damn skepticity is not

don't be skeptical for skepticism's sake the other part of that sentence that you just said do your own research read like that's the thing like once you read like you literally go to the cdc and read the data that they put out and literally the risk reward of taking this vaccine in my mind like it doesn't make sense to me when you look at the infections and deaths of people in our age group then you compare it to the stories that are coming out compared to uh with the vaccine stuff and then you like you get more data and it's coming to be pretty clear that if you're out of shape overweight like that's the people that it's affecting the most and so if you're an in shape young person you're probably good to go marty's out skepticity whatever bro

umbral version 0.3.9 has been released if you're running umbral that is the latest version you may want to upgrade razz my razz pie blitz now i can't speak at all you're in my head marty's out razz pie blitz version 1.7.0 has been released specter version 1.3.1 has been released and actually want to hearken back to the latest cold card release they have bit 48 uh they did something with bit 48 what do they do enhancement add support for bit 48 derivations when exporting generic json for sparrow specifically so not specter i got sparrow and specter messed up my mind speaking of sparrow version 1.4.0 has been released sphinx relay version 2.0.13 has been released btc pay server version 1.1.0 has been released and this is pretty big they added

lightning loop to this i believe so lightning loop is available if you're running a lightning node with btc pay server now has loop so you can do easier channel management um i think they had a lot of ux and ui updates as well for this btc pay server update specter do-it-yourself guide from crypto advance uh has been updated that was released four hours ago and now we're back to news square ads former vice president of the u.s chamber of commerce's center for capital markets competitiveness to their board wasn't aware of this dude or chick excuse me how sexist to me julie stitzel was at the u.s chamber of commerce's center for capital markets and competitiveness prior to joining square i'm sorry julie that

is very sexist of me to to assume a gender before uh um i mean look the takeover the regulatory capture and takeover of it like makes me uneasy you know because it's it's mostly these larger corporations that are doing it but at the same time it's there is a bullish element to it right? That we do have these Bitcoin-focused companies are hiring. This is, you know, we had two last week, right? We had Brian Brooks, who's a former comptroller of the currency. And before that, the chief lawyer of Coinbase, he did like a double revolving door. And we had the CFTC chair, Giancarlo, who joined BlockFi. Brian Brooks is running Binance US now. And then this person is a former

Chamber of Commerce, and now she is at Cash App doing their Bitcoin policy. It's happening quicker than I would expect. That's all. Imagine being bearish right now. I am terribly sorry for the mix-up. I did not read

this story earlier, and I just assumed before clicking the link. You're just trying to get us canceled from YouTube. You're just trying to prove my point. Julie. it's gonna piss the freaks off welcome to the cash app team it's great to have you on board come on the pod we'd love to have you on the pod uh what else we got here lnd benchmarking thousand transactions per second on consumer bps is possible bottle pay did this oh we already

no we didn't just follow up yost had a an update so this one so he did general uh lightning implementations and then this one's lnd specific presumably the next one's going to be c lightning right he's going to go through the implementations and what's really cool here is is he didn't try and do like some like magical uh like super corporate expensive benchmarking right this is like how much transactions per second can we reach on like a normal like aws cloud instance um and it seems like a thousand transaction per second is in reach which i think is bullish i think that's bullish too but didn't roast beef do do it on his m1 and it was even higher than that i'm not aware of what you're talking about i recall correctly the the first article that

put out running this test on like raspberry pies and stuff like that the tps for lnd came in really low and then roast beef alawu tested it on his m1 and it like went up like orders of magnitude could be um yeah i'm not i'm not sure about that i look at the end of the day it's early days of lightning so i think these are all starting points and i think that we should take them as starting points and and we our expectations should be that um it'll obviously get more efficient over time and better over time um i i think it's important that we do a shout out for freak braj in uh in the chat uh it's important for you freaks to like and subscribe uh to this video on youtube if you're watching live right now so we get banned

quicker so just please do that um so i could prove my point to marty that we're just too small of a count to get banned yet well like are we increasing our chances to get banned because we're like ban us ban us it doesn't matter we have bitcoin tv we have other platforms uh we'll come to you regardless we'll make it on tv.com check it out freaks this was extremely cool especially for somebody like me who likes to surf a lot bitcoin beach shout out michael suitor shout out jack mallers shout out mike who's running bitcoin beach they got it featured in stab mag which is like it's just like hilarious stab mags like a

like a small um surfing magazine but they they detailed what's going on at bitcoin beach particularly with their integration of bitcoin throughout their local economy how they're integrating lightning and what it's actually doing for the local economy and like bitcoin beach is now supporting the olympic surfing team in el salvador i think it's like the first olympic team that they're actually allowed the first olympic surfing team at least that that is from el salvador that will be joining the olympics this year um but it was like incredible to see the surfing magazine providing significantly better journalism on bitcoin adoption than your mainstream financial publications bloomberg at crypto like even like coindesk to some extent

the block crypto like this was actual like on the ground adoption of bitcoin journalism by a surfing magazine that was pretty significant no yeah i mean this write-up was fantastic i mean we're a little bit biased because we fucking love the bitcoin beach project um but this write-up was this is a fantastic write-up how did they end it they ended it with what was the sentence it was Bitcoin is not the future, it's the present. So bullish. Yes. I love it.

But also another important thing to note in this article, they mentioned the fact that there is a training facility being built, a surfing training facility in El Zante at the Bitcoin Beach. But they're also doing a fundraiser for Catherine Diaz, who tragically died while surfing. She was an Olympian, a 22-year-old, was surfing a freak storm flew into town she got struck by lightning while while in the water and passed away unfortunately but uh the bitcoin beach initiative is looking to raise 10 bitcoin

to secure the land uh and for the facility that will be um in her name we will be contributing to these efforts at tftc at the coordinate with miles on the side to to see how much how we're going to get the bitcoin into the hands of this fundraiser but yeah if you guys want to contribute to this i think it's a great cause um again they're going to be building a facility in el zante dedicated to katherine diaz who tragically passed away she was uh and from what i've heard secondhand was a bright spot in the community particularly the surfing community in el zante so especially if you're a surfer and some of you freaks out there are surfers and you want to Get back to the community, the surfing community specifically.

This is a great cause. RIP, it's important for us to support these kind of things. Yes. Our boy Pete Rizzo, he dropped an amazing history piece this week on Satoshi's disappearance in Bitcoin Magazine. I don't think I can do it justice trying to describe it, but essentially Bitcoin, excuse me, Bitcoin. Satoshi disappeared sort of abruptly.

A decade ago. yeah had some hints that he was going to do it but abruptly left april of 2011 it's crazy to think stoshi was only around for like a little over two years yeah i mean that quite too yeah that was actually it's a good time to plug the episode that is already loaded up and we'll be dropping at 8 a.m eastern tomorrow which is the episode matt and i recorded last night with gabriel shipton who is julian assange's brother and we actually had a very interesting discussion comparing julian and satoshi as leaders of these pretty massive revolutionary movements julian wanted to be public and be a lightning rod satoshi obviously a pseudonym and dropped away from the

public eye again a little after two years into the project and that juxtaposition those different strategies for these types of actions these revolutionary actions in the digital age whether it be uh just doing journalism actual journalism in the digital age and getting access to information to individuals around the world about how their governments are are acting poorly in their name or launching a peer-to-peer distributed cash system like cash system like satoshi did um in terms of having a a leader there's different strategies satoshi chose the pseudonym and julian assange was obviously the public lightning rod that took attention away from the other wiki leaks workers yeah i mean definitely listen to that conversation we had

julian's brother gabriel um a very powerful discussion um and if you if you if you haven't uh if you haven't if you haven't watched or listened to the the live stream yesterday about sastoshi disappear day um i did co-host that with rizzo um and we just had a really great conversation uh there's multiple great conversations there's like four good conversations in a row it's about four hours of content so if you haven't checked that out go check that out um yeah i'm gonna blow more smoke up bitcoin magazine's ass and our good friend alex gladstein who i met up with in austin some gentleman drew a nice picture of us did you share that picture it's on it's on twitter somewhere and i have i believe i have the

drawing somewhere in this house right now it's a beautiful picture shout out to the local artist in austin who made my hairline look fucking in fuego and it like the picture he got of alex and i were like literally just enthralled at a bitcoin conversation just talking about bitcoin freedom and our boy alex wrote an incredible piece in book bitcoin magazine he's going to be doing a bi-weekly column there i believe this was the first or second is this dude i fucking hate the term bi-weekly we talked about this last week semi-weekly would be twice a week bi-weekly is every two weeks no bi-weekly give me both okay whatever but yeah he's doing every two weeks this is his second post yes and it's on uncovering the hidden cost of the petrodollar he goes deep

into the world's recurve how the world's reserve currency relies on oil dictators inequality military industrial complex there's no standard could change this these are two long reads yeah i feel like we all knew that like the petrodollars like fucked up and not fair and like slave money uh but uh i didn't know you know i thought i knew but i didn't know like you should go read the post like it's pretty crazy it's very crazy and like bitcoiners particularly like i feel like we're more in tuned with this shit you know like we all know like i think most big corners like you just send them a picture of the bread and woods hotel like they're like oh bread and woods most people don't know what bread and woods is like i have no idea what that fucking is

um but still enlightening very good a lot of research went into both pieces whether that's riz or gladstein but uh that gladstein one man like the fact that we have like these like progressive bitcoin haters that are like attacking us for like bitcoin being morally bad as money as they like buy a sandwich from like their corporate fucking slave master with their with their fucking petrodollar is absolutely ridiculous like what the fuck is going on blood money and it's slave money too it's enslaving anybody who uses that as a reserve currency because you're forced to stay on the hamster wheel stay on the hamster wheel stay on the answer wheel consume consume consume consume consume consume debunk obey shut your eyes

shut your ears open your mouth just take this thing don't ask any questions now you're just sexually assaulting the freaks uh seriously alex and pete if you're listening i finally caught up on both your articles today pete and i we've been emailing for a couple weeks we should record episodes on both of them to dive i like grizzo a lot now he's been he's he's had a renaissance man yeah renaissance a very strong one too he's based now he's one of those journalists that was like hey i actually want to start accumulating bitcoin and then as soon as he did it's just like let's just incredible history story incredible you went all caps yeah i did see that you told me he was never gonna go all caps he couldn't help himself he couldn't fucking help himself welcome welcome

pete not that i have to welcome you've been around let the caps flow through you rizzo all right what should we wrap it up on here anything to riff on before that's it on the uh on the list i mean look i'm excited for your trip i think that's gonna be a lot of fun i mean you have a car picking you up in an hour right yeah i mean we don't have to tell the freaks that I apologize. I think that's going to be dope. I'm excited for you. I think it's important for people to realize that life is fucking short,

you know, and to enjoy it. Like, we talk about low time preference a lot, and it is absolutely important that we don't fuck over our grandkids. They're counting on you, so don't screw them up. but at the same time like you never know you never know what's going to happen in six months a year and you just got to fucking enjoy yourself enjoy yourself be grateful you only got one life we're on a rock flying through space we're speck of dust with that pale blue dot it's incredible that we're alive right now it's incredible that we have this opportunity to be cognitive

to be able to speak through this microphone through this video conference live to you freaks out there it's i know we get uh pretty i don't want to say down in the dumps but it's like oh shit man things are pretty heavy but things are also pretty beautiful the fact that we can congregate like this yes there is a mass psychosis going on to a certain extent but you can fight back against it it's by speaking up it's by congregating here it's by sharing these ideas and and being confident about sharing these ideas the more these ideas spread the better we can chip away at the mass psychosis at the control we can we can also use the good aspects of these tools of these communication tools particularly to spread good messages and that's what we're

trying to do here rabbit hole recap at tftc in general at citadel dispatch we love you freaks we just want to spread the good ideas marty uh cosign that uh zero to ten ten being most optimistic zero being like the biggest debbie downer ever um like where do you stand currently the state of our existence i'm always at a steady seven yeah i i think that's a little bit bearish but i think that's pretty solid like i i would probably put myself like an eight and a half or something you you were all you're always gonna up whatever no matter what you said i was gonna you never answer first you know i'm optimistic you know i'm an optimistic type i think it's important for the freaks to realize that we're i think we're extremely

optimistic people like it we get down in the dumps a lot uh but we made it through 2020 together freaks and now we're making it through 2021 together um i am fucking hyped as fuck about miami like i'm just like ridiculously fucking hyped about miami and i think uh the future is bright as marty always says i you know i'm just i thank god we have bitcoin right thank god we have bitcoin it's not seriously if anything freaks in the chat you can meet here and talk like shoot the shit every week imagine we didn't have bitcoin we didn't have this show got like what could our lives be like right now freaks in the chat hit us with your number i might still be unemployed bitcoin got me that job at barstool hornet it was the bent right yes yeah the bent

the bent convinced lou like all right this kid knows what he's talking about he's gonna be your bitcoin guy you guys forget i was unemployed when the newsletter first started when the podcast first started too i had to beg lou to give me a job at barstool it's crazy how life can switch how fast it can switch around it can turn your luck can turn if you're down in the dumps right now keep pushing i was unemployed for like almost two years at one point that's pretty crazy marty now you're you know the future vanderbilt i don't know about that but luckily i have a very strong woman behind me my wife my wife bought marty stock extremely low she married me like a year into my unemployment she bought the dip she bought she bought the dip hard i love you honey if you're

listening all right matthew i gotta get this up before yeah i love you bro i love you freaks stay humble stack sets love all y'all peace and love