TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Bitcoin Week of 2021.05.03

Episode Date: May 6, 2021

This week Marty and Matt discuss: bitcoin core v0.21.1 first taproot signalling period new multisig guide from bitcoinqna thailand in person kyc this month in bitcoin privacy bluewallet v6.1.0 umbrel v03.10 phoenix v1.4.11 F2pool hashrate from outside china Dual-funded LN channel on mainnet MARA virtue signaling Iranian Central Bank cucking too Miningpool.observer NY State wants to ban mining Bitcoin Beach fund raiser Coinbase transparency report Cash App Q1 numbers Commodities inflation Tunisian student arrested and tortured for using BTC Shoutout to this week's sponsors. Cash App. Start #stackingsats today. Use the promo code: "stackingsats" to receive $10 and contribute $10 to OWLS Lacrosse when you download the app. Unchained Capital. Check out their white glove vault concierge service that will take you from zero to secure multisig setup in no time. Use the code TFTC and receive $50 off that package that includes 2 Trezor Model Ts and $1,000 in your vault. HodlHodl. Lend at Hodl Hodl is a new non-custodial bitcoin backed lending platform, that allows peer to peer lending and borrowing between users, globally, anonymously & on your own terms. Create you offers & set your own terms on lend.hodlhodl.com Braiins. Braiins are leaders in the mining industry; running Slush Pool, creating firmware to make miners more profitable (Braiins OS+), and building out Stratum V2 to help further decentralize mining and make Bitcoin more robust. Check out their mining profitability calculator.

What's up freaks, it's your boy Marty Bent, here to introduce this rip of RHR. Is it a good rip? Is it a bad rip? I don't know. I bet it is. Got the family in the recording studio as I record the sad son. That's not the remote for the fireplace. It's a remote for the TV. When are you going to learn it? You're just throwing it in the trash can. God, I love my family. I do. I love you, buddy. This rip was brought to you by our good friends at the Cash App. cash app we're going to talk about in this episode they just crushed q1 2021 i believe like

three billion in sales let me check let me check a lot of people stacking sats on the cash app yeah 3.5 billion dollars on the cash app people stacking sats they're not buying whole bitcoins i bet not most of those people aren't buying whole bitcoins they're stacking sats there's 100 million sats in a bitcoin cash app makes it easy to stack sats you can buy as little as one dollar you can dca in the sat set it and forget it i wonder how much that's contributing dca just to set it and forget it you can buy daily weekly bi-weekly if you want to you can direct deposit your paychecks into the app you got account numbers and routing numbers so you can just skip your bank cash app could be your bank making a more seamless sat stacking flow they got their boost program got

a lot of things use the code stacking sats if you haven't downloaded the cash app yet that's s-t-a-c-k-i-n-g-s-a-t-s you're going to get ten dollars and ten dollars going to go to our good friends at owls lacrosse that's owls lacrosse owls lacrosse this trip is also brought to you But I have very, very, very good friends at Unchained Capital. Unchained Capital doing incredible things to bring products to Bitcoiners, leveraging Bitcoin's native properties and nothing encapsulates that ethos and that drive better than their Volt product, which is a two or three multi-sig collaborative custody product

that allows you to engage in a multi-sig setup with Unchained. You hold two keys, Unchained holds one. And you can always move your UTXOs out of your Multisig wallets whenever you so please. But if you're ever in a pinch, Unchained is there to be that two in the two or three signature. They have a white glove concierge service that they're offering for you freaks. And if you tell them that TFTC sent you, you're going to get $50 off this service. This service includes multiple video conferences to get you comfortable with Multisig, what it is, why you should be using it. They're going to get you comfortable with their Volt products specifically.

They're going to send you a couple hardware wallets. They're going to be comfortable setting those up, protecting your seed phrases. They're going to get you set up with a vault. You're going to have two keys. Again, on-chain will have one. So you're going to make sure that you have your derivation pass written down and saved. You're going to make sure you have your seed phrases saved. And they're going to dump $1,000, $1,000 cuck bucks worth of sats into your vault at the end of the day.

On top of this, they have incredible blogs, content. parker lewis is gradually then suddenly actually orange pilled somebody with it earlier this week was pretty glorious i sent the link to gradually then suddenly emailed me back two days later like oh i get it now i get it now parker future mayor of austin legend at unshamed capital doing the thing to get people into bitcoin drew's also putting out great content hodl waves huddle waves came from unchained buck is putting out great content great team phil geiger legends we're going to link to the concierge service in the show notes but if you just want to check them out in general unchained-capital.com that's unchained-capital.com this rip is also brought

to you by a good friends at huddle huddle huddle huddle is here to bring you guys the ability to lend against your Bitcoin in a way that makes it anonymous, peer-to-peer, globally, on your own terms. All right, so lend at HodlHodl. It's a new non-custodial Bitcoin-backed lending platform. If you're short of funds, you don't need to sell your Bitcoin. Get some liquidity by borrowing, using your Bitcoin as collateral. You set it up again. They're leveraging Bitcoin's native properties using a two or three multi-sig escrow. You hold one key. Your counterparty holds one key hodl hodl holds the other key you can always see that your sats are in the multi-sig escrow account throughout the duration of your loan you know it's not being re-hypothecated

okay your collateral always remains locked in escrow this is available to u.s users as well because it's non-custodial any of you u.s users have been like damn i wish i could use hodl hodl products but i haven't been able to because they block me off because i live under a surveillance state well this is one of the few products you can leverage if you have some stable coins you You can enter the other side of that marketplace, put them up to be lent out, and get interest on those. So create your offers and set your own terms at lend.hodlhodl.com. That's lend.hodlhodl.com. L-E-N-D-H-O-D-D.

Excuse me. L-E-N-D.H-O-D-L-H-O-D-L.com. I got it wrong the first go around. The second go around is the correct one. last but certainly not least is our good friends at brains brains b-r-a-i-i-n-s the double i can't forget the double i okay brains is helping us do incredible things they've got uh bitcoin on top of the mind at all times uh there's a team behind slush pool all right and they have a couple major product updates make a lot like much easier for

bitcoin miners okay especially large operations we've been talking about it brains os plus manager it's a brand new product it's an online platform that enables larger miners to remotely monitor and manage all their asics running brains os plus so if you're running that firmware they've got some management software for you so you can control this stuff remotely on multiple devices and not have to be on site 24 7 which is a huge pain in the ass manager is and will always be free for brains os plus miners and they cannot and they can connect to an unlimited amount of devices that's why i said security and efficiency were top priorities brains os plus manager uses stratum v2 for a smaller and less frequent data transfer

with all asic configuration telemetry data being sent via encrypted connections which protect against eavesdropping and man-in-the-middle attacks for details on the manager and how it was set up and how you can set up with your operation go to brains.com b-r-a-i-i-n-s.com slash blog and check out the brains os plus manager launch it's an article brains b-r-a-i-i-n-s.com go check it out and again it's available if you're running brains os plus which is their firmware that helps miners stack more stats if it's available for your machines you should be running it slash pool is also getting its first major update in the past couple of years and we'll have some new industry first features for bitcoin mining pools the update hasn't been launched just yet

but i can tell you that it's going to include an ultra flexible payout system customizing mining reward splitting best of all dark theme for 24 7 hash rate monitoring that's easy on the eyes follow slush underscore pool on twitter to see the announcement when the pool update goes live i jumped the gun a couple of reads ago on that it's not live yet it will be live soon again go follow slush underscore pool to check this out edward sin queso evenson is running that edward sin queso this is me whipping you through the mic when what's minor hopefully you're getting your whip and going to your desk get the what's minor get out there love you guys enjoy this rip

you've had a dynamic where money's become freer than free if 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 you probably should be recording what is up freaks it's your boy marty bent here for another rip rabbit hole recap i'm pretty jacked up this week matt matt you are at an undisclosed location looks beautiful uh it's it is beautiful down here i'm very excited this week that's why uh matt was a

little delayed on his travels why we're starting a little late this week he's got a fun night ahead of him uh and so we're just gonna we're just gonna rip it we're gonna rip into it what what is your vibe like right now have you had any drinks yet um yes uh i should probably drink less and i'm working on that freaks um the did you get called out i mean no not necessarily but i call him i'm calling myself out that's good it's good to keep yourself in check yeah so odell's calling odell out uh the the big thing for me this week i mean i guess let's just jump right into it is this uh marathon patent holding groups uh so-called clean block mining they mine their first uh ofac quote-unquote compliant block today yes yes that was the uh the subject of today's

bent that'll be our first subject let's just go through the dashboard and we'll jump right into that let's do it i've got a lot to say about that too we could go on i think that might take like at least 20 minutes to get through it uh according to clark's dashboard pretty close pretty close to the crypto watch price right now we're 56 360 dollars one cuck buck's going to get you 1774 sats current market cap is 1 trillion 1.05 trillion what else we got here we're up block height 682 278 89.06 percent of every bitcoin that will ever be mined has been mined that's 18 million 701 648.00 nice even number of bitcoin on the market right now uh we're going to start talking about this stat we're going to talk about this subject too and more in length later but uh

activation activation state has started epoch block signal number of blocks 290 in this epoch that's 14.4 percent of the last 2016 blocks um higher percentage of the difficulty adjustment epoch we'll get into the the distinction there later um we had that big difficulty adjustment and now blocks are coming in at eight minutes and 21 seconds on average we adjusted down 12.6 we talked about that last week and now the next adjustment is in 1146 blocks that's estimated to be on may 14th and that will be a 19.7 upward adjustment so pretty volatile difficulty over the last two adjustments down 12.6 as of right now next one will be up 19.7 and i think that will be more accurate than the prediction of 25% down two weeks ago. Fees are going

up. Pending fees are 1.97 BTC in the mempool and Clark's mempool. Estimated fee versus reward next block is 7.34%. Samurai unspent capacity liquidity is 2,252.59 Bitcoin or 127 million cuck bucks that's pretty static since the last time we we talked about that and you know those are the stats of the bitcoin network right now we got bisque trading at a 2000 and 1730 dollar premium currently taking taking the jacket off let's jump into marathon all right so for any of you freaks who are not aware marathon holdings digital holdings the the company they're publicly traded bitcoin mining company i think they're patent trolls as well and they it's the name right and

they made a uh i mean they make an announcement earlier today within the last 24 hours they mined a block their mining pool mined its first block and in the the coinbase transaction they left the message mara which is their pool ofac compliant block um this is something we've been talking about on rhr for quite some time started back in last september when slick slic and was some sort of consortium that was going to get together and create a mining pool that was ofac and regulator regulatory kyca ml compliant uh we shit on them pretty hard back then marathon has been posturing like this uh in recent months and this was the first block they mined um and so yeah they think that they're mining ofac compliant blocks i'll let you start matt and i know i

have plenty to add on to it well that's an interesting framing that you said they think they're mining ofac compliant blocks um i guess that begs the question what is an ofac compliant block is it possible to have an OFAC compliant block right and so the the intention or the idea behind an OFAC compliant block is that they're producing blocks that don't interact with bad addresses that have been labeled listed by OFAC or aren't aren't compliant with OFAC rules it's very hilarious very ironic because our boy Laurent was working with the samurai team and working he built oxt.me used oxt.me they used some heuristics to to discern big addresses big wallets and try to connect them to entities and it turns out that the OFAC block compliant block

the marathon pool mind actually had two transactions that went to the hydra market the darknet market uh within the block did you see that um did no i missed that completely i mean i saw some people were sending them taint after the fact but this was before the fact this was literally the block they mined laurent looked it up had two transactions that were sent like they were sent to wallets owned by the darknet market hydra in russia um which is the largest darknet market and uh has historically been bitcoin only which are two interesting aspects the cool thing about hydra has always been that um instead of shipping uh drugs or what whatnot is being sold on the darknet market um they use like coordinates so it's you know like your

your package is located underneath this bench at these coordinates um which i always thought was interesting um yeah i mean with this i i don't think you know i don't know if they are the correct argument is like oh like you're not perfectly compliant i i think the crime the crime the the offense to bitcoin is attempting it in the first place right like attempting to categorize you know transactions uh by this transaction is an okay transaction and this transaction is not an okay transaction um is an attack on the bitcoin network period if like if you're if you're not just going based on fees um you're you're using a exterior an external method to try and determine which transaction can be confirmed and which can't be confirmed agreed it's an attack on

bitcoin but i think it's a pretty weak attack because once you dive into the details it becomes pretty obvious pretty quickly now what they're trying to do is literally impossible and so i put a great thread from an individual named jay beddick in the bent today and he basically lays this out i'll just read some of the thread right now but the concept of a compliant block is a fundamental misunderstanding of the protocol if you mine on top of a block you secure all previous transactions a little bit more, regardless if you include non-compliant transactions in your block or not. Since a compliant miner is using an address blacklist, a non-compliant transaction involves an address that previously transacted before the block a compliant miner is mining.

Thus, even in attempting to avoid securing the non-compliant transactor's latest transaction in their block, they are securing the previous non-compliant transaction by simply participating in the same blockchain said another way before even considering if such a miner would mine on top of a non-compliant block after they mine the first block this miner securing the non-compliant transactors transactions by simply coming to the table so this whole idea of ofat compliant not including transactions in your block uh it's cute but it doesn't hold up to snuff in actually deterring any of this. You're actually securing transactions

that happened in the past and making them more secure by adding a block. And then if you were going to say, all right, moving forward, we won't do that, you have to hope that you have enough hash rate and you probabilistically mine enough blocks in a row to rework the chain every time there's a transaction including a block that is considered unsavory

by the regulators that these groups are trying to achieve a piece excuse me so i think this was nothing more than a virtue signal uh in an attempt to create a premium on the on the bitcoin that they're mining by saying we're ofac compliant i mean the fact that they had two transactions out of 127 that were included in the whole block go to hydra is fucking hilarious and then on top of that if they want to be a legitimate mining pool and actually a mass hash rate number one don't attack bitcoin uh miners are not going join your your pool and number two you better optimize for fees better because they only they only uh accumulated five million sats worth of fees in that block which is considerably lower

than the average i believe the next block after that collected 0.31 uh three thirty thirty one million sats and fees compared to five million so you're gonna run a successful pool don't attack bitcoin and make sure you're profitable so it actually if you are attacking bitcoin uh miners may want to join you because it may be profitable i mean i guess it comes down to two things right it comes down to whether or not they can get that premium uh that they're trying to manufacture on on their bitcoin and secondly uh whether uh governments require this shit right like i mean if i mean i could at least see i mean this is tangential to another topic we have on the list i could at least see some states of the united states requiring you to use a pool like this

they might they might put that directly in the regulation if you want to mine bitcoin within our borders then you have to use a compliant pool and i don't think they give a shit if they're not perfectly compliant uh as long as they try on a best case scenario right best case basis yeah i'm getting yelled at for reading a dashboard and then and then the tweet but but miners will just move especially if they're not profitable right they're they're obviously not as profitable as other mining pools and again you're attacking bitcoin like is is the like if a state does mandate that you have to use one of these pools and it destroys the value of bitcoin at the end of the day doesn't make sense to stay in that state now all it takes is

one outside of bitcoin or excuse me outside of that state to say hey we don't care um but again i think we're getting too dirty into that game theory too deep into that game theoretical situation i think what we really do is just highlight how idiotic this is because every block that you add is basically confirming past transactions um and so you're and then on top of you throw in fees which has you can't argue semantics against a fucking state man like oh they're gonna oh if they're confirming on top of blocks and those blocks aren't clean and they're not clean like what they're gonna try their best what let's talk about they're not even clean like they they sent two transactions they facilitated two transactions the hydra and then

on top of that so this is another thing um related to this particular story is uh our boy ox ox btc one zero c uh he came out with a tool called mining pool observer that basically tries to discern whether or not mining pools are actively filtering transactions and he said using his tool that it's apparent that in block 682 170 they weren't filtering and you could tell because the leftover transactions uh had just entered his mempool within the last couple of minutes so it wasn't like they were actively avoiding any transactions there was nothing more than a virtue signal like they didn't actively filter anything so like it was just the coinbase virtue signal yeah i like i don't doubt that it's a virtue signal i i still think

like it's the beginning of something like let's let's talk about let's talk about i mean i don't know if we have it on the list but we should have it on the list if we don't um let's talk about your favorite state of the union uh new york and what's like happening over there with gold mining so new york new york state new york state senate has a this is for different reasons why they have this on the on the floor on the state senate floor there is a bill very poorly written bill i may add a lot of typos i mean i'm not one to speak i have a lot of typos in my content and i can't speak too well but with that being said if you if you do attain the stature of a state senator and you're going to put a bill on the floor

you would at least assume that you'd have some aides or interns proofread for you before you put something on record uh i believe the state senator his last name is parker or something like that and he he basically is asking for a three-year moratorium moratorium moratorium moratorium on bitcoin mining within new york state uh and he's basically um he's saying for environmental reasons it's bitcoin mining crypto mining as he calls it takes up a lot of energy and due to the fact that new york is trying to reach uh co2 emissions goals and wants to stay in line with the paris accord guidelines uh that there needs to be a three-year moratorium on bitcoin mining to save the planet it's a different different angle different angle but like i could easily see

um i can easily see a law that says you know you have to be a part of a compliant mining pool and i can easily see that too i can easily see it be brought to the floor And it might not be perfect, right? But it could be, they could have explicit heuristics that they decide that they're not going to mine. Agree. But again, you just move your shit somewhere else. You think that's going to happen globally? No, I mean, that's the key, right? The key is that as long as it doesn't happen globally, another miner will mine your transaction. And if it is happening at a wide scale, you can increase your fee and maybe some small miner somewhere will take your transaction and mine it. And at scale, that results in that small miner or those small miners making significantly more money, right, than the so-called compliant miners. So long term, it shouldn't be sustainable. And that's the whole game theory aspect to it, right?

yes and i think we're actually while we're on this tip getting uh an example of the extreme that states would like to go to which is iran iran central bank have you seen this yet you've been traveling i doubt it iran central bank has this declared that transactions of cryptocurrencies which were mined outside of iran are forbidden in iran one can only transact with locally mined bitcoins like what does that even mean exactly exactly that came out today today five hours ago that's a weird one yeah so that's the extreme they'll take it to right if you play the logical conclusion iran iran central bank is just jumping straight to that like only in our borders only pure coins like how do you identify that like well what they mean probably is they

don't mean within their borders because there's probably a considerable amount of miners that are illegally mining or like not registered mining in iran right they probably mean like registered miners in their borders well exactly yeah exactly and they can't they can't stop there's already people so that's again that proves the point like there's already people legally illegally mining in iran still using bitcoin i think that was probably the same as it's like the same as the western countries right like they just regulate it on the if there's any kind of banking relationships or something like that it has to be with officially mined bitcoin yeah i mean they'll try but how can you ever and again transaction fees there's a whole wrench into this and you

can never make sure that the transaction fees attached to a coinbase reward and make up or coinbase subsidy to make up the total reward aren't tainted like it's logistically impossible unless you want to mine blocks and not get the fees but that's stupid and again you're going to become unprofitable to the point where you have to shut off your miners anyway did satoshi create a perfect incentive system i think he may have i mean he definitely made a really fucking strong one right but i still think i still think uh i just think that that that even though like we should be able to rely on this game theory um it's important for bitcoiners to realize that this is an attack

Like when we have a mining pool come in and say we're in the United States, we're officially regulated, we're officially compliant, like their goal is going to be the same exact thing we saw with chain analysis and all the other fucking surveillance companies, which is they're going to lobby governments. They're going to lobby fucking senators and say, you know, we need mining in America. And when that mining happens in America, it should happen in a compliant pool that loves America and stands for our ideals. And they're going to say this and they're going to try and attract a bunch of different hash rate. And that is an attack. I don't think that attack will be successful. I think I think the game theory and the incentives stop it. I think Bitcoiners in general are adversarial and will not stand for that kind of thing, including miners. But still, it needs to be registered as an attack.

I think it's very important that we sit here today and we register the fact that this was the first time. We've been talking about this for a long fucking time. And this is the first time that we had a so-called compliant regulatory block get mined. Yeah. No, I think we're on it. we've been warning the freaks about this today's bent was about this it is an attack it is here that's why i said in the black in the bent like hey you know what maybe this is a good thing maybe we just need to get this attack over with and deal with it the earlier the better right

and so another thing to add to this too is 19 almost 19 excuse me almost 90 percent of the bitcoin that ever exists have been mined so that's the that's another beautiful thing about bitcoin and its design is the the steep supply uh distribution curve like that that also gives us some shield as well right like so before these um before these regulations these strict bullshit regulations can get embedded into the protocol we already have a significant significant amount of bitcoin distributed to the network um yeah it's definitely an attack but like yeah great american mining we're we're laughing at marathon today because we would never join their pool and they've hit us up like

oh would you think about it like no get the fuck out of here like it's not and then you talk to steve barbers of the world other miners out there there's some base bitcoin miners in north america that are never going to join a pool like this if we have to or create our own pool we have to run i won't speak for todd and crew but i would run and go somewhere else take my capital intellectual capital and financial capital somewhere else and plug in somewhere else because people can go fuck themselves again all this shit is built on regulations that do more harm than good like that so that's the message we have to get out there as well with the message we've been beating home pretty aggressively this shit is ineffective at the end of the day and all it does

is curtail innovation and prevent people from participating in economic systems and commerce that that makes them better off and all to stop a few bad actors as deemed by governments and regulators and again those laws those regulations are subjective to the kleptocrats in power at any given point in time fight back freaks fuck yes so yeah i mentioned it earlier but 0xb10c on twitter uh pretty base developer he was at chain code i believe you're somewhere else as well but again he's got this mining pool dot observer go check it out he's monitoring whether or not pools are actively filtering transactions and so that's like the thing

it's an attack today like so like this was this was the shot across the bow this was not the attack the attack would be if they were actually filtering transactions which they didn't do which 0x b1oc proved uh with his mining pool dot observer tool they didn't actually right i mean that to be clear and this is something that i think is important for people to realize considering taproot signaling is in the news, is that miners can choose in their Coinbase tag what tag they put there. So that tag is not a verifiable thing. Anyone can put whatever they want to put there. When I say Coinbase, I don't mean the exchange. The exchange decided to take the term for the original transaction every time a block is mined. And that's the Coinbase

transaction. You can put a tag in there. That tag is usually how we determine which mining pool is which. Historically, mining pools have been completely honest about it. They'll put whatever tag is in there. We are F2 pool, or we are Binance pool. That's how we can tell what the hash rate is because we take that amount of signaling, and then we interpret it as the hash rate after the fact. um now the there is it's it's it's worth keeping in mind there's other heuristics like sometimes they'll mine to the same addresses over and over again so obviously it's it's probably the same pool unless they want to lie and uh and fund another pool just to like fuck around um but with with this situation it's exactly what marty said to me it's not anything to do with the

specific transactions a miner in their fucking coinbase tag fucking put we are ofat compliant we are attempting to be ofat compliant that is the attack right it's like the it and it's like you said it's almost like uh they're announcing it ahead of time right it's like like old school warfare right where they they like blow the horn and wave the flag before they attack is kind of how it feels to me right it's like we are ofat compliant we are proud of it and if you want to join the best compliant mining pool of north america we are that that that compliant pool right and and that's the signaling that i see happening and that's something that i think it's important for the community to push back on hard yeah because i don't want to see 40 35 of you know

north american hash rate go over to this kind of pool and feel like they can do that without any kind of public pushback yeah sit there with your dick in your head marathon i'll never be joining your pool at great american mining i can tell you that for certain and i'm not going to name names but i've talked to other mining pools about this and obviously we talked to a lot of pools at great american mining and like every one except for these virtue signalers so i don't even think they care about ofec these people don't fucking care about being ofec compliant they want to be able to sell their coins for a premium and they think doing this will allow them to do so every other mining pool that we've spoken with is like no we'll never do that and again laying out the

reasons that i just did is it's literally impossible like it's a bullshit marketing employee you can never guarantee that at all um just do the nature of how bitcoin the protocol works marathon patent group you know what fuck you guys like you yeah i got a lot to say i can't say it on there though i can't say it on there i love the passion marty dump their stock dump their stock if you dump their stock if you're out there and you're holding their stock because you're like doing like a bitcoin mining plate dump their stock let them know fuck these people not investment advice ethical advice okay marty what's the next topic uh where do we start here list is all over the

place today um well let's stay we're mining pools this is actually you mentioned f2 pool earlier um f2 pool uh chun wang chun wang from f2 pool announced earlier this week uh again you just have to take his word for it but i think it i don't see why he would lie about this let me push back if you think he would but in april this year the first month of f2 pools eight years of operation that they saw more hash rate emanating from countries outside of china than within so the majority of hash rate on f2 pool in april was kind of i don't believe him for a fucking second no you don't believe him no dude dude he's a fucking player like what you we're just trusting without verifying now how to verify and how can you verify right we can't we can't so

i don't i don't believe it well it's a data point i wouldn't be surprised i'll say i wouldn't be surprised so f2 pool was like they were the best at fucking around with signaling for segwit last time around and i i i believe he made a lot of money off of it because he controlled a large amount of litecoin hash rate and a large amount of bitcoin hash rate in terms of his pool operation and he was like fucking around with signaling on both chains and like trading them at the same time i'm pretty sure like because he was getting and we're going to see this everyone's going to act like so fucking surprised like when we get around 90 threshold for taproot signaling in any given difficulty uh period which is how it's set up um you're going to see miners flip back and

forth and they're going to be playing the markets and the markets are going to dump and go up and you're going to see accounts on twitter that are going to make it the market's trading on taproot activation though i would push back no but no because what happens is it doesn't even matter it's not like there's a fork future derivative no but marty the thing that you can trade like the cash was marty the thing is is like we're going to go over 90 and everyone's going to go on twitter to try and get the engagement and they're going to say taproot this privacy and and scalability upgrade to bitcoin is going to get past the 90 and then it's going to drop under and then there's going to be fought and there's going to be a pump and there's going to be a dump

and that's what happens how's this activation work once it gets how long does that have to stay over 90 i thought it was it has to be for the difficulty period with it i thought it was trailing 2016 blocks so let's get into that i thought it was i thought it was difficulty period but maybe it's trailing 2016 blocks but regardless my point is oh no that would be different i'm pretty sure it's the difficulty period i don't know did you hear what i said when i was reading the dashboard like clark's dashboard is doing 2016 blocks trailing that's because if you do the percentage of this difficulty then the carmen is saying it's difficulty period marty is it yeah clark update update if it's difficulty period which makes a lot more sense because of reorgs

and whatnot and that would make it really fucking confusing uh the clark you need to update your dashboard there's going to be fuckery around 90 and and sites like taproot.watch are going to predict a 90 swing they're going to predict they're going to predict at like a thousand blocks in they're going to predict taproot is passing and i'm not going to name the names of the accounts but there's going to be a bunch of accounts they're going to tweet out taproot is passing we're going to have this fucking upgrade and we're going to fucking pump on that news and then the miners are going to flip and to make sure that we're underneath.

And they're going to do that for a couple of difficulty periods because it's free. It's free money. Their long-term game theory is that they need to improve Bitcoin. And I have complete belief that they will go along with Taproot. But in the meantime, they have a couple of free difficulty periods where they can fuck around.

And they're going to claim, you know, we don't have control of the full hash rate, like some miners aren't firmware isn't upgraded like there's a flip they're going to call they're going to have some kind of plausible deniable reason why they flipped but really it's going to be because the pool operator is using inside information to trade the markets based on that signaling now i'm not so sure that the bitcoin price is going to move on tap or signaling that much but we'll see clark's dash remember i was wrong i was wrong i thought it was trailing the freaks will remember um yeah so it doesn't look like it's going to happen this difficulty period

i don't know why i thought it was trailing but yeah it's locked in within a difficult spirit yeah and who knows that's why that's why you have the automatic uh you have the november 12th user activated software correct saying luke luke dasher's implementation that you could run well know it's it's october of next year right no i thought it started november 12th this year ben ben let me know if i'm wrong i'm pretty sure user activated isn't this fall but continue could be wrong but yeah no i mean so that you're you're so you're bearish so you think you're gonna win the bet no i don't think i'm gonna win the bet i just think mine is gonna fuck around that's what i'm trying to say matt is right matt is right is that what that's what the chat said

yeah i can't see the chat yeah you're right there we go i love being right i know you're humble matt i know you um the the all i'm saying is that the minors are gonna i like all you should assume minors are gonna fuck around marty i'm sorry that you're a minor but i just assume that minors are gonna fuck around and they're gonna use their privileged position to fuck around and that's what they did last time i expect them to do it this time nuance nuance gauge and nuance okay like this is not nearly as contentious as bcash was there was futures for a a higher block size coin versus the segwit chain last time around that doesn't exist this time around there's no futures markets to toggle with unless like ftx spins up a token you don't need a future market

you just trade bitcoin but like again like up and down bro i don't think people like most of people buying bitcoin are in all these institutions or have no idea about taproot or what's going on it doesn't matter it's gonna get memed into existence for engagement i'm we're already seeing the taproot shit get memed like if if you were an early account to post that taproot was over 50 activation of mining pools you got over a thousand likes the other day and and what it hasn't been over 50 since then but they got the engagement they wanted the engagement they create that pump you're talking to somebody who hasn't who has an engagement hoard on this that's not what i'm saying that's not my point people will you know they make they create the pump they create

the pump this is bullish this is bullish as fuck taproot's getting activated oh wait they flipped it's not getting activated then we dump and then we're gonna do that a couple times i think that's all i'm saying maybe i'm maybe i have you know a little bit of um maybe the history fucked me up a little bit but it is what it is that's what i that's what i expect and i think it's healthy it's healthy to assume the miners will fuck around with you and act in their best interest short term it's healthy to assume the markets on their power that we're giving them it's healthy to assume that but i don't think this has any power over the markets i think it's going to get i don't think the miners are going to fuck with it but with that being said there was an interesting

um there was an interesting data point or something to take into consideration that got highlighted by alejandro at pool in this week which is one of their firmware uh one of the firmware uh one of the firmwares they were running for one of their proxy nodes for their pool for pool in uh wasn't compatible with like taproot activation signaling so like they they were like they were signaling unsignaling signaling and that was an issue with firmware at least that's what alejandro said allegedly allegedly so so marty do you think do you think taproot is bullish if it's merged into bitcoin if it's activated i do but i don't think again i don't i don't think i don't think the efficient uh do you

think it's already priced in you think you think taproot's already priced no i don't think it'll be tapped i don't think it'll be priced in until like years after when people start building software into wallet software that that utilizes and leverages the functionalities the taproot provides that's when it'll be priced in what percentage of the market do you think believes that taproot's going to be activated the better question is what percentage of the market even knows that taproot exists yeah what what percent of the market even knows that taproot exists five really you think that much five percent of bitcoin owners yeah interesting okay you think

it's higher than that you think it's higher than that i think it's significantly higher than that no way my mom has no idea what taproot is my dad and your mom is not like five percent of the market there's a hundred million people that own bitcoin and a lot of them are rich yeah but but there's a lot of people that don't own that much bitcoin they don't there's a lot of rich boomers who have no idea i'm talking about percentage of coins owned or like volume or something and i don't even know like how you would call it let's take the winklevii do the winklevii even fucking know that taproot's going on no percent no way dude they didn't even fucking know like they know a surface level they know a surface level like taproot good i want taproot

i know i honestly don't think they do dude they don't give a shit well we'll see we'll see marty we shall see it's my favorite part about this show we'll see if we have time stamps we put this out there we put our hearts on the line freaks for you should we go to shout out since we forgot last week yeah let's let's definitely fucking hit the shadows and i have a hard stop i have a hard stop in a half hour so we got a half hour wow yeah bro i've never done this to you i know i gave you a half hour notice at least half hour damn yeah what is that that'll be like a nice hour and 15 minute rip right i did my mom has 900 000 bitcoin so we have to go past did someone say that in the chat yeah well your mom is fucking awesome good for her

okay here we go hey boys the value of tftc content is immeasurable thank you i've been trying to my darndest to familiarize myself with the lightning network yet i can't seem to stumble upon just the right tutorial so far i have zap connected to lnd on my nodal dojo this part was easy this part was so easy that was almost like magic now i know that funding the zap wallet is the next step then i think i should open a channel with someone in parentheses doesn't matter who uh so that i will be connected with the lightning network right question mark no question mark before i play around with this i am trying to understand how i will get my funds back out and on chain excuse me is there a way to send bitcoin to

myself via lightning and then close the channel so i'm basically get my bitcoin minus fees right back in other words can i send myself via lightning send to myself via lightning no question mark also if i can do this does it in any way enhance the privacy of the resulting utxo had i received back to myself can you drop some matt and marty wisdom on me thank you again from feeling dumb yeah i mean first of all you're not dumb second of all like don't don't send a shout out for this just like dm me about this question um i mean i i think what you should do is you should open the channel to like a large uh a large routing node consider stacking sats tftc node um and then from there you can send it to moon wallet and then moon

wallet you can then convert it back to on-chain Bitcoin and if you convert it back to on-chain Bitcoin you will have the inbound balance that's the hack but you can't just send it to yourself otherwise you don't get anything you have to send it through

a third party basically channel management what other advice so if you open a channel with somebody you have incoming liquidity correct not outgoing no the opposite opposite you have outgoing liquidity you can send but you can't receive right um so if you want to receive bitcoin you have to go out there and uh basically find somebody who's willing to open a channel from them to you um and so that

you can receive bitcoin so that's one thing you need to take into consideration uh and this is a shout out we missed last week so hopefully this freaks listening in anticipation for this week but yeah so that's one thing to take into consideration though there's a topic we're going to touch on after the shout outs that sort of mitigates this problem uh but it's not a solution that's widespread yet which is dual funded channel opens um so yeah there's many things to take into consideration uh who to open with uh you can reach out you can dm matt who's in contact with the person who stole our node and uh he'd happily open up a a a channel worth 500 000 sats is that what he's he's going for these days yeah 500 000 sats minimum that's sicko

um you reach out to me i've got a node as well um i can i can reduce my minimum that's a little too rich for you but yeah your minimum is higher than 500 000 sets no i said i can i can give you a lower minimum okay i uh and then closing so that when you close your channel right like you if you close the channel when you construct the channel open it gives a basically like a change address receipt correct is that how that works well it's like a multi-sig transaction so when you close a channel you're you're paying your on-chain fee so so the reason that people say like do a channel of a certain size do at least 500 000 sets which is on the lower end a lot of people say do at least like a couple million sets yeah i'm a three million guy to be honest is is

because is because when it comes time to for you to close the channel and settle it on chain it could be in five years six years and at that point who knows where fees are going to be i expect fees are going to be significantly higher and and and the larger your sat the larger the amount of sats the lower the percentage your fee is when you hit the chain when you come back and hit the chain so like really when you're when you're talking about these things in terms of making lightning channels in the beginning sure fuck around play around you know open close do all these things play around with it but long term what you're looking for is you're looking for partners that you can be you can have these channels with for years you're talking like five six seven years

you don't want to hit the chain again every time you hit the chain you're getting you're getting hit with fees agreed so beware freak thank you for the question if you have any follow-up questions on that please feel free to dm us i just want to quickly just shout out uh ln.guide ln.guide That's right. Bitcoin Q&A. So just if you go there, he's got a really good repository of of of lightning information for a beginner focused. And then if you go to Matt O'Dell dot com, there is a resource there to open arms is lightning node management. I think it's called lightning node management in my list. I don't know what his actual domain is, so I'm not going to show that. but if you go to mattodel.com it's in my resource list and you can go to lightning node management he's got a really good get book about that yes beware freaks next shout out i think it's an ad

so i'm not going to read like the addy parts i've been going back and forth this guy dms i'm like did you send me an ad but he paid so this was the second attempt to let me know if you received two lightning network payments i did not only receive one conspiracies or a muck will michael sailor sink his yacht at the hundred thousand dollar party to collect insurance cuck bucks and buy bitcoin if invited bring your life jackets and private key freaks ethlenium is an ad it's like there's a lightning network predictions app i think it's by fiat joff i'll let him shill it if he listens to this and oh wait if it's by fiat joff you can just give him a free ad okay what is this we just killed you shit coiners whoever started that

shit coin i forgot her name uh predictions.ethlenium.com that's p-r-e-d-i-c-t-i-o-n-s dot e-t-l-e-n-e-u-m dot com basically predictions market with bitcoin but i went into it it's like pretty centralized like you need to trust it's 100 centralized that's his point it's like it's the same thing as it's the same thing as like binance smart chain or whatever it's like he's he's flexing that we could do this already if you just have a pseudonym run a centralized market for it yeah which is cool i appreciate him i think he does great work he has ellen ellen transaction bot on fucking uh telegram he's not a fan he's not a fan of value for value for streaming sets he think streaming stats is stupid though well if you stream stats through telegram consider it

speaking of streaming stats if you guys want to listen to this via sphinx and stream us sets stream citadel dispatch that's we've got our tribes there your tribe's pretty lively on sphinx bro yeah i mean you inspired me we're going hard over there that's i think we may have like i think tftc dispatcher like this week at least i've been paying attention to most poppin love it okay all right next shout out my favorite was your ticket at the end of uh the assange uh episode speaking of which if you freaks haven't listened to that go listen to it free julian did you see the uh president of ajr bajan getting uh i did not watch it but i i saw comments but i didn't watch it i was on the plane uh this is i mean it's it's a beautiful

poetical i believe is being interviewed by a british politician or not british politician british journalist over what happened in azerbaijan the azerbaijani armenian crisis that happened within the last 12 months i can't speak to that at all i'm not well abreast on the the politics and uh that particular war within azerbaijan um and i'm not sticking up for the president of azerbaijan in any way but i just thought it was beautiful how he caught this journalist in a catch-22 who was basically trying to call him out and saying like you don't let dissidents uh speak up you you jail them you don't have free speech in your country and he was like don't come here fucking lecture me on this shit like what about julian assange like you people

in the western world claim to be all about free speech free press uh freedom of association yet you have julian assange hostage in the united kingdom because he exerted his right to free press basically highlighted some objective truths that were going on in the name of american taxpayers so we don't have a free press here we don't have a free society matthew are we free i'm answer for you no we're not i mean i you know i have not watched it but i would push back that you know there are different definitely shades of gray here right there are uh um we do have one of the most free press we're hypocrites we're hypocrites dude don't say that don't rationalize this well no i'm not rationalizing it i'm just you know kind of telling you know the authoritarian

to go fuck himself a little bit yes no that's what i wanted to preface it with is like but that's the thing when you don't have a free press you let these authoritarians these dictators basically catch you in a catch-22 it's like you are no better than me this is why i don't block anybody i block a lot because if i block one or two people then the rest can say well you're you know you're no you're no worse than the scammer that blocks you preemptively because you just block them so i don't block anybody i don't think blocking is as is it it's a similar concept marty i don't know i don't think it's as bad as uh putting people in jail for for reporting on stuff i mean but it's a it's a similar it's a it's the same concept of you have to hold yourself

to a higher standard because if you don't hold yourself to a higher standard then it's very hard to um critique others um because they have these easy i don't critique people for blocking gotcha things okay i i advise you to block people liberally but all the scammers do it as well that's that's true it's true there's there's very popular accounts that just immediately block me when they when they join twitter to make sure that i don't say anything amen you're blocked by amen i'm blocked by many many many of many a large account me as well including the andre brent yeah what is that like is he like mocking me is it like a i think he's mocking you but he also

blocked you right so that's you know yeah yeah apparently the clown out there he's got like a daily newsletter shit pointer don't care next uh next shout out i think you're gonna like this one all caps matt odell has a duck mentality from vake you know i vake is always you know innovating and it's just impressive you know but duck mentality is by far the best mentality to have duck is a delicious poultry wait until you hear this one matt odell has a truck mentality from vake there we go is it better than duck would you prefer to be a duck or a truck oh definitely a truck i mean That sounds like a compliment. Duck mentality sounds like attack.

Well, stop giving all these the best. Here's the next one. Matt O'Dell has a hockey puck mentality. I still like truck. Truck mentality is the best. All right. Did Vague sent us three mentality shout outs in a row? This week.

Shout out, Vague. Love you, Vague. What a boss. He is a boss. He's down there. Vague is swooping up people in Florida, baby. ladies sweeping ladies off the orlando beaches even though it's inland he's down there crushing hello gentlemen i'm sending this as a as i drink a beer on my last official day of work

for an all coin project shout out to you in a couple weeks i'll be starting a new job at a company that builds directly on top of bitcoin there's a lot i want to share with my bitcoin friends but bitcoin has taught me a lot about privacy protecting mine and respecting yours i have one message for the freaks out there stay humble stack sets i like that one congrats on getting out of all kind purgatory that's a shot i like to get behind right all right last but not least hi guys been following tftc for years now and especially rhr which i don't think i've ever missed out on since discovering it every week i look forward to tuning in hearing the two of you

banter and catch up on the world of Bitcoin. Both of you have been largely responsible for my maximalist tendencies and the humble profits I've made along the way. So I figured it was my time to make my small contribution to the show. Thank you, sir. I do, however, want to squeeze every sat out of this shout out. So I have the following query. Can you point me toward resources that would help me understand how protocol changes are proposed and implemented? Who reviews them? Who is allowed to change the source code? How does one end up being allowed to implement changes? this is an area all right etc this is an area i am shamefully ignorant about and need to remedy thank you for all that you do stay humble and stack sats mill ps please can you tell my best

mates jim and thomas to stop trading shit coins all my efforts have failed so far so i'll start jim and thomas i'm not gonna tell you stop trading shit coins it's like a losing battle just that's why we say stay humble stack sats jim and thomas uh many people have tried to trade shit coins and have ended up lose more bitcoin than if they had just stay humbled and stack sats but i would say to you that if you're going to be a shit corner at least be a proper shit corner hold your own keys and use your own note agreed there all right in terms of the meat of this shout out the question behind it where can you find bitcoin improvement proposal you can find them on bitcoin's github page github.bitcoin slash bitcoin and the bip should live somewhere in that

repository and a bip stands for bitcoin improvement proposal that was instituted by luke dasher back in the day way back in the day and so basically to get things added into the bitcoin core protocol specifically uh somebody proposes a bit pay here's a bitcoin well first they propose an idea say here's an idea i have uh to insert into bitcoin that i think would be advantageous people developers in the open source community on that github page on github.com slash bitcoin slash bitcoin basically look at the proposal usually starts on the mailing list actually and say hey this may be a good idea like let's assign it a bit uh the the maintainers assign it a bit number and then maintainers that word gets into who actually adds the code emerges the

code into bitcoin core we'll talk about bitcoin core specifically just for the the intention of this shout out um so you have lead maintainers uh vladimir uh who else is a lead maintainer right marco falke um i believe fanquake got added as a yeah fanquake is fanquake's maintainer but i mean the number one thing and first of all uh nvk is i just opened the chat on my phone and i see nvk is telling people to block me um you weak motherfuckers you you can block me all you want but uh i'm still watching i got my incognito i can see you um the i think the important thing for people to realize for the freaks to realize is that ultimately you're in charge of of running your own node and using your own node and when it comes time to upgrade you're

choosing whether or not you upgrade to the next software and and bitcoin by design does not have auto updates so that you'll never get a notification unless you're running some kind of malicious software that says you have to update to this newest software. Otherwise, you're not going to be able to use Bitcoin or even worse, not even notification, just like it updates you automatically. That'll never happen with Bitcoin. That is by design. It takes a user to actively upgrade to new rules if rules are going to change. And on that note, I mean, Obviously, the ideal is that every user is able to read code and like see any changes that happen. But ultimately, even if you're not, as a Bitcoin stakeholder, it behooves you to be in tune with what changes are being made and making a educated decision whether or not you want to run new software. And you're going to have to make that decision. And there's no easy answer there. That is a personal responsibility thing. That's why we're all here. That'll always be more difficult. But ultimately, what it comes down to is that every user is going to have to upgrade this thing on their own, of their own volition.

and because of that you have a system that is very resistant to change um contentious changes are hard to push through the system and and that is basically uh one of the main value props of bitcoin opt-in it's opt-in freaks you don't have to accept it but i thought this was a very good question for any noobs out there how to how do changes get added into bitcoin and typically starts on the mailing list somebody's like hey i've got this idea which uh you get a linux foundation mailing list there's bitcoin dash dev which is where most the individuals working on bitcoin uh congregate on a mailing list bitcoin core specifically to talk about developments on the network somebody will have an idea there there'll be discussion in an email thread usually

on bitcoin dev um and then the mailing list will say all right like make a bip about this like move it to github and then we'll we'll have uh the the process which the open source community acts or an exit acknowledges that it's a good update or negs it that it's not a good update um and then from there you you can get like a assigned a bit number and somebody a freak in the comments corrected me it was amir taki who introduced the the bitcoin improvement proposal process which is correct I believe that was for PTO

SH as well I believe Luke Dasher assigns the BIP numbers yeah you're getting blocked all over the place dude even on the accounts I don't own all right that was a shout out for the week thank you freaks for the shout out to you guys are listening to this

on YouTube smash that subscribe button if you're watching live on Periscope or Twitter please retweet uh if you guys want to contribute add shout outs and go to tftc.io slash contribute we love shout outs favorite part of our show and matt are you really fucking leaving me in like five minutes uh we got 10 minutes damn diva over here diva we used to back in our heyday rhr was like a tight hour what are you freaks like tight hour i mean i think i think the important thing for the freaks to realize is that we've gone over two and a half years of every week straight coming to the freaks

so i i i do apologize if this is a little bit short but um i think the important thing to realize is that i landed and the first thing i did was make sure i got a solid internet connection set up the mic set up the headphones and i'm here with you freaks so i love you all um and this is why we do what we do i agree i'm just i'm just pulling your chain here whoa best premium just jumped is that a leading indicator are we gonna go to 62.5 what should we do should we do quick software updates yeah let's hit them with the software updates first and then let's keep going after that till we hit my we're not going to read any release notes bitcoin core version 0.21.1 has been released new multisig guide from a boy bitcoin q a has been released bitcoiner.guide

slash multisig um this month in bitcoin privacy from a girl janine has been released april's privacy updates blue wallet version 6.1.0 has been released umbrella version 0.3.10 has been released phoenix version 1.4.11 has been released and that is the software updates and at the end of the software updates i want to give a personal shout out to janine who is uh the individual that connected us with gabriel shipton um julian assange's brother and helped coordinate that episode she's awesome she really is and she's also uh a fellow board member for open sets oh Yeah, dude. How do you not have this on the list?

Let's talk about it. This has been a long time coming. We've been looking forward to this for a very long time. The OpenSats initiative. The vision is a pleb-focused initiative where people can, where plebs can provide funding to open source devs, free and open source devs. And a lot of them will be Bitcoin-focused,

but it'll also be like tertiary stuff to bitcoin not shit coins but like like uh not signal because they're super funded or a tour but something like that right like uh communications and um networking and uh hardware and all these different things that that are around bitcoin including bitcoin stuff um and and it'll be a way for us to kind of um like weaponize the plebs like let's weaponize the plebs for good uh and we're doing it in a full 501c3 um so it's non-for-profit if you're in america um it's a hundred percent pass-through so literally no one on the board is taking any money. We're not, no one's getting paid. And all funds are held in Bitcoin and all grants are given in Bitcoin. So my vision is basically, and why I joined is, is this idea

that if we could get every pleb to give $25 a month, $50 a month automatic through their credit card, and we'll dollar cost average it for you. When you pay us, we'll just automatically convert that into sats and then we'll hold that as sats and then we'll contribute that out as sats um if we could get you know a thousand two thousand plebs at that fifty dollar level a month um then we don't have to worry about going to corporations and going to exchanges and going to all these different kyc exchanges and trying to get funds from them if we have this solid base we can then provide that out to all these different free open source projects that we, we care so much about.

So it's super exciting to finally get a soft launch here. And we're going to start accepting contributions pretty soon. Right now we have the site up it's opensats.org. But yeah, I'm just really excited about it. Proud of you, brother. I know you've been working on this behind the scenes for, for some time now. and i completely cosign and endorse what you guys are doing i think i mean as a it's behind the scenes and one of the big questions like are these corporations funding all these devs is

just an attack vector a spook vector to to control bitcoin i don't think so but if you want to if you want to enter the game theoretical funding game and give the plebs some some leverage and have at least a curb on it in case that is true and this is the perfect way so open open sats.org correct correct and to be clear like we do have some of the best companies in bitcoin are are contributing to this effort as well um but me me personally and and just to name a few uh we have coin kite we have noddle we have ledger we have bottle pay um they're all contributing uh to this launch effort um john pfeffer's contributing um so we we have we have a lot of contributors that i'm very happy about um but ultimately what i want to see is i i really

like this idea of having um like a pleb initiative like i i think that's like i think it's something that a lot of us have wanted um but they haven't had like the venue to do it through you know and and i think this can provide that and i'm pretty excited to see where it goes yes and there is nothing going on bitcoin dev list too that's still going as well if you want to bitcoin dev list is completely separate that's like they're hosting their own btc pay server they're getting paid directly so with this is going to be like kind of a combination so so you we will focus devs and we'll focus projects and you can go onto the website and you're going to be able to choose um if i want to earmark you know to this dev or to this project but then there'll also be a general

fund and what i expect to happen is a lot of the contributions are just going to go to the general fund and then the general fund is going to be decided where that goes is going to be decided uh on the board we haven't we have a nine person board it's it's me elaine udi um james o'burn like we have like a we have a powerhouse for janine powerhouse board um so i'm really excited about that aspect because i do think a lot of people don't know they they want to contribute but they don't know where they wanted to go um but if they wanted to go directly to the developer and if you are a developer i encourage you go sign up on bitcoin dev list you should also sign up on opensats.org um but if you want to contribute directly to the developer and you don't care

about tax deduction you'll always be better off going to bitcoindevilist.com because you'll be able to contribute directly to them with no pastor um but if you care about the tax deduction you still want to support a direct to a contributor then you can do that through us we'll give you you the tax deduction. We'll pass it through to the recipient. But then we are acting as a middleman, right? The organization is acting as a middleman. Yeah, you're trusting the organization to distribute the funds in a way in which you think would be advantageous. TFTC will be DCA-ing into this fund every month. We're going to be setting up a recurring donation. I encourage you all to do it a good segue into the next segment which is about bitcoin beach again we

talked about a little bit last week but officially launched this week which is their initiative our good friend miles suitor is leading this charge um to basically raise funds in the in honor of katherine diaz the professional surfer who was tragically uh killed by a lightning strike in Elizonte, El Salvador. We are, or Miles, the Bitcoin Beach crew, are raising funds to build a new center in Elizonte, a training center in Catherine's name. Again, I'm not trying to blow smoke up our own ass here,

but TFTC will be contributing to these efforts too, and we encourage you to do the same. We will be putting $5,000 worth of sats towards this endeavor i'm sending those tomorrow um so if you guys are interested in supporting good bitcoin community in el salvador i highly recommend you do that as well um matt how much time do we have with you your hot commodity right now i love you all um this is a very important topic and i think it's very i want to encourage all the freaks to donate um it's really a shame what happened. And, uh, I, you know, I have a lot of respect for the guys at Bitcoin beach

and miles suitor, uh, who's operating over there and Jack Mollers, who's also participating, um, together cash chap and strike are working on, you know, bringing as many donations as possible into, uh, this fund. I think they're targeting 10 Bitcoin, um, to, to secure the land, build the facility and then maintain the facility afterwards indefinitely um and this will be a surfing facility for um the whole national team which doesn't have a facility currently um so i think it's a very good cause um she seems like a very beautiful person and it's really a shame that what happened to her uh so i'm very happy that we are we are contributing um we will be giving 10 million sats to uh this cause and i think that's really important

um and i encourage all of you to do as well or give something like i don't encourage you to give 10 million sats i understand if that is a little bit rich for your blood yeah i've already got cash apps donating a hundred thousand dollars i saw francis paulette is donating i believe 10 million sets as well um people are hopping on this if you're a surfer if you're a bitcoiner it's a great cause what's going on on a bitcoin beach in el zante is i'm picking it up they're putting it down i'm picking it up i'm liking it i like what's going on there they're getting a city ingratiated with bitcoin and it seems like the people of el zante at least what is being reported from bitcoin beach are picking up on it so something you'll

love to see and as a surfer myself uh and having been to these surf towns like there's nothing it would give me more joy than to support this so if you're thinking about it do it do it i need 10 you need a trillion sets not trillion billion billion sets my sats conversion is way off matthew yeah 10 bitcoin is toshi billionaire uh what do you pick the last you're you're the diva right now i'll let you we gotta talk about cash app cash that's fucking killing it cash three point five one billion dollars of revenue in q1 2021 and 75 million dollars of profit off that revenue which is pretty insane compare that to q4 2020 which was 1.76 billion and 41 million dollars in profit that's literally double the

the volume and uh you really can't complain you really can't complain about the fees at least on cash app if that's all they're making three and a half billion right right yeah three and a half billion you're only making 75 mil you can't um we can complain about the limits the limits are fucked but we can't complain about the fees the fees i guess seem reasonable if they're only making 75 billion since this is public information i feel comfortable saying this right now my tweet out earlier lyle pratt tweeted under my like cash app tweet he was like yeah this is great and all but like what about the withdrawal limits gonna take people a long time to withdraw from cash app quote tweeted that like cash app please like you need to pump your withdrawal limits please sir

jack like the tweet maybe they're thinking about it maybe they want we know everyone at cash app wants i don't think there's anyone at cash app that's against raising the limits i think they're working on it from a risk and compliance point of view um but uh i mean it is kind of ironic like uh i was saying to a friend i was like every time the price dumps you should withdraw you know this is like it's like the price dumps you like go you should stack the dip but then while you're stacking the dip you should withdraw i got my hand up i'm i'm withdrawing sats from the cash app every time the dip happens when the dip happens you have to rush there because the limits are in fucking dollars instead of

sats. We know they're working on it. They know it's an issue. I think they're obviously disclosure, they're a sponsor of the Cash App. They're a sponsor of this podcast. I've already read a big ad read in the beginning of this episode.

I think it's important to realize that this is a very retail-focused company. Seeing this kind of growth to me is really per user per user like per user bitcoin buys them that's pretty insane or the amount of users buying on cash app as opposed to otc desk maybe even coinbase like cash app's the biggest number one

finance app in the country right now correct i mean they are on the apple app store their number one finance app on the app store but my point is is like these are like average people just stacking you know and to see this number increase to see this number increase is fucking great doubled quarter on quarter doubling that's insane and that's what we want to see stackers at the floor it's usd volume too it's not bitcoin volume if it was bitcoin volume be insane but it's like people have been buying more and more in usd which is like first quarter so like when the first quarter on march 30th or was the price was not like 60 000 then that's when it started coming down right we've been in this consolidation phase i don't know this is stacker's paradise

right now i'm like it really is dude i'm trying to get as much fiat as possible right now to just convert it over to bitcoin just mine and fiat as much as possible let's go it's taking over dude what bitcoin's dead dude you didn't hear well like it's not your dogecoin if you're not running your own doge node and holding your own doge keys consider that if if robin hood's holding your shit then you just have an eye at you um marty i have time for one more topic what do you want to cover i was thinking coinbase transparency report i think you'd like that one too i agree so this is like one of the saving graces of coinbase would you agree uh they've started doing these transparency reports which i think kraken really led the

play with it um and yes this is like massive i i appreciate them being transparent about this shit yeah so that coinbase crack and they do these transparency reports they basically release blog posts to say hey here's the requests we've gotten from governments about our users over the last year uh begs the question man are we free are we free so they were a total so this was between the period of july 1st 2020 and december 31st there's only a six month period um 2020 total received requests from government uh agencies at coinbase was 2313 key takeaways there were a total of 4227 requests in 2020 54 percent of those requests were made during the second half of the year um similar to first half of 2020 90 percent of the requests come from

the u.s the uk and germany so let's just go to the breakdown uh law enforcement information request ranking u.s number one at 1197 uk number two at 597 germany number 3260 and then it falls off to france at 69 nice request uh the fbi is by far uh the biggest uh requester with 362 that's 30.2 percent of the requests that um coinbase received in the second half of 2020 and basically just highlights that these agencies intelligence agencies specifically in the u.s uh are aggressively asking coinbase for more information more information more information they don't like the u.s citizens they know i don't even think i could say they don't like that u.s citizens have privacy because i think this is proof that they don't have privacy through requesting this

but it's proof that our we don't live in a free country america is not free we live in a surveillance state and the fbi fucking hates you yeah i mean it it is it should be alarming to any american that thinks um that we should be a positive representation for the rest of the world when they see how many requests are america versus the rest like it's it's insane difference what is this like 50 percent or like 40 percent is is american requests 50 50 right on the dot it's fucking disgusting but i think the most important thing for people to realize is you know kyc is basically forever like these companies are required to keep all of this information on you forever

and for whatever it's worth the blockchain is forever the bitcoin blockchain is something that we expect to exist long past all these kyc records and these records are going to exist past our grandkids past our great-grandkids in perpetuity if we are correct and when you mix those two together you get a very personal um look into someone's finances um and i just really don't think people are aware of how much that is the case when they're transacting on these platforms be aware ptj paul tutor jones is in the comments of rhr right now and he just brought up the fact that kraken was also um accosted by the irs to hand over details on any customers of kraken that

transact with more than twenty thousand dollars worth of bitcoin between 2016 2020 so everybody like literally if you bought one 250 bitcoin in 2016 and you just held it like there's that justify the irs get pulling your information yes i mean i don't know if it justifies but they are yes yeah does that is that basically meet the threshold for them to pull your information it sounds like yes marty if you didn't if you haven't withdrawn it yet it sounds like yes we don't live in a free country freaks these people want to control you they hate you they don't like that you're succeeding they don't like that you're making money outside the u.s dollar reserve system they don't like you they think you're dumb they think you're stupid they think

you should be poor because they think they're better than you fuck these people but on a more optimistic note we're gonna fucking win yes we're definitely gonna win but exactly because fuck these people these people are evil they are they're demons they're turning the frogs gay i'm sorry matthew what do we got in tap tap for tonight what are we doing nice dinner yeah it's gonna be it's gonna be a good night i'm excited um no this is great this was a good rip uh i love y'all i love you marty um i look forward to seeing you soon in miami and uh i really do think that this is like this range this like 50 to 60k range to me it really does it feels like stacker's

paradise like this feels like a fucking cheat code like i am i have never been more bullish which means you have sound effects that was the wrong one I was going for boomer marty boomer marty showcases new sound effects

and chooses the complete wrong one I mean it's either we dump or we just go crazy and I really I am like insanely bullish right now so I'm insanely bullish here's to all y'all I hope you're staying humble and stacking stats because that's what I'm doing yes

him as well freaks we're gonna win we have humanity on our side like people will actually have human feelings actually like get empathy in in thinking for your your fellow man and thinking of the common man more importantly god i fucking hate i hate i hate the state i hate the state let's end it on that peace and love freaks