TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Bitcoin Week of 2021.05.10

Episode Date: May 13, 2021

This week Marty and Matt discuss: - cake wallet vulnerability - hash rate ath - the bitcoin car at indy 500 - elon tweets energy fud - microstrategy stacked more - recent CPI numbers released - us gov probes binance - gbtc discount hits record low of 20% - fully noded v0.2.17 - bluewallet v6.1.2 - lightning network privacy analysis - analysis of darkside ransomware group - colonial pipeline allegedly paid $5M ransom - check your financial privilege by gladstein - gladstein in cato on a post cash world 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.

Sup freaks, it's your boy Marty Bent here to introduce this rip of Rabbit Hole Recap. Haven't ripped it yet, pre-recorded ads. We'll see how my Elon rant is, there's a lot of pressure. I think I have some thoughts. I'm actually going to use the Elon rant to gather my thoughts for today's Marty's Bent. Hopefully it won't be out by the time this hits the airwaves. If you're listening to this Friday or late Thursday night, hopefully Marty's Bent is out there.

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brains b-r-a-i-i-n-s.com and last but not least slush pool is also getting its first major update in the past couple of years and you'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 ultra flexible payout system customizable mining reward splitting and best of all dark theme for those freaks who who need your eyes to be nice and taken care of 24 7 hash rate monitoring it's easy on the eyes follow slush underscore pool on twitter to see the announcement when the pool update finally goes live enjoy this rip freaks i can't i can't i don't know what's good i think it's gonna be a good one i got good energy right now i got some yinglings i'm gonna

be drinking yinglings been watching uh mayor of east town he drank a lot of yingling in that show and had some in the garage fridge because i'm in the philadelphia area i'll be yingy or three today enjoy 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

what is up freaks it's your boy marty bent here for another rip of rabbit hole recap i've got a yingling matthew i've been watching mayor of east town a show set in uh delaware county pennsylvania where i where i was raised and they've been drinking a lot of yingling so i said hey i want to throw us back some yingis today how are you doing sir yingling was uh one of my go-tos in college yeah it's a nice cheap lager i poured this beer out and it was red yeah i noticed that i thought you were drinking like a code red or something there it's a jungle zombie apocalypse kcbc kings county brewers collective out of brooklyn a sour beer sounds like a heavy alcohol content too what are we looking at it's quite light oh interesting well i mean maybe

maybe not in terms of alcohol content what uh what type of tesla are you buying did you cancel your pre-order marty i did i had to you know i just can't can't support that now i never like i like combustion engine cars tesla never appealed to me i've ridden a tesla a couple times but the first uber i ever got was actually a tesla it was in chicago it was like when uber first came out i'll never forget um got into it my buddy chris i was like this is a tesla this is uber is this every time you get an uber you get a tesla i thought it was pretty cool narrator wasn't the case um i mean we're gonna dive into this but the craziest thing to me about

uh the elon comments is i like i just got like messages um i just got like text messages from my college friends and high school friends and stuff like i'm so fucking pissed at elon right now it's like just like just outwardly angry at him um for his tweet and uh we're gonna get into but I've got some thoughts and it goes beyond Elon and Tesla. We'll get into it. We'll get into it. There's a lot, there's a lot going on.

It's a, it's a data point in a long arcing trend towards communism in the United States. We'll get to why I believe that right now, as you can see, there's no reason to be upset freaks. No, there is no reason.

Show me the incentives and I'll show you the outcome. charlie munger notorious bitcoin hater but that is an incredible quote and we're going to get into the incentives of behind what i believe to be the incentives behind elon's tweet and i think others may agree with me uh the price currently according to clark's dashboard is 48 385 dollars guess what freaks cuck cuck bucks are going to get more sats than they did this time last week when we last can record sats are on sale you're going to get 2067 sats per cuck buck back under trill trillion dollar market cap we're at 905.2 billion we're 25.4 percent away from the all-time high we're currently a block height 683 486 89.09 percent of every bitcoin that will ever be mined

has been mined that's 18 million 709 198.00 bitcoin another zero zero day that we landed on clark's dashboard we had a difficulty adjustment earlier this morning in the wee hours of morning here on the east coast in the u.s uh we had an upwards adjustment of 21.5 percent pretty epic upward adjustment and we are now currently sitting at an all-time high in terms of difficulty since the um difficulty adjusted what is it i'm doing the math in my head uh 40 16 56 62 blocks ago um blocks have been coming in at nine minutes 53 seconds on average next adjustment estimated to be on may 24th 2020 2020 2020 2021 uh and that will be an upward 2.4 adjustment but we can't take that estimates too too soon after uh this morning's adjustment are

currently 17 753 transactions in clark's mem pool where we at samurai checking on samurai 2257.10 bitcoin or 109.5 million dollars obviously with the price going down uh that liquidity pool in terms of cuck bucks has gone down as well but it seems to be pretty steady in terms of bitcoin locked up in in world pool below 50 000 matt you think you'd ever see the day i i mean i i i kind of didn't you know uh kind of didn't but uh this is what happens in bull markets we do tend to have these uh lessons mid bull market to teach you to be humble and i'm just glad that i'm not a leveraged trader um so the only thing that it affects is my ego but nothing short of that how's your ego

how does this affect your ego well you know i kind of uh and i i really feel like the freaks haven't given me enough shit for it um i mean the right now the local top is uh when i crashed btc sessions live stream like we literally have just gone down since then and that was when i called that was when i called bitcoin tina a fucking bear for like uh three hundred thousand dollar prediction so bitcoin tina you gotta pump those numbers so i needed a little bit of a humility lesson there yeah we all do we all need to keep in check we were in a consolidation phase for what felt like a month i feel like you're gonna break up or down we broke down a little bit maybe we could break down a little bit more what does it say all right so let's just start

with it let's just front load it with the elon shit like was that the impetus for the crash there were some weird things so there's many layers to this for you freaks are unaware if you've been living under a rock for the last 24 hours last night elon musk tweeted out a tweet that said tesla and bitcoin and had a picture of some iphone notes that basically explained hey tesla is going to stop accepting bitcoin as payment for tesla's however uh we are going to remain steady on holding the bitcoin on our balance sheet that we've already acquired reason behind it is we need to take the environmental impact of mining into consideration especially those miners using coal which is a little weird um and then he said like we will be looking into other cryptocurrencies

that use less than one percent of the energy that is used to mine bitcoin i'm pulling this from the top of my head but i think that's a good synopsis of of what was said obviously everybody freaked out like what the fuck elon i mean matt this i know you may have had an ego hit in some regards this week but i think this is very much a case where it validates your thesis like don't create heroes in the space oh yeah i mean 100 and also uh the you know it's it's nice it's it's i've said in the past that it's nice to be in a contrarian environment again um when the when the price goes down and all the haters come out um i always feel i'm like i'm always in a better mood um than when it's just overwhelmingly euphoric uh but i mean

the the really interesting thing is is so he's just like fucking so he had the dogecoin bullshit on snl on saturday right and i think it's all connected right because he has this dogecoin bullshit on saturday and the price of dogecoin goes up to like 72 cents uh barry silbert of grayscale comes out and he's like we're shorting this fucking thing then snl happens it's like the worst snl ever just like straight cringe i mean i don't even watch snl so i don't know maybe that's the usual thing but it wasn't very good i couldn't finish it and then as it's happening like the chart is just fucking going straight down like dogecoin went down like 42 you know like tiktokers like all these fucking uh new coiners like we're learned they learned you know what a proper shit coin

pump and dump was but it happened live on prime time like live on like a network news channel in america um and then so like the aftermath of that is obviously not very good look for him and then he tweets out should tesla start accepting dogecoin and he does a poll for that and then the next tweet after that was we're no longer going to accept bitcoin because of the environmental reasons but we're not going to sell so i feel like you need the whole you need the whole and then the second he tweeted that out what like bitcoin fell like eight percent nine percent we felt like 6k 7k more than that at least 7k would be 12 percent right that's crazy yeah yeah many layers to this many layers to this so again let's

number one he was wrong in his description like alluding to like per transaction energy use like that's just such a bad metric it doesn't even exist it's not a correct metric it's not a metric at all the energy it takes for me to broadcast a transaction is minimal it's similar to me sending a telegram message to matt here literally just click a button broadcast propagates across the nodes and then the miners want to add that to a block

that process takes some energy the ordering of transactions but actually sending a transaction does not take that much energy and trying to measure energy per transaction sent is another bad

metric as well because again like one transaction can have many inputs that represent many payments one transaction can be used to open up a a payment channel on the lightning network at which point the movement in within that channel can represent thousands millions of payments hypothetically so it's just a bad metric and he said basically the message that he sent in the notes that came with that tweet made it seem like he believed now that not accepting bitcoin as payment they're not contributing to the bitcoin mining industry's energy conversion electricity use which is just patently false your transactions are still

held within blocks on the bitcoin ledger so every block added on top of that secures your transactions you're leveraging the the energy that's being converted to electricity um to add blocks so you're you're you're contributing just by holding um you're saying that hey i think the electricity to be expended by miners is worth it because they're securing my transactions that's one thing um and so let's get to like why did he do this and i'm becoming pretty partial to the idea after 24 hours been 24 hours i went crazy on twitter so that's the other thing my my rants on twitter last night it was all caps marty came out all caps marty came out but it's literally just to point out the hypocrisy i don't

believe that tesla's evil because they're mining lithium for their batteries i i don't think that people should not buy teslas um but i do think that people should be up front with the trade you talk about trade-offs a lot in bitcoin um and scaling privacy number go up trade-offs of running with that narrative running with narratives trade-offs when it comes to energy use and energy sources particularly especially in the western world where you have this climate emergency you have a bunch of hysterics beginning to beat the drum and beat the drum and beat the drum about this uh and it's it's seeped into the capital markets as well we have the esg movement you have

biden um giving out subsidies to green tech uh and this is all done it doesn't really explain the trade-offs of the green tech and so first i'm going to explain why i believe that uh elon did this and that is because literally the night before last uh biden announced the u.s renewable fuel credit market um which would allow tesla to basically get tax subsidies um as a company for contributing to the expansion of green energy production technologies or green energy technologies within U.S. borders. Tesla, obviously, electric cars is one of those. So I believe he tweeted that out after hearing some flack from his board,

knowing that this initiative was going to come out from the Biden administration. Like, hey, we need some PR to basically save our asses from the Bitcoin thing. Because that's like a big thing. bitcoin used a lot of electricity obviously we talk about the energy flood all the time so i think it was a posturing a very flaky posturing again because they didn't sell their bitcoin they don't they don't actually believe they're they're leveraging the electricity used to mine bitcoin because it's securing their transactions but it's all for this larp for this the subsidy that the biden administration has

given out and trump and oh it's been going on since obama i believe i've been giving out and this is harpens back to what i alluded to earlier like this is leading us towards a communist centrally planned government economy excuse me where you have these subsidies these subsidies again show me the incentives i'll show you the outcome the incentive for tesla as a company and this is how they've operated never been profitable until they made that bitcoin trade last quarter they never made money they literally survive on subsidies and larping like they've never they never produced the solar panels they said they were going to like who knows what's going on with like the boring company tunnel stuff they're they're basically just leveraging

free money printing government giving out subsidies to create green technologies and that is how their business is like sustains itself and it's a dangerous thing that we're literally pushing our economy in this direction towards unreliable green energy solutions i mean we've seen it's a topic on the on the list that we're going to talk about later but we saw the disruption of the gas pipeline the colonial gas pipeline this week we saw how quickly gas stations in the southeast part of the country started running dry but this is a trend that like that happened because of ransomware attack where you have the government with this green energy initiative actively shutting down nuclear power plants

pipelines in michigan keystone pipeline dakota pipeline like they're actively making the united states a less reliable they're making the energy infrastructure extremely fragile and less reliable and that's why on this show the last couple of weeks i felt compelled to have crossover episodes with gamcast that i've been recording with people who intimately know how fragile our grids are and how important it is for people to start wake up and realize this we're being pushed into a unreliable grid system to basically larp to push these green energy technologies on the on the country and they don't talk about the trade-offs the amount of fossil fuels the amount of coal that goes into building the solar panels, the wind turbines. Again, I was tweeting last

night to point out the hypocrisy. You're saying Bitcoin mining is bad. What we're doing in Great America mining, we're reducing flare and the Tesla cars may be green energy technology. They may be electric cars, but it takes a lot of energy to develop the batteries, to develop the cars. And then once the cars are on the road, they're literally plugging in to the charging stations that are run on coal and natural gas. It's all bullshit. Sorry, I'm getting like, I'm trembling here now. There's no need to be upset, Marty.

Elon is just... Well, that's the thing. Like, this isn't about Elon. Elon, this is just like a... Show me the incentives, I'll show you the outcome. Elon's incentives at Tesla are such that he had to tweet that out last night and make the people...

It's not even that. It's not even that. It's the same old shit as last cycle, just with bigger numbers and with bigger... I don't think this is Bitcoin related. In a lot of ways, it is Bitcoin related because there's a Bitcoin shitcoin element here too. I mean, there was literally at the end of his statement, he said, and we're exploring looking into more environmentally friendly cryptocurrencies. He literally said that at the end of his statement.

He's been pumping Doge, going up and down the pump and dumps on Doge. Agreed, agreed, agreed, agreed. but that is not it is the shit coins leveraging the perverse incentives put forth by the u.s government to to larp about green energy taking advantage of that attack vector like you had jp morgan come out what was that one line they had like we're we're more bullish on eth 2.0 because it's proof of stake and he is you called this marty you've been talking for like the last like three years on this show you have said that we're going to get more and more energy flood i know that's what's going to happen it's going to happen more than this and in the short term

these these price drops as a result are good for the stacker we're we're in stacker's paradise right now we need more time to get into our position um and in that way it's a win-win right i agree i agree i don't think we're going to convince them i think we're just going to roll over them like i don't think like this is not going to be one on in a twitter argument or one in a podcast argument or one on well it's not going to be but we need to equip the freaks with the facts which is the green energy climate hysterics there is no climate emergency i've been tweeting that up there is no i'm like convinced i live on a barrier i'm literally two blocks away from the beach i've lived here my whole life like i'm not worried about going

under the ocean if anybody should be worried it should be literally me in this house right now it is complete bullshit these hysterics have been making these predictions for decades they've been falling short again this is something i say on gamcast all the time obama's lead scientist when he was in office in 1985 he said that 1 billion people across the world would die from climate-related deaths between 1985 and 2020 between 1985 and last year climate-related deaths fell by 80 i believe something like 98 per capita which is completely opposite what these people are fear-mongering about again this isn't about green energy this is about control they cared about green energy they would not have decommissioned the indian point nuclear facility

in new york your family's electricity price is going to go up because of this communist push to control energy consumption it is evil it is anti-human and we need to start equipping people with the information to fight back against this because it's literally going to make people worse off like you we're finding out pretty starkly this week how important pipelines are and the us government and the climate hysterics want people to decommission more and more pipelines they're not letting new pipelines get built they're larping they do not care about the environment they want to control you they want to control me they want to make it so they get to dictate who does what where when their energy is literally the the source of how an economy runs

and they're attacking the source of the economy and we need to start equipping people to fight back against this and elon one of the the most popular people on the planet is falling prey to this intensive scheme where he's probably leveraging it he's probably smart enough to just leverage it be like hey is where all the subs here to go this is what i'm going to do and it's not like we need to like again strong men and women need to step up and say fuck this this is anti-human this is going to make humanity extremely worse off i'm done like there is no climate emergency i'm saying it straight up there's no climate emergency arguably we need to create more co2 co2 levels in terms of like the whole global the whole lifespan of the the earth

are actually like relatively low if you look at the data on a long time scale yeah and then try to paint me as a climate change denier like a like a holocaust denier they try and throw that connotation on you fuck you i don't care there is no climate emergency it's going to lead humanity down a terrible path if we keep doing this bullshit and now i know i'm making you like a little nervous matt but this is what i believe i'm just letting you run be free marty be free but i wore my american flag hat i need a sip of yingling what do you think about all this am i wrong my zealot my one extreme are you somewhere in the middle yeah i think usually people on the extremes are wrong but uh what's i'm not uh i i just don't think i i i

I think that I come from the perspective that, you know, politics in this country and debate in this country is pretty much unproductive at this point. And we should be focused on tools that empower individuals and focus on systems that have proper incentives that are effective at change. and i think in the case of bitcoin mining um it's an unstoppable force so if you want to spend your time you know arguing at a wall for the next four years or five years as bitcoin mining continues to dominate the world um then you know that's your prerogative but i have no intention of doing that i'm just going to sit i'm not arguing at the i'm not going to sit there and let i can't that this is why i get so animated i hate logical inconsistencies that's why i got so animated about covid the fucking mass the vaccines are no logical consistency and that's the thing that

irks me the most i don't like walking to a hostess stand with the mask on and walking 10 feet next to him ripping it off just i'm saying it's logically inconsistent doesn't make sense this is another one of those cases this is logically inconsistent these people claim to be environmentalist claim to want to bring clean energy to the masses yet they're decommissioning nuclear and natural gas power plants which are the cleanest most densest energy that we have on the planet right now like it's it's a goddamn shame what they just did on the hudson to the indian point power plant that's like one of the most reliable electricity production sites in in the u.s and they just shut it down because it's it's because they don't want you to to use energy they don't care about clean

energy nuclear is the cleanest energy out there it's got no carbon footprint outside of the carbon used to construct the plant the diesel that goes into the engines of the trucks that construct the like these people don't care about green energy they want to control you they do not give a fuck about you and it's gotten to the point it's bipartisan too here in america where they're just like the the austin grid situation that happened earlier this year that was bush and rick perry two republicans incentivizes that wind and solar production with subsidies this is not good freaks like we need to be vocal about this they are making us worse off uh and i don't think when you say climate emergency you just mean co2

climate emergency like i don't think a billion people are going to die in the next decade if we don't stop turn off all that's the other thing it's like it's not like i want to fucking take all the coal out of the world set it on fire like we should be using natural gas and incentivizing nuclear power plants, which are the cleanest. This is clean energy. And yet they're going the complete opposite direction. Nuclear and nat gas, for their energy density, are the cleanest energy sources in the world, outside of hydro. Hydro is above nat gas. I bet it's cleaner, but it's not as dense. The amount of carbon that goes into producing wind and solar panels and sustaining those and recycling those, I would say that it's not as clean

as a nuclear and that gas. That's the thing. I'm not saying like fucking dig all the coal around and burn up all the coal and bring back fucking smog cities like London, early industrial age, like build more nuclear, build more reliable natural gas. Yet these people don't want to do that. They're the cleanest energy and they deject it because they don't care about clean energy. they don't care about the environment they care about control over what we can do because they

have this vision of how the world should work in their mind and they want it and they want it to be that way right but that's the co2 argument again right so that's what you mean by climate emergency there's no co2 emergency no there is no co2 emergency there isn't i'll I'll say it straight up. CO2, water is like 90% of the greenhouse gas up there. CO2 makes up such a small percentage of it. And again, we're not even close to the highest levels of CO2 that have ever existed on this planet.

Go to energytalkingpoints.org, or boy, Alex Epstein, who's been on the podcast before. Energytalkingpoints.com. Energytalkingpoints.com. Go through it. They've been screaming climate emergency. people are going to die if we don't do anything since like the 70s and the exact

opposite has happened humanity has flourished cheap energy and electricity production correlates very tightly with human flourishing and like we've already seen this play out in Germany they forced everybody to move to renewable energy sources

it's 36 cents a kilowatt hour for residential energy there that's fucking insanely expensive they have to bring it in from across the border New York City with the shutdown of the the nuclear plant and the fact that they don't uh allow producers to drill in the marcella shell within the state for natural gas they're gonna have to just import natural gas they're going to build a new natural gas uh facility to power electricity for new york city like again natural

gas is relatively clean compared to diesel and coal but nuclear is the cleanest and they're giving up the cleanest and then they're basically sending jobs out of their local economy that importing gas basically giving jobs to economies outside of new york city it doesn't make any sense it's fucking stupid it's dangerous it's extremely dangerous and people are just walking into this and again that's why like everybody's freaking out about like elon like bitcoin mining this is bigger than bitcoin mining this is bigger than bitcoin mining this is humanity is i mean again there's very powerful people positions of power that have communist tendencies they want to control you this is not a conspiracy just again look at the incentives look at everything they're

they're laying through and we're going to show you the outcome the incentives are pushing us towards unreliable energy generation that's going to make humanity worse off it's going to make electricity prices go off and guess what this is a racist and this is a racist policy that affects the poor the most that's who's going to get like they claim like they want to help people but you increase electricity prices on on the poorest people i mean you are going to be fine we're going to be able to it's going to be a little bit more expensive but i think we'll be able to afford it the the poorest people are not they're gonna have to basically weigh the opportunity cost do i fucking eat today or do i pay my electric bill like that's that's where

it's going to and then you have people dying from negative externalities that extend from this terrible policy so i become very passionate about this disclaimer i work for great american as our as our fuel source um so i mean state competition helps here right no well it's at the federal level like the banning of fracking on federal lands that affects everything it doesn't matter what state you are what your laws are at the state level the subsidies are at the federal level so that's another thing so in this uh reuters article that explained the the basically the incentive uh program that the body administration administration is putting out there so like here's how it works like the entry of since again reuters came out

last night the body administration expected to review the epa applications layout how electric electric vehicles could qualify for tradable credits. So the tradable credits are creating this weird accounting system like carbon credits under renewable fuel standards this summer. The two sources said the move could represent the largest expansion of the RFS

program that was created by President George Bush, again it's bipartisan, doesn't matter, and aimed at boosting rural America and weaning the country off oil imports. The entry of Tesla and other electric vehicles, vehicle makers to the renewable energy scheme could attract investment for a much needed infrastructure network including charging stations

for electric vehicles however it is likely to anger some in the u.s refining industry who would need to buy the credits known as rins generated by tesla and other alternative fuel providers essentially subsidizing an electric car company that seeks to put petrochemical refiners out of business you're creating a very perverse incentive system and you're they're distorting the pricing mechanism of the energy markets by subsidizing tesla with this credit system and then forcing oil producers to buy these credits to offset their carbon output and so tesla even though it's more expensive to do what they do the subsidies make it basically negative because then they get paid by oil companies that to buy their credits it's a bullshit larping clown world accounting system

that needs to be destroyed like it is literally going to lead us to an unreliable grid system And if you've been paying attention, this year particularly, there's some cracks in the energy grid and transportation systems. So you use the term climate emergency. What do you think about our water supply, like fresh water supply and access to fresh water? Are you concerned about that, or do you think there's no reason to be alarmed there? I don't know enough about the water supplies, to be honest. So, I mean, yeah, I tend to agree with pretty much everything you said. I'm not going to completely co-sign it, but the general premise, I think, you know, our bureaucracy is very reminiscent of a failed state.

It's just not really priced in yet. I am optimistic that between the incentives of Bitcoin mining and the fact that we have a relatively distributed governance system in America and we've seen, you know, through this crisis, you know, states stand the fuck up. I mean, you see massive policy differences between a Florida or Texas and a New York or California. So I'm optimistic in that regard. And quite frankly, I'm going to go buy some land. I'm going to secure my water and I'm going to have my own energy sources and I'm just going to ride this thing out. and uh if you if you want to get on every week and and rant at rant at the freaks or rant with the freaks like i'm completely fine to be here and just have a drink with you well i'm not going to do this every week i'm doing this because of what happened the last 24 hours but again it is

an instance the elon tweet and the posturing for these the ability to have access to these credits that set me off this is like this is so fucked it's so ass backwards and again it's bipartisan and again like i don't believe there's a climate emergency but i'm a conservationist like i think we're doing a great american mining taking flair and using that and getting value out of those scarce molecules that were otherwise being literally set on fire and sent to the atmosphere that's the environmentalism we should be working towards conservationism efficiency not brain dead transition to unreliable grid systems it doesn't make any sense and the trade-offs again like i said earlier are not brought to the forefront nobody talks about the amount of coal that is

needed to make these bat or these solar panels the amount of lithium the amount of cobalt the amount of rare earth metals the amount of diesel that's used to dig all that up the the amount of coal needed to recycle the solar panels the land issues the fact that windmills when they're putting people's towns are driving people crazy like teens and then senior citizens like the people between ages 15 and 18 and uh 70 and up in towns where windmills have been dropped off have a significantly increased rate of suicide because there's sound pollution go listen to the episode i just recorded robert bryce from uh from the power hungry podcast like literally people are being driven crazy by These are the negative externalities that nobody wants to talk about.

It's not good for people's mental health. But again, we should be as efficient as possible. I think Bitcoin mining incentivizes that stronger than any mechanism that humanity has ever seen, obviously. Wait, did you just, so, I mean, suicides because of wind turbines, that's not FUD? No, dude, the data's out there. you can have there there's a land like they literally use eminent domain to come in and there's a big case going on in iowa right now where the the county's fighting back to like we don't want these windmills the federal government is backing like berkshire hathaway and being like

a fuck you like we're gonna put these here and there's instances of all over the world of windmills going into towns it's driving people crazy they get sleep disruption because the sound is just like a an ambient 24 like there's data on this like i'm not bullshitting you go listen to the robert price episode i have to record this today and this guy is legit like but you agree you agree that people should be free to choose whichever energy mixes they want to use they should they should be able to use whatever they want and i that's why last night was a huge troll it's like i don't care if you're digging up lithium just be up front with the trade-offs and that's like people are like oh this is an end-all be-all savior to humanity and it's

just not true and you're demonizing things like bitcoin mining and fossil fuel use when you're you're basically hiding you're pretending like solar and wind particularly are come like scott free scott clean right out of the box they can produce solar panels with solar energy that's just like literally impossible and they don't they don't talk about how much fossil fuels goes into that how much land use goes into making it so that we can actually harness enough solar and energy to deliver it to a big enough society like it's all hidden and then but yet these people are getting subsidized and they're using more fossil fuels than people realize it's very very infuriating i mean there's a shit ton of subsidies in the oil industry too aren't there

not nowhere near as much there's more of the taxes outweigh the subsidies by by a large amount all right crazy uncle marty came out behind my rant let me know how i did freaks what's the comment section saying yeah i mean i'm i'm just against all subsidies in general same yeah and i'm against it this is dangerous that's all this is why i'm so passionate about it it's it's not good what do we got next hop in here i mean you have the list i can't uh look at it because i'm screen sharing ah i forgot that well we'll jump into the hash rate all time high with that being said bitcoin miners are converting more electricity than ever to protect the uh the bitcoin ledger we have uh an all-time high hash rate and this

morning as i mentioned we did all-time high in difficulty at will this is a perfect example why it doesn't matter yeah well so like fud is at an all-time high but so is the consumption in the bitcoin network so again who the fuck cares this is bigger than bitcoin this is like bigger than bitcoin that's the point i was trying to make with that whole diatribe there with that being said how will this affect bitcoin in the future again disclaimer i work for grand america mining we we are partial towards off-grid mining but i think this is going to push a large portion of mining operations off grid obviously last week we talked about the bill on the floor in new york state that wants to put a three-year mining moratorium on um mining within the state so i

think you're going to probably see more of that idiotic legislation come to the floor and i think at least in north america the trend will be off-grid mining it'll be people are going to get pushed off the grid yeah i think that that makes sense to me and i i like the idea of of of the fact that uh miners that are prepared to move are going to be more profitable in general so that they're more robust for that reason um i mean it just this goes right back into into your previous discussion um is that you know at the end of the day whether it's bitcoin or whether it's energy policy or whether it's tax policy like i believe in the competition of jurisdictions and you know long term that competition should result in uh you know better

opportunities better situations for people as long as you have the means to move um if you don't have the means to move there is no competition and the means to move uh at the most basic level is probably twofold um you know it's probably a mix of of firearms and actually securing wealth so i would say that that people should be focused on stacking as many sats as possible and learning how to secure them and use them in a private manner agreed that's the other thing to watch like thank god we have what's going on in texas and florida and improving now you don't need a vaccine passport to go on it because like you said as long as you're mobile um you should be good to go but they're actively trying to make it so you can't mobilize with these vaccine passports

so thank god you have the ufc texas rangers you had a huge boxing match canelo last weekend down at dallas's stadium proving that like hey it's not the end of the world and what you see a lot too is is you know especially i mean a mix of of our constitutional protections but also the fact that you know these governments are just wholly inefficient at this point they're just they're just aged bureaucracies that just don't get shit done effectively they tend to lean on scare tactics because they can't enforce shit so like right now you would think um you would think that if you were traveling to or from new york there would be a bunch of restrictions and you have to do these things for them but like i literally just got back from

georgia flew to georgia flew back nothing there was absolutely nothing you know they just scare you into compliance they scare you into thinking that you know you need to go and you need to get your vaccine passport and you need to do this and that and this in order to travel and that you feel guilty for traveling but you can just get a plane ticket you know go and fly there and fly back no problem yeah it's like the cbc tweeting out today like now if you're vaccinated you don't have to wear a mask inside or out it's like i haven't worn a mask in like eight months they like expect people to just listen to them i have a de blasio eating shake shack and telling people that they can appreciate you know someone just like authorized

hugs are allowed now is it was it ottawa or something was in canada i think they were like in in 10 days hugs will be permitted again like what if you were waiting for the government to tell you that you could hug someone um you got probably then good luck i don't know honestly though it's like it's insane freaks like fuck man dude the firm handshake the firm handshake it's hot right now it's real well dude i had an instance earlier today we got our uh our dryer fixed we had to get like a new coil and band at the bottom of the dryer and uh the guy south jersey dick is south jersey accent error yeah dude like i haven't fucking seen anybody in a few months and like when he left i was like thank you i didn't have a jersey accent

like he went like it was complete like he went for the fist bump and i came in for a firm handshake he was like oh damn man i've done this in a while no i just got like i just fucked up jersey the normal the normal handshake is the secret handshake now right he's like oh i've been used to like elbow bumping and like fist bumping i like went for the firm handshakes like it's time to get back to normal he's like i'm vaccinated i was like good for you man good for you and then he was like you came into the house i was like you can take your mask off you don't wear he's like dude like i've been wearing this so long like if i take it off i start putting my tools in my mouth i'm like what the is going on you're driving people crazy man

let's get back to normal freaks let's get back to normal don't let these evil look de blasio eating fried like they the the way they have to incentivize to get these people to to take vaccines is getting so weird they're the first it was like crispy cream then it was like a a shot it's all unhealthy shit a shot and a beer you get shake shack in ohio they're giving out like million dollar lotteries to vaccinate yeah what is that that's five five people get a million dollars yeah if you get vaccinated on high like what it's all weird man it's weird it's weird ah we had a particular freak that wanted us to talk about this vulnerability we should front load it with vulnerabilities we we front loaded it with vulnerability on society

they're they're ddossing society we need to make everybody aware of this vulnerability that exists marty responded with the from the ddos attack with a his own denial of service i'm sorry i'm sorry freaks i don't even know how far we are um cake well we literally have the clock in the bottom left we've been going for 52 minutes oh boss whoa whoa um cake wallet vulnerability this is an ios bitcoin and monero wallet correct well yeah i mean it's historically a monero wallet they added bitcoin like a month ago or something they have problem with their their seed phrase generation it's not doesn't have enough entropy or something like that yeah they're the seeds they generated weren't secured there so they you have to update make a new seed and transfer your

money off i mean you should just transfer to a different wallet yeah this is like this is one of the give them some other abilities you don't come back from unless yeah i don't think anyone actually lost money yet i think they discovered it themselves um but uh yeah if you use cake wallet if you use the bitcoin portion uh go in there and you know send your bitcoin to to a different wallet if you're on iphone consider moon wallet muun um android samurai wallet moon wallet muun i love moon wallet dude all my bets this weekend in georgia were all moon wallet boss it's great uh i think that's another reason we dumped probably wasn't very humble this weekend oh no yeah what are you gonna do i i got i got us a buying opportunity freaks

is your is your driver still free after the last yeah tell that driver i can hit my driver so well now just because um i got 21 sats back on it last year and bitcoin was at like through fold app and bitcoin was at like six thousand seven thousand dollars so the sats back alone is worth pretty much double the original cost of the driver so like you automatically play better golf um you automatically play better golf in that situation i think yeah when you know it's just like damn should have bought a whole new set of clubs in hindsight you know i didn't even think about it i need to get a set of clubs let me stop using my father-in-law's clubs it makes me feel like a little boy i need to get my own clubs uh let's just push this up the list and we mentioned

monero and we're talking about energy pipelines colonial pipeline ransomware attack did we talk did it happen no it happened between sort of last friday right yeah yeah they you know it's a you know they like to do the ransomware attacks after rhr air so we can't cover it for a little bit yeah i mean everyone plans their schedule around rhr drop yeah i'm sure you freaks are aware of it by now but if you're not uh a lot of you freaks are international so maybe this isn't making it uh to the global audience but here in the united states there was a pipeline the colonial pipeline pipeline system multiple pipelines um that were subject to a ransomware attack so what was it dark side dark side ransomware group yeah we'll

get into this this is the largest ransomware ever yeah ransomware attack ever essentially they attacked colonial pipeline system so this is another thing that we need to talk to i'm gonna get your your views or not views like see what you're hearing um got ransomware attacked shut down the pipelines going from houston all the way up the east coast to new jersey um and as a result uh gas gasoline jet fuel diesel has not been able to be delivered to gas stations and i assume airports as well so in the southeast part of the country particularly georgia uh you're lucky you got out of there north carolina uh louisiana austin um storms from great american mining he's telling me he couldn't find gas at a bunch of gas stations the gas stations ran dry

he also had the combination the pipeline gas by you yeah i filled up yesterday um or two days ago um haven't obviously been back but it's pretty it's pretty dead down here it's not a lot of people down here so i'm not i'm not too worried where i am we got we got freak ak in the in the comments saying that it was the billing system it was the invoice that's what i wanted to say like is that like then he said the pipeline and the flow is fine but if the pipeline and the flow is fine then why do we have shortages everywhere well your tinfoil hand uncle marty's coming back again yeah they attacked the invoicing system so like the the argument is like they couldn't invoice people so they weren't comfortable delivering the oil and gas but it's like ah

controlled demolition man just covid i mean so your original take was i saw the bent where you said that you thought it was a false flag attack against bitcoin potentially but dude our infrastructure is so fucking vulnerable like i but again like this and i wrongly in that bent hand up said that like the pipeline infrastructure was hooked up to the internet it's not it's very manual i've come to learn they literally just ransomware the invoicing systems they can invoice their end clients and that was the justification for not delivering the gas which i find a little weird like maybe you should do it pull out a fucking pen and paper well i mean bloomberg's saying that they paid five million dollars in ransom right so they didn't pay five

million dollars in ransom if it wasn't you know a substantial just you know disruption to their operations to call it like a oh like an invoicing system simple like you know how these these like this company's probably been around forever they have like their they have all of their systems in place like everything's built on top of each other and you have like a just a complete lockout of your computers um even if it's just like on the management side completely grind you to a halt controlled demolition man i don't know but yeah i mean a lot of these pipelines go back to like pre i mean marty you literally just spent like an hour ranting about how our infrastructure is fucked so and then now like there our infrastructure got fucked because it's fucked

and then that's you know a false flag i was joking i don't know if it's false flag but it is a little suspicious because like i was just about to say these pipelines are pretty old from what i understand they constructed around the world war ii era before the internet so like the literal delivery of the commodities like you're able to do it without the internet pre-internet age and again like this if tinfoil head on you want it to push people towards unreliable green technologies be like oh the fucking pipeline system needs to be rebuilt you know why don't we just like do green technology now i mean now i'm getting out there but regardless i feel like if anything having this the the pipeline narrative is like it makes you wish that you know our

pipeline system was more robust like you see the value prop of the pipeline exactly exactly and They're shutting down Dakota and Keystone. So it's logically inconsistent though. Why is that logically? I don't see, it just doesn't, I like, it seems, it just does not seem like it's anywhere close to like a false flag to me. Okay. Ransomware.

Let's get to the ransomware. Let's get the dark side. Like, I think like people have been, you know, people in government have been flooding Bitcoin based on the ransomware FUD, which is something we've talked about in the past on the podcast. this idea that, you know, just because a money is used for ransom doesn't make it inherently criminal when someone gets kidnapped. And, you know, if you have to pay the kidnapper in dollar bills in a in a duffel bag, like the dollar bills aren't that fault. It's just good money used for

a ransom as as as it would be used for any other kind of business deal. But. Like, I don't know if that's necessarily fud like i think uh i mean it's it's a poor take to blame bitcoin but but the conclusion that our grid and our fucking infrastructure is insanely vulnerable and underfunded and not we're not prepared at all for you know properly funded adverse adversarial actors like coming at us um like seems like a valid concern to me like i don't think like we're very prepared as a nation for that shit agreed and as is my thesis has been i believe energy producers gonna become some of the largest bitcoin miners in the world so maybe bitcoin fixes this not directly you're not gonna like hash information or like use a fucking bitcoin

private key to sign into any systems but if you're leveraging excess energy throughout your production stack as a as a private energy producer you're highly incentivized to make sure it is as secure as possible i mean a lot of these systems i'm sure running on like windows xp are just getting fucking murked left and right yeah exactly fucking crazy they might not even they may be running on shit older than windows xp yeah um so let's talk about dark side a little like gray hats they're considered they're like the mcdonald's of the the hack ransomware they released the statement they were like uh we didn't mean to cause political geopolitical disruptions we're just trying to make money it's all weird like did you see the obviously you

posted the krebs on security i think it was on no bullshit bitcoin i saw you retweet it but like the back and forth between the the colonial team and the the dark side team was like the negotiations and the texts were so weird oh that was the thing for the freaks uh there's a confusion of krebs there's two different krebs i don't even think they're related oh yeah it's so weird so yes i got it there was a krebs on chris krebs is the government guy right and then brian krebs is there did i get the bloggers the blogger he's the infosec guy so brian krebs is always like so brian krebs i've been following we've shared he's got he's got great takes yeah we shared his reports on rhr many times throughout the years and then this chris krebs guy who was in the

the trump administration and i knew that there was a krebs in the trump administration i just assumed it was brian he went on bill maher and we talked about this last week or the week before um and i assumed it was brian krebs and he was and he was flooding bitcoin based on ransomware yeah um but now brian krebs not the guy flooding bitcoin so he did like a deep dive on dark side because the thing is like it's like uh a victim of a it's like a victim of a lot of like assault crimes and stuff right where like these companies they get hit with ransomware and they don't want to talk about it right so they just pay it under the table and then they never release anything public so there's a lot of you know there's a lot of details we don't know about these operations

because they just hit people and they scale it based on their business. Like in this case, you know, it's the rumor is they paid $5 million. But for instance, like I had a family friend who like her small business got hit, right? And it was a $7,000 ransom, right? So they like scale it to try and make it so it's an amount that you'd be willing to pay and you're more likely to pay than try and restore a backup or start fresh. So that's an interesting concept. The second thing that's interesting with with this organization is it appears they sell their software out just like as a package, like ready to go.

So other criminals can then use their software on people. So it's not just them. And they were trying to deflect, you know, deflect blame here, saying they didn't do it. They sold it to someone and that person hacked the pipeline. And they said, don't worry, we're going to vet. We're going to vet our future clients better in the future, which is fucking hilarious. is i see this is and then brian krebs went did a deep dive based on the last known large ransomware done by this group and it was a particular organization and that's where we got a lot

of our details that we know right now yes because capital pipeline people aren't talking about capital pipe colonial pipeline people aren't talking about it it's got a text we get our details from the previous one that's public i just get a group text my dad one of his friends i haven't talked to bitcoin not looking good today sorry rich thanks for thanks for taking it was but yes the krebs that we like put out but like dude so i'm sitting down with her tomorrow morning whitney webb be on the lookout for that freaks we talked about this last year like that like 2021 is the year the cyber attack dude and they've been posturing a jerome powell on 60 minutes a couple months ago or last month saying that he's not worried about inflation or credit

risk and the economy is more worried about cyber attacks like the like the the projection and the preparation and the like front running of the narrative the setup again if i were a conspiratorial dude i'd be like yeah it's a it's a little too convenient um and then again like the back and forth between colonial and the the the dark side client who ever got access to the ransomware it's just like a really too straightforward of a negotiation process it was really weird that they that krebs had all that back and forth text and was able to like publish it like i don't know no but i mean krebs published the previous part is the it's from the previous uh ransom that was done to a different company ah but that would they were talking about gave him insight bloomberg

bloomberg the the the the allegedly the dark side ransomware hackers public they posted a public posting on a tour onion service site on a dark website like a forum or something and bloomberg picked that up and did that that was their you know their public release and that was after the biden administration said they were forming a task force there was like russian hackers or whatnot and then they released their statement via tour yeah um i just would i i'm just pushing back here because you know the the idea of of america not being prepared for cyber attacks is a narrative that has been around for a decade if not longer you know um this is something that we've heard many many times um if you repeated it enough you were going to get some confirmation

bias at some point and say that it was unrealistic you know good point it's a good point it should happen more often like i feel like we should just be getting fucking hit left and right what's your uh what's your favorite like ransom cyber attack movie i mean just mr robot mr robot fucking i haven't watched it mr robot called this whole thing i'm gonna die die hard live to see another day or whatever that one was live free or die i think it might have been and then speed speed was a great like ransom dennis hopper very good in that movie um yeah i don't know yeah maybe it is confirmation bias because i have talked about that with whitney like twice she was like 2021 you're the cyber attack because they did like some like preparation event like

event 210 or whatever it was when they like predicted covid in october of 2019 and it played out exactly like they did something similar this time last year as well right tinfoil hat uncle marty's going going back in his cage freaks we got to get on to the next the next um topic which is the fact that michael saylor micro strategy stacks more sats 20 million dollars worth 15 million dollars worth it was 15 it was like their little dollar cost averaging they don't average price to see it average price 55 387 yeah it was before the dip yes um but he also did you see he replied directly to elon's uh tweet which is it's fun it's fun seeing billionaires go at each other on twitter over bitcoin right

elon man god i regret i like when i went like search marty bent elon musk to see like what i've i've stand him pretty hard not too hard like oh my god let me suck your dick elon but it's like like i like spacex the fact that you can like send them up again like how much is that somebody sent us that i can't confirm it i can't confirm or deny whether this is a true stat but like one rocket going up and landing back on earth the amount of jet fuel used in a rocket fuel used in that would be enough to power a car for 200 years or 200 cars for a year what kind of car i guess just your average unless they take the what's your source on that marty somebody responded to one of my tweets last night that's just a just an internet

slith gotcha don't know if it's true man i know i'm frustrating you because i'm just running wild this one recent cpi numbers released 4.2 i'm in a great mood marty do you think life is good good vibes firm handshakes let's fucking stack some sats firm handshakes we got yingys on deck firm handshake yo dude i'm fucking shook someone's hand in a year this felt good your accent changes every time i've been watching a mayor of east town on hbo and again because it's in delco where i grew up but see i grew up in northeast philly we moved to charleston south carolina then we moved back to delco's when we moved to charleston they like beat the philly accent out of me um i couldn't make sense couldn't see water down there

had to say yes ma'am yes sir but moving back to delco delco outside the philly area has like its own distinct accent and like watching the show and watching people like actors british the british actress rose from the titanic um good old rose tried to do like a delco accent it just gives me much joy she must stack right i feel like once you once you survive a major boating accident you know you're you're predetermined to uh predestined to climb into the lifeboat that is bitcoin yeah my dog's sneezing at my horrible joke dude should we jump into some titanic conspiracy theories what's your titanic conspiracy theory my i mean it's not mine i didn't come up with it but like one of the theories is that like it didn't hit a fucking iceberg it was it was

definitely hit an iceberg it was sunk because they were against the federal reserve that's one of the conspiracy theories oh i did see that one yeah i mean maybe they placed the iceberg there or they heard they just placed some bombs and it looked like it like yeah who knows who knows don't move to kensington philadelphia it is an iceberg the one the kensington and philadelphia is nothing i'm looking i'm sorry i'm reading the comments is nothing like the kensington in london if you want to if you want to sit under the frankford i'll watch people do heroin all day you can move to kensington philadelphia um the cpi numbers though 4.2 percent 4.16 percent for being more descriptive uh shocked a lot of

fed governors like oh my god this is higher than we expected it's like what the fuck did you expect and this is it was lower than all of us expected and they're like oh my god who saw it coming well that's the thing and that's i highly recommend you freaks go listen to the episode i recorded with maddie mazingtious and he actually brings up a good point towards the middle of that episode like inflation is so hard like obviously cpi's bunk it's not representative of inflation at all but like even if you were to try to create your own uh basket of goods to track inflation like it still wouldn't be accurate because everybody has different preferences um uh and in different times in which they need to buy things so one person's basket of goods isn't

indicative of everybody everybody's got different tastes um but a metric that he puts in his quarterly monetary base update um which came out today q1 2021 came out today that's why we recorded the episode bitcoin is now the number six the sixth largest base money in the world x gold seventh if gold is included which is pretty massive 12 years climbed to number six in terms of base money but when trying to measure the reduction in purchasing power instead of looking like an inflation index he says you should look at the the value produced by in gdp terms of one dollar invested when you compared 2000 one dollar invested would produce 17 in gdp and today it's three dollars so you basically have

like a massive inflation of or reduction in purchasing power or productivity of a dollar probably a better way to put it uh over the last 21 years so that it's like 5x less productive i mean this is known right yeah it's known by the freaks at least it shouldn't be news no but i like this metric and so it's like instead of trying to find like oh should we use shadow stats should we like use the cpi plus a certain percentage i think this metric that is ironclad you can look at the public data and track it throughout time is much better fair enough i mean i've seen you've been tweeting out uh

you are so frustrated right now i see you've been tweeting out uh weimar memes lately got one i got some weimar kids behind me and that's the other thing like dude the fact like a bad 90s band weimar things no oh i thought you said weimar kids oh yeah weimar kids um so the signs right pipeline shutting down people are fucking crazy loading fucking plastic bags with gasoline uh is that confirmed the gasoline and plastic bags gasoline i've seen picture i saw pictures and videos i'm assuming that someone said the videos are from i saw someone else said the videos are from like a hurricane or something sandy or something like that maybe we've got god fuck i can't trust the internet snopes debunk me um but regardless pipeline shut down i think it's

note well-known fact that gas gas stations were running dry depending on how long earlier this week bloomberg came back with an article like even if um colonial pipeline system paid the ransom and got the pipelines back up and running would take 15 days to still replenish everything so that's pretty pretty long time i don't know if that's true um it's bloomberg is my source if you're looking for sources uh i thought i thought you said earlier that that the pipeline was flowing this whole time though and had the ability to flow but the invoicing was shut down gotcha they didn't flow it and that's one of the stories i heard i was asking if you had more information on that um can i confirm or deny i mean it makes sense to me that this shit has knock-on effects

and we're fucking you know the first thing i did was i you know filled up my car made sure that i had you know gas i'm not i'm not one i'll be skeptical but we can uh still prepare at the same time you don't have to be an idiot about it yeah but the weimar thing so it's like this thing like he's just see oh yeah degradation of infrastructure even though it was a ransomware attack like if people couldn't get gas for two weeks that would make people very angry and they'd start to lose confidence in the government's ability to control things and then like dude the other side that I talked about is the fact that people are just deciding

not to go back to work because they're making more and more. We talked about it last year, but now it's actually happening. People aren't going. Chipotle is McDonald's. And they're not even getting paid as much as I expected them to be getting paid. Right. Do we have more UBI in the cards? Is there going to be more checks

for people? Marty, how soon do you think hyperinflation will happen? I don't know. Do you think hyperinflation is going to happen within two years i mean the cpi is at 4.16 right now like dude if you think hyperinflation is going to happen in two years this is like not i wouldn't say is the craziest thought if you think it's going to happen in five years is it really worth it to argue with people over green energy when we have hyperinflation around the corner probably not like that probably just throws everything

out the window regardless right stop lecturing me matt let me rant energy people please please please let me have this yeah i just you know you can have it i like i said i i enjoyed it let them rip no well if we don't have hyperinflation and get an error on the side of caution i'm just saying there's no need to be upset in that regard to me because i just think it like it's like a distraction for the masses so why are we getting distracted by we're above that i feel very passionate about it though considering my line of business outside of this media company and again because i if you listen to gamcast we've had a few people on the describe and that we don't guess and we don't gas industry provides very good jobs for people in the middle

of the country a part of the country that's been completely hollow out and destroyed and forgotten and laughed at and called fucking bumfuck cousin fuckers and just scoffed at by the coastal elite the oil and gas industry in north dakota oklahoma throughout the country and provides very good jobs for people with high school education they don't go to college yet they can make six figures have a family have a community and like these jobs are being ripped from people the key as soon as biden came into office keystone pipeline done like jobs just gone people like videos of people working on that pipeline crying are making 120 000 high school educated living in the middle of the country able to buy a home provide for a family and these idiotic policies just completely

shit on a part of the country that's been completely decimated over the last five days like literally kicking people while they're down and that's why i get passionate i mean i i i respect that. And I'm pro-energy infrastructure in general, pro-pipelines in general. But I would say that I would echo a concern that you mentioned with the wind turbines, that when eminent domain is used to line the pipelines, there's probably a lot of property rights concerns that happen there which i can agree my biggest that would be the first thing i would think like if someone tried to run a pipeline through my future citadel i'd you know flip shits yeah or put a turbine up whatever they want to do or try and kick me off the land yeah well how would you feel if like

they did eminent demand and they kicked you off your land and they only left like half the pipeline built i know that'd be worse right yeah um but yeah it's that's why i get passionate about that stuff but cpi year-over-year inflation in april 4.16 percent um and this surprise the fed governor's coming out i mean like oh my gosh how's it this high it's like how could you not expect it to be this high like this proves how disconnected these academics are these central planners are from the real world anybody looking at a grocery bill looking you literally do these people not drive buy gas stations do they not see the increase and in gas prices even before uh the pipeline shut down like do they not see what's going on in the housing markets across the country

i think people literally buying same houses all for same day in cash 10 20 over asking dude that shit's scary as fuck man right like is it here like when you're like how far is it like imagine bitcoin is dumping in this environment right it just seems like i can't even get i I'm like tapped out. I can't get more money into the market. I'm feeling massive FOMO. Right. I'm as well.

Fuck. Yeah. You have the shit coiners and the no coiners pouring on. Inflationary environment. Bitcoin's dumping. That's what I'm saying. Let them do it. I agree.

Like our boy Francis now. You see he's going to pen a whole post that the only response should be cry harder, bitch. Francis. pullet yep what's he doing he's gonna do a whole post that our only response should be cry harder bitch anything more than that is you know ineffective and a waste of time i like that i can get down with that cry yeah it's the same idea as like have fun staying poor right like what happened like we're supposed to have our bitcoin zen here you know we're gonna accumulate and uh you know if if they don't want to participate then they don't have to participate

i agree i have my bitcoins in i'm not worried about bitcoin that's why you see me talking about like energy and the grids and shit and like cyber attacks more i'm completely in my bitcoins end zone i love these dips it's it's it have you been noticing is this somewhat mirroring 2017 to you yeah it's a fucking like people are surprised like dogecoin is ripple it's the same exact shit you know it's fucking but but bigger numbers bigger numbers more people more shit coins more schemes you know new new ideas on on on old scams dude once he's flippin's bitcoin what's gonna stop the flippening narrative like all it takes is like a couple green candles you know a couple weeks of green candles and all the flippening

toxic bros come out and then afterwards you know when we're dunking on them they're gonna be like well you guys were always mean to us we never said that we were competing with you like it's complimentary it's not a it's not a competition same shit man once he's flipping bitcoin what's gonna stop doge from flipping bitcoin this is always gonna happen when's the tripling gonna happen he's 2.0 man it's the future it's coming it's gonna infuriate it can be infuriating if you let it be infuriating agreed shout out to our boy full-time bitcoin made me aware in the comments and elon just responded to michael saylor um and it's just a bunch of bitcoin energy articles like oh suck my full-time bitcoin i know you're a tesla bull tesla's fucking suck dude i'm

sorry kidding kidding i love you thank you for the cigar bitcoin bit block boom 2019 yeah this is interesting u.s government is probing binance yeah this was the second piece of fud this was the fud that knocked us back down today the fud is like 2017 all over again too but this time we have like the fud goes through bloomberg terminals in all caps like we never had that one before that's exciting when the fud comes freaks you just go just cheer cheer on the fud bring it all it's coming yeah but it's so good man we still got a fucking edge just embrace it yeah what's what's happening by us the irs the u.s government's trying to make sure there's no money no it's fine but binance like released a statement like

we will bend the knee we've always bent the knee like what like it's it's just same old bullshit yeah i um i don't assume you've used binance i actually got a binance question today is binance trying to force people to use their token to like move coins on their machine because somebody's like oh no they have i mean i'm not really sure i haven't used it ever um but uh they have like a ethereum competitor that's just like a super centralized copycat of ethereum and that is supposed to be a quote-unquote decentralized exchange and that requires the use of BNB, if my understanding is correct. BNB is a centralized shitcoin that also comes with regulatory concerns

because it is probably considered an unregistered security by regulators. So if you own any, consider it basically zero at any moment. that could happen yeah yeah be aware but like is there are they trying to force people like are they gouging probably they shocking kyc you know like cz is a businessman he's a fucking hustler but he's always looking for another edge to you know make more money and pump the price of bnb or pump whatever scheme he's got going on cc you guys don't like if you think he's gonna like act in good faith as like a 10 uh hash rate pool on bitcoin um like i have a bridge to sell you i have some shit coins to sell you if you believe that shit great should we go into like cc's

history before binance do you guys know about the the okay coin wood chipper okay casino okay casino cz's been been running casinos since the early days freaks be aware be aware grayscale talking about i don't want to call them a casino in a bit higher pedigree than casino i would say uh bitcoin trust hits record discount of over 20 barry's shoveling billions of dollars dude something's really bad something's really rotting over there what yeah what do you think because barry's just shoveling money in it's like that uh fairly odd parents if if everything was okay over there that 20 discount would get bought the fuck up so easily

right it seems like well and then that's the other you know like allegedly like block fives like major exposed to that trade so you know what they're probably freaking out Your keys, not your coins. If these types of environments, especially in bull markets with regulatory pressure and coming out about Binance and Elon coming after Bitcoin and just at any moment, you could have major, major fucking moves in terms of price. I mean, this was the second time in like three weeks that we had a downward move that liquidated as many fucking as much Bitcoin as the March move.

um they're just like normalized now and in those situations that's when you start to see trouble happen in exchanges and people lose their fucking money at custodians so like you got to be extra fucking careful and and really bitcoin zen is reached when when you're holding custody yourself honestly it's like the the best peace of mind you can you can bring to yourself is custody your keys freaks um but there's a twitter account i've been following him for a while really like his account macroscope 17 and this is like why if i were barry i'd be worried um and maybe one and one of the reasons why he's shoveling money into this he's been just basically scouring sec filings um for for institutions piling in the bitcoin and

over the last two days he's he's uh documented a bunch of uh institutions piling in the gbtc in the filing today this is from yesterday sign sign cast management so obviously we have all the the quarterly earnings reports coming out now since q1 is over uh sign cast management based in princeton new jersey reported owning 55 000 shares of grayscale bitcoin trust as of march 31st uh filing today essex investment management based in boston reported owning 45 292 shares a grayscale bitcoin trust as of march 31st uh formidable asset management based in cincinnati reported only 41 725 uh morris asset management 63 364 so you have all these like large asset managers and institution that have been dumping into gbtc in q1 it's coming at the discount you

think they're dumping because of the discount or well they're buying into it yeah so that should be good for gbtc but the fucking discount goes lower and lower like it makes no sense yeah unless something's really really fucked what's disconnected there a lot of people i think a lot of people were doing the fucking carry trade yeah and and they got caught with their fucking pants down they loaned a bunch of fucking bitcoin to do the trade and they got caught with their pants and i wouldn't be surprised if you know we always see narratives get played out where people say like this is the reason for a dump this is a reason for the dump people are always going like dump hunting for narratives but a lot of times there's

like shit happening behind the scenes that's getting priced in um and you know maybe there's you know maybe there's dramatic concern behind the scenes over this shit like it and i i am sympathetic to people who say that this feels like the newest tether fud um but i would say it feels to me more like the gox fud which turned out to not be fud but that's what someone who is tether funding would say so i don't fucking know but but all i know is you're fucking crazy if you're holding it in one of these custodians that's connected to this shit and like i'm not saying you should sell your bitcoin i'm saying the opposite i'm saying you should fucking stay humble and stack stats but like you better you're not stacking if you're

you're fucking keeping it with the custodian so just be wary freaks like there could be some crazy shit that happens and and you just as long as you don't have leverage as long as you're you're you're humble as long as you have custody of your keys um you're insulated agreed agreed bring that peace of mind speaking of tether you mentioned tether there's tether news today too we don't have on the list because it was like a non-story it was a non-story to me because they didn't say like oh 50 of our assets are in bitcoin they like listed what's backing their um what's backing their their their usd tether and it's like t-bills savings accounts right it's like whatever it's like what you would expect and

you have to trust them on it yeah that was weird somebody was like only 3.87 percent was backed reserve but you go to the story it's like as of march 31st tether held nearly 76 of its reserves in cash and cash equivalent the real bit for next um bit for next was this guy who funded tether since 800 and said that when bitcoin was at 800 that it was going to dump because of tether and me and him got into so many different arguments on twitter this is one of the reasons marty where i say it's just not even worth it the energy shit and he just he deleted his tweets and blocked me and like it was just like such a fucking waste of time people can't even go back and learn from it because he was a fucking bitch about it and the real nail in the coffin was

fucking coinbase adding tether coinbase is a fucking hyper regulated company that's publicly traded that like does every single cut coiner thing and would never fucking you know they they they're very they try and be as compliant over the top as possible and they added tether as a as a trading pair on their on their exchange so game set match on that one tether doesn't exist i saw like some traditional still a third party you shouldn't trust them but yeah it's not but it's not moving the bitcoin price it'd be super bullish for bitcoin if they fucking went down anyway right everyone would just panic and go into bitcoin yeah that's the only place they can go with their tether at least at least the you know

the anons the non-regulated types yeah well that's actually one thing i wanted to touch on the dark side that you touched on on citadel dispatch we don't know yet it hasn't been clear if it's paid in bitcoin or monero but i think you brought up a good point it's hard for some people to stomach or for some people to come to grips with but is i believe you described as a canary in the coal mine if yeah so the last so the one that krebs krebs on security was talking about the last one and that's the one we know about uh because capital pipeline hasn't uh capital the colonial pipeline hasn't released anything um specifics and if you look none of the articles mentioned Bitcoin or Monero. They never mentioned either. They just say

cryptocurrency. The one before this, there was a 20% discount if you paid in Monero. So they accepted Bitcoin or Monero and it was 20% discount if you pay Monero. And my comment was, it's kind of like they're pricing, they're saying that it costs 20% to use Bitcoin privately. yeah and anthony was like it's probably going to mixing fees and yeah it's expensive to use bitcoin private that may be even transitioning into monero you'd have slippage if you were transitioning into monero if you mixed and then transitioned to monero i mean 20 is probably a little bit high but it's like kind of it's just interesting to me it's like kind of a free market price on on uh privacy no i think you made a really good point

and that i don't want to call it a rant but then it's not a rant whatever that your explanation of this thing like hey like if bitcoin doesn't work for criminals it's really doesn't work as a digital money right well i just like in historically speaking like criminals are especially very successful global criminals that make a lot of money they're on the cutting edge Right. And they're they're exploring, you know, how to use these things. So if if. If they think it's 20 percent worse for them to accept Bitcoin, then that's that's a data point that we should be taking into account and we should, you know, be focused on making it easier for people to use Bitcoin, because the average user that isn't conducting ransomware all the time is going to be way less equipped to be able to handle this type of thing. Now, one thing to keep in mind, though, is that there's not a direct proportion in terms of, it doesn't scale linearly if you're trying to use Bitcoin privately. The larger amounts is worse.

There's probably like a middle ground percentage-wise where like if it's too little, then it costs a lot percentage-wise because of on-chain fees. But as you get more, you know, your volume is just so high. Like if you're trying to be, you know, like the Bitfinex hackers, 100,000 Bitcoin, you know, you're trying to hide 100,000 Bitcoin and these CoinJoin implementations aren't using that much, right? So it's really hard to, it'll be more expensive to use it privately in that situation than if you were trying to, you know, pay $100 bar tab or something. Yeah, that's a good point. add some liquidity to coin join freaks get taproot activated but in uh not that it's going to solve all of our privacy issues but it'll certainly help and lead us in the right direction i did not mention this when we were looking at clark's dashboard but this epoch where

uh 42 or trailing block signals 42.9 of the blocks um have been signaling for taproot you think it's gonna activate this period because freaks resets every difficulty period it's supposed to be 90 of blocks signaled in a difficulty period i don't know i was talking with one of the pool operators and dms earlier this week he's pretty confident like in the next two or three i don't know about this one it's not gonna happen this one no i don't think this one i still got like my btc um they're gonna play games with us man quit playing games with my heart if you really want it you have to start prepping the user activated soft fork yeah that's another thing too like looking at uh was it merch that did the uh

the node breakdown like only something like 13 of those are running the latest version of corn corn core yeah i mean that should be a upper limit because obviously you can easily run many of them yeah yeah i guess someone could be spamming the other side but at least the absolute number should be considered an upper limit rather than the percentage which is why we have proof of work because that's verifiable with nodes it's not verifiable that's what i'm trying like i saw francis tweeting about this earlier this week too like there's so little nodes that have upgraded to like the tappered activated version of core if you're just like abdicating this to mine like does that show that people aren't

as gung-ho about tappered as they should be are people being complacent and if miners do activate it and only let's say 13 again upper limit have done it have upgraded people are just going to wait and see if like taproot gets activated and people start working with it will they then upgrade after and if they don't like it did they just stay on look we should be happy people aren't upgrading quickly i agree bitcoin is resistant to change it's very difficult to change this is a feature not a bug I'm trying to reconcile

the urgency that seems to be existing throughout the quote unquote community people like to be loud on twitter about it yeah that's different than people actually upgrading their nodes

I was thinking about it this week laser eyes were a weak moment that's like one thing that like me and you always see eye to eye i was like never put like the thing in your in your like twitter thing that was a top that was like a local top laser eyes right 200k by conference day matthew there were a lot of signs that we were out of local top freaks stay humble 200k by conference day still in play we got we got the bitcoin car between now and then we've got three weeks 500 bitcoin car we didn't talk about that let's talk about that how fucking dope is that fucking legend man yeah i mean we should we talked to jack about this we

should talk about this like this is gonna be massive so indy 500 like veteran what's his name edwards ed carpenter ed carpenter edward carpenter there we go um i was gonna say chris edwards it's ed carpenter uh decided to forego um sponsorship official sponsorships and he's a bitcoiner he's got laser eyes on his profile um but yeah it's uh the car is gonna be decked out in bitcoin no sponsors uh jack mahler's been leading this initiative with him and i believe russell coon's been helping out as well but they want to raise um a i believe seven million dollars uh for i believe sorry this is a very important topic marty but btc sessions just came into the comments yes ben i already acknowledged that on my own that that was a local top but but thank you

for reminding us i thought you couldn't see the comments um i can see the comments i got i can only choose between the comments and the news and the and the list so i choose the comments because i'm gonna always be with my ride or dies um yeah so i mean they're they're they're raising they're gonna raise a shit ton of money for bitcoin development yeah open source development yeah which is fucking awesome and it's just uh the car is number 21 and that's just a coincidence right it's pretty baller so we're gonna win the indie 500 and then we're gonna pump past 200k the day after and then the conference is gonna be two days after that all the all the uh all the opportunists are taking over did you see emily radikowski whatever her name is she just

she just like posted new prof new prof pick laser eyes and then i was just like launching my nft next week it's the newest thing uh i like laser eyes buy my shit coin yeah brady too he did the same exact thing he launched he's like got his the goat put his his laser eyes on he was like join my nft website i have to ah dude i got an email this week about nft somebody's like hey somebody introduced me to one of their friends like marty really respect your opinion like i got a friend who was nft as i just said i'm gonna save you a bunch of time and effort like just their noise they're fad they'll fade away i'm not discussing this any further you're smart like we'll see what the market says i was like all right good luck buddy

i've decided this cycle i'm just gonna let the freaks handle this shit and i guess you too marty because i mean you seem to be oh i'm like i'm not worried about my bitcoin zen like i don't care none of this is a threat to bitcoin it's a threat to the people that trade it and uh yeah i'm just gonna try and ignore it as much as possible my boy caleb from barstool i saw that he just like tags you and things he just texted me earlier this week he's like dude ask white man what should i do it i was like i don't know like sent me a screenshot of like it was up like 700 but it was like 0.000000005 bitcoin i was like how volume i was like what no no like that was like the unit like in big it was in bitcoin terms it was like such like it was like scams pump the hardest

freaks this is known it was like 58 sats a coin i was this is known i was like what it was less and 58 sats up but it was like i was like what is the total supply of this coin i like just went to go look it up found it and just like it was your typical like 2013 2017 shit coin chart you get like the one boop down like all the way up like parabolic and it was literally at like the top of that parabolic i was like dude sell this right now like the screenshots are on twitter somewhere he's like nah man i'm holding on to ass forever he dm'd me today he was like yeah dude i should have fucking sold that it's like classic that's how you learn you touch the stove you learn ask or you don't yeah like come rock the the shit coins this time around are so lazy

like 2013 you had like they were always lazy i don't know man the pump the ones that pumped the most were always the laziest ones come rocket come rock there's a come rocket out there right now that's actually like it's not traded on coinbase but you can find it in coinbase's market section like they should be ashamed of themselves like how did you end up in that situation are you surprised they wrote a blog post on shit coin is that a coin i there well it was like a turd coin or something it's a pretty clever name for a shit coin right and it's true but god what are you gonna do i like just stay on one stack just not worth the time we haven't even seen the crazy shit yet that's what you people don't realize no no it's like

it's only going to get worse from here it's going to get significantly worse from here it's going to get so crazy you're going to see like vitalik with a girlfriend like tom brady's barely shilled anything yet fucking zuck has a goat named bitcoin now and another one named max is that in a subliminal message that's no they also they're not pet goats he eats them this is so like he sacrifices them he doesn't even eat them he just sacrifices them i believe he eats them yeah didn't he feed one to jack dorsey i don't know about that not one of these goats a different goat he had dude just like living in hawaii fucking zucks living in hawaii just like shit posting with his goats to bitcoin twitter yeah this one's named bitcoin i'm gonna eat it

is he a robot i don't know dude but but between the ng500 and all the shit that's surrounding the conference because whenever you have the first of all this conference is gonna be like a festival like the target right now is 12 000 people in person my guess is going to be over 20 000 people in like the miami area for it the mayweather fights the same fucking weekend oh and you're gonna have indie 500 the bitcoin car is gonna win the fucking race like the fucking week beforehand and you're gonna have all of that together with all the different event like announcements people the companies make around the conference around the festival we're going back it's going to be ridiculous like if you're looking at like 50k bitcoin right now and and you have panic instead

of fomo i just don't know what the fuck is going through your head and like we should see other people reverse juju we're going down to 20k because of all this hype dude i'm fine with it win-win you're gonna have somebody at the indie 500 they're gonna they're gonna be they're gonna the Indy 500 tailgate is going to be people getting Bitcoin tattoos in the fucking tailgate and that's going to be like alright we're going lower we're going lower

and now we're transitioning to software updates fully noted version 0.2.17 has been released if you're running fully noted make sure you check it out blue wallet version 6.1.2 has been released is there something in here

no they recently added a coin control that was a couple of oh yeah blue wallet like added the option to remove tracking which was like what kind of tracking was in there beforehand and why is it optional to remove it and if you're running blue while it's something i've been recommending a lot and you might want to turn off the tracking uh you talked about this on Citadel Dispatch this week. But to be clear here, fucking...

Are you reading the comments and responding to them? Sorry, continue. No, go ahead. To be clear here, Tina is still a bear. I was right on that call. He was being too bearish, and he's since rectified and gotten more bullish again.

Regardless of where we go in the short term, I was still correct on that call. I think we lost Tina to Clubhouse. I haven't seen that guy in forever. He doesn't call me anymore. doesn't dm me tina what the hell man he he's the king of clubhouse he thinks he's the coolest guy out there just screaming at people i'm a bear i'm a bear well anyway i was gonna segue into sorry the crux of your conversation on citadel dispatch this week

which was the Lightning Network analysis from Anthony Ronning, basically diving into... Long-term freak. Long-term freak, legend. It's great to have him on. I met him in BitBlockBoom briefly. I met him in Austin briefly when I was there.

Formerly a BottlePay, correct? He's an independent contractor that does some work for BottlePay. there we go as well that's why i thought that um yeah but he did a current state of lightning network privacy uh breakdown i read about it in the band on monday matt had him on citadel dispatch on two three hours with open arms yeah very thorough analysis uh like there's so much nuance to get us into it like opening channels closing channels closing channels when you have a private channel running uh you leak some data uh how you invoice

rendezvous invoices ptlcs this is leaks left and right just go read the article freaks or listen to the dispatcher do both yeah ip ip address on the that one's one that we have just hammered home i think pretty well to the freaks i also think we prepare the freaks pretty well in terms of they should only be funding their shit with coin join utxos um i mean those two things combined from a practical standpoint um significantly bump up your privacy uh then if you didn't do either of those so just like and and to the point where you know i mean we were one of the first ones rattling the the drums but nowadays all the major packages automatically tour by default right it didn't that wasn't always the case no so that's that's massive by itself and then

dropped to you you were always whenever we have somebody building online and you're like you know tour by default exactly and now we're you know i don't think anyone can argue that we haven't talked about coin join incessantly so no um oh that wasn't something that wasn't on the list but i found interesting we got tagged in it god says hodling that he had like a bounty on blue wallet for like a post mix um it was for connecting qr code connecting to your node via qr code which So there's also something that I think is super important. And it just makes it way easier to be an Uncle Jim. Because Uncle Jim, if you're hosting a node for your friends and family,

what easier way for them to connect to it than just scanning a QR code and instantly connecting through Tor without any kind of router configuration or firewall configuration. And this is something that Samurai was way ahead on. um and i've always loved about their their full node setup because it's very easy to uncle jim it um and fortunately like a lot of the lightning wallets have i've integrated it as well um you know zeus and zap and those types of remote connections uh use their own qr you use their own qr code format to you know connect back to that node um and that's the cleanest way to do it so

he had a bounty on that um and i guess previously before that he had a bounty on tor support so between the two of them now you can have tor and you can connect via qr code um and then there was another bounty on breeze to enable ln url pay which is awesome but that one hasn't been solved yet i think that's a 1.2 million sat bounty and then previously zeus had two bounties that the big one for me was that they got tor integrated natively on ios and android i really like the concept of bounties i think it's something we're going to explore at open sets um i think it's like a really effective way of channeling uh you know open source uh improvements specific open source improvements people want to see yeah uh the the bounty program i mean like i

think you mentioned zeus has been doing it like it works it works they build incredible stuff um i have another software update christopher allen from uh from the blockchain commons wanted me to make everybody aware that blockchains commons is working to advance the state of cryptocurrency wallets with interoperable specifications um they've got many ongoing initiatives going right now they've updated their qr code standardization attempts um so if you just want to look into that it's obviously can't force standardization against wallets but in the development community andrew chow's been pushing this uh like just make it some agree on something really cool when they have is the animated qr codes for psbts

because it's it's a big it's a big file so you can't do it in a single qr code yeah um so they've uh they've got their urqr wallet interoper interoperability specs um live now um so we'll link to that tweet as well if you guys want to check that out if you're a developer specifically i'm completely fine with with you know the elites all choosing to go into like proof of stake currencies like no fucking do it run let them learn run are you still reading the comments let them learn no i just came up with this why'd you go off on this random tangent i just organically came up with this thought like like if if they want to explore proof of stake and they want to go down that route let them learn the fucking hard way like in the meantime i'll just

keep stacking you know like that that's that's my edge like that's fucking fantastic like why do we care if they fucking do that i mean if if the working class is getting led down and you know of a failed path and they're gonna get burnt like i'm gonna scream off the top of my lungs but if these like rich people i think they know better go down this path like i'm completely cool with that they're larping because there's a climate emergency oh my god we need to use proof of stake it's better it's more environmentally friendly proof of work but the difficulty adjustment exists because proof of stake is inherently centralizing and just literally replicating the system that bitcoin was built to replace have fun with proof of stake

vision vision i can't fucking ever pronounce this word when i try to say it live on air physiognomy still not right you guys know what i'm trying to say maybe it's mean is vitalik really the inventor of the global world computer new economic paradigm? No. Selling or Ethereum selling? If you're looking for an answer, no.

Selling quantum computing scans to people? Supposedly like Saylor and Elon are going at it about proof of stake right now. I pulled it up right about proof of stake. Isn't it? So Elon came out and shared Artechnia article on private equity firm revives zombie fossil fuel power plants buying Bitcoin marketplace. Statue or crypto miner. Yes. I look forward to them trying proof of stake. I think, you know, I don't know what Ethereum is waiting for. They should just pull the trigger right now and just jump right into it.

yeah no i agree the sailor basically responded to elon being like look they're refashioning fossil fuel plants for bitcoin mining and he was like bitcoin offers eight billion people a superior technology to guarantee human rights to property as well as a solution to the global problem of inflation and currency devaluation which creates 10 trillion dollars in economic damage per year isn't the fossil fuel mix second order yes it is thank you michael that's the other thing like if we usher in a bitcoin standard it adjusts the opportunity cost the fiat monetary system wastes infinitely more energy than bitcoin mining ever will because it enables the ability to print money ex nihilo and then push it towards initiatives that

shocker use energy like if you go on a sound monetary system and you increase the opportunity cost to allocate capital things are going to get allocated capital is going to get allocated to things that absolutely need that energy it's going to reduce and i don't want to say energy waste because like how do you waste energy unproductive i feel like we haven't talked about this at all this episode so it'd be it'd be great if we talked about it some more i love all the green screens but like going through the inklings um what was that supposed to be like mighty ducks i don't know what it was it was just like a rally ducks ducks ducks ducks fly together. Cucks fly

together. All the cucks fly together in a POS. It's happening. All the cucks are flying together in a POS. Hey, we're just going to store our stuff on Coinbase. It's going to happen. It's going to happen. Where are we at, Matt?

Where are we at? I'm completely lost right now. Oh, you can't see the list. yeah i can't see the list bro it's all you we're on to our boy gladstein i didn't see the kato institute article uh he dropped that today he's just been fucking on fire dude's like a fucking content king over there it's not like an article that's like a tome it's got chapters and shit this one he's been working on for fucking months it just happened to come out today um it's fucking good so it's about uh surviving a post-cash world yeah i haven't read which is

something that i've been harping on for fucking ever um and it's one of the reasons why i think it's extra important that we improve bitcoin privacy guarantees before we lose the cash because cash cash right now gives us a lot of privacy itself i'm surprised you don't have this on the list i wrote about it yesterday in the band as well as the other article that we have on our list from alex gladstein which is check your privilege western elites you you fucking dirty i have that one on there too i know i know you have that one on there one did you see the nidig consumer report that was from january marty was it did you see the other part of the survey where it said 72 percent of respondents said that they would

switch banks they would switch banks if they started offering crypto custody and they would send it into the bank no 80 would send their bitcoin to so that's what i wrote about yesterday to the bank that's great there's i didn't know that was from january that's bearish as fuck that's what i said in the fuck up oh sorry marty you not read the bent well at least you know i had the same original thought as you it's 46 million americans owned i thought this was released yesterday i didn't realize from january um so ben is yeah if you look at the date that's too much work it's because nick carter tweeted it yeah and then all the engagement accounts all tweeted it out pretending like because they don't check their sources they

just just tweeted out right away so then it entered the news cycle like fresh and guilty um yeah 80 of people are like yeah i let my bank hold my bitcoin what the fuck well everyone was running with the 46 million americans and it's super bullish that 46 million americans hold bitcoin but then they say 80 are waiting for their bank to just send it into their bank even nick nick are you spook like literally the you screenshotted the 46 million americans literally right under is like 80 would hold it in the bank like how do you not just drift your mouse down like two inches and catch that stat as well you know that's looking for some that's looking for some engagement that's some engagement whoring there bullishness sells so does fear

mongering those are the two things you'll get that's one thing like most part you send out a nice nuanced tweet you're just going to get very humble engagement on that yeah agreed uh you have the newsletter to get some humble engagement yeah the one good thing is is that we're not proof of stake so they want to all send their fucking coin to banks i'm cool with that too you know but they're gonna send all their proof of stake they're gonna send all those proof of stake tokens to banks and and fucking goldman sachs is gonna be like the leading validator of your fucking chain and like where the fuck where the fuck did you go wrong like how did that happen yeah but i mean that's how you create that bifurcation in the network marty every coin

that goes into one of these regulated institutions like i feel like for every coin that goes in like two don't come out or something or every two that go in one doesn't come out that's that's the actual every four that goes in one doesn't come out i feel like 25 to 50 percent of them are going to be stuck in those institutions forever and never come out well if this fucking surveys any indication it's going to be more than that it's like what the fuck people like that's it so that's it that's why i thought it was released this week because night dig had the announcement last week that they're going to be custodying and enabling and partnership with fis for 300 plus banks in america to begin selling bitcoin to their clients so i thought it was like

piggybacking on that announcement love they might have you know maybe they did this did the thing in january but then only publicly released it after they announced the product that they built based off of the survey that they did in january but if you go to the post it's dated january but i don't if you know we're super in tune with with the with the daily news the weekly news we've been doing this show every week for whatever long fucking three years now the i don't remember this study near do i but if you go to their website it says january 2021 on it yeah and you're right though they did just announce the product that seems like was designed after they did this survey right it seems like the survey was used to sell to the banks like hey you're

well they saw the survey probably and they were like oh shit like a lot more of them would fucking move banks if uh yeah exactly then they sold it to the banks they're like the people who move from city bank to you if you offer bitcoin yeah it's a lot of yeah well we'll watch this space i mean why are you gonna do that guys you're but if you want your hands hold use like casa unchained and and then don't give up custody give them one key collaborative custody yeah disclaimer they'll hold your hand you still have to trust them with your privacy but at least you have at least they have to fucking take it from you at least you can hop on a boat and fucking you don't have to ask permission to withdraw it in the future you could hop on a boat and escape

to cuba and uh get your get your utxs out of that multi-sig vault if you wanted to yeah i would have so much anxiety if if i have anxiety when i have like you know two hundred dollars on cash app and they're a sponsor of the podcast like if i flip shits like if they they can't close my withdrawals like i you know for whatever it's worth like i'm a vip customer over there and i have fucking i have fucking fomo we don't get no preferential treatment to cash up well i mean i think it would be really bad for them if they froze my account is all i'm saying i you know i've never seen it but uh and i still don't trust them with 200 in the account or like 300 in the account yeah and it's not even that you don't trust

don't trust the u.s government from clamping down and be like no i just don't trust centralized third parties holding my fucking money right no it's like freaks i mean i'm sure most of you listening to this this point has already been driven into your deep into your psyche and into your mind but if you're new to this podcast and you have bitcoin don't i don't want to say rush don't rush into it but learn learn how to take custody of your utx as practice practice makes perfect there's a lot of people that just get complacent like i'll figure it out eventually eventually and then eventually turns out to be too late don't again don't rush into moving your whole stack into personal custody if you're a little wary and you're new to it start practicing

start getting familiar with the best practices with the creation of private public key pairs and securing seed phrases multi-sig backing up derivation pass start teaching yourself start educating yourself again i would not be surprised if that's going to be a big one this cycle at least one you think a hack there's going to be a big something there's going to there's always lessons there's going to be at least i mean look what's happening in turkey you know we're we get very u.s centric on this show but but turkey had the lesson you know i would not if you entered this whole you know period of them going after bitcoin um while they're holding your keys in these exchanges that you know two of the largest ones you know just get taken down because of

foul play or whatever at the same exact time um you should be shitting your pants on that one yeah yeah and that could happen anywhere really i mean probably less likely in a country like america but it could happen anywhere wow i'm surprised to hear that from you someone believes everybody can get 6102 i i mean i i if once again you know there's some nuance there right but uh i mean if you're just going to take for granted that you're going to be able to withdraw all the time um then i mean i just i feel like what have you not gotten any texts from like buddies asking how to withdraw from robin hood all right because i've gotten a lot of those texts and it's you know we're watching the

normalization like it's uh i mean if you look if you new york is like a perfect example here i mean if you're looking for an example of a shithole in america uh the if you want to withdraw bitcoin if you want to use a service that lets you withdraw bitcoin in like actually take custody of your bitcoin in uh new york there's not many of them like river doesn't work here strike doesn't work here um ramp doesn't work here wire doesn't work here cracking i think cracking works in new york justy powell is like fuck new york all right coinbase works gemini works cash app works and i think and swan i think works and those are like your only options you have more not you have more of the non-withdrawal the robin hood works paypal works venmo works the the non-withdrawal options

work in new york cash app definitely works yeah but cash apps limits are so low i know that it's almost like it's almost like it's like as close as you're going to get to a withdrawal ban without without actually fully banning it right i mean we talked about this last week freaks the folks at cash app are working on what they know it's not even just the it's not even just that i mean the because it runs on debit card rails like my bank i mean it's probably also i don't want to dox my bank it's probably also an issue with the bank where the bank will let me i can only transfer 700 a day into cash app on the fiat side like that's a tight door they made like a very tight door there 700 a day yeah have you have you tried to transfer more than that from your bank into

cash app yeah i've done more than that this week okay so that's probably my bank then i yeah i bought the dip last night i had to buy i bought on cash app i bought 700 worth i bought i got loaned it out i bought more than that last night it wouldn't let me that's weird i have a bisque order and uh hopefully it gets hit but uh yeah it limits out on uh on my bank side too and the withdrawal side yeah i wonder if it's your bank limiting that i mean it definitely is my wife because it's like a debit card charge yeah right isn't yours linked via debit card no i linked directly to my bank yeah but i have both in there but i i yeah i don't know maybe if i remove the deborah anyway it doesn't matter freaks i don't even know i'm going in on this

cash app could be your bank account they're offering account numbers around um yeah my wife was bragging i just she caught it she caught a lower dip to me last night she's like i saw that as if you guys don't have joint finances we don't we don't not yet we've been married for four years we don't have a kid together we don't have a joint bank account um i don't like it i mean she does everything that's going on but the actually she doesn't know how much bitcoin i buy which is just like way more than a normal disclaimer sponsor of the podcast we're not talking about but uh i uh no that was a shout out in the comments um oh we do shout outs do we have shout outs oh my god thank you but my point was my point was simply

that um if if if you're so cocky that you think withdrawals can't be stopped in a regulated business um then you're gonna have a very rude awakening and and and maybe that won't happen everywhere maybe it'll only happen in certain jurisdictions but in a lot of jurisdictions it will happen and it's gonna happen sooner than you expect when it does happen you know it'll catch people off guard it always does so don't put yourself in that position that was another thing that was the worst that's another thing that wasn't clear about the nidig 300 plus bank announcement in their partnership with the fis or fis not the fis it's a buy sell and hold it wasn't clear from their announcement whether or not the banks and nidig's custody service will

allow you to send to no they're not going to let you and then safe responded in the announcement and said acting like he had insider information like it would they would be allowing people to send to self-custody um but that is still a little bit of a not a clear detail to me but you want to bet no i don't want to bet i mean i would think no but safe came out i was like yes i was like yeah i don't know safe doubtful i doubt it it's going to be a custodial fucking option inside your bank account most people don't even realize they want to keep custody why do you say that because they don't you can't withdraw your stocks

yeah it's true it's a foreign concept to people it's not something that people inherently understand you have to explain it to them i wish you would have read yesterday's newsletter that's what the crux of it like you know i dig sponsors save oh they do shout out to ftb in the comments for letting us know that and be clear like i love what night is doing for awareness for getting big players in um i do hope people will be able to take custody of their bitcoins i hope saves i mean i hope you i mean look it's not something you can hide like they're either going to be able to or they're not so uh i'm going to stay home on stack sats and just wait to see what happens on that one yeah but again i wish you would read yesterday's news it hurts because

this is what i'm saying i was like i usually read them like three days later i said the exact same thing you just said that's like people don't realize that this is a digital bearer asset like you can actually take possession of it um and we need not we need to do anything but like educational efforts need to be put forth to make people very aware of this fact like hey you should be this is the innovation of bitcoin is the beauty of bitcoin is why bitcoin exists to be a peer-to-peer digital cash system cash in the sense that it's a bearer asset that you hold not to hold it under your mattress but you can hold it in a private key that can be represented by 24 words which is very easy to hide very powerful again if you're a new freak take the time to learn how to take

self-custody it's important shout outs hi marty matt this is a two-part shout out first part is about nfts on bitcoin and the second part is related to open sats thank you for prefacing the shout out all right let's get to nfts one i just discovered counterparty which basically creates nfts by the world's most secure digital ledger bitcoin if people really want to have a truly unique digital asset. It seems ridiculous to use any other chain. Any thoughts on why this did not catch on? Two, Matt recently talked about getting 1000 contributors at $50 a month for OpenSats. Just wanted to say how much I love this idea. I think that is an awesome and achievable goal. And I've already expressed interest. I look forward to being a monthly contributor

and hope others will join. Many of us have made wealth being in Bitcoin. This is one of the best causes in my opinion thank you cheers freak interesting part two i haven't got an email back um for what open sets yeah i mean look we're we're we're working on the launch we're working on the launch we're not quite there yet i wanted to be able to i wanted to be able to say we have our monthly dca into contribution yeah we're not we're not ready yet because we actually want to be able to buy bitcoin with it right away too so it's it's it's twofold we have to set up the credit card processor and then we actually have to buy bitcoin with it i thought it would have been prioritized and we're negotiating we're negotiating with the different exchanges to get

that fee as low as possible as well um so stay tuned on that that's opensats.org um i'm glad that you uh are excited about the vision i know i'm pretty excited about it it'd be pretty cool to have a proper pleb initiative um so we don't have to rely on corporations and startups in the space um to fund our developers we can do it ourselves um and we can basically weaponize sats for a better world so i'm pretty excited for that um as for your nft question i mean counterparty is ux sucks and is expensive um and like nfts are like mostly garbage anyway it doesn't really matter what chain they're on i agree i think we should give more credence to counterparty i mean it was one of the it was the original it was the original so counterparty

what did they do like uh they burned they burned which was honorable instead of an ico they took the bitcoin and they burned the bitcoin and then you got an equivalent amount of counterparty yeah they threw it out for so for all of our sakes we benefited from that burn yes yes thank you for your for your sacrifice sacrifice early money if you want to learn more about counterparty specifically and like the story and history behind counterparty early early tftc episode with joe looney um basically goes into the history of counterparty counterparty had the first dex um first time i've teased like so like nothing that is being created like this time around isn't new like it's been created in the past and people just decide i mean this is gonna

yeah so i mean the bitcoin uh successor to that is supposed to either be liquid based or on lightning via rgb um and then once again like still not excited about it like i to me like what made nfts not exciting wasn't that they were on other chains it's just they're just not exciting i don't care if it's on bitcoin i don't care you had rare pepe's on bitcoin in 2014 like it's like beanie babies were cool uh you know uh signed baseballs were cool signed basketballs were cool baseball cards were cool and then i discovered bitcoin and i'm gonna try and stack the hardest fucking asset that's ever existed that i can easily sell rather than get these things like appraised on the private market and fucking have all these different cuts in them and

not be liquid at all like why would you do that in a world of bitcoin it just makes no sense i've earnestly tried to to see the case for value prop of nft like i can't find it i can't i found all my old baseball cards and like it's not easy i'm trying to liquidate them for bitcoin like it's a very difficult process you have to get them rated and shit and then you know you have to do like an auction if you're going to try and get like the best price for them like it's a fucking pain in the fucking ass and like that's nfts just repeat that all over again it's the same thing with art you know like art's great art's beautiful but if you're going to use art as a store of value like that's ridiculous you got to go to fucking christie's and they're going to fucking take a

cut out of it and then you're going to hope you got a good price it all seems again conspiracy someone just quoted me out beanie babies are cool my family i was young my family we got completely i think i've said this on tails in the crypt in the past we have bins of beanie babies downstairs in mint condition i gotta fucking uh sell those too but that's the same issue dude wait like 15 years i bet they're they're pumping right now everything's pumping it's clown world time dude ah not holding that bag any longer what do you think is now it's i'm literally liquidating all the fucking collectibles that were saved for my childhood yeah what do you think of like the the crypto punks like those avatars that people are spending like literally millions of dollars it's

like what are you people doing it all screams like money laundering like there's no way somebody could buy an nft of like pixel art and be spent like two million dollars on it and actually think it's worth two million can they am i wrong here matt no i think there's a lot of crazy valuations for things you know like look at like fucking like the sneaker heads like look at like how the sneakers call how much the sneakers cost and shit like it's it's it's just a it's a symptom of broken money it's a symptom of like a fucking crazy economy and it's just you it's not it's not it's not nft specific right it's it's all these collectibles are going ridiculous and like real estate in a lot of ways is a collectible you know it's it's the same it's all the same shit

just in all different pokemon cards are at all-time highs right now if you have your pokemon cards go dust them out fucking magic cards yugioh cards fucking everything matt is is pumping right now sell it all for sets as long as you can as hyperinflation arrives like are we in the middle of it right now that's like has it arrived i wouldn't be surprised yeah i mean i i don't think so i think one thing we know for sure is it has not arrived yet i know actually you you made a very good argument i think it was a tweet that was like a month ago or something that was one of my favorite tweets you've had in like six months um which was when we look back in the textbooks the day that hyperinflation started has already happened

yes but you didn't pinpoint the date which is always very good with these predictions because you don't want to you want to leave it a little bit vague but i like before this date was you know is is going to be pinned as the start of it yeah like look at housing pokemon nfts doge food even lumber steel copper soybeans stack sats freaks stay humble too we've been under 50 this whole fucking it's been trying to have a weekend pump i love weekend pumps they're my favorite just because you asked for one no we're not getting it win win we only got two shout outs this week marty matthew hello i've just read elon's tweet in regards to mining fun holy effing shit what is this dude smoking

my first port port of call was to check your twitter marty i knew the blood would be boiling yeah you knew right i'm sending you this contribution anticipation of a passionate from the heart monster takedown of elon's misinformed take the freaks want to hear the philly passion explode in this rant marty don't you dare hold back put that shit coin peddling scammer back in his hole i'm so hyped for this week's rhr keep delivering the goods boys we fucking love you guys stay humble and keep stacking freaks we are going to win i promise you that your friend mutatu thank you mutatu i hope you enjoyed the rant even this week sorry to tell you there was no rant it's only like 50 minutes dude my favorite response i got

like all these random texts from uh college friends um and my favorite one was just elon musk is such a bastard just like that was it uh i had like my cousin's group text like are you gonna bring elon on the pod and slap him around i was like yes he's coming on tomorrow actually thoughts on elon musk saying that shit so fucking pissed right now it's interesting people really got angry i love it passionate what'd you think about vitalik's rug pull yesterday i didn't even see it what happened no apparently like one of the shit tokens somebody donated a bunch to to vitalik and he dumped it all oh the dog token

i believe so i saw the block had an article about him donating dog tokens to charity oh yeah he's such a philanthropist look at matt he's he's so enthralled with the comments right now i can't peel elon calling for carbon taxes what a prick fuck you elon is he really i mean if he's calling for carbon taxes that's pretty transparent now right all right it's war it's war freaks fuck this dude yeah there is no climate emergency he's trying to leverage dude that's that's a horrible you're not going to be able to you're going to die on that fucking hill if you keep saying there's there's no climate emergency i will

die on this hill it's too broad what do you mean because fine emergency matt define emergency do you think of if humanity in its current state did not change a thing the world would end in 20 years i mean that's a straw man i don't know it's not this is the way these people were framing it corretta two years ago was out there that's how she became famous she's like ah in 12 years if we don't do anything to stop this miami east coast so what about our soil marty what about our water that has nothing to do with energy consumption this is okay so say that instead of climate emergency defendable you need to have a defendable fucking statement that's why we got coach matt here what would a defendable statement be to you

you know fossil fuels are good for america or good for the country i've been ab testing that one too i've been throwing that out there there is no climate emergency gets gets more more engagement yeah because it's it's intentionally obtuse it's intentionally extreme i will debate greta whenever she wants to greta platforms open now it is like is it no i don't think it is that like climate emergency look if you don't want to be worried about you know fresh water that's fine by me i'm gonna go secure some fresh water for my my friends words words matter definitions matter what water is not climate water like there's water's climate how is it not climate what do you mean climate has to do with the weather the

temperature like what water is water there's a water definition of climate water's h2o no i said what is the definition the the conditions of weather in the world and the changes between those conditions water plays into it but is not the meteor while meteor all fucking she's not a little girl anymore precipitation and wind that carries characteristically prevail in a particular region yeah waters there's a water emergency climate emergency would be all i'm saying is if if you want to you know make your fight a little bit extra hard because you want to use the term climate emergency then have at it all i'm fine with it no i'm not defining it they're defining it as a climate emergency i'm saying no the emergency that you're saying they're

saying there's a climate emergency if we don't change our energy consumption patterns mainly around fossil fuels in the next 20 years the mall dies you're gonna be on the water miami's gonna in water manhattan's gonna be underwater billion people are gonna die i'm saying no that is there is there is no emergency what about the untapped growth podcast what do you mean yes i mean so that's different there's a topsoil emergency it's not going to affect the weather it's going to it's going to affect the local you just got to choose better words bro that's all i'm using their words i'm not choosing these words these are their words they're saying there is a climate emergency we have to act now there's a climate emergency i'm saying there's no climate emergency we're going

to be fucking fine. We should fix the topsoil. We should make sure we have enough clean water. That has nothing to do with what they're spewing. Grazing cattle. I see that smirk. I like how they can't see my face if I don't speak.

Yeah, you can't. That's why I think we should go side by side. We're going to end it side by side. Can I kick you off? no i disagree keep them wanting more you can't go nuclear acid rain has everything to do with our soil water not everything to do with our soil water definitely affects it it just should it just it doesn't need to be an argument if you just

pick your words better all right i'll pick my words better fossil fuels are good for humanity we'll change it we'll change it from a negative to a positive there you go going forward fossil fuels are good for humanity we should be using them more efficiently in a conservative manner we should not be phasing them out because they're pretty integral in humanity that's the other thing the other like people don't understand how much petroleum goes into everything they use this mic this computer your hat the tweets it's all connected what should we end it on uh zero to ten ten being uh the most optimistic on your existence and zero being the least optimistic how optimistic are you nine i'm a bitcoiner my existence i'm very optimistic i

worry about i worry about uh some of the sheep out there a lot of sheep i want to save them i love all your freaks you know just uh enjoy the little things you know life's short have good vibes firm handshakes stay humble stack sets i agree enjoy the little things go have children because that'll make you enjoy the little things incredibly well i know i'm jacked up here freaks i'm a nine on the optimistic scale but again i don't like logical inconsistencies they really grind my gears thank you for joining us as always if you're watching this on youtube smash that like button smash that subscribe

periscope follow us give us ratings and reviews on apple you guys want to contribute we love the shout outs tftc.io slash contribute live chat it's been fun stop distracting matt next week we're gonna we're gonna put a moratorium on matt looking at the at the at the comments as he looks now he's not even paying fucking there is no chat emergency peace and love guys