TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Bitcoin Week of 2021.05.17

Episode Date: May 20, 2021

This week Marty and Matt discuss: - our two first $10K candles and it was the same day! - hash rate appears to have dropped - dutch bank no longer requiring withdrawal address verification - cross browser tracking vulnerability - chaos at freenode - libsecp256k1 improvements have sped up bitcoin core validation by 7% - darkside says servers and bitcoin seized, all decryption keys to be released - elliptic follows darkside funds https://archive.ph/lBa2C and oxt provides cluster - argentina authorities force exchanges to provide data - US Treasury wants a $10K transfer reporting requirement - whirlpool cli v0.10.11 - ronindojo v1.10.0 - sparrow wallet v1.4.1 - chess tournament with $100K bitcoin prize - galaxy digital on bitcoin energy consumption - wharton receives $5M worth of bitcoin - anthony towns on taproot activation - chinese gov and apple servers - follow up to last week's solar comments Shoutout to our sponsors: Cash App Unchained Capital HodlHodl Braiins

What's up freaks, it's your boy Marty here to introduce this episode of Rabbit Hole Recap high quality rip by your boy Matt O'Dell and your uncle Marty, if I do say so myself, a bit biased obviously, I think it was a good one, you're gonna like it, it was brought to you by our good friends at the motherfucking cash shop, motherfucking cash shop, help me stack sets, send sets, receive sets, sell sets, if you so please, we're saying sets, sats sats sats sats sats memorial day weekend's coming up all the jersey bros going down the jersey sure they're not going to be like fist pumping like to songs there's going to be fist pumping sats sats cheap sats cheap sats cheap sats because they can do it on cash app cash app

anecdotally speaking from what i saw on twitter seems like one of the few exchanges that survived the volatility and when i say survived i mean the exchanges are still around but cash app was one of the ones that actually allowed you to buy uh and so if you're doing that uh bitcoin well there was a dip yesterday my wife bought the dip on cash app and smeared it my face like haha i caught a lower dip than you on the cash app and i did without telling my wife's stacking more sats on the cash app than i am these days she's just doing it behind like honey keep stacking i'm proud cash app's also offering uh a debit cards accepted anywhere visa expected that accepted their cash card i use it all the time i've got a very specialized too i got a bitcoin sign on it

actually uh incited a conversation with a waiter at a restaurant last weekend took my wife to a beautiful dinner at cape may page with my cash card uh saw the bitcoin lightning sign the guy asked me what i thought about cardano and i had to tell him dump it dump it get cash app stack sats bitcoin only get on it if you guys haven't downloaded the cash app yet make sure you do so use the code stacking sats it's s-t-a-c-k-i-n-g-s-a-t-s you're gonna get ten dollars ten dollars going to go to our good friends at owls lacrosse that's owls lacrosse owls lacrosse this rep is also brought to you by our very very very good friends at unchained capital shout out to cam shroom it's a shout out in this episode double shout out compounding

shout outs he's moving down to austin to work with unchained and unchained building incredible products for bitcoiners what we're trying to talk about today is their white glove concierge service is going to take you from zero to having a thousand cuck bucks worth of sats in a multi-sig vault an unchained multi-sig collaborative custody vault in no time tell them tftc sent you're going to get $50 off and here's what happens. You know, you have a lot of stress about, oh, how am I going to protect my Bitcoin? Am I going to store my Bitcoin? I'm a little nervous to do it all by myself. Well, if you want an option where you can have collaborative custody, you can have someone there to help you and to give you some peace of mind, Unchained is there to do that. And the way

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that the unchained team is doing very proud to have them on as a sponsor this rip is also brought to you by our good friends at hodl hodl hodl hodl they're also doing great things leveraging bitcoin's native multi-sig properties uh particularly their lend uh platform so lend.hodlhodl.com is a new uh lending platform that allows you to do it anonymously uh on your own terms globally you get no kyc no aml um it's pretty incredible so in short if you're short of funds you don't need to sell your bitcoins get some liquidity by borrowing using your bitcoin as collateral in this multi-sig escrow uh you don't have to entrust anybody you hold one key your counterparty holds one key and then hodl hodl holds a third key so since you have that one key you can always

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good friends at brains brains brains brains is a team behind slush pool and we're here to talk about uh some recent launches that had particularly their brains os plus manager an online platform that enables miners to remotely monitor and manage all their a6 running brains os plus this can help miners improve uptime and keep their farms running optimally without the hassle of being to be on site 24-7 that's actually pretty big for a sizable mining farm being on site 24-7 is a little stressful annoying so the manager is and will always remain free for brains os plus miners uh and they can connect to an unlimited number of devices so you can check on your phone your laptop tablet whenever whatever tickles your fancy there

brains os plus firmware runner what does brains os plus firmware do it helps you stack more stats with your miner beautiful security and efficiency were top priorities with the os plus manager uses stratum v2 for smaller and less frequent data transfers with all asa configuration and telemetry data being sent via encrypted connections which protect against eavesdropping and man in the middle attacks which is very important that encrypted data transfer ensures that your hash rate is not going to be jacked hijacked by a man in the middle attack or an eavesdropper and use to stack sats on behalf of someone else protect your sats and your hash using stratum v2 and brains os plus manager for details on the manager and how to set it up with your mining

operation go to brains bra iins.com slash blog and check out the brains os plus manager launch article again it's brains bra iins.com double i don't forget that slush pool is also going to get its first major update in the past couple years soon uh features include uh the ultra flexible payout system customizable mining reward splitting and best of all dark theme for 24 hour hash rate monitoring that's easy on the eyes follow slush underscore pool on twitter to see the announcement when the pool update goes live and just annoy the hell out of edward evenson on on twitter he's will hash the number four coins will hash four coins i need you guys to all send them on behalf of uncle marty whip him to get that what's minor firmware out there and enjoy this rip of rhr

love all y'all like subscribe rate review everything goes a long way we're not stopping baby 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 boom we're recording what is up freaks welcome back to rhr big week matt big week 200k by uh conference today are we gonna make it

well i don't know about that anymore huh hey uh happen yeah you know it it would be a really fun two weeks if that fucking happens right that would be is uh is bitcoin 2021 pivoting to just a huge struggle session all right i know you're behind the scenes are they gonna have like huge circular chairs where everybody can sit down and talk to each other i saw your tweet oh you encrypted graffiti going back and forth on that yeah and by the way freaks i may uh may sneak into this wave every once in a while i made the mistake of wearing a green shirt with the green screen so I mean, I don't think, you know, Bitcoin Twitter is, you know, a global support group.

It is a good way of putting it in general. But I mean, look at what happened. I mean, Bitcoin went down like 10K in like a matter of hours and then went back up 10K. And it felt like we went from panic to FOMO like within four hours or five hours. Like people have FOMO right now. I mean, I've had FOMO the whole fucking time, but people have had FOMO right now like pretty hard, it seems. So, I mean, even if we're at like a humble, you know, 80K

or like 90K by conference day, I think like vibes will be high. Yeah, I agree. Especially if we win the Indy 500. If we win the Indy 500, card number 21, like sky's the limit. Sunday Memorial Day. Put on the Indy 500 and the lacrosse. Actually, the Final Four will be over. on Saturday. So there'll be a lacrosse off day on Sunday. Good day to watch the D500.

I will happily admit that I was wrong about 200K by conference day when conference day happens, but I want the record to show that Tina was being too bearish. I will not apologize for that. Are we going to force everybody to spot buy Bitcoin on stage this year? I mean, we won't force everyone, but we'll peer pressure and encourage them to do it, of course. freaks we will be i don't think we've announced it but uh we're going to be doing live rhr at the conference on the second day that's saturday at noon during lunchtime we have a 90 minute slot um and we got like a great fucking setup so it's going to be really fucking fun and we hope to see as many of you there as possible i mean i think it's going to be like 11 000 people there so

you know i i imagine we're going to have thousands of freaks in attendance and i'm pretty excited for it damn pressure's on matt uh we had are we gonna have guests on stage we're gonna go just i think i like i like that we always do that for the conferences that we do i do too uh like we'll have we'll have two or three guests i think two is the sweet spot we'll probably do two guests um i guess bit block boom yeah we had we had two up there i think we went up to three we had we had justin and we had vanju came up right yeah uh pierre michael weren't there this year that's right we had justin and van drew right yeah yeah those two yeah i like i like two as a as a target yeah i love the live shows they're always fun so freaks if you show up

you might be one of the two you never know you never know uh before we jump into the list today before we jump into the dashboard interviewed bethany hamilton who's riding the wave behind me uh you may see her on my shirt at some points of this episode did that yesterday uh and she her and her husband adam really flipped the tables on me where it was more of them interviewing me about bitcoin 101 stuff and that's what i wanted to start this rhr with is is advice out there for any of the freaks of bitcoin went along because even myself i struggle uh when i'm trying to break it down my brain gets running i run all over the place uh my wife hates my bitcoin 101 spiels whenever i give them in front of her makes her cringe so i think really start like a little

conversation here what's your bitcoin 101 pitch when it comes to like the network the asset and what it means for for the world how do you distill it that's like my wife's always yelling at me like you're you're getting too far into the weeds you need to simplify it simplify it um yeah i mean don't get too far into the weeds marty it's hard not to man but the thing is like Do you need to get into the weeds to actually accurately explain Bitcoin? That's where I feel like why I get into the weeds. I think it depends. It depends, you know, who your target is, right?

Like you should know who your demo is, who you're talking to. And I think for like a complete fresh coin or someone that's, you know, not aware of Bitcoin at all, you give them the high level pitch. You know, it's freedom money that should increase in value over time. our money is broken and you should look into why our money is broken and consider this alternative. And then if they actually see this need and they see the desire, I think like the first question, the first thing people need is they need to actually be looking for an

alternative. Right. And once they see that desire, they know where the Bitcoin guys, they know the freaks are the Bitcoin guys, the uncle Jim's or whatever, and they'll find you. I mean, most of us won't shut up about it so like they know where to find you when they finally decide they want it no i agree i agree that was like one of the illuminating illuminating things of the discussion with bethany and adam yesterday is like again they're big members of the the surfing community but bethany particularly really diving in and it was just fascinating to see her as an individual uh questioning money in our monetary system for the first time over the last

year and just having all these questions like it seems it's one data point out of potential billions but it's like one individual questioning what's going on with the money i just thought that was very fascinating and to see it from her perspective i think people are starting to wake up i mean again maybe it's just uh it's just an anecdotal data point but i mean she had that she had that blog post a silver lining um and it's just it was really cool because you know she starts with number go up you know she starts like the debasement of currency and needing a you know a store of value somewhere where you can store your family's wealth so you can pass it down to the next generation without you know dealing with all this financial chaos stuff and then so you

think it's going to end there and then she hits you with the freedom money next right with the whole Bitcoin beach aspect. And so it was really cool seeing like a new coiner hit both the things that I find super, you know, like the cool part of Bitcoin to me. Like I think a lot of people miss one side or the other and she came in on both. And then also, I mean, just on top of that, it must be weird being a new coiner that already has like a massive platform, right? You know, she has over a million followers she has this huge audience um and you could tell like in the post she's like going down the bitcoin rabbit hole and she hit a point where she's like you know fuck i gotta tell them about it you know but she doesn't really know that much about it yet

like for all of us on bitcoin twitter you know we've been shit posting for years refining everything and and learning more about bitcoin before we ever got any kind of real audience you know we're just posting out to the you know to nobody just like screaming out screaming out into the void and then she just comes out right and they just have this huge platform so she needs to she she has a whole different perspective yeah that's good more and more people are coming it's it's fascinating to see it's crazy it's actually it's happening um people are starting to question uh and it was like funny what the uh the bitcoin 101 questions were how does it how does it actually work the peer-to-peer network uh why does it have value it's not physical um the energy uh consumption

i'm trying to think what and just like explaining inflation how do you how do you succinctly explain inflation we take it for granted especially somebody studied economics been in finance just been covering uh global macro and currency markets for for over a decade and these terms like inflation um and and just the concept of monetary policy and the monetary base and being able to expand and contract that is foreign to most people um so having to distill that was it was a nice uh it was a nice on the spot test to practice that and my wife is still not happy with my bitcoin 101 spiel she she yelled at me we had a we had a walk by the beach this morning and we were re-listening to the podcast

game taping and she was like you still suck at this so I'm trying honey I'm trying yeah keep it simple Marty yeah keep it simple stupid and like also just come on freaks you don't have to you know time is short

like you don't have to convince people that don't you don't have to convince someone for the need for Bitcoin they'll just come to that conclusion themselves the money is fucking broken you know time is on our side people will start to realize you know about government overreach and you know this this this inability to save money over time in an easy way um and when they do they'll you know we have to be ready for them we

have to have the tools and the resources and the education material and the friends and family who are ready and prepared to help them through that process but uh the whole idea of trying to and you see this a lot because the shit corners are really good at it and the reason the shit corners are really good at it is because they just don't disclose any trade-offs right they just say you'll you're gonna make a ton of money uh and it's gonna be super easy and there's just no trade-offs and no risks whatsoever and this is like the best thing ever and there's like a tendency with big corners especially after last cycle and then starting with this cycle again seeing that shit corner mantra and how effective it is especially with engagement wise is to almost

emulate the shit corners um and i just i think it's important uh considering we have such a big platform in this industry to push back on that idea like i think it's very important that we disclose trade-offs we keep everything as reasonable as possible um you know bitcoin is bullish as fuck without lying to people uh we can you know we can there's an ethical way you can do it agreed agreed is this shirt distracting you no i kind of love that you just keep disappearing into the water i was gonna say should i go fold the rose and just i mean in hindsight marty like you shouldn't wear a green shirt with the green screen behind i'm learning that i'm learning that uh on the go here uh well bitcoin 101 think about it simplify it's not always easy

think about your audience and the assumptions they're coming to the table with and think about your assumptions that you're making based on your previous knowledge. Let's get to Clark's dashboard. Big week. Under $40,000. Currently sitting at $39,365

according to Clark's dashboard. Cuck buck is going longer than it did last week. You're going to get 2,540 sats for one cuck buck right now. market cap is well below a trillion and 736.7 billion currently a block height 684 333 uh that is 89.12 percent of all bitcoin that will ever be mined looking for taproot activation it has started epoch block signal or 655 blocks into uh this epoch uh the trailing block signal of a 1,167 blocks we're currently tracking at 57.9% signaling for taproot.

I don't know if we have that on the list. Do we have that on the list, the pools that started signaling over the weekend? I mean, I didn't put it on the list because I figured we would talk about it regardless. Yeah, we'll get to it. It's just been like a reoccurring topic. Yeah. The blocks are coming in pretty slow right now. 11 minutes, 39 seconds on average.

We are 1,107 blocks away from the next difficulty adjustment, which is estimated currently to be May 28th, 2021, which is eight days from now. So next Friday, and that would be a downward difficulty adjustment of 14.1% unspent. Whirlpool capacity has gone up 2,405.61. Bitcoin has gone up in sats, down in US dollar terms, currently sitting at $94.7 million. anything else standing out to you should we start with taproot was that world pool uh liquidity pool yeah well how much did you say it wasn't bitcoin 2400 very nice 405 quietly just going up yeah it's like 100 100 uh bitcoin bump over the week that 100k sat pool has just been fucking ripping is this uh it's not dark side because dark side we're going to talk about that no that's we would

know if they i mean they're they're being tracked we would know if they go in uh and also you'd see a massive liquidity bump but uh i just want to say like if if if the freaks used the samurai stack like six months ago and haven't used it since it's gotten way more stable it's just it's a way better experience so impressed by that yes i'm actually setting up a new ronin dojo node right now i actually got the uh the whole box it's all good and like whoa sent me i gotta i plugged it in like well i'm sorry i plugged it in it's ibd-ing i literally had no time this just communicating to him through the podcast yeah um i'm sorry so the rodent dojo guys will be presenting in the open source dome um alongside a bunch of the other open source teams a bunch of

the other node teams uh so that should be fun the open source dome is like a conference within the conference we have like 150 person capacity in this dome and the lineup is fucking stacked it's like absolutely crazy and quick you tease it in the citadel dispatch sphinx earlier this week right i'm super excited yeah i dropped i wasn't you know i i was like don't share this and i put it in the thing and but then i was talking to the btz pay guys um in their on on their i think it's matter most uh chat server um and i dropped it in there i was like don't share it and pavel reached out he's like matt this is a public channel um but but yeah it's it's it's out there oh no my internet they released a full agenda for the

main stage uh yesterday or two days ago pretty stacked agenda yeah that's what we have our rhr at one o'clock on saturday no noon noon noon on saturday good it can't be noon because actually and i'll be on the last panel at the conference with steve barber and chase lockmiller from what time is that i think it's at like 2 30 3 on saturday yeah okay so we'll do rhr and then you'll do that yeah i'm not going to be getting too drunk on that so we're good yeah it's it's an earlier day one so we'll do my my trick which is we'll drink beer okay that's uh that's the responsible it's a response no one got drunk off a six-pack it's like it's basically impossible so um the yeah i'm really excited for that marty we have some person uh freak in the chat that says

uh your your shirt is horrible so he just wants you to know that he doesn't like your shirt if you want i can just keep talking to freaks if you want to run and change your shirt real quick do you want me to just take it off for you it's up to you i'm not gonna go full the rose i'm gonna go get a new shirt but i think uh while we're at that there's a freak in the comments who has a good um good public service announcement for the bitcoin 2021 around wi-fi maybe talk about best opsec practices with your technology good idea yeah so we have sam bradbury in the comments that wants us to remind plebs to be wary of the Wi-Fi at the conference.

The Bitcoin conference will be a hotspot for scammers trying to skim your data, logins, et cetera. Put your phone in a Faraday cage. Now, you know, not bringing a phone is obviously the most secure situation there. There's a lot of thought being put into the Wi-Fi and there will be extensive

Wi-Fi throughout the premise for free provided to all users. You know, you're better off using cell data if you're going to use anything, but regardless either way, you should be running a VPN on your phone. Consider movad.net. I do like it the best.

Consider Calix OS for your phone, just in general, completely unrelated to the conference. But I think, you know, conference things it's a sensitive topic, right? You're going to have 12,000 people there. It's going to be a Bitcoin event. You know, don't put yourself in vulnerable situations. Don't travel with Bitcoin, you know, by all means bring some, you know, spending cash on a mobile phone, you know, on moon wallet or

something so that, so that you can pay people in Bitcoin for different things around the event, but you shouldn't be traveling with your cold storage or any kind of significant amounts. just in general you just shouldn't be traveling with sensitive information when you go through tsa or border especially for the international freaks that'll be coming you basically have no rights at that point and they can just take anything you have on you and just try and get into it so think about with your computer think about your phones um yeah and just in general you know you definitely don't want to use an open wi-fi hotspot without a vpn this is bad practice yeah um don't have your mobile wallets loaded you're coming just to assume like you're going

to get hacked go to the conference assuming that you're going to be hacked that's i think that's the best way to put it that's what i'm saying like if you have if you have a million sats if you have a million sats on a mobile wallet so you can buy like swag and shit uh you know maybe like buy a beer for someone with lightning what's the worst that could happen you lose the 400 and at this rate you know it'll only be worth 200 by the conference day so 20k by conference that was one good take i liked uh muggers muggers throughout miami disappointed by recent bitcoin crash maybe it is good i mean it is good price could dump even further people won't want to mess with

us because we're too poor uh yeah beware freaks beware i'm excited for it another question in the comments is this going to be live streamed i don't believe so is it uh so the main stage will be live streamed okay um i'm pretty sure rhr will be filmed and posted to the bitcoin to bitcoin magazines youtube afterwards all the other stage content will be filmed and posted to bitcoin magazines youtube afterwards but only the main stage will be live streamed so pretty much every talk that happens except for the open source dome will be available after the fact uh on on bitcoin magazines youtube for free which is dope and and to be quite honest like when i go to these things i almost always i miss the majority of the talks because i'm just you know chilling

with bitcoiners outside drinking beers and this year it's gonna be even worse because i've seen the full lineup there's three stages plus the open source dome like there's gonna be so much shit going on like it's almost impossible for you to it is it is impossible for you to get everything so yeah it'll all be there after the fact just make sure you make it to rhr and if you want to come see the panel conference on energy that i'm going to be on that would be dope too are you speaking on anything else outside of our jar and and and just to be clear we're recording rhr so it will go on our platforms it'll go on our podcast feed youtube whatnot as well yes don't fret two weeks from now there will be no thursday rhr it's gonna be saturday right as we do with every live

thing um i am participating besides the open source dome i'm participating in two panels one i'm moderating which is on giving back to bitcoin open source uh contributors and development funding um which i'm really excited about um and then the other one i'm a panelist and that's on privacy bitcoin privacy oh yeah so that's uh our schedule at bitcoin 2021 very excited to get down there i think the vibes are going to be high there's so many satellite events too going on uh should be pretty dope should be pretty dope um dude first topic on the list finally getting to the list two 10k candles in one day what's going on this week here's freaks is it growing up is it elon is it the 4chan theory the ccp the crp chinese uh or vr

people's republic of china prc uh is trying to take down justin's son what are we no way yeah people posting 4chan like it's fucking source people do this every bull run you know you don't have to we don't have to explain every every dump dumps happen people go over leveraged um you know we don't say stay humble for no reason it's because very few stay humble and we have these massive corrections um that wipe people out and you know reinforce the stacker base and set us up for the next leg up right and you need it it's like a way of cleaning house in in like in a free market where you don't have circuit breakers you don't have regulations limiting who can go 100x leverage um this is what happens you know with a scarce asset going

through an adoption phase like you're gonna have you know short-term large pumps and you're gonna have short-term large dumps and it should net out up over time and and if anyone who's trying to explain what these different catalysts are for any specific dump or pump uh you're really just wasting time when you should just be focusing on improving your bitcoin knowledge and accumulating as much stats as possible agreed it's too monotonous to to try to have a cause for every for every price but i think everybody's like elon and that 4chan thing came out people like oh people's republic of china is trying to trying to margin call justin's son because they hate him i think that's a hilarious theory i would love to be true yeah i mean that's why i think people

like it right because it's just being fucking hilarious but uh the yeah i i just i won the one two positive things since last cycle is i feel like new corners are coming in with such a better you know foundation like we have so many new corners in the class of 2018 late 2017 2019 2020 that are just pure stackers they're literally just out there stack and stack and stack and they didn't even consider selling they might have been scared but they didn't even they're just like i'm going down with the ship and i think that's like a that's a new thing that we didn't have cycle really um so it's nice stackers set the floor everything else is noise but the stackers are constantly on the floor in the corner and then the second thing is funny um is that i had

three friends realize that swan doesn't offer cells while while the dump was happening wait i can't get rid of it let's uh i wonder how many people that happened to that's another thing to bring up but god anytime there's price volatility a lot of the exchanges in this space just shit the bed so coinbase of course it again gemini i heard um i heard swan had some problems as well the two that seem to be dependable for people disclaimer sponsor cash app was pretty dependable from what i could tell from um twitter and river was the other one that was uh dependable as well yeah i tagged on cash app i tagged a uh a low 32 000 hit with some with some couch spare change that i was able to drag up my wife again she's been out stacking me during these dips she caught

a 32 two guy uh lowest i got i was too busy it was like 36 um that was on cash app and doesn't matter yeah i think river held up the best is what i heard yeah that's what i said river and then bisque there was no dump on bisque no the dump never happened if you're just watching bisque it just never happened that's incredible uh another interesting tidbit from river alex weishman likes to share the um the percentage of buys every given day and during that dump 69.69%. That's a numerology sign from the gods that we're going to be okay.

Too many bears over at River. Yeah. Close to 31%. 30.31% bears on that exchange. You got to market to your client base, Alex. I'm being told in the comments that I'm short Bitcoin

for having a couch. You are correct. A couch? A couch is just a consolidated bunch of chairs. what would you rather have like three chairs or a couch if you had to what's what's more i get it's i mean a couch would have a lower future fee burden because the transaction is such a stupid joke um i uh i have chairs and couches i have a lot of things that aren't bitcoin uh and i'll own that um i have a green screen it could be longer i could be longer bitcoin i could be as well i have this wedding ring it is gold i can't believe you saw the

short bitcoin there you go yeah i'm sure bitcoin ah sorry freaks sorry um what was he gonna say i don't have it on the list but this is the this is actually the the most fun story of of the week and i can't believe i don't have it on the list blockfi just randomly accidentally sending people 700 bitcoin i can't believe you don't have the iu i'm i'm a little astonished right now you didn't put that on the list thank god yeah i forgot i forgot to put it on the list someone in the Somebody got fired. God bless that person. How do you trust a company? And I know I'm biased because I've just been shitting on them for a while. But how do you trust a company that lets that happen?

Like they do shotgun KYC on people. They require all this extra KYC. They say you can't use CoinJoin. You can't do all this stuff. They say it's all for your own safety. How does a check, how does an automated withdrawal process ever allow, you know, more than a Bitcoin to go out or five Bitcoin to go out? Like five Bitcoin is a quarter of a million dollars. If they let $100, $200, $300, $400 Bitcoin go out and withdraw $700, as some people are saying, I'm not sure if $700 was credited to the account, but it wasn't actually withdrawn. But still, $100 Bitcoin, $200 Bitcoin, where are the access controls?

How the fuck are they doing that? I don't know. I don't have internal knowledge of their internal operations. That is a big mistake. So any of you freaks are like, what the hell are you two talking about? apparently block five was attempting to pay out i believe interest rewards that are supposed to be paid out and it was like a promo it was like a ref promo a promo okay so it's like ref promo payouts that they're supposed to do in a stable coin uh and they accidentally said instead of

saying 700 worth of a stable coin is sent out 700 bitcoin to multiple not how do you do that between multiple customers and going off Twitter. That's $35 million. Yeah, people apparently pulled some of the Bitcoin off the exchange once they noticed they had been sent a considerable amount of Bitcoin and then BlockFi had to email them and threaten them with lawsuits if they didn't send it back. They accidentally sent $35 million to some customers instead of $700.

Yeah. that's uh and there's no as far as i'm concerned there's there's been no company announcement it's just like tweets yeah yeah it's bad luck but it's really bad there may be a freak listening who was part of that that fuck up and that's a bad one you know you just you wipe the dust off you don't talk about that 700 bitcoin hit your blockfi wallet i'm not going to ask you why you have blockfi but they hit your blockfi wallet you click the withdrawal button because that's any good big corner the second they see it they hit the withdrawal button it hit it hits your cold card what do you do next do you stay in the country or are you just i'm in the caymans i'm in

the caymans no more tales from the crypt it's just over do it i'll do my stuff from now actually uh maybe i'll get a seat the seychelles is that yeah they got arthur where would i have to go singapore we have jay lee in the comments he's like all you have to do is coin join the bitcoin and then they can't take it back that's a that's a hack that's a that's a workaround there uh so i was i was incorrect for the record uh we have uh a sia esi attorney on twitter big freak dedicated freak uh posted that block fight did make 19 hours ago from their official twitter account they made a statement about it so that is good to do i do i love the live

corrections thank you thank you for the live corrections um yeah i love the interactive nature of the show freaks uh hash rate speaking of drops yeah i mean before we move on like to the individual if you're listening to this who made that mistake within block five i'm sure you had a rough week i'm sure you got yelled at potentially fired keep your head up you know learn from the mistake move on go join coinbase do it again uh the price is falling this week hash rate is as well um we had i believe like the second or third largest upward difficulty adjustment last week um before we recorded uh and since then uh coalition coalition coalition of events have happened particularly over in china it seems that

estimate people are estimating that 20 of hash rate has fallen off the network as the miners in china make their their great migration to the sichuan province to take advantage advantage of the cheap hydroelectric energy that is provided by the rainy season there um so you have that miners unplugging and physically moving their equipment across the country to to play the electricity price arbitrage game uh and then on top of that when they're getting there it seems the block reported this morning that uh that when they're getting there uh the the county one of the counties with uh hydroelectric energy is actually capping the amount that each miner can consume due to a surcharge of demand a surge of demand excuse me on on that particular grid and according

to the block it's not bitcoin miner specific even though i guess a lot of the users there are bitcoin miners but it's just a general cap on electricity usage yeah of any consumer but it's affecting bitcoin miners obviously is there some of those consumers and i mean it's also the price drop right yeah i would imagine that that was actually another interesting thing that i found this shocked me i missed this when coin metrics i guess coin metrics did one of their state of the uh the network uh analysis on april 28th on april 28th uh dissecting by by dissecting nonce data uh which which helps you sort of guess at what model miner is producing particular blocks they estimated that 27.4 percent of the network hash rate again around april 28th was was being

provided by s9s which is pretty crazy um and they've been they've been around since like 2015 the earliest batch of s9s um were produced throughout 2016 i believe before newer models came out um so that's five six years of a6 hashing on the network and still making up more than a quarter of of the total hash rate at least uh a little less than a month ago i mean the s9s was the best trade right because at the halving after like dirty march like we had march 12th 2020 price crashed everyone was like you know the whole world is going to shit we're all fucked bitcoin's not a safe haven i mean we weren't saying that but a lot of people were saying that and the halving happened at the same time you could get the s9s people were like paying you to take the s9s off their hands

and then with the price increase and the chip shortage they came back into profitability heavy it was like that was probably one of the single best trades you could have made in bitcoin land oh yeah i mean yeah it's it's pretty lucrative to be able to sell some s9s right now or even more lucrative a couple weeks ago you remember how cheap they were in like april of last year it's crazy like 20 you would like you get like a pickup truck full of them for like 100 bucks yeah and you could now you can sell them some of them on secondary markets are going for like 950 over a thousand dollars insane um but now with the price drop in recent weeks depending on the electricity costs that some of those operators uh running s9s have wouldn't surprise me if if

some of them have had to turn off their machines so yeah we've had weekends shame or people trying to run businesses taking taking cash flow and expenses into consideration you know uh so yeah there's been an estimated latest i sold was 20 drop in hash rate combination of factors uh great migration in china they're migrating getting to places where they're capping the amount of electricity they can use and then obviously with the price falling some some miners uh with relatively elevated electricity prices probably have to turn off two things i would add the first is um and we're about to get into this you know taproot activation is per difficulty adjustment period so if we were going to see shenanigans with it lowering the difficulty

adjustment right before right lowering the difficulty right before the adjustment of that period there could be something there freak should always be skeptical of the no freak should be if we have if we have large difficulty mechanics though i don't understand the mechanics of that they're trying to get miners that wouldn't that would signal off the network uh they would i mean that difficulty adjustment period will presumably go by quicker i don't know but my point is my point is is that we should never just take things at face value when we get double digit difficulty adjustments like i i just i i feel like it's being normalized this idea that we're just gonna you know see a block article and it's like oh the chinese did this

thing and you know it's like 20 hash has been removed from the network and i feel like a lot of people are getting really cocky about taproot activation and the it's happening at the same time for me and so i i want i want people to be skeptical i don't want people to freak out if games are played that's all and then the second thing i just wanted to say um was to all everyone grandstanding on twitter and my dms and through my my signal messages my key base message everything the mempool never cleared still has not cleared this year just keep that in mind hasn't cleared i vividly remember one sat per byte transaction not all the one sat per bytes cleared was it cleared or well no it never cleared it never fully cleared i thought it was i thought

it was katan getting his one sat per byte transactions allegedly he said he did but he would have been better off sending a 1.1 sat per byte then it definitely would have cleared some one sat per bytes did not clear so just get your facts straight on that one these are up now get your facts straight freaks matt odell's gonna come after you he's gonna give you uh speaking of tavern should we just talk about uh anthony towns's blog post while we're on the subject sure yeah so anthony towns bitcoin core contributor uh he has a blog what's called amirata i believe this is blog arisian that's the that's the uh arisian is the website arisian.com m-e-r-i-s-i-a-m but the blog's name is inamirata i-n-a-m-e-r-r-a-t-a uh he basically

lays out the uh the trail the the lead up to the decision to run with speedy trial from his perspective and his thoughts on the uh user activated soft fork client that has been released by luke dasher shinobi and a bunch of other people um and he articulated his thoughts about why he thinks it may um it may be unnecessary and driven by uh a want for drama um he came out swinging kind of yeah yeah i mean i can see where he's coming from like again maybe maybe i'm not being adversarial enough but i don't think i really enjoyed that this was drama that i wasn't part of right what are your thoughts any more context to put on this no i mean uh everyone seems very marty do you think that tapper is going to be activated or locked in it won't be

it doesn't get activated but it'll be locked in next difficulty adjustment period uh no not next one because the engagement accounts on twitter would have you believe maybe one after that 96 of all miners are signaling and the threshold is 90 so why won't it why won't it lock in marty are they toggling well that's so that's another interesting thing now so maybe that's something part of his blog that we can talk about um is we're we're actually learning some interesting edge cases from this go around with speedy trial particularly around bip 8 and the version bit signaling apparently some firmwares for particular as6 uh don't have the ability to to accurately or properly signal and they've had to go in and mess with some firmware

pull in um i think most publicly had that problem that's why they were shifting back allegedly i mean i guess you can audit the firmware and prove that that was i can't verify it i think there's people out there hey who knows who knows actually i spoke with alejandro from pool and he's going to come on when taproot does um does activate to talk about that if it never activates we know he's been dodging us if it doesn't activate you got some explaining to do but it would act so if it doesn't well speedy trial doesn't consider this user activated soft fork client is out there and it was like still has what like seven or eight more nine more uh activation periods after this one

uh i don't know the exact number it was three months so no i was completely off on that uh that's six total and we've already done two this will be the third so there'll be three more yeah yeah back to the drawing board after that what you think of uh anthony's comments about the the alternative client and like the fact that it they weren't happy like the the powers that be you know weren't happy about uh the the the last uasf either you know like there's there's no there's they'll never be by by definition it can't go through the regular channels um so while some of it i think is valid um there'll always be people that are complaining by whatever client gets sent out um but i said

in the past that you know i think speedy trial is cool because you just we'll do it and we'll see if we have to fight after but if we don't have to fight then you don't have to fight but i think it's important that miners know that there's something out there um you know there's something waiting in the darkness uh if they don't get their shit together um it's a bad precedent to basically put all the power in miners hands i mean you have three parties right you have the users you know the miners the miners are users to the miners and the devs and in the speedy trial it's kind of like devs put push the code and then the miners activate it right and the users are in a softer check position and they could only really have

power um if they're vocal and they have this threat of running a client if they want to change if they don't want to change then they don't even have to be vocal they just don't update um that's another thing they have a soft veto there what's the percentage of the network running version 0.21.1 right now see that's impossible to verify right but i saw numbers coming out of luke dash juniors uh node uh aggregation or whatever that was saying like 30 or something right um i thought it was less than that oh maybe it was less but it's important to realize that there's no way for us to verify node count because you can just spin up a ton of nodes on aws and shit and this is why proof of work exists in the first place because you need

something that's verifiable easily verifiable uh you know to to be based in some kind of reality like some solid existence it can't just be there's no way for us to verify that you're actually uh a single user running a node yeah right that's the the whole argument that there's like economic nodes with that are making mclard transit like there's a soft argument there's no way to verify that right it's like well the only way to verify it is to send send bitcoin through a certain client like coinbase or something yeah yeah um yeah be aware well so continuing we're wrapping up the taproot conversation i would go follow andrew chow on twitter if you aren't already hl101 he wrote um a script i believe that's scraping

data from mining pools to to alert people when they start signaling immediately um and so over over the weekend when everybody was yelling at elon musk myself included uh everybody was focused on that there was a number of pools that began signaling uh for the first time binance uh luxor and a couple other a few others as well um levi btc um so just go to tabard.watch and you can you can watch it yourself yeah um so marty doesn't think it's going to activate next adjustment period i bet evan clutas on dispatch 500 000 sets uh that it won't activate he thinks it will activate uh and so so just to be clear for the freaks per speedy trial if it does if if 90 of the blocks mind next difficulty period which should be less than two weeks

because difficulty adjustment is going to drop drastically it seems um or not drastically significantly 14 pretty big yeah that's pretty big uh if 90 signal then it's going to it locks in and then it activates like in november or something right yeah like around november 12th just in time to to to decide whether or not me or marty wins our bet there is a there's a block that's estimated to be middle of november 700 something thousand i'm looking for it right now i know anthony had it in his blog let me control f here it's all about this weird computer we have some person in the comments saying that i'm paying off the pools to win bets um that's not true but don't take my word for it you can never know

you can never know i mean are the pools that cheap are they going to take less than a million and a half sats so that you can win your bets is that is that your total bet amount oh no i have now i have two and a half million sats um the oh i guess no i have a million sats with you i have a half million with evan and then mccormick i have a like 180 dollar bottle of scotch so that one is at least priced in shitty money that can't go up a substantial amount before tapper gets activated we have jaylee in the comments who reminded me that evan first said he was willing to bet 200k sats and i told him to put his balls on the table and that's how he got the 500k sats hey evan way to put your balls on the table i hope you're

sunning those balls too to get that t up you know it's a it's a big big movement are you sunning your balls matt no comment uh this is good news we've been covering this uh as it's been ongoing and we had a freak from the netherlands tweeted us shout out to boris uh the dutch bank and the central bank which was attempting to um force very stringent kyc aml um and tracking requirements on exchanges uh i believe they were going to attempt to make it so you couldn't send a personal storage to uh in the netherlands they lost their their case against betonic or betonic i believe sued them um and they're not going to be able to to basically thrust those new regulations and data collection practices on the dutch exchanges so shout out to

betonic for putting up a fight and taking it to the man and winning that um yes i mean specifically it was that users were required to prove they owned an address and that was either by a signed message which really is how it should be done or by taking a screenshot of your wallet uh and and basically it was moving the liability it was there was no way that the exchange could actually prove that you actually owned it if you're just taking a screenshot but at least as far as the law was concerned every withdrawal address you send to is yours so whatever happens that bitcoin is on you um and it's you know it's a clear a step towards user control and you know anti-privacy right so it's really good to see them fight back and i think this should be a hopeful

uh inspirational tale for other businesses in the space that you don't have to just you know give lip service to these policies being horrible like you know put up and hire a lawyer and fucking sue your central bank or your regulator who's ever doing it we're gonna audit the fed we're gonna sue them so that we can audit them remember janet yellen told you you can't do it wouldn't be good we should sue them let's sue the fed they're a private entity can you sue the government yes you can maybe we should start suing the government they literally just did or you mean in the u.s it's a dutch in the u.s you can sue everyone that's central bank private though are all central bank dutch central bank was in charge of this regulation which is weird

to me right like the fed doesn't do any regulation here speaking of regulation good segue treasury they're stepping in and trying to make it so uh any crypto transactions over ten thousand dollars need to be reported to the irs there was some clarification from a mirage from coin center on twitter right before we came uh to hit record and what he said on the treasury report we need to see specifics for this proposed new 1099 form will be too invasive question mark uh but as of now this rule looks technology neutral crypto is the same as cash that seems good it also only applies to intermediaries not p2p transactions so that last caveat is pretty interesting so if you're sending from a personal wallet to another yeah i mean mirage you're not making

me feel any better you know well the p2p stuff makes me feel better because i'm thinking about like i mean but this is what they say to us every time right you know the travel rule only applies this is what we were hearing in december the travel rule only applies from wallet from exchange to exchange or exchange to user or user to exchange but not user to user and say okay and like what's the step after they do that the next step is okay now we're gonna make it user to user it doesn't it doesn't really what he's saying is basically saying don't worry it'll be the same requirement that the dutch just had struck down and that's better you know it's like no yeah right yeah you have to report it to the irs god the irs man the treasury yelling

can't get away from her she haunted us as fed secretary or fed chairwoman i mean you should just assume you should assume all this shit is is you know logged and stored and sent to every government agency like that should be what you're operating under that assumption you should be assuming that it's happening right now but you should definitely be assuming that it'll happen in the future and just remember that you know none of this data gets deleted they have they're forced the regulated companies are forced to keep it so act accordingly for a certain amount of years correct yeah i think it's like seven years like it's a fucking eternity yeah well buy bitcoin 2013 coinbase and you know at like year six they're gonna be like you got to keep it for

another seven years you know who knows assume that's gonna happen too this is why the staying home old stacking sets is the way to go if you're huddling you really should not have anything to worry about other than they know that you have bitcoin you can just be like fuck you get away from me it's also important to realize that a lot of these types of stories happen around tax day so just keep that in mind yeah it's it's a good point as well do you think janet has a vendetta because of bitcoin sign guy if i was if i was like janet's like close close like high school or college friend like i would just troll her about it all the time

you were saying audit you were telling congress that you can't audit the fed and somebody was holding up a buy bitcoin sign behind you juxtaposition of that janet you don't see the beauty in that she's doing like family christmas photos and her nephew's got a buy bitcoin sign in the back you know that would be incredible uh this was interesting tour can we trust tour he's drinking corona extra am i gonna have to get a corona extra up here hottie i don't know someone in the live chat asked so i was trying not to i was just giving them a signal let me text my wife and tell her bring me a corona actual i'll join you um what's going on with tour what is this cross browser oh this one's not good doesn't seem good

at all what's going on um so you know like when you click a zoom link it opens up a little dialogue thing it says do you want to open zoom and then you click open zoom and it opens the zoom app yes so this vulnerability uses that feature to try and open all different sorts of popular apps so spotify zoom telegram all the different apps and then it builds a profile on you based on which apps you have installed and what other information they can get. So a lot of times when you're talking about fingerprinting a browser, like trying to figure out who is who,

and you can see this in analytics dashboards and stuff, they'll do screen size and browser and which OS they're using. Are they using Windows? Are they using Mac? Are they using an iPhone? Like all these different little things. And combined together, they're making this user profile where they can track you. and with this they add on top of that which apps you have installed and it works across browsers

inherently because you still have the same apps installed regardless of what browser you're using and it even works across tor browser and or incognito or whatever you're using and what's fucked up about the tor browser is at least they have a demo on this site if you want to demo it out if you use it on like a chromium browser or firefox or something or probably even safari i haven't tested out on safari uh it like pops up the dialogues are popping up rapidly so you can kind of see it right like if you're paying attention you like notice like why is it trying to open all these different pop-up windows but by default tor browser blocks those windows which is it's supposed to be a safety feature but so instead what's happening is with tor browser

you're extra vulnerable because it can just be happening behind the scenes you don't realize now the one benefit you have is the tour network is so fucking slow that it takes them about seven seven seconds per app on the tour browser side so you have to be like sitting on a on a malicious website for like a couple minutes for them to figure out all the apps you have on your computer okay so your website's malicious and it's just pinging your computer right what fucking apps do you have let's build this profile yeah if you go to the thing and you do it you like let it run for a minute it'll just tell you all the apps that you have on your computer and it uses that as a profile for you yeah so here's uh the conclusion part of the conclusion of this

fingerprints js.com blog post is until the vulnerability is fixed the only way to have private browsing sessions not associated with your primary device is to use another device altogether you just got to use separate devices for for separate apps it seems we got to fix this at some point yeah i mean i i look it was reported to the different browser teams i think it'll get patched uh for really sensitive stuff you should be using tails um which is you know a tor specific uh linux distro that just runs off of a usb stick and when you pull it it wipes um you'll still have the user profile of a tails user uh which doesn't have the best a non-anonymity set but uh you know it it for really sensitive stuff that should be the way

people go and and even better you should use that on a dedicated machine that you don't use for other things um we have zaya zaza in the comments um asking about like what that looks like uh for these apps that you're correct it'll show like the the the the the malicious actor would see like app not installed app not installed app not installed you know denied denied denied app installed denied denied denied app installed or whatever and that's how they can tell which apps are they're like just brute forcing that little they have a list action thing they have a list and they're just searching yeah yeah be aware i'm gonna link to that and make sure you check that out it's the fingerprint.js or j fingerprint.js.com um link in the show notes yeah

patch out there hopefully things get better be aware be aware while you're browsing the internet be aware uh chaos of free node what's going on here is chaos all over the place this week free node uh is uh the project that basically allows people to run irc channels which is where a lot of developers chat particularly about bitcoin core uh is this something we should be worried about in terms of like a communications attack vector matt i'm not uh i've never dove too deep in the irc yeah so they're they're saying that free node irc channels should be considered compromised all domains are now in the hands of a malicious actor so if you're using a free node irc channel you should move to a new server yeah does this have something to do with that dude or

matrix just move to matrix matrix is dope so that has something to do with like the private internet access guy matrix almost has like a slack-esque interface or a discord-esque interface yeah so it's like to me it's like irc 2.0 yeah but who's who's in the middle of this controversy the dude from pia yeah that's my basic understanding i haven't really the big thing for bitcoiners is you know the the main bitcoin discussion channels are all free node irc yeah yeah this is where you have uh the bitcoin pr review club that john newberry hosts meets an irc the bitcoin devs chat and irc taproot activation channel there's an otc desk there's like an infamous irc otc desk that's been around for a while um you can trade bitcoin otc with other

people yeah it doesn't seem great so start seeking out alternatives i wonder uh if any developers in the comments uh have any comments about this would be interesting to hear on the more rosy stuff good stuff good news libsec libsec p256k1 which is a library that that houses a lot of the cryptographic functions that go into bitcoin core uh it's had a lot of work done to it over the years particularly the last couple years it's had a lot of upgrades and the improvements that have been made have sped up Bitcoin core validation by 7% according to James O'Byrne on GitHub. He ran a test on his node

and it seems like validation has sped up significantly. 7% is a material gain, would you say? Yeah, I mean, that seems pretty massive to me. Yeah. So it's like, this is like one of the, it's not flashy. It's not talked about a lot. Um, it's not, uh, anything that many people are aware of, but it's one of those sort of

deep under the hood tools that has been worked on for years and trying to get better. And it's trying to make these, uh, efficiency gains, uh, for people attempting to download and use Bitcoin core, um, which is essential for the longterm resilience of the network, making it easier to run a node and do it in a way that doesn't use too much bandwidth and doesn't have a timely matter. So this is good to see. And this segues into something you didn't have on the list,

which I thought you would. But thank God I saw it wasn't on the list. The team at BitMEX Research, particularly their grantee, Calvin Kim, ran a test about blockchain validation, particularly IBD, Bitcoin's initial block download. using a u3xo client and u3xo is something we've talked about in the past it was uh it was brought into existence by taj trija correct yeah i mean i just said that really confidently sounds right

i don't know yeah i'm pretty sure but i mean this is like if i recall correctly the main trade-off is with u3xo is that you can valid you can you can validate the chain much quicker the ibd the initial block download but it uses more bandwidth so you save time but it uses significantly more bandwidth let me control am i correct on that trade-off and it's a soft fork in that if you don't do anything you just won't even know that utxo nodes exist but if you run utxo node then you need other utxo notes to basically serve you the utxo data yeah so it's a it's a 36 percent improvement on ibd which is material 36 faster to download the the blockchain initially uh but you need 20 more bandwidth there you go spare i don't know if like the ibd time is like

a big bottleneck like the bandwidth is the bigger bottleneck to me yeah having people be able to download it with shitty internet connections so yeah i you know like i can do an ibd through tor on a raspi 4 with raspi blitz like three days two days like that's seems great you know what do i need uh but yeah it's good to have options it's good to see i guess one of the things they were saying was phones it could be useful for phones does the storage work i guess you do the IBD and then you prune yourself yeah so you could do that on phones

and maybe it makes a lot of sense for a mobile phone because a mobile phone but mobile phones have massive bandwidth limitations yeah exactly like I don't want to use heavier bandwidth on my phone yeah that doesn't make sense to me we'll talk about it more next week when the freaks

tell us why we should care more yeah if anybody's in the comments telling us why let us know somebody's saying run non-core nodes yeah but this would still be core yeah it'd be like core plus utxo yeah um so yeah but i guess the news here is there's been tests run something we've been talking about something many bitcoiners been talking about so it seems like somebody at least calvin kim is uh is experimenting with this yeah you do need to go prune yourself that's what i laughed at was i saw it in the chat

i always know what you're laughing at matthew how you think i yeah okay uh we mentioned this earlier uh let's elaborate on it dark side says that their servers and bitcoin has been seized dark side is the uh the gray hat uh hacking group that that attack the colonial pipeline and other um systems recently um and apparently everything's been seized and all the decryption uh the information has been released publicly so uh dark side's closed what do you think was this a huge psyop false flag i mean i still don't think it was a false flag uh like i said i just i just i think our infrastructure is super vulnerable marty and like i'm surprised it doesn't happen more often um the as far as the decryption keys go

they said they were going to release them i don't know if they're actually releasing them um i don't know like i don't know if they've actually released them yet but they they said they intend to release decryption keys for even those people that haven't paid um i mean my guess is that their servers weren't seized they still have the bitcoin and it's just like they're boating accidenting it and they're just going to come back as like the light side ransomware group or whatever let's just come back with a new name they're like the heat got too hot for them so they left the fucking kitchen and they're just going to come back as a new organization it's literally a voting accident that's my take i'm reading the blog post right now it's like i

don't know like it seems like they were sloppy with how they had their infrastructure set up and it was like too easy to to take down their servers well i mean they might have taken down the servers well so so the theory is that the russian government was looking the other way which that seems reasonable to me they've done that in the past plenty of times like how you know they're they're online gang running out of russia similar to like what we have with btce and like certain politicians were taking payoffs and stuff to look the other way because they weren't targeting russians they were targeting other countries right and the pressure got so much there was so much geopolitical pressure that whoever was protecting them on the russian side

stopped protecting them and because that protection was gone that was what their servers were basically relying on but that's different than the bitcoin getting seized right like if your public facing servers get taken down your communication infrastructure gets taken down that is way more vulnerable than cold storage keys um so that aspect so their servers could have been taken down and it could be a boating accident there it doesn't have to be mutually exclusive it could be both of those things and then they just come back as a different organization yeah right that makes sense makes sense beware there was uh there's more ransomware attacks too i believe i saw one in ireland um i forget exactly what types i think it might have been

the health care system there there's rumors of other oil and gas companies in southwest part of the u.s getting ransomware as well um yeah people have ransomware it's a big attack vector we need to secure these systems particularly systems uh that have to do with critical infrastructure like getting energy to the market and in health care seemed pretty important to me now what i thought was really cool uh was elliptic surveillance the surveillance company elliptic tracked the Bitcoin and they said that they've discovered a wallet with 17 and a half million dollars worth of Bitcoin in it. 78.29 Bitcoin, which is important to realize is nearly one tenth of the amount that BlockFi allegedly accidentally sent to the user. So what was

interesting there was they tried you know they use it at elliptic uses that as like a publicity stunt to sell their you know like 150 000 year software whatever it costs uh that's a closed source and no one you know everyone that uses it has to sign an nda the guys over at oxt.me elliptic put too much detail into their post they said you know we track this many inputs of this amount or whatever and then OXT found the cluster and they just put it up on the internet like these are the addresses

that Elliptic is talking about. So we have the full address cluster of DarkSide on OXT.me. Over time they added 341.4 1, 2, 7, 3, 3, 4, 2 Bitcoin to those wilds but they've also

removed the highest the the balance ever was was like 96.52 how does that work like yeah yeah so they cycled through 341 bitcoin right now the cluster of wilds is holding uh 547 sats uh basically the dust limit um wait i thought didn't so did i read that wrong what was the 78 bitcoin what do you mean 78 elliptic has you see i put the archive link yeah yeah like these guys the archive link i can't get past the uh the ad that they have for you can still see it even though it's annoying though i think they do that on purpose um oh no the 78.29 bitcoin was just a single ransom by a chemical

distribution company. Brenta. So I was wrong about that. So what did you say? What did we say the total was that they found in here? 341 Bitcoin. Okay. So about about half what BlockFi sent out allegedly. Just turning the knife.

Just turning the knife, Matthew. Yeah. That's really cool. I'll exceed at me. Let's give a shout out to them. To Laurent for putting that that website together samurai team for for running with it as well i remember again i mentioned this many times in the past but i remember back gosh it'd be three or four years ago it was me laurent and aaron van weird i'm in like a random slacker up using oxt.me to track like the dust

spamming um attacks of like the summer of 2015 2016 uh really cool visualization tool you guys have checked it out oxt.me argentina authorities force exchanges to provide data more authoritarian creep this is an article in bitcoin magazine the government authorities in argentina requiring cryptocurrency exchanges in the country to provide monthly data on users and transactions so argentina is one of those countries that has experienced multiple bouts of hyperinflation over the last couple decades they've issued a hundred year bond recently that i'm pretty sure they're already um behind on who the hell would buy a hundred year bond from them idiots who would buy a hundred year bond in general and guess what freaks janet yellen's floating like a 50 year bond

in the u.s which is that's not a good sign well hopefully she's planning on buying bitcoin with the proceeds we can only hope it would be smart um yeah so any argentinian freaks be aware i'm sure many of you are already buying in p2p exchanges um just because you get probably more accurate pricing i would imagine with the uh the dark market for us dollars is that correct oh i mean i mean i hope most argentinians are no kyc only is that what you're saying well i imagine they use p2p because like the the above board us dollar exchange rate is usually yeah they have us dollar limits right they're already playing games with how much money you can keep in a foreign bank account and stuff uh i mean i don't think anyone should use kyc exchanges but especially not in

argentina like that that country is known for its capital controls yeah so i assume the majority of its volume yes i i would i would agree with you that the majority of its volume is is p2p exchanges that have no kyc and then as a result wouldn't fall under this anyway yeah but if you are still playing by the rules um you uh you should be aware of this i'm sorry congratulations you just played yourself what you just played yourself my wife's not bringing me a corona she will go when she gets back and she's at the store right now um oh wow thanks honey love thanks honey let's see if he uh she gets back from the store before this wraps up not that we're close to wrapping up uh we already talked about the treasury we're at software updates before we

do shout outs let's do shout outs um our btc pay server is down right now i'm working to get it back up um so i did some side shout outs uh off the btc pay server actually one side shout out because i think the timing of this one particularly is important that we do it this week um so here we go on behalf of the minneapolis bitcoiners i would like to extend a sincere send-off shout out to cam strome as he's making the move to austin texas to continue his work with unshamed capital cam is one of the most principled bitcoiners i know and i think everyone up here in the twin cities would agree with me we're lucky to have such a solid group up here and cam along with the cores lights will be missed this is a shot across the bow the austin folks have made

it clear they want austin to be the epicenter for principled bitcoiners and parker lewis is on a war path to make this happen i say this tongue-in-cheek because i will also be making the move in the near future but i want to make it clear that this has been noticed by the severely underrated minnesota crew uh great american cities deserve and will require strong bitcoiners in the coming decade let the competition commence so congrats to cam for the move to austin i had a pleasure meeting cam during my austin trip uh last month a stand-up gentleman and i would i would co-sign the message that he's an extremely principled um bitcoiner that we're lucky to have working in the space particularly at unchained capital disclaimer unchained is a sponsor of the podcast and we're

like friends like everyone over there um yeah i mean shout out to the twin cities yes yeah i mean shout out that there's a lot of great freaks in minnesota tyler um who created the intro that that you hear before this episode um before we rip into the what is up freaks uh brandon quittum of course for also known as mushroom guy yeah i was just gonna say like big fan of mycelium uh cam obviously not the wallet and i'm sure i'm i'm missing a number of a very high quality minnesota bitcoin or shout out to the minnesota crew twin cities never been never been to the land of a thousand lakes uh maybe i should check it out one day and i hope uh minnesota is the land of a thousand lakes because it'd be embarrassing to get that wrong live on air all right that's

from last week we have two more shout outs here so that shout out was a side shout out how does that work did you get it you got it the um i actually haven't sent the invoice yet uh the person who's that it's tyler's paying for it i'm sorry if i'm taxing tyler but i trust him level of trust on bitcoin i'm sorry well you might double spend us now yeah it's gonna be lightning you can't double spend on lightning can you no you can't i mean you don't be i didn't give him an invoice yet marty that's true okay well we trust you tyler don't let us down uh to all the bitcoiners that are butthurt about shit coins please shut the fuck up it's beginning becoming so fucking annoying if you're furiously tweeting angry

rants about why bitcoin is better than a shit coin you've already lost the plot bitcoin doesn't need to coddle and protect it like an overbearing mother doesn't need you to coddle it and protect it like an overbearing mother if it did it deserves to die many shit coins are many shit coiners are future bitcoiners and many bitcoiners are future shit coiners this is an open monetary competition if you can't handle that then sell your coins now because you're going to fold when the real battle start some kid may get inspired by a shit coin and start hacking and may have a new insight or idea that leads to a fundamental breakthrough and how these systems can be improved take a step back and see the bigger picture which is simply that more and more

people are getting excited and learning about how this technology works if you think that's bad for bitcoin then you need to adjust your time preference i would co-sign that message i 100% co-sign everything that guy said did he sign off by who said it no no completely not those feel like i sent in the shout out maybe i sent i agree like hey then the shit coins they're coming they're never going to stop what i have a problem is is i have a problem with shit coin promoters that don't disclose trade-offs yes so like when gemini is tweeting out buy dogecoin it's going to the moon and they directly are making trading fees based on people going to their shit coin exchange to buy dogecoin and those new coiners don't understand any of the trade-offs

that are being made don't have any idea what a node is or any of this shit they can go fuck themselves but the actual users you know they're the victims in that scenario and to be clear

I don't think shitcoins are a threat to Bitcoin so I think they're specifically a threat to the users who choose to speculate on them and end up with less sats as a result yes I agree when you say I'm getting mad at Elon hand up i got a little mad online last weekend too it wasn't because of dogecoin it was the

energy stuff i don't care about dogecoin like please wait you were mad about the energy shit i mean i just met like i hate yeah ha ha we got a follow-up on that too by the way um but yeah the dogecoin stuff like i would love for elon to sell his bitcoin and go to dogecoin if he's gonna be playing these games do you see he got salty as sailor and then sailor ratioed him and then he deleted his tweet yeah okay i mean and he didn't sell his bitcoin that's all you know that's all you know bitcoin but like also elon you're drawing a bunch of undue attention to yourself now people are going to realize that tesla is just a carbon credit scam it's an accounting game it's not really a profitable business you're actually not running

a green technology company considering all the the dirty the dirty uh hydrocarbons that go into making uh your stuff work and the fact that people uh charge their charging i can just see um full time bitcoin getting mad at me right now but i'm sorry bro like he's gonna be laid bare as a fraud paypal the the it's coming out like the origin of paypal it was like he had a shitty payments fintech company that just got lucky and raised a bunch of money before the dot-com boom and peter thiel had paypal um very good technology but no money and they merged um and peter teal basically took over uh and just took elon's money to blow paypal up and elon was more of like a figurehead who ended up getting fired while on an international flight

because he made a very poor technical business decision by trying to migrate to microsoft off linux and he got fired because of that and and he's he's uh emerged in this this huge carving credit scam business that is tesla which has never been profitable outside of bitcoin cells so fuck you elon if you want the smoke keep talking bro keep talking last shout out of the week dear elon musk you may not realize it but bitcoin was the first cryptocurrency in the space and will always be the first financial asset in human history to land and stay on the surface of the moon the first human financial asset money and commodity to moon will be bitcoin i know you had your hopes pin on that pet shit coin you like for this kind of mission but bitcoin is better

we have purchased a ride on the lunar rocket our seat on this rocket contains an sd card on this sd card is a picture of a bit of the bitcoin genesis block within this picture the genesis block is a bitcoin private key containing a million or excuse me 10 million sets um no you got it wrong dude's a 0.1 bitcoin or 1 million sets it's 10 million sets so i don't know if it's a million sets or 10 million sets either or it's over a million sets we know that at least a million sets excuse me to be lucky astronauts who eventually endeavored to recover this tiny horde of digital uh latinum we wish them godspeed good hunting and good luck elon have fun being second place ps bitcoin will beat you to mars too from 2140 keys

are we done talking about elon forever we just yeah i'm so sick of the topic but cheers freak appreciate you yeah work on your stats conversion yeah yeah please work on the site it's if it's 0.1 bitcoin that's 10 million 0.01 that's me and ftb you mentioned him earlier full-time bitcoin our resident tesla shill uh freak uh and friend uh we have a we have a 1 million sat bet that i say by 2030 we won't have a bitcoin node full node on mars and he says we will oh and he's not allowed to run it himself because i'm not paying for his trip to mars just so he could run the node by 2030 i was smart thought of that thought of that edge case there's no way there's a bitcoin node on mars by 2030 well just reach out to ftb i think he's uh are you gonna get fucking internet

on mars by 2030 i literally i mean we said we weren't gonna mention him but i think he's banking the whole bet on eli so hey ftb i love you brother disagree on tesla very good taste in cigars we'll say that i love ftb he's a good dude yeah that was it for the shout outs freaks uh we love the shout outs um thank you for contributing you can do that at tftc.io slash contribute if you want to buy a shout out you can't do it right now because our nudes i gotta go but uh hopefully if you're listening to this uh the day after it's recorded it'll be up by then beyond that if you guys are listening live um please smash the thumbs up the subscribe button goes a long way maybe even hit that like little notification bell for when we do go live

in the future put on twitter smash that retweet if you're listening on a podcast app you know think about giving us a rating or review we've been getting some one-star reviews because of my rants matthew um i just like the video uh is that like uncouth not from my personal account because i'm watching the live chat i liked it from uh the tftc account too i'm liking our own live stream we've been getting one stars because of your rants why don't yeah somebody i got called uh that was this was a three-star review i got called uh like uh unfunny but it was like it was even better than just unfunny it was like but don't give them a shout out yeah yeah uh dispatch got a couple one stars the dispatch dedicated feed got a couple one stars because i say the

word shit coins too often uh the shit corners found it they got angry the shit coin well that's another thing the shit coin hordes going to um going to take over Bitcoin 2021. That's a rumor going around. Bullshit. Look, it's like this idea that, well, first of all, there's a group that's trying to like,

a lot of side events, they're calling it like the crypto Miami weekend or whatever. And like, to be absolutely clear, no one on the Bitcoin 2021 team has ever referred to it as the crypto weekend and everyone pukes in their mouth when they hear it. Okay.

It's Bitcoin week in Miami. is what it fucking is i mean it's and then second of all it's a big ass event that's going to compete with south by southwest next year um there's going to be 12 000 people there it's never going to be like a bitcoin twitter pure thing like if you want to do that you go to bitblock boom you go to riga you know there's events for that smaller intimate more pure events um this is a big showcase for bitcoin um outwardly promoting shit coins is not permitted at the event all talks are going to be purely bitcoin focused sponsors that are like shit coin exchanges and stuff that have shit coins and stuff have all of their advertisements and stuff have to be focused

on bitcoin it's a very important thing and it's the only type of event where you're going to see you know mr wonderful from shark tank uh moderating a panel with bitcoin miners you know like like he's going to be there he's he's going to be a moderator he's not even going to be a panelist right so like my panel no he's my there's a bunch of mining panels um and i'm sure his panel is going to be controversial because he talks about like i'm not going to trigger you he talks about uh like blood coins get me on that panel get me on that panel well marty i i don't have control over the agenda and now you get me on that panel i want to but i'm saying like like that no matter what that's a cool that's like these these are going to be

cool conversations that you won't see other places right like these these are things like we don't have this type of event consensus fucking just announced did you see they announced desk coin coin desk launched their own shit coin for consensus are you kidding me you know like and and the bitcoin magazine twitter ratioed them and they said sats sats are their token you know like we need the it's there's nuance guys there's nuance be reasonable yeah i mean if you're attending the consensus uh virtual conference i won't be speaking on monday but it's to defend bitcoin against the energy flood we're reframing but we're reframing it i'm not getting paid it's all virtual right it's not even in person yeah i'm gonna be sitting here

should i should i wear this shirt absolutely if you ask me that question i'll always say yes okay uh onto the software updates uh whirlpool cli version 0.10.11 uh has been released running whirlpool uh the cli specifically uh that is out running dojo uh we mentioned earlier they came out with a new release version 1.10.0 sparrow wallet version 1.4.1 has been released if you're running that um and i saw in no bullshit bitcoin uh as we're recording phoenix wallet version 1.4.12 was released and that adds l and url oh fuck yes it's pretty big that's pretty big um so you can now pay compatible static invoices via via phoenix wallet uh the chess tournament a hundred thousand dollars worth of bitcoin and this is

coinbase running this right ftx ftx another exchange ftx sam getting all over the place yeah like you'll be good you can take your wins where you get it right like ftx like they could have done this in solana or whatever their shit coin is but instead they offered a hundred k worth of bitcoin yeah are they uh the chess guys jacked up for this do you think this is like top tier chess too it's like the top 10 in the world or something magnus gonna be yeah magnus carlson and ian and nepo minachati uh are taking part ahead of their 2 million euro game 14 game world title it's gonna be streamed live i think so i think this is a great use case i mean i look i like bitcoin and gaming especially global gaming it's the ideal prize like you fucking just give

them a bitcoin address you get paid out right away afterwards um you know we had jay lee in the comments uh saying that a lot of this you know the content is focused on new coiners um at at the event uh it's at the at the conference uh it's important to realize that only the main stage agenda has been released the second and third stages are are like more in-depth focused specifically the third stage um is is is going to be way more technical it's going to basically be the technical stage um and then we also have the open source dome that i'm running which will basically you know is is it's just all going to be open source developers so um there'll be a little bit of everything for everybody uh and they'll you know it'll be good i didn't know adrian

grenier was going to be there my wife yeah exactly he's going to be on a panel with crypto graffiti like is he like is he pure probably not you know but like it's kind of cool the entourage dude is gonna be fucking on stage like at a bitcoin conference i don't know have we ever talked about my adrian grenier experiences on this podcast no hit us i've i've randomly walked in and adrian grenier like three times in my life first time uh was probably the most embarrassing um firefly festival 2013 just graduated college at firefly um with a group of my college friends one of which worked for the the marketing company behind firefly so we got vip tickets and we were backstage uh able to go to the vip bars and i'm i'm waiting for i'm waiting in line at one of the

vip part vip bars for a drink i'm just talking to a girl next to me like hey yeah this this festival is awesome i love it what'd you think of uh tom petty last night what about red hot chili peppers and so we're having a conversation the line's like six people deep and uh after like a minute or two the six people in front of us happen to be together and they all turn around and she's part of this group and so i'm here talking to the girl and it's like five guys in the group in front of her and they turn around now they're all in a circle and it's adrian grenier he's holding uh six shots and he hands one out to everybody sitting in a circle except for me so like i'm sitting in this circle of adrian grenier and his friends and he hands out

all these shots and they're like cheers and i'm just like sitting there randomly in the circle like uh thanks for the shot man five dudes you and this chick this chick and they all shot for marty they all took shots uncle marty got nothing but like a weird look from adrian grenier like who the fuck are you talking to this chick in our group i was like i'm sorry dude second time i saw him so then you got up you said have fun staying poor and you walked away yeah well i wasn't that confident yet it was like it was like uh yeah bitcoin early no early bitcoin days was uh it was into bitcoin but not uh not confident to tell people to have fun staying poor yet uh second story i ran into new york my work my wife worked at like new house i guess he was a

there i walk in one day i sit down he sits down right next to me i was like yeah what's up remember me from firefly he said no so maybe bitcoin 2021 adrian maybe he's a freak now maybe he is a freak i hope you're maybe he never put two and two together and he just put two and two together yeah that's one of my favorite like celebrity encounter stories tell adrian ganier told me to fuck off and didn't give me a shot maybe we'll have a shot together at bitcoin 2021 can you make that happen matt can't do that at consensus no you can't no you cannot i'll try my best marty i'll try my best i'm not i'm not a i'm not a god over here okay i don't know matt you're being very humble right now you're being very humble um this is actually something uh

had a little part in a little part uh being that i just read through it gave some feedback particularly on the mining with natural gas part, the Galaxy Digital team. It was Rachel Rzbarsik. I'm sorry if I butchered your last name, Rachel. Drew Armstrong and Amanda Fabiano. Shout out Drew and Amanda. I know for sure are freaks. I'm sure Rachel's incredibly wonderful woman in the space working on mining research specifically. They wrote a mining report basically trying to compare bitcoin mining's energy consumption to gold and banking and sort of saying hey like bitcoin's totally worth it and comparatively it actually doesn't consume nearly as much energy and the energy it is consuming actually reduces waste significantly so it's

what we want to see and again went on that huge rant last week i'm not going to repeat the rant but i think we need to reframe this we don't need to work within the the framing of the narrative and the framing of the debate that the quote unquote hysterics have put in front of us we should we should switch the framing i tried to start doing that on twitter this morning bitcoin is a boon to conservationism all right we're going to focus on the positives it conserves it conserves waste of energy uh instead of setting stuff on fire and just wasting it it's terrible we're conserving it and it's actually beautiful how bitcoin conserves it too because you 100 you use that energy turn into electricity that electricity runs through asics

that produce hashes that produce blocks or allow miners to produce blocks and they get rewarded in bitcoin so that energy that's being converted into electricity that scarce physical good it's being converted into bitcoin it gets memorialized into bitcoin into this digital asset into perpetuity bitcoin survives which is beautiful you take this scarce digital excuse me scarce energy uh resource you turn into electricity and you memorialize it on the bitcoin blockchain into perpetuity so you get an extreme value many times over for that for that energy that's the framing we should work with bitcoin i coast on that i like that idea bitcoin is a boon to conservationism bitcoin is the green new deal really is really we've been saying that for

fucking over a year now years yeah um jaylee wants to know in the comments will the whole great american mining team be at the conference in miami no we are actually very busy uh building containers so i i think i'm right now i'm the only one that's going to be there um we may have our our ceo todd show up too but again we are a good good problem to have we're very busy right now well storms will be missed he will he is working diligently and very very hard um to build containers right now the other thing i wanted to bring up was did you see like all the articles that bitcoin twitter dug up from like the early days of the internet they were like buy a book on amazon and you burn like seven lumps of coal and kill a child or whatever

yeah yeah right so like this stuff isn't new right and i don't think the internet proponents had to like fight a war over it i think they just fucking went ahead and did it and people like the internet you know like so that was kind of i think i was like a lot of people misunderstood me last week um i my argument is like like look it's it's good if we have galaxy digital and these other you know you know other people that are invested in the space provide reports and objective data objective data is always good but uh from a personal point of view like life is short and i just feel like you don't have to argue with these people like we're just gonna win there's nothing they could do about it you know it's it's not uh if you were arguing with them over amazon's

environmental uses in 99 1999 like you wasted a lot of time doing that that was unnecessary yeah i mean that did not well let's see so the nuance here right the internet social media particularly uh provide people with very loud uh soap boxes from which to or they provide soap boxes from which people can be very loud you have uh somewhat radical hysterical minority uh taking up a lot of mental bandwidth in the modern age due to these communication technologies that have proliferated throughout the internet so change the framing own the framing we need to own it we can't work within their framing freaks we own it it's a boon to conservationism that's what we're running with this we're going to ab test it starting now

wharton shout out to uh penn home city uh ivy league getting five billion dollars worth of bitcoin anonymously anonymously it's uh i dig so they say it's the largest cryptocurrency gift in university history so it means they've received others it means it's just a really stupid headline yeah i don't know it's like it's they were going for like a bang you know like i'm pretty sure if any i'm pretty sure if any uh college received five million dollars with the bitcoin it would be their largest bitcoin donation they've ever received like people don't receive bitcoin donations really and like i saw some of the like like aggregator accounts and stuff they were like largest donation ever made to warden so they like

you know they switch it a tiny bit it adds a nice little bullish spin yeah yeah oh shout out to pen pen is actually uh when i i went to depaul university we were on the quarter system so we would go from like right after labor day up until thanksgiving then we'd have off until the new year and so i'd be stuck in philly between thanksgiving and new year's and that like three weeks in december where all my pen friends were still in class um studying for finals i'd come annoy them hang out at blarney's smoky joe's and gopa cabana and penn has a very special part local marty's heart not that i ever went there attended classes there but i attended the bars around penn quite frequently while in college so there you go marty basically a warden grad

yeah honorary i know a lot of know a lot of the class of 2013 i feel like i'm classmates with them to some extent you could put in your bio attended warden just like the grounds yeah i was walking around there a lot uh well um we have two things in the comments um someone mentioned the pineapple fund which was like a big anonymous bitcoin whale that was supposed to be donating to a bunch of like open source and privacy focused projects it was a significant amount of bitcoin it's significantly more than this i mean this is this is what 100 bitcoin uh you know last week's prices uh and and pineapple fund was significantly more i don't think it was ever verified if they actually paid out like i don't know if that actually happened like people gave them press for the

announcement and then i'm not sure if they actually gave donations i know we certainly did because i remember talking about yeah i haven't heard anything since then uh since we brought that up uh so if anybody wants to do a follow-up on 5 000 bitcoin barrage is saying that pineapple fund dedicated to it but i don't remember if they actually paid out i don't i have no idea i can tell you that was a blue shirt it's getting caught in the green screen what the hell is going on here uh greenish blue what else yeah while we're on the stuff if anybody from my high school is listening i try to convince um our financial board to invest in bitcoin last july um haven't heard anybody's has a private school yeah haven't heard from anyone like we have a we

have an endowment we're actually our endowments like considerably smaller than our arrival which is actually embarrassing um opportunities there anybody from my high school is listening let's make it happen i'm getting i'm getting shoved at the door they're probably just going to put it all on some shit coin they're gonna end up staking in the computer science lab or something like that god damn it last but not or not last but not least chinese government in apple servers new york times story in the technology center uh excuse me uh the technology section excuse me uh what's going on with apple and china i haven't read this yet ftb is catching up now i'm gonna just post in the comments uh the apple the apple story is um

you know apple for chinese citizens they they all their icloud servers are in china and technically they're owned by a chinese government uh province or something they're co-owned by a chinese government province so apple gets to wash their hands of it and pretend that they're not providing government requests for data when really the government just owns the data so they can just do whatever they want so uh so apple's basically plays this whole privacy they're the best privacy fighters ever but in china they just completely sold out any kind of ethics whatsoever to operate in that environment so if you're a chinese freak um you know don't use an iphone and don't use a google phone either like or a huawei phone like go you gotta like

gotta work on it i'm not gonna preach to you i know you're living in an adversarial environment so yeah they probably have some ideas they probably have some ideas uh while full bitcoin or full-time bitcoin still stuck in the past of this episode like he's part of tesla q right that's what we consider him no tesla q is the opposite tesla q is anti-tesla you're part of tesla q i'm part of tesla q all right we gotta make sure all right i guess i'm learning i love it because he can't hear us talking now because he's still behind but he's commenting and the thing so we'll get to this later um tesla q we got to rebrand it to the tesla um the tesla advocates are now tesla q well so i was watching um the world's most popular bitcoin podcast this

morning uh squawk box and on cnbc and the the big fud on tesla now is i mean i don't know why are we talking about tesla again is f-150 they're launching a green version of the f-150 and electric version of the f-150 i gotta get my verbiage right um and the bitcoiners will either not like it or like it they're calling it the f-150 lightning cool i don't like that and the the talk of the town is that people are going to do that instead of a tesla so ford versus tesla it doesn't have the same ring to it as ford versus ferrari incredible yeah i was trying to go for that it just did not sound nearly as good um yeah the biden did like a whole pr stunt he drove the car i don't think have you seen the conspiracy theory he definitely drove the car

Apparently he wasn't driving the car. I wouldn't let that dude drive a car. There was a bunch of Secret Service guys that came out that were pissed about it. Because they were like, we didn't want him to drive the car. And he just got in the car and started driving it. It was a wide open tarmac. It's pretty hard to fuck up there. Anyway, I think a more interesting...

We're at the back of the show. So this is where we talk about... uh uh whatever topics we want to talk about did you see dave portnoy's overproduced uh shitcoin announcement with the hats with the hats yeah he did like well he first he tweeted out he was like in 45 minutes i'm gonna announce my shitcoin and then like 45 minutes later he did the announcement that's another thing i'm trying to get better at not reply guying dave portnoy we both replied guide him yours was good what would you say it's like this is sad shit dave yeah sad shit dave wasn't really a reply guy i just watched the whole thing and i was like

sad shit dave i was just like i don't know it's just uh word vomit mostly i came at him i said dave portnoy peaked you can't be you can't be shilling safe man it's like you're clinging to the tiktok stars and safe boone did you hear what he said and he was like this might be a ponzi but for ponzi's the best thing to do is get on the ground floor and we're on the ground well that's what you got to love about dave portnoy he's very up front with the trade-offs do you agree with that there's many things to love about dave i don't think you peaked i was i was fucking with you but please find your treasure i think he might have i hope he did you think he might have peaked or found his treasure oh i mean i don't give a shit about

his treasure i i'm i'm like i'm i was frustrated by the shit coin announcement yeah uh it is hilarious that the whole market just like completely imploded itself the next day um but uh at least uh i didn't really i have very low expectations for him so well it comes i appreciated that he just like set it straight up that you know it's probably a ponzi and he has he's like i have no i'm we haven't mentioned the name of the token and i don't plan on it but he's like i have no idea what why i'm buying this it's just i like the name yeah you know it seems like it has ponzi economics attached to it or whatever he's just straight up said it so i mean this is part of the barcelona model you gotta lean into content when

topics are hot shit coins hot obviously i mean i literally experienced it myself having worked there during the last shit coin run um caleb if you're watching this ass coin i told you to dump it like literally at the high you're still holding on holding on to that ass beware beware freaks last i did throw something on two things on the list i did throw on towards the end um where i mean again follow up on last week's rant uh i mentioned the fact that again it takes a lot of hydrocarbons to make these solar panels and wind turbines specifically and typically get made in china where they don't care about emissions at all and they spin up coal plants literally every other day i think they they spun up like 230 in the last year um a great article came out um a

substack uh the substack um newsletter by uh michael schellenberger um basically explaining that uh solar has become cheaper because it's being completely subsidized by the people's republic of china in slave labor and they're using massive amounts of coal to to get everything to the price that they need to be to sell back to the west so we're decommissioning and nuclear and natural gas power plants over here to shift them for solar and wind we're just shifting jobs to china where they're using a shit ton of coal to make inefficient solar um and you michael also goes into the fact that people have been um uh opining for literally almost two decades now that it's going to get much more efficient because they're unable to automate

the process of constructing the solar panels but it turns out that's not possible because of how delicate the materials are so china is depending on slave labor literally slaves hands to to build these solar panels so think about that um not going to run any more on that we will link that show notes and last but not least i just wanted to bring up uh bip 118 sig hash underscore any prev out because i think it's cool and it could enable cool things like l2 and space chains um that would allow for really uh cool things for bitcoin making more scalable more robust more resilient and more secure uh at the at the lightning network level um and then it would enable other second layer solutions like space chains which would be a one-way pegged side chain

that doesn't have a native token or anything like that, which I think is cool. Yeah, we talked about it a little bit on Dispatch this week. We had Fiat Jaffa on who, I think, I mean, I know it's his first English language podcast he's ever been on. So it was quite an honor. But I'm a little bit confused by it.

I'm, you know, whatever. There's plenty of time to talk about it. I think it's good that there's open discussion. pretty sure there's no proposed implementation yet no code right it's just a bit okay and it requires taproot um so i love the enthusiasm and i think people should have open discussion and the more discussion over this stuff the better the sooner we'll get you know improvements that we want um but i just i don't know i i there i just want discussion i want to understand the trade yeah but there's there's some class of 2017ers that i love name that name you're getting like

our boy ben the carmen he's getting a little bit too far ahead of himself okay dude like we need taproot first we don't have taproot you know there's no code written for any priv out and he's just like oh we got it we're on to the next hey we got to nail it down you can't be 90 on one thing and then move to the next you gotta we gotta finish it he's young hungry and horny man he's gonna go after it you can't you can't knock him for that you got it we gotta finish what we started you can't there's no there's no havesies in bitcoin i agree with that diligence taking your time weighing the trade-offs testing the code reviewing the code all important but again these young devs ben kaufman's the ben carman's the bens of the

world andrew chow's andrew chow's probably a little bit more conservative but young young and horny ready to get after it could get stuff into bitcoin i remember being that that age do you remember being that age matthew yo fucking segwit broke me you can tell who was pre and who was post by by who is just assuming that we have taproot right now right yeah don't assume it don't take anything for granted weird weird things can happen i mean we've talked about lf2 pool fucked with it segwit particularly in the future but that's the other i mean we discussed this there's no future token for like a taproot coin so there's but maybe there should be i mean look we we've heard all about dlcs and like i haven't built shit i'm aware

but like why can't i bet on whether why do i have to do a bet you know a verbal bet on on on telegram i mean on on on air over this stuff why why isn't there a liquid betting market on when this gets activated there was a liquid betting market that said you know 10 000 bitcoin thinks taproot is going to be locked in by two difficulty periods from now then that would be like something that i would objectively think shows that it's likely that it'll happen right i'm gonna start a controversy here we should be pushing for bit 300 drive chains you can make one of those prediction markets on a drive chain but there's a there's like some minor trust there or something is it that's a soft fork too right yes i believe so paul stork has been making um a push

there's some issues with it though isn't there so the discussion around the miner like the miner incentives are the ability for miners to steal the bitcoin locked up in the dry chain Paul will argue that the incentives are such that they wouldn't do it

maybe the incentives get fucked up if you're specifically betting on something that is miner driven which is tabbed signaling potentially I don't know I'm not too um we don't even we just need like a centralized website run by some nim that just has like a yes no how many days it's going to be or whatever

we don't even you don't have to overthink it i'm surprised there isn't one it would be like many dlcs right but you don't even need to do dlcs like there's no like like dlcs would be great trust wise but if they're not there yet which is fine then like like look at ftx right ftx added the the election markets it was just a centralized exchange now that kind of sucked because it requires kyc for larger accounts and they were actively ip blocking people from the united states north korea and a couple other authoritarian regimes but uh that's the idea right if you do it if you do it as a as a nim maybe as an onion service you calculated risk

launched from the Seychelles. There'd be a lot of money to be made on that. Seychelles did not save one of the best men in the industry. It was only after they did trillions of dollars worth of volume that they got hit.

Did they do trillions every time? The volume on BitMEX yesterday was $100 billion or something ridiculous. Really? Damn. It's because it's all derivatives, so it's like bullshit, right? Yeah.

They do significantly more than the Bitcoin that exists. Let me pull up the actual math because… While you're pulling that up, I just want to send a message out to Justin Sun. Yo, they're trying to liquidate you, bro. That's why the price is down here. Keep your head up. Okay, yeah. So they did $7 billion yesterday.

$7 billion USD worth of volume yesterday alone. $100 billion sounded a little high, wasn't it? But that's even after KYC was added, right? Yeah. still doing seven billion daily volume but have more volume uh the next the next biggest one is is binance's uh derivative product and they only did 1.2 million dollars worth of oh you know what that is that's seven billion bitcoin worth of volume oh no yeah no yeah according to crypto watch seven billion yeah because the next biggest one is binance which is 1.2 million bitcoin worth

of volume how many people are trade on 100x over bitmex that's why it's not you know obviously there's not seven billion bitcoin to trade yeah there's people levering up degenerates degenerates that's people getting margin called the magnitude there is that's a that's crazy and then bisque yesterday traded a half of bitcoin on the u.s dollar what uh what had more volume the the double 10k candle day this week or march 12th last year whatever that i think they were saying it was similar right yeah i'm not sure i didn't i didn't look into that particular data point um i'd be interested to see arena new regime the institutional money sloshing around trying to shake out the the humble sat stackers this is where the bitcoin game is really simple

freaks don't worry about these price swings don't worry about the shit coin noise don't worry about the elon musk of the world the game is very simple accumulate as much bitcoin as possible you have to distill to that zone out everything focus in on the prize just accumulate as much as possible this is not investment it is investment advice you know what are we gonna kid ourselves here yeah i mean it's investment advice for something that's not a security yeah it's life advice and say life advice freedom in the digital age freaks stay humble stack sacks peace and love