TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Bitcoin Week of 2021.06.07

Episode Date: June 11, 2021

This week Marty and Matt discuss: - El Salvador declares bitcoin legal tender - Legal tender move pissed off IMF - VOLCANO MINING - DOJ seizes 63.7 bitcoin connected to Colonial Pipeline ransomware attack - Global bank regulators propose burdensome bitcoin capital rule - White House advisor disclosures million dollar bitcoin position - Blockstream and Square announce solar mining initiative - Square announces $5M bitcoin endowment - Rumors that Indian Government will be more positive toward bitcoin going forward - Bitmex extends Gleb Naumenko grant - Microstrategy announces new private offering - Bitfinex invests in HodlHodl - Ledger raises $380 million - FBI ran an encrypted phone network 'Anom' with a backdoor - Apple announces new 'private relay' trust minimized VPN Shoutout to this week's sponsors. Cash App. Start #stackingsats today. Use the promo code: "stackingsats" to receive $10 and contribute $10 to OWLS Lacrosse when you download the app. Unchained Capital. Check out their white glove vault concierge service that will take you from zero to secure multisig setup in no time. Use the code TFTC and receive $50 off that package that includes 2 Trezor Model Ts and $1,000 in your vault. HodlHodl. Lend at Hodl Hodl is a new non-custodial bitcoin backed lending platform, that allows peer to peer lending and borrowing between users, globally, anonymously & on your own terms. Create you offers & set your own terms on lend.hodlhodl.com Braiins. Braiins are leaders in the mining industry; running Slush Pool, creating firmware to make miners more profitable (Braiins OS+), and building out Stratum V2 to help further decentralize mining and make Bitcoin more robust. Check out their mining profitability calculator.

So freaks, it's your boy Marty Bent with the sirens going off in the background. Got the IMF head in my way, as I call them out too hard. In this rip with Matt O'Dell, first rip since the live Miami show. A lot has gone on since that show and this one. Bitcoin has entered the geopolitical realm. It was already there, but it has really made itself. It was already there, but now we have a nation state officially accepting Bitcoin as a legal tender. we're recognizing Bitcoin as legal tender

it'll be interesting to see who falls after El Salvador as you can tell we talk about this at length within the episode without further ado let me get to the sponsors brought to you by friends at the motherfucking Cash App Cash App

help me stack sets, send sets, receive sets sell sets if you so please we're saying sets, sets, sets, sets sets, sets, sets, sets sets, sets, sets, sets, because sets are the standard you're not buying a whole bitcoin a fraction of a bitcoin you're stacking whole sats instead you buy as little as one dollar on the cash app you can dca dca into sats by daily weekly bi-weekly bi-weekly matt odell every two weeks set it forget it set a set amount buy a cadence that you are

comfortable with on top of that they had their boost program which allows you to go use your boost card associated with your cash app wherever visa is accepted they have their boost program if you toggle on a partner merchant and you go shop at that merchant you're going to get some cash back that you can turn in the sats sometimes you get sats back when you shop anywhere cash app can also be your bank account they're offering account numbers and routing numbers you can get your paychecks direct deposited into the app if you haven't done so already make sure you download the cash app using the code stacking sats that's s-t-a-c-k-i-n-g-s-a-t-s you're going to get ten dollars and ten dollars going to go to our good friends at owls lacrosse that's owls

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between mining operation as multiple stakeholders. Beautiful thing. go check them out brains.com b-r-a-i-i-n-s.com and edward i'm gonna end it with a when what when what's minor sir you're in austin you're in mexico you're miami partying too much man when's that what's minor coming that's what i want to know enjoy this it freaks the king 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 go live that's a good that's a good talking business live on air matt we'll hit record good point right it was very good point i noticed that the other day it is wow that was horrible woo maddie what a week what a week second rhr in less than a week we met last saturday in miami outside 90 degree heat saving the planet by not using uh air conditioning now we're here a lot has happened since we uh since we had rhr last saturday in miami how are you feeling so much shit has happened

well when we did when we did the live arch on miami we knew we knew the big news and we kept it to ourselves we couldn't talk about it i mean we told the freaks to stack but that's as much as we could say yeah that's all we could say it was worthwhile hey it was good stacking advice i think we're higher than where we were on saturday when we recorded Yeah. I mean, the freaks know I'm always bullish, right? But this is the single biggest news item, the single biggest historical event that has happened on a macro level to Bitcoin ever in the history of Bitcoin, right? Outside of Satoshi leaving, yes. Outside of the Bitcoin

network itself, somebody adopting it, number one. You mean like external of the protocol? it is like the biggest thing since satoshi left in my opinion we'll get into it but before we get into it should we reminisce about last weekend what's the you went all caps on the tweet i did i did you're feeling it i was i mean there's a lot of important things to talk about i'm going to talk about the volcano in the background here is that the actual volcano or is that just a stock picture it's a volcano in ourselves i'm not sure if it's the volcano where they're doing the geothermal energy this is uh but it is located in el salvador yes i believe this is the volcano

in santa ana or something like that santa on what's the uh bitcoin magazine team saying after after the conference dude vibes are high vibes are high i mean a lot of lessons can be learned but i think overall um it was just a really fantastic i would call a festival i think it was like more of a music festival than anything else agreed um but look it was amazing seeing so many freaks there i mean for the live show we but my guess is like 400 to 500 people were watching us live in person um i must have hugged like 2 000 freaks over the course of the week to me it was a massive success right wouldn't you agree marty i think it was a massive success i had a lot of fun i always enjoy meeting you freaks in person overwhelming there's

a lot of you freaks out there freak nation is strong as we've been saying since we left miami it is extremely it warms my heart meeting you guys in person um and that our content has affected people or resonates with people the way it does it's really mind-blowing to think of this just starting as i don't want to say joke but as i got forced into the podcast i forced you in rabbit hole recap and seeing what i would say you more seduced me but if you want to use that verbiage you can as well yeah seduce is better than force there's a bit of a rapey vibe there was consent there was consent there was thank you for clarifying that and i've just been holding

that hostage for two years now have somebody who sits behind the computer with a gun pointed at him says all right so i got the moscow time behind me uh yeah it was a great event great satellite events vibes were high miami traffic was terrible um but other than that it was pretty pretty incredible i will be incessant and repetitive that the most profound thing of the whole week to me was ross's uh interview ross ulbrich's interview uh we have to free ross we had to stand together as big corners and uh if you haven't gone and listened to it um you really need you really need to go listen to it uh every single every single freak should every single person but every single freak needs to go listen to that interview yeah i mean it's on youtube

he sacrificed himself to get that message out there he got thrown into solitary confinement which he talked about during the voicemail so it seems that the yeah uh well no they so as punishment first they gave approval to do the interview and they said it had to be with a journalist and then um they cut him off from communication for like five days and we thought it wasn't going to happen and then it happened they like allowed him to contact uh peter chihuahua a bitcoin magazine who did the interview and then it appears afterwards as punishment for the live interview going out uh they they threw him back into solitary and uh it was really fucked up because we didn't know like we didn't want to talk about it at the conference because

we thought maybe he'd get punished more but i guess for better or worse uh lindell bricked his mom decided that it was important that it became public so i saw that she tweeted it out so i feel comfortable talking about it now that she tweeted it out but that's why it was played a second time at the end of the conference um on the second day was because we we had found out while we were there i mean me person lynn told me personally and it just was fucking this is brutal man they just there's no heart there none none at all go listen to the interview i mean i can't do it justice but combination of holy shit i can't believe this guy's in jail considering the facts that he's laying out about his particular case and how there's a lot of fuckery that went on from the

prosecution side by the way katie khan she's still in the space she works at a16z she's on coinbase's board from what i understand she's she was the prosecutor in that she gets away she was able to like walk free and go invest in companies and work for anderson horowitz and all that bullshit so we got people in the comments saying it's the murder for hire they dropped those charges man that was a smear job they didn't they didn't they he didn't get convicted on any kind of murder charges or any kind of hit charges they dropped all of that shit go read we're gonna talk about read up on it yeah it's like the typical fbi fucking bullshit

what's the word I'm looking for where they basically create a scenario in which they make somebody a criminal. They did this in Florida with I believe it was a gentleman who had Asperger's was on some random internet forum and they convinced him to go buy

bombs to blow up and basically create a terrorist plot that the FBI created so they could arrest terrorists. They created one out of thin air convinced him to go who's like go buy a bomb and allegedly trying to blow it up somewhere and they arrested him where they concocted all that whole situation and i think it's very similar with the the hits it may even be like more egregious than that it's yeah that's like the number one thing people because

i wrote a newsletter about it earlier this week after seeing lynn's tweet from the free ross account like saying we need to speak up against this is bullshit and you all have to go listen to the interview and all the comments were like murder for hire like it's effective it's super effective it's like you pop out the headline in the beginning you do a character assassination and it sticks like you know it's it's the same thing with all fake news um it's it's way more difficult to battle back against it after it's already out there in the general consciousness and just to be clear here like i'm not saying like no crimes were committed but like he's done a shit ton of time they he was a young kid he's apologetic you know they're

making an example out of them they're going to keep him in there for the rest of his fucking life if they have their way and they're going to put him in solitary at the same time this is just not the country that it's it's supposed to be and as americans and as big corners we need to stand together on this one it's very important i'm sorry that we started this off on this but it's super fucking important no it's it's really important what are we in this for yeah if you listen to the interview ross was very i don't say disappointed himself but he was very reflective of what he did the impact it had on others his family and in his thinking back then when he was running the Silk Road.

Go listen to it. That's all we're going to say. We'll end it at that. So on to more positive news. Bitcoin is fucking legal tender in a country. Oh, we have to get to the dashboard first. Oh. Okay, if you insist.

I'm insisting. Because we start it out there all the time. Current price of Bitcoin is $36,525. $684.2 billion. Market cap. one cuck buck's gonna get you 2738 sets where are we now taproot 98.1 percent trailing block percentage is signaling that it's ready for activation that should activate or excuse me lock in within the next 48 hours officially and then it'll activate in november if that happens

i think statistically it would be very hard for it not to lock in at this point could be wrong though stay humble oh i will we are 366 blocks away from the next adjustment which is estimated to be on june 13th 2021 so that's three days from now so that'll be sunday and that'll be a downward adjustment of 2.4 percent and that's because blocks are coming in at 10 minutes and 15 seconds on average which is 15 seconds above the 10 minute block target set by satoshi uh there are 37 625 transactions in clark's mempool i already rubbed your face in the sand for the mempool clearing last week i'm not going to do it again uh just just to be clear that i'm owning it and now dispatch is going to have the mempool there until all the freaks get

together and actually start fucking coin joining what does coin joining have to do because you don't want to join as a base demand of the you know they're not coin joining enough if the mempool clearing this is true this is true speaking of coin joining uh unspent capacity in whirlpool it's currently 2 2 721.57 bitcoin or 99.4 million i think they went up about 100 bitcoin since we last looked at it a couple weeks ago 100 bitcoins what in whirlpool yeah dude whirlpool is fucking crushing right now i have to say dude that app is the whole stack is just way cleaner than it's ever been in the past super stable very happy with it right now we're gonna love it again shout out to the ronin dojo team if you want to run ronin interact with with whirlpool that way highly

recommended freaks you know war is brewing war is brewing we have not we're you know we're about to hit the then they fight a stage we have not hit it yet and you need to get your ducks in a row ahead of time and you're fortunate enough that the mempool is clear uh and that it's very unpacked right now so get your shit together learn how to use the tools then use the tools but to begin with you just need to be aware of the concern and and and what you're leaking on chain and off chain agreed we're started wise we're started as we've alluded to and i'm sure you freaks are aware of well aware of at this point in the week over the weekend uh saturday jack mallers announced that the president of el salvador was putting or the legislator in el salvador was putting a bill

forward to make bitcoin legal tender within the country which is pretty massive uh over the weekend uh that bill made it through the necessary legislator and got signed into law earlier this week it wasn't suspenseful he has control of the parliament yeah and so i went through got signed bitcoin is legal tender in el salvador uh merchants so this was like one of the controversial aspects of the bill i think it was line seven uh deems that merchants have to accept bitcoin within 90 days of the bill being signed so within the next three there's like a little bit of a carve out if technically able to okay it says merchants must accept payment in bitcoin if technically able to all right so this is a math seems like a fair carve out to me you know like

if you're a cash-based merchant and you don't have a smartphone then no one's going to force you to do that yeah so this is like you said probably one of the most important moments the most important moment in bitcoin's history the nation state has officially recognized it as legal tender and there are many implications that will come from this and so let's just jump into it it's very interesting that was el salvador specifically i really like that it was el salvador i've always had an inclination that it was going to be a latin american or african country that would be the first to adopt Bitcoin officially. That seems to have come true. The fact that it is El Salvador specifically, El Salvador is in Venezuela or Iran or Russia. So it's not a pariah

state. It is a sovereign nation. What is it, just south of Guatemala in Central America? Guatemala, El Salvador, Belize, the Northeast or Northwest, excuse me. It's a relatively small country it's in central america and they said yeah yeah and they are like right next to nicaragua and honduras yes and so present above panama below mexico yeah and so geography this is where bitcoin beach has been so if you've listened to this podcast in the past mike peterson from bitcoin beach which is uh in el salvador el zante is the surfing beach where they've been trying to build this circular bitcoin economy mike and team strike as well jack mallers many other Bitcoiners that have spent time in El Zante building that circular economy and

ingratiating themselves with the community there and educating them about Bitcoin have done an incredible amount of work to get to this point today. And now it's official. And now we have a nation state that is officially going to be adopting Bitcoin and putting their weight behind it. And this is where the game theory starts to get intense. Again, it's not a pariah state. and so we will see how the international community particularly the g7 uh and the un nations react to this it is going to be very hard for them since it's not a pariah state to step in and say hey you can't do this well first you make it a pariah state right and how they do that so they're going to point out the fascist president well you know he doesn't have the best track record but that's

fine people in el salvador love him though he he jailed the oligarchs he kicked out the corrupt judges like yes i'm not trying to rain on parades right this is exactly what is to be expected it's always going to be a smaller weaker country that does it first this is what it's what we saw with companies it's what we saw with people um they're the challengers they're the ones who have nothing to lose and everything to gain uh you know this guy could have chosen a cbdc a fucking chinese surveillance shit coin he could have come out with his own shit coin he could be using a one of these other major shit coins i'm not going to name any of them um but and taking their money along with it but he decided to go with bitcoin he decided to go with a bill that was written with help from

the strike team and jack mauler is a fucking legend and like if anyone if anyone can make this thing don't make this thing happen right um i'm not gonna put him on too much of a pedestal but if anyone can make this thing done right it's fucking jack mallers like the the fact that we know that jack is there and this guy's got his ear um and presumably jack's talking to all these other south american central american countries is is massive is absolutely massive it's the kind of ambassador we want um he has the facilities in place behind him as well in terms of infrastructure with remittances and whatnot with strike and it's it's it the cool part about bitcoin is it doesn't matter if their leader is virtue signaling about uplifting his people right a a more open

monetary network in el salvador uh is going to help the people regardless even if his goal is just to be on the world stage right like to him like the the incentives for him as a leader are massive like people are talking about him no one cared who he was a week ago no one had any idea who he was a week ago now he's one of the most famous leaders in the world um and other nations are paying attention here right because you don't get you don't get this kind of attention if you're country number 50 if you're country number 50 you're playing catch-up but if you're country two through 20 you're going to get a lot of fucking attention you're going to get a lot of economic boost you're going to get a lot more tourism um and and and so the race is on the race

is on to see who's next and we already have many people in latin america and beyond signaling laser eyes on twitter many people close to i mean i think i saw columbia some of their politicians asians uh peru brazil they're like parlor parliaments and stuff right yeah it starts it's so good to see and that's very interesting again were you with me over the weekend and we're talking about somebody who was just like they love the engagement of a bitcoin yes i was with you we're not going to say who it was on twitter specifically and uh you can see that that's the other beauty of like the bitcoin game theory shower them with engagement yeah and so that plays in our favor and so you see all these

other people seeing what uh president bukele is that how you pronounce it bukele you're the one who attempted yeah i went for it hopefully i'm right uh people see him getting all the attention el salvador getting all the attention uh and they want that as well for their countries and so you're starting to see them signal um and so what do you think do you think el salvador obviously we're in the honeymoon phase of the announcement and the law being made an official law but they are trying to appease talent to el salvador so let's talk about the implications of the law the fact that it is now legal tender means that if you were using bitcoin within el salvador's border you're not going to get charged capital gains tax on it they're incentivizing bitcoin companies to come

domicile in el salvador i assume with some tax breaks they are uh offering residency for three bitcoins pretty pricey uh but maybe that price will change uh is that pricey i think it's a static three bitcoin at a purpose no he's convert that's just a conversion it's like 120 000 to be a resident of el salvador all right i'd pay not like a new rule most of latin america you could buy your way in yeah that's true if you buy like property right it's usually yeah property worth x amount and then you stay there for most citizenship around the world is going to be very cheap for bitcoiners bitcoiners are highly mobile highly motivated and numbers going up so so you know if if a government and if a jurisdiction doesn't treat you right um bitcoiners will move and uh

we're going to see the era of nation-state competition begin yeah but it's going to be dicey first like there's you i can't can you even imagine the meetings that are going on right now like the imf and the g7 and shit there's g7 meetings going on right now the imf met with president bukele today so imf sees legal economic issues with el salvador bitcoin move the international they do on said on thursday it had a number of economic and legal concerns regarding the move from el salvador to make bitcoin a parallel legal tender el salvador has become the first country in the world to adopt bitcoin as legal tender with president naib bukele touting its use for the potential to help Salvadorans living abroad to send remittances back home. Adoption of Bitcoin

as legal tenant raises a number of macroeconomic, financial, and legal issues that require very careful analysis, said Jerry Rice, an IMF spokesman. During a scheduled press briefing, we are following developments closely and will continue our consultations with the authorities. Rice said that the fund, the IMF, will later on Thursday meet with Bukele to discuss the Bitcoin law, El Salvador is in discussions with the IMF seeking a $1 billion program. El Salvador's law means Bitcoin will have equal footing with the dollar, which became its official currency 20 years ago. So the IMF, probably one of the, I tweeted out earlier, one of the most destructive forces to ever make its way through Latin America does not like this. The International Monetary

fun let's talk about him for a little bit christine lagarde used to be the head she was convicted of a crime uh awarding hundreds of millions of dollars i believe to a president a friend of president sarkozy in france while she was the head of the imf the next one the next leader of the imf he got like kicked out for like rape charges i'm pretty sure uh the imf again unelected bank uh that exist and they want to step in before we get to the el salvador situation in the past the imf has pillaged uh latin american countries i believe argentina knows this story very well i believe believes has been pillaged as well what they do is they basically come in and they act as like a private equity group that loads a country up with that and forces companies

forces to work with companies that are favorable with the imf and they can never pay it back so they just stay indebted they stay treading water they can never break out the fiat cycle and the imf is one of the greatest enablers of undue amounts of debt in latin america specifically over the last few decades and now now one of the countries uh in latin america el salvador is trying to break free and adopt their own currency they're trying to make a sovereign autonomous decision on behalf of themselves and their citizens they don't like that and they're going to step in like they said in the article there's a one billion dollar loan that's being discussed between el salvador's

officials and the imf and it seems like they're going to use that as a bargaining chip when they meet today they've met they've already met or they are meeting right now and so yeah it's begun you're going to see the imfs the world economic forums the g7 the un and you'll see the world health organization the cdc we had senator warren come out last night and a gentleman from stanford come out last night uh and they're they're all beginning to attack bitcoin and attack el salvador for making a decision on behalf of themselves you don't like that they can't control bitcoin they can't control what el salvador does with its bitcoins and you just step in and say hey get in line it's bigger than bitcoin right it's like any country or government that has tried to

step away from the us dollar that isn't russia or china has gotten the fucking boot um and now they actually have a real option at the table um a proper open monetary network got a knife up the ass he didn't get the boot exactly exactly gaddafi was one of the first things i was thinking about he wanted to have a pan-american african a gold-backed currency um a fucking eight-inch knife stuck up his ass i just want to be clear to anyone who's watching this video at a later time and noticed that i was laughing while marty was talking about a very serious thing it was because marty owls marty's owl in the comments said that i can't afford residency at a motel six and that was that was the only reason i was laughing so i know the chat won't

won't still be there if you watch this in the future it's pretty funny but no it's it's here it's like the imf again like so this is like let's lay bare these these people They don't care about the world. They don't care about the poor. They don't care about El Salvador and its local decisions that it's making on behalf of its citizens, what it sees as best for itself. They want to step in and say, no, you have to get in line. You have to live on this system or you're going to get Gaddafied. And that's why I tweeted out earlier, expect many more coups in Latin America being pushed by Western forces, economic, corporate, military, political forces that do not like, that they do not have control of this. So to all of our brothers and sisters in El Salvador, stay strong. President Bukele, stay strong. We will be here to support you. I met a lot of Latin American freaks this week.

uh it's truly a pleasure i fucking love our latin american community in general um i'm getting convinced man i think you know i think the citadel hunt is going to go down latin america right now we're in latin america but uh i've always loved the culture land is cheap maybe to me i i see i see the america's rising the americas that are you know not us and uh i'm all here for it let's fucking go i can get down with that poor avila lifestyle in cota rica i can do it but again we're gonna have to stand up for these people right it's gonna get messy it's gonna get really fucking messy like i don't think people realize maybe i'm wrong this would be the best prediction to be wrong about the mempool clearing great

prediction to be wrong about in my opinion uh taproot taproot locking in great prediction to be wrong about but if this is just super easy and just one country after the next decides to announce that that bitcoin's legal tender and they're accumulating bitcoin in the reserves you know you guys can dunk on me for the rest of eternity we could do it together you know it'll be great cool but i just think it's gonna get it's like we have not fucking And we're like our next story that we're going to talk about after this. Like, it's just it just feels like the narrative is just prepping. They're hitting us from like four different angles now.

You know, you got you got this with the legal tender stuff. We're going to have, you know, the ransomware, which we're going to talk about. We had the energy use. And, you know, once the American economy starts to falter, which we've all been expecting for a long fucking time, it's going to be the fault of bitcoiners you know i mean they're going to blame it on us they're going to fucking blame it on us so and with america it goes the rest of the world so the american economy starts to falter you know you're going to see global repercussions there and it's just going to get really really fucking messy yeah i just want the freaks to be prepared

like i said if we're prepared and we're wrong so be it that's fantastic you took a little bit extra time out you spent a little bit more mental cycles on it but if if we're right and not prepared we're gonna get fucking crushed we're gonna get absolutely crushed and i i don't think bitcoin will die but i think bitcoiners especially public bitcoiners or bitcoiners that not you know didn't take care of their privacy which is the overwhelming majority of bitcoiners gonna get fucking crushed guys you're gonna get fucking crushed error on the side of caution expect to get crushed prepared to be crushed hopefully we don't get crushed but that's the interesting thing like how quickly do people tag along with el salvador do other countries start i think it's gonna be fucking

quick the rumors i'm hearing man if that happens like again especially if they're just acting in their own sovereign interest autonomously have never done anything like salvador el salvador is a country of six million people i just want to see an orange wave just flash down latin america but what can they do right like what can do a lot we're about to see right but like what can they do without looking over they do next episode overtly evil and they don't care about looking overtly evil that's a good point but i don't know i feel like what's gonna happen they'll be like protests at home and they'll split along party lines that's like the weird and the work the work everyone against each other they'll they'll they'll have the poors on both sides

attack each other the poor no corners on each side attack each other while they just attack the big winners yeah as is tradition but we're stronger like we can beat these narratives i think i think we have good forces on our side too look i i have i especially after last week you know our team is quite strong very strong i have a lot of faith i have a lot of faith in the freaks i have a lot of faith in big corners i wouldn't be here if i didn't right this is bigger than all of us this is that's the difference between us and the shit corners you know it's it's it's bigger than us you know i could lose everything if bitcoin succeeds it was it was worth it you know and and there's a lot of fucking people that feel the same way and that's

super fucking powerful oh yeah that doesn't mean it's not going to be messy as fucking painful as fuck be prepared freaks be prepared i'm excited i'm like i'm ready to go you know i need a little a world or a western world filled with weak men i've never had any hardship let's fight i'm ready are you i hope so and i prefer not to fight but yeah if we have to we will yeah i'd prefer not to too you know what no you know what you need you need to grow some hair on your chest we need to fight it can't be this easy marty we saw your chest last week or two weeks ago exactly i need to grow hair i need to fight do you shave it no i'm a naked mole rat freaks everywhere are asking no i do not shave it i'm glad we have the big questions the important

questions we're answering on the podcast today yeah it's gonna come though but who are we up against who is klaus schwab hmm is that who we're up against and why do people listen to him like these these are i don't think so what do you mean you think that's who we're up against i mean i think he's up there i mean the world i can who is he why don't you explain to the i don't know who he is apparently whitney webb uh it's not it's not a rhetorical question i know he's a leader the world economic forum okay it's like that's what zolo's looking for i mean i know that but like beyond that why is the world economic forum dictating global policy why are they pushing for everybody to own nothing but be happy why is the esg movement in the united states picking up the

world economic forum talking points and regurgitating them verbatim why are we listening to klaus schwab who is he why does his word matter why does the world economic for matter why does the imfs opinion matter like these these entities are unelected just like entities that get to decide whether or not a country can adopt bitcoin and maybe not decide uh overtly but put a lot of pressure to change the decision which i imagine the imfs doing right now in el salvador like why do these people have any power why does christine lagarde as head of the imf why is she able to give the best friend of the president sarkozy 376 million dollars or something like that why is klaus schwab able to get on to bloomberg and tell us that we're going to

re-architect our economy and build back better and build and reorganize and redesign capitalism which is code word for like bring communism to the rest of the world why do these people have any power over anything that we do it doesn't make any sense to me we shouldn't put up with it and the imf specifically if they try to step in here we should call them out they're more criminal than anything that that bukele's ever done they're they're loan sharks that destroy countries they pillage they hollow out countries for the good of the elites in the world need another noon i had my first high noon uh last week in indy what'd you think they're pretty good i think it's vodka soda in the can yeah i think they're good i like them if you can find

them they're hard to get they're hard to get before we move on from el salvador you can't move on you can't move on it's the quick it's the quickness with which oh shit we're adopting bitcoin now like what else we could can we do like within so like oh we have to talk about this nick carter caps nick carter's twitter spaces so this is another interesting aspect of this whole situation where i think we can win we should prepare for the worst prepare to fight you know he's talking big game i need to grow my uh chest hair and all that but things are changing the world rapidly so nick carter hosted a twitter spaces the other night while he's making some pork chops to talk about the el salvador uh law that got passed and at some point the

president of el salvador's brothers got into the chat and they were talking back and forth and then the president joins the chat um like completely unannounced while he's in parliament brother joined first right yeah his brothers i think two of his brothers joined and they were talking i guess they dm'd him like yo get in here bruh and nick carter alex gladstein i think peter mccormick was in there and bellagio showed up the shit coin of course i was i was fast asleep it was like the first yeah i was asleep at like 10 p.m like a good boy yeah i went to bed at like 9 30 i think so i was passed out for all this but i think historically and nick's been tweeting about it and stay humble nick but it will be looked at as a pivotal moment in media history

because you had the president of a country joining a bunch of quote-unquote plebs on twitter to have a direct conversation with them a direct interview with them about bitcoin and he was asked a shit ton of questions from what i understand and i listened to some of the the recorded parts of it and he was just fielding questions without any screening like he just hopped in randomly and he was talking directly to to bitcoiners about this new law and so from a media perspective he didn't go to cnn msnbc fox news whatever it may be uh i mean he will as well i'm sure he will but like as they're signing the bill he's on twitter with thousands of people watching this twitter spaces and listening in as he's talking directly to bitcoiners and answer pretty hard questions

like we are the media now we can control this narrative we can we can create these platforms to get this word out there directly without having it be completely filtered and manipulated by the other media entities that may have some perverse incentives on the back end from advertising dollars and pressure from executives and board members no 100 that's super cool i mean that's one of the cool parts about the internet and twitter in general um i think this is a phenomenon that has existed and has been growing for a while a long time but it was pretty cool to at least you know see the aftermath of it the next day um we do have a bunch of freaks chirping on us about us going to bed i just want to be absolutely clear freaks uh if you have low

time preference it is not healthy it's not healthy to be on social media doom scrolling on twitter you know past 8 9 p.m like you should you should practice some self-control you should practice some self-control and not do that just consider that yeah and go have kids and realize what it feels like to stay up past 11 on a weeknight i'm not kidsplaining here but i mean you just did that whatever boomer matt don't lecture me you pigeon yeah doom scrolling i get caught in every once in a while but yeah it was my i didn't land in ac until like 1 30 monday into tuesday morning and so that happened tuesday night i was in bed by like nine nine o'clock that night you land in ac you get home at two your son wakes up at six i needed to get my eight hours in

i missed it i'm sorry would you have been on stage would we have been on stage if we were awake i guess that's the question nick would you let us up we just saw nick i saw nick like two days before that yeah um so the cool thing is so they were like brainstorming but all that is cool everything is fucking cool they were brainstorming bitcoin mining on on the twitter spaces and someone mentioned uh geothermal and it turns out that they have a volcano over there which marty doesn't know if it's the volcano behind him i don't think um and they're gonna be doing volcano mining which is like the fanciest geothermal mining you could do so that's pretty fucking cool never thought of volcanoes i never thought i never connected volcanoes with geothermal i mean

we've had all this geothermal mining going on in iceland iceland which i'm coming to understand volcanoes volcanoes as well but i never thought you never there's really a volcano popping off right now in iceland never never connected the dots always thought geothermal was just like hot air that existed you thought like the earth was farting or something exactly that's what i thought it was this is your uncle marty hey today today you learned you learned something new every day i never thought of the volcanoes now now i can think of as a big way mine like holy shit We're like the relatively inactive volcanoes producing quality lava flows and geothermal energy.

Let's go. Well, in the list, I put volcano mining in all caps because I feel like it's that kind of moment. So, President McHaley, if you're watching, anybody in El Salvador is thinking about volcano mining, just be careful. You guys are by the ocean. You have to take care of your machines. You might want to think of a cooling immersed system

so that salt air doesn't make your miners rough. We'll talk about it. Call me. Call me. there's a there's a lot of nuance that goes into this mining stuff what you got to do it right uh but that was the amazing thing it was like so quick like they were on that twitter space who was it glad seeing and proposed the question was like hey i think it was glad seeing someone gave someone else credit but i'm pretty sure it was gladstein yeah and i didn't really listen to

the whole thing to be honest like i listened to like two minutes three minutes i didn't actually go back and listen to the thing yeah but within 12 hours he had already contacted the the operators of the geothermal plant and was like yeah we have so much x-test capacity i think he said like 94 megawatts or something like that it's like all right we're gonna fucking plug them in man just fucking plug them in someone said uh we have timo schmidt in the comments very poignant comment he said volcanoes are the chads of mountains this is true this is why it's important we have the live chat so we can bring the freaks in the audio stream the important takeaways from call me for the nuance about something i'd never thought about till it was brought up two nights

ago i'm sorry i can't be excited about the volcano mining opportunity why i'm not i'm supposed to stay silent because i mean bitcoin twitter got very excited about volcano all of a sudden i thought i was just a part of volcano twitter like it just like stopped becoming it was it stopped being bitcoin it was just all my whole feed was volcanoes well it does prove the point that bitcoin mining incentivizes clean energy production but don't volcanoes bitcoin's the green new deal it really is volcanoes do literally boil the ocean now literally but they make new land for it so trade-offs trade-offs a little little boiled ocean for some more walkable land i think that's worthy i think that's a worthy trade-off i just so so i mean it just goes hand

hand with what we've been talking about right it's like we want to see mining distribute more so it's just cool to see another country moving into the mining sector and it's cool to see a president care about that kind of thing and it's a great way for them to accumulate bitcoin they already have a volcano they already have to spare electricity it's a legal tender they're gonna be getting jobs they're gonna be accumulating bitcoin always let's go and there's volcanoes all All throughout the world. A lot in Latin America. I wouldn't be surprised if more.

A lot of volcanoes. A lot of volcanoes. You ever heard of the Ring of Fire? It goes all the way from the Pacific over to Japan. Is that the Ring of Fire? Yeah, it's the Ring of Fire. You were doing well lecturing us on volcanoes until you asked the question.

My bad. My bad. But it's happening. It's so crazy. Expect a fight, though. The IMF is going to come in and be like, Oh, yeah, it's going to get dirty. you can't it's it's let's enjoy ourselves while we're fighting freaks let's enjoy it but while

we're on this topic el salvador's move to make bitcoin legal tender is indicative of a growing trend throughout the world to move away from dollars because many countries are viewing the dollars a bit more risky as the fed prints trillions of dollars out of thin air in conjunction with other central banks who aren't printing dollars out of thin air maybe the euro dollar you can say that but printing money when we when we print money and use it for uh whether we use it for internal expenses um like infrastructure infrastructure or whatever air quotes um or if we send out ubi checks to americans like what we do is is is we're taxing the rest of the world that relies on us as a reserve currency because they don't get that benefit but they do get the

inflation. That is amplified even further in a country like El Salvador, that's a dollarized country. They don't even have their own currency. They don't have their own monetary policy. They just rely on the dollar completely. So we've just been taking advantage of them this whole time. And Bitcoin gives them the ability to opt out with a completely open monetary network. And that is just that is fucking beautiful to see and it should be interesting to you know see how how they try and stamp it out while fighting that narrative because ultimately it's a narrative freedom exactly and autonomy like again like i don't think from an optics perspective it's going to be possible for the un nations g7 g8 whatever to step in and tell these people no it's like who

the fuck are you to tell these people they can't have software so at the end of the day what is bitcoin it's software right you can't first of all marty the marty the quiet the the the silence for mainstream media speaks volumes okay it wasn't front page news anywhere no one's really talking about it you see people dismissing it left and right all the talking head blue checks from silicon valley and stuff are like el salvador's a tiny nation why would they adopt bitcoin yada yada yada call one out specifically a tone-deaf douche jason calacanis go fuck yourself dude you privileged asshole cuck mentality.com go check it out it's not it's redirected i don't own it i don't know who owns it like how tone-deaf do you have to like how much of a fucking tone-deaf

douche do you have to be to come out and be like oh it's only a country of six million people like that's that's why bitcoin's gonna win because those tone-deaf douches like jason calacanis are gonna i'm gonna snide make snide remarks and deride bitcoin as the the downtrodden across the world begin adopting him like all right like fucking make fun of us all you want we're gonna start fucking volcano mining jason have fun with your uber games fucking loser i don't like that dude he's a pussy oh i couldn't tell sounds like one too and he's like riding the energy fud he's such a fucking pussy

he's always been an asshole remember when he had like seven unicorn emojis in his name because he had like invested in seven unicorns companies billion companies guess what Jason you may have won a few bets in your life but you're going to lose this one massively and you're going to go down in history

as a tone deaf douche I think he owns bitcoin I think he admitted to owning bitcoin oh I think he may too but he's been like oh you need to fix the energy problem we don't need to fix shit jason bitcoin is the currency of energy i was you know i'm very critical of sailor but i was proud of sailor's response there i'm not going to paraphrase it but whatever whatever he responded to jason it was a good response yeah apparently apparently jack had a good response to cal canvas as well which one maulers or dorsey i don't know i'm just looking you just read the comment too right

on the live chat yeah we shouldn't be reading the live chat but freaks i'll always read your live chat whatever you say i'll always read it like it or love it or hate it whatever you may there is a growing trend maulers maulers was the one i assumed it was maulers there is a growing trend in a lot of parts of the world he's got so much passion to move away to move away from the dollar el salvador they're still keeping the dollar as their as one of their reserve currencies they'll still be partially dollarized um but adding bitcoin as legal tender is a hedge against the dollar if you will even if uh the president doesn't directly admit that and he his rationalization was remittances i believe um but this is another thing i don't think we have this

on the list but something that should be noted russia uh its sovereign wealth fund dumped all dollar assets so right now the russian sovereign wealth fund which is a couple hundred billion dollars i believe yeah currently holds 35 percent of its liquid assets in dollars which is 41.5 billion dollars but they're going to liquidate all their dollar assets for for other for other assets of pound yen gold yuan and euro they're they're dumping the dollar i think they're they think they're mad that everybody's blaming russian hackers for everything literally everything no putin's always been a chess player that's the other thing people don't realize about mallers mallers is a world-class chess player this guy's like four moves ahead he's already got like five

nations in checkmate right now right um putin knows exactly what he's doing and i would be very surprised if he doesn't take complete advantage of this situation um so apparently according uh to the live comments uh mallers responded with a video clip and the video clip was uh from bitcoin 2021 from his announcement of el salvador doing um you know making bitcoin legal tender where he was talking about his privileged friends who were drinking $35 Manhattan's and saying inflation wasn't real

yeah that's Jason Calacanis for you privileged asshole in Silicon Valley telling the people of El Salvador that adopting Bitcoin their adoption of Bitcoin has no implications little does he know

that one move by one small country in Central America will have profound effects in human history it is a small domino that will unleash a domino effect over the years to come i believe that will be looked back in history as one of the most pivotal points in human history bold statement large statement we'll see if it comes true but i truly believe that like that's what bitcoin has been talking about for over a decade now is the geopolitical game theory once you have one country jump in the pool it it increases the incentive for others to join them and we just had el salvador jump in the pool and they're swimming free right

now let's fucking go let's go stay humble freaks even though we've been right about most of this shit stay humble stay humble and now to another interesting story and wait one more one more thing marty go for it i have a bunch of freaks saying you know matt you know you're now you're saying nation state fomo is upon us you said corporate fomo was upon us the only public companies that have announced that they have treasury positions are are tesla and microstrategy you're wrong about corporate fomo corporate fomo is ongoing stop being a little bitch and they forgot it's happening right now all new york life like yeah it's like how quick did you think it was going

to happen are we at the suddenly part and look if you disagree with me just sell your bitcoin i don't fucking give a shit stop watching the show go watch jason so with chamath go buy your fucking bit clout nonsense and fucking sell your bitcoin agree no i am hearing that jason does own bitcoin but it's his wife's boyfriend that holds the keys so it is uh that makes sense that makes a lot of sense it seems like a cuck you talked about this a lot on citadel dispatch this week with evan yeah we did like basically a pure ransomware episode this week yeah so let's get to the gist what again i was sleeping missed most of the citadel dispatch but this is a this is a sketchy story going in with no knowledge of your conversation what's the synopsis after your

discussion with evan so the colonial pipeline got ransomwared um their accounting system got uh encrypted and they couldn't access it and they stopped selling energy because they couldn't bill anyone they had a policy of not paying ransoms they reached out to the fbi they're like we're going to pay the ransom. We're completely fucked. So they paid the ransom and they told the FBI, this is our transaction ID. So they paid about $4 million, like 100 Bitcoin or something like that. The FBI immediately started tracking that Bitcoin. So it's actually very similar to a threat model as if you KYC, right? Because the FBI knows, okay, this is the ransomese address, right now with dark side ransomware the way it works is it's a ransomware as a service it's

really the uh the evolution of ransomware so you have the the lead devs who actually maintain dark side software and then you have all these different gangs that pay them a flat fee they get the software and then when they get a ransom they send back a cut to the dev team but they keep the majority of it right so so it got split at that point uh i guess like 15 or something like that 15 went to the dev team of dark side the remaining uh 85 went to the affiliate to the affiliate and they proceeded to track those bitcoin and there was two mistakes made and it's it's very interesting because we talk about this on the show a lot there was an on-chain privacy mistake that was made, which was the affiliate combined a bunch of inputs linking common ownership,

right? And then there was a network level issue, which Ergo, our friend Ergo did an analysis. And his theory is, is that they were using an Electrum client without their own node, which means you're using someone else's Electrum node, which we have theorized are run by surveillance companies. And as a result, they were able to get the IP address of the coin holder and figure out that the wallet was actually on a server. And then they seized the server, which had the private keys on it. Now, that's one theory. The second theory is all those, the rest of the stuff is true. The same things I just said, but instead of a server being, And the FBI intentionally, the DOJ intentionally doesn't really tell us exactly how this last part ended, right?

Maybe the FBI or the DOJ were running a custodial mixer, which these criminals like to use. And as soon as they sent the Bitcoin, the 63.7 Bitcoin into the custodial mixer, then they seized it. But it does appear that they haven't actually arrested anybody. They just were able to get their hands on the private keys that control the Bitcoin. and marty's about to tell us that he thinks it's a false flag i think it's a sign up i do it's not it's not marty they they yeah it's not so they this first of all ransomware happens all the time our systems are super vulnerable um most of the time we don't claw back any money now obviously if they get money back the government is going to grandstand like motherfuckers i'm not saying

that they're not using this to their advantage after they got it somebody shut down the colonna pipeline and light client light electrum client on a personal server we saw we saw an og we saw an og lose a thousand bitcoin running an electrum hot wallet you started off the show talking about how we have over 2500 bitcoin in samurai hot wallets that are mixing right that are constantly mixing people use hot wallets the lightning network relies on hot wallets 1400 bitcoin on a hot wallet. Someone using a hot wallet doesn't mean that it's unrealistic. People use hot wallets all the time. What if the ransomware people have 6,000 Bitcoin and they take a calculated risk? They have 60 Bitcoin. Why would they leave their hot wallet on a server in the US when they know

that's like where they're going? Because for the most part, they're using a fake ID. They're using a fake ID and they're able to get away with it. It's a convenience thing. Okay. And on top of all of this, I already didn't think it was a false flag. And to be honest, Marty, you've should have some proof if you're going to if you're going to claim it is one um but i had a freak who i already had a relationship with i had a freak i had a freak who i already had a relationship with who said that he was in the internal discussions of the colonial pipeline thing and it's absolutely true that they got caught with their pants down and i already like this is a month long months long conversation i've had with this guy i don't want to say more

than that but he was in the internal discussions and they got completely fucked they were running like fucking cobalt or some shit like windows 95 like they they don't you know they weren't prepared for it i don't doubt that and like is doubting that at all i'm doubting we already have we have ergo showing that was easy to track it would be so stupid to run an electrum light client yes an og may have lost a thousand bitcoin doing the same thing but he's not ransom wearing a pipeline in the united states like if you're going to ransomware a pipeline you think you'd check some boxes before you go to execute that being locked down your your wallet and your private keys so they can't be confiscated so easily hey could be wrong could be wrong

i think you're wrong could be wrong i think you're right maybe the motive of the false flag marty ransomware attacks and on bitcoin attacks are happening already i don't need to do a fake ransomware attack there's a ransomware attack going on there's like probably 10 ransomware attacks going on right now that is the theme of the year that is the theme of the year again you know world economic forum weary and they've been predicting 2021 is the year of the cyber attack it's very convenient that it's all happening yeah and you get great engagement you get great fucking engagement if you say it's a fucking false flag by three-letter agencies but it wasn't how can you prove that can you prove it so you're asking me to prove it you can't prove that it

wasn't which is unfair i'm saying marty i'm saying it's a theory somebody asked us if we disagree on anything over the weekend this is one thing we disagree on freaks yeah and we don't even disagree we don't know i'm saying the american infrastructure is like super secure if america ever gets a cyber attack guys it's just the american government faking it because we're so secure so it's going to be great guys no i see that i see that i'm just skeptical you know i was highly skeptical look at you look at the comments looking for confirmation i see no they're just running though they're just fucking going they're the freaks are split half and a half you know it's hard you have to stay together we can't split the family exactly the divisive technique the important

thing freaks is just know that we're fighting because of you it's your fault yeah but can you blame me considering the amount of confirmed false flags psyops we've seen in the last and in the past yes obviously verify 100 but and and there is a freak that is mentioning that the fbi intentionally made it seem like their capabilities are stronger than it is yeah that's the other thing people were acting like you see but they pretended they could hack bitcoin right but they stumbled into being able to recover this fucking ransomware the ransomware payment they usually aren't able to recover this shit okay but if you if you look at the actual fucking data the way they tracked it is exactly the type of things that we theorize on this podcast which is

on-chain privacy and network level privacy and the guys fucked up both and there's a shit ton of freaks fucking up both and there's a shit ton of bitcoin is fucking up both and that's why we're so fucking loud about it and if anything if anything if this was a false flag is a false flag by me to try and get people to care about bitcoin privacy some more it wasn't a false flag of of of whatever the fuck it was supposed to be you heard it here first matt matt odell attacked the colonial pipeline i'm just kidding no i agree they're they're they're they're not true no there are a bunch of freaks fucking myself included in the past i got lazy i'll hey hand up i got lazy uh on blue wallet uh moving um some coins the cold storage and i was doing coin

selection for good good amount of utxos and then i wasn't paying attention and i combined like five or six utxos by not doing coin selection on like the last transaction it was bad it could happen to anybody that being said i know we mentioned it uh on saturday during last week's rhr which got posted on monday so this week's rhr i guess but uh it's incredible to see things like satoshi satoshi's dot radio dot br go check out that website if you haven't already like what they're doing to uh encrypt messages into moore's code and then send them via amateur or radio to a service that'll bounce the transaction off the

moon and into a node that will decrypt that Morse code and allow you to sign a transaction or send a transaction, excuse me. It's a beautiful thing. That is something at the P2P layer that will help privacy significantly. 100%.

Yeah. Beware. Sorry for that dad fight, freaks. You know what? Use your own node, freaks. Definitely use your own node. I mean, do you see what Owaislai said? No, what did he say? on twitter it's like there's one thing for sure the hackers didn't use the hackers didn't listen to rhr thank you wasteless incredible beefsteak by the way that might have been the biggest beefsteak i've been to

it definitely was the biggest beefsteak of all time at this point yeah it's the biggest beefsteak that's ever existed in bitcoin land biggest bitcoin beefsteak that's ever happened shout out to james ob for djing and for doing the tunes i i shotgunned a beer that night at bush light first time a shotgun a beer in quite a while when you leave the kids home you're gonna do things you haven't done in quite a while shotgunning a beer being one of them so we have uh before we just move on you know we we have plastic wang in the comments uh i love when they have great names for the shout out uh asking why didn't the hackers use monero and these hackers are known to um they

actually they offer you a discount if you pay monero you get a 20 discount if you pay monero um so it should be interesting it should be interesting to see if if that discount grows if they stop accepting bitcoin maybe this was just a false flag you know more realistic than whatever you're theorizing um but i i do i do implore the freaks to go and listen to civil dispatch if you're interested in this conversation because you know me and evan spent an hour and a half on it and uh i know there's a lot of jokes about like evan's like been on dispatch it was the 25th episode of dispatch six months in a row dispatch has been going um and evan's been on seven times he's like

one of the reoccurring hosts that i bring on but he's particularly well suited for it because he just came from an infosec job he was you know working high up um in a company that deals with this type of thing for years so uh it was really good to have him on and he was also chilling with us for like a week last week so man evans just dope as fuck so stop complaining freaks you mentioned shout outs let's just do shout outs before i forget them let's fucking go we're probably still have back ones that people thought we're going to read last week right yeah we're going back to may 28th here disclaimer sponsored content why are you throwing this at me all right they're not trying to get you to buy anything looking for a bitcoin project to work

on feeling the urge to contribute to an open source project but have not learned to code yet join the anatomy of bitcoin film and let's imagine bitcoin together go to anatomy of bitcoin.com and fill in whatever gaps you can find there's no council just bitcoiners following bitcoin's principles and vision satoshi is the director i guess it's an open source documentary on bitcoin anatomy of bitcoin.com wait i think that's pedro's is that pedro's did he not put it there no he didn't he said satoshi is the director that's how it ended satoshi is the director i'm pretty sure that's our boy pedro ride or die freak uh ride or die freak ride our new york bitcoin or ride or die friend go pick up uh his book which is just simply it's a coffee

table book of the original pirate hash right the original uh bitcoin implementation version i might have made up that he's involved with this project but i know for sure that over the last week i've gotten hyped as fuck for it i've people have been hyping me for it so go check out lukewarm endorsement lukewarm endorsement from odell on this one sorry we uh sorry we were a couple weeks late supposed to be right on the 28th i don't know if timing better late than never the tftc difference freaks hey marley and mac i'd like to thank you both my wife and i are here at the conference in part because of your voices of reason bitcoin has changed our lives and our children's lives and i will have no regrets when i explain to my grandchildren how we stack because

we stack hard and that hardness comes from the true conviction and purity in the voices that influence so to you both marky and map with caps locks on peace and love stay humble and stack sats your friends the jacksons r.a.p puppy sale let's fucking go puppy sale lives forever in our hearts boy to the jacksons thank you for coming to the i hope you came to the live rhr we may have met in person thank you for listening i'm glad that you're stacking for your children this is all for our children here i had multiple people come up to me and they're like matt puppy sale made a difference to me uh i'm getting called out in this one ercot west hub on peak real-time locational marginal prices have fallen into negative territory in five out of the last

seven years as most wind and more recently solar is added across the sprawling open fields of west texas west hub real-time prices have already fallen as low as negative three cents a megawatt hour so far this year something that typically happens later in the year in 2016 west hub real time prices fell as low as negative 9.68 megawatt hours in q4 assuming since the date of coal in slavery is upon it gam won't be availing themselves on any of the paid to take electricity beware the chain you wrap around your enemy's neck god will place the other end around yours god's i don't have a chain around my neck what i would say to that comment is they're basically alluding that like i'm saying oh wind and solar isn't as cheap it is it's about the reliability

of that cheap energy is it cheap when you need it to be is it reliable when you need it to be i would argue no but thank you for the shout out appreciate it appreciate you same one we've got a lot of shout outs that we got to catch up on thank you freaks for the shout out if you guys are listening to this if you're watching live smash that like button subscribe retweet please anything goes a long way we love you guys shout out i love your podcast it's incredible content thanks so much for producing it every week especially rhr it has really helped me get bitcoin since i started listening in 2018 but why are shout outs denominated in cuck bucks does matt have a cuck mentality could you please produce

an intro to bitcoin podcast that i can send to people who ask me about bitcoin especially explaining the risk of buying shit coins i think no one explains this stuff better than you guys you could use clips from your old podcast like the one with jack i've been buying kyc free bitcoin from a cash machine i'm only using change that i get in shops because i'm worried that the serial numbers on the banknotes are being counted when i withdraw them and deposit them in a bitcoin 18 i've never thought of that one you're being too paranoid on that one i think as well it's good the kyc free thing's good also anything btc pay server related that's on marty go to cuck mentality oh the shout out's not done yet okay we're gonna get to the content of the show

do they do something like chain surveillance with banknotes thanks p.s solar panels make much more energy than is used making them vaccines are not gene therapies god they're coming at me for the solar panels this week i don't i would i would challenge that to some extent what would you challenge that solar panels make much more energy than is used to make are you challenging the vaccine comments vaccines are not gene therapies i'm not educated enough to fair uh i mean the cool thing about the solar panels right or or turbines or net gas or volcano mining or hydro is an opposed bitcoin world you know you either are actually using efficient energy or you're gonna have fun staying poor right it's like there's no need to argue

you pick your energy mix and see how it works out for you market will find a way it will find to answer the market will tell you in regards to btc pay server and the shout outs being denominated in cuck bucks i don't think i'm gonna change it anytime soon like what would what would we put it at like it started it as sats you'd put it as a set when we started it was that like like what should it be like what was the shout out so the shout out was 134,626 sets. It's kind of cool watching the sets amount change.

Yeah, right. But, you know, it should be, I think it'd be cool if it was linked to like some kind of purchasing power, like to do a shout out, it has to be a cost of a chicken. But I don't know if BTCPay server offers

like denominating chickens. It'd be cool if we do like two chickens as a shout out. Two chickens is like, like two high quality chickens i learned this recently is like 15 or something like that so maybe like four high quality chickens live what like high quality live like are they alive they're living yeah four high quality chicken yeah let's just get right wouldn't that be cool btc pay server we'll submit a pull request to price things and chickens cocks instead of cocks cocks that's gonna be four cocks please all right let's do it all right we're gonna we're gonna

price the shout outs and cocks going forward but we could i know i'm down to do it in sats we could do sats i just have to readjust it when number goes up and dictator marty coming in we're keeping let's do like a hundred thousand sats we can do a hundred thousand sats like what right and then And once we pass 200K, once we pass 200K, we adjust it. Sound off on comments on Twitter. What would be better? A set sat price, 100,000 sats, a shout out, or denominating cuck bucks? Because, again, the sats get more expensive if the price goes up.

But the freaks are going to have more sats as the price goes up. I mean, they're not going to know if they're stacking, they'll have more sats and they're going to be they're going to be wealthier as it goes up as well. Yeah, it's weird dynamic. We have to figure out. We can always adjust it down in the future. I'll certainly try. All right. I like the idea of just making 100,000 sats.

It's a fluid. It's a fluid situation. We'll figure it out. We're going to we're going to sidebar this. This is Matt was talking business live on air. Marty and Matt, happy Bitcoin 2021. I was so stoked to see you both in person. Unfortunately, I had to leave early.

I got called back to HQ. any who any how keep up the good work and please help the following two items number one marty please please move back to new york it's really hard to monitor your fucking south jersey you and fucking south jersey from the new york field office number two matt could you change heuristics sundays to heuristics mondays our old school boss thinks we need to work weekends because you were reshuffling the deck on sundays love and peace marty's fba fbi agent the word equals what's up my fbi agent i like you it's a pleasure meeting you just take it easy on me when they bring me in for for spreading freedom your handshake was a little weak so i noticed it

was you yeah yeah the spooks always have the weakest handshakes and like getting dirty shout out to my fbi agent we're just doing both mezcal and a corona right now just doing good things here i got a corona on the back end um after my uh my claws are done or my high noons excuse me um yeah fbi agent we're just like spreading freedom here we're not creating any false flag ransomware attacks like you are debatable we're just we're just doing our best debatable matt matt just admitted to it on there shout out to the new york bitcoin crew it was an absolute pleasure to meet a number of you guys this week in miami and i appreciate the good times y'all built an awesome community that is spread around the country and is such a valuable

asset to the bitcoin pleb network from skeef shout out skeef oh skeef was in our citadel i was in our miami citadel oh yeah shout out it's a pleasure meeting you skeef it's so funny when the plebs introduce me and i'm not going to dox his name but they they say their name no idea and then he goes skeef i'm like skeef let's fucking go uh skeef shout out to you thank you for the shout out i know that's not your first one love you new york bitcoin crew i mean legends of the game legends of the game very good very good uh crew up in our citadel was all new york big corners plus whiz and skeef in new york no i mean he just he he was there for a party he had a private beefsteak

ah okay okay i mean the pro move the the pro move for any of these things is you split an airbnb with b-stake josh and then you just have a b-stake every day yeah it's not a bad move at all it's not a bad move last but not least i saw a tweet last night about volcano mining is that for real also as a wage cuck what can i do to help to decentralize the computation aka mining answer the first question yes it is real you can use the geothermal energy to plug in to a power distribution unit that would then create elect or flow electricity to asic miners that would produce hashes that would contribute to a mining pool that would eventually lead to payouts and sats to a wallet of your choice it is this is possible it is happening it already

has happened in iceland i didn't realize those volcanoes producing we've already gone over that this episode but yes it can happen anywhere it seems like the president of el salvador came to this realization yesterday as well we're all coming to this realization volcanoes are hot literally and figuratively in the streets right now um so yes that is possible and answer your second question what can i do to help to decentralize the computation aka mining many things uh what is the econ alchemist or econo alchemist what is that econo alchemist is it econo or just econ econo alchemist there's a second oh there's a second oh is that what you're asking yes econo alchemist yes e-c-o-a-l-c-h-e-m-i-s-t did he yeah he has a great

if you want to mine at home to diverter too diverter yeah both of them are on dispatch diverter kyc they have great mine from home tutorials if you want to acquire a miner yourself create a an environment for that miner to live in to make sure it doesn't get too hot and too loud in your house and you can plug that into your wall and pay the electricity prices if you want to the hard part is getting the miner right now yeah marty still owes me an asic i do yeah can you hook me up with an asic marty we'll sidebar that i probably when i go to airbnbs i need to bring an asic with me i've been trying to get like an and like i can get one but i want like a reasonably priced one yeah hook a brother up i think i think you'll be happy later this

summer let's fucking go and uh just both of those guys are if you go to still dispatch.com slash help they're both there yeah um disclaimer we're a sponsor of the pod if you don't want to do it yourself but you do want to buy a miner and plug it in at a hosting facility compass mining does do that as well um that is an option and it works i've talked to many people that are doing it they're happy with it so you want to take the uh the complication of doing it yourself there are many benefits to doing it yourself particularly from the privacy perspective and just the hands-on experience of doing it um but if you're lazy that is an option as well there's others like it um gp is there kyc i mean you're sharing debit and credit card

information to buy the miner can you buy with bitcoin i believe so yes yeah i think there's minimal kyc info the cool part to me about home mining is that you know you can plug in one or two miners even if you end up paying 30 more than you would have if you bought it on cash app or something um you're paying the kyc premium which is nice you know you get a kyc free just basically stacking every day you just get more sats more sats more sats yeah um that to me that's that should be the value prop for the whole miner is like we we can as as sovereign as as sovereign individuals we can justify a a higher acquisition cost because we we're thinking long term and we we want to have that kyc free stat agreed thank you guys for the shout outs sorry i'm burping

uh we love the shout outs if you guys want to get a shout out on the show right now it's 50 cuck bucks a shout out but we're obviously as you heard thinking about maybe changing that to cock bucks maybe we'll transition it to four cocks in the future we'll see if roxwell deb can make that or he's not he's working at strike now i'll see if somebody isn't working he's still working he does both he's a man of many hats right um and he finally got his btc pay hats by the way i get and that's gary leland not me gary fucking made it happen thank you gary my favorite boomer sorry tina no you're both my favorite thing it's equal

with that being said i like gary because gary's actually bullish and tina's still a bear my dachshund he's not a boomer he's like 23 years old shout outs tftc.io slash contribute thank you guys for your shout outs it's one of our favorite parts of the show our favorite part of the show this is the best part of the show yeah we love that you guys get value out of this that we interact with this we have our inside jokes on the show marty will pretty much read whatever you fucking put in there don't say that man now you gonna read uh the hexadecimal of the genesis block uh what i've read penis like a hundred times in a row there's been money many funny shout outs that was pretty funny so like uh the penis

shout out was american huddle he's back because he pretended like he was bigger than twitter and then he missed the twitter spaces with the fucking president of el salvador and he couldn't help himself the next morning he signed back up on twitter and the old randy quaid independence day i'm back matt massive fomo he had matt he'll pretend otherwise but he had massive fomo for missing that fucking conversation it's uh yeah no doubt it was fomo induced how could you not be you went long clubhouse and clubhouse is just fucking done twitter spaces just ran it into the ground twitter tried to buy clubhouse and they said no they thought they were snapchat they thought they can like command billions hey you live and you learn you live and you learn i haven't

been on clubhouse in quite a while yeah white white rabbit came back and hodl not came back white rabbit's back yeah our boys back in town man i fucking love white rabbit white rabbit's one of the best freaks there is really is go follow him i think it's it's like white rabbit one i think you see i thought it was white rabbit no the new account he came up with the new account did he get suspended i don't know he likes to start fresh he's a man of principle i like that i like that i'm the ron burgundy of podcast is that a compliment if i recall correctly yeah ron burgundy yeah compliment i'll take it uh what was i gonna say something else to say i apologize no need to huddle not coming back white rabbit coming back

american huddle's back he could not withstand i mean nation states are buying bitcoin this is what he was built for oh oh we were talking about how clubhouse got completely fucking out out positioned by twitter yeah with that being said i will be on clubhouse friday for a mining clubhouse 4 p.m eastern why not just twitter spaces bro that's what somebody asked yesterday and it was like apparently the guy sean who's hosting doesn't have enough follower apparently twitter spaces is still exclusive it's because these guys they all went all in on fucking clubhouse and they're like clubhouse influencers and now their platform just completely fell off and fell off into obsolescence yeah that's one thing i hate to see it i accidentally

hit like a clubhouse noti last night and ended up in the weekly bitcoin meetup on clubhouse was incredible clubhouse group meets every wednesday night cheat alex thorne run that glad scenes in a lot and but like yeah it was only like 200 people and it used to be like a couple thousand like only a few months ago so it seems like space is eating into that or the bitcoin conversation appetite on clubhouses reduced significantly probably a combination too you can only talk about bitcoin so much unless your life is dedicated to it this is interesting and this is part of the theme of this episode is prepare for war the global bank regulators are proposing a burdensome bitcoin capital rule so uh for is it for banks of the exchanges it's for any custodian

needs to have an equivalent amount of u.s dollars just in case bitcoin goes to zero which is like really bad that's like as number goes up that means they're gonna have to hold more and more u.s dollars to back the bitcoin that they're that they're holding which is really fucked up it's absolutely ridiculous it should be denominated in bitcoin like you should have bitcoin to back your bitcoin because it's fucking bitcoin but the way they're doing it is is you need u.s dollars to back it you need the other model you need the bitcoin to subsidize your u.s dollar stable coin right because it increases the value of dollars losing value so here it is banks must set aside enough capital to cover losses on many or excuse me on

any bitcoin holdings in full in full being the key phrase there global banking regulators proposed on thursday in a conservative step that could prevent wide-scale use of cryptocurrency by major lenders the basel committee on banking supervision on banking supervision made up of regulators from the world's leading financial centers proposed a twin approach to capital requirements for crypto assets held by banks in the first bespoke rule for the nation's sector how long is a nation 12 years in are we still nation well salvador has become the world's first country to adopt bitcoin as legal tender even though central banks globally have repeatedly warned that investors in the cryptocurrency must be ready to look to retard all their money but

no i think i think me framing that they're putting forth is important to understand right like it's a conservative step so they see this as uh this is they're protecting consumers marty protecting they always frame it that way you're too dumb to make decisions for yourself they need to protect you so again unelected committees that come out of the ether the basil committee on the bright side super supervision like on the bright side i did not ask for a basil committee to tell me what i could do with my my bitcoin what i can do with my dollars using the like where are all these committees in coming from and why do they have any say on what happens to my fucking money

start asking me who the fuck is klaus schwab why are we listening to i don't know how this is relevant but uh the the um the on the bright side marty at least it should disincentivize custodians like this is gonna fuck block fi and coinbase the most um so in in that in that regard um as far as attacks go it's not the worst attack but it let's be clear it is an attack on bitcoin businesses it's 100 an attack on bitcoin businesses forcing them to have insane collateral requirements that will never increase if bitcoin goes up in value bins on this definitely a burden on those businesses but the incentives of this proposal if written into some again like why does the basil committee on banking supervision get to like make these laws that get imposed on

people again right but marty like wait if it does get imposed it incentivizes the exchanges to uh encourage their users to take custody of their coins because like we don't we can't have this much capital in our balance sheet we physically can't get the dollars or digitally can't get the to cover the capital requirements. So please take your coins off exchange so we can keep selling you Bitcoin. See that spin zone there? That's a good spin zone.

I just think sometimes, Marty, sometimes, Marty, like you, like... Like, the world is an unfair place. Like, we don't have to be like, you know, teenagers learning that the world is fucked up every fucking time the comments, you know, happen. You know, it's like... Matt!

I'm insulted. okay we're here people or to attempt not educate maybe educate whatever you guys want to call it but have a conversation about the stuff people don't ask these simple questions this is how we get in here who is klaus schwab but why do we listen to the basil committee doesn't matter why is the imf have any power like people again we were fish swimming in water what is water like why the world is unfair marty like the world is unfair if more people ask these questions and these things become more pervasive throughout conversations then we can begin to push back against this you can't solve a problem until you identify it this is the problem we have a bunch of

unright unelected ephemeral fucking committees and organizations running the world in policy then people are asked like why the fuck is the world so fucked up it's because we have top-down control emanating from these unelected officials in these committees like we need to identify these are the problems and we need to call them out and we need to say hey i'm an autonomous sovereign individual you do not have the right to tell me what to do with my fucking money like this needs to be called out you need to identify the problem in my mind this is the problem so are you going to go over to fucking wherever you're going to go over to wherever and like debate them on it or you're just going to take self-custody of your coins be fucking self-sovereign and fucking opt

out of the fucking system and obviously i do the latter but i i also do want to do the former and we like we said earlier in the episode the beauty of the internet age is we can attack these people from the comfort of my father-in-law's bedroom. Marty, are we even really free? No, Matt. We need to identify that problem. But where were we? Where were we?

Where did I take us? Marty channeling Alex Jones. I sort of like that. Alex Jones has been right for a long time. Oh, you get the comments before me. Do I? I got that like two seconds after you. I got that fast internet.

Maybe Nick Carter could schedule the IMF for a space as a get-together. I like that. I'd love to be there. Do you think the IMF would show up? Literally does not matter to me. That is my point. All right. We were on the reserves.

This is an attack. And they mention in the Reuters article, El Salvador. So it's really interesting to see how quickly this is happening. Senator Warren came out last night. yeah that stanford professor i think was on a banking committee um saying that we need to ban cryptocurrencies because of ransomware uh elizabeth warren was energy flooding now you have this these unelected banking regulators uh saying that we need to put capital controls on the exchanges the attacks have begun they are here within days within days

it's gonna get real real fast and what do you think's next i don't know stay tuned for next episode freaks stay tuned smash that subscribe button put on the notifications this one's a positive this one's a positive story we got the tim wu of the white house tech advisor disclosed that he has between 1 million to 5 million bitcoin not 1 million to 5 million cuck bucks worth of bitcoin right that would be insane why would you'd still be a White House advisor if you had fucking 5 million Bitcoin.

But he's historically been a critic of Bitcoin. In 2017, he was a critic of Bitcoin and he's secretly been accumulating since and had to disclose it. Everyone bends the knee. Everyone bends the knee. Yeah, so we've got Bitcoiners in the White House. Fifth pillar is a column.

I always get called out for this. Which one is it? I don't remember at this point because we've gone back so many different times. And I'm sticking to bi-weekly, by the way. bi-weeklies every what is it marty every two weeks no it's twice a week right every two weeks it's been the definition for for centuries if you look it up in fucking oxford dictionary chose both yeah they also changed the definition of gender and racism within the last year so

i'm not not the oxford did the oxford dictionary do that yeah merriam merriam merriam is not oxford oxford is oxford is consensus it is yeah it's like it's a ripple model but it's consensus you know it's federated who gives a fuck about an oxford cop uh so we have a bitcoiner in the white house advisory board and he's the tech advisor correct yeah it's tim woo is the guy who came up with net neutrality and shit he's like very well known do we like net neutrality neutrality is good right it's it's implemented the problem is it's over regulation from government yeah and how it's implemented but ultimately the real issue is that in america every person only has one or two isps because

there's this thing called right of way which when they run the fios cables when they run the fiber optic cables when they cross highways and rail lines and stuff like that that are state-owned infrastructure the state only gives permission to a couple companies so to begin with we have state-owned monopolies so if we actually had a proper free market the whole net neutrality discussion wouldn't even have to be a fucking discussion but the problem is we only have one or two companies that serve each american so they're able to censor us very easily they're able to charge us for shit they're able to bundle their services uh so in america it's a very sticky fucking thing ideally like wireless satellite stuff like that gets around that whole right

of way monopoly kind of thing yeah i was gonna say support your local mesh internet service what is it myc mesh in new york where they do the satellite nodes yeah no it's not satellite nodes they do point to point point to point so they have they have dishes that but it ends up at a satellite right i think it's a satellite full node no they connect to like a fucking trunk line they're just an isp so they connect to like the major hub in america in new york city new york city has like one of the main internet hubs uh google put their headquarters on top of it so that they had a direct line into it um but they're like their own isp and then from there they go dish to dish yeah go check that out nyc mesh really cool project matt corallo has a note

in that i believe um really interesting apparently cheaper and faster internet too so if you're willing to put the work in to join that mesh network in new york city you can get cheaper faster internet i know we all hate elon now but like starlink should bring a lot of competition to the space as well yeah no and props for props are due like i know a few people have been using starlink and they say the speed is very impressive i mean the data the data it's significantly better than previous satellite internet in terms of latency yes you see which is like the lag like with traditional satellite internet we can't do the video chats really no too much lag we'd be talking over each other yeah um props where props are due starlink seems to be legit even

though whitney webb would would be like it's evil transhumanist love you whitney block stream and square announced a solar mining initiative five million dollars to build out a solar solar farm to mine bitcoin actually ran into steve lee i love steve steve the fucking man had the pleasure of talking with him on the beach for an hour about this project um so yeah they're investing in a five million dollar solar project we know my thoughts on on solar and all that but it seems that um yeah they're going to incentivize some solar production to mine bitcoin so they're building that out in conjunction with blockstream blockstream is getting uh deeper into the mining game um so it should be cool to see uh what comes to fruition from this initiative what else do we

have here steve lee's an og by the way shout out i know we mentioned it last week bitcoin design guide go check that out as well i fucking love steve man it was good seeing him uh in miami yeah and there's so many people fucking evan put me on the spot on dispatch he's like who's favorite person that you met or saw i was like you man like there's so many good people yeah and like be clear this this initiative is square and blockstream not square crypto and blockstream uh they're separate big dog square and then square also had a separate initiative that they announced today which was a five million dollar bitcoin endowment it's focused on uplifting under province communities yeah and their first grant went

to the black bitcoin billionaires uh crew or the network which started on club i don't love the name of but i support the initiative i like i love lamar isaiah i actually did a podcast with them too over the weekend while in miami that should be out this week yeah well isaiah is a bit of a shit corner right i don't think so i don't know i think he's i thought he was pretty pure i could be wrong but i'm pretty sure it's pure okay not great i i think bitcoin's for individuals i think we should focus on individuals but to each their own i do love those guys uh rumors that the indian government will be more positive toward bitcoin going forward rumors india bitcoin

it came out of the new india express and from what i understand indian media is not very free so like i feel like it's a stronger it's a stronger headline because it came from them like i don't feel like they would anger the government by releasing a headline you know yeah okay so that's the thing i mean so why do you think that is you think the indian government saw the backlash after the article says because of the momentum of el salvador india rethinks its policy see it's all quick it's all very quick the reactions but i want like if like then they're probably watching like analytics and stuff and seeing like how the article performs right like we live in a great new world now what if we just clickbait our way

to to hyper bitcoinization everyone in the show knows click the link keep engaging any positive bitcoin news on twitter because that may just like convince like people's endorphins their natural uh reaction to this type of social media interaction may just incite hyper bitcoinization because we're greedy self-absorbed animals that need that validation with a like and a retweet so keep doing it and maybe we can just socially engineer bitcoin hyper bitcoinization seems to be successful i mean we had yeah shower everyone that is positive to bitcoin with engagement we don't have to fucking tell you that freaks no and then ratio doing it anyway ratio anybody like doing bad things saying bad things well let's be clear here

constructive productive criticism should be met earnestly but if somebody's talking to other ass like jason calacanis or sarah warren ratio just remember the target isn't the bitcoin denier the target is the bitcoin deniers million followers you want to get through to them when you reply that's who you want to get through to yes yes john fisher makes a good point india would rule the fucking world if they made bitcoin legal tender and to reiterate that's in all caps yes india it was a 1.2 billion they would never do it though india fucking their borderline authoritarian over there yeah like the biometric yeah digital or cbdc tip which wasn't there a cbdc announcement this week too isn't like europe and there's a two central banks they're gonna do

like a i don't know the acronym triggers me the concept triggers me i try not to pay attention to it i know i know i know i hope you guys can't hear my baby crying in the background i can hear so they probably can't i don't know what's going on down there stay strong son he heard cbdc and he's like me and just got fucking triggered yeah he's very emotional about this stuff from a young age bitmex extends gleb nelmanco's grant uh i believe this is a hundred thousand dollar grant correct for the year and i had the pleasure of speaking with gleb uh briefly over the weekend Gleb, if you're listening, it was great to see you in person. If you guys don't know, Gleb has done incredible work, particularly around privacy at the P2P layer. One of many things

he's done, including research on the early as well in mitigating attacks at the P2P layer, him and Antoine Riard. I can't remember the organization they started off the top of my head, But they started a research, basically think tank, to attack the P2P layer of Bitcoin and to attack the Lightning Network, the highlight, where there are vulnerabilities and what we need to strengthen at both the protocol and Lightning layer. So they're doing incredible work. It may make some people uneasy because they're attacking the network to see where it's weak. But this is very important research that's getting done to make sure that Bitcoin is robust and resilient as possible for when the IMF and G7 states start attacking the network. So we're lucky to have Gleb thinking about Bitcoin as a great young mind. And shout out to BitMEX for supporting his work. It's very important work and happy to see them extend his grant. and also he's a former new york bitcoiner that as well he's not everywhere freaks we are we love gleb gleb is uh our boy and he's smart as fuck he's literally and shout out to bitmex man their backs up against the wall and they just keep funding fucking bitcoin development right yeah

yeah we i mean we've said this many times throughout the years bitmex is one of the purest bitcoin companies that's ever existed of course we've had to bend the knee a little bit as uh they've run into some legal troubles which i would argue are unwarranted and prove that we don't live in a free country but again like matt said it's incredible to see them backs against the wall still pump a lot grants to very important devs working on on bitcoin shout out to gleb thank you for doing what you do brother uh keep doing it and we need to catch up on the podcast soon if you're listening you're probably too busy to listen to this podcast but just in case micro strategy another private offering it was oversubscribed again correct it

was like 400 million didn't go up to like 1.5 bill yeah it was significantly over subscribed right yeah so they again sailor and crew at micro strategy speculative attacking the dollar they won't overtly admit that but they're taking out low interest rate loans and buying bitcoin and was this the announcement with the macro strategy too yeah so they also created a subsidiary called macro strategy that's going to hold all the bitcoin going forward so which i think i won't be public would be inroads to him actually holding his own keys huh i thought you're gonna say etf no because if you have this the subsidiary could be way easier to hold your own keys if you have if you have it split off let's hope so let's hope

so and to be clear i don't expect him to like do self-sovereign multi-sig but uses collaborative custody that would be ideal he gets proof of reserves he has a threshold of keys even if even if they don't have a threshold of keys even if they had someone like unchained hold hold two of the three keys and they hold one key the fact that they hold one key and they can see that that's still there on chain and they have a proper proof of reserves with it is a huge step up in my opinion agreed agreed did we mention the um square initiative on the hardware wallet last week we did live okay and look there's somebody's miami yesterday or earlier today i think there's a confusing is at some point that tweet thread that jack put out about that hardware

wallet that they're looking to build an open source and provide to the world uh he talked about he didn't say collaborative custody he said he described it in another way and somebody was like somebody didn't understand that they want to create a way to easily do multi-sig i believe and it was like they i think they believe like square wanted to have full custody or bitcoin in this hardware my understanding is right is that this is going to be a mobile first hardware wallet that's going to be extremely low cost and it's going to be open. And because of that, you're going to be able to hit large amounts of people that need it most, right? Just like the people we're seeing in El Salvador that are being onboarded right now, just like the people that we

want to onboard over in Africa. And these people aren't being served right now. So maybe Multisig happens in the future. Obviously, if it's an open hardware wallet, then open platforms like Sparrow inspector will be able to incorporate it regardless but my understanding is the focus is a super low cost open mobile first hardware wallet because let's be honest the next six billion people that get onboarded into bitcoin are going to probably only use it with their mobile phones and never use a computer like a personal computer no it was um having knowledge of the el salvador news and talking with one of the strike android devs shout

out to you it was incredible meeting you in person like he's like yeah like that's the other thing people don't realize like it's 90% mobile and it's like 90% android in a lot of these countries as well so we need to fine tune for that and then meanwhile like our we're like 70% American and like

50% iOS in terms of freaks yeah now listeners to this podcast 56 percent u.s listeners after that it's uk canada what's the ios android background back uh only 30 ios love to see it freaks or 30 30 apple podcast okay so they could be listening all right i'm wrong here what about does tftc.io have analytics uh it does but i don't check them maybe i should turn it off um you should definitely turn it off if it's google analytics

but they have you can self-host analytics i'm just curious but uh either way you should know what the fuck is running on that website but uh i i think uh my guess would be we're like i have 50 ios but freaks consider running calyx man i've been running calyx on a pixel 5 for four months now it's my daily driver i was calling ubers and shit and i know it's a surveillance software it's calling ubers and shit in miami it still worked but it's completely de-googled i set it so uber only works with the vpns on um it has a full firewall where you can decide if it uses the vpn only if it has no data whatsoever so i can use the google keyboard and i just give it no data whatsoever uh so it just doesn't connect to the internet but i still get like best in class

keyboard um it's fantastic the photos are fantastic i'm able to sideload the pixel camera so you get like a flagship experience with a de-googled experience uh just a really nice trade-off balance so consider it it's really good consider it freaks consider it consider it down big news disclaimer sponsor of the podcast uh hodl hodl has partnered with bitfenix bitfenix is investing in hodl hodl and helping out um with some tether liquidity on their lend platform i believe yep yeah the lend platform depends on tether but depends on stable coins tether being the largest stable coin no kyc lending platform um and bitfinex wants to be a bigger part of it yeah another bit for next is second foray into decentralized exchanges uh this you know hot

is not really a decentralized exchange but there's no custody involved it's a p2p custody multi-sig model it's a non-custodial good trade-off model in my opinion disclaimer sponsor but i really like max and roman what they built over there and i mean unless governments force them to add kyc it's a really nice balancing act right because you have a pretty good interface very accessible um without kyc and without custodial risk uh just using multi-stick uh so that's fantastic and uh you know bitfinex is a heavy hitter so we'll see bitfinex has always stayed pretty true to their anti-state ideals so it could be a good match we'll see i i i think it's i think it's pretty bullish for both of them to be honest

i do as well i i like both of those teams and echo the sentiments you just shared about bitfinex i think they've been pretty pure since day one i mean they're fighting the tether the tether battle still to this day and again this isn't an endorsement of tether i have to say this every time like i would not hold tether tether tether uh it could go to zero at any moment it could get confiscated at any moment you don't know um but yeah sats are my staple coin exactly sats in self-custody so shout out to hot but i think the whole point of a stable coin is to get around the kyc so the whole idea of a regulated stable coin really makes no sense to me uh even though i would never use either of them um agreed yeah and we also have john divine in the comments just

real quick uh asking if the camera works well on calyx like yeah dude i like you literally just sideload the pixel camera the original pixel camera does the full hdr just like a regular pixel phone does best in class you know it's like you get a you get a flagship fucking camera without google on it pretty fucking cool oh yeah and the battery life is fucking insane because you're not calling home to google when we're in miami or whatever like i was like walking with our boy parker to like fucking happy hour after eight hours of the conference and his fucking iphone was at like 10 and i was at like 65 and like pixels usually have horrible battery life but it just wasn't phoning home to google the whole night the whole day so it fucking has great

battery life so are we anti-graphene though so graphene is better for privacy and security period the trade-offs they like go hardcore but they go too hardcore that it mostly scares people away and then they go back to iphone or stock google right so calix sits in the middle and it's just like practical it's like you have de-googled experience but if you need to call an uber because you're drunk and drunk driving is high time preference and it's like really magical to just have a driver just show up for you like you can still do that right if you want to take a good picture because pictures you know capture a memory you want to fucking capture that memory you can still fucking do that so it's a in the trade-off scale it's like if you're gonna have like a

dedicated whirlpool phone uh maybe you go with graphene right so like i have a dedicated whirlpool phone running on a 4a that's on graphene but my daily driver the phone i go out and get drinks with and i go to miami with and stuff is a pixel 5 running calyx don't let perfect be the enemy of good enough and speaking of ubers in miami my worst uber like get your shit together uber miami it was terrible obviously granted there was a lot of extra traffic in the city this weekend but like it would get to the point like where i'd be at my hotel i'd order an uber and it would show up to the hotel and then like cancel the ride and i never had that happen to me you had that happen many times like three or four times over the weekend over the course of like five days it

was infuriating miami could you ever live in miami no neither could i i can visit i the cool thing about miami is it's a real city like they have they have a culture they have a unique vibe to them you can't replace miami it's not like an inter there's like a bunch of cities in this world that are interchangeable miami is not one of them miami is truly unique could i live there no agreed agreed i love visiting miami i've always loved visiting miami a lot of fun visiting too but i after and they're vibing man they're they're vibing hard right now right they're they're their best they're in their best fucking stride right now again we've been talking about like they're leveraging the jurisdictional arbitrage and and this is nerdy but if you if you freaks

want to get a some good content on like federal like uh not federalism but um like the states rights movement and how the founding fathers basically embedded into the declaration of independence specifically how states are autonomous go listen to tom wood's podcast over the last three episodes he has a jeffersonian historian on to describe uh basically the way the founding fathers set up the country uh with states rights in mind and having autonomous states a republic of states if you will uh very fascinating and it was actually pretty encouraging to see that even 200 and almost 50 years after the declaration of independence was signed that republic of autonomous states is still strong as was evidenced in 2020 and

into this year with the different policies that existed throughout the lockdowns it is actually I know we shit a lot on the U S and ask, are we free? Um, but the, the structure of the Republic as it was set up at the onset is actually pretty, pretty lasting. And, and to this day, we feel the effects of what the founding fathers intentions were, particularly that each state is autonomous and should be able to make their own decisions. Uh, we obviously the federal government's gotten extremely bloated, um, and it has way too much power now, but there is still that, that states rights aspect that exists and was exemplified in miami over the weekend um so if you you guys are interested in learning about like the history of how that got started the

tom woods podcast i listened to to it this morning on my morning walk the three episodes are half an hour each um highly recommend sorry for that detour that's great detour yeah check it out what do we got up here next uh we have ledger raised 380 million dollars at a 1.5 billion dollar valuation uh their press release doesn't mention bitcoin once shame shame at least they understand they're not a bitcoin wallet uh i still think it was like news i thought it was important to put there but uh god like you're really gonna say crypto crypto crypto like whatever some people want to be short bitcoin even though they were ogs and soviet did they mention the uh the data hacks in this announcement of course not yeah it's a press release you're

not going to mention your darkest moment in the press release no i didn't dive too far into this but dan tapiero's 200 million dollar digital asset investment fund is leading the round um you're the best shit coin wallet like if you want a shit coin ledger is the way to go and there you heard it here first matt's endorsement i mean i mean really i want if you're going to shit coin i want you to be a proper shit corner about it right like i want you to hold your own keys and use your own node i agree i agree you're an idiot if you do it run it try to run your own we're going to go the next topic the next topic makes me think you're scoring towards me earlier in the episode

it's a little unwarranted considering i mean i'm well aware of this topic we talked about this on dispatch on tuesday yeah but like the fbi ran encrypted phone network a nom with a back door completely this is completely unrelated marty to a false flag i'd like to connect the two um so let's talk about this first you know let's put your ego aside and let's talk about the gravity of this situation okay pretty big pretty big gravitational pull the story they literally ran this from the beginning they ran an encrypted phone network from the beginning and they inserted into organized crime network distribution so they they they had contacts that were selling encrypted phones to organized crime members mob bosses whatnot and they said this is the best new

encrypted phone network and they were selling them these phones and every time a message got sent it got cc'd to the fbi and the fbi had a backdoor to it yeah so 10 000 devices in over 90 countries started in australia correct right yeah and the fbi starting this one but see that's what i'm saying like this that's not a false flag marty that's a fucking operation that's a fucking operation but it proves the lengths to which i mean it proves that the fbi is probably running bitcoin companies that are hoovering up our fucking information it's it has nothing to do with the fucking false flag i agree i agree they're different but they prove that the fbi gets creative can we admit that no one ever said otherwise i know this is triggering you

no but it is pretty fucked up no this is a big story i don't want to diminish this fucking story this is a big fucking thing yeah so they how many vpns are they running probably quite a lot i hope they're not running movat are they running proton are they running two to nota internet private access probably are they running pia i mean pia has always been a red flag for me i mean roger veer is on the board of pia is he really yeah i'm sorry i'm just going through this story real quick this is fucked up story this is messages since october 2019 so it's been going on for almost two years year and a half messages include discussions around drug smuggling corruption other high level organized criminal activities so they have it all they have every

message that was ever sent through that fucking service what can we trust what can we trust the signal the funniest aspect of the story was they they so they had a backdoor to the encryption gets cc'd to the fbi and then after the fbi gets it they re-encrypted with real encryption distorted in their database i just i don't know i just thought it was a funny aspect of it Hey, they're collecting the criminals' data, but then protecting it on their own servers. They don't want it to leak out. The number one piece of actionable advice is you should be using open source software, right? Ideally, you should be verifying that open source software yourself line by line.

Most of us aren't doing that, right? if you're not doing that you should at least be using a verifiable uh signed binary of that version that hopefully is signed by someone that you're trusting has done that and that's when we check the pgp signatures of our open source software um you know these guys didn't do that this was like uh it was all closed and built into the phone and whatnot ready to go handed it to them by their distributor yeah this would this would actually confirm the idea that the colonial pipeline hacker was probably just an idiot like these guys were dumb as fuck yeah to fucking use the service

uh and then i appreciate that marty um and then the other thing is just period just assume like anything you put in the internet is fucking compromised man like that's just a very safe assumption like rumor is like putin just uses like a he uses a typewriter like for the important stuff he just uses a typewriter and then just hands it to the like a courier who like he knows where his family lives and the courier runs it to wherever it's going you know you just keep it old school you just keep it fucking old school as fuck and never goes on the internet this is why we keep our keys offline right like we keep our keys offline because at the end of the day if you have multi-jurisdictional fucking multi-sig offline they're gonna have to go to

the individual locations and fucking take the fucking keys they're not going to be able to just access it remotely no like like the colonial pipeline hacker all right all right coming around coming around to it but yeah it's so hard too it's like you want to root for the criminals in this case because you don't like the fbi do we like the fbi i think the fbi there's a lot of good people in the fbi i agree with that i think there's a lot of american patriots in the fbi that really do want to make us safer yeah and there's a lot of threats to america that should be dealt with yeah i do not appreciate when it gets turned

against americans and gets turned against freedom-seeking people globally regardless if they're american citizens yeah and a lot of this is over drugs like the the per picture in here it's like drugs it's like why wait why are we spending all this time on drugs yeah let's have a focus right on important things yeah we have fake max kaiser in the comments just going fuck the fbi hey how about max's performance so maybe we can sidebar here talk about bitcoin 2021 again what did you think about the no coiners shit coiners saying that it was a cringe fest was it a cringe fest i didn't think so did you think it was a cringe fest oh no i thought look i mean honestly honestly like i didn't like how much shit cornery was in the sponsorships

um but i don't know if you can throw an event of that size uh without some without without some you know questionable not quote-unquote pure sponsors right i mean i like the bitcoin only companies are extremely long-term focused and very frugal uh and don't really want to sponsor these kind of things at least not to a high degree they won't spend like the big bucks on it um the content lineup could have been better uh but i think it was a pretty solid content lineup and you take what you can get you know you you don't uh we've seen some horrible like look about like i mean am i just am i making excuses maybe a little bit but like consensus is fucking horrible man it's like so it's so bad they're and it's like completely pay to play i mean it's not

going to be like a bit block boom or like a rega where it's like 200 400 people agree like kevin o'leary gets on the main stage i mean right kevin o'leary mayweather the mayweather one was super cringe mayweather only talks about himself in the third person mayweather this mayweather that yeah that was pretty brutal it was that woman interviewing him vorhees should not have been there vorhees go fuck himself they put him on right after the toxic maximalism you know yeah you get a comment what would you say to eric vorhees i mean i think you just said something but i mean eric bitcoin made you you have a shit ton of bitcoin what was the last thing you did for bitcoin it's hard something for bitcoin man it's like it's been

like eight years since he's done something for bitcoin he sold satoshi dice for what like 200 000 bitcoin it's like it's all public knowledge it's out there isn't that a scam would you consider that a scam what hawking off satoshi dice for no that's good business that he deserves all the credit for that in the world he did it right before fees rose he made it completely worthless and he did it all in bitcoin like a fucking smart man we'll give you that eric but so let's explain satoshi dice for the newer freaks who may not know what it is you want me to go okay so satoshi dice was basically an online dice game

where you would try to guess what you would roll right and then you'd but the cool part was it was it was any any game previously on the internet you had to trust the operator and the operator could fuck you right but what was cool about satoshi dice was it was provably fair so it used the fucking block hash so like you the numbers that one or not you knew were real because you could just check the bitcoin blockchain yeah um groundbreaking literally it was groundbreaking in terms of provably fair online gambling hadn't really existed previously um but it relied on super low fees and it was um it relied on on super low fees and it was completely priced out like right after he sold it because they were like basically i mean it

wasn't spam because they were paying fees but they were spamming the blockchain for a period there the overwhelming majority of bitcoin transactions were satoshi dice transactions yes it got up to like 70 of the amount of transactions at one point pivotal part of bitcoin's history satoshi dice eric vorhees love him or hate him and then so he sold that and then he switched into shape shift shape shift fucking profited off all the shit coins until he had to bend the knee and do kyc so he had a one-two punch really quick one-two punch that he just made a shit ton of money on and then since then he switched it all over to eth now it's all eth based so he could get rid of kyc because as soon as he added kyc it destroyed his business and to be clear he was

like always like super anti-state but as soon as like they fucking came down on him he had to add kyc um which i i assume he tried his best on that but at the end of the day like dude hasn't fucking done shit for bitcoin for like eight years nine years so he shouldn't be at a bitcoin conference period has he not done anything or is he like actively wouldn't you say shit coining is actively attacking it that's a good question i don't think maybe it's an attack i think it's a weak attack because i don't think shit coins will ever be bitcoin but it's like that whole line i mean he attacks bitcoins on twitter and shit he makes his whole narrative about attacking bitcoiners toxic maximalist let the free right it's like well yes the free market

is deciding we'll continue to decide that's a classic shit corner tactic let the free market decide i believe in free markets too yeah i don't believe in selling at your audience exactly and part of the free market is calling the shit out right so i mean i was waiting to talk about this because we have one more topic um that i wanted to talk about we get that topic later because it's not as important it's whatever topic did breed love disappoint you well i didn't know we were going to talk about this we have to talk about this the freaks demand we talk about this this is a very important topic yeah that was his tweet that was his tweet it's pretty obvious was i'm curious what the free market thinks about insert shit coin here it's pretty obvious that

bit cloud is an overt scam i mean just the way it's so fucking obvious it's like james press which called them out months ago for storing private keys on their servers like if you forget about the private keys the private keys on the servers is an operational clusterfuck right like that's that is just immature amateur hour but even if they did private keys perfectly a coin like even if they like their private key execution was perfect it's fucked yeah i agree i agree we'll start first principles bit cloud should it exist no you shouldn't have a social media network built on a blockchain you shouldn't have a token per influencer or again in this sort of piggybacks on the vorhees thing like the reason i'm what someone

defined as a bitcoin maximus the dirty maximus because i true truly believe uh having done the research and thinking i have a good grasp of monetary economics i think we're trying to get away from a barter economy um and that's what a token economy represents is bartering tokens um and that's only part of it like other parts of it is uh most of the tokens that are spun up have centralized figures that create them that are going to benefit greatly from their success and big cloud is no different all the elements of big cloud are like why big cloud that was my question it's like you're gonna go with big cloud bro like maybe i think someone got to him at the conference man i think he decided to sell out his audience so the what i've heard too like other

people think about doing similar things that would surprise some people is that if you do a tweet like that with the link to your bit cloud no he didn't unlock it yet you can get access you can tell if he unlocked it yet the only way to unlock it is if you do a specific tweet to your big cloud yeah and so like the theory is there is that you'll see some people doing stuff like that so they can get five thousand dollars worth of bitcoin on bitcloud and liquidate it but no so first of all if you did any research you can't get shit out of the bitcloud right now which is one of the reasons it's a scam um there it's a one-way market you can buy bitcloud but you can't get out you can't trade bitcloud for bitcoin to get out no so you can't even get out even if you

wanted to um but it's it's the so i have a tweet from march like if you just do a cursory look at the fucking website you can tell it's just the worst fucking scam of scams it's um impressed with coin of shit coins start is names like nadir nadir n-a-d-e-r he came from like princeton i'm pretty sure he's like part of basis protocol like serial scammer like the the the difference is almost a perfect example between bitcoiners and shit corners The comparison between Sphinx Chat and Sphinx Relay open source on Lightning with no pre-mined token versus value for value versus BitClout with pre-mined tokens, trying to get influencers and having all these influencer plays where you'd like trick them. you like convince them you incentivize them you incentivize them into getting pre-mined tokens to shill your shit on twitter and you create accounts for them ahead of time both of us have

accounts that were created for us ahead of time that we haven't activated that are just sitting on the platform and they threaten us like if we get rid of them like an imposter is just going to come in and take them i haven't even checked my big cloud profile have you well so i'm actually in a dicey situation because i switched to at odell so someone has the at odell on bitcloud but the at matt under dash odell still sits there obviously i've never activated it i would never sell out our audience i would never sell out my people i would rather fucking die than sell out my people and i expect you guys to keep me honest i don't want like i'm not you shouldn't trust me on that i expect you to fucking keep me honest but that's why i'm fucking here and this is why

it fucking pisses me off so fucking much because we've been here for such a long fucking time and i see so many fucking people even so-called bitcoiners fucking constantly selling out other bitcoiners and it pisses me off because it's a bad look on our whole tribe you know it's a bad look on us as as a community and i know beauty on will say oh there's no bitcoin community there's well these are my people these are our people you know well what do i tell you like off all fair a lot blinders like we need to like racehorse blinders we just need to stay in our and keep doing what we're doing don't worry about all that other shit people are going to fall they're going to rise they're going to fall and that's something we try to do here freaks is just

stay true to why we got into this in the first place and i like to think that we're principled and we we're up front with you guys and we disclaim as much as we have to and need to uh to stay pure in your eyes i mean not even to stay pure in your eyes true to ourselves like it is fucked it's sad to see it's like i don't feel compelled like i don't feel i feel lucky i guess i'll say this i feel lucky because i don't think i'll ever be in a situation where i'll be tweeting that stuff out like i'm gonna stay humble stack sats i guess that's what i'll say to that is like i feel lucky that i don't feel literally an ounce of pressure to do something like that and again maybe it's just

because of my conviction in bitcoin and the belief that this is going to be a winner take all type of market you can't replicate bitcoins uh immaculate conception you can't can't run everything on a blockchain nor do you need to like it doesn't make sense to do social media on the blockchain at all it doesn't make sense to have a token for everything maybe it's that but yeah i don't see myself ever if you ever see me tweeting something like that look there there's situations there's situations where especially newcomers come in and they're confused they're confused they think we're gonna live in this like multi-coin crypto world with all these different digital assets and shit that is fucking one thing okay breed love spent fucking

years cultivating this fucking affinity scam he cultivated this idea of like a bitcoin only thing spent three hours on lex friedman talking philosophy about fucking bitcoin and shit super successful businessman super successful bitcoiner yada yada yada and then he fucking does this and he doesn't even fucking admit he's wrong he fucking doubles down on it he goes i will die on this hill fucking jack mauler said he would die on this hill because fucking governments are going to come after him because he convinced a nation state to adopt bitcoin as a legal tender and two days later you're going to say you're going to die on the fucking bit clout hill are you fucking kidding me that's bad fucking ridiculous this is 2021 this should not still

be happening at this point yeah no i agree i mean somebody talked to brie love at length i believe friday or saturday night it was just like a shit it's like a big clout but i completely co-sign yeah it's a there are people with much more on the line putting their necks way further out that are truly the embodiment of the integrity necessary to bring this forward and uh yeah it's tough to see is it an affinity scan do you build that like it's a prime example if let's see and maybe there's room for redemption here but if not like you can spend years building up a reputation but it takes literally one tweet to destroy it like that's all it takes that's one thing you should be hyper aware of um if you're in the space and keep keep people hold people

accountable us put us on like a higher threshold of accountability if anything um yeah it's fucked dude it sucks to say it sucks yeah i agree like came out of nowhere built up a great brand um you can lose it in an instant you can lose it in a tweet i guess that's the lesson to learn from this you look angry right now are you okay over there you didn't lose it in a fucking tweet it was it was calculated and you fucking doubled down the lesson isn't you don't lose it in a tweet you lose it because you fucking have no integrity whatsoever fucking ever yeah reputation is fucking everything in this new world that's true that's true family's fucking everything yeah you're angry right now i love your passion i agree you said something i

didn't maybe i didn't have the balls to say but now that you you're out there yeah it's disconcerting lack of integrity considering how high the stakes are getting particularly this week like you mentioned robert it was a shame to see that's all we'll say last topic of the day is this good apple news like is this new private relay trust minimize vp it's pretty cool it's pretty cool i mean i don't trust apple but uh it's it's uh it's it's it's a cool concept it's this idea of improving vpns right vpns are usually a custodial privacy relationship where you have to just trust the vpn wholeheartedly and with this it goes through two relays so theoretically apple's saying that they can't tell where your traffic is going which is different from a regular vpn where

they can tell exactly where your traffic's going now do i trust them no do i think it's a step up improvement from a traditional vpn yes no comment not smart enough go check out dispatch we had like a 20 minute conversation about it 30 minutes conversation about it yeah um and before we leave you guys like on tuesday marty i do you realize what i'm doing on dispatch tuesday next tuesday yeah this one the coming the coming tuesday coming dispatch we're having battle of the nodes i have the noddle team coming on the ronin team coming on the start nine team coming on the my node team coming on the blitz team coming on the only team that's not coming I was the Umbral team.

Where's Umbral? Luke. Umbral's refusing to come on. Luke. But everyone else will be there for the Battle of the Nodes on Tuesday on Dispatch. How does the Battle of the Nodes

going to work? Is everyone going to take their shirt off? It's going to be complete chaos and we're going to try our best, but I think ultimately users want to know. Users want this conversation. It's a very important conversation.

Which node do we use? That's good. That'll be a good episode to check in like they have like the trade-offs discussed by the different teams in real time it's gonna be a lot of fun it could be it could be the longest dispatch in history like i don't know or it could be the shortest they could just all fucking rage quit should be the battle of the nudes when are we going to do that one we're going to make them all be naked on on air while they do it because it's audio only show so there's so it's okay you have to get like a text picture confirmation that

it's the battle of the nudes before but all the freaks should press your umbral into coming on if you run an umbral node you should pressure them if you don't whatever yeah to each their own god what a week man what a week pivotal week in bitcoin's history a nation state has made bitcoin legal tender what do you have to say to the people like oh japan did it in the past there's some nuance here correct it's not legal tender in japan right apparently they made like they technically made a legal tender in like 2017 but whiz was kind of talking about it's not really legal tender is it it's like i think it was legal tender in the sense that they allow businesses to accept it or something like that you still pay cap gains yeah

but that was like one of the flood lines like this is in the first country and businesses don't have to accept it right yeah like a key aspect here is if you have a debt with a bank they have to accept your bitcoin as payment right speculative attack el salvadorans speculative attack your banks like that's proper legal tender i mean props where props are due thank you japan for being forward looking right um but i think this is a whole nother level yeah is el salvador forcing their merchants to accept bitcoin minus that caveat that we described earlier i mean look they were forcing their merchants to accept us dollars previously that's true i think that caveat is key though marty and i think people are keep ignoring it isn't it more if somebody wants to

pay in bitcoin you have to accept it so my understanding is part of this premise is that the government is going to provide a custodial wallet probably powered by strike i don't know for sure that the merchant can use if they accept bitcoin they can convert whatever portion they want into usd automatically so for the merchant seems like strike would be involved in that right for the merchant they're accepting usd anyway right so like they really don't have and and and that's where the carve-out is if they're technically capable of doing it so i would say um sure would i love a world where wherever you went the free market decided what currency was used and that was hopefully bitcoin uh yes am i scared of a world where you go to peru or something

and they force every merchant to accept tron yes you know i'm very scared of that world as well uh will the shit corners try and make shit coins legal tender places definitely justin sun will try that like he is 100 gonna try that um but this is a crazy fucking world you know we're in a transitory period ultimately i think the world's largest open monetary network will succeed and that is bitcoin i agree so a few things now going off that rant i think it should be said we don't have on the list paxful they enabled with their point of sale system merchants last week did we talk about last week i think so but let's talk about again i think it's important yep so paxful has enabled uh merchants within their network to accept bitcoin or excuse me except uh fiat

currency and uh turn it into bitcoin right away they receive bitcoin yeah the merchant receives bitcoin and the payee pays in the 400 different fiat payments that pax will accepts yeah so that's pretty big um shout out to ray the pax will team second you said transitory would be remiss if we didn't mention the inflation numbers that came out today which was uh five percent year on year Obviously, take that in the grain of salt that the economy was coming to grips with the lockdowns this time last year, but at the same time, hourly wages fell 2.8%. If you take in increased productivity, on top of all that, inflation is arguably a bit higher than, and obviously we believe it would be higher than the CPI reports, but it seems that things are getting more expensive and people are making less money. is it transitory we shall see we shall see with that being said too this week the overnight repo the reverse repo market specifically has been hitting all-time highs i believe last night hit over half a trillion dollars so an overnight liquidity being an exchange between the primary

dealers with access to the fed window and the fed itself which is a bit alarming if you ask me probably could maybe nothing but it seems like there's a strong demand for liquidity in the overnight markets this last week particularly so outside of Bitcoin the traditional monetary and financial system is doing nothing but to confirm why we're in Bitcoin in the first place it seems ultra risky your Your money's getting debased, and the statistics, as reported by the official system, the Federal Reserve system, would confirm that. Your dollars are losing purchasing power, significant amount of purchasing power year on year, and wages are going down as well. I would argue that's-

Your wages aren't buying as many cocks as they used to. They're not. They're not. They're not. you're not going to be able to get as many cocks as you used to with the cuck buck so be aware freaks is that are we in the midst of that said transitory it's transitory on many levels is this inflation transitory i don't think so uh is the adoption of bitcoin by nation states transitory it's the beginning of transition yes to to more these numbers are going up they're all going to

go up freaks it's all happening again outside of all the shit talking and the pumping if you will like the fundamentals are stronger than ever tapper again should be locked in uh within the next two days uh that'll be activated in november matt will send a million sats to the human rights foundation damn right it will what a good dude uh the fundamentals are stronger than ever marty should match me oh my god but do you care about human rights marty all right i'll match you i'll set a million thoughts hey anything for charity and for a good charity uh fundamentals are strong freaks fundamentals are strong it's not going to be easy moving

forward the game theory is playing out as many of us expected like a nation states are in the game and once you have one in the pool who's going to jump next and once another one jumps it's like that fucking video of that dude dancing in the field and just a bunch of people join him it's starting el salvador's dancing in the field right now who's going to join them next i don't think they're going to be dancing alone for long and let's just hope here as freaks living in the united states in the western world that we don't get jealous and we try to get competitive and we noticed that this is something that's not going anywhere and we should probably participate in its its spread and its proliferation throughout society it's inevitable it's here you can't put

open source software back in the box it's not ending here we're going to be fucking mining on volcanoes like you think you're going to stop bitcoin because we're literally taking volcanic geothermal energy and pushing it into asics that produce bitcoins i don't think so let's fucking go freaks I love you all ride or die peace and love