TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Bitcoin Week of 2021.07.05

Episode Date: July 9, 2021

This week Marty and Matt discuss: - specter windows vulnerability was a false alarm - bisq discloses substantial privacy vulnerability - former cftc chair advocates for a bitcoin etf - casa client drugged by tinder date in attempted bitcoin theft - kaspersky password manager was generating insecure passwords - bybit adding kyc - fincen hires a "chief digital currency advisor" with justice department experience - EU parliament approves mass surveillance of private communications - samourai wallet v0.99.96i released - mempool v2.2.0 released - new feature allows you to coinjoin directly to cold storage using whirlpool - brenntag paid a 70 bitcoin ransom to darkside in may - nuclear powered mining op in south carolina - hydropower mining op in new york - this month in bitcoin privacy - bitcoin and the american idea by gladstein - diverter on freedom 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.

Well, freaks, Uncle Marty just fudged up. Luckily, the audio from the rip with Matt is still downloading, so hopefully we get this out as soon as we would have otherwise. I just recorded the whole pre-show ad rip, not realizing that my mic was not hooked up to Audition. It was going straight into my laptop I listened to at the end. I was like, this doesn't seem loud enough. This doesn't seem like people can hear it.

It sounds like I'm speaking from four feet away, And that's because I was, I was speaking into my laptop and I should have been speaking into my mic. You don't care about this. There's no difference to you. It's just me. I just had to do like a 10 minute pre-roll rip. And now I got to do it again. Hopefully it won't be 10 minutes, but I think you guys are going to enjoy this for it regardless. Even if your uncle Marty's suffering right now, after going through a long-winded ad read that he has to do again, This report was brought to you by good friends at the motherfucking Cash App. Cash App is something you stack, set, send, set, receive sets, and sell sets, if you so please.

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You get your Boost card, which I love. I use it everywhere. uh you can personalize it and then you can go use it wherever visa is accepted they have their boost program with partner merchants and sometimes they have their sats back boost where if you initiate it and you go shop at a partner merchant or take advantage of a certain deal at a coffee shop or a supermarket you're going to get some cash back that you can then turn into sats and again sometimes you get sats back if you haven't downloaded the cash app yet make sure you do so 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 gonna go to our good friends at owls lacrosse that's owls lacrosse what's up son you liking your milk you're liking your milk tonight it's almost bedtime yeah uncle matt and i had a late trip and that is why i'm still out here recording ads and honey i'm sorry i had to re-record the ads because i wasn't speaking into the mic and i was speaking into my laptop seriously i'm recording them right now this trip was also brought to you by good friends at Unchained Capital. Unchained Capital is here to bring Bitcoiners products that leverage Bitcoin's native properties, particularly their native multi-sig properties. And this is, excuse me, materializes in their Volt product. And they have a special concierge offer for you freaks. They're

going to take you from zero to a thousand cuck bucks worth of sats in a multi-sig Volt in no time. All right. The way it works is first you tell them TFTC sent you, you say, Hey, Uncle Marty, Uncle Matt sent us to open up this vault to this concierge service, this white glove concierge service. They told me they were going to wipe your ass. But they also told me that I told you that TFTC sent me, and I'm going to get $50 off. So know that. And the way it works, this concierge service, Phil Geiger and crew, everybody at Unchained, they're going to basically have multiple video conferences with you to get you comfortable with the concept of multisig in general

and in the vault product specifically. they're going to get you hardware wallets they're going to walk you through the process they're going to make sure that you're comfortable and when you are comfortable setting up a multi-sig wallet they're going to basically set up a two or three multi-sig where you hold two keys so that ensures that you can always move your UTXOs out of the vault Unchained will hold that third key if you're ever in a pinch and you need them to be the two and the second in the two or three multi-sig they're there for you and once you're comfortable with that once you have it set up again you're going to dump a thousand cuck bucks worth of stats into that vault so you're

going to get video conference you're going to get uh educational multi-sig you're going to get hardware wallets you're going to make sure that you have those hardware while it's backed up securely you're going to make sure you have your derivation pass backed up securely as well and then you're going to get a thousand cuck bucks worth of stats in to your vault so go check it out in the show notes we're going to have a specific link but i recommend you go check out unchained-capital.com and check out everything they have to offer there particularly their blog which has an immense amount of information uh drew bonsall parker lewis phil geiger buck burley joe kelly and crew are writing incredible content uh about bitcoin parker's blog series

gradually then suddenly particularly is an incredible orange pill that i send to any friends i get a new bitcoin information like how do i learn i'm like here parker lewis is gradually then suddenly so go check it out again we're going to link in the show notes to the concierge service specifically but if you want to check out everything they have to offer again that's unchained-capital.com. This rip was also brought to you by our good friends at HODL HODL. HODL HODL is also leveraging native, Bitcoin's native multi-sig properties to bring you freaks a lending platform, lend.hodlhodl.com. And guess what freaks, United States freaks, this offer is available to you. One of the few products that you can leverage from HODL HODL

because it's non-custodial. How does HODL HODL work? It is a two or three multi-sig escrow, where if you need a liquidity you put your bitcoin in a multi-sig wallet as collateral and then you get stable coins as liquidity then you go spend however you see fit all right and the beauty of this again leveraging bitcoin's native multi-sig properties you hold one key your counterparty holds one key hodl hodl holds that third key the beauty of this is again you don't have control over the duration of your loan you can't move your sats out of the multi-sig escrow account however you have visibility into that account you can ensure that your coins are not being re-hypothecated your Bitcoins, your UTXOs.

It's going to be funny to you freaks who are listening to this and you listen to this episode. So as long as you're paying that back, you are going to get your stats back at the end of the day. If you have stable coins laying around and you want to get some yield on those, you can enter the other side of this transaction, put your stable coins up to be lent out for an interest rate of your choosing.

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I love you too. This rip, last but not least, was brought to you by our good friends at Brains. All right. brains uh they're the team behind slush pool they're the team behind the brains os plus firmware which allows you to stack more sats with your hash all right but we're here to focus on a couple things the brains team tells me that slush pool uh the update is planned for july that's this month we're july 8th they got 23 days keep them to it freaks keep the pressure on them just kidding just kidding you don't want to pressure them you want to make sure that the pool is rolled out as

securely and as efficiently as possible they're triple checking quadruple checking everything and simulations to make sure it's silky smooth it's a silky smooth transition when the update goes live meanwhile the latest brains os plus firmware update includes full support for the ant miner s17e and t17e as well some significant improvements to the auto tuning functions uh for all x17 devices uh and it's available now on brains that's b-r-a-i-i double i b-r-a-i-i-n-s dot com slash os slash plus brains os plus is compatible with any mining pool there's a lot of misconceptions out there there's a lot of misinformation people think if you use brains os plus you have to point at slash pool this is not true you can point at any mining pool that

you want to you don't need to mine with slash pool to use the firmware but if you do mine with slash pool you're going to get zero percent pool fees so take that into consideration they're incentivizing you to point your hash at slash pool but you don't have to if you don't want to you're to get again zero percent pull fees if you're using brains os plus and pointing at slush pool since network hash rate is one at one year lows due to the china crackdown now is a great time for miners to juice up their asics with auto tuning firmware and stack even more sats with that hash for those that don't know how it works it mostly comes down to the silicon on the hashing chips there are small variations in the silicon quality for every chip in an asic typically stock

firmwares that come with the machines treat the entire device as a uniform unit sending the same frequencies and voltages through the hash boards brains os plus boosts performance by experimenting with different frequencies and voltages on each individual chip to learn which chips are higher quality than others then it calibrates to send more work to the higher quality chips and less work to the lower quality ones the end result of the per chip tuning is more hash thus more sets per watt of power consumed currently supported devices are the amp minor s9 s9i s9j as well as the s17 s17 plus s17 pro t17 t17 plus and the ones just added the s17e and t17e t17e excuse me next up are the what's miners of course i'll believe it when i see it edward

austin's begging for that firmware along with the s19s from bit name stay tuned tm for more updates on the firmware and slash pool and check out insights that's i-n-s-i-g-h-t-s dot brains b-r-a-i-i-n-s.com for content stats charts and mining profitability tools to stay up on top of everything happening in the mining industry i highly recommend going to uh check out the the episode i recently recorded with edward evenson even though i'm mad at him and whipping him to the mic right now we had a lovely conversation about the chinese mining migration that's underway right now and then the implications on the mining industry hash rate the bitcoin network the global distribution of hash rate and a bunch of other things go check it out and enjoy this rhr

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 matt this meeting is being recorded what is up freaks that are listening via podcasting apps right now we haven't gone live yet so we're talking to you alone you're getting some you're getting some very very rare content here before the alpha this is the alpha let's give

them some quick alpha before we go live what can we give them at what can we give them seriously what we need to give them some alpha here's some out oh we're gonna talk about that alpha use your own node that's some good alpha use your use your own node that's the alpha we're going to provide you maybe maybe we'll get some more throughout the episode for the live live stream freaks as well and here we go we're going live boom we are live what is up freaks welcome back to tales from the crypt welcome back to rabbit hole recap specifically whoo maddie maddie maddie maddie maddie just told me something that's got me all frazzled we can't talk about it right now but a little bit frazzled how are you what are

you sipping on didn't mean to frazzle you uh ahead of time you got the nooners all over the place big nooners guy these days big nooners guys hard to find them yeah jersey shore baby we're sucking up all the supply i got the same thing as last time i got my montauk summer ale yeah um yeah what is it thursday july 8th 2021 we're creeping in the summer it's july already i mean we said this last week on july 1st um but yeah there's i don't want to say it was a quiet week but we've got we've got a nice list here to talk about we will lead with a correct not a correction but a clarification of a topic we talked about last week it was a pretty quiet week yeah oh there's a lot going on there's a lot of uh bitcoin tangential topics to to talk about particularly the fed

inflation how they're posturing and how the media is trying to sigh out people out that we will get to that as well yeah you noticed marty last week we were commending each other patting ourselves on the back about how we've been better about using twitter less and you seem to have jinxed yourself this week well yeah we can get into that too yeah marty had uh uncle marty had a uh What did I have this week? I just felt very compelled to push back against a lot of things this week, as you may have been able to tell if you saw my Twitter feed. We'll be talking with Michael Saylor next Tuesday night

about the Bitcoin Mining Council. Oh, that's awesome. Yeah, so be on the lookout for that. It's scheduled for next Tuesday night. We'll probably drop it Wednesday morning. But yeah, we're going to have a discussion. Is the Bitcoin Mining Council coercive? Is it beneficial?

Is it necessary? We're going to hash it all out, pun intended. Looking at Clark's dashboard, the current price of Bitcoin is $32,770. That's going to get you $1. One cuck buck is going to get you 3,052 sats. Currently sitting at a $614.5 billion market cap. Still in this consolidation phase. Would you say this is a consolidation low end of the consolidation band that we've been in

for what seems like forever now great stacking opportunity yeah i mean it's obviously it's obviously a consolidation phase right yeah and then right after this consolidation phase we either go two ways we either go up or down yeah either way it's fun violently either way it's violent yeah yeah so we're either going to uh 100k or 20 um 20k by conference day bit block boom uh august 26 27th dude i'm pumped for bit block boom i am as well gary keeps extending the the event i feel like i'm gonna have to get to dallas like on sunday the week before um just to just to participate i love it love to see it one of the best events of the year the best event in america i would co-sign that co-signed uh we're currently at block height 690 187 18 million 751 079 bitcoin

have been distributed to the market that is a perfect uh even number there nothing in the decimal point that's 89.29 percent of every bitcoin that will ever be distributed to the market which is just a little bit less than 21 million if you freaks don't know that um we will never actually get to 21 million it'll be like an eighth percentage point or not a percentage it'll be like eight decimal points to the right like one of whatever that number is less than 21 billion yeah minus all the lost coins as well yeah well they were still produced they're just lost still do you see that guy with the garbage dump is at it again no no is he like at a dump looking for us uh no it's the famous guy that he's been

oh the first time the story was posted well the first time it was a b cacher i think he turned into a b cacher the first time it was reported he had like six million pounds in the dump he was like i accidentally threw out my hard drive and now it's like 250 million so he keeps increasing his uh you know like the amount of money he'll spend to try and recover the hard drive in this garbage dump from like 10 years ago well just make it easy on yourself and use sats or bitcoin as your unit of account and you'll that'll stay static throughout history i like the idea that it's just all a an elaborate boating accident boating accident and he like just got caught up in the lie and just has to keep going with it because everyone's like people are like probably

investors are probably calling it up they're like i'm willing to invest to try and recover your keys if we can make some money off of this yeah which leads me to another thought is was the marcia marcia papaski news just a huge elaborate boating accident did he pay that costa rican it kind of seems like it to me did we not talk about that i don't think we did i don't think we talked about marcia on this yeah it seemed very convenient very convenient i don't want to blow up his spot neither do i but for you freaks who do not know marcia papaski very controversial figure in the bitcoin space he famously put a one bitcoin uh bounty on peter woola's head because of beck 32 uh he also had his blog trilemma which had some very poignant and uh i would argue

prescient and insightful philosophical ideas around bitcoin and its potential in the world uh according to him he is one of the the few true bitcoin millionaires has a million bitcoin i'm just going to cede the point it's bitcoin bitcoin is plural i ceded here matt you win the best was the tweet where you fucked it up you caught me you got you caught me ceding yeah he claimed to own a million bitcoin it was never verified or anything supposedly he died in costa rica yes uh swimming well that's the other thing like the beach where he was i've surfed there before playa hermosa uh just north of hawkeye or south of hawkeye wherever there it's pretty heavy uh it's crocodile infested too the ocean but you would fake your death in the in the dangerous

part yeah exactly the rips there are heavy it's a heavy beach break if you are swimming there without a board i can see how you could drown but like you just mentioned man it's like a perfect scenario too this is like he's living there under this known name and like that's the known name that they report i don't know it's just the whole thing kind of reeked to me yeah well it is what it is see if you're listening you're still alive there's no way he listens to the show if he's um back to the dashboard uh we are currently so much different when i have uh my laptop compared to my desktop my desktop's massive i can find everything very easily that's what i'm used to visually now i'm on my uh desktop or my

laptop looking for the difficult to retarget we are another even number we're exactly 1300 blocks away from the next difficulty adjustment which is currently estimated to be on july 21st 2021 obviously uh the estimated change is negative 10.1 percent and that's because blocks are coming in at 11 point or excuse me 11 minutes and eight seconds uh per block that's a minute and eight seconds above the 10 minute block target um so it seems that we will have another as of right now double digit difficulty adjustment uh downward and we are 716 blocks away from the last epoch so that's that's some good data that's a good uh a good amount of data to to have an accurate reading on that at this point we'll see how much hash gets plugged in between now and 1300 blocks

into the future whether that changes or how much hash comes off the network and change the other way uh currently oh oh this number is pumping dude samurai unspent capacity at 3218.19 btc that's 106.0 million cuck bucks what's the number 3218 that pumped like almost 10 percent just to be just to be clear um we have a freak type herbally who's also tracking uh unspent capacity um his website is what i what i redirect to for whirlpoolstats.com and he shows a lower number i think his number is like 2500 bitcoin um and that's because clark counts like the premix right before it goes in so it's actually

the the i i would say that hyperbole's number is probably a little bit more useful okay um clark basically counts the the coin that's waiting to mix okay so clark's is more responsive because you actually go through the transaction zero process where you set up getting ready to go into the mix um so they are queued up to mix they just haven't entered the whirlpool yet how can you uh measure that you have to watch the chain and you can very distinct the multi-sig or the multi-input heuristic to sort of gauge that you have a you have a five input you have a five output uh i mean you don't have a five put out output you have whatever amount of outputs that are all the equal denominations and then they go into whirlpool

but once you tell from the end and i can tell from the inputs it would be the outputs You have a certain number of inputs. You can put as many inputs as you want in a whirlpool transaction zero. Right. And then on the output side, you have a certain number of equivalent amounts and you have a change output, which is the amount that's less than whatever pool you are. let's say it's a one million sat pool you have you know five or let's let's say you put in 50 million sats right or like a little bit above 50 million sats you're gonna and you go into the one million sat pool or you go into uh you put in five million sats and you go into the one million sats pool sorry freaks for the for the confusing numbers you get five you get five one million sat utxos you get a little bit of a change output whatever the remainder is there and then you get the fee that goes to samurai so it's a very distinctive uh chain footprint yeah

the beauty of bitcoin beauty of the blockchain you can tell all this but you don't know who ends up with the uh the utxos if you're able to manage them correctly we have we have robert hamilton mentioning that must be the 50 million sap pool if you go to typerbally's uh website like i said whirlpoolstats.com um he actually breaks it down by pool the overwhelming majority of of the the volume in terms of the amount of bitcoin is the whale pool it's it's the half bitcoin pool the 50 million sat pool um if you go by count like the amount of utxos it's not right but if you go by the sheer uh monetary value it's the it's that big ass pool is is the one that has has the most volume yeah that makes sense um just had a friend text me i was a little

distracted right there i took a screenshot of the live stream on the periscope and asked if i got relegated to the outdoor shower at my father-in-law's house and no i'm just on the back deck enjoying the nice ocean breeze that we have here humidity is rising a little bit i might get a little sweaty but you know what i need some fresh air i can't be stuck on the third floor in the bedroom you know so that's that's where i am today freaks no green screen we've got this nice this is a green screen isn't it it's a nice plastic deck divider here it's not you don't have a plastic deck green screen no not yet low budget here it's you um all right let's jump into the list uh i mentioned it earlier alluded to it uh we talked about the specter windows vulnerability

apparently was false alarm what what the hell happened how do we get false alarm so hard well look the the number one thing here is that they before they checked if it was a false alarm and did all their due diligence they released a warning to users right which i heard on the side of caution right and and they could have easily there's a lot of teams that would have been like no let's check everything before we release a statement right and then there's teams that are like in the middle and then there's teams that will just immediately release so it's good that they immediately released um it turned out to be a false alarm and there was no trojan attached to it this was just the windows binary of specter and the good thing here is that they've learned

their lesson about uh maintaining a safe build environment when they're creating these binaries right because uh k9ert who was doing the windows build process to create the little exe that you install on your windows machine um was using the same windows computer that that his kid was using for video games um so now they're going to use dedicated machine as they as they always should have been makes sense and hopefully it also lit a fire under all the other bitcoin projects is asked to if they were doing it like to just quietly improve their process as well right great shout out to the ledger security team it helps them um figure all this out i guess they work together but yes hopefully this does

set a i don't want to say precedent i'm trying to think of the right word this does entice other teams working on similar products to upgrade their system security if it is as leaky as this particular devs was. Well, so see, in this situation, right, no one who really cares about security or privacy uses Windows. But there's a lot of Spectre users

that want a Windows binary. so they had dedicated machines they had clean machines for linux and mac but windows was an afterthought right and you really have to in this in this high stakes environment that is bitcoin storage um you either have to go full on and and have a secure build process for your your windows package or just not offer one right like if you don't offer one that's fine don't uh don't half asset yeah yeah very good point so false alarm anybody who was running specter on windows there was not a virus injected into your computer and your your specter software everything's safe it's good to go it's a false alarm again shout out to the specter team number one for erring on

the side of caution and shout out to the ledger team for helping them dig through all the information and bringing this all to light that it wasn't wrong. Dude, this BISC vulnerability is way, way worse. All right, so jump into this. They patched it. Version 1.7.0. You can't use any other version to do trades right now, so you have to use the patch version.

Credit where credit's due is responsibly disclosed by the Haveno team, or Haveno, I don't know, which is the fork of BISC that we talked about that is being run by Monero people because they're upset that Monero doesn't get a better first-class experience on BISC, even though it has the majority of the volume on BISC. So the Haveno, I don't know how to pronounce that name, Haveno. Haveno, Haveno.

Where they realized that they responsibly disclosed it to BISC right away and then BISC patched it right away. and then they waited a week before they'd they waited a week and then made it so you have to use the new patch version before they disclosed what it was so credit where credit's due that whole aspect was handled fantastic um specifically uh there was a lot of tension in the lead-up between the best team and the heaven oh team because you know if there's a split there in in terms of volume there's not that much volume that goes into bisque already um and if you have a split there like the revenue streams are obviously going to be affected

um so there was a lot of perceived uh hostility between the two teams and instead of dunking on them and making it a pr thing uh the haveno guys did uh did right and they they did a responsible disclosure now to the bug it was really bad so the bug basically allowed you to create a trade and then not follow through with the trade but still get the personal information of the trading partner no um and with no cost so there there's there is no cost for it um so no security deposit nothing yeah uh i like you could get like uh like bank names stuff like that and your and and the name that's on your account at like whatever your bank source was if you had like a fiat account attached to it

um so obviously that's really bad because the majority of bisque users are privacy seeking users and all of their that that private data that's linked to the account could get harvested by other people now on the bright side it doesn't seem like it was massively hit yeah but the only yeah i'll read one of the i'll read the tweet where explain this we're not aware of any instances in which the vulnerability was abused such abuse would have led to failed trades and at scale best support would have noticed trends in user report which is like kind of a questionable reason for not knowing it happened so it would have been like bisque users would have had to basically report that their trades were just you know failing with no loss to the counter party

yeah and that didn't happen so we're hoping that it wasn't exploited heavily but there's no real way to know for sure if it was or not so if you're running best if you're trading on best uh you're not allowed to trade if you're not on version 1.7.0 um where the vulnerability has been patched uh so be aware i agree it was uh an upstanding move by the haveno team to to collaborate with bisque on this considering the beef that they had leading up to the fork of of the software um very admirable that they worked together with bisque to to do this and it shows at the end of today we we are really all on the same team and we want to bring uh distributed peer-to-peer digital cash to the masses and increase privacy and um if you're able to squash that beef and put

principles first it's always a good thing to say um so beware freaks running bisque version 1.7.0 is what you need to be upgraded to uh the other positive note that i did miss i'm just looking through the thread real quick um is that an attacker would have had to use a modified version of bisque they couldn't have just used the standard install of this so it would have been a slightly more sophisticated attacker um oh but yeah it's still pretty bad i mean that adds another layer to it would have had to hack it did the spooks hack it yeah but we have to imagine that like software like bisque is the type of software that is under heavy um the only reason if bisque isn't already being actively attacked by governments and surveillance agencies and stuff

is only because the volume is not as high as it could be but that's the exact type of software that would be um targeted by these you know with large budgets these guys have tons you know tons of money and time to spend on this shit yeah that's interesting like well that being said like why wouldn't they just create liquidity themselves and try to like honey trap people what was that well i wouldn't know i wouldn't like these agencies it's just an attempt to like spoof liquidity well they do that too yeah presumably a lot of the p2p services have you know counterparties that are not uh that are spooks right like that's if all the times like they've gotten most of the times they've gotten people with cash trades in person

wow especially in the u.s has been with a spook on one side of the trade right and then they give you they like give you the cash or they sell you the bitcoin for the cash and they're like yeah i'm gonna use this for some you know illegal thing and they get you on tape saying that you're to do that and then they hit you with that yeah it's like the classic um local bitcoins spook entrapment exactly i'm gonna buy drugs with this bitcoin can you sell it to me or something and then they get you on on tape i haven't heard a lot about local bitcoins so they've been completely uh squashed with their their kyc aml editions i haven't heard anything from them in a while i'd imagine i mean their volume definitely got hit hard right yeah yeah and i'm sorry if

if you could hear my son crying here a little bit i'm not sure what's going on can you can you hear the storm that's going on outside i heard i heard a little rumble and now i'm worried i'm sitting outside is it gonna come get me i'm trying to theoretically uh i'm trying to mute on on point for the fact you're fine you're fine is it like pouring there yeah it's pretty bad shit i got all my hey babe can you uh shut the door please picking you up on the mic um what's our next topic former cftc advocate uh advocates for a bit he's not a cftc advocate he worked for the cftc he's the chair a chair yeah he's advocating for a bitcoin etf uh this is a bloomberg article and i have uh exceeded my bloomberg article limit for the month and i refuse

uh to subscribe uh i will bloomberg if you're listening michael i will pay uh enabled uh uh paywalls you can get through the bloomberg paywall with an archive link yeah archive link um but you didn't provide that for me but um when i remember people talking about an ex-cft cftc chair um was it uh was it gene carla who was it no no no he was jay clayton jay clayton no no it wasn't him either timothy massad okay massad interesting last name there with an a uh okay it's one letter off um well what's the gist of it since i haven't read the article yet i mean i don't know he's just like we should have an etf yeah that's pretty straightforward you can just read the headline

yeah i'm like i'm like so jaded by etf talk after years of etf talk that's like all right i say time and time again like btc is the etf obviously i mean people were like pumping off of it or whatever they were tweeting about it how many times we have to learn the etf which is why i put it on the list remember like the winkle loss what was the beginning of 2017 when everybody's like yep we're getting etf in three weeks there was etf talk in the 2013 pump yeah um yeah i mean look fuck the etf i'm glad that we haven't had the etf yet yeah me as well it's ridiculous that i both agree that it's ridiculous that we don't have an etf and that it's actually kind of a blessing in disguise that we don't yet because it forces people to at least use a little bit

more sovereign methods of of buying bitcoin than just buying the etf how much supply do you think an etf launched what do you mean how much would it take well right imagine if it were launched in 2013 imagine if it were launched in 2017 it would take so much look at gbtc gbtc is a shitty fucking product it's not even a real etf and it's taking up so much bitcoin yeah it just can't it's like i mean recently it's been going down but in general it's just a straight line up Yeah, yeah. But that's an interesting thought experiment to have. The more this ETF gets delayed for whatever reasons, does that equate to that ETF amassing less Bitcoin? Do we want the ETF to be launched at the last possible moment? I think you can make the argument

for that. That would make sense. Imagine if it was launched in 2013, and then went to the 2015 bull cycle that etf is just scooping scooping up 250 bitcoin yeah i mean if you think if you think it's bad that micro strategy has a hundred thousand bitcoin like it'd be a way worse if there was an etf yeah um but uh i mean even as it stands like what coinbase has like a million and a half bitcoin or something like that i mean i'm not looking at the numbers right now um in their custody and there's no etf involved there um the good thing is we're not proof of stake right like if you have more bitcoin it doesn't give you more power over the network you can dump the price if you sell it but i mean the proof of stake proponents should be more

worried about you know what these centralizing factors have have to deal with in terms of ownership at least yeah yeah yeah agreed it's um it's a never-ending conversation etf btc is the etf i'll keep saying that till i'm blue in the face um again proof of stake too did we talk about and mention it last week i know we don't care about ethereum or anything but i just thought it was funny that like one of the most respected uh custodians and facilitators of uh basically a lot of the trade that goes on behind the scenes particularly for otc desks fireblocks they uh they completely talked about this we did they lost what they fucked up the keys or whatever yeah they lost like the private keys it's like 100 million dollars worth of ease that was being

staked um and that's gone well there was also i thought what you're going to talk about is there was this uh the mev stuff kobe's company uh lido i think that's his company i think i think he's involved i want to be surprised um and there's there's staking on like the testnet chain of or whatever i don't know how that shit works where do i um but they're the number one staker and it's because there's a token attached to it so it it kind of showcases early on the centralizing factors and then like number two is kraken and like number four is kraken secondary wallet it says like they're already it's already kind of happening but you know whatever let them do it lebo is distributed though it's not a centralized speaker which is a larp i would

argue but we are not here to argue about that uh that was etf talk for the week um some eth talk i guess and some eth talk i'm sure there will be more in the future uh this a very juicy story very scandalous very uh headline inducing i'm sure that's good picked up by mainstream media sources uh throughout the week and the month good advertisement very good advertisement uh they're in a very interesting case study and why multisig is important and uh why dating apps may may be very high time preference it's something you may want to avoid in the future um so a casa client was drugged by a tinder date uh and attempted bitcoin theft so uh this gentleman met a woman here's your first mistake sir whoever you may be um he met me

swiped right uh i guess or left i don't even know what the swiping direction is correct if you accept a potential date uh he swiped because she had i'm a trader in in my in her bio um mistake number one honey trap no you definitely he had it in his bio too yeah well they don't say another mistake that's how you don't say that in the article but he definitely had in his bio too right um i don't know if he must have the article that the article even says like oh they didn't talk about bitcoin that much like it must it must have been in his bio he was probably like i'm a bitcoiner or it was in his profession or whatever here's how here's how it's described in the casa blog post the hook this client is a bachelor who like tens of

millions of others uses dating apps to meet women last week he came across the profile of a woman whose tinder bio stated that she worked as a crypto trader our client found is intriguing and messaged her since it is rare to come across someone particularly a woman and i added that i was interested in talking about crypto uh in one of the first messages with this woman he mentioned that he too so it was a message wasn't in his bio was a crypto trader in the aims of establishing some common ground honey trap come on be smarter freaks the first the first sign should have been that it was crypto and not bitcoin yes yes it's number one sign crypto trader number two sign in the bio well this chick's savvy man she she knew how to put the trap there crypto trader in

the bio you go meet for some drinks and you get roofied this man got roofied with scopolamine scopolamine scopolamine can render a victim unconscious for 24 hours or more holy shit it's most often administered in liquid and powder form of food and beverages the majority of these incidents occur in nightclubs and bars and usually men proceed to be wealthy are targeted by young attractive women which is exactly what happened here this gentleman got roofied uh went back to his apartment and back to his apartment roofied at his apartment yeah roofied did he get sim swapped or he just like she like opened his phone she took his phone and made him put his password in yeah and he used his 2fa um to to basically drain his coinbase account

i think he said but luckily for him he had uh most of his stack in casa's multi-sig and enter advertisement and she was not this is free ad for cost i mean shows the product works uh she was able to um she was not able to get uh the lion share of his stash which was secured by the casa's multi-sig setup um so a very depressing story with a with a good very strong silver lining uh which is uh a man uh fell for a honey trap on tinder uh got roofied had some of his exchange coins taken from him but most of his bitcoin were secure dating apps high time preference disagree there's too much optionality you made a lot of mistakes i don't think the dating app was the mistake the dating app it's like there's you have too much you have too much marty you were

before dating apps existed match.com existed have you ever used it funny funny story i have used tinder but it was because i had no idea what it was it was back when i was still on facebook marty i was back when i was still on facebook and i had my like friends from high school like i guess there was like some sign up link referral code or whatever i don't know what it was like it was literally when tinder first came out like the app icon looks nothing like it does today and i just like clicked it and downline i was dating my wife at the i think we're like a year and a half into our relationship i'm just like what is this app everybody's downloading i'm sure it was a mistake connected it to facebook and i'm like it started swipe i'm

like oh shit this is a dating app and i had to like come clean to my well anyway okay i downloaded this app i had no idea what the dating app i'm sorry this is a bitcoin podcast but i wholeheartedly disagree with your take on dating apps i just think anyone anyone high time preference like feeds the uh it's not not necessarily anxiety induced like there's always another option there's always another option you're always searching for that better thing that's the pessimistic take to look at it the positive take is it's easier to connect with people other singles in your area that is true i i don't think it's i you know i'm i it's a surveillance app that's a negative of it um but i i think you're being a little bit too harsh on on tinder

usage especially since you've never actually used it okay i didn't use it but i didn't know what it was i mean you didn't go on any dates no no zero dates zero dates also if any freaks are trying to do a bitcoiner version i do have bitcoinersonly.com if you want to buy it from me oh oh man probably a bad idea now in hindsight this is a rare yeah we just explained this is like that's how you get targeted i guess i mean yeah drunk matt bought that domain if you are a bitcoiner be careful like i guess what's the etiquette not etiquette but probably what's the best just don't put bitcoin in your bio don't talk about that when you're dating don't bring it up on the first date second date third like what date do you finally bring it up

like how much confidence do you need to know if you're if you're a successful bitcoiner you know good luck dating's hard it's going to be very hard for you if like like our poor boy nick carter over there uh mr niche famous bitcoiner nick carter is like he's gonna have to go and deal with it and you're gonna have to it's like the same idea you're gonna have to like deal with the potential that maybe they're just coming after your money right this is it's not it's not a new phenomenon on it's just with bitcoin instead of fiat yeah what you have to do is have a boating accident and then like public very public boating accident and then try to get the dates and then you'll know the true the true diehards that want to date you for who you are as a man or woman um and

and get to know you earnestly not just because you have a stack of sats be careful out there freaks be careful be careful man and women there's a there's a lot of a lot of people targeting you out there they hey to give my my point and what i tweeted out like leverage your friend and family group if you can obviously not everybody can everybody has a large friends and family group um but it is a nice way you know the people are at least culturally similar to you and share some values and like the people that you like that helps ease things well we can agree to disagree and we can agree to disagree and i have i told this story before i've been i've been anti-dating app since i was uh very young i was interning in college i had to

be like 18 like i think it was a summer after my freshman year i was working for some like asset management firm just like helping an ria lineup clients to sell uh products to and we're sitting there i'm in chicago like staying my first summer in chicago we're sitting back to back in this small office and uh it's literally like day two of the internship and we're listening to pandora and we're sitting there and i'm like trying to be cool and uh didn't have a pandora premium subscription so commercial comes on it's for e-harmony it's like commercial ends like they go on their whole spiel like find your lover like blah blah blah i'm sitting there i'm like 18 trying to be cool and i'm like god you have to be a complete loser to find your wife on e-harmony.com

it's like 10 seconds of silence and he's like uh i found my wife on e-harmony.com like dead serious i was like god damn it this is a this is a great way to uh to start the internship so beware be aware i could have these ideas but obviously other people are using dating apps they're finding love they're finding uh people that are going to roofie them so just be know the know the the type of people you're going to interact with on these apps and i guess take that into consideration there's a lot of good people on tinder yes there's a lot of good people there is but there's also a lot of people are going to try um to roof you so beware beware beware next up paspersky password manager was generating insecure passwords that could be

brute forced in a matter of seconds not ideal have you ever used this password manager no it's a russian company you shouldn't but but it's a it's a very good uh cautionary tale because good password is based on proper randomness um and a good private key is based off proper randomness and if you are trusting a in this case a closed source app with generating your randomness um there's no way to verify that they're actually secure until you get fucked so um use open source software add your own entropy this is why on cold card we talk about rolling dice um this is what i'm talking about using multi-sig because you have multiple sources of randomness from the different vendors that are adding you know into your your your key scheme

um this is also another theme that i've been talking about which is that these password managers especially if you're generating the passwords in there um can be a single source of failure right uh especially the closed source uh cloud-based ones uh like last pass where it's literally sitting on a cloud somewhere so you're trusting their encryption and their password generation and if you do that for all your websites it's just like it's just sitting there just every every every website that you think is the most important that needs to be in the password manager is is compromised so yeah use different passwords use strong passwords try not to have any significant amount of bitcoin on services behind a password in case something

like this happens move it to cold storage freaks move it to cold storage please please please be aware be aware um speaking of cold storage if you're looking to move your your bitcoin from cold to cold storage from uh by bit which is a an exchange it just allows leverage trading this is like a bitmex hydra i guess you could say is that how we describe by bit i don't know we got greg zaz in the fucking live chat he's distracting me uh by bit adding kyc inevitable yeah i mean i mean you're getting distracted by the comments is this one thing this one thing i talk about like just don't get distracted you can read them just don't get distracted by my Bit is essentially a BitMEX.

Do they allow you to trade shit coins too? I don't know. I don't know either. They definitely let you do leverage like BitMEX does. Yeah, probably. I've never used Bybit. Neither have I. But, while we're bringing it up, they're adding, obviously typical shit coin

casino or leverage margin trading casino pops up. They entice people with, hey, we're no KYC, no AML. Come trade with us. We'll let you trade as much as you want and send as much Bitcoin off our exchange whenever you want. And inevitably, as the volume on these exchanges grow, so does the scrutiny from authorities. And it seems to be what is happening with Bybit. And they are

introducing stricter customer identification procedures next week. And this article was written July 6. So starting next Monday, I imagine they want like a facial scan um and some more identification information uh if you want to withdraw more than two bitcoin a day on the exchange which with that being said with all that being said that is a pretty high limit still sixty thousand dollars yeah but they that's how binance started and they're going to probably start shotgun cable seeing people underneath that amount and it's going to get stricter and stricter and stricter until you end up where binance is right now which is basically anyone who uses it should expect to you know give full kyc um i also think it's ironic that uh

i don't know there was like a lot of outspoken bitcoiners that had very strong tweets about world coin being ridiculous for having ira scans um but bitcoiners are fine with facial scans to buy their bitcoin so and what's the day if you're getting the facial scan you're getting the eye scan too correct i mean no but it might as well be the same thing right might might as well um how could you game that like what how you take the facial no kyc only.com no but like how could you game like the facial recognition stuff like what if i went through this process and just stole somebody's id and like took a picture like a friend you know it was a scummy friend and we're out getting drinks i'm like hey craig let me see your id was the last time i'm gonna see what you

look like in your id picture yeah i mean you're just fucking over your friend but like what's the purpose of the facial scan that's the point i'm trying to make is like when you withdraw do you have to like take a selfie every time you withdraw yeah usually they have you take a selfie with like a newspaper or something or they have you write on a piece of paper and you remember when binance is kyc leaked and it was just all the people like holding up their like passport with a piece of paper in their face and they're just like taking a picture like that's what that's what they make you do but you have to do it every time you withdraw no you do it you do it once and then maybe they'll they'll do checkups on you or whatever yeah um easily gained right well the

criminals just buy they'll just buy identity finance pictures they'll just buy the buy yeah you can just buy the kyc leaks from other exchanges and stuff but but honest users get fucked that's why kyc is the illicit activity is because it doesn't work criminals get by and use it and it just fucks honest users constantly it's a very good point the criminals are going to to access the leaked KYC data from other exchanges and use it on Bybit and be none the worse off for it while the nice user who's just trading on leverage

and playing the casino games because he likes risk or she likes risk gets fucked because they're going to have all these pictures. They're going to have all this data. And what do you think the chances are the bybit has the you know system admin secure admin system security in place to uh secure all this they don't yeah even do you see morgan stanley morgan stanley got compromised i did not what happened a bunch of their customer data got leaked uh names uh social security numbers

account balances um they had the data encrypted but they had the encryption key on the same server oh my god so you get into the server you had the data you're like oh look here's a here's the encryption key that we need to get this data it's right here i don't know why i'm like they're not like a pinnacle of of uh they just have a lot of money So, you know, you'd expect them the more the more valuable companies to be better at securing information. In Morgan Stanley's case, it was a third party that they were using was compromised, which is often the case. You outsource it and then they get compromised. I think in Binance's case, it was a third party, too, that was handling the KYC.

This is why you vertically integrate and control your whole stuff. You just assume it's all going to get leaked anyway as well. All this information will get leaked. But you have to assume that every piece of personal information that you have on the Internet stored with the centralized third party will eventually find its way to the wider Internet. Yes, yes. While we're on this topic, we've mentioned Binance alongside Bybit. It is probably important that we bring up the topic, the letter from CZ reflecting on progress in the road ahead, which is essentially him saying, oh, like we care about our customers. is we have this SAFU fund

that will make everybody whole if anything ever gets hacked. But then it's like down the line, last three paragraphs, we're going to grow our international compliance team. We're going to expand our already robust compliance partnerships

and we're going to localize our operations and business to comply with local regulations. So essentially just bending his knee to global regulators after launching the exchange under the guise that they would never do this.

Well, it was because, I mean, there's been all these stories like the they're squeezing him right yeah no he's dead i mean he's definitely getting the pressure they're cutting off bank access and shit like that so yeah but this is again i was we did this pre-recording right we had this conversation that's why i love this show because we've been saying this consistently since the very beginning like this is going to happen to every one of these hydra exchanges that's similar to the dark uh the dark net markets that pop up um and they do the same thing essentially but they always get cucked they

always get seized similarly in the seized or exit scam basically yeah similarly with these exchanges um now i'm reading the comments and he just like writes marty marty marty matt matt matt matt just i'm looking at i'm looking at the so guitarist i wonder if odell secures his hog as well as you you had to read it you had to read it he secures that hog don't worry he's telling me about it i'm kidding i don't know if we talk about it every day um talk about his pig in the backyard it's being treated well the um yeah buying it so so the one advantage we have as bitcoiners is yeah it sucks for binance but we don't have to use binance right and they'll always be now it sucks for a buy bit but you

don't have to use buy bit and there is regulatory arbitrage you will have other companies upstart companies that will show up um and they will have more privacy focused policies uh until they get too big right like binance uh it's the highest volume spot exchange in the world right now uh cz sees that if he you know hits his compliance goals he can have his exit like polo did and like uh fucking bitrix did right and and that's what bitmex did right i mean bitmex also had their founders arrested um i would i want to put bitmex in the same category they put up a bigger fight than the others right people got arrested yeah first but these these exchanges get super large they bring in a shit ton of revenue and then they see dollar signs right shapeshift yeah yeah it's

inevitable it is inevitable more will pop up um again if you're using by a bit be aware if you have more than two bitcoin a day that you're looking to withdraw uh next week they're going to be looking for facial recognition um and more identifying information scan coming to you i'll say one of the most twitter things ever was i had like uh a tweet about kyc and retina scans and then there was like three people in my comments or whatever there was like it's actually iris scans which are more reliable to reddit retina scans which is why i love twitter but it's also like that's not the point like i don't care it's just i scan i'm just uh similarly uh the great american mining account highlighted the fact that a lot of

a lot of teslas are being charged off of diesel generators and we quote tweeted a tweet about that with a picture of a diesel generator charging a tesla um and apparently we got the generator size wrong and blah blah blah blah blah and everybody's like oh the data's all wrong it's like that's not the point it's being powered by diesel it's the best part and worst part about twitter it's like uh it's hilarious um also warning with bybit and stuff like that if you're not a seasoned trader if you don't know what you're doing 99 of people are going to lose their money yes don't trade on margin you're literally going to lose your stack that was the best part about bitmex is you never had to withdraw you just sent it in and just lost it gone that's at

least what we've heard uh what we got next here to get to the bottom of the list stay humble and stack freaks yes stay humble and stack it again like we mentioned the beginning of the episode um it's a very good time to stack this consolidation period gets boring this is the way bitcoin works it like lulls you into like a false sense like oh this is boring i don't even want to pay attention anymore best time to stack and like that said we could go either way like once you go like up or down still it's gonna be the volatility is coming and we're like in one direction or the other yes yes which which direction like no i'm trying to get a prediction right for i haven't gotten predictions right in a while so no no more predictions no i have a

prediction there will be volatility i like that all right watch we're gonna be consolidating until 2022 dude the mempool just the mempools being completely fucking empty just being able to like right now i don't have it up on my screen but i bet you right now we could just pay one sapper bite and just get in the next block i was so wrong i don't know i did um a transact transaction yesterday i didn't choose one set it shows like the medium speed and it's medium here let me check I'm only, I'm Catan now. I'm dying on the hell. I'm only sending one set per bite. Let me see what it was. Fee market will never exist.

Hey, Hey, you're talking to a minor here. I hope that fee market exists. What did I send it at? Let me see. If you're in a rush, pay two sets per bite. Let me see what I sent it here. Mental dot space. i sent it and my fee was 8.1 sats per byte not too bad wow big spender not too bad i sent a transaction for like 120 sats the other day so cheap yeah this one was like 1400 that's yeah right now you need three sats per byte to get into the next block real real block space demand we got there and that's that's in a a difficulty adjustment down

period where hash is decreasing into the into the period so that it's inflated from where it should be at one sap per byte no no difficulty went down so it's easier to mine so you're going down again this period like the blocks are coming in what'd you say 11 minutes and eight seconds yeah so fees should be inflated a little bit until the next difficulty adjustment levels it back out. Agreed. It's pretty crazy. Yes. Man, a diversion

here into the comments, but I think it was a good one from not even going to try to pronounce your name, but you're saying everybody set up I2P on your node. I saw John attack the Bitcoin core contributor. I forgot to cheers him for getting funding. He got funding from

Strike. Oh, shout out to John. I love that dude. well deserved man well deserved he's a freak too he deserved it he's a very big freak and uh i would consider somebody that i uh respect very highly in this space very grateful for his work and it's like that's the beauty of bitcoin core i guess like to talk about what john does john leads a lot of the review of the code um which is a lot of the times thank a thankless task uh it's not um it's not easy it's not fun a lot of times it's not exciting but it is extremely necessary and productive work that uh that makes bitcoin better and more robust over time um greg

zaj didn't know he got funded by strike even though he works for their meme team right how the hell did you not know that so this funding was for indycon j-o-n not j-o-h-n get your spelling right you see i comment oh by the way now i because we have like shit coin scammers i stay in the chat as tftc so i can ban them from the chat i i got in trouble for putting somebody in chat time out once so be careful i only do it if they're a scammer yeah um so the so this was funded from the indycar it's the first grant out of the indycar 100k usd to john for his work on bitcoin core fantastic to see really love to see it and uh shout out to strike and also i met greg in miami first question i asked him what was the first question i asked him

why are you stamping your gifts nope that was the second and that wasn't a question that was just a statement what was the copy no one wants watermark real memes don't have watermarks on them agreed the first question was do you actually get paid by strike that's a personal question he does they have a paid meme team yeah like yeah but weren't you curious i mean i just assumed he was that's fantastic that's the dream right yeah making memes for money yeah i mean we're talking to a meme master here freaks with matt odell never had a watermark kind of meme never i mean never got paid for meme we had somebody trademark your meme we have other

people trademark my memes i don't even trademark my own memes yeah this is uh matt odell is pure that's all that's all i'm gonna add if you're freaks you gotta tell it's getting humid outside my hair's getting a little little curly here i hope you can't tell i'm balding that much but it's happening you just gotta accept it if you're balding it happens it happens you meet get in the sun try and protect your hair don't wear too many hats even though i wear hats all the time finsen hires a chief digital currency advisor with justice department experience you're sending me to a finsen fucking website give me the archive link we're all spooks

first ever chief digital currency advisor and first director of strategic communications Acting Director Michael Mosier announced leadership additions to the Bureau. Michael Korver, who led distinguished career at the United States Department of Justice, now serves in FinCEN's first ever Chief Digital Currency Advisor. Jaina Desai, formerly of the U.S. Customs and Border Protection, now serves as FinCEN's first Director of Strategic Communications. So FinCEN is creating and filling positions that focus directly on digital currencies, Bitcoin.

Do you like my quote, Chief Digital Currency Advisor? Yes. I don't know, digital currency as a word triggers me a little bit. Well, Bitcoin is a digital currency. Yeah, but all currencies are digital now. Yeah, that's a good point. That's a good point. It's not very distinctive.

visit uh but yeah anyway she has prosecute prosecutorial is that a word experience at the justice department i think so and vincent's hiring her to to focus on bitcoin oh i said michael corver it's michelle corver excuse me freaks i i got it you got um the like that's not good i mean that's just i that that's there's a lot of first shots happening right now of a of a long war in my opinion and i feel like oh we've been saying this the last couple weeks like it seems like all is quiet on the regulatory front and finson has postured like they do not like bitcoin and it seems like again they're creating and filling positions and a preparation to to start attacking bitcoiners i would imagine it feels like the setup is happening and i don't

know if i'm just confirming my bias hopefully this is just like my mental predictions and i'm just completely wrong i would love to be wrong i would love you know if governments around the world just say our people should have freedom and privacy and we won't do anything about it but history has a would say the opposite so we'll see what happens yeah you had a good tweet on it was today or yesterday about um people just assuming that authoritarian government government are going to allow authoritarian governments are just gonna hand hand their people freedom yeah that's what always happens here take it take ah we're gonna have to fight for it freaks and a tangential side note here that's probably why i got so aggressive on twitter this week i

think me personally as well felt compelled to articulate thoughts out of what i perceive as the need to begin being more vocal about things that lead us down a more authoritarian path that's why i was so active on twitter this week starting last weekend uh last friday when i didn't all caps uh tweet thread about my disdain for esg oh my god well it did let's talk about like esg is a terroristic attack on free markets it really is and i shared this article from american mind by a gentleman named emmet i can't remember his last name um off the top of my head but he wrote this great article basically

making the argument that the the climate hysteric green movement is a domestic terrorist organization a legal domestic terrorist organization went into the definition of domestic terrorism and basically highlighted like what these people are doing is akin to domestic terrorism that just went off offline there i guess he's getting a drink or something but a very compelling argument that the green movement particularly those trying to force unreliable energy generation sources particularly wind and solar on the markets while actively advocating for the decommissioning of very reliable energy particularly nuclear energy are making america particularly our grid system less secure it's a very compelling argument esg is a terroristic attack on free markets

I would argue, because they are trying to, from a top-down perspective, control industries. They're leading people in with the environment cart, which makes people very emotional. And then they've got the SG on the back end, which is cultural Marxism, that wants to control how you hire, how you run your business, how you have the posture, and how you can get funding. If you don't check off all the boxes, you will not get the funding. And this is a top-down attack on free markets. And I feel compelled to begin speaking out vehemently against this because nobody else is. Very few people are. There are other people, but very few people are.

And you see Kramer and all the people on CNBC. Again, I've been watching more of that just to see how everybody's posturing. That is becoming the main theme in the institutional investor class right now is this ESG movement. And we need to begin calling out its hypocrisy. And that is, again, I read the Twitter spaces on Tuesday, basically calling out the Bitcoin Mining Council specifically, but other Bitcoiners outside the Mining Council who are attempting to appease this ESG narrative by catering to them, by attempting to prove that Bitcoin is green enough with the energy mix that miners are using, it's never going to work.

That is not the way the Bitcoin Mining Council is like, hey, we're going on the offensive with the ESG movement by proving them, showing them data that we're doing this, doing this, doing this. Nothing will ever appease them. We talked about this last week. You could use pure cow farts for Bitcoin mining and they wouldn't care. They'd move the goalposts. The correct way to go on the offensive is to call out the hypocrisy. like ESG companies that are ESG certified particularly in the solar and wind industry are used leveraging slave labor and hydrocarbons at the front end of their supply chains

to produce the end product but that doesn't get talked about that doesn't get factored into the ESG movement and again the focus is especially in the Bitcoin industry is heavily on the E and everybody disregards the SG the social and the governance like if you're going to cater to the ESG movement you may focus on the environmental aspect of it but you're going to get pulled into the SG aspect of it too. And that is not what we want to do. They're going to try to granularly control how this industry works at the boardroom level. And that's just not a good idea in the long run, short term, medium term. Um, and I feel compelled to speak out about it. Yeah. But you were looking for, you were being overly dramatic with how you went about it,

right well you're the all caps king i'm not allowed to all cap i've never all caps threaded that was that was a marty invention i was very uh i was very heated very um i mean look i look forward to your michael saylor uh powwow um debate whichever perspective you want to go with um i would say i have a couple things for you um interviewer matt um first of all i was going to call you out because terroristic i thought wasn't a word it is a word but i still don't like it i would just say terrorist attack uh the i don't like the appeals to terrorism as a thing that's like a very status kind of oh this is this is holding the mirror up they call the oil gas industry right and they're gonna call us terrorists yeah they're gonna say like people

who use bitcoin privately or terrorists like fire a fire baby ah it's to me it's sensitive you know but that you know you you can have your own strategy i don't care you can do what you want well this is like this is it's like the racist thing like everybody's a racist now so like completely has destroyed the meaning of the word like you can't do anything without being a racist it completely actually destroys the meaning of what true racism is and uh similarly they're doing that with terrorism so again like to combat these people again we don't appease them you ridicule them you hold up a mirror and you say you are a hypocrite like you're the terrorist and you point

out the reasons why and that's how you fight them you you you hold them to the same standard that they're attempting to hold all of us to and you go all right you want to play that game like you're leveraging slave labor uh you want to create the sustainable uh future on green energy that takes solar panels and wind turbines guess what you need lithium ion batteries right now and if you look at the news headlines this week we are approaching a a point where lithium or is like we're literally exacerbating the lithium deposits on the earth we're going to mine all the lithium soon and there's not gonna be any more is that sustainable like you're in this drive to uh move in transition to this green energy future built on unreliable energy sources we're gonna rid the earth of all

its lithium we're not even going to be able to get to that point because there may not be enough lithium like pointing out all this stuff is important and nobody is everybody's just trying to cater to it like oh we're using all this hydroelectricity you convinced nobody god that's not true it's not true like again great american mining the podcast we've been doing has been focused on these very topics uh heavily for many months and we've had many many people reach out to us like hey i was on the fence about this stuff but the conversations you're having the people you're bringing on the valid points that you're making has sort of convinced me that what you're talking about is actually makes a lot of sense but i mean you're not you're not you're not

convincing any of like the the real esg proponents oh i don't want to i want to i i want them to adopt bitcoin last i i i care for the people on the sidelines watching i don't care about those people they don't care about us they want to control us i we are enemies i i do not like like the the people you're trying to reach are the people on the sidelines and the way you reach them is not catering to esg it's pointing out their hypocrisy and the logical inconsistencies that are rampant yeah i mean there's a lot of logical inconsistencies i i can agree on that i so so we we you came out of that uh you you came out of that spaces right you had that twitter spaces on tuesday i was recording dispatch so i got the tail end of the of the spaces i didn't listen to

the whole thing um i was like editing dispatch and i was i was listening in the background you might have seen my little avatar pop up i saw you pop up um it was like literally the last 15 minutes or something the space is left right and one of the main people in the spaces i guess was steve barber right of upstream data who's doing similar things that great american mining is doing but they're doing it in canada in the u.s they have some u.s deployments oh they are in the u.s okay um and he kind of was like and i i get the vibe from you too as well that these large mining operations in the united states are kind of doomed to just like a regulatory hellhole and you've been saying over and over again off-grid mining off-grid mining off-grid mining right

yes but steve took it a step further steve said uh home mining small scale mining that's not reported uh kind of you know more than just off-grid mining like unreported off-grid mining basically on a very small scale in different areas um to me and i completely understand you know your business revolves revolves around nat gas a lot um that that fight is materially important for you to me as a bitcoiner that's not a part of that operation uh i'm curious on what your viewpoint is in terms of developed world western countries you know united states canada europe um large-scale mining operations are we going to see a similar exodus that we're seeing from china in those locales because it kind of seemed like that's what steve was pointing to

like like this idea that the only real profitable miners you would see in those kind of jurisdictions are going to be the smaller scale you know off the record mining operations yeah i don't know i guess that's just short answers i don't know exactly what's going to happen i can certainly see that happening and i think steve makes very valid points that scale specifically with these mining operations will dictate how much regulatory scrutiny operations uh are subjected to yeah we had this debate towards the end of that space as me steve and austin particularly went back and forth on this again it depends what country you're in i believe that the

The resurgence of states asserting their rights and their autonomy versus the federal government here in the United States creates a jurisdictional arbitrage from state to state that will create a competition that will disincentivize overregulation at the state level on mining operations, particularly with states that have immense amounts of energy resources that could be tapped into. it's hard to say okay general the argument is right the larger you are the bigger regulatory yeah and so yes even if you're off grid you could be off grid if you're a major operation and a lot of money is coming through your operation you're a bigger target but there's more leverage right with off grid especially if you're mobile modular mobile right like if a state regulator is going to come down uh on you and you have like the modular mobile setup you can literally call truck and within a day move it across state lines plug it in somewhere else um obviously there's more

logistics to that way easier than shipping it from china or whatever yeah um so that like again that's like a like a leverage point that miners have uh in these instances with state regulators where it's like, all right, you're going to get none of my revenue. I'm going to pick up and move and go over to North Dakota where they're not doing this. So I think that potential jurisdictional arbitrage and competition for industry, particularly the mining industry, between states will disincentivize the overregulation of the space.

however i could see exactly what steve's uh thinking playing out as well um he's still the federal government as well right yeah well that's another thing i brought up in this space so this is something i want to meme into existence i've been trying to is like a lot of these states with a lot of energy resources particularly states like wyoming north dakota texas uh south dakota west virginia kentucky oklahoma um that are that are right-leaning and very very stringent on property rights and um ensuring that free markets prevail and having low tax regimes i would like and this is like and steve had some pushback on this as well but This is just what I'm thinking, like to disincentivize the overregulation and the sticking of the state hand in the cookie jar.

I think some of these states with a lot of energy resources should themselves at the state level invest in mining infrastructure to leverage those energy resources to roll revenues into a permanent fund like Alaska does with their oil permanent fund, which allows them to pay a dividend to people who decide to move to Alaska. Alaska literally tries to appease people to move to their state. They say, hey, we have this oil permanent fund. If you come live here, we'll give you a dividend from the fund if you come live in our state and provide to our economy. I think that model could be played out with Bitcoin as well. So you have like Wyoming, North Dakota, Texas, Kentucky, West Virginia, create these permanent funds.

You have the state invest in some mining infrastructure and they're able to roll those revenues into permanent funds that allow them to keep taxes low and incentivize industry to come in, right? You can fund highway construction, public schools, healthcare, whatever it may be, whatever your state is looking to fund with these revenues

instead of having to dip into your constituencies' pockets. It's an idea I have. I think it makes sense. What do you think about that? I like that idea. I mean, it gives a strong incentive to the states to push back if they're- Yeah, well, that's the other thing.

like that's when it comes to the republic specifically that we have here in the united states that i mean the leverage that the federal government has over the states is funding right and if you have these permanent funds that that leverage gets decreased significantly where it's like hey we don't need your funding to pave this highway we don't we don't need this funding to pay our teachers we have this permanent fund that allows us to do that so they can literally get the finger to the federal government say hey thanks for the offer but we don't need you which would be fucking beautiful right that would get us back to the original vision of the the united states the republic of sovereign autonomous states

i no i agree i think it's uh i think it's a good idea i'm sorry i laughed at the chat not at you cluck mentality bitcoin tax i'm not saying that we should have a bitcoin minor tax rob palinton i'm saying that states should invest in their own mining infrastructure and roll it into a permanent fund that allows them to keep taxes low it's the complete opposite that they mine directly right yeah they mine themselves they literally take out they can think that states see these states can speculative attack the federal government they have access to very low interest trade loans particularly after covid um from the federal government they could take a loan out literally pay like two bips five bips on that loan buy a bunch of asics generators whatever

they may need for a particular operation and pay it back with the mining proceeds and then keep those revenues going and just reinvest with the revenues as well as rolling it into a permanent fund like you could speculative attack the federal government at the state level i i like the idea you guys should work on that we are we are don't worry we are we're talking to some states about this i can't believe you're responding to greg you're responding to greg you you have to you have to fight troll with troll yeah i agree i just want to be clear like i love the strike meme team they're fantastic incredible meme team incredible meme team um going further down the list this seems pretty bad uh eu parliament approves master balance

of private communications yeah and they use child porn as the excuse oh i didn't realize that yeah today the european parliament again this is so crazy like the eu we're talking about like sovereign states here in the united states the autonomy and this is like why america for all its faults for all the authoritarian tendencies of the federal government and the intelligence apparatus and the military industrial complex that america has we do have these this very strong foundation of the republic and the autonomous states and when you just look at what's going on in europe right now like the countries don't even have autonomy when it comes to separating themselves from the european parliament can just have this broad brush

control over a number of countries in the european union um so european parliament approved the e-privacy derogation derogation allowing providers of email and messaging services to automatically search all personal messages of each citizen for suspect content and report suspected cases to the police the european pirates delegation in the green slash EFA group strongly condemns this automated master balance, which effectively means... Oh, so we're reading a...

It's the Pirate Party's statement. Don't put the Pirate Party in here. I don't want Rick Valkin at shit in our HR. Look, they're the only ones that are actually speaking out about this shit. Rick Valkin is just like a pedo, too. It's like...

But... The lines will always be blurred, and it's intentional it's fucked up because obviously you know child porn is bad like those people should go to jail with good old-fashioned police work but you shouldn't put honest people in fucking harm's way over it agreed agreed wasn't like bitcoin ripped into this isn't europe into european they're gonna it's that famous meme like how do you want to how do you want to you know do anti-bitcoin regulation you do the do child protect the children or you do terrorism yeah you know those are the two things you fucking do but i thought it always happens

i thought i saw something um this week from the eu like particularly about like amld5 and the travel rule well they're on six already are they and seven's coming whenever whenever they're on at least have consistency in the numbering scheme i thought i saw something about it increased scrutiny on on bitcoin peer-to-peer transactions yeah it's going to be it's only going to get worse uh reuters had a had a headline or something it wasn't really an article it was that they want to deal with the trend they want to make you know crypto transactions more quote-unquote crypto transactions more transparent it's coming freaks we had a rep um here in the u.s um come out today as well

or not today like last week um and i'm sorry i got a great american mining boss email or slacking me right now i gotta say recording rhr um that's done uh the um what was i saying they don't they don't listen what the fuck guys maybe they're busy they're busy busy busy busy we're very busy great american mining busy orange pill in states to speculate attack the u.s government apparently yes um in all caps god what was it what were you talking about vincent or i don't know you were like disparaging the pirate party i don't like the pirate party it's like they're like the there's like libertarian sex that that will go too far they don't they don't have any morals look politicians fucking

suck yeah you know it is it is you know they have a lot of good stances including you know maybe we shouldn't just mass surveil fail all of our citizens yeah like where are the other parties that are talking about that it was like 25 people said no to this agreed agreed all right all right we'll take the party pirate party for this particular story but with that being said let's get the shout outs before we forget about them um there was one actually that uh sort of piggybacks very well on the conversation we just had um we read that last week particularly about Steve Barber somebody sent in a I'm way down the line here excuse me excuse me here it is thank you Marty Bent Matt O'Dell Elizabeth Stark Yassine Elmandra

Ben Prentice Stuart Haber and Scott Sternetta for sharing your knowledge and experience to Baruch MBA students I'm always grateful Charles Wong Charles we love you and we're grateful that you invite us back to speak to your class every month or excuse me every semester uh it is something that brings me much joy i hope uh matt and i do a good job of was this a shout out yeah it was a shout out from charles oh we love you we do it's again shout out to the nba students at baruch college who may be listening right now um i hope if you were in any of the classes uh at which matt and i have come to talk about bitcoin and you got some knowledge and uh a good perspective you can bring us back this year and marty can give dating advice i will not be

doing that it's a little creepy with your college students uh dating advice oh we're getting what do you think the average age is of the podcast marty oh i can actually look this up right now that's good you can't yeah you can't i mean we get we have that stat from anchor uh what is it let me pull it up real quick the freaks practice good op sec you don't have the real stat well i think it's like i think our i don't know the average age is 18 to 25 year old male no it's 25 to 35 i believe don't marty the number one advertiser demographic is 18 to 25 year old male well we don't really care about ads that much yeah no we want the higher demographic with money this is the bitcoin world you want all the people who can actually spend money to buy

things yeah 28 to 34 is our target demo here they've grown with us 40 of you freaks are they used to be 18 to 25. they used to be 18 to 22 is five percent of the audience wow 23 to 27 20 zoomers have left us we're we trend older dude uh 28 to 34 40 35 to 44 25 we have 60 plus two percent of we have towers comics who thinks that the average age is 87 of the freaks that would be awesome i'm gonna co-sign that hold on our boomers our boomers are coming in our boomers are coming in um next one big one marty you got covid and tried to minimize when matt called you out two weeks ago previously you said that you weren't getting vaccinated and that you were young and healthy so we're

confident being able to fight off covid infection yet you used an off-label drug to reduce your symptoms where's the personal responsibility my man some questions for you one if you are still suspicious of an mRNA vaccine why not just get J&J which is a traditional vaccine or are you now full anti-vax I was in Miami lots of people went but you were the first person I heard who got COVID and brought it home to your family you also were part of the unvaccinated minority what are your thoughts now on protecting your family from this disease you have a platform and you owe it to the freaks to be up front you have weighed in on COVID and now you've had it in time to formulate a new opinion let's hear it always be ready to kill your heroes freaks e-dick um all right so

we're gonna start thank you for uh worrying about my family i appreciate that they're all fine nobody else got covid uh what do i think about the mrna vaccine and the jane j vaccine still suspicious rushed to market tested a bunch of videos coming out of people getting myocarditis of having seizures, of having adverse reactions to the vaccines. Again, like I said and have been saying throughout this whole time, I'm a young, healthy adult. And looking at the CDC data, I feel confident that taking the risk of not getting the vaccine and getting COVID, then I would survive. I did survive. I'm alive and well. I've been surfing, working out five days a week, doing very well post-COVID. I did take ivermectin to reduce the symptoms,

a drug that's been tested for decades and administered to millions of people around the world. It worked. It was a, it was very magical. It helped my symptoms go away within 12 hours. Um, when else happened? Yeah. Like, um, I don't know what, uh, what are your thoughts now in protecting your family from this disease? Yeah. We stocked up on ivermectin and the first signs of anybody getting COVID, we're going to give them that a drug that's been tested for decades over these rushed vaccines. And again, this plays into something I tweeted out yesterday. People put too much trust in the state, big pharma, and the media. Three entities that have continuously lied to your face, that have gotten us into wars, that have killed millions of people

on their false pretenses, that have killed people, hundreds of thousands, millions of people over the course of decades with opiates and SSRIs have created irreparable harm to people. And I'm sorry, the combination of the state, the media, and the pharma industry pushing, pushing, pushing, literally giving out vaccines at McDonald's has me skeptical. I, again, felt comfortable taking the chances of being a young, healthy adult and contracting COVID and surviving. That's exactly what happened. I did have a little help from ivermectin to get myself over the hump of the symptoms, but I'm still here. I'm still healthy. I'm alive. I'm sorry. Me personally, I would rather risk getting COVID than risk taking an experimental vaccine. And hey, if you want to take the vaccine,

that's you. Like, I have no problem with that. If you want to take the vaccine, take it. If I don't want to take the vaccine, you shouldn't have a problem with that. You should be minding your own business. But thank you EDIC for the 146,000 sats. I really appreciate it. Next shout out. Where are we at here? This is the shout out that I was referencing. Let me find it. God, I keep going back to that one from EDIC. I can't find it. This is what I was talking about. In quotes, I think this is a signal that in the future, Bitcoin mining will be more distributed by necessity.

Less mega miners like the 100 plus megawatt ones we see in Texas and more small mines on small commercial and eventually residential spaces. It's much harder for a politician to shut down a mine in someone's garage. Many links to a CNBC article titled Bitcoin mining difficulty drops after hash rate collapse in China. um private keys personal and home mining sovereignty uh to end the shout out and this gentleman or lady whoever sent the shout out anon shout out uh was quoting steve barber um who got quoted in that cnbc article and said this is exactly what you were referencing that

there you go home mining let's go yeah the freaks should be trying to source asics right now they're quite cheap they're very cheap we talked about this last week but yes if you want to buy buy new don't buy buy buy if you buy buy new gen hardware it's going to be your best bang for the buck in the long run you'll roi that much quicker and it will run much longer that's uncle marty's advice this is uh the new hardware is also falling in price with the the massive amount of old hardware oh yeah yeah yeah and the new hardware and just buy new shit and the new hardware it may fall less percentage wise in price but i think that provides more profit margin even if it is a smaller percentage fall in price if you're a small miner and you get one or two bad rigs like

your cost savings have just been completely fucking wrecked just because you tried to go the used route so yeah don't go used use and you never know what you're getting to use miners we've seen this in a great american mining like everybody will market their used miners as uh pristine uh in good order but you never know they could have been running it in fucking louisiana in the humidity by the ocean could have everything all rusted all that bullshit like at this particular juncture this time in the market playing the the used market uh seems a bit riskier than just buying new gen at these prices the new gen is going to run s9s are still running so if you buy an s19 now and it is of the same quality of s9s at least you're going to be

still hashing in 2026 which would be crazy wait what do you think is going to still be hashing in 2026 i think all the new gen hardware now like why like the s19s the m31s or whatever yeah yeah yeah i think we're kind of plateauing right this is what we've been talking about for a long fucking time on this show yeah yeah it's good to see it good time to get in freaks this is actually a very flattering shout out for somebody who's a big fan the no agenda podcast adam carry itm freaks in the morning freaks a shout out for me strictly using podcast 2.0 apps and streaming sats from here on out stay home stack sats peace from the auburn citadel ps the moral of bitcoin is bitcoin i front ran you auburn citadel but you read it ahead of time i did so you like front you

had insider trading i did insider information there i inside traded on you freaks i'm sorry who sent that the auburn citadel the auburn citadel they've sent a few shout outs so thank you for contributing uh via the podcasting 2.0 apps sphinx specifically i believe sphinx um my favorite one's breeze breeze is fucking yeah we don't show the tribe is cool but we don't show it enough um if you guys want to contribute directly i mean the tribe we have in sphinx matt's got a citadel dispatch tribe as well they're very lively a lot of good conversations day in and day out and if you want to contribute directly via sats um you can do so via those apps i will caveat that with due to the fact that we have to release this vnrss feed and if we did too

like it would fuck up everything the ads are still included um in in the podcasting 2.0 apps but just skip them sorry advertisers it's just just on the dispatch feed yeah well obviously um yeah just press the skip button yeah let's get um yeah thanks to the freaks for the shout outs we love freaks oh we got more we have more shout outs yeah good question uh how can wage cucks help bitcoin currently donating to open source devs using bitcoin only services like river and obviously staking i don't know how that helps bitcoin um thanks for all you guys do thanks for all you do guys i don't know what you're staking but like don't overextend yourself don't don't feel like it's if you're a self-proclaimed wage cock and you're working

paycheck to paycheck the best thing the number one thing you should be focused on yourself you should be stacking as much as possible obviously don't wasn't staking it was stacking well it says staking you forgot to see that's where it threw me off so he's down well jackson in the comments is saying it was stacking can you read how can you read this shout out jackson are you behind me did who signed the shout out nobody says thanks for all you do guys that's how it ends but maybe jackson was the one who sent the shout out misspell misspell it's stacking all right man we'll just we'll just say it's stacked with that being said i guess we learned my lesson i learned when i was a wage cuck and working paycheck to paycheck

like i regret like i try to contribute to bitcoin by like using it to buy things like i remember having the the card that the shift card that coinbase had and i like wanted to like really yeah i wanted to prove that bitcoin um you've come a long way bro i have i have i wanted to prove that bitcoin worked people and i like thought it was cool and i'd be like yeah i'm gonna spend some bitcoin and a pair of shoes back then when that card existed that's a lot of sats today it would be worth a lot more than they were um so if you are a wage cook working paycheck to paycheck or just don't have a ton of disposable income just stack as much as possible the way you can contribute yes donating to open source devs is uh admirable but take care of yourself first

and then work out from there build your stack build your salary and your wage cook um it's like when you're on the plane put the mask on yourself first and then put it on the baby next to you exactly i love that analogy um but yeah like doing things like using river cash apps that are bitcoin only contribute to that i guess the the way to contribute from a non-monetary aspect just uh lightly shill bitcoin when you better be a better bitcoiner improve your setup yeah use your own note learn how to use coin join around with lightning i mean i don't i mean lightning does it even matter if we don't have a fucking pac-man pool that's a good question liquid i guess you know play around with it that's another

learn the things yeah the block stream mining token on board people don't use block stream mining tokens don't do any kind of security tokens no cloud mining yeah don't fuck around with that shit you have to be an accredited investor to buy that hey you have to be an accredited investor and fucking cloud mining fuck that shit don't do that just learn how to be a better sovereign big corner and onboard other people be a good uncle jim be a good uncle jim that's how we win we win slow and steady especially if they don't have any tf anytime soon just slow and steady just keep stacking these boring times are like just gotta keep stacking you know it's counterintuitive if you don't want to listen to the show don't listen to the show just fucking

tune it all out you know there's these periods like take a break but keep stacking keep learning keep improving but you know don't be on twitter don't listen to the pod if you don't want to um i like to think that rabbit hole recap can be like your one thing that you pay attention to and you can tone out everything else but i completely understand if you don't that's fine but don't stop stocking you will regret it in the future yes especially during these consolidation periods i think our btc pay server just crashed i can't access the uh the site but i think that was last shout out if not i'm gonna try and get back to make sure it was last shout out i'm pretty sure it was but uh if it wasn't we'll read the shout out next week

freak somebody like creating a bunch of invoices on our on our website right now i would love if we're being ddos right now that'd be a true freak thing to do respect just to just to prevent us from reading the shout outs oh god what i would give what would you give for what what would you give what if we were just like in a live in live stream and just like just like someone just just decimated our decimated our live stream uh knocked it offline that that's when you know we respect it that's when the cia that would that would be a no if it was a freak i would respect it if it wasn't a freak then you know they're trying to they're trying to control us well we could we could lean into that we could lean into

that yeah bgc pay server seems to be down dj if you're listening we'll talk later um next topic we're in the software updates now samurai wallet version 0.99.96i has been released looking at the the doc notes is there anything significant here oh yeah they have a mixing straight to cold storage correct uh that's not in the release notes it's not that's like a undocumented feature okay uh mempool but that exists now and diverter wrote a great write-up yeah that is also in the show notes yes mempool version 2.2.0 has been released running that on your local um hardware you can update that um as i just mentioned a new feature allows you to coin join directly to cold storage using whirlpool a diverter but a verda diverter

dot host your own dot tools slash samurai dash storage um is the link obviously we'll link to that in the show notes um so yeah that's actually a sick feaker but feaker i can't speak anymore feature um that i've actually been waiting for what are your thoughts on this matt sorry greg was uh beaming me so i was what do you think about the mixing straight to cold storage cheese i think that's a great feature i think it's a it's it could be super useful right now it's command line only um and because it's command line only obviously it's less accessible uh but it is it is there the feature is there and this is usually how samurai does things they

they release it for the more hard cores and you have to use command line and then ultimately it'll get into the pretty ux of samurai wallet itself but what's really cool about this is you can get the benefits of sitting in a post-mix whirlpool transaction because constant uh remixes are happening uh not for your transaction but your partners in your whirlpool round they're constantly remixing so it increases you know it increases your privacy passively while it's sitting in cold storage um and then you have uh the post mix tools that you can spend directly when it comes time now the negative of diverter setup is when it comes time to actually spend your transaction i believe you have to bring your keys online but i might be mistaken there um but uh yeah this is a

massive, this is, this is obviously a major use case for stackers, right? Like you want to be able to stack and just go straight to your multi-sig and just have it not lose. You don't want the anonymity set to degrade. And then when it comes time to spend, you want to be able to then go and spend. Right now, this, if you want to use the post-mix tools, you have to be in a single sig samurai wallet cold storage um you can't be in multi-sig but still these are you could do the same thing and just not have the post mix tools it's a nice it's a nice extra tool in our toolbox yeah and it's something i like it's the less touch points you need with the stuff and you can go straight to cold storage like that's ideal to me at least with somebody who

considers himself like a lazy bitcoiner to some extent shout out to all of our lazy bitcoiners out there it's a good meme greg it's a good meme you did good it's a very good watermark you're look it's all about the freaks marty what else do we have you know we're in the middle of the summer freaks listening on the podcast the freaks listening on the podcast apps don't like us talking to the comments so we need to reduce it we've gone for three years every single week we have join the freaks mostly on thursdays sometimes on fridays occasionally on wednesdays has there been oh yeah only if we're live on saturdays which means we've traveled to meet freaks um and this is what it's about it's about it's about embracing the freaks this is this is uh

i like your meme greg the watermark yeah watermarks week get rid of the watermarks mango going to mango i've had a pineapple grapefruit now we're gonna go mango uh brentag paid a 70 bitcoin ransom to dark side in may this is another report from bleeping computer which has been putting out a lot of good content in regards to these ransomware attacks and so the u.s chemical distributor um what are they named again uh brentag uh basically came public and described the nature of their attack and what they did. And so apparently they paid 70 BTC to the...

This was DarkSide as well, I believe. Yeah, it's DarkSide. I mean, you don't have this on the list. I saw you tweeting about it. The first Monero-only ransomware. I think that's why Zuku blocked me. Zuku blocked you? Yeah, we were following each other and he blocked me.

Spooko blocked you? spooko yeah no he really blocked you yeah he blocked me on july 5th the same day i tweeted out the only monero only ransomware chocomo or zuku no zuku wilcox zcash wow so the brentag thing what's interesting about the brentag thing sorry i had like a little bit of connection issue there what very interesting why would he buy the brentag thing uh they also got a bunch of can customer files taken they're like a chemical company or some i've never heard of them but they had 150 gigs of customer files were taken so that's up and they paid 70 bitcoin at a much higher price and they still wear their ransomware and they still got their jacked

they still got their jacked uh the monero only one i think i was incorrect i think there was bitcoin there was like mixed reports about whether or not bitcoin was accepted um but at least it there seemed like there was a substantial discount for monero all right we'll continue to track that the screenshot only showed monero like the screenshot they showed of pay your ransomware was only it was monero only yeah and that wasn't dark side i don't think that was a new one yeah it was a new one was a rebel it was rebel it's this big one that they keep talking about did you realize what happened to that one well wasn't there something like 200 swedish or swiss stores the chain got all their shit fucked up and they had to shut down like the stores for

an extent the company's called kaseya or some shit yeah it's like a swedish no no so maybe there was a swedish story that got fucked like chain that got fucked but it was uh it was like a management firms they make software to manage your own company right and they use the back door of that software to get into their clients so it wasn't like they use the vulnerability of a third party that all the other companies were relying on and then they ransomed the the company that provided the software to say like if you want your clients to get their back you have to pay us the big sum which i think is 70 million dollars in bitcoin could you imagine sending out like a blast email to your clients hey we just got ransomware attack

they want to give you your information back can you help us can you send bitcoin to this address please ransomware growing theme seems like every week more and more and more of all this stuff is coming up coming up coming up we got the uh the ransomware attacks being projected by the world economic forum by klaus schwab who is klaus schwab who are his handlers i'll be back in a second my dogs are freaking out about the storm so i have to let them in otherwise they're going to destroy the store all right i got a good klaus schwab spiel to go on anyway i tweeted that out last night who is klaus schwab who are his handlers thank you freaks for responding with very good information, a lot of which I've already watched and read. And there's a rhetorical tweet to get

more people asking this question. Who is Klaus Schwab? Who is this gentleman? Who are his handlers? Why is he leading this charge for the Great Reset? Why do people put so much intellectual weight behind the World Economic Forum? Why do we take any advice? Why is any economic plan being taken seriously from Klaus Schwab and the World Economic Forum? Like, why does this individual have this much influence over global economic policy with the Great Reset? Why are Boris Johnson, Joe Biden, Kamala Harris, Angela Merkel, Francis Macron, Justin Trudeau, why are they all saying build back better? We need a Great Reset. Why is it emanating from Klaus Schwab?

Who is this person? Why does he have any control over influence on economic policy at the global level? Who is he? Again, it's a question. Do you not know who he is? No, I do know who he is. Again, you missed it. I said I posed it as a rhetorical question because I want more people to…

It's like the fourth episode that you're asking who he is. Well, again, more and more and more. Who is this? If you look into it, he's got Nazi ties in his family. He's a Rothschild. He's very close with Henry Kissinger, who is probably one of the most evil people to ever walk the earth and represent America.

And yet the World Economic Forum, led by him, is dictating a lot of the narrative that is being spieled by politicians all over the world. Why? I mean, he doesn't watermark his memes, though. Well, he doesn't make any memes. he's got a podcast though he's got a great reset podcast hey in 2030 you're gonna own nothing and you're gonna be happy it's literally the message they're they're pushing they eat the bugs let's

go to unreliable renewable energy um why does klaus schwab have any influence on narrative on policy on anything what has he done this dude seemingly just topped out of nowhere and is pushing the great reset built back better we need to chip everybody we need these central bank digital currencies why does anybody listen to him why are these politicians parroting his his phrases look into it look into it yeah shut down nuclear power plants this is like another thing in switzerland so like we talked about the indian point power plant in new york having their problems with the grid last week and it's this week this swiss government came out and said

they're decommissioning for all their nuclear power plants um and i don't think they have a solid uh replenishment plan for that power generation like this is another thing like it's a week for uncle marty where he's like all right controlled demolition these people are just klaus schwab and crew are just controlled demolishing the economy to to do to usher in the great reset and all this bullshit it was it was that week in my mind where um i'm thinking that way go back and forth like is it outcomes razor is it incompetence or is there a plan this week i'm like ah maybe there's a plan just because it's just like too good to be true that they're decommissioning all this reliable nuclear around the world

without any sufficient backup plans uh it just seems too too good to be true that it's uh that level of incompetence around the world any thoughts on that map oh so he's the founder of the world economic forum yes i mentioned that oh okay i'm on his wikipedia apparently his mom was the rothschild and kissinger isn't dead yet i could have sworn he is dead um this is what's going to get us banned from youtube just watch told you marty just said it yeah it's going to be me i didn't always know it was going to be me told you speaking i always knew it was going to be you and you said it was going to be me

speaking of nuclear power uh greenwich uh is diversifying their mining operations obviously they were in the news this week for uh they were more popular in this news in the news this week for another story which is a bunch of environmental hysteric idiots were claiming that they were starting to boil the lake up in upstate new york because of their mining operation couldn't be further from the truth if you actually look at the well you know it was the most fucked up part about that article right no what was it they use the plural bitcoins ah that's not that fucked up most fucked up part is the misinformation about again we do not negotiate with these terrorists they do not argue in good faith either is as is obvious they're not terrorists marty they are

trying to destabilize the grid which kills people and makes life harder for more people like i am going to call them terrorists and you just have to accept that fact i think there's a woman who actually thought that her lake got warmer probably because it's been hot as fuck in new york so like lakes get warmer because it's hot as fuck and then there was an underpaid reporter that wrote the article because they thought they could get clicks out of it and i don't think any terrorism was involved well they're trying to get this very reliable productive profitable natural gas power facility decommissioned that is and if that happens that increases electricity prices and reduces the reliability of the grid in that area

of new york what's really cool about this greenwich again they're arguing from bad faith lying about the mining operation heating up the lake when you can actually look at the publicly available data of the lake temperature which nick carter laid out very eloquently in a thread like it's just not true they lie they don't care about the truth they are going to lie and claw to get their way and in terms of bitcoin and its energy mix and its energy use they will just move the goal post and lie and claw and attempt to shut bitcoin down because they don't care about the environment they care that they cannot control bitcoin with that being said greenwich is diversifying their operations to south carolina particularly in a nuclear power plant with excess

energy um it's a beautiful thing to see uh so that was the cool part of the article to me was that they were a new york only mining operation and they obtained another source of of power in a different state in a different jurisdiction um and now they're more resistant to this regulatory bullshit exactly they're diversifying jurisdictionally from an energy mix perspective very smart move by greenwich i respect the hell out of greenwich i think what they did with their facility in new york was a bold move at the time nobody was doing what they were doing they took a chance they bought this uh natural gas fact or natural gas power generation center and brought it back to life created jobs and mined bitcoin profitably um

beautiful thing and they serve electricity to the grid uh particularly during peak demand periods when it's highly needed in the summer and winter helping secure the energy grid make sure it's profitable year-round and make sure people are getting as cheap electricity as possible it's a beautiful thing so the deal in um south carolina against a nuclear power plant in spartanburg uh it's going to start later this year or early 2022 i don't like this larping but it comes with the territory. Greenwich also bought carbon credits for their natural gas mining

but they say they want to be committed to environmental leadership and cryptocurrency operations. And two thirds of the electricity at the site is sourced from zero carbon sources such as nuclear power. So I guess it's not all nuclear and signing a 10 year lease.

So we'll get 10 years of relatively cheap electricity. Congrats to the Greenwich team. and i thought this other mining story was pretty cool which is also in new york um which is i think they're calling it the the oldest hydropower facility that's still running in the united states i believe that is uh is what they're running with yes and what was really interesting for this and so they've started mining bitcoin obviously it's a primarily a bitcoin show i mean we have a little dating aspects and saying in the world the oldest renewable energy facility in the world yeah i you know when i hear claims like that i think they're mostly bullshit so i

i brought them down to the united states still ancient roman aqueducts running i'm pretty sure um but those aren't power generating but like there's probably like like a hydropower up there yeah like anyway um the cool part here was they had like this fucked up agreement with national grid which is you know one of the monopoly power distributors uh that exists in new york um it's like national grid and con ed um and national good was just them just like completely absolutely them and they almost went out of business and they were like oh we can mine bitcoin and the bitcoin makes us more money the national grid will pay us and it's not like they have a choice on who they can sell their power to like they have national grid and they

they have bitcoin so it brings competition to what would otherwise be a state-sanctioned monopoly which is pretty cool to see yeah that's beautiful i think you can again like similarly with the modular mobile mining units you know you're going to try and squeeze me out here i'll move here all right you're going to try and squeeze me out and force me to sell my electricity for rates that are unfavorable to me i'm gonna mine bitcoin and get more more money for that electricity instead um compete compete with the bitcoin network what was that energy company i'm looking for um what the hydropower company the new york monopoly electricity company national grid national grid all right national grid you're gonna try and squeeze me piece of shit company

yeah i mean a lot of these are you have con ed we have uh we have con ed and con ed and national grid it's like a joint monopoly there's like they split it up by yeah um so shout out and uh monk monkville monkville uh hydro facility oh i pronounce it mechanic phil mechanic phil mechanics phil yeah i was just way off there it's mechanicsville uh this month in bitcoin privacy has been released our a good friend janine has released the uh the june 2021 this month there are nine uh stories or topics in there everything from the bitcoin design guide to the fat f delaying finalizing guidance on their guidelines um many things in between um so go check that out we're going to link to that

in the show notes always loved janine's uh this month in bitcoin privacy she's uh very focused on bringing the signal to freaks when it pertains to bitcoin privacy as we are here as well the more the merrier bitcoin in the american idea by gladstein this was an article that uh dropped on the 4th of july uh he uh basically is um compare compare explaining why bitcoin is an extension of the ideals that uh america was was founded on he had uh isaiah bitcoin zay um contribute to this as well as another individual that i can't remember off the top of my head um do you remember i think his name is fazil yeah from uh pronouncing it incorrectly yeah extremely long detailed article um and yeah

fazil saeed al-muttar from uh from baghdad from from iraq um so again yeah bitcoin is the greatest extension of natural law theory of natural rights since i would argue the bill of rights um and this is part of gladstein's every two weeks is bi-weekly post it's bi-weekly on bitcoin magazine it's bi-weekly it's bi-weekly segment that he does there i'm i'll never see that one ever that that teacher you pulled up that teacher from like what was that tweet like months ago from like june yeah i mean someone liked it randomly so i found it no but i'm praying no no i mean first of all hank was his name is his name and he was correct on the plural of bitcoin but i disagree with him on his he said bi-weekly is only twice a week and fortnightly

is only every two weeks fortnightly is only every two weeks my argument has always been that bi-weekly is both twice a week and every two weeks and it's just a poor word because no one fucking knows what the fuck you mean when you say it okay and that's where you're wrong because you're like an extremist bi-weekly means i mean twice a week weekly i mean every two weeks semi-week it's it's both we will we will argue this until the day we die which is when the show will end when one of us dies that's how long we're gonna go freaks yeah you're not allowed to uh

uh first of all i did not kill myself and second of all if marty same same if marty brings in like another co-host in those suspicious circumstances like he'd go fuck himself i would never we'll blame we'll blame uh claude schwab claude schwab claude schwab if he does it that's we know he's in control yes um diverter similarly uh second shout out to diverter this episode on july 4th he wrote um uh an article on his site diverter dot host your own dot tools uh called all on freedom uh short blurb on freedom and digital safe havens as i reflect on this america's independence day the rains are still within our grasp very uh motivational um article uh that that highlights the again the opportunity

that bitcoin provides us to to retain freedom and liberty in the digital age shout out to diverger love that dude anything else you want to add about the article particularly i mean he channeled what i was feeling on july 4th did you see my july 4th uh inspired memes no what were they i was i was i had a paul revere meme i had a boston massacre meme um i had a declaration of independence meme so i did three three bitcoin july 4th focused memes on july 4th i gotta go back and look at those my july 4th and those were just those were just i was barbecuing and drinking beers and came up with on the fly there was no uh scheduled tweets memes uh in the in that mix you scheduled tweets no i don't i'm just saying that some would

some might say that i did because how did matt have three amazing memes all focused on a july 4th privacy bitcoin theme but they were just all off the cuff i know it's hard to believe and it's hey it's it's hard work being a meme master people are going to throw shade at you they're gonna they're gonna throw accusations at you that you're scheduling all this stuff but no just know that matt odell has the skill the wherewithal and the mental acuity to do it off the dome the only people scheduling memes are named greg not while i take a sip please um that was it on the list but i do have one more thing i want to mention which is related to the fed and inflation and i read about it in the bend today um the fomc

meeting minutes came out yesterday from the most recent um uh fomc meeting and it's hilarious and again i wrote about this yesterday i read about the foc meeting meeting uh fomc meeting minutes today i wrote about an article from cnbc talking about inflation we'll get to that the fed is just fucking with people at this point right so like literally this time last year uh like when the fomc meetings from this time last year came out uh jerome powell came out and said hey we we think inflation's lagging a bit we want to we want to stoke inflation so we're gonna we're going to attempt to overshoot our 2% target to try to stoke economic activity. And so they actively enacted a policy this time last year that was meant to overshoot their historical 2%

inflation target. Like they came out and said that, like, hey, we want inflation to run hotter than our target. And we're going to enact policy that attempts to do that. And then this week, the minutes that came out this week inflation obviously we've talked about this on the show and in the newsletter and other avenues uh has been running hot particularly april may june year on year inflation is significantly elevated from where it should be and we have a mc meeting minutes from this week come down all the fed governors are actually like oh it's running much hotter than we expected like we never we never thought it would go over this like we need get it back towards our two percent target where it's like what the like you were actively

attempting to overshoot your two percent target now you're surprised that you were successful in doing so and on top of this like jerome powell came out earlier this year and said he doesn't believe that their policy is contributing to the increasing inequality in the wealth gap in the united states particularly they've come out and said other things are you bored matt you're putting your hat over your eyes are you okay what's wrong i apologize i didn't mean to derail you well it's like what the fuck is going on like i was just fucking with myself in the camera the fed the point i'm trying to make is the fed knows exactly what it's doing the fact that they act surprised like is the biggest tell ever like oh my god yeah it's a complete political

politics speak to to attempt to quell the masses like hey sorry about that we weren't expecting this but like it's like the the gas lighting and the double speak is mind-blowing it's like you you came out this time last year and you said that was your goal was to do this and now that you act surprised that you were successful in that endeavor it's like what the hell is going on what is going on in the eclairs building like what the best tweet you've ever had was maybe like eight months ago or something like that damn i haven't taught my best in eight month like i mean there was years before that tweet you know it was a good tweet let me tell you what the tweet was marty what do you think your best tweet ever i'll tell you what your

best tweet ever was it was at this point in time the hyperinflation has well in the textbooks they'll say the hyperinflation has already begun or whatever and that was like what like nine months ago or something like that right yes that was your best tweet we'll look back at retrospect and pinpoint a that was the tweet before now that was the tweet uh i the the reason why i was fucking with my hat and shit and fucking with myself in this in the screen you don't have to rationalize what i'm going to rationalize it um is because to me while the inflation talk validates our thesis which is i guess why it's important um as a bitcoiner i don't really care i we've already opted out of that system right as a bitcoiner what i care about is

how are they going to try and take my bitcoin when that happens okay to me that is the shit that keeps me up at night the inflation shit i could give two shits i've already opted out as long as they let me keep my bitcoin matt you know i'm good what happened trying to get as many people in the lifeboat as possible isn't that what we're trying to do here yes yes so it's important to highlight i just feel like if you're two hour two and a half hours into this rapid whole recap like we've already got you like i don't know if we're gonna are we gonna write orange pill any new new people on on inflationary scares at this point i don't know i agree that's fine well that's why you can talk about it but again like let's let's talk about the hyper

inflationary like my best tweet ever like it's still playing out and like there's signs there's ymr signs and you're as proclaimed by you i'm not saying that i would argue i've other tweets but again maybe a little tinfoil hat marty is here uncle marty crazy uncle marty here but like we're at the point so i think you'll like the first sentence of the bend today which i doubt you read because i launched it right before we're at the point of the hyperinflationary event that likely began last year where the corporate media attempts to shield those culpable of unleashing monetary madness by attempting to quell the masses with abject lies the cmbc article that got dropped today is mind-blowing like so it's titled the upside to inflation so they're trying to say

inflation's okay there's an upside there's a silver lining and they said silver lining in the tweet the title of the article when you go to the website is the upside inflation colon rising wages that has key points although consumers may be paying more for everyday items it's not all bad news as inflation takes hold wages may increase too and they go into this whole like five paragraph spiel about how wages are increasing uh and wages and then they explain why wages are increasing wages are increasing because uh business operators are literally trying to appease people to get off their couches and stop getting stimulus checks and unemployment checks from the government so they'll come work.

People are literally staying home from work and just taking unemployment checks because they're getting paid enough to smoke pot and play video games all day or do whatever they want all day, and they're literally willing to take the pay cut as opposed to going to a 9-to-5 working hourly job to make just a little bit more money. So wages are only rising, number one, because employers are so desperate to get people to work for them that they're willing to offer a higher wage. They're literally trying to bribe people. Are people actually taking that bribe? Doesn't seem like many are. And then, number two, they completely buried the lead in the literal last sentence of the article, which is, however, incremental wage increases are unlikely to keep pace with the cost of living rising. caution david wilver founder of personal finance site money under 30 like this is like pure

propaganda they're hoping to catch like people who just look at a tweet and skim an article and don't even read the whole thing and just mislead people like hey things aren't all that bad wages are rising too that's what they want you to think but literally in the article they say like wages are not going to rise anywhere near the pace that the cost living on the bottom of the article they of that the literal last sentence i'm i said to you before we aired at least they put that in the article but it's it's again like so this is low standards this is this is the thing though like the media does not give a fuck about you again like i said earlier the media doesn't give a fuck about they are lapdogs of the kleptocratic elite and they are those people writing those

articles are getting absolutely destroyed by inflation agreed and but their editors don't care the editors are getting absolutely destroyed by inflation too oh well but they're no one working at cnbc except for like the top tier anchors are making substantial money like they're all getting fucked no but they get that you know what the journalist and the editor gets to say i work at cnbc and these people are so convoluted so fucked up in the head that they think that that social status of saying i work at cnbc is worth the the decreased pay that they're getting and as opposed to starting their own newsletter to do something actually productive.

But again, if CNBC is to be a media entity, a journalistic entity that is supposed to inform the public, this is the exact opposite, which is a tell. It's a tell. They're here to fedsplain and to try to quell the masses and make everybody believe that everything isn't as bad as it is. They lied. like abject lies in the title and the key points and most of the article and then they get to the

end they're like but actually like it's not gonna happen like your your your cost of living is gonna go up way faster than your wages well the stronger thing than the wages because let's be honest like wages get stuck by especially if you're working on a small business or something um like and with fake cpi numbers like you're not gonna like no like your boss isn't gonna raise your wages with inflation the only way the only way you're going to get a higher wage realistically speaking is if you move jobs and you start actually caring about yourself and fighting for yourself and negotiating better amounts like otherwise everyone's going to take advantage of you that's the real world now the the real blinders of inflation to me is real asset prices stocks and real estate

right stocks and real estate are that cnbc is bread and butter right like kramer wakes up in the morning and that guy's getting paid whatever 10 million dollars 12 million dollars a year or whatever to sit up there and be like you have to have all your money in the market right now otherwise you're crazy which he's a fucking asshole but like in an inflationary environment like you need to have all your money in real assets otherwise you're fucked yes right that's the real blinders yeah but like the wages thing is all bullshit that's a click story it's a click story but it's a it's propaganda it's propaganda it's pure propaganda like attempt again like i said in the article is attempting to catch the these the low information skimmers and people

who aren't actually going to read the article and give them a quiet confidence that things aren't as bad as they seem like your your wages are growing don't worry there's a silver lining to this inflation to your your cost of living uh rising your wages are rising as well so they make it seem like the denominator and the numerator are rising at the same level so that it's sort of static when in reality they admit again at the very last sentence that it's just not true your wages are not rising anywhere near the pace that the cost of living is rising it's fucked up it's fucked up. It gave me Weimar signs. You have the corporate media attempting to basically be the mouthpiece of the kleptocrats at the Fed and the Treasury and throughout the banking system and

the financial system to quell the dumb masses. Everything's okay. Everything's okay. Don't worry. Don't worry. Prices are going up. Your wages are going up too. But in reality, they're not. So prepare, freaks. Prepare. Get more people on the lifeboat. We've been here for Two and a half hours Is the longest rip we've done in a while You look tired You look like you're ready to put your hat down and go to bed I already told you

I told you before we started fucking recording I'm exhausted I'm fucking exhausted It's been fucking Three years every fucking week We've done this fucking show man I uh It's the highlight of my week

Mine too I uh You know I'm just tired man I just It's it's meant it's a mental toll uh the life is a mental toll uh and i'm just exhausted um i had a fun uh thought experiment on dispatch this week that i kind of wanted to bring you

in on bring me in on it let's go okay number of people that you think are holding self-custody bitcoin in their own keys 10 million no way 10 million okay uh what was that ten percent ten percent of what no bitcoiners you think there's a hundred million bitcoiners yeah 10 million stop laughing at me rob first of all if you're not self-custody you're not a big winner but i'll let that slide 10 of people who think they're holding bitcoin okay that was bullish as fuck what was your number uh me craig and uh kita minor uh came to consensus at 100k which i agree 100k it's low it's low i agree it's low i agree i slept on it and i realized i don't include anyone who uses like blockchain.com or like shitty web wallets

or anything which is a lot of people yeah and then like also there's probably like a bunch of shit corners that use ledger you're all laughing at me that blockchain.com blockchain.info has like one third of the transactions on the network yeah so i mean after sleeping on it i would probably raise my thing to like 500k but we're still way we're disconnected but this is good this is why we have these thought experiments 10 million 10 million that's way too high i just you're super bullish bro i'm very bullish i'm very bullish all right keep going keep going because how many people are using their own node uh low way less than that oh well you have the stats there's twelve thousand five hundred on that's how many nodes there are how many people

are using their own node like a sovereign bitcoin is using their own node i'll go half that at six thousand okay bullish we said i think five thousand okay um how many people do you think are using their own node and using lightning 1200 i gotta go pee i'll be right back you ramble we're in the middle of that involves you okay he's gone well freaks it's been a good episode uh i'm watching the live chat you have any questions for me no greg honestly your memes suck i don't know why you're asking me that question they don't they don't have any questions for me besides greg asking if his memes are good um yeah i mean so freaks i want you to use coin join i think coin join is super important

i think uh marty's dating advice is horrible like dude got married super young he never used any dating apps so don't put too much credence into that if you're using dating apps uh just be smart about it um please do dispatch on moon two of two security model yes i'm gonna get dario on the show um that will happen oh we have the new update on wasabi if you freaks haven't go check out their wasabi wallet 2.0 blog post it reads like an april fool's fucking post i don't know what the fuck they were thinking they have this ridiculous roadmap that's like we're not supporting wasabi while at 1.0 and we're just gonna fucking do things um what else do we have here take over tftc and go for another i'm down freaks marty's the one who stops me from doing

that he won't let me do that i'll what i'll make you the host right now you can run as long as you want bro oh you're sorry marty i've just been shit talking while you're peeing oh that was a very gratifying p we can keep going for like two more hours okay so what do we have we have you said 6 000 people are running their own note using their own note using not running right like you can't just run a node and not use it you have to actually use the node yes 6 000 i think we said 5 000 so that's kind of in the same ballpark and then you said 1200 are using lightning with their own node i think you're a little bearish on that number

yeah because if you're running and maybe it's like 4 000 you're running your own node you're using your own node you're probably i think there's like a lot of writer dies like a overwhelming majority of the people that are using their own node are probably using i mean miami yeah exactly when we asked that question in miami but we have there was 500 people there yeah but it's a negligible amount i guess not they all raise almost all of them raise their hands no they felt the peer pressure that's true and there's probably a distorted distribution of hardcore freaks compared to the rest i kind of like like the 4000 ish number i think we were too bearish we said 2500 i think there's katan lectured me after that show he lectured you um i mean

politely as a friend and and umbral alone has 4400 people in their telegram group so if only half of them are larping that's 2200 umbral users right yeah so maybe it's like four thousand but either way these are negligible numbers right like we're very low we're still very early is kind of where i'm coming with this how many people do you think use their own node and use coin join i mean all join market users are using their own node open arms politely lectured me on as well the next day what's that looking like he guessed a thousand join market users i think he was being way too bullish but that was his prediction i was gonna say a thousand all in

yeah i don't think it's that many people we have 3200 bitcoin liquidity yeah but it's just like the distribution of like it's like 150 ride or dies that are just like we had that one idiot who lost a thousand bitcoin using electrum and got fishing scanned yeah but 3200 so it's 150 ride or die 3200 it's what two and a half bitcoin per person no way more 20 20 bitcoin per person that seems a little high i would imagine there's more people more distributed say higher than that higher than what 150 oh higher than 150 people using coins on their own node in whirlpool specifically oh yeah i was being hyperbolic yeah well first of

all i mean you have the ones that are not using their own node i think the majority of volume is people that are using their own node but you do have a large amount of unique users that are probably using uh with small amounts not using their own node yeah but like if you talk about bitcoin volume it's probably yeah the point is it's less than it's less than 3 000 people right are using their own node and coin joint yes which is nothing it's absolutely fucking nothing it's it's oh i was watching euro 2020 the other day there was 60 000 people in that stadium yeah including pierce morgan who uh the day before was there too sure he was that mother um there were 60 000 people in that stadium we got to pump these numbers completely agree

however i think the better question is from an adversarial mind perspective what is the floor of the necessary amount what is the floor of the number of nodes needed to grateful we have 10 million people self-gusting have have the market sufficiently distributed have the network sufficiently distributed way higher way higher than what we're currently at you don't think it's sufficiently distributed right now i'm torn right because the u.s government hasn't shut down tron the most powerful government in the world hasn't shut down tron hasn't shut down ripple hasn't shut down ethereum hasn't shut down cardano you know and like thousand other shit coins

so maybe we are sufficiently decentralized maybe well maybe we're just being larping mounting men about you know well about needing it to be more distributed but the point stands that well i think you're giving too much credit to their shit coins like i don't think the government hasn't shut them down because they're sufficiently distributed they can't shut it what it what is sufficiently distributed mean you don't know it means strong enough to not be stopped well for particular reasons like if they try and go unplug all the nodes like the government hasn't gone to infuriate and unplug their servers they haven't gone to justin sun and told them to flip a switch they haven't gone to charles hawkinson

or whatever hoskinson whatever his fucking name is and said anything to him i guess you don't know you're sufficiently distributed into your tact right and it has a really that's the problem you never know if it's enough until it's not the only proof that it's not enough is that it wasn't enough exactly i do think that bitcoin is highly robust and hard to attack and it's the most robust it's ever been and it continues to get more robust every every day well so it's another important point to bring up for the freaks too going back to 2017 bit 148 and all that like we saw the number of nodes significantly increase when the network was being attacked by a group of corporate interest right does and so that begs another question will full node adoption cold storage

adoption increase significantly under attack definitely self-custody will the thing is both self-custody and nodes we're sitting here speculating because there's no way for us to verify that there's no way for us to prove we can prove an upper bound right so i can spin up a thousand nodes today on aws and that adds to the upper bound we know you know what did like what is luke's number say luke's numbers say like a hundred thousand notes or something like that like i would call that like the upper bound right like we know there's not 500 000 nodes because the source that says that there's 100 000 nodes doesn't say there's 500 000 nodes but i could run 50 000 nodes today if i wanted to and i can make them all taproot supporting or not taproot

supporting or whatever i could run 50 000 bcash nodes you know and be like bcash has more nodes um there's no way for us to verify that but i do think and this has been a common thesis on the on the show that as people get burned they will be more likely to make shit happen like i like i think bitcoin is like water people need it they don't realize they need it and when they get thirsty they're going to come looking for it right and when i say bitcoin i mean self-custody i mean sovereign bitcoin usage i don't mean keeping it on cash app or keeping it on robin or keeping on paypal or whatever the bullshit is so we have robert hamilton in the comments asking marty how many people do you think are stacking to cold storage every week

if the if the mempool is empty right now still going baby i'll be in um you know she's yelling at you now um me she's just a bat do you want to call greg's fault do you want to come talk into the mic and yell at him no there's too much voice okay i i i can talk for her no it's not my fault no you're fine um rob's question if the men pull home why is the mempool empty i think that's 10 million people are self-custody allegedly again why is the mempool empty that's the question at the first answer and why could the mempool be empty we don't know exactly why it's empty why could it be

blockchain.info upgraded segwit native segwit uh batching practices have gotten better another of other factors could be contributing to that i know me personally i'm moving stuff to cold storage every week i imagine you are as well if you're still stacking i imagine you're still stacking um i've done a shit ton of transactions this week same uh one separate bite it's fucking delicious i get it katan it makes sense i feel bad for paying eight eight sets for a bite now yeah i was a big spender man what is the number the thing is if there's 10 million people self-custodying then are they not sending any bitcoin to self-custody well i imagine most people

do it in a big chunk we'll stack stack stack stack stack at the 10 million sats whatever people like round even numbers and then we'll move to cold storage so whether it has the number the number of transactions per month last 30 days let's see and i believe he has it a little bit above 200 000 can you double check that for me yes transactions total all time 654 million 334 846 rate 30 days 2.5 transactions a second In the last 30 days, there have been 7,962,244. So was it 200,000 transactions a day?

Is that what it was averaged? I divided that by 30. That's what it was. Around 8 million divided by 30 would be about 250,000 a day or something like that. So that's where we stand. Yeah. We don't even have like,

like Roger's not even spamming the chain right now. like we don't even have someone like pretending there's activity on the chain no no i get empty and it's just empty son do you want to uh say something to the freaks out there i put my put my man am i your son oh all right my son just peeked in that was good was that his first time speaking on the pod yeah he tried to give a ticker and he just i thought that was a good to go yeah yeah he went for it um well anyway marty i don't want to keep you too long i mean this no no i'm liking this my family will be here forever this conversation is ephemeral i hope you get in trouble for that comment i just gotta look hey hey son we can't play with that

oh there we go i got my son playing with the roadcaster now all right this is a very good thought experiment it's hard i guess the the conclusion of this is we need more we don't know if bitcoin is sufficiently distributed until it is exact um and the mempools are empty i love you marty i love you freaks can't hear you god mac he can't hear me um maybe if he can hear me he'll realize that we probably should wrap this up yeah there we go now i can hear you there we go marty we love you i love the freaks i'll see you next week i want everyone to stay humble and stack sats and you should enjoy your family well matthew it's always a pleasure we almost had a three-hour rip today great conversation great rip

freaks thank you for joining us thank you for the shout outs thank you for contributing via the podcasting 2.0 apps if you're liking this please like subscribe share yeah we need more advocates we need more nodes we need more cold storage users we need a bunch and he's trying to turn off the roadcaster now all right we're gonna end it on that peace and love freaks love all y'all