TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Bitcoin Week of 2021.08.02

Episode Date: August 6, 2021

This week Marty and Matt discuss: - hodlhodl vulnerability - bitaroo exchange now requires video verification for withdrawals - infrastructure bill - SeedSigner v0.4.3 - umbrel v0.4.0 - nth key v1.0.3 - fully noded v0.2.23 - lightning pool v0.5.1 - joinmarket v0.9.0 - NCR buys libertyx - this month in bitcoin privacy - chain analysis and bitcoin privacy guide - solarwinds hackers accessed emails of 27 DOJ offices Shoutout to this week's sponsors. Cash App. Start #stackingsats today. Use the promo code: "stackingsats" to receive $10 and contribute $10 to OWLS Lacrosse when you download the app. Unchained Capital. Check out their white glove vault concierge service that will take you from zero to secure multisig setup in no time. Use the code TFTC and receive $50 off that package that includes 2 Trezor Model Ts and $1,000 in your vault. HodlHodl. Lend at Hodl Hodl is a new non-custodial bitcoin backed lending platform, that allows peer to peer lending and borrowing between users, globally, anonymously & on your own terms. Create you offers & set your own terms on lend.hodlhodl.com Braiins. Braiins are leaders in the mining industry; running Slush Pool, creating firmware to make miners more profitable (Braiins OS+), and building out Stratum V2 to help further decentralize mining and make Bitcoin more robust. Check out their mining profitability calculator.

what is up freaks it's your boy marty bent here to introduce this rip of rabbit hole recap sorry it's a bit late matt is on the go so we ripped it a little later than usual close to 6 p.m eastern not going on it's heating up freaks beware a lot of good info in this rip quality rip if i do say so myself this rip was brought to you by our good friends the motherfucking cash up cash up so we stack sats and sats receive sats and sell sats if you so please we're saying sats sats sats sats sats because sats are the standard what are sats sats are the smallest unit of a bitcoin there's 100 million sats in one whole bitcoin you don't have to buy a whole bitcoin

you don't have to buy a fraction of bitcoin you can stack whole sats instead and right now one cuck buck worth of sats is going to get you 20 is worth 21 cuck buck is worth 2448 sats there we go on top of that cash app allows you to participate in their boost program which allows you to go shop wherever visas except you get a personalized debit card it's got partner merchants that when the boost is enabled you can save some cuck bucks when you save there sometimes they have their sats back reward on as well i took advantage of that a couple times in the last week when it was available uh cash app can be your bank account they're offering account numbers and routing numbers and if you haven't downloaded the cash app yet make sure you do so using the

code stacking sass is s-t-a-c-k-i-n-g-s-a-t-s you're going to get ten dollars and ten dollars is going to go to our good friends at owls lacrosse that's owls lacrosse owls lacrosse so it was also brought to you by our very very very good friends at unchained capital all right freaks unchained capital is here to help you take custody of your bitcoin with their collaborative custody vault program okay there's an urgency to upgrade your bitcoin security beyond custodians and even single sig wallets unchained is making everything easy with their white glove concierge service is going to take you from zero to having a multi-sig vault set up with a thousand cuck bucks worth of stats

in it the way their multisig vault works is you hold two of three keys it's a two or three multisig wallet so that you can always move the utxos out of the vault when you see fit but if you're ever in a pinch you only have one key on you need unchained to be that second in that two or three multisig transaction they are there for you again they have a a concierge a white glove concierge service that's going to take you from zero to having a vault set up and uh basically what comes with this is multiple video calls they're going to be comfortable with multi-sig they're going to get you comfortable with their vault product uh they're going to send you hardware wallets you're going to get two hardware sent to you directly from the manufacturer so you know

coming direct from the source and then they're going to get you comfortable with creating those private public key pairs securing the seed phrases uh setting up the multi-sig obviously securing the derivation pass all the pertinent information uh get you comfortable with receiving and sending transactions from this multi-sig volt um and then again a thousand bucks worth of sets uh dumped into it the concierge team again will provide you a personal one-to-one guidance to get you set up with a secure solution fast it's a very personalized solution uh if you are a little hesitant right now and you're like i don't want to do this they but like i do want to check it out they have free consultations uh to learn more about what's to offer so if you just want to learn

you can reach out as well um if you want to do this go to unchained-capital.com slash concierge that's unchained-capital.com slash concierge and that's c-o-n-c-i-e-r-g-e if you tell them the tftc sent you use the promo code tftc you're going to get 50 off this package all right once you're set up with unchained you can easily access other services including buying and selling bitcoin bitcoin retirement accounts and bitcoin back loans check all this out shout out to our good friends at unchained capital so it was also brought to you by our friends at hodl hodl we talk about in the episode hodl hodl had a security vulnerability earlier this week it's still an ongoing situation uh max and crew came out right before we ripped and made the

market aware that no funds have been lost this is affecting their lend product which we are advertising uh lend to hodl hodl allows you to set up a a multi-sig escrow and you use bitcoin as collateral to get stable coin liquidity in return you put bitcoin in this multi-sig escrow you get stable coins back and then you can go spend those how you see fit and as long as you're paying the loan back at the end of the day you're going to get your sats back at the end of that loan um this leverages multi-sig as well it's a two or three multi-sig escrow account you hold one key your counterparty holds one key hoda hoda holds the third key and the way it works is or the beauty of that is throughout the duration of your loan you're going to have visibility into

the wall to make sure that those utxos aren't being re-hypothecated so it's the beauty of it you just you know your stats are going to be there at the end of the day when the loan structure is done um if you want to lend out your stable coins you get some interest some yield on those you can enter the other side of that order book provide liquidity um check all this out at lend.hodl hodl.com it's l-e-n-d.h-o-d-l h-o-d-l.com again ongoing security situation at hodl hodl max is keeping us up to date no funds have been lost should be more updates throughout the weeks they're doing some serious audits right now uh last but not least this rip was brought to you my good friends at brains brains brains os plus is firmware it allows you to stack more sats with

your hash all right this brains is also the team behind slush pool which as you freaks probably know by now has been updated the update is live this new update comes with ultra flexible payouts that can be either time-based or threshold-based mining reward splitting for automatically distributing rewards to multiple wallets and of course dark theme for those of you with shitty like myself meanwhile the latest brains os plus firmware update includes full support for the m minor s17e and t17e as well some significant improvements the auto tuning for all x17 devices and it's available now at brains that's b-r-a-i-i-i-b-r-a-i-i-n-s.com slash os slash plus go update that and i do have to make a slight correction i actually have perfect vision i don't

know why i said i have shitty vision i can actually handle light mode um so just want to make that clear brains os plus is compatible with any mining pool this is important it's compatible with any mining pool you don't need to mine with slush pool there's a misconception out there that if you use the brains os plus firmware you have to point your hash at slush pool if you're a miner leveraging their firmware this isn't true you can point it at any pool that you want to however however if you do mine with slush pool you're going to get zero percent pool fees and since network hash rate is hovering around one year lows due to the china crackdown that's still ongoing now is a great time for miners to jupe up their jupe up jupe up jupe jupe jupe juice up their asics with auto

tuning firmware and stack even more sets we're going to get into the technical details here for you freaks who don't know what this auto tuning is it comes down to the silicon in the hashing chips there are small variations in the silicon quality for every chip and in 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 boost 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 this per-chip tuning is more hash and thus more sats per watt of power consumed. Currently supported devices are the Antminer S9, S9i, S9j, as well as the S17, S17+, S17 Pro, T17, T17+, plus and the ones just added mentioned earlier the s17e and t17e next up are the what's miners again i believe when i see it and let's just like rip this out of the ad copy edward i believe the what's miners when i see them with the s19s from bitmain also coming up soon stay tuned to him for

more updates on the firmware and slush pool and check out insights that's i n s i g h t s dot brains b r a i i n s dot com for content stats charts and mining profitability tools to stay up on top of everything happening in the mining industry. I actually just had a very interesting thread on decentralized mining pools on Twitter as well, the Brains Twitter account, so go check that out. Enjoy this, RIP Freaks, and enjoy your lives. Maybe in a gulag soon.

Enjoy it before then. Take care. You've had a dynamic where money's become freer than free. If you talk about a Fed just gone nuts, 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. You probably should be. what is up freaks it's your boy marty bent here with my good friend matt odell we got rabbit recap and we're going live now welcome freaks in in the live stream it's your boy marty bent here with matt odell we're back for rabbit hole recap big week big week uh coming into you guys a little late today matt living that nomadic lifestyle and as you can see he's landed in a hotel room with some very interesting armchairs what do you think of those chairs matt literally it's a six-hour drive so

i'm going to be counting on you to uh carry me a little bit at least in the beginning while i get my bearings well we've been uh we've been pumping each other up behind the scenes for this week uh there's a lot going on it's we ended last week with the infrastructure bill and we're going to pick back up with that uh obviously a lot has happened since the last time we met here to record our hr last week uh specifically to the infrastructure bill and what's going on with the provision that entails cryptocurrency regulation and taxing uh we'll get into that let's start with the dashboard we got the btc pay server back up uh this week we've got plenty of shout outs is going to be a good show matt i know you're you're a little ragged from your

your travels but we got a lot of hot topics uh bitcoin according to clark's dashboard is sitting at forty thousand nine hundred and twenty dollars one cup box gonna get you two thousand four hundred forty four sats uh currently the market cap is 768.8 billion dollars uh the adjust or excuse me the estimated difficulty adjustment for is right now August 13 2021 or 1141 blocks and that is estimated to be an upwards adjustment of 6.2%. That's because blocks are coming in at nine minutes and 25 seconds on average. It's pretty much static from last week, maybe up a little bit maybe up a percent or two estimated difficulty adjustment. There are currently 1933 transactions and clark's mempool it's been almost 17 minutes since the last block was mined uh you still get

one sat per byte transactions through pretty easily and last but not least whirlpool approaching uh 4 000 bitcoin in unspent capacity currently sitting at 3 794.54 btc or 155.4 million cut bucks liquidity it's bumping in samurai i think people react into this infrastructure bill one might think i mean i would if i hadn't been for like the last two years three years i don't know what people expected like even if we dodged this bullet we're just denying the inevitable delaying the inevitable ultimately i think uh but obviously it's better if we can buy some time here right the more time we have the better agreed agreed solidifier under my ass i mean we were talking for a good amount of time yesterday i was trying to connect my ronin dojo to my blue wallet

my mobile wallet that i have on ios and uh had to go to you for some ronin dojo support i had download the electrum server which i'm still waiting on started that way you had it downloaded separately onto ronin dojo yes i believe so well no it's part of the lecturus as their back end on the ronin yeah lecturus is um you had to go in and uh and download it well i'm glad you got it so did you get it sorted i think so it's in the process of being sorted so can we start with positive news i have some positive news i like positive news i don't know if you want to start right here i have the limited edition btc pins uh false set there's only 80 of them being sold i believe there's less than 30 left

and all proceeds go to open source development through open sets and what is this a deck of cards oh hell yeah we have zeus btc pay server Raspi Blitz, BISC, and Siddall Dispatch. Limited edition. All proceeds go to open source devs. BTCpins.com. And if you don't get one of the remaining 30 and you're at BitBlockBoom,

we will be auctioning one off for open source development as well. I think we're going to sign that one. A bunch of people that are at BitBlockBoom, we're going to get your signature on there too, if you're so inclined. You guys spooks trying to get my handwriting so you can... Didn't you sign last year's BitBlockBoom thing you did?

I don't know. Probably. I'm just being a hard-o. That was the joke I made. I was like, if you buy this, then you can fake checks for all of us. Right. It's, yeah, BitBlockBoom. Speaking of BitBlockBoom, all right, let's start with some positive news,

some good events coming up in the space. BitBlockBoom being one of them. I believe they're still sold out of tickets. Is that true? Are they releasing anymore? uh i know he opened up the tickets basically while we were live last week okay so they may be i don't know if there's any left it's maybe uh i already have my ticket so yeah i've got mine as well um we've got that i should have mentioned it last week but another uh conference that's coming

up is the uh tab conference down in atlanta the atlanta bitcoin conference that michael tidwell from zebedee host uh i believe ben carmen's speaking of that i think i'm going to go to that as well um that's in the beginning of november as well uh here it's a very fun and technically oriented conference you're making me feel bad i was supposed to get back to them i don't know man it's so busy so busy i want to make it i want to make it though it does look like a great lineup yeah yeah and i've never been to atlanta outside of the airport um i gotta check out of lana uh yeah all right infrastructure bill dude um should we start with that or property taxes have you paid your bitcoin property taxes yet i don't think i made it clear these pins

they're baller as fuck they're fantastic pins i was i was blown away i was surprised at how nice they were to be honest btcpins.com um i will not the ads free ads btcpins.com i mean not making any money off of it he's it's all going to devs um gotta support the initiative agreed agreed i'm with you all right so what you want to start with the sailor clip not necessarily the sailor clip i think the sailor clip uh provided some well-needed backlash to the bitcoin as digital real estate meme uh i think that's what the theme should be of what it's part of the conversation the the bitcoin is

digital real estate name it's something uh the people are squabbling over who came up with it first and then uh comparing it to actual real estate and property i think there's some semantic nuance that that can be walked through as someone uh in you who has been shielding the bitcoin as manhattan in in the 80s type of asset what do you think of the whole conversation mold bug mold bug was talking about bitcoin being real estate or at least the equivalent of buying manhattan real estate since 2011 bitcoin was trading at 90 cents at that point i don't i don't understand like the the idea that everyone's trying to like take credit for a meme um every meme has uh starts in a kernel of truth and i don't think anyone can own a meme otherwise it's not really a meme talking

to you greg with your watermarked uh your watermarked means um you know i always thought you know look if you if if we have all these different ways of of comparing bitcoin to things that people are already comfortable with and real estate is one of them obviously gold is one of them cash is one of them um some people like to compare it to tech stocks in terms of like an investment thesis and like network effects um all these things i think help a pre-coiner understand you know a perspective of bitcoin uh i i and i i do think from like a investment opportunity it is very similar to you know blocks of manhattan real estate in the 80s when they were really fucking cheap i agree i agree and it is because sorry for the seagull in the background

uh manhattan real estate people were speculating on that real estate in the 80s we're making speculation that demand for uh the occupation of that real estate would increase as new york continued to become a financial powerhouse in the world right so they were speculating about future demand for the asset they were buying and similarly bitcoin we're speculating we're making a currency speculation that more and more individuals want to use bitcoin as as a monetary good their the investment thesis is very similar uh the application of the asset uh that the speculators are investing in is completely different and specifically when you're talking about like a manhattan or like a hong kong um these are these are areas that are inherently

scarce because they're islands right when you're when you're talking about some other cities there you have the sprawl right which is like almost more more shit coiny right where you can have an expansion at will um but in general i mean i think it's a it's a relatively decent perspective of getting introduced to bitcoin in the first time especially if you're if you're already if you're like a real estate focused person right obviously those people are more inclined to do it just like if you're going to a gold bug you say bitcoin's digital gold right it depends on who your audience is but ultimately at the end of the day i think it's become abundantly clear over the last two years to any deniers um that real estate is an absolute coin

um like there's there's like and i i posted that on twitter and people got angry i'm talking about investment real estate obviously you need to have a house over your head you don't want to be long term you don't want to be a renter in someone else's you know someone else's real estate you you want to own your own land. That's not what I'm talking about. That's different. I'm talking about investment real estate. And investment real estate is an absolute shit coin. The rules can change on you at will. Just like we see with shit coins. And all the major markets,

there's so many major markets that got absolutely cratered because of rules changing on people. And they basically got rug pulled. We saw that in Hong Kong and now we're seeing that in New York. and i i think that's a trend that you're going to see continue yeah what do you think about the extension of the eviction moratorium like it have you had time to dissect that particular story like how it went down there's been an eviction moratorium for over a year yeah but how biden extended it did you hear how it went down through the cdc well apparently it went to the supreme court the supreme court said no it's unconstitutional you can't extend this anymore

in some roundabout way did some executive order type action that made it happen like there's no rule of law i thought the cdc decided well they have i mean they are the ones i guess implementing the moratorium they are the chosen alphabet soup agency to to go through with this and that's on the federal level on the local levels we see different eviction moratoriums happening really and have happened in the past like new york has their own eviction moratorium and basically what that means is they just socialized all of this rental housing and they did it and no one blinked deny they just fucking did it there was no pushback there was no way to stop them and uh savvy renters haven't haven't paid rent for a year over a year right now there's

no penalty what what the landlords have no power whatsoever would you say that's socialized or nationalized have they nationalized the essentially like you have no autonomy if you're a real estate owner i mean nationalized maybe not because there's local laws right that have also have done this right but either way it doesn't matter the point is the point is is that people bought this stuff as an investment and like your classic shit coins they got completely rug pulled because the governance was centralized and could just easily change at will right and uh you know we're seeing we saw that with eth today eth changed changed the changed at will we're seeing it with the infrastructure bill you know what in in two weeks within two weeks they can just pass anything to

just completely fuck over anybody who who needs regulatory permission like oh call your senator you know that's ridiculous it is i've been seething over the infrastructure bill uh today specifically just that one i wrote about in the bend today that one picture of that like page standing in the basement with the bill printed out it's like a foot and a half long it's like there's it's a slap in the face to the intelligence of the the constituents of the united states like you honestly truly believe us to expect that they're going to create that bill that large they're going to present it to everybody to be voted on within three days and you're expecting them to actually read the bill and understand and have debate about the contents of something that

large it's it's disgusting and it reminds me of why i think i was so attuned to bitcoin when i was in college i mean freaks have heard this story a million times we've been listening to podcast for long enough but like the tarp bill is what radicalized me personally as a 17 year old senior in high school in the fall of 2008 when the world was going to and at that point in my life i was scared this was like holy crap is the financial world going to collapse is the economy going to collapse we're going to go in the armageddon is that the way everything is being portrayed in the media made it seem like we had an imminent armageddon and tarp gets passed and you again remind me a lot of this infrastructure bill you go through it

there's most of it is stuff that has nothing to do with 700 pages of corruption yeah it's insane and then like no one yeah so i went back and forth failed state shit you know it's like what the fuck right like i called i called uh portman's office last week got got through i tweeted about it um my recommendation was like pull the whole provision from the infrastructure bill because has absolutely nothing to do with critical infrastructure and it makes no sense to make these regulations in haste that was my message to his aide who answered the phone in that office i didn't know if it got passed on or even if it uh even if it gets listened to since i'm not in the state of ohio but uh that um particular asked for me like hey just rip it out the whole bill

why even uh have it in there in the first place is something that i think everybody should be David Price- Focusing on and focusing their energy on the just like pull it out don't have anything in it, and so the focus this week from bitcoin lawyer Twitter and bitcoin law Twitter. David Price- To change the language to make it somewhat like amenable to the industry is just again it's like conceding insanity like why, why would we allow them to throw this in the infrastructure bill just pull it out. David Price- wholeheartedly. yeah i'm surprised there hasn't been more of a push to just remove it rather than like and i i i guess there's like i haven't even seen have you seen the actual amendment that was proposed by what was it cynthia senator loomis and to me i've just seen that widen i think lightning node operators may still get caught under the definition of a broker yeah they like left

lightning node operators out to dry and then they went to save miners and defy and like that's classic like all right you know i don't know i it's hard to have faith in our political system i i think uh very hard i think people should take self-sovereignty themselves and use the fucking tools because agreed like i said hopefully we can delay but this is just it's inevitable at the end of the day and actually i i would say like the timing might be pretty good because you know miners are looking for a new home after china you know maybe they'll think twice before coming to america it'd be better than if they tried to rug pull miners in america in two years yeah um at least this is like a wake-up call don't you know let's not have too much hash in america

it's a very good point maybe we've had the u.s government being too strong-armed too quickly and uh it drives business decisions of the mining industry to do other things which as matt mentioned could be beneficial in the long run he's like it's clown world dude clown world like look like this thread that i shared in the bend today oilfield rando at oilfield underscore rando on twitter he dissected it i think with the help of some other individuals on twitter were reading just cutting up the bill and reading parts of it like 250 million for an invasive plant species removal program boom quarter of a billion 50 million for studies on how to tax us more with road usage and per mile fees like there's literally a provision in the bill like if this gets passed we're going

to figure out how to tax people per mile driven on the road it's like a climate is it there one that's like to put breathalyzers in all yes within three years yeah but fucking alcohol breath it's insane it's studies on people hitting deer uh 50 million for 10 transportation resilience and adaptation centers of excellence which will do climate change reports and engage disadvantaged communities upgrade upgraded amtrak train service in canada combating human traffic uh provisions in the bill as well apparently i mean obviously everybody wants to combat human traffic but i don't see what it has to do with infrastructure um studying the safety of limousines all cars equipped with breathalyzer studies on smoking the weed and driving

it's insane it's just like there was a there was mitt romney's uh provision or whatever that just gives them 80 million dollars i think to utah yeah utah just gets gets a cool cool let me find out the exact number 50 million yep there's gotta buy his vote he's throwing out millions hundreds of millions millie willie here and again this infrastructure it's not as pressing and necessary of a bill or vital of a bill is probably a better word than than the tarp bill but it's still at least at this point in time in the united states seems to be very contentious and something that everybody's in the political spectrum is uh posturing like something that absolutely needs to get past asap and they're sneaking all this bullshit in there it's it's disgusting it's like

why do we put up with these people they're all like 80 year old they're not even reading the bills they're not even fucking reading them i was thinking about this maybe it's just like a half fast idea or not a well thought out idea but like can we bring back like the saying taxation without representation like we're not being represented by our congressmen or senators like they're literally just having lobbyists hand them handwritten bills and just signing them they're not even reading them or adding anything to it if anything the colonists probably had more representation back in uh 1776 than we do today right like do we actually have representation are they representing us or are they just taking these papers not reading them and signing them

from special interests the absolute state of it man the absolute state of it i'll call your senator utah is infrastructure that is true utah is very important infrastructure yeah the freak in there is like uh limousines are infrastructure we're getting we're getting trolled a little bit uh so anything else to add on the infrastructure bill what is the latest you're hearing is that going to get signed by the end of this week i'm hearing like over the weekend it's going to get signed i don't know i don't have the patience for this shit bury it on a saturday afternoon it's better it's better to just assume the worst is gonna happen and hope for the best

and really the most likely outcome is that the worst stuff probably just gets delayed for a bit but at any moment you know they can just rush shit through and and fuck us so um it's foolhardy to expect anything else be prepared freaks be prepared be aware it's all coming down the pipeline lobbying is infrastructure live chat oh that's another thing we didn't mention and i don't think we had this information last week it became apparent after recorded but apparently this particular provision as it pertains to the cryptocurrency industry was crafted by the treasury department we did not talk about that last week did we i think we did no but what was the source for that oh i think it was uh

representative davidson who said that yes yeah on bitcoin magazine yeah yeah he said uh the pressure came from the treasury so if you freaks have fuzzy memories of only uh in the beginning of this year as trump was transitioning out of office and steve munching butts was still his treasury secretary they were trying to sneak in some onerous bitcoin regulation that would have affected self-custody the most i believe that particular attempt to push regulation on the industry to ninja launch on the industry would have done um it seems like janet has taken the baton in the treasury and is is looking to slow down the bitcoin industry to a certain extent or co-opted if portman got a payoff and he slipped in there yeah what payout what was his payoff do you

think money i don't know maybe he's like going to be a future cabinet member or something yeah is this slander right now we're slandering yeah all right we're just speculating we're speculating yes but obviously he hates freedom that's not speculation and do you say he hates america because this is bad for america yeah who he's getting his pecking orders from what do you think it is do you think janet hates america or you think she has such a beef with bitcoin sign guy for how bad he embarrassed her that he she has a vendetta it's not even about the fact that the bitcoin's like a new uh distributed cash system that is separate from central banks and governments is that that one blonde fresh-eyed sailing yuppie uh held up to buy bitcoin embarrassed her while

she was asking being asked if uh congress could audit the fed i mean if it's if it's a personal vendetta that's almost reasonable you know she should be embarrassed by that that would haunt me forever yeah no but these guys in the fed like bitcoin's bitcoin goes against everything they've spent their life doing they understand bitcoin let's make that clear i think i think we should make that very clear like they're not stupid about what's going on it's why they're trying to coordinate across the global central banking system the ecb the bis that type of banking entity are really pushing central bank digital currencies hard particularly the guston karstens and christine lagarde and obviously the chinese digital yuan but i would consider that separate

from the other cbdc's cbdcbs cbdcbs excuse me um they know what's going on they understand the threat that bitcoin poses i mean you're gonna have to show your papers to eat dinner in new york city i think uh i think most people will roll over and just take their surveillance coin whatever let's talk about that how does it are you officially a new yorker with me now i've been unofficially one for a bit now oh it's it's insane it's insane so i will not comply with that yeah i'm done we're gonna destroy our city i have to boycott shake shack now yeah 100 how ironic is that shake shack clogging arteries day in and day out trying to force people to carry vaccine passports to make

sure they don't spread uh the common cold covid whatever it is now or coronavirus which is the comic called like once again regardless of what you think about the virus or the vaccine we should not be fucking showing papers when we go to eat dinner or go to a concert and it's it's almost even worse than papers because it's all digital and it's all stored on their insecure fucking databases it's an absolute privacy nightmare it's a civil rights issue and retail in new york city is already hurting tremendously and they're just dropping this on top of them in addition to it and and i'll just i'll reiterate that this is one of the reasons why i see so much value in bitcoin is because it's hard to change right like we've seen bad

governance in new york within the last decade just absolutely destroyed the city like the beauty of bitcoin is there there's there's no centralized governance that can destroy it in a decade yeah yeah well so if you listen well if you listen to the episode i dropped yesterday with laser hodl i think this is a very good point to highlight the point he was articulating throughout that episode which we have to zoom out what are these vaccine passports in new york city a bigger part of and that is monetary reset like they need uh the the push towards these vaccine passports is a very easy way to get an app in people's hands that would could easily transition to a cbdc wallet

which is part of this monetary reset like they want people so scared and so compliant that they're like you said uh just willing to walk into the digital panopticon so this one pressure point with the vaccine passport specifically uh like people are just fed up they're like fuck it i'll do whatever i'll take the vaccine i'll download the passport just let me go back to my life tell me what the rules are and i'll play within the rules i'm so tired of dealing with all this shit and that is what they're actively trying to they're trying to get as many individuals as possible to that point so they can get them hooked into this digital panopticon the chinese surveillance state that they're trying to export or import it's the thing is is like yeah we're

we have a focus because we're focused on bitcoin we have a focus on these cddcds and like it's the new hottest buzzword but it's already here you know your credit card is absolutely a surveillance card your apple pay is a surveillance app like they could integrate it tomorrow they can integrate the whole vaccine system into apple pay if they wanted to and when you go when you go to pay or you go to enter the place you use the same app to enter as you pay and they can track every single person and they can check where you ate they can check when you ate there and they can check your vaccine status they can do all of that without cbdcbs that's just the natural evolution of where it's going it gives them a little bit more control instead of outsourcing it to a private company

but it's already basically there and we saw it in australia they're looking at bank card statements they're looking at credit card statements your relationship with your credit card provider is data slave and master already it's already there it's already happening every time you swipe agreed and i would also say so like it's a bit politically untenable using the means you just described credit card history shopping history venmo history whatever it may be it's a little untenable to to thrust the uh basically the social partner digital panopticon on those applications out of the blue like i think what they're trying to get individuals to the point of is openly accepting and accepting the the overt trade-offs the the

trade-offs that are basically explained up front hey we're going to give you this vaccine passport if you don't have a qr code that says you're vaccinated you can't go there and then it's also going to turn into your cbdc wallet and we're going to airdrop some some cuck bucks into that every two weeks you have x amount of time to spend it you can spend it at yza merchants these are the conditions of using this and they're just again it's politically untenable to force that on the incumbent means via which people interact with the economy if you get basically permission out of a point of of exhaustion and just desperation to get back to normal it makes it more politically tenable or palatable if you will

it's okay you you accepted the chains you saw the terms and conditions we explained it to you up front like you have christine lagarde and augustine carson's again the two pushing this the hardest i would argue explaining these things out loud in public confidently it's infuriating comment freaks beware beware what do we got next we got any good news net now we gotta start with vulnerabilities the good news is far off uh disclaimer sponsor the pod hodl hodl had a vulnerability uh this week uh i believe we're still waiting on i mean i've been talking to max behind the scenes um the way i understand it there was some uh weak passwords

on some of the lending platforms uh the contracts and they had to basically dissolve the contracts uh and and remake them and alert the listeners the communication of the uh the the vulnerability was subpar in my opinion uh no funds were lost they just made that clear about an hour before um we we went live here uh they're actively working to solve the vulnerability and contacting the customers as need be but yeah matt i know you have some very strong thoughts on this get into it i mean look it's a developing situation uh it's frustrating how slow it's moving but we really have no idea what's going on behind the scenes if it's true that no funds are lost which it seems to be the case but we won't know until people actually get access to their funds

which hasn't been the case yet um then that's a relief right and uh hopefully we see a full course modem post-mortem after this with the full report which is what they said they're going to do um i there's some concern supposedly about talking about things publicly right now because uh of whatever the situation is that we don't really know what the situation is um so hopefully we get more insight to that after the fact uh but my understanding is that they have outside security people there working on it as well um and they're working around the clock but uh obviously it's not a great situation for anyone who's been using hodl hodl yeah not ideal um again disclaimer sponsor the podcast i uh if anything what makes me

like i stick up even to stick up for the guys like critical vulnerability small team scrambling like focus to make that uh poor communication like talking through it um but my what i was going to say was my spot the sponsorship isn't what gives me pause as much as the friendship you know i consider them friends um and i assume the best from them uh and i hold them to a higher standard because i consider them friends yeah we have freaks in the live chat here saying uh they've been pretty responsive i guess we have freaks who are using the platform contract was liquidate with no issues so it seems that um things are at least we have one freak in in the live stream we don't know if it's a huddle huddle employee just i'm hoping by next i'm hoping by next rabbit hole

recap we'll be able to go over the full report about what happened uh i expect nothing less than that um we need a full report of what happened how they handled it how they're going to make sure something like this doesn't happen in the future um it's it's it that's what needs to happen and and it's a relief that then if if true it's a relief that no funds were lost yeah i think it seems like it could have been very bad yeah i trust max word he says it like you said he's a friend a good man um but yeah the communication was not great and again disclaimer sponsor the podcast i can see how communication wasn't their top priority and may not be the best communicators and they're working to fix things you know that's all i'll say on the more bad news

out to more bad news can we mix in some good news no let's just get it over with let's end on a high vibe uh bitteroo uh bitcoin exchange in australia is adding video verification for withdrawals so you're gonna have to get to like facetime them as you hit broadcast transaction no i mean it's still bad it's not that bad i guess it's it's you know you have to do like video kyc to get to a certain level where you can withdraw your bitcoin i assume you only do it once i would hope so well that's the thing with this like video verification if you don't do it every time how do you really know kyc doesn't work really that's video or whether that's whatever selfies you want to do or 3d face scans like

finance and block by do it doesn't work the criminals always find a way around it the information is leaked stolen they can use fake information they can buy information from someone but the the honest users get fucked they get fucked privacy wise they get their funds locked their own information gets leaked or stolen i mean this is just a very worrying trend it's just getting worse and worse it's only going to get kyc wise on the on ramps the fiat regulated only gonna get worse from here and like you said kyc doesn't work this particular form of kyc seems like a bad idea considering how good deep fakes are getting like maybe this can enable more crime people get good at deep fakes in their like go-to

verification method is these video calls you've seen the tom hanks ones they're insane if you just got some compliance bro at bit.ru like they're not they're not looking for deep fakes we're able to discern deep fakes with a high amount of skill on the go yeah i mean i think ultimately we'll see that more in the future but uh you know criminals are very savvy people they figure things out they don't they might not even need to use deep fakes to get around whatever the system is maybe not maybe not let's see more restricted it's super and they tried to like frame it as a good thing too uh that's what i that's what i wanted to mention like the tweet very good uh very good propaganda there and you have a nice uh they have a nice gift lights

camera action hey this is gonna be fun this is gonna be fun this is gonna be fun uh it's coming more's coming the attacks are here the attacks and regulatory attacks the social attacks they are here remember sleepy joe's hand slash mic incident i don't know apparently it was uh it was live footage it was real it's just the angle of the camera i think that one was actually like a technical mix up we'll see though we're on to software updates seed signer version 0.4.3 has been released matt had the c signer crew seed signer c signer seed signer crew on citadel dispatch on tuesday how was that rip that was a late rip yeah it was a late rip uh 11 40 i was

like i can't do this right now i had i you know to get the good guests you have to move the time around you know better than most uh and uh so we worked around them it was kind of nice we competed in the primetime east coast slot so we competed again it's the olympics and i think we were the better we were the better show uh one takeaway first of all i think the project's really cool this idea that you can make uh you can make your own hardware wallet with a zero for fifty dollars um and it has full you can scan with uh partially signed bitcoin transactions animated qr codes using like specter or sparrow um but one little highlight that i if people didn't listen to the show uh was seed signer told us his like intro to bitcoin

story about an hour and a half in uh and i usually don't ask what your intro to bitcoin is but he just like offered it up and his intro to bitcoin was he was a police officer and he was in charge of uh he was involved in like the computer crimes division and there was a kid in like 2013 like at the dawn of asics who was using a gpu to mine bitcoin and then buying weed off the silk road and then selling it in his high school and they caught the kid and that was his intro to bitcoin boss is very that's like almost all the stories i feel like are are very nearly the same it was a very novel intro to bitcoin story but a crazy perspective to come in and now he's like full on cypherpunk building i called him a spook on air and he handled it well so maybe he's not the

spook oh oh former spook just kidding not gonna that was a fun conversation and this was a big update this is the update that enables seed entropy from digital photos and the qr codes right or is that last update might have been last update redesign seed passphrase entry keyboard interface significantly reduce camera startup time code structure migration to singleton controller creation of initial project test suite that was uncle monty reading release notes i like these release notes it's a nice explanation new features considerations i like the considerations this was built for compatibility with spectre version 1.4.5 and that was the first consideration umbral version 0.4.0 was released i believe this was a pretty big update as well correct

they're going bigger than bitcoin they're trying to host um all sorts of sovereign apps uh similar to start nine strategy so i mean they added matrix which is a big one they added pie hole which is a big one photo prism next cloud vault it's a big one get t get t it's like a locally hosted version of github basically yeah or gideon automate your home with home assistant i download a matrix for the first time today i like that messaging app it's pretty cool it's like uh oh it's an open source encrypted version of slack basically yeah forget uh you can self-host elements is the implementation that is a client yeah yeah the client that i'm running um it's a pretty cool idea and they they changed their

license too i was driving so for the last six hours but my understanding is um i'm being told they changed their license to some weird shit uh that didn't help me uh did no umbral umbral has been getting shit because their license is super restrictive um whatever their new license is my understanding is it allows you to fork it and modify it as long as you don't uh do it commercially and make money off of it which is still not you know proper free open source software but at least it's a step improvement from you know no modifications whatsoever i'll take an improvement i'll take an improvement easy steps yeah that was the the one thing that it declined your invitation to so it'll dispatch a couple months ago correct yeah the note episode

um nth key shores provost is working on this version 1.0.3 has been released uh you can scan a qr code to verify an address now uh and improved error messaging good show notes as we could show or excuse me release notes fully noted version 0.2.23 has been released uh hugely improved ux and quality of coin join and blind transactions uh is the big feature there so with first of all with nth key uh he hasn't released an update in a while so we haven't talked about it on the show but to remind the freaks the idea is you can use an iphone as one of your keys in your multisig forum so like you can imagine a situation where you have like a seed sign or a cold card like an nth key like a trezor or something

um it's it's a cool concept like i would never use a mobile phone for cold storage but i could see the use especially in an adversarial environment to use it as part of a multi-sig right you just need an extra key you have an old phone lying around um and and you do that so it'd be i i like his initiative and i think it'd be cool to see more um projects in that kind of realm this idea of using an old device as a multi-sig key yeah like we said in many episodes past is going to be a mobile revolution so the more exciting products that you can have for for mobile phones the better and shout out to shores and team who's been working on all this um again that's version 1.0.3 it's been released a qr code compatibility to validate addresses

which is pretty big um lightning pool version 0.5.1 has been released nothing too crazy first minor release of pool d in the 0.5.x series the fully noted update we kind of just glossed over too um he's trying something new he's trying to do uh peer-to-peer coin joins using psbts which i don't think anyone else has done yet um where to peer coin joins using psbt like me and me and you can both run fully noted right and we can exchange psbts back and forth to do a coin join without a coordinator or anything on mobile with your own node would it be equal malcoin join or could you do like a pay to endpoint types setup you can do pay joins yeah you can do pay joins or you can do coin joins

i think the coin joins inherently at least are equal outputs i'm not sure of the efficacy of his implementation or anything like that i have not tried it uh full disclaimer it does seem you know very fresh but i like the general concept right the general concept i it would be nice if more wallet supported peer-to-peer coin joins and pay joins and we already have the psbt standard and it seems he implemented this blinded psbts which i'm not exactly sure the nuances of the trade-offs with the blinded psbt but from the name it sounds like there's a little bit of privacy benefit as opposed to a regular psbt but i you know i don't know but it's it's a cool concept it's a cool concept and people should look into it check it out play around with it give feedback

and help out with that project if you can yes it's fully noted and that's a concept i've not heard of or thought about so always like when there's new schemes new new experiments with getting individual bitcoiners more privacy we'd love to see it here at rabbit hole recap again lightning pool version 0.5.1 has been released nothing big there join market version 0.9.0 has been released massive fidelity bonds baby we finally got our fidelity bonds go and people are just jumping in super reckless it's only been in for like five days now and then the amount in fidelity locked in fidelity bonds is growing pretty high what's cool to remind the freaks about fidelity bonds the idea is you get paid for no with join market there's a there's a

there's a couple different uh risks in terms of an active attacker in joint market and one of them is a malicious actor runs a bunch of makers right so you have these makers on one side of a joint market transaction you have takers on the other side of the transaction and the takers are the coordinator there's no third party coordinator the takers are the coordinator they set up the transaction so you have an issue where a maker could be malicious and then they could figure out what the taker's path is right so the first step that joint market did is they do this tumbling process where they go through a bunch of different makers so the makers all have to either be controlled by the same person or be colluding for you to lose your privacy so you go

maker maker maker maker maker there's still that issue though that you could have one entity that's just holding that that's pretending to be a bunch of different makers so you're you think you're tumbling through a bunch of different makers but you're really just going through the same same group or the same person just pretending to be many different makers what fidelity bonds does is it's set up in a way that a good actor gets you're you're rewarded the more you lock up in a single maker in a single maker so if you have like let's say 20 bitcoin to lock up and you split it between four makers five bitcoin each you have a worse you have a worse probability of getting selected than if you have all 20 in a single maker contract so it rewards an honest user who's just

putting it all in a single maker than if you split it up amongst so it makes it way more expensive to pull off this type of attack basically an attacker needs to buy a shit ton of bitcoin uh and lock it up for a period of time in order to be many makers in the in the in the setup yeah it's expensive it's just a way to make this attack more expensive and do you you get more rewarded for locking your bitcoin up correct there's a premium or you're just more likely to be selected okay so the takers who have updated choose people with higher lockups originally the takers were choosing mostly based on fees that the makers were charging now it's a combination of fees plus basically like this reputation score based on how much you lock

up for how long you lock it up yeah yeah it's um big innovation let's rip it let's rip it get that liquidity up what you said people have been yoloing into it even though it was just released what was the amount of bitcoin locked up in fidelity bonds last you checked i'm not sure but open ops was tweeting about it yesterday and it's like a shit ton boss um we got next that's it uh not on the list um but i thought it was pretty cool zebedee released a desktop wallet that will connect with a bunch of the gaming apps and Twitch. I believe it connects to Twitch, too. Did you see that Ellen Bits demo earlier this week, too?

Remember, like, natively Lightning Tip and Twitch? No, I missed that. Yeah. The big thing is going to be Bolt 12. Right. The new invoice standard is going to be massive in all of these use cases. So I'm really excited to see that roll out. Yeah, we talked about it last week.

uh bolt 12 rusty russell put that out static qr code that helps retain receiver privacy right and it's way easier to use that in a self-custodial fashion in a self-custody fashion use it in a sovereign fashion hate self-custody sovereign fashion because right now zebedee's wallet is completely custodial with kyc it's like gradual kyc if you use it on smaller amounts it's like kyc light and then it goes up higher yeah yeah you're still bullish on the lightning gaming 100 oh yeah i think that's you know we're gonna we're gonna see hundreds of millions if not billions of people their first bitcoin they ever get is going to be playing games i think it's already happening i mean just not that amount but yeah yeah 100 um yeah let's uh let's keep

lightning and gaming going i'm sorry i'm getting distracted here trying to find my spot in the list but as i'm getting distracted i'm remembering we have shout outs btc pay server has been down or had been down for for quite a bit um finally got it back up and we've got a lot of shout outs to get through today matt first one drinking marty yeah why uh look i got nooners oh boss what flavor i did it i did it for you the flavor i found them at the local store uh i'm drinking a grapefruit right now oh nice i got a pineapple i got like the mixed mixed pack yeah so you get grapefruit pineapple and watermelon and black cherry i would imagine that yeah yeah the four yeah oh no i think is there mango in there there might be mango it could be mango there is a mango

color they're pretty good yeah i'm a nooners whore now um sponsor the pod noons getting that'd be a great sponsor what happens to the whiskey sponsor remember when we were like trying to hound whiskey sponsors i would love you know the frag we should have multiple alcohol sponsors and have them compete against each other for every episode anybody uh from from the alcohol brands listening let's get it going who makes this are they independent company i think so they're based out of california high noon spirits company yeah to crush them i think they're in bed with portnoy right the they let that's the one thing these type of companies will do in the beginning of their life cycles to leverage the barstool sports barstool drives a lot of uh culture up

here in the northeast specifically midwest chicago area as well and these brands like to leverage dave portnoy is a very big personality is a lot of charisma dave who portnoy handed out a lot of papers created an empire um yeah they so they had like a huge ad campaign with them a couple summers ago and i think i would argue that barstool high noons would not be where they are without that barstool ad campaign i'm telling i i mean he's a savvy he's a savvy guy though i wouldn't be surprised if he he took some stake in them as part of that deal i wouldn't be either i think that's where i heard about him first yeah they had like a whole they they like sponsored his uh hamptons or nantucket house i believe one summer but hey we have to get to the shout outs

the freaks really they miss uh they missed the shout outs for a few weeks and they come back and they're really got like some high quality thoughts and high quality comments and it's just like productive conversation starters the first one is it burns when i pee from bake bake you're doctor i hope you can self-diagnose and figure that out or if not talk to one of your colleagues might be awkward having to show your your peen to to a colleague but was there a question mark or anything no it was no punctuation all lowercase burns when i pee that's probably it's probably someone trolling vaik vaik usually uses proper pronunciation hey and just in case proper punctuation not pronunciation i cannot pronounce my pronunciation

is it's subpar i would argue um so that was the first one get that checked out though if it's actually uh please not medical advice all right freaks always gotta weigh in on this in case a third party was needed to break the debate from a few weeks ago the plural of bitcoin is bitcoin to quote marty i will die on this hill love you guys um debatable still debatable when i uh when i posted on moldbugs uh 2011 uh comparison to bitcoin to real estate uh blog post i cringed because he called it bitcoins instead of bitcoin but i'll who did this uh moldbug did yeah yeah yeah it was set the precedent was set early he was the first one to do new york real estate maybe the first one to do bitcoins

satoshi you know he wasn't perfect satoshi bitcoins satoshi wasn't perfect either he was wrong yeah satoshi was actually wrong about a few things um he was fallible the freaks uh should understand that we're all fallible to a certain degree next shout out freaks warning you're about to lose three minutes of your life while matt and marty do this linguistic and mathematic problem if a person stacked one bitcoin bi-weekly how much would they have after a year you We've got to pause here to argue and debate. They'd have 26 Bitcoin. 26 Bitcoin.

26. Not 112. They would either have 26 Bitcoin or 104 Bitcoin. 104 Bitcoin, in my mind. Yeah, I can't do mathematics. All right, there's the pause. I agree with you. My point isn't biweekly is one or the other.

My point is it's a horrible fucking word because it could be both. all right i agree with both of you in part the answer is 26 bitcoin now back to waiting for my favorite part of the show finding out from matt who can go themselves next at btc nim btc name can go himself oh right back at you brother no we appreciate you cheers for the shout out we got a nice shout out what else do we have here this first one more this one's catered to me hey marty and matt thanks for what you do your show is invaluable and i learn a lot every time this is a shout out to marty ben think for yourself marty you're so sure the government is lying to you and that you believe the opposite of whatever

the government says must be true that's just another way to turn over control of what you think for example they told you to get vaccinated and wear a mask so you went out and got covid sure we don't know the long-term effects of a new vaccine tech that the long-term downsides of a new fucking disease we don't understand no thanks your heart's in the right place marty bent but think outside your own narratives peace and love and truly best of health to the both of you don't know who this is from but i don't think you like again like i love that you're worried for me and all this i didn't actively go and try to get covid it and it wasn't like going to a chicken pox party or that and then two do you not realize

the idiocy of what you wrote let's go back sure we don't know the long-term effects of the new vaccine tech but the long-term downside of a new disease we don't understand too yes you're compounding risk there i'd rather okay and then it's becoming obvious that people who've gotten the vaccine are now getting covid so now we don't know the long-term effects of the vaccine now the long-term effects of covid are added on top of that i'm just taking one i'm just taking one risk i knew the likelihood that would eventually get covid was pretty high i'm so i'm not willing to compound that risk of the vaccine and covid there's nothing there but thank you for the shout out and i truly wish you the best of health too thank you matthew that's

it for the shout outs that's it that's it i was hoping a freak was going to make you read 2700 pages of corruption what happened freaks 2700 pages someone should have copied and pasted the whole fucking infrastructure bill into the shout out that's going to be uh marty has to read it it's that's going to be an hbo documentary 2700 pages of corruption uh in eight years they'll come out like how do we let this happen and they're uh they're they're explaining that from neural links from their pods um i thought for sure someone's gonna make you read at least a large segment don't give them any ideas don't get they were talking about on twitter i saw them talking about it on twitter i didn't see that it wasn't my idea and i was just expecting it yeah

um back to the list ncr buys liberty x it's actually pretty massive ncr is one of the biggest atm operators in the world uh it's fortune 500 company and they acquired liberty x um shout out to our boy jason john who's on the uh liberty x team ceo chrissy m um told the block his first acquisition by any company public or private of a bitcoin atm operator so it's interesting wonder if you're going to leverage liberty x for their btm software to enable bitcoin access what do you think you don't seem so impressed what i mean i think they also like ncr look this is like classic uh big corner thing like i guess i was supposed to know who ncr was i had no idea who ncr was before the news came out like did you actually know who ncr was before

the news came out no but i don't really know any atm i guess i guess my understanding is they run real atms right they run like actual bank atms and then they also have like a point of sale business like square so my guess it's like they're sitting in the boardroom they're like square's eating our lunch we need a bitcoin strategy and it's like kind of like an aqua hire type of deal right where they can just come in and just bring a bitcoin arm underneath them um with liberty x but you know when i first came into bitcoin the whole idea of like independent bitcoin atms popping up around the world competing with each other on fees and service was like huge to me i was like wow like you're just going to be able to just take fiat in one country put it into bitcoin

maybe cross a border maybe send it via text and then they can just get fiat on the other side and they're all going to compete with each other in a free market to get fees down um but instead what has happened instead the experience is horrible there's a ton of kyc added on most of these atms the fees are insanely high and it's and there's not that much competition because of all the regulatory bullshit so that so it all nothing none of it changes it's been a major disappointment there's still in i guess in some places their their atms aren't that bad but But I mean, anywhere around here, they've just been horrible. I used BitStop.

Not LibertyX specifically. I'm just talking about just my experience with Bitcoin ATMs. Yeah, the KYC is a bit annoying. You got to think for individuals with cash that aren't comfortable meeting other individuals, strangers in person with cash. People who work cash jobs. It is not the most ideal, but maybe the most convenient for those people. no comment no comment from that i just i i failed to see the use case because you lose the benefit

of the privacy of the cash because you have to do the kyc at the point of at the point and they like take a picture of you and they scan your id and then they charge you 10 over spot yeah i could see that i think ultimately the cool part to me was it was like a stop gap it was like a way to basically make cash digital and it's kind of failed as a stop gap i mean like i said there there's some jurisdictions where it's better than others do you remember that vice documentary that they did on all the drug dealers that were basically taking stolen credit card information buying goods with them selling the goods and then using the cash to buy a bitcoin in atms all i know is the ones in new york i mean maybe it's just a bad example because

new york is just such a fucking shithole but the ones in new york require you to scan your id and i presume you're on camera because you're always on camera like everywhere you go yeah so like if you're like if it's just a phone number and they're not checking if it's a burner or not then then i really don't count that as kyc and i my understanding is somewhere like that but the overwhelming majority are not and it's just been a disappointment i understand you got to work within whatever regulatory framework you got to work and congratulations on them for getting an exit and selling to ncr sounds like it was a very good deal for them so i'm happy for them in that respect but it's just been a major disappointment for me in general

this idea to me in the beginning when i first discovered bitcoin like that was the coolest thing ever right like i just imagined we were just going to be able to you know you like get off a plane in paris and like in the airport there would just be like an atm there and you could just like send some bitcoin to it and cash would come out yeah like where can you do that not too many places a lot of them don't even offer selling it's just one way you can only buy while we're on the bitcoin atms not technically a bitcoin atm but as techo added rolled out their lightning capabilities to all their merchants they teased it in the past i tested it out in the past it worked very well

so as tech goes spreading i'm happy for beauty on drakeen and the team over there and they don't so their kyc situation is weird but but that is uh because they like basically push all the risk onto the vendor yeah uh so there's most vendors do not kyc but i could see them being in a world of hurt at some point in the future i hope they're not but anyway i did you just say that they they expanded into that british chain right yeah yeah because you know what they're called like pound something the p yeah supposedly it's huge supposedly they're everywhere freaks got any answers in the comments you make me go look this up but anyway that's that's massive right yeah as long until they have to implement kyc you know the voucher uh

the voucher model i really like the voucher model um not on the list but good news i need to bring your vibes up your vibes are hurting a little bit right now with all this this bad news that we've been talking about today um p2p exchange volume in africa all-time highs all-time highs using the data provided by that's awesome useful toolups.org uh which matt albert puts together this is combined paxful and local bitcoins um volume yeah the recent weeks it's been hitting an all-time high looks like it's about to hit a breakaway speed uh largest country by volume is nigeria after that south africa kenya ghana cameroon tanzania niger uganda zambia rwanda martius

oswana ethiopia malawi swazi swaziland angola congo nambia mozambique that's the sudan sudan all the way down there cabo verde and uh camorras uh make up most of the volume they're falling off pretty precipitously after the congo um but yeah nigeria is popping right now it's by far the largest p2p volume market and again when we talk about these always have to caveat this with the fact that the volume is probably actually much higher than this because a lot of these traders will make in-person relationships within the broker they buy their bitcoin from and just coordinate outside of these exchanges

they don't have to pay the fees yeah definitely way higher i guess there was uh i was i was probably a little bit too much of a dick about bitcoin atms uh there there is one main benefit which is they're all uh non non-custodial by nature um you get it right away yeah which is nice you know they like force the user into a wallet whether it's a paper wallet or a mobile wallet so that's good yeah at the mining disrupt conference out of miami a few weeks ago um the kyc process was a bit annoying and i was like damn i have to put in all this information but the uh buying bitcoin via that bit stop atm that i use is really cool um so you have to scan id no no i don't think i had to scan my id no phone number answer the phone number was that it

yeah phone number address did you type in your address on the atm yeah did you have to take a video no i don't think so full nude shot yeah i just got nude in the middle of the conference like a blood prick yeah cz came out to me and said hold up your hold up your passport next to your face please i'm gonna check to make sure it's you yeah but a lot of a lot of we have some in the comments a lot of these atms supposedly only require a phone number and some of them don't check if it's a burner number so i've heard in past people have used like text verified where you can actually get a burner number with bitcoin so i mean that's great i i don't i don't i don't say that's not great yes um

it is the beginning of august it's thursday august 5th which means that july it just ended which means that we get our girl janine's this month in bitcoin privacy from july um that is always great we're gonna link to that in the show notes let's see what the big stories of the month were samurai wallet atomic swaps freedom of bitcoin bisques patches privacy vulnerability wasabi wallet 2.0 update continued tepid adoption fatif report and eu aml proposals a survey on mixing techniques and pegasus spyware and mobile wallets are the topics of july 2021 shout out to the janine for putting that together and keeping everybody up to date on the privacy developments in the bitcoin space or the tangential areas that that touch bitcoin or

bitcoiners touch thank you janine it is appreciated you are appreciated uh to the freaks who are not already following this great content i think you can subscribe on github she doesn't do like actual emails because she doesn't want an email list but you can subscribe to the releases if you watch the releases it'll automatically populate or she tweets it out yes but it's it's a great resource and everyone should should uh be following it yes um speaking of privacy uh the team at samurai wallet put out an understanding uh bitcoin privacy with oxt which is their chain analysis slash block explorer tool and it's open to anybody this is part one in a four-part series uh dives into the introduction why um privacy and bitcoin is important

uh so like the different heuristics that are used to just determine like the big thing with bitcoin tracking is did this transaction change ownership is it is it a transaction just between myself or is it a transaction where i'm sending to marty and which which output is my change and which output is going to a new person so they went through a bunch of those different heuristics yes it's good check that out that was dropped yesterday um it's about 10 minute read you've got heuristics and they've got examples um uh batch spends all that stuff uh you can look into understand the heuristics and increase your ability to transact with more privacy not trivial we have uh book chewy in the comments he actually makes it this is a positive uh like one of the

only positives of all the mask bullshit is that if you use a bitcoin atm right now with the mask bullshit you can probably get more privacy camera wise than you would otherwise yeah um i like the optimism yes it's uh it's very nice to see optimism in these days it's been uh it's been a gloomy couple weeks here on rhm we need more optimism um so we'll go right into the solar wins hackers access emails of 27 doj offices so the federal government completely wrecked wrecked u.s attorney's offices for months they were like any emails that were saved or sent between like march and december i think if i remember correctly fucking insane this is why if they're saving all of our medical information and they're tracking where we go on a day-to-day basis and they're

tracking all of our spending it's all going to get leaked they can't even protect their own fucking emails department of justice the attorney is affiliated with department of justice can't protect their emails and i'm sure the cases that they're involved with have some very sensitive information that's being passed along via email just think about that seven offices how many offices are there too many look at the at least 50 the infrastructure bill just okayed another 27 i'm gonna double it with the infrastructure bill it's critical infrastructure is doj you're joking right i need to make that clear i am but uh it may not be we may like find out that that actually is the case wouldn't be surprised if it turns out to be um you know what i don't have the

on the list but that probably hit me the hardest out of all the news this week the apple stuff no fluffy oh yeah you didn't have that on the list all right let's go into that They pulled a fluffy off of a plane, fluffy pony, former lead maintainer in Monero and outspoken Bitcoiner in the privacy space, got pulled off a plane in Nashville, Tennessee, a private plane on his way to Mexico because the South African government supposedly had an extradition request for a fraud case from 10 years ago for ninety nine thousand dollars. $500,000 fraud case. What was it? He was working for a company. It was like intercepting. Like a cookie company or something.

Yeah, it was like, he was just like finding competitor invoices. There's no way it was about the cookie fraud case for $99,000. Yeah. No, no way at all. And the two scary things is we didn't know about it for two weeks. No one found out about it for two weeks. What? i thought it happened i thought the day it happened july 20th they pulled him off the plane

oh i didn't realize that so maybe a little bit less than two weeks but still and he got denied bail which is becoming a common thing when they when they arrest bitcoiners because they're they say you're a flight risk so we can't tell if you don't own other bitcoin than the ones you told us you own yeah coming after us so we're gonna get uh yanked off flights at some point soon for being advocates i would hope not not committing any crimes i'm a law-abiding citizen are you sure matthew are you sure i'm definitely not a flight risk are you sure you dude it's it's a horrible trend you value privacy you're a criminal only criminals we cannot we cannot joke about this this is not something to joke about because

it's going to get really bad i know well it's going to get really bad and this is you have to joke about it you have to bring light to it okay no yes you have to ridicule these people this is how you end this mass hysteria this mass psychosis you ridicule anything like you make it funny like hey you don't think i deserve financial privacy absolutely ridiculous not you but like it's absolutely ridiculous that he gets denied bail over 99 000 yeah of a non-violent crime even if he did commit fraud even if he did commit $99,000 worth of fraud that dude could wipe his ass with $99,000

and hand it over he was probably when he got arrested probably had like a I mean I'm not I don't think people should have $600,000 watches $700,000 watches but he probably had one on when he got arrested yeah right here take it stake it

there's a hundred grand then some what do you think is it going to be a growing trend yes not good not good yeah well hopefully they where do you think they're going to do just extend his trial i mean shit's popping off in south africa i can't imagine that their uh priorities are set on uh convicting people over a hundred thousand dollars from 10 years ago but supposedly they're going to extradite him to south africa oh they haven't already i have no idea like if you get picked up and get extradited right away i mean we we knew he was

still in tennessee like three days ago and it it had been at that point what like 13 days or something i don't know i don't do good calendar math what are there 31 days in july there are that's 11 days just in july it'd been almost two weeks in american prison yeah yeah it's got a dm Federal prison. Flight risk, question mark. We don't even have the VAX passport, so sure. We couldn't even get on a flight if we wanted to. That was a personal DM.

That's a good point. We're not even going to be able to have the opportunity to be a flight risk. At least not me. Last but not least, Apple. Matthew Green was sounding the alarm that he has it on good authority from people. Did they announce it today?

Did they officially announce it? Okay. I didn't hear the official announcement, but Apple is essentially backdooring their cryptography so that they can scan all your photos and they're using the justification of saving the children, particularly those children who are exploited by pedophiles, molesters.

They want to be able to see all your photos they can filter out the child porn um but by doing that they essentially instill a back door that can uh can completely make all your quote-unquote encrypted communications completely unnecessary because a lot of access to it via the back door this is something and that's what matthew highlighted his thread on the matter was this is something that uh And the Attorney General Bill Barr was pushing very vehemently when he was at the helm of the Attorney General's office, the back doors with Apple products specifically. And it looks like Apple is bending the knee, but trying to do so, saying like, we're not doing this for the DOJ or the Attorney General's office. We're doing this to save the children.

Matthew, do you hate children? you're reading the comments you're reading the comments i you're reading the comments why didn't i just ask i fucking i hate the framing what would i just ask you're reading the comments i heard exactly what you asked i didn't like your framing i did anyone who harms children should rot in fucking jail yes hell just go straight to hell it's it is absolutely ridiculous that it is it is extremely difficult to talk about this topic publicly intentionally that's why they use that as the excuse right but ultimately what it means is they're going to search through every photo i saw some someone's one take that i saw on internet

on the internet on twitter um by a privacy activist that a lot of times the algorithms that they use for this type of thing falsely flag uh lgbt content so they expect like a lot of children to get outed to their parents basically because it comes up um so that's like an immediate thing that'll happen but ultimately look this is why apple never encrypted icloud everything in icloud is already out there in the open anything you sync marty to your icloud account is is is not n10 encrypted we already knew they could get that stuff but the plan in place is basically have local scanning they're calling it local scanning on phones closed source phones local scanning of photos that's where it's starting now and they're going to also do

probably messages next yeah um and it's all proprietary we don't know what the algorithms are that are searching we don't know um you know what they're looking for we don't know how the reporting process looks and even if you trust our government i don't know the last two years where the fuck you've been but even if you trust our government here's a thought example for you you think apple's not going to provide this to the chinese you don't think they're going to check for tiananmen square or freedom like look to see if any any pictures or words that reference freedom like it's the same exact technology zoom out how does this help the monetary reset they don't like you guys colluding they don't like us colluding and talking about how we want

to resist this so they got to stamp it out i mean biden came out a few weeks ago said he wanted to screen sms text messages for misinformation and correct people and stop people when they were spreading it um extension of that apple's doing it as a private company now and uh i think we've brought her up a few times on the podcast in the past one of my favorite uh privacy advocates and infosec experts on twitter sarah jamie lewis uh at sarah as an h jamie lewis L-E-W-I-S on Twitter. Great follow if you're looking to stay up to beat on everything as it pertains to privacy and tech. She had a good thread on this. I'm just going to read it here because I can enumerate all the ways Apple's new parental control slash safety systems will harm

people. But what would be the point? What do you say to people prepared to force surveillance powered corporate paternalism themselves on themselves and their dependents? Apple have drawn a very clear line in the sand by stating that they have the right to scan your private messages on your device you can obfuscate that fact in as much cryptography as you want but the end result is the same it'd be like having a robot in your house that continually privately scans for criminal activity and alerts the police the threshold is exceeded the fact that the robot manufacturer the police don't learn anything if a crime isn't detected is at the damn point and the criminals aren't going to use iphones right so you're just you're just fucking over

law-abiding citizens you're just fucking over honest people and destroying their privacy like every other fucking policy that erodes our privacy day after day yeah it's absolutely insane maybe you'll get some criminals in the beginning but they learn they adapt they use something else and one of the worst parts here is like apple's just been grandstanding as the privacy company for the last three years and it's just all bullshit i've had a massive like privacy campaign particularly the ad campaign very concerted effort last year specifically it's just like the slap in the face at the end of that ad campaign um this might be the impetus that pushes me off the ledge to de-apple myself use pixel plus calyx de-googled android

or graphene if you're really paranoid but i think calyx is a nice trade-off balance i need to graphene i've been having like again i was mentioning it's a little bit too hardcore like it doesn't like connect to wi-fi it won't stay connected like it doesn't pick up my it's not that stable calyx is fantastic calyx is calyx you get like a balance you still get great pictures it's the best battery life i've ever had um it's got a built-in firewall so you can decide if an app is allowed to access the internet or not which is really fucking cool um and it's just i've been using it as my daily driver my lady's been using it as her daily driver for i think like five months now six months i love it it's fantastic i know google without

google the battery life is fantastic because they're not sending everything up to the servers all day really i need to sidebar yeah i mean i mentioned this yesterday when we were talking but i need to wipe graphene sorry i really appreciate the effort the graphene is putting yeah that's just the wi-fi yeah switch it with calyx yeah it's not working for me but also i think what are you using the 3a no i think i got the four well there's a big difference between the 3a and the four first of all and there's a massive difference between the the four but if you're you're not using the four if anything you're using either the 3a or the 4a there's a major difference between the two of those improvement wise and then from the 4a to the

5 it's night and day as well they're all big big jumps i think i'm in the fours i don't know if it's 4 or 4a but is there a big bezel on the top and the bottom like where it's like the screen is not the full length yeah so you're on the 3a okay 3a the 4 the 3a to the 4a is a massive jump way bigger than the 4a to the 5 but the difference between graphene and calyx is also a massive jump in terms of performance yeah so but yeah we got to get you to switch i can i can help you with yeah um thank you i'm gonna need your help god was this a depressing episode freaks you get too too bummed out uh maybe a little bit hey you were driving all day yeah let's end it on an optimistic

note we need to bring the vibes up what's the optimistic note bitcoin exists still producing blocks that's true bitcoin gives me hope we haven't been lagged yet oh that's optimistic yet i don't know it was it was a hard week for me it was just like i felt like i was getting hit left and right over and over again yeah we'll get through it though just gotta keep fighting this isn't just gonna happen there is gonna be a fight you should expect it maybe it's upon us maybe it's going to heat up we shall see just know at the end like it's a fight worth fighting right this is either get this panopticon and we get freedom in the digital age that's why we show up week in week out to do this is try to spread that message if

you think the message is worth spreading uh please help us do so share with friends family anybody looking to get orange build or bitcoin curious if you will these topics are important and it seems like they're becoming more and more important in recent months. Again, the escalation is real. People hitting the streets, too. France is rioting.

It's really sad to see nobody in New York protesting this. It's because we just all left. The only people left are the sheep. Right. but could you uh that's scary though nobody is maybe i don't know i haven't seen anything on the mainstream or twitter there's nobody like pushing back against this in the city

dude it's super that's scary no more in their protests today yeah well you know there to be to be optimistic um it's only it goes into effect in like about six weeks i believe or 13th so the fringe that are still there that haven't left because of all the bullshit that's happened over the last year that will be really pissed off about it won't be pissed off about it really until that it starts directly affecting them right that's what you usually see yeah i mean talk about not allowing people to go to the supermarket like we've gotten to the point freaks wake up if you're still on the edge of this vaccine passport thing you're actually

for it like we're at the point where new york city they're going to prevent people from going to the grocery store and buying food no not the grocery store i think i are you sure i heard i heard indoor dining concerts i heard shopping as well sporting events i heard shopping as well i don't think they i mean we'll see you know but i don't i didn't hear that and i would be i mean you can't they're not going to just have people starve hey why don't you come in here into the javits center okay you can't go to the supermarket we've got these beds for you and we'll let you sit here and think about getting the jab if you decide to do it we'll give it to you and you can go about your way and go to the supermarket buy

yourself food if not i'm gonna have you sit and think and think and think we may move you somewhere else eventually yeah see pedro fell in new york or no supermarkets yet no supermarkets yet all right restaurants and gyms but i do agree that it'll only continue to be more places pescally yeah i just think like the supermarkets will probably be like one of the last yeah yeah shake shack was one of the first no but it wasn't even shake shack it was the restaurant danny meyer of union square hospitality did it on all of his other restaurants except shake shack yeah yeah it's fucked man but still you can go fuck yourself i'm not saying you shouldn't go fuck itself but i'm just lighter topic mictors mictors or blantons uh mictors

you could tell it's real because that was a quick answer what is my answer not going to be real now i don't know you're taking a while i really like both of them yeah that's your answer clearly that's hard it's hard mictors is really good plans is really good as well i didn't really loves spin drift spiked it was all right yeah someone's saying someone's saying that in the comments that's what i was answering apologies the level the level of tyranny people tolerate is obscene it really is randy it really is it's uh it's not obscene it's like embarrassed it's like shocking obscene obscene shock obscenely shocking um that's how i would describe it it's

like what the fuck fake vaccine passports are already a federal crime and that's the other thing too they're going to start with these paper ones and that's so that's another frame out what would a tactic be to get people on this digital wallet this digital vaccine passport slash cbdc wallet start it with the paper stuff and obviously people are going to forge it and try to manipulate it they're going to have big bust of forged paper vaccine passports and then they're going to justified no the only ones that we can have are are these digital ones the big dark net markets won't even touch it they're they're all banning uh the fake passports really um really yeah they're like too scared they don't want to get too much attention on them um in new york it's you get like

the paper but then you're supposed to scan it into the app so that when you presumably in six weeks when you walk in it's going to be like a qr code on an app it's not going to be a paper anyway when they implement it um but uh i mean i don't think we should just not be complying with this shit and like even if you got vaxxed like you should not be complying with the passports and i don't know i like i refuse to fake one like then you're just going along with it you got to just say no i'm not going to those establishments i will not i will not live in your state yeah it's just not gonna happen i'll make my food no i'm no faking i'm not fuck that shit no compliance none none then you justify it somebody's claiming that i missed a

shout out um looking the full the full bill i don't think i've already intentionally avoided it because he didn't want to read the whole thing he just pretended he didn't see it here let me check i'm only in maybe it's in uh i have a filter for our pgc pay server maybe it uh somebody paid late i had to okay that no we have uh we have michael karras in the comments saying that i'm being unfair to sailor for a misspeak he clearly said whatever that is um i i i literally just posted the clip that's all i did i posted a clip of what he said if he wants to correct the record he can correct the record i don't think there should be any property tax on bitcoin i don't either i don't think there

should be any property tax on real estate either but that's besides the point yeah like catering to a state that's gone insane just look at this end it where we began look at the size of the infrastructure bill look at the provisions in there what are we doing america what are we doing are we just letting this happen it's frightening matt we started this late so much dinner time where i am i can see the sun setting behind me beautiful rays i got my neighbors eating on their deck in their backyard that's why i've been a little uh my voice has been a little lower than usual in the back half of this i don't want to interrupt my neighbors as they're enjoying a nice bottle of wine and some dinner over there well i love you marty i love you freaks stay

strong out there keep your heads up stand up for yourself stand up for your family and your friends now more than ever and stay humble and stack sets love you freaks thank you for joining us again peace and love okay Thank you.