TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Bitcoin Week of 2021.09.06

Episode Date: September 9, 2021

This week Marty and Matt discuss: - bitcoin is now legal tender in el salvador - bullbitcoin adds lightning support - irs undercover operation on localcryptos p2p exchange - mastercard acquires ciphertrace - Phoenix v1.4.17 - Simple Bitcoin Wallet v2.0.9 - Caravan v0.3.11 - Mempool v2.2.2 - BlueWallet v6.2.5 - Btcpayserver v1.2.3 - this month in bitcoin privacy - intro to samourai wallet, wednesdays at 1800 UTC - blockstream and macquarie form 'green' bitcoin mining partnership - new law in ukraine legalizes and regulates bitcoin trading - bitcoin is for everyone campaign 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. 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 Ben here to introduce this episode of Rabbit Hole Recap. Hey. Hey. What are you... What are you doing, sir? I'm trying to record ads here. Catching your audio. You have something to say to the freaks? You have something to say? Just happy breathing? Awkwardly? Is that it?

No, no, no, no, no. all right mommy's gonna grab you all right one two three they're getting heavy oh yeah got anything else you want to add to this sorry freaks some humanizing content there am i domestic terrorist luckily i don't have to comply with this because i work for a company of less than 100 people referring to the uh the vaccine mandate that president biden just announced which happened between the recording of this episode and me recording these ads so i'm just catching up to

that news reacting in real time frustrating we shall prevail prevail prevail i can't speak today if you if you listen to the episode i have a lot of mush words i don't know what's going on we shall prevail, however. OSHA, OSHA coming to make sure if you're a company with over 100 employees that they're vaccinated or getting tested once a week. You have that out. You have that out, at least.

I don't think there's an out for natural immunity, which I hear may be stronger. Maybe, could be, could possibly be stronger than the vaccine efficacy. We're not here to talk about that, though. we're here to say this Ripper Rabbit Hole Recap is brought to you by our good friends at the motherfucking

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It's an incredible one. Cash app can also be your bank account. They're offering account numbers and routing numbers for you freaks and get your paychecks direct deposited into the app if you want to. If you haven't downloaded the cash app yet, make sure you do so using the code stacking. That's S-T-A-C-K-I-N-G-S-A-T-S. You're going to get $10, and $10 is going to go to our good friends at Owls Lacrosse. That's Owls Lacrosse.

Woo! sad owl sad owl remember the patriotic freaks it was just a temporary measure temporary temporary protect your freedoms during the war on terrorism and we got biden's six-step plan to protect your freedoms and your health in the war i think it's specifically on the covid delta variant i'm not sure though interesting times this rip was also brought to you by our good friends at unchained capital unchained capital is here to leverage bitcoin's native properties protect particularly their uh bitcoin's native multi-sig properties to help individuals

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a promo code tftc we'll give 50 off that we're going to link to this in the show notes last but not least this rip was brought to you by good friends at brains brains brains with two eyes b-r-a-i-i-n-s brains uh is the team behind slush pool which is the oldest bitcoin mining pool in existence it launched in 2010 and since then slush pool has mined 1.25 million bitcoins uh in its lifetime uh brains bought a majority stake in slush pool in 2013 and bought the rest of that stake uh over the summer this year or last year i can't remember it's all blurring together it's all moving so fast so fast so fast um but yeah they've been doing an incredible thing building out these incredible products uh they launched an update to slushable earlier this summer when

which includes 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 brains is a bitcoiner company through and through upper echelon bitcoin company building some of the coolest most important tech in the space is very good stewards of the bitcoin network a very good represent a very good representation of what i would deem to be a bitcoin ethos that that i try to embody myself and guess what they're looking to hire okay they're working on things like brains os plus auto auto tuning firmware and stratum v2 which is a mining pool protocol that would help further decentralize the mining

pool layer they're looking for a rust developer systems programmer or if you have experience with embedded devices there may be a place for you to join the team at brains again that's brains with two i's b-r-a-i-i-n-s check out the brains.com slash careers to see open positions and submit an application as for the big question i ask it here all the time when what's minor when what's minor the answer is still tune i can't speak today tune cm soon tm but the team is making steady progress and brains os plus is running smoothly on some machines in the brains office very encouraging to hear it's running smoothly and some machines in brain's office just not outside of it yet meanwhile jan who was on tftc episode 73 along with pavel has been grinding away

and adding support for the ant minor x19 generation and that is now progressing into private testing that means at least some models from the x19 generation will be supported before what's minor but no exact eta yet on the public release currently supported devices are the ant miner s9 s9i s9j as well as the s17 s17 plus s17 pro t17 t17 plus and the ones added this summer the s17e and the t17e psa important announcement a lot of misconceptions out there brains os plus is compatible with any mining pool if you're running the firmware on your machine you can point it at any mining pool that you want to your hash you can point it at any mining pool you want to you don't need to mine with slush pool to use the brains os plus auto tuning firmware but

but if you do mine and send your house to slush pool you're going to get zero percent pool fees nice little incentive there if you want to get unique insights on the bitcoin mining industry along with updates on brains os plus stratum v2 and other brains projects check out the brains blog at brains.com slash blog and follow the lesser known but just as high quality at brains underscore systems Twitter account where the team is posting deep dive threads

on various mining topics. Brains. Brains. This was a great rep. I know I opened it a little somber like crazy Uncle Marty but the rep is much more level-headed

and optimistic. We ended on an optimistic note. Love all y'all freaks. Enjoy it. Take care. You've had a dynamic where money's become freer than free. When 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. what is up freaks it's your boy marty bent here sitting down with matt odell for this week's rip of rhr preparing the live stream what's our uh what's our recorded podcast alpha for the day matt is your dad joining us this week i don't know it depends it depends on if he calls in i don't know he could be watching this now and he's like all right that's the cue for me to call in it would

be hilarious if like he knew we were streaming and he intentionally did it i uh i had a lot of feedback that people liked uh random caller um like not not necessarily your dad every week but just to have a random person call in i i agree with that and like we need a better setup than you just holding the speakerphone up to the mic though you know what i actually have that i think with the roadcaster i can connect my phone via bluetooth and we can do it that way if need be but i think it needs to be organic right like that was organic my dad was calling me i was like what do you want just tweet out your phone number nothing could go wrong and that was your uh that was your recorded alpha of the week here now we're going live not much alpha it's being a

it's being live streamed yeah i think it has to be genuine what's up freaks on the live stream we were just doing our our alpha for the recorded uh version we were just talking about how marty's dad called in last week and how fucking fantastic that was it was fun he got a kick out of it a big head out of it i tweeted he got mad at me too for for doxing his text he said i broke a cardinal rule and he's very disappointed in his in his son because i uh sent the screenshot of him saying hey i was uh on rhr and bitcoin goes over 50k for the first time in a while again i saw that that was the top when you tweeted it out yeah caught the top stay humble was it me or was it him jinxing i guess that's the question

he would want he will know that i would want to know the answer to this it was it was definitely it was definitely a bent who jinxed it okay all right i'll take that it's a non-answer well i guess we'll start with a non-answer today big week man big week a lot to talk about a lot of nuance in today's episodes i can feel we haven't discussed that there'll be a lot of nuance but just talking about the topics that are on the list um there's a lot to talk through particularly around el salvador that's what we'll start with but before we get there we'll start with that uh clark's dashboard dash's clark board uh the price of bitcoin is 46 540 dollars one set or excuse me one dollar will currently buy you 2149 sets uh we are at block

height 699 802 marty math here 198 blocks away from block 700 000 what's the significance of that and it's just an even number it'd be cool to get to the 700k literally no significance whatsoever yeah i believe we number just goes up it just constantly goes up that's it's i tweeted this out a few weeks ago it's the best bitcoin dad joke out there new all-time high in block height it's uh there's very few instances in which you'd be uh wrong with that current block we're talking about it'd be pretty bad if we were wrong yeah exactly uh we had a difficulty adjustment since we last met uh and it was a four and a half percent upward difficulty adjustment uh currently we are 1766 blocks away from the next difficult to retarget and right now it's

estimated to be a downward adjustment of 2.2 percent maybe our first downward adjustment in a couple months yeah uh yeah maybe even a few months uh where are we at you feel the mempool fomo that's something i would love to jinx like hopefully it's just one sap or bite forever yeah that's what i'm looking at right now it's similar to last week i believe if i recall correctly there are people got a bunch of transactions and just in case it's not there are currently 15,693 transactions in clark's mempool uh samurai below 4,000 this week at 3,979.76 bitcoin in unspent capacity so i went down a little bit week on week here maybe people were using uh one sap for bytes to move to cold

storage or make payments um but the bigger news on whirlpool side is that the legend craig raw who is on dispatch this this week powercast craig raw and andrew chow has added whirlpool support to sparrow wallet uh the desktop wallet that works with electrum servers um and it's completely compatible with samurais liquidity pools so this is uh been a long time coming not necessarily for sparrow he's a fucking hustler uh right now it's just test net but um this is something that we've discussed previously on the show many times this idea that a whirlpool is designed in a way that wallets can easily add it to their stack um and they can share the same liquidity pool and they can get a cut of the CoinJoin fees. So they have an incentive. Sparrow

is a KYC free wallet. It's an open source project. It has been purely monetized based off of donations. Everyone should go donate sparrowwallet.com slash donate, but he doesn't get that many donations. So now this adds a privacy focused way for him to get some kind of sustainable income from sparrow wallet and it also helps mitigate gives people the ability to use a desktop wallet to do it as well if you have an iphone and you refuse to get an android phone just for the purpose of using coin join but it also helps mitigate the concern of samurai light wallet users being too much of the mix which is a concern that a lot of people talk about um because inherently sparrow wallet users are not using samurai servers so as the number of

users that are using sparrow world pool integration goes up that concern becomes less of a concern and same if people are using their own node which ideally a lot of people are to begin with well and that sort of suppresses like if you're not running dojo um yeah you're really not doing you should run dojo but again creating more optionality and more liquidity from different coordinating services is is a good thing i know so the coordinator is the same but the coordinator is blinded doesn't see anything what's different is the um what's different is is like how you connect yeah the avenue to the liquidity pool yeah yeah um pretty cool yeah but that's in testnet for now it's being tested hopefully it should be out of mainnet soon but uh a very

good example of a way to leverage bitcoin's unique native properties to create a business model right on this free and open source software stuff is niche but uh it shouldn't be niche we're trying to make it not niche here at tftc but it is very encouraging to see that developers can uh can monetize their work uh by leveraging bitcoins i mean it's not that niche right like you said yourself what is it's like a little under 4 000 bitcoin yeah um so i mean what is how much is that in uh cuck bucks i just made you do matt it says it on it says it on dashboard let me look it up uh 185 and a half million yeah so i mean it's it's it's niche but it's not that niche yeah again trying to make it more popular here and thanks to craig and team at sparrow wallet now

it's easier to access and you have more optionality around whirlpool specifically uh how was the episode with andrew and craig obviously when i was good i'm like trying to find a balance um between being too technical and being approachable it's like we were talking about reproducible builds which is like yeah one of the most bland topics ever uh but i thought it was a very good constructive conversation and i think it could be helpful for people and i think uh it's something we should be pushing for in the space to not only have reproducible builds but having more people build from source rather than using the pre-packaged install files um but it's definitely a higher step up right before you get there you should at least be pgp verifying

your installs and i know for a fact that the majority of the freaks listening right now are not doing that so you should you should just keep improving and the good thing about but about this conversation and what i try and do with dispatch in general is i do think it's more timeless so i think um people can go back to it you know in six months eight months when they get you know when they when they have the urge to upgrade their setup uh to go to that conversation but it was a really good conversation and i mean i love andrew we had him on tftc uh we were yeah yeah another craig is just a beast i just added craig i was like craig you want to join us and he's like yeah i love that guy yeah another um both of those gentlemen are incredible gentlemen

and then if you want to learn more about reproducible builds in the work some members bitcoin core been doing on that uh we have many episodes on that in the catalog um so go check that out and yeah nice so i guess we can transition um into the meat of what we want to start with which is el salvador obviously big news people have been anticipating all summer since the announcement at bitcoin 2021 uh el salvador wrote a law that makes bitcoin legal tender and forces merchants to accept Bitcoin as payment as well. I went live on the seventh Tuesday of this week, and a lot of mixed reviews. I alluded to it in the beginning, there's a lot of nuance to the particulars of the El Salvador story, ranging from its significance as a geopolitical domino

that has fallen to the technical rollout of the Bitcoin implementation that the government's pushing what are your thoughts matt yeah i mean uh first of all i'm just laughing because whiz put in the comments how do we pgp verify rhr releases um these are all deep fakes you know don't trust verified this is not actually me and marty uh the el salvador news is i mean it's a it's a massive deal right it's a it's a it's a big deal um obviously it is a you know a country adopting bitcoin as one of two main currencies right us dollars and bitcoin is a massive uh recognition of bitcoin as money right we've heard for years people say bitcoin is not money uh bitcoin is literally being used as money by a whole country um i do think as bitcoiners though

you know there's a tendency to sugarcoat everything as bullish as possible and it's not a perfect situation you know and and i think we owe it to ourselves and we owe it to salvadorans to be critical of implementation and critical of how the government handles um this adoption of bitcoin and you know i i was like i had some critical thoughts on twitter and i had people coming at me like like oh matt like you lost the plot like this is so bullish like be more bullish be positive we have to be positive it's like fuck you man like i'm the most bullish person ever like i don't need to fucking sugarcoat everything with bullish platitudes before i make a critical comment it's it's funny how quickly people forget about 200k by conference day i i don't need to

and like like people pretend like oh like my bullet like i tweet bullish platitudes because it's good for bitcoin i want to increase adoption it's that's not the case like bitcoin is going to become the world's standard money regardless of your fucking bullish tweets you're just tweeting out bullish things not you specifically but people are just tweeting out bullish things because they want the engagement they get fantastic engagement if you if you have a critical take on el salvador you get way worse engagement than if you have uh you know bitcoin is the best thing ever and everything is perfect in el salvador tweet yeah no i completely agree and this is something we've been discussing in the lead up to the law going live i mean obviously i think we talked about it

last week and the leaked document of the architecture of the new wallet infrastructure that they're building that turned out to be wrong though did it yeah because bitgo is the one so it looks like bitgo is doing the on-chain stuff and i believe a mexican exchange ibex i don't know i think they're mexican exchange ibex is doing the lightning integration ibex mercado yeah yeah which is a custodial lightning which we knew it's all the whole thing's custodial um but it looks like it's a combination between bitgo for on-chain ibex for lightning and then athena for the atms um was open node involved in some way open node was doing like open node behind the scene like so all the one of the cool things that bitcoiners caught up

on really quickly was that like all the large corporations that are operating in el salvador needed to start accepting bitcoin with like very little notice right so a lot of them tapped open node to do it now this is a perfect example of where we need to be critical like it is cool that especially you know to troll roger veer that that you can buy a coffee at mcdonald's uh with lightning um or on chain but like their integrations with open node like as far as mcdonald's is concerned they're accepting fiat right and open node is ideologically better than bitpay i mean bitpay can go fuck themselves bitpay attacked bitcoin um they have a ton of shit coin support they're like have been unethical many times in the past but at the end of the day

like is mcdonald's really accepting bitcoin like they're getting fiat and the back end not actually like they could be running btc pay server they're not running btc pay server they're not providing liquidity to the network um but alternatively positive spin on it they're accepting bitcoin so allowing an individual who has chosen to to live off of bitcoin can go to mcdonald's and have a normal interaction aaron van weirdem uh from uh bitcoin magazine i think his is the tweet that blew up he went in the morning to mcdonald's i think he explained like i wasn't expecting to have anything ready and i was shocked and the lightning voice the funny part was the day before um on in bitcoin magazine like we were talking within bitcoin magazine

and aaron was like there is no way mcdonald's is gonna accept my coin tomorrow like he was positive they weren't going to so he was just going there to basically prove his point that there's no way they would be ready um and sure enough they were ready uh but uh it's like it's cool like i'm not saying it's not cool but there's some new further there is nuance there so is this part of the nuance didn't aaron use his own non-custodial right i'm talking about the merchant side right i'm talking about like yeah there's two sides to this though there's glimmers of 2013 marty or 2014 remember when everyone was like oh at&t accepts bitcoin microsoft accepts bitcoin but really overstock was the big one right bitpay was just going behind the scenes

these companies right they were like we will do all of this for you for really cheap and you'll just get us dollars in your bank account and you'll get a pr boost for it and they weren't actually really you know ideologically connected to bitcoin or even holding any bitcoin um so to me there's like glimmers of that 2015 2014 kind of merchant adoption push that was really kind of a bullshit merchant adoption push um on the positive side another positive thing is they in mcdonald's they list all their they were listing their prices and sets right so that's just a real nail in the coffin for all the pro bits people and nbtc they had sats mbtc next to each other uh in full denomination yeah it's uh

well like saying that you're comparing to like 2013 2014 certainly are rhythms of that in all this however do you think there's an aspect uh particularly with the again the significance of el salvador as a country as a nation state making this move the amount of acceptance bitcoin has garnered since 2013 since 2014 is there a possibility you think in some of these board rooms they're having conversations like all right maybe we shave off 10 of the open node actually has like a slide slide bar yeah so they can choose how much they want to convert it's very easy to do so if they want to right i presume they're just converting everything into us dollars right now yeah um yeah i mean look i i open node charges a fee right so ultimately if bitcoin transactions

hit a certain level there's a direct incentive to switch to something more sovereign like btc pay server because they save money but in the short term that trade-off isn't very apparent to them they can implement it way quicker uh to use something like open node yeah um yeah once they hit that that line in the curve where it's like the cost of an engineering team to build this from scratch versus the amount of fees we're paying open node is probably where that decision gets made and and it also depends if they if they want to hold the bitcoin if they want to hold the then obviously then the the major trade-off of not using something like open note is it's harder to get the fiat right you have to actually manually go do trend you know transactions to

convert uh if you want to hold bitcoin you don't have that issue um so these are all trade-offs that and and look if it's a smaller if it's a smaller merchant hopefully they're choosing to use a more sovereign option my guess is most of the smaller merchants are just going to use the government wallet because it has low fees and it's easy to set up and they just want the us dollars they don't want bitcoin um but that's like a learning curve kind of thing i mean if you start to think about a whole country i mean it's only it's six million people but uh so smaller than new york city even after all the covid bullshit that led to a mass exodus um if you have a whole country adopting bitcoin all at once like the education hurdles are insane right like

the the bitcoin is hard enough for the freaks to grapple uh like using bitcoin especially if you're talking about like privacy best practices um so a lot of you know a lot of people will get burned and we'll have to learn you know the hard way unfortunately um but that just kind of comes with the territory there's going to be hurdles right yeah exactly i think we've seen seen this even in the rollout and the implementation something matt alborg i believe paid for an invoice over lightning and his name or no he pointed out that people's names were being recorded and then they made a fix and thanked him and submit uh voice payment that's ridiculous the craziest fucking timeline so right so when you do a lightning invoice we've talked about this on the

podcast before people don't realize you post a lightning invoice on twitter it's going to show your nodes public key and from your nodes public key you can find out a bunch of information you find out the ip address of the node or the tor address of the node if it's only running through tor which it should be you can find out the public channel capacity you can find out the invoice amount and you can find out the memo of the invoice like oh you marty's paying me for beer you put that in the invoice if someone sees that invoice they can see marty's paying it for beer they can see my node they can see my tor address they can see my public channel capacity their auto memo when someone was receiving on chivo was their full legal name and it's a full legal name by chivo

wallet um which to be honest i was a bit of a hater when when matt pointed it out because i thought that they considered that a feature not a bug and they wouldn't change that and they changed it within like a day matt tweeting out about it but then they changed the description for every single memo of people's invoices to thanks matt alborg uh so like you would just pay someone if you paid someone from your lightning wallet the the payment memo would say thanks matt alborg on it and i my immediate thought was you know you always say who is klaus schwab there's like a bunch of el salvadorians like who is matt alborg oh matt alborg just pulling strings in el salvador anybody listening matt alborg's an incredible individual incredible uh data

analysts in the space particularly focusing on emerging economies and how they're adopting bitcoin his research on uh the peer-to-peer exchange and culture and in volume in places like nigeria venezuela um india is incredible useful tool ups now yes yes he just joined bit refill full-time and then the other hurdle talking about bit refill was oh so first of all i think all the memos still say matt alborg on them i'm not sure if they changed that hopefully they changed that sometime soon because that's just confusing um and then the other hurdle was the 30 in bitcoin that they give you in your wallet you had to send within the chivo network for like at least they people were saying like three to five payments between people before

you could actually send that 30 for the bitcoin to the wider network i think bit refill said at one point that they had 8 000 failed transactions of people from el salvador trying to buy bit refill like prepaid mobile top-ups and stuff uh with the chivo helicopter money um yeah i saw sergey tweet something out about that but they didn't respond saying i was mistaken or something like that did he say that i think so i mean anyway for sure the 30 couldn't be spent right away there was multiple reports on that aspect of it i don't know if bit refill actually had 8 000 that was pretty impressive i was i was impressed that that many people tried to use bit refill but i assume a lot of people just tried to immediately send it off wallet and

those people were being denied from doing yeah okay so here here is the survey you were talking to your lady so i just kept on talking no i was talking to you oh no i have um you have a screen to your left record here find all the information here uh it appears that thirty dollars offered by the chiva wallet aren't real bitcoins can't be sent out all right so this was the correction we can't aren't real bitcoins eight thousand invoices created the past couple hours on bit refill crazy i couldn't be paid seems a correction is in place is the response to that tweet um let me quote tweeted 42 papooses on twitter okay okay okay i'm sorry uh bukele i officially pulled my $30 out of peers you need to make a few transactions first so i like to have ukele

the president of el salvador was like tweeting out texas well that and i think more importantly to keep this i think we got to keep it bullish for engagement well that not even that like i think we're under the agreement that we're going to spend a lot of time on this particular topic in this episode and it's not every day that the first country ever is going to adopt bitcoin as legal tender sorry so the other obviously there's this whole technical side and there's the geopolitical cultural moment in history side of it uh which was obviously the law becomes law that's incredible bitcoin is just cemented in a nation state as a legal currency to use and then you have at the same time not only is bukele giving out tech support he's trolling the imf

uh there was a flash crash on the day the uh did el salvador dump on us or did we dump on them uh well i mean there was that like market by thirty dollars worth of bitcoin campaign that was going on right like everyone rose the price of bitcoin leading up and then they all get their bitcoin and then it dumped ten thousand dollars yeah i mean there were some deep crypto twitter conspiracy theories about uh like you know traders in korea or china market manipulating i like the take that the plebs all pumped the price and then as soon as the salvadorans got the bitcoin they just dumped on us well apparently not apparently uh bukele was buying the dip it was like he was accusing the imf of the manipulation too uh of the price combine the

the dip we don't want it was like a sell the news thing right it was just traders being traders we're not here for the price talk like whatever happened with the price that day was just funny that it happened 200k by conference day you have a nation state openly trolling the international monetary fund an institution historically that has acted essentially like a shark pe firm with emerging economies filling them up with that and getting them into deals that aren't very favorable for for the local people and and to see the country like el salvador and its president come out and on twitter troll the imf like what does that do to other countries that may may not view the imf very favorably do they become an emboldened to take a similar stance and

very few like the imf right already yeah they're a bully they have a lot of international bully yeah they have a lot of control and like no one no one has the power to stand up to them except for like a few countries that have undue control over them to begin with so yeah um so yeah bitcoin does give them some independence is the first country to ever explicitly say that they're buying bitcoin and holding bitcoin and buying the debt right in favor of the imf's debt uh or billion dollars that they offered him or whatever it was but i mean i know you saw my tweet yeah i like where i compared it to a cbdcb strategy yes and it is there is a lot of similarities to what a cbdcb rollout would be completely agree um and it's i think it's important to realize here

bukele didn't have his own currency to begin with so like his hands were tied if he wanted to truly roll out a cbd cb but instead because he didn't have his own currency that he was already printing he's using the u.s dollar bitcoin was like a neutral option but at the end of the day he is basically he he is he's telling a lot of merchants that were mostly doing cash deals they were mostly doing cash transactions paper cash transactions that are highly private and now they're forced to accept digital payments and most of them if they want u.s dollars are going to be using the government wallet which he can have he has full insight into and he can seize he can seize and freeze it at will so i think it's important to realize here that while it's

clearly better than a cbdcb rollout because bitcoin is involved and it's at least for right now has complete compatibility with the open monetary network that is bitcoin and lightning um there is some pause and there should be some concern over the idea of digitizing an economy without privacy safeguards in place completely agree completely agree and that is why it's imperative that uh people like the team at samurai that's vector others working on privacy technology join market world or excuse me uh wasabi uh sorry if i started some beef there but i mean you didn't really start beef if they want to use wasabi they need to have five thousand dollars i like i think that kind of just knocks out the majority of the salvadoran

population that regardless of implementation details lightning but there are these shimmers of hope and light obviously again aaron being able to use a non-custodial wallet to pay for something hopefully uh merchants are able to use similar software and even if they're not hopefully socially they they have their their government mandated uh lightning wallet and their their self-sovereign one their btc pay server that they run a few transactions or something like that um but again that's separate right they're the first through the door this is their implementation the world is watching they're obviously seeing the attention that's being drawn towards el salvador again does this embolden other nation states particularly those uh that aren't

part of the the western elite the g7 the g8 do they begin to make similar laws similar implementations potentially different different implementations more privacy perspective respecting implementations like again like is this a domino that leads to a a crazy rush to bitcoin from from these upstart countries i mean i think if you're going to talk about a country compelling people to accept Bitcoin through a legal tender law. At least, especially when they got rid of the whole invoice thing where it was just giving out their name. At the end of the day, how much do we expect from governments? It's a pretty good implementation for for the amount of time they had i think it's like a decent role model um or like uh case study

basically for other countries that want to implement something um but i just think it's like bitcoiners when it used to be that one of my favorite parts about bitcoin twitter and bitcoin reddit and bitcoin irc and bitcoin talk was that the best critics of bitcoin were the bitcoiners themselves yep the the no corners and the bitcoin deniers always would have all their bullshit whatever you know bitcoin's boiling the oceans it's a ponzi scheme is all these other things but the bitcoiners were always very critical right and there's there's like kind of this insidious thing that's happening on bitcoin twitter over the last year or so where it's it's gotten a bit intellectually lazy like i feel like people are scared to be critical

and they need to be always bullish and just hand wave everything away and if a government was giving people 30 with strings attached to how they can spend it that wasn't bitcoin bitcoiners would be up in arms but because it was 30 in bitcoin it's like okay so like how when's the next airdrop and if there's a next airdrop and it has an expiration you have to spend it at you know chivo merchants and you have to do within three weeks or whatever are we going to be mad then or are we just going to hand wave that away too yeah very good point i'm very happy that that we're here discussing this right now because it is important to keep these moves in check and like so that again like chivo while they responded very quickly to that invoicing thing now they're

making matt alborg the supreme leader of el salvador via the lightning as as who is matt alborg as described by the lightning network uh is there do you think there's enough social pressure from an incentive uh social pressure from bitcoiners who know how to do it correctly and incentive where if you do it correctly it's going to be much better off because people are going to want to do more commerce in your within your borders like is do you think there's a chance with el salvador specifically that that bukele tries to surprise people by um listening to privacy critiques i'm encouraging potentially i don't know maybe in individuals to use look non-custodial wallets as far as i'm concerned i've never expected a government

to work in our best interests. That's a very good assumption. Especially where privacy is involved. So if he does, that's a net benefit. And if he doesn't, then it's status quo. It's to be expected. I think in general, most of Bitcoin adoption

has been in Western countries with people who don't need to spend their Bitcoin that are also receiving large salaries or a decent livable salary in whatever fiat that they're from and they spend that fiat and they hold their Bitcoin, right? They take their Bitcoin.

They probably buy on a KYC exchange. They send it to cold storage. And then three years later, the price is up 10X and they forget how to spend it from cold storage. That is like the main adoption angle that has been happening for the last few years. Now we have a full country

that is living paycheck to paycheck. They don't really have much savings. They're high velocity payments. They're receiving money. they're sending money very quickly right they're not like holding it because they don't have a choice that that's that's the life that they have and those people are going to be up against spending ux issues and spending gotchas in terms of privacy right especially if you look at it from a privacy perspective so hopefully this kind of i mean it's unfortunate but this is just how it

happens right it always happens that people basically especially in the open source world especially in open markets free markets you know they're gonna they're gonna go up against these pain points right that exist and we don't really realize they're there because people aren't spending that much bitcoin and as they hit those pain points you know maybe the government isn't gonna help right but these open source projects these private companies that are operating in the space are gonna discover these pain points and they're gonna start making solutions for them and it'll get better from that point of view yeah no i agree i think that's exactly how it plays out right you have to explore the edges you're you're wandering into an abyss essentially

with your hands out trying to figure out where the borders are uh more usage in this fashion and will will help find those borders and highlight pain points as matt said uh then hopefully people build stuff that it gets over those pain points yeah it's like and that's but that's the other thing like a lot of people are very bullish a lot of people rightly so very skeptical and critical uh that's the beauty of bitcoin like the stuff's going to happen like anybody can decide to leverage the network at any given point in time and it's open source they can try to interact with that open source code in many different ways you're just seeing the product of the nature of the essence of the bitcoin network play out it's fascinating and again there's

the technical side of it and there's the cultural geopolitical side of it it's going to be very interesting to see and i guess we can segue that go ahead before we segue i mean i kind of touched on it when i said that you know there's like a lot it's like a pretty decent implementation how they did it at the end of the day um rad vladdy in the comments mentioned this and i think i should be more explicit about it i mean the fact that the laws the law the bill as written their bitcoin bill as written states that users and merchants can use whatever wallet bitcoin wallet they want to use is obviously uh that that's a that's a massive win like we will see countries that do it on a that are that are closer to a cbdcb

right that force you to use a government wallet like i expect that to be you know part of the process of adoption that's what christine lagarde wants that's what she's trying to push right through the ecb right now so they should be strictly applauded for that that at least we don't know they might there could be you know soft restrictions that happen in the future they you know they make it more difficult for people trying to operate in a sovereign way um they can keep providing incentives for you to use the government wallet like free money that you can only spend in the government wallet right people like free money most people like more convenience they can keep it more convenient they can keep it cheap and they can kind of keep

the majority of people in their ecosystem in their wallet but at least that's more soft power rather than explicitly saying you have to use the government wallet yes yeah um we shall see we shall see we've got a conspiracy theory in the uh in the live comments on youtube i'm not going to mention too controversial when is anything too controversial for marty ben no considering uh the appeal we just went through i don't feel like talking about vaccines anymore i see the message yeah you can go through the live the live marty marty's last interview with george gammon uh was fire and everyone should go listen to it but uh he got um it got the video got pulled from youtube and then he

appealed it and he won the appeal so it got put back up yes trying to be a good good youtube citizen susan try my best here dude you haven't been uploading to bitcoin tv and i've bitcoin tv fixes this yeah don't you have you added the youtube url all you have to do is just paste the url click the publish button paste the youtube url and it even pulls the description and title you don't have to do anything it's much easier it's much easier than the manual process it was only a month ago they're working hard and iterating fast at bitcoin tv.com one more thing to add on the el salvador story interesting to note bitcoin obviously superior product in terms of moving money around the world

i i forget which analyst team crunched the numbers but if el salvador remittance market moves or actually i think they think the impact of bitcoin becoming legal tender will reduce western union's revenues in el salvador by 400 million dollars which i imagine is significant for so this is like classic cnbc right is that bukele came out he was like we are going to save our citizens 400 million dollars your remittance costs and then cnbc releases an article western salvador bitcoin adoption is going to cost western union 400 million dollars okay um uncle marty spread true false uh fake news i mean it's no it's real news it is going to cost them it's 400 million dollars yeah but is it going to cost western union specifically

400 million maybe not yeah probably it's like western union and moneygram i think are they the same company now i don't know but they're becoming obsoleted by bitcoin uh so i mean it makes sense kind of from the cnbc angle right because if you own western union stock you should probably sell it for bitcoin yeah yeah sorry for bringing the cnbc story i thought it was a more reputable analyst i just saw it go by in the fly no it's it's it's true i mean it's true it is going to cost them you know almost a half a billion dollars and and and that that number was going up that was a remittances are have only been going up to el salvador yeah we imagine as the uh the dollars losing value you got to send more abroad to achieve the same purchasing power right that's

another thing to think about uh in those numbers right maybe they're going up because inflation is is rising and uh you have to pay more to get the same thing which maybe this isn't next on the list but a topic i wanted to talk about we could segue to while we're talking about inflation is yesterday the head of the economic council um for the biden administration came out and just try to gaslight everybody on inflation saying like hey if you take out beef pork and poultry there is no inflation your grocery bill is essentially the same it's in line with historical inflation and gas housing education well that's so that's the things you spend money on there's many so there's many layers to this uh particular talking point from the biden administration

was the way he framed it was the there's a meme going around about grocery prices so he immediately just created boundaries of the inflation discussion to groceries only because of this grocery prices rising meme that that he needs to address and again talks about beef pork and poultry being the main driver of the inflation in that basket of goods in the grocery basket and it's number one it's like hey you're assuming most americans don't eat uh beef pork and poultry like it's an important part of their diet just eat vegetable go vegan and you'll you'll be able to get by on the same the prices of bugs isn't going up right it's only going down but that's like that's like again the framing in multiple ways like just keeping it the grocery thing oh

if you just discard uh like the the highest protein foods that many of you eat on a daily basis because there's not really any inflation then again like you mentioned it doesn't even touch on like gasoline prices natural gas prices education education housing health care it's our main cost those are our main costs that's like crazy propaganda rhetoric like hey here's the framing of the conversation and here's if you just discard this inflation it's not that bad the beauty of inflation the beauty of inflation uh for an organization such as the u.s government is they're able to tax everybody through a hidden inflation tax.

And then if you successfully escape the inflation tax by buying hard assets, such as Bitcoin, then they charge you capital gains that are inflated through the inflation. So it's going to get really messy before it gets better. Yeah. I mean, I saw people tweeting out earlier this week, they're going to be coming for your IRAs.

who knows what will happen with this debt ceiling for any of you the debt ceiling always gets raised yeah exactly but now they're posturing Janet Yellen's talking about a government default those headlines are we're at that part of the I still like the idea of just printing

printing the platinum coins and just cutting off all our debt you're making Joe Weisenthal smile right now he's a big fan of the trillion dollar coin just do it let's just do it why not it's it's really because we're the global reserve currency still like it's it becomes a tax on everyone else yeah i mean i just like i like the chaos play like it's just like it's like you can't

just fucking do it right just fucking just what is the difference between a trillion dollar coin and printing three trillion dollars and hitting enter like just plugging three trillion uh i know but it'd be cool if they had the coins yeah it's something to look at like you'd have biden like just he like puts them on the desk he's like we've paid our debt let's just repurpose a rise stone let's just go all the way back to the island of yap just bring out a rise stone this is worth this is this is our two trillion dollar coin believe it we we we decreed it it is so it is that way it's the way the monetary system works these days freaks uh but again going back to the point of why i brought up the inflation topic it is it's just like i wrote it in the newsletter

yesterday it'd be funny it'd be laughable i'm laughing now but it is a bit unnerving i think there's just like overt gaslighting uh from i think nick carter said they were going to call people who who claim there's inflation conspiracy theorists and terrorists yeah i mean and then right after that you have biden's the announcement of announcement that's The other thing I mentioned in the newsletter yesterday is Jen Psaki, Biden's press secretary, that's her title, came out and gave an announcement of an announcement that I don't even know if it happened yet. I've seen tweets of leaks of what's going to be in it, but Biden's going to lay out

his six-step plan to get back our freedoms or to beat the Delta variant, whatever it is. Are we still only at Delta? There's another one creeping up, I believe. maybe lambda i've been hearing land i don't know if that's like a troll or an actual um line that the experts are running with these days um but yeah it's the other thing it's like the overt like a six-step plan and you're just like here plebs we're gonna go through these six steps we're gonna get through all this i mean there's a very overt propaganda day

yesterday maybe there's like politicians saying new world order now yeah in uh in australia like are they just trying to trigger us like i i also i also didn't i didn't understand like first i didn't understand why they called the vaccines jabs that just seems like an overt negative term and then like they just kept saying build back better to just try and trigger marty as much as possible and now they're just explicitly saying new world order um but if you go to twitter the twitter there's conspiracies did you see the twitter description of like the trending would they change the definition of well here i'll read a new world or they like release the definition of new world order right it's like a world where yes or different rules or something

the hottest the hottest woman in bitcoin twitter stopping to crypt um he tweeted out a screen seen her in a while right unfounded claims about the new world order conspiracy theory are shared after an australian government official used the expression during a press conference on thursday new south wales chief health officer dr kerry chant used the phrase during a press conference on thursday fact checkers the fact checkers have regularly debunked claims connected to this conspiracy theory the phrase is commonly used to describe times of change and cultural shift duh plebs it's a definition to this we're going through cultural shift like why couldn't they be better at messaging you know like why are you saying that like i don't

even know it's just weird they said the quiet part don't let twitter get away with this this is like an overt again gaslighting no i know i'm i'm aware it's it's a term to define cultural shift it's never like like i double checked to make sure it wasn't like a deep fake we haven't even really hit the tip of the surface of deep fakes like it's going to get way worse in terms of deep fakes but like i double checked to make sure because it just seems so ridiculous that they would use that exact terminology terminology that's what the australian health minister used it but someone else used it too did an american politician use the term i'm going to be surprised justin trudeau did or somebody up in canada or an american politician for them i wouldn't be

surprised if any of that that's the thing that's like the new world order obviously that's been nwo like if you've been around internet culture it's always been something and what many people would deem as conspiracy theories others there are known as 4chan i would say the probability that there are people want to make a new world order is greater than zero that's how i would describe it and uh but that's the only only one like many of them in coordination have been saying build back better build back better nancy pelosi is announcing plans for the build back better act uh here in the biden tweeted out about build back better today yeah and they're not taxing the rich people saying it uh boris johnson in england saying it christine lagarde said it like

it's being repeated it's like this weird and you'd think they'd be more that's like and they just rubbing it in our faces like you think they'd be more cognizant of the fact that people don't uh jive well with these i don't think there's that much organization i think it's uh the build back better stuff there's i don't think our best people are up there you know they're not our best people maybe they're somebody else's best people i don't really think so they're very good on a positive note on a positive note it was really great to see the filled stadiums of drunk college kids uh for college football how great was that so good the uh virginia tech entered the sandman there's my american bias is showing but it just

felt felt really good it was like a resistance thing you know it wasn't just college football yeah my wife went to penn i went to depaul university no football team so i had to my home state as well my wife went to penn state so i watched the penn state game on saturday boring first half penn state pulled it out uh fell asleep during the clemson netter or is that clemson notre dame i can't even remember but uh it was a notre dame georgia i forget clemson georgia whatever the game was it just felt great to have college football back you can tell i love sports yeah it was it was it was good yeah um be aware of the propaganda freaks is it just is the distraction back maybe that's uh it was great to see but it's like all right

no here come vaccination passports but we'll give you college football so you can get there i mean but but those schools aren't those schools didn't have vaccine passports yeah right i don't i don't know i don't know some do i know some do but not the ones that that were filling up 70 000 person stadiums no virginia tech i doubt it um other schools well i don't know every school i mean bread and circuses right like the freaks remind me whenever i talk about sports bread and circuses but you know there there is a large contingent of americans who saw those crowded stadiums of kids having a good time without masks on um and thought it was the scariest fucking thing ever and i looked at it and i was like it's really good it's like

adorable it wasn't even like i wasn't even watching the football it was just it was great it was it's great to see them having a good time dancing and being being college kids yeah degenerates at a football game yeah there was that other half of the internet too that was shaming we're in the middle of a pandemic this is disgraceful we're never going to be delta the virus is going to be around for a while so i'm going to say uh back to bitcoin stuff exchanges adding lightning that was a long tangent it was it was necessary though they're gaslighting they're gaslighting over propaganda around this stuff it's like it makes you think like if if they're willing to do it this overtly um are

they being crass and bold or are they worried this is what i don't get about people who are like who think like i'm fudding when i talk about critically about bitcoin privacy it's like if like we just watch the world governments crush small businesses tell people they can't leave their homes force you know medical injections on them and most and most people just stood by and let it happen you think anyone is going to stand up for bitcoiners when they come for us like only big corners will be standing at that point and i would like us to be prepared like i think we'll be successful regardless but it'll be more painful if we're not prepared i love that mentality you're only as strong as your weakest link you can have the

best narrative the best uh tech the best tech stack the best engineering approach uh but if you don't fine-tune for that weak link and try to make it as strong as possible it doesn't none of that matters if your weak link can be exploited and governments are successfully able to force individuals to use privacy uh eroding tech uh as they interact with bitcoin without the opportunity to use alternatives and this mission has failed I have someone asking, what does be prepared mean in this context? It means use your own node. It means hold your own keys. It means constantly educate yourself on privacy best practices when using Bitcoin. It means being humble enough to realize that we've only scratched the surface in our own understanding of Bitcoin and we can learn a lot more. and it means that as a community we should be constantly striving to improve our tools our education and the network as a whole co-signed

couldn't have said it better myself speaking of exchanges and ways to preserve privacy bull bitcoin is an exchange that takes that uh very close to their heart they try to implement that to their tech stack they've recently announced not that this has anything directly to a privacy record marty's marty said i've got fucked up and i don't know if he realized it or if only i realized it but i hope you enjoyed my dance when i realized but the cool part about um the bull bitcoin integration is that it's not necessarily the sense oh he's back back can you hear me yeah i'm recording now boss could you hear the echo on your side no that's just i think are you my dance i i think my dance was was very fitting with my

echo is that what the echo is like god damn it's the third time that's happened this week uh i need a new computer or an external hard drive i uh it seems that my storage has failed it's time this laptop's very old dude get more storage uh i love my favorite part was the it just when you dropped out it said i was the host and i just turned to them i was like i'm the host now well that's i don't know if you caught my smirk on the way out before i i hopped out and then back in i just had visions of you extending the live stream for for hours on end after we finished the official rip well it's not i mean i'm glad that didn't cut the stream but anyway we were talking about bull bitcoin and the cool part isn't necessarily

selling on bull bitcoin bull bitcoin is a non-custodial exchange so when you buy usually as soon as you send them fiat they're supposed to send you a bitcoin and on chain that's super easy but with lightning you have a bunch of ux issues in terms of liquidity and how you're going to actually send that transaction. Usually a person gives an invoice. So what they did was they implemented LNURL withdraw. And what's cool about it is they didn't want to end up in a situation where you try to withdraw on Lightning. And they ended up being unwitting custodians, right? Because a major aspect of the way they deal with regulators in Canada is never being the custodian. so it's lnurl withdraw where it hits an http server and then https server and then uh gives

them an invoice basically through a withdrawal process that is instituted by the withdrawal side but it has a fallback on-chain address if your lightning payments fail it'll it'll send it through on-chain and and they open sourced it their implementation so on-chain UTXO would be the users

or bull bitcoin would custody that and figure out a way to send them so that's another way like would they get an on-chain address I think they get the on-chain address before you place the order in their normal flow they just ask you for an

on-chain address before you send them the fiat right okay so they get that address already and then if the if the lightning transaction fails they they fall back to on-chain oh yeah again another unique way of implementing lightning network functionality into an exchange's stack as matt mentioned bull bitcoin is unique or in a unique niche of exchanges where they don't do custody swan bitcoin's another um and you just have bitcoin sent to addresses that you give them uh so it's like a very interesting particular business model to implement uh lightning core like the non-custody side on the no one had i don't think anyone had really done that yet no the deposit side is people have done that already

that that is simple right you yeah you pay them lightning and they give you fiat and and if the lightning payment fails they don't give you anything right you know that hurdle that that ux hurdle isn't there yeah and that's uh i mean francis has been working on this for years i think he may first announced it at hodl hodl when we were both there a few years ago and it's cipher node this project so it's like this whole stack library oh yeah maybe you're right yeah or maybe it was the one i was at you weren't at um but i remember seeing his presentation on the cipher node essentially library that he's making to interact with bitcoin and then we talked about it with him at bitcoin 2019 yeah yeah um so it's cool to see that progressing just naturally adding

to that stack as they need to provide utility and use cases to their their users so shout out to francis and team where in the world is francis right now who knows who knows he got he got a he failed at orange pillings chris guy like he said he was gonna do ha chris if you're listening i extended an invite to the podcast i know i thought no shit corners are allowed on the show there there are there are trade-offs i'm willing to make in that time i don't want to consider him a shit corner i would consider consider him as somebody who's doing very something something very unique on the freedom fighter front up in canada i think he's doing something like people that don't know he's the

gym bro from canada that called everything out yeah i've been following his story for the last eight months or so it's interesting he's been harassed by the canadian state many times and he knows his right that's like he's a very good example of maybe why it may be important to understand your rights and know your rights because if you know how know your rights and able to assert them to authorities they do have to listen he's the and he's done he's done that many times throughout this he's going to be sending out paid coin tweets with him we'll say hey chris if you're listening yeah so you tweeted out today he's got a crypto portfolio bitcoins the old i have multiple crypto multiple not even grammatically correct chris like what

the is a multiple crypto what the is multiple bitcoin multiple bitcoin makes more no it doesn't you already fucking got cake on your face over that you can't pull it back I retract I retracted it's official in El Salvador McDonald's

McDonald's is going with bitcoins there's nothing you can do about it no they had bitcoin plural bitcoins it's a win for bitcoins there I don't know that doesn't make any sense we need to get a tally going it doesn't make any sense

what is is it is it 1.23 bitcoins or bitcoin is it 1.23 crypto like or cryptos crypto isn't a thing crypto doesn't exist it's not a real thing bitcoin is a thing what if there was a coin called cryptocurrency are you like like actually around in the field with the deers and it's actually believable a shit coin called cryptocurrency there's just like a huge marketing how is there not one yet right yeah you'd i wish i was could take a time machine back to 2013 marty's about to release a shit coin called cryptocurrency uh chris guy if you're out there i'll i'll have a conversation with you maybe try to i don't even want to say talk some sense i'm not trying to lecture don't die in the hill

i'm not you don't die on the hill either i'll throw the same advice at you uh who me yeah you want to some of our favorite topics here uh irs uh the undercover opera did an undercover operation on local cryptos p2p exchange uh and and busted some people who weren't reporting i believe they uh there's just a single person it was a dark dark web drug dealer like the irs is going after a drug they're like shouldn't the et or atf did they say it was a drug dealer and it would be the dea marty yeah there we go i'm sorry i'm getting my the atf is for guns tobacco there's so many of them you forget you know you're free you're free you have to remember all these agencies that can come take your take your shit uh the biggest success may have been

the takedown of an alleged dark web drug dealer tricking him into sending more than 180 000 dollars in cash to the irs in exchange for cryptocurrencies according to the warrant uh it was hilarious why i opened the article and i'm reading a forbes article because i wanted to pull the name up the the name that the irs was running with and it's just like hilarious and how overt it is mr coins mr coins was the uh the dealer still up the one of the reasons i put it in the thing is because i mean forbes can go fuck themselves but that that account is still on on local crypto so local cryptos is like local bitcoins p2p exchange um and that this has always been a this has always been a risk if you use these p2p exchanges that you could have an undercover

agent on the other side but forbes did a freedom of information request and they got the fucking guy's username and it has a hundred percent feedback on the website yeah great great buyer he's a great facilitator of uh of bitcoin trade so just be aware freaks also marty like like for the next couple of years you can be like pro bitcoins if you want but like no one's going to be trading you know people no one's going to be interacting with with more than a bitcoin anyway it makes no it makes absolutely no sense it's going to be the most foreign concept ever this is obviously creating a lot of internal conflict for you i think there's going to be it's not internal confident i just i just i just want some logical consistency i mean that's not no why

are you so bearish no well no way is that bearish or logically inconsistent and it's just because it's a larger number doesn't mean the plural of bitcoins isn't bitcoins of bitcoin isn't bitcoins you know there's fucking decimals i think you i think by going down this route you're you're opening opening up whatever opportunity you're opening up opportunity for the bits people to come in here the bits people are they've all died on the hill the bits people have all died on the hill uh so the irs they're they're snooping it was interesting like everyone's gonna be how dumb of a drug dealer you have to be like send the irs they sent mr coins they didn't send the irs the money shame on forbes for the wording of the article you're making a scent like sound

like they the irs created an address and he knew he was sending it there what do we got next yeah you're gonna be pumped about this one mastercard acquires cypher trace i hope it's the worst investment they've ever made it'll be even worse investment than the nft they bought was that visa i don't even know who was is this different than so it's eclipse cypher traces it's eclipse chain elliptic elliptic cypher trace chain analysis what was the one coinbase bought neutrino neutrino and then what's the one that bit formerly known as formerly known as the hacking team and then and then bit fury has one uh like orange or something each i believe i believe it was peach yeah i knew it was a fruit uh i remember i'm allergic to peaches i don't know

if that's boxing too much of my personal information you know freaks coming up and throwing peaches at me but yeah as far as i'm concerned if we haven't completely destroyed these chain surveillance firms business model within five years we've completely failed i like that challenge i like that mentality let's get on it freaks and this news isn't shocking you expect mastercard to do something like this considering they're they're coming from the incumbent system which is loaded and bloated with kyc aml compliance layers uh so mastercard probably has to do this and i guess that's maybe an interesting thread to pull on could this be used of like

MasterCard implements something Bitcoin related and they're able to provide all this compliance data to the regulators and the regulators then turn to the rest of the market and say you need to do this as well. Bitfury is crystal not peach crystal

freaks when I look at my phone while we're on air it's because I'm looking something up I don't have multiple screens and you just weren't listening to anything I was saying uh i you were saying that maybe they're going to implement something bitcoin or crypto related and that's why they need to have a chain surveillance firm right potentially but not what i was trying to say what i was trying to say is

does mastercard implementing very granular and detailed compliance data for regulators do the regulators get that say hey look what mastercard's providing us why don't you do the same because you got to think they're just going to inject this uh cypher trace tech into all the data they're already collecting and just apply it to people i mean that's always been the mo i think also i think these companies make like mastercard has like a whole ad they like make money off your credit card information like knowing your buying patterns and stuff like that yeah i mean that's like credit cards are basically corporate surveillance companies to begin with.

So it's a natural fit for them. If they want to move into Bitcoin land, it's a natural fit for them. CypherTrace is probably one of the cheaper ones, right? I've never heard of them until... CypherTrace is the ones who keep pretending that they can track

Monero. So that's the only reason I know about them, because they're constantly in the news about it. Monero stands up to come out and be like, that's not true. Yeah, exactly. not true well in their defense like cybertrace keeps saying it and they're like but like we're not going to show you how we do it yeah prove it prove it i sympathize with you minera stands there

uh let's do shout outs then we'll do software updates yeah we need the shout outs hit us with the shout outs today is the ninth so anything past the second so do you think our recording saved i guess no matter what we have the live stream recording yeah we'll be fine all right here we go sup gentlemen i recently learned that a friend got introduced to bitcoin by someone else a few years ago and had a negative experience they were guided to some kind of brick and mortar bitcoin dealer have them generate a single key paper wallet and told them not to make any copies they then made an one-time large purchase sent it to the paper wallet and kept their hodl in

their wallet in their pocket lo and behold they then got mugged shortly thereafter i'm not sure whether to call this a theft or a loss as it seems to me it's kind of a conflation of both hearing this awful story made me thankful that i've instilled a minimum level of knowledge and responsibility in all the in all the noobs i've guided towards self-custody all you uncle jims out there do right by the people you're guiding into the space take their education seriously and instill the responsibility required when one wields the awesome power of self-custody thanks for all you guys do thanks for all you do guys excuse me i'm very i i like this when uh when the shout outs provide actionable data and it's something what is the actionable data don't

carry around a paper wallet in your pocket and get mugged that's one that's one actionable uh piece of advice here so yeah don't don't do that if you're out there don't keep it in your paper wallet for many reasons um obviously you can get mugged get stolen and i imagine uh if you forget it in your wallet and you're just like smushing it around on your ass as you as you walk around sit down smudges and shit yeah it doesn't last ink doesn't last forever not the best like multi-sig probably better i feel like the dollar doesn't get enough credit like you can throw that thing in the washing machine you can like it lasts a lot of people do cocaine with it and just rub it off right away nobody nobody knows yeah every time you get a dollar it's free cocaine

yeah it's like 80 of bills in the u.s have definitely fake news right like that status definitely bullshit judging by like how people talk about the energy usage of bitcoin like i don't believe that stat anymore that's a good that's a good application of uh heuristic if they're they're not really good at dissecting bitcoin are they good at dissecting the drug trade and people's preferred tool of ingestion but i guess the actionable advice is take your storage secure seriously that and then as somebody who's teaching i think more importantly somebody is teaching others about self-custody and i'm very happy that this freak uh highlighted this as well it's one thing i make clear before i ever even allow myself to to help somebody set up is

like understand that your this is comes with extreme ownership what about nothing to fuck around with i did that to him it's just whether or not he listened right he didn't yeah maybe he did and he's just like trying to keep good obsec no way that's a good point even if you do this even if you do this uh it's not ironclad how do you how do you drill that extreme ownership imperative home it's not easy you just lose your money and then you it's driven home exactly you have to fuck up so getting mugged and it's a shame that he has a negative connotation with it um i mean that's what happened to me i lost all my bitcoin like six months ago and i just had start fresh and i was like matt you got to take it seriously from now on yeah it was i

remember you called me after that i had to give you a nice pep talk like it's all gonna be better man it's all gonna be better we'll get through this uh next shout out short just says hi hey hey on chain payment cheers to you hi one sat per byte let me go back cheers to you

hi transaction idea excuse me fee five sats per byte overpaying you could have waited you sent this out on

on the 8th yesterday. Maybe you didn't think one set would have gone in a day. Oh, yeah, that's fair. Well, hi. Appreciate it. Last, but not least,

SoftSimon, whiz, let's create a 3D VR slash AR interactive version of mempool.space. How cool would it be to walk up to a 3D block, open up the top,

and view the transactions inside or the TXs inside? I just want to make it's transactions I wanted to make sure it stood for transactions let me finish the shout out we'll explain it we'll explain it walk up to a 3D block

open up the top and view the transactions inside watch the transactions grow in the 3D mempool blocks where a thousand plus set per byte transactions drop from above as if it weighs an anvil and one set per byte

fall into the 3d mempool block like a feather will it fold to possibly incorporate this into folds ar feature on the app in due time bounty is available to individuals for construction let's manifest thoughts into things reference reference links uh we'll put in the show notes uh possible web-based version uh holding page for right now so i won't share that uh Maxwell Sikorsky has a tweet that we're going to link to. There's a GitHub post with a bounty, so we'll get

that bounty information. How much is the bounty? I mean... He said... Mempool is an open source project, so if anyone wants to build this shit, they can build this shit. I personally think it would be pretty traumatic in this current Mempool environment

for me to do it in VR or AR, but I appreciate this. sentiment well it reminds me of a block explorer like this that existed it was but it was a web page and it had it was either squares or balls i can't remember i remember balls yeah um it sounds like that something made noises right yeah yeah that like the larger balls seemed heavier smaller balls with smaller transactions just talking about balls here on tftc but not the idea reminds me of that i love that block explorer whiz number one thank you for the shout out number two i love this it wasn't the shadow wasn't from whiz was it yeah the way it's

telling whiz and soft simon that he wanted it oh potentially i thought it was it's a deer whiz and soft simon i would like this there's no deer there's no deer uh it just starts with soft simon comma whiz period so i think i thought that was like soft simon it's whiz that's the way i took it no way just to there's no way all right what just a poorly Freak, you poorly formatted it Marty is like, he's like Ron Burgundy He's gonna read whatever is on the fucking page Yes

I like this idea Um That's it for the shoutouts We've gotten uh Let me make sure this is, yeah Zorn, I'm reading the chat Chill the fuck out Don't feed the chat

I mean he's telling me to read the chat i'm i'm aware that it's happening yearning for your attention you're giving it to him okay i'm not reading the chat yes the wiz just responded if i want to send soft simon a message i probably wouldn't do it through an rhr shout out but cool idea for future trolling purposes all right it's nice to know you're at least listening les i thought it was it's a it's a grammatical grammatical formatting issue leading to confusion here and i as you freaks know i will read anything You will literally read anything in that text box. I do have some boundaries.

Let's make that clear. You read penis like 120 times in a row or whatever. Yes, but there is a limit of what I will read, I will just say. Where is it? I don't know. We'll find it. We've had limits before. We've had to tell people.

I can't read this. On to software updates. Phoenix version 1.4.17 has been released. As usual, stop me. If anything major happens, Simple Bitcoin Wallet version 2.0.9 has been released. Caravan version 0.3.11 has been released. Mempool version 2.2.2 has been released. Blue Wallet version 6.2.5 has been released.

And BTC Pay Server version 1.2.3 has been released. We'll have the links to all those updates in the show notes if you're comfortable upgrading want to experiment with any of that that will be available to you if you're users of any of these apps any of these software projects another thing i think i saw ben the car man tweet out uh yesterday that at least like the beginning skeleton structure of bitcoin core version 22.0 or 0.22.0 no no it's 22.0 now 22.0 yeah that's right that's the big change it so that's getting worked on nothing is real anymore

no no these are considered major releases can we have like a hostile fork that's not a fork it's just we just changed the naming scheme back sort of like Bitcoin knots was right not really okay whatever it was a bad joke the block height

just keeps going up new all time high new all time high new all time high block height what else we want to bring up that we didn't have on the list there's been an interesting conversation started on the bitcoin dev mailing list i believe the first email went out yeah about 13 hours ago from anthony towns and it seems that him and greg maxwell or he was inspired by a conversation with greg maxwell and is building on an idea uh let me see how he describes it so i don't butcher this uh he was imagining how it

might be possible for everyone on the planet to use bitcoin in a mostly decentralized slash untrusted way without requiring a block size increase and essentially via tap root uh he's he's working on a covenants protocol and proposal and that anthony seems to believe that could improve privacy and usability of bitcoin do you know can you explain it to us no not really but i have been uh reading through it i get to read the whole thread but there's a there's a mixture of responses that seem positive and it seems like it would be cool if it was possible and it's just no heroes or anything but greg maxwell and aj putting their heads together to think of a problem like this i think if it produces good results it'd be good for bitcoin so if you're a subscriber to

the bitcoin dev mailing list i know there's a lot of emails that go through that um pretty frequently that that list i thought this one was pretty insightful uh and optimistic when was that posted 13 hours ago okay yeah this is okay freaks low time preference low time preference if you're interested in stuff going around development bitcoin's boring you can't even build on it nobody's working on the development matt bitcoin's so boring like who could build a a weekly recap for three plus years on it what do we even have to talk about we don't even have anything to talk about we're uh we're transitioning to a gaming show soon i gotta get into gaming that's my xbox you gotta get into gaming yeah we'll see it when i when i see it i'll believe it

yeah not a software update but something we like to highlight every month it comes out uh janine's this month in bitcoin privacy dropped for august uh it talks about the u.s infrastructure bill privacy and proof of liability uh i guess it's awesome yeah note support for taproot and majority that's notable news um so it's gonna help me with the privacy workshop at uh the oslo freedom forum in miami in miami not in oslo october 3rd and 4th yeah are you gonna be down there for that i'm not unfortunately i had to respectfully decline me and evan calutas are gonna do it in person and then janine is going to be helping us remotely not sure exactly how yet i have to figure that out we have to figure that out janine is awesome everyone should subscribe

to the newsletter it's not a normal newsletter she will not email it to you she will not so so you can subscribe to the releases on github if you want to get notified otherwise just know at the top of every month she will post it we'll we'll put it in the show notes for you freaks yeah depend on that as well uh there is an intro to samurai wallet uh ongoing show this is cool every wednesday 1800 utc yes well i think it's four parts two of the parts have happened already the next one's going to happen on wednesday at 1800 utc they do it on their telegram channel telegram recently added a video chat feature so they can screen share and show the presentation while they while they speak that's really cool um and it's all recorded and posted to bitcoin tv

afterwards so i provided the link in the show notes for the first segment the second segment happened yesterday because that was a wednesday that hasn't been posted yet so i didn't provide a link to that we'll put that in next week um and the next segment happens next wednesday and it's bitcoin q a and brother rabbit great format they answer your questions you can put them in the text chat and telegram um i like that format a lot it's like a an evolution of clubhouse twitter spaces telegram's just quietly building over there yeah and uh i will repeat that it's either one of the best projects that exists on the internet because they have zero monetization model and it's just uh the ads model now don't they no he

hasn't even added yet it's run by drove and he just has all this money um from his russian facebook that he's just been burning on telegram and they just haven't they have no monetization model yet um so it's a lightning network dude he's either awesome or a spook yeah it's a surveillance but the cool part about him is like you're not sure which one it is yeah like it could either be the russians or the united states i'm not sure which one he's he's working with um but yeah or if he's working with metal telegram quietly building yeah um they had a shit coin but they rolled it back yeah it's it's seems like we're we're talking about block stream every week now so they're not quietly building they're building out in the open and like crazy right now they announced a big

deal uh with mcquarrie uh to form a green bitcoin mining partnership mcquarrie is a big asset manager of an australia i believe uh seems like to be a big partnership even though i may not like the green mining you're on the board of an esg company now oh uh yeah isn't that the truth don't don't drag me into those waters it's uh it's only week two of it well it's like i don't know what i'm allowed to say and i have a lot that's what that's the fun part about doing it yeah so i i'm just not going to be it like that that's what happens when you're a board member of a public company uh stay tent um yeah yeah as they're going out there they're partnering out with a pretty massive asset manager to go after mining operations and i believe in australia um i don't

think it's in australia i mean uh the the comp the asset mcquarrie or however you pronounce it is based in australia i don't think the mining operations are who the fuck would mine in australia that's a horrible idea there's a lot of natural gas out there if you can immerse those those machines in a warehouse build that would make sense it'd make a lot of sense do they have net gas in australia yeah yeah yeah not sure where this one's going to be maybe they don't say it right yeah it's just an expansion of their operations i assumed i assumed it was going to be in north america but maybe i just maybe my bias is showing like who launched any kind of business in australia right now

i assumed the australian firm was trying to diversify out of australia that's a good point i was just reading between the lines and maybe it's fake news that's probably right i would assume that's a the correct assumption there i think they were just like funding blockstream's endeavors like i assume blockstream does all the work and they just pay them like they give them money yeah yeah speaking of mining while we're on the topic there's anecdotally noticed a lot of activity a lot of money being thrown around at mining right now it's uh exciting times becoming more popular i spoke with a very principled and impressive bitcoin i was describing uh the mining scene over in europe and it's crazy what you think about the conversation revolves mainly

around uh the u.s and china and mining obviously kazakhstan iran venezuela get thrown in the mix there's a lot of stuff going up on in canada and parts of europe as well the hash rate distribution is pretty i don't want to say sufficient but it's uh i'm not alarmed at all about the distribution of hash rate at this current moment i think they're i think people will be surprised at how geographically distributed it is um obviously there's pockets of concentration but it's going to happen in any market i mean i think the story of the hash rate right now is quietly super bullish and just not priced in at all right yeah it was a huge stress test um there's a lot of machines about to be delivered in 2021 we talked we talked about that last week

i believe but just in case if not tsmc uh has passed you talked about that yeah a cost raise on bitmain of like 20 so you can expect uh that cost at the foundry level to get passed on to to end customers and that's basic it's not going to stop at 20 no no i don't think so not during this uh the supply crunch that the the world is experiencing we got next uh the speaking of nation states and laws less bullish on this one where are your thoughts in ukraine law so ukraine they've had this proposal i think since the spring finally got voted on vast majority i think it was like 276 to 6 um in whatever their senate is uh house whatever whatever they they call it in ukraine i'm sorry if that comes off as extremely ignorant

i'm noticing that as i'm speaking right now uh however it's confusing they've legalized cryptocurrencies and the ability of their citizens to access exchanges and and trade them however it's not legal to to use them to purchase goods and services which makes me wonder like if we have a freak and ukrainian freaks buy a shout out is that illegal they're buying a service i mean we don't know they're from ukraine we don't know we don't but i'm like i'm not saying yeah it could be illegal for them to me it's like uh it's like that's where my mind went immediately like would they get a bit licensed bullish no i don't think so right yeah it feels like a bit licensed yeah yeah that's why i tweeted out yesterday i was like seems like a step in the right direction

However, it would be a lot cooler if you just said it was legal to do this stuff. Now that you mention that, it does have that type of feeling. They're like, if you go through this burdensome regulation process and register with Ukraine, then people can trade on your KYC exchange, but they can't use it as a means of payment.

Yeah, it's odd. It's like, are we going to cheer that on? Yeah. like then and freak responded like why are you why are you at all uh why would you call this a step in the right direction am i uh thinking at the time and maybe i still think about this and alex gladstein responded to that as well like it's just good and again from a uh an optics perspective i guess gladstein was like it's better than an outright ban yeah but like if that's what we're measuring shit about like who like what the fuck you know it's

like i don't know yeah that's like maybe i'll give i'll give you i'll give you slightly slightly bullish you know i don't even call it bullish or whatever it's just like bullish or bearish i think it's again and so obviously this week we don't expect government sorry they should say the adoption on top of my mind like at first it was like oh was this a reaction to el salvador but you find out the bill was written in the spring it just got voted on um and say yeah is that does it contribute to that domino effect we were describing earlier i guess that's mostly a non-story i would say it's mostly not like what if i don't expect governments anytime soon to explicitly

you know permit p2p payments in bitcoin i think that will be a rarity right so it's like i don't expect the ukrainian government to come out and be like use bitcoin in a self-sovereign way and spend it you know and buy goods and services i don't expect them to do that you know so so so i would just take that off the table that would just be something that i just would not expect at all um but if this is what it looks like and to be clear the whole law is written in ukrainian so i i did google translate i tried my best that's right um if if if if if the correct take is that it's the bit license and that it's like okay we're going to formally regulate exchanges we're going to register them and citizens can use those kyc

exchanges then what they're just bringing themselves in line with the western world right yeah that's what's interesting about like the el salvador's right it's like and then what i think was particularly profound about the trolling of the imf in public overtly from the president was like is that an emboldening moment in history where those who aren't part of the Western hegemony see it as an opportunity to get their fair share. We shall see. We'll see. I think it's going to begin happening quicker and quicker and faster

the more these announcements are going to come out. We'll be here to talk about it every Thursday, sometimes Saturdays when we do live shows. Did you ever upload that? I haven't gotten the file yet. Gary's hunting it down for me. Okay. terrible audio quality

I mean worst comes to worst we can just upload the YouTube it needs to be in a feed just for continued austerity I agree last but not least Swan Bitcoin

had a very big campaign push yesterday works for me Tuesday with the launch of Bitcoin as legal tender in el salvador bitcoin is for everyone let's meet bitcoiners in every country and so there's been the uh twitter campaign and then obviously swan has a video as well it's very empowering to see how many people around the world are using bitcoin it's only everybody was a drug dealer or

or or somebody doing something illegal in that video it's only used by those types of people my dog is screaming right now underneath my table I'm here talking and you're just no I was listening to you I agree that's why I put it on the list I think it's a powerful message and it's a cool campaign yeah I think they have 56

out of 195 countries right now need to pump those numbers how many countries 195 Bitcoiners all over freaks I'm seeing a picture right here in front of the Empire State Building and was it for the list what um what are we thinking any uh anything you want to end on here are you going to extend this into a five hour long live stream inviting in rodolfo

no that's you had to be there for that freaks together strong i came back i did come back for that no i just said like the freaks had to be there for that you know um i don't know i got nothing i got nothing i mean it's interesting times we live in interesting times um yeah i don't know if i want to talk about that let's go let's go i talked about something i didn't want to talk about we were talking about it before we started is what we can't talk about or we can no i'm talking i'm talking about this idea not that marty i'm talking about i'm talking about um this phenomenon that a bunch of ethereum stakeholders who have been giving bitcoiners shit for a bunch of years now sound oddly familiar

it's hilarious all right so we were talking about this earlier obviously solana's blowing up it's crazy and this is what i told matt before we went live like it's crazy how it leaks into your personal life like today i went to the gym uh and i ran into a buddy from high school a few years younger than me but we played lacrosse together and so we were catching up he reads the newsletter uh he was like what do you think about solana bro i'm just like it's it'll probably pump it's out there i'm not gonna i'm focused on stacking sets the cycle repeats we've talked about it many times on this show it is hilarious a beautiful site to see the ethereum uh intellectual illuminati or whatever you

want to call them eth maxis let's call them what they are it's just hilarious watching them freak out when the very same tactics they have employed on on the bitcoin network for for many years and just get held up in mirror form to them with it's the same exact argument it's like cheaper faster more right yeah um like that one dude was like like the world's reserve currency isn't gonna have private sales to insiders like what what are you are you aware of what happened with or are we just pretending that to now that's the thing like are they like do they because a lot of me uh i mean i think it's public knowledge a lot of these people pushing ultrasound money and ethereum is better than bitcoin came in after the pre-sale

and that that whole launch which we were around for and i remember the conversation around the same exact thing the same exact thing and i mean alex berg i think pulled out or it might have been grubles put on the chart of the initial coin sale and just completely manipulated like a day or half a day before it closes out, the line is parabolic up and to the right, signaling that one large or a few large

entities scooped up the majority of that. Was that Hasu's analysis? I'm not sure. I'm not sure. It's been around for a while. It's hilarious because now ETH is dealing with their own flippening drama

with another fucking chain. And I don't know. It's just funny to see. Well, this is, again, this is why I think. But, like, don't trade that shit. Just stay on those stack sets. That was my advice. He was like, well, can I make some money?

It was funny. I mean, can you make some money? Is it within the realm of probability and possibility? Probably. Are you likely? Probably no. I don't know. Unless you're stuck to your computer looking at charts all day

and timing the market. That's what I said. is like with how quickly these things go to shit like if you're not by your computer or most people most people suck at trading yeah most people suck even if it's not shit coin trade even if it's bitcoin trading even if it's apple stock trade yeah most people suck at trading that's another thing like another example don't leverage trade was tuesday that fucking ten thousand dollar flash crash pure margin long thinking i mean it's so incredibly stereotypical to set up like big news day classic buy the rumor sell the news uh but human nature

dictates that and that people are going to think it's a bullish event they go lever long and then you have a ten thousand red candle that ten thousand dollar red candle just destroys you so a couple of things here uh obviously don't leverage trade don't trade uh but don't leverage trade um you will get wrecked you'll learn your lesson and then you'll learn to stack stats anyway so i don't really have to say it too often but just keep that in mind um the uh, I, we, we had, so, so F FTX and, and SBF, uh, Sam Bankman, free co-founder of, uh, Salon, a co-founder of FTX, um, is a major promoter of Solana. Um, the, uh, before I get there. so this is something i've theorized many times in the past we've talked about on the show in the

past this idea of trying to prioritize low fees and fast transactions um is just a race to the bottom like someone else can always be more centralized than you um and what happens is you're basically it's a high time preference decision because if you try and prioritize for low fees and fast transactions um your chain's going to get more bloated so you'll become more centralized so long term you'll lose censorship resistance which is the whole point of the whole fucking thing otherwise we could just run the whole thing on aws so it's the race to the bottom and they're all cannibalizing each other because that's what they've decided to prioritize um and then going back to sbf sbf is one of the you know he's a founder of ftx they're fucking killing it

right now and he's a major promoter of solana he just released an ad with tom brady and giselle did you see that uh with uh i saw i saw it fly down i like watched the first 20 seconds i was like i couldn't take like this scripted conversation okay i mean it's an ad bro like ads are scripted i that ad is gonna play every sunday during football um and obviously it's not a bitcoin ad it is a crypto ad it's an ftx ad let's be honest ftx ad um but i just thought it was interesting that like bitcoiners have been fantasizing about like a superbowl commercial and like be careful what you wish for like it's gonna be a shitcoin exchange like that that is gonna be the first superbowl commercial that is semi-bitcoin related um and this cycle is gonna

be fucking insane like i don't uh i don't know like it's it's it's it's gonna be we've been around the block a few times just expect it we're gonna be in a situation where halfway through this fall i have a feeling we're just gonna all think that the freaks and me and marty are just gonna be thinking well we're freaks as well we're just gonna be thinking that we're idiots and that we're boomers and then we have no idea what the fuck's going on and maybe we're taking the crazy pills we're not taking the crazy pills it'll all normalize itself out on a long enough time basis but there's gonna be craziness in the middle front running this just applying an m&m an eight mile strategy is just clip it already just put cope over it that's uh we're pre-cope

i just i just wanted to get the cope out of the way ahead of time yeah we're pre-coping i mean like this shit happens they were selling dogecoin in that ad it happens every cycle like yeah it can go big that's uh it's a interesting thing but i don't think particularly pump the hardest in bull market scams pump the hardest i think we've been pretty consistent about that on this i'm gonna go read the tape yeah again like i've iterated you're not iterated uh articulated this theory on this show many times throughout the years but what is flipping bitcoin mean like are you flipping the network effect of it used by money like are people maybe there's people building apps on salon are everyday people going to be

using it has money i'm not so sure um i don't even know why we're getting deep into this conversation point i'm trying to make here is like i think it is impossible to flip in bitcoin because if you do it's like all right what's the market cap's not real anyway like what are you right you're not going to flimp in the censorship resistance and that's the yeah you know exactly bitcoin's hard to change um and it's uh and again like matt just described like the trade-offs made via these networks uh are just natural centralizing forces that are not able to be the censorship-resistant money

that humanity needs right now. That's why I focus on Bitcoin. Yes, a lot of people are going to make money trading. However, somebody needs to build out the infrastructure for the freedom-preserving network. 100%. That's what it's about. That's why we're here. We have Nick in the comments mentioning

the DDoS attacks that were denial-of-service attacks that were happening to Lightning Services. Thank you, Nick. I did want to bring this up. was it was uh lntx bot blixed wallet and ln bits and they were all you were they all using a dutch um hosting provider they were all using the same hosting provider yeah um and they got hit by denial of service decks i don't think some people like were making it out to be like a big thing. It's not a small thing. But at the same time, all centralized

public facing services have the risk of denial of service attacks. They're very easy to pull off. They're not that expensive to pull off. And they're going to happen. And this is why And fortunately, you see so many Bitcoin exchanges operating behind Cloudflare, which is a centralized solution to try and solve the denial of service situations. And then you have something like Bitcoin, which tries to offer a distributed alternative to that. So as long as you have these centralized services that are operating in a public-facing way, they're going to have to deal with denial of service attacks. It's a thing that happens. it's a risk you take when you trust a third party that their service might be down

when you need to use them and you should act accordingly and fortunately all three I believe are back up now I believe they all moved hosting providers and it could happen again that's the state of the internet that's how it works

probably will happen again and yeah no funds are lost right no funds are lost you couldn't access the service other than the potential funds that could have been made while it was down it was a successful DDoS attack who knows maybe this will provide

important real life data and allows us to fix some problems that exist who knows as they pertain to DDoS attacks particularly we're getting notice that Biden is live

right now in the first first statement we have mg smith for here uh inscribing it i got hairy legs that turn blonde in the sun and the kids used to come up and reach in the pool my leg down so it was straight and then watch the hair come back up again that's how he started his speech tonight no that's not how man i'm fucking with you and you see the animated version of that quote i have it the animated version is hilarious it's uh one of the most ridiculous statements ever to come out of a president's mouth within many uh but we are being alerted that he is actually talking

right now and uh i don't know what's going on there's a tweet that i got tagged an hour ago from a courtney sub romanian who's saying that biden is going to announce that an osha rule requiring businesses with more than 100 employees to ensure workers are either fully vaccinated or tested weekly per the white house uh violations could come with substantial fines up to nearly 14 000 for providers by the time people are listening to this it'll either have been actual news or it'll have been bullshit so i think we should just not speculate on what he's saying right now when we're not watching what he's saying right now the ap is confirming this so as like that he just whatever either way we should wrap up the show it's been a great

conversation marty i love you and i love the freaks love you i love the freaks as well hey spell out the infrastructure fuck you use bitcoin tv.com i thought you said fuck you too i was like damn why why you say fuck me uh matt you were the host you have to end the live stream or do i have to do that wait i can end it no i can end the live stream you gotta end the recording so that we can get to the recording. You stop the recording. Peace and love to the freaks in the recording. Love you, freaks.

Stay humble and stack sets.