TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Bitcoin Week of 2021.10.11

Episode Date: October 14, 2021

This week Marty and Matt discuss: - US Gov asks chipmakers for client data - US takes top mining spot - eclair v0.6.2 - umbrel v0.4.4 - bluewallet v6.2.10 - raspiblitz v1.7.1 - immortan v0.3.5 - sparrow v1.5.1 - nix-bitcoin v0.0.53 - lightning terminal v0.5.2-alpha - Gladstein on the early cypherpunks and adam back - antpool blocks mainland chinese users - jstark documentary - aj towns taproot + ptlc proposal Shoutout to our sponsors: Cash App Unchained Capital Braiins Compass Mining

What is up, freaks? It's your boy, Marty Band, here to introduce this rip of Rabbit Hole Recap. Tight one-hour, five-minute rip. It was a good one, though. We were hugging trees by the end of the episode. You'll find out. This rip is brought to you by our good friends at the motherfucking Cash App. Cash App is where you stack sats, send sats, receive sats, and sell sats, if you so please. We're saying sats, sats, sats, sats, sats, because sats are the standard. There's 100 million satoshis, or sats, in a Bitcoin. You don't have to buy whole bitcoin a fraction of bitcoin you can stack whole sats instead cash app makes it very easy you can dca in the sat set it and forget it uh you can get sats back at restaurants every once in a

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Go to Brains.com Follow them on Twitter Use BrainsOS Plus firmware if you're running an ASIC That's compatible with it If you're not, you're leaving stats on the table And that's not advised Enjoy this rip You've had a dynamic where money's become freer than free

You talk about a Fed just gone nuts all all the central banks going nuts so it's all acting like safe haven i believe that in a world where central bankers are tripping over themselves to devalue their currency bitcoin wins in the world of fiat currencies bitcoin is the victor i mean that's part of the bull case for bitcoin if you're not paying attention you probably should be probably should be probably should be there's a short list anyway oh shit it is a short list matt oh shit what is up freaks what's up recorded freaks we are uh oh man you guys are gonna get a lot of alpha because uncle marty uh does not have the live stream stuff set up um we're back on thursday matt first time on a

thursday in what four weeks it's been a while it's been our longest streak of non-thursdays in a minute yeah we did a wednesday a wednesday and a friday um but we're back we're back here um we both have chaotic times in our life right now i'm moving you're traveling i'm in a hotel room in some city yeah uh we talked about the nashville pick we meet up last week but uh um are you still setting up the live stream yes sir only one https colon is it double backslash it's just backslash right uh it's forward slash right forward slash yeah two two of them two of them yeah it is two of them so it's two of them i'm all out of whack um bitcoin's been pumping this week has been we hit 58 last

night people are saying it's this etf uh news yeah did you see the sec tweet earlier today did you see that no what was that about i don't know if they deleted it we're live uh on air let's check twitter see if it worked this time i'm not sure if the the restream stuff is working um however locked into the blur i tried to turn off the blur it didn't even well you're locked in welcome to the blur um yeah so the sct tweeted out this morning or at some point earlier today warning uh individuals or not warning them uh they had uh okay we're live we're live on twitter the sec was warning individuals let's see if i can find it um about the risk of investing

in etf products with bitcoin futures in them so people think it's a people think it was a slip up by an intern um because you can't warn about it unless there's actually an etf yeah well actually the tweet's still up two hours ago before investing in a fund that holds bitcoin futures contracts make sure you carefully weigh the potential risk and benefits uh and currently no bitcoin none of that kind of product doesn't exist right i don't think so gbtc buys straight up they don't have futures they're not an etf yeah and i don't think oh they don't say they didn't say the word etf in the tweet no they don't but it's a fund that holds bitcoin futures contracts and i think i think that's what the etfs that are going for there's

a lot of yeah they're all futures based none of them are holding actual bitcoin they're all holding paper bitcoin yes you see speculating on paper bitcoin yes you see acclimating to a bitcoin culture making an announcement before an announcement and alluding to an announcement before at least shitcoin culture shitcoin culture that is correct ah there's gonna be a tight rip today, freaks. As I said, match traveling. I've got some engagements later tonight that I have to tend to. So let's jump right into it. We're going to go to Clark's dashboard. The price of Bitcoin is currently $57,440. One cuck buck is going to get you 1,741 sats. That means the Bitcoin market cap is $1.08 trillion. If you believe in a Bitcoin market

cap i know our friend grubles does not we're currently at block height seven hundred five thousand and ten nice even number i like that you know uncle marty likes even numbers uh when we're recording mining here we go difficult to retarget we are not 590 blocks away currently estimated to be the next difficulty adjustment estimate to be on october 18th which would be monday uh and it's pretty static that would be a increase of 0.3 that's because blocks are coming in at nine minutes and 58 seconds very close for that 10 minute target but still two seconds below two seconds quicker than uh satoshi design so we are going to have a slight upward adjustment as of right now damn mempools i don't want to say it's full but uh there are a lot of transactions

the clark's mempool compared to uh the previous months of the show there are currently 29 917 transactions in the mempool i think that's the largest we've seen in quite some time at maybe even since like april or march um transactions and then we're not going to read that one because nobody cares uh one sat per byte fees maybe get it in the day right now immediate according to clark's dashboard is 12 sats per byte samurai whirlpool capacity is at 4 295.42 bitcoins that's 246.9 million cut bucks worth of unspent value in whirlpool and that was us reading clark's dashboard shout out to clark got the uh bitcoin it's a lot of bitcoin a lot of bitcoin shout out to clark he got the uh the jack dorsey endorsement did you see that

i did see that that was cool yeah i think he's listening who clark or jack both i hope i hope they're both listening i do as well i love both of you all right uh should we start with the solemn news you were like apprehensive about talking about this why it really me out i know what are we talking about um so a freedom fighter very talented um um and dedicated 3d gun maker and designer jay stark was found dead in germany last week what was he found dead and he was he was found dead two days after the police raided his apartment and said they didn't find him at the apartment

dead of a heart attack at 28 years old i found he was found outside of his parents house in a car by himself dead of a heart attack allegedly yeah it's um number one extremely sad number two extremely suspicious um yeah it seems very convenient maybe we should just can we give like a moment of silence yes let's give a moment of silence for Jay Stark

hope he's resting in peace like I said freedom fighter obviously 3D printed guns are very controversial here in the United States specifically, but he was doing it in Europe where it's even more dangerous where their gun laws are extremely strict.

And so the fact that he was putting his neck on the line and fighting the fight on that turf is considerably admirable, again, considering the strictness of the gun laws over in Europe. And so, um, I think, uh, it would be very, uh, very apropos to echo his words, live free or fucking die. You're muted now. I can't hear you. in the show notes we have linked a documentary by jake hanrahan on jay stark um i suggest everyone

just go watch that a lot of people actually accuse jake of uh like it kind of being like a hit piece yeah trying to paint him in bad picture um but i think everyone should go watch it and uh just for like a little bit of context uh he came up with this this nine millimeter automatic uh pistol machine pistol that that was he called it the fgc and it was a fuck gun control is what it stood for um yeah yeah well you want to talk about coinbase's relation well that's all alleged i don't even know like there's one of the most up parts about this is there's no uh there's no like solid sources we have like a der spiegel article which is like the german new york times and then we have basically translations of that because that was in german

and that was just like you know obviously that's just like the official line right so like there's no real solid details and then one of his friends and um one of his friends posted on twitter that he thought it was coinbase and ebay who gave up his information because he recently changed his name and changed his legal name and changed his uh location so his friend said on twitter that it was coinbase or an ebay who gave him up um but you know none of that's confirmed none of this is confirmed that's what's the one of the most fucked up parts about it yeah it's just like if you don't like someone like you raid their apartment and like two days later they show up outside their parents house died dead of a heart

attack uh and and no one knows what the fuck's going on so um yeah yeah go watch the documentary if you haven't watched the documentary honestly go watch it it's very interesting and like the code's out there you know it's it's like bitcoin it's just living it's just the code is out there and there's like nothing you can do about it now and that code's going to be iterated on and improved and all this other short sorts of shit that's how free open source software works so yeah you can go go watch it's very interesting you can kill the individuals not saying again not saying that's exactly what happened here again we can't confirm nor deny that was the case with that being said you can the individuals think a better way to

frame it as the individuals providing this code and leveraging it can die but the code will live on if it's sufficiently distributed this is why we need bitcoin to be sufficiently distributed we need it to live on it is it is freedom money jay stark was providing freedom enabling technology and guns too if you don't believe that guns are freedom enabling technology you don't understand world history they are imperative for individuals to preserve their freedom and protect their private property and protect their their inalienable light uh rights excuse me to live free um to segue away from the solemn topic we have charlie spears in the comments uh asking us to give a shout out to oklahoma bitcoin meetups which is something we're more than happy to do so if

you're in the tulsa area there's gonna be a bitcoin meetup on october 29th and if you're in oklahoma city uh november 9th uh is is that local bitcoin meetup uh max gagliardi i believe is helping to organize the okc meetup i'm pretty sure um i may try to make it up to one of those if i can um we'll see the move has been pretty chaotic so uh and it only gets more chaotic maybe that's another thing we could segue to the supply chain issues are real you can't get furniture right now freaks i'm buying chairs and buying sofas i'm sorry my wife you're short bitcoin it's tough and they're not cheap either dude it's like fuck it really does make you feel like you're you're short bitcoin when you're buying this furniture um but yeah it's real i mean we

we ordered furniture online months ago we had the typical delay delay delay uh called one of the providers today and they're just like yeah the woman on the phone was just like you're not gonna get it essentially just cancel the order and so we've had to go to like that fucking sucks we've had to go to outlets and just buy in person if they have it um craigslist marty we tried a facebook marketplace as well even there stuff's pretty scarce and then there's like the aspect my wife does want to use a new couch doesn't want to be using other people's couches stock up your meat freezers freaks

yes it's another thing um shout out to the ranchers out there on tap growth texas slim texas slim um actually released a sub stack uh article today uh talking about his texas beef initiative um trying to create circular economies oh there goes your blur um finally i was able to get it off uh texas slims trying to create a circular economy and take care of our nutritional uh security here in texas specifically i'm actually gonna have him on the podcast in a couple weeks year uh and uh i will be joining that in that community if if if they will have me because i i want to secure some beef as well um i've seen videos this week of ranchers particularly in north texas warning that u.s health officials are having them euthanize cattle and other animals and having

them essentially bury good crops because the supply chains are so borked and the slaughter houses that are deemed acceptable and by the state to slaughter your your animals aren't workable right now and it's just again if you haven't listened to the episode i recorded with ross kennedy a couple weeks ago about how bork the supply chains are particularly around the ports go listen to that in that episode he has a unique solution a creative solution to try to fix the problem. That's one thing I really want to highlight here is we need to stop listening to the government

when it comes to our food security and these supply chain issues. They're not going to be able to fix it. We need people in these industries who actually know what's going on. Joe Biden, Nancy Pelosi, Ted Cruz, whoever it may be, whoever your favorite politician is,

they don't understand the intricacies of our supply chain as well as the people on the ground who are actually operating them. I think this is a particular point in history considering what's gone on in the last two years and how fucked up things are where the government should aggressively pursue a laissez-faire stance and just say, all right we're gonna we're gonna waive we're gonna waive uh regulations for the next six to nine months or something please you experts actual experts who understand the intricacies of what's going on uh we're gonna give you free range to to fix it go for it i think that's a very sensible

way to fix this thing will it happen probably not and if that that's never gonna happen no but if if they don't give us permission don't even ask for permission i think people should just start doing things creatively um spinning up slaughterhouses and packing um packing warehouses locally to try to fix this problem because it's fucked yeah um yeah jay stark news got you fucked up man are you okay i you know i didn't really yeah i didn't it's good that it was front loaded yeah um i i mean i just think supply chain issues are just like is this the new normal it shouldn't be but like it's it's going to be in everything right like in every facet of life there is uh

just you you don't really know at this point like what could be affected because it's just all of our supply chains are so complicated yeah yeah it's um we need to get creative we need to get creative and we need i i mean i mean i've been getting a little aggressive in the newsletter this week just like we need to ignore the federal government because they're making things material worse materially worse i think miles suitor good friend of the show good friend of ours had a great thread earlier this week i think maybe over last weekend and basically saying we've gotten to the point like we have to hearken back to the declaration of independence and why the founding fathers did that and when when the government

ceases to serve the the people that it's supposed to be serving you have the right to alter or abolish that government and fix it i think we're at that critical juncture in our lifetimes where i think you could make a very strong case that that is the case and we have the right that line in the declaration of independence it wasn't just a justification for what the founding fathers were doing it was a blueprint for societies to come after them to to follow and do that as well and i think there is like like usd cuck just said in the chat we are at war we are at war with either a very pernicious ruling class, kleptocracy, whatever you want to call them,

or a completely incompetent one, then we'll not give up control. And we need to save ourselves. We can't have these people saving us. And again, that's why we do this podcast. That's why we love Bitcoin. Because it is a tool that allows us to begin fixing things in a parallel system.

we can do it ourselves it's it's not perfect but it helps empower individuals and other things that help empower individuals uh used in combination will hopefully make the world a slightly better place at the very least yes yes we can do it we can do it and that actually um i don't know if we're gonna get kicked off youtube for this but like what's going on like what are your thoughts on the again like and there's definitely some information suppression going on particularly around what's going on with the airlines i don't know dude southwest like uh i was at the ticket counter the one of the days because i was coming back from nashville southwest and the ticket counter was like packed with people they were canceling flights all over and one of the ticket

clerks said that that it was it was a covid strike is it okay this is a covid strike this is on the ground anecdotal evidence yeah you've heard it but it i mean it's funny i mean it's not funny i i'm i'm proud of them i'm glad they're stepping up um and striking you know there's i think they're one of the largest pilot if not the largest pilots union in the country um the southwest pilots union um it's it's ironic though because the pilots union is also saying it's not a strike they're like our pilots are just tired we're tired they're just you know they're not feeling well and they just they can't come in like we they first the pilots union appealed the mandate because it's fucked up that they have a vaccine mandate once again regardless of how you feel about the vaccine

is just the requirement for them to take it um and so first they filed an appeal to federal court and then like three days later uh they just all you know we're just feeling really tired they're feeling run down they couldn't they couldn't come to work so it's not an official strike for what it's worth but yeah i feel like there's not that much the media is like the corporate media is like intentionally trying to downplay it yeah they're blaming it on weather and weather's unfortunately my fight got through then i found out they were doing vaccine mandates so now i'm going to try and just i think delta is the only one it's like the only major carrier that isn't requiring vaccines well it's going to be very interesting i'm trying to support them particularly for

southwest i think delta too um that delta seems like delta is going the other direction um i think a lot of these airlines are domiciled in texas and governor abbott just came out and basically passed an order and said you can't if you're a business you can't mandate vaccines and so southwest definitely domiciled in dallas i haven't checked american airlines or the other airlines but they're technically domiciled in texas i don't think they legally can here um without getting kicked southwest is definitely texas based because i looked it up afterwards yeah um so that's yeah so we have this interesting dynamics we have individuals on the ground that seem to be again they're not technically striking they're taking their sick days they're

they're all taking their sick days at the same time to send a message um and then you have states pushing back uh and then you just have data getting out there did you see uh sandra gupta on rogan joe rogan base i haven't listened to it or watched it yet base rogan's back baby um he called out sanja mcnn to his face he was squirming and he just made very very good points that ivermectin seems to be working in a lot of places where it's taken and it's nonsensical that uh number one we're not allowed to talk about it number two that cnn just overtly lied and said that Joe Rogan was taking horse-paced medicine when he was prescribed the human pill,

which has been administered to billions of people over the last 50 years by a doctor. And then he had a really good point about the push to vaccine children and why that may be misguided, considering the low risk that children seem to be at too when it comes to COVID. And then we're just getting a bunch of data.

Countries like India. So I guess the only way you can listen to that is through spotify right there's there's been clips on twitter uh two clips i mentioned about i retweeted like if you want to listen to the full episode you have to listen to it through spotify yeah yeah which i do i have spotify i like spotify spotify is convenient for the music i like to listen to in the podcast i mean it's it's good for music but the podcasting is kind of questionable agreed agreed adam carries um okay yeah i mean i gotta give it a listen i heard good things yeah it was good um what else we got here let's get down our list this is this is a very interesting

story that will we should be following very tightly because so the u.s government is asking chip makers tsmc and samsung to hand over data on their customers so obviously again we talked about the supply chain issues earlier uh chip manufacturing obviously is is high in the list of of industries that have been affected by the supply chain issues and in an attempt to help fix the issues the u.s government's going to these chip manufacturers and trying to get creative with them but like one of the things they're asking for all the data on the customers and tsmc and samsung are being steadfast like no we're not giving you this data and then the Biden administration's going back to them like hey there may be repercussions and like to me

this is completely asinine like these chip manufacturers have all the leverage like all right like if we don't give you this data and you don't allow your companies to work with us like you're not going to have like your supply chain issues aren't going to be solved like we'll just go work with other people maybe that'll maybe that'll be uh the beginning of a flood of ASICs onto the market because they'll be able to be produced and Apple won't have foundry space uh it seems like a completely boneheaded move uh that makes no sense why do they need that data well you you saw they pretended that it's it's they're trying to sort out the supply shortages yeah i want to know where all the chips are going yeah um

i mean it's it it feels like encroaching kyc is what it feels like right it's like the same mo like tell us your client data like out of do it out of favor and then maybe there'll be more pressure in the future um but i mean i don't i think it's it seems like kind of an empty threat but at the same time like south korea seems like they're the south korean companies i guess it's mainly samsung right yeah like just it seems like they're gonna comply but tsmc is not going to base tsmc tsmc absolutely will not hand over sensitive information particularly client data tsmc is still assessing how to respond tell tell the biden administration to fuck off tsmc yeah i'm an american it's interesting no one really reported on this yes it's in the taipei

times which is a taiwanese uh news source it's from uh from last friday to the u.s department of commerce late last month asked companies so they're reporting on something that happened in September, asked companies in the semiconductor supply chain to fill out questionnaires by November 8th, seeking information regarding the ongoing chip shortage. While the request is voluntary, U.S. Secretary of Commerce Gina Raimondo has told industry representatives that the White House might invoke the Defense Production Act or other tools to force their hands if they do not respond. Again, like, these are multinational corporations domiciled in other countries.

like how does the u.s have like where do we buy our chips from if we need chips yeah yeah you completely moved all the manufacturing to these countries intel sucks amd nvidia aren't really pushing out like top of the line chips uh that are necessary you don't have any you think they don't even realize it like that do you think like they actually like there's people in the government that are implementing these things or just like have no you know they think you know well we if if we stop buying from them they're gonna go bankrupt like they need our money it's like no we need their fucking chips you assholes like what is it what is this move doesn't make any sense to me uh at all um so it'll be yeah and again like i mean we mentioned earlier like they obviously

can't fix the supply chain issues in other areas of the economy whether it be for the good news right like we don't really need if no new asics got produced for the next two and a half years it wouldn't be the end of the world no i mean as a minor i would love that it'd be great if you already had if you already had an asic it'd be fantastic and you know a malicious actor couldn't be making asics because there's no new asics being made so the hash rate would still be as secure as it is now it's not like there's a shadow you know because they're in this in my theoretical no one's making asics but if no one made chips for like vehicles or trucks or medical equipment or planes cell phones compute you know just all i'm just mentioning computers

and generals but like if people if we didn't have new chips for those the next two and a half years that would be like complete chaos yeah and again like i said i think as americans we do have the right to alter and abolish this current form of government they're putting the populace at risk like materially in a number of avenues whether it be food printing money energy instability and now this chip stuff it doesn't make any sense again i mean braj is saying it in uh in the youtube comments he says seems like controlled demolition it's like again it's hard to believe that there is not some controlled demolition going on with it the incompetence is either stunning or there's some malice again who knows what we do know is that the the product of the decisions

that are being made are pretty terrible across the board um so we need to figure something out i think individuals industries again i'm happy to see what the airline industry is doing southwest uh the air traffic controllers in jacksonville i believe i heard about another pilot strike that is planned um for this week as well keep doing it uh i saw a video of a bunch of oil rigger riggers uh who were told um that they were going to need to get vax mandated they've um they gathered together all at once they they walked out in unison said all right good luck and then as they were getting to the gate their bosses said all right all right we're not going to mandate it like if you use action and coordinated action uh peaceful non-compliance exactly peaceful

non-compliance that's the thing like it's insane man it's insane um moving down the list moving down the list my telegram's blowing up right now I gotta find your U.S. takes top mining spot hey I appreciate everything you're not excited about that I mean I just

this data you don't agree with the data I love the Cambridge Institute I don't think I mean they said that it's based on IP address right but it's self reported too i believe there's a self-reported aspect to it so none of the illegal chinese miners are sending in

there exactly like they have zero percent hash rate in china it's just not i know well that's they definitely don't have zero percent right yeah it's just not true um i mean if you're mining in china you're probably using a vpn and you're coming out of a different country yeah um i mean i i think yes there's been a material amount of hash rate that has moved to the u.s um i just i just don't feel comfortable advertising did you see the cambridge chart yeah i don't feel like this huge like 75 chunk of china and just like goes all the way down to zero yeah i just don't feel comfortable uh marking that as a fact of the hash do you think do you think u.s miners have 35 of the hash rate ah i wouldn't be surprised there are massive what's

number i don't know i don't know probably around like between thing under right yeah i'd probably think like uh i think around yeah 20 between 25 and 30 35 seems a bit high and like you said we don't want it to get too high either right yeah i mean i i'm not i'm not necessarily cheerleading for it but people are excited about it yeah i mean i mean hopefully the u.s gets back to some set and then again we've said this many times states are asserting the right so the hash rate is falling predominantly in places like texas north dakota wyoming um that pennsylvania that's even it's almost like even worse like what do you think the i mean it's good in that texas kind of as a hands-off but like talking about concentrated mining like what do you think the percentage of

the hash in texas is right now this is like 12 or like 15 like it's half of american hash rate in texas i wouldn't be surprised yeah i mean that's why i push off-grid mining dude and uh yeah a lot of the texas mining is on grid too and then demand response that's pretty crazy um the demand response stuff it is it is powerful if it works um i obviously i live in austin texas now and i've been meeting with a lot of bitcoiners in the first couple weeks that i've been here and talked to a lot of miners and they are building excess capacity for the grid bitcoin miners are going to consume and they're creating these demand response mechanisms to to feed electricity to the grid when when demand is high like the stuff is being built out so it is innovating grid systems

which is great to see um but yeah the operations that are doing this are massive massive operations that are very centralized like if i don't think texas will ever do it um but the state ever came told them to turn off their lights and it'd be hard that would be a significant amount of hash rate um it doesn't even have to be that would like an emp attack or something like that like what if people start getting malicious um well i mean the fear to me is like the especially with the public regulated corporate miners is that they just they fall in line with all the kyc bullshit um yeah and and then that can go two ways that can either go i guess it's it's the same it's this it has the same result they could either basically

mine no transactions because they just don't even want to deal with the overhead so they just don't include any transactions in their block which is valid that's fair they don't want the transaction fee or they could white list blacklist transactions about which transactions they include in a block and and what i alluded to earlier is it's kind of the same result it means the other miners are going to take those transaction fees and mine them into the blocks um just might mean you might have to pay a higher fee unless there's like a massive massive amount of them doing that then it can become an issue yeah so uh razic nimbro saying in the youtube comments within Within the U.S., 19.9% of Bitcoin's hash rate is in New York.

Wow. 18.7% in Kentucky, 17.3% in Georgia. Texas accounts for 40%, according to Foundry. New York, Bitcoin mining capital of the country. Well, they got that Greenwich plan. Coinment has a large hosting facility in New York as well. I guess because of the hydro. Yeah, up north in the lakes region.

um yeah kentucky is underscored state too i should mention that as well they've got a lot of mining they have those incentives as well the tax breaks on the sales tax but depending on when that report came out like i feel like texas has gained a lot like very recently over the last five months six months obviously i'm a big texas fan i'm here it's a big meme though like how much stake is behind the sizzle of the the texas mining um narrative is something i think that needs to be looked into a bit more um i mean there's definitely i mean you have riots windstone facility that's massive that dude i forget his name but he's like showing videos of them just like adding more and more capacity they're plugging in a shit ton of asics um it'll be

interesting it'll be interesting disclaimer i'm on the board of a publicly traded mining company but not riot not riot fortress and not even not an american company that's canadian yeah um i feel like you got to mix that in with the disclosure sorry sorry oh sorry i forgot we were talking about mining okay speaking of canadians had a great canadian on the interview series this week steve barber go listen to that steve from pumped you're becoming a father um while we're on this mining topic this was interesting a freak when i had to ask the freaks to send out a sats signal to get your attention to record one of the freaks responded in the comments with a story i haven't seen yet it was actually posted this morning on

coindesk the largest bitcoin mining pool blocks internet access from mainland china keeping pace with china's efforts to ban crypto linked activities amp pool is blocking users with mainland china ip addresses uh ample uh has tight affiliations with bitmain um so this isn't surprising especially as i imagine they're trying to operate delicately as they try to move their operations out of china into other states and i guess they're just trying to play nice with yeah but i mean they're still not i mean i don't think they do any kind of kyc so you just use like like savvy Chinese users are using

VPN yeah right yeah I would imagine but VPN and burner addresses I'm exhausted I can tell on air I haven't done that ever before am I boring you except that except when I completely fell asleep

on the episode yeah we have a holiday special coming out with our doubt at some point in the future I don't know be aware be aware and we have to tease we're doing a live robert will recap next thursday we're gonna be live from the unchained offices parker joe druve phil tyler cam anybody who's listening at the unchained offices we're gonna have to figure out how to like

get the recording stuff figured out i don't i don't have that capability yeah i mean we're gonna figure that out so anybody anybody uh in the austin texas area knows how to set up live podcast we've been doing this for years but as you freaks may know we're not the most technically competent podcasting duo here we could just like use a phone i could bring this stuff i mean we could record locally that's where we're gonna of course we're gonna record locally marty obviously but like we need speakers and stuff like that oh true yeah i don't know how to do that yeah or else we'll just be screaming at a room full of like 200 people we're opening for someone's asking if i'm stoned i'm not stoned we're opening for bit devs that's a big that's a

big come up i mean we've done that we've done the conference circle um i've never opened for bit devs i've only closed for bit devs yeah yeah not like having done a show i've just you know gone out for drinks yeah um a lot of pressure a lot of pressure big week in austin texas next week we have bit devs uh excited f1 week vibes are high the energy in the city is palpable i'm excited for you to get here because i think once you're here uh you're gonna have a full court press recruiting session for for a whole week uh i expect nothing less i will be shocked if you leave without uh your percentage of possibility of moving here do not disappoint me i won't don't worry we've got plans park and i were talking about them all right high expectations

yeah um but to tie up this ample story does this i think does it should it's something we'd be worried about moving forward like we should highlight the fact that the ability to move between pool to pool is very easy however like should we hypothetical if every pool started doing this yeah you can move between pools very easily but the fear is that there's the way that governments run after exchanges specifically the us government let's be honest we're the land of kyc the the way governments have gone after exchanges they could go after mining pools first in a similar way and then like the only mining pools that won't be doing kyc are going to be like some nim is going to be running a mining pool out of like thailand

no one's going to know who he is or or she you know it's just that that's that's a pool they don't kyc they've been around for eight months i'm gonna use them and like that's our out i guess in that situation but there could be a situation where like all like the four five top mining pools are all like fully captured kyc um which wouldn't be great because then all the individual miners under them so you have these mining pools and then under them you have miners sending work to those pools right so like the pools like the the team and then the miners are the players individual miners are the players so those pools are kind of centralizing but underneath it's more distributed well i like that analogy a lot that's yeah cool um this is why like this is why i think

uh a return of something like p to pool needs to happen at some point distributed pool the problem is you're at a disadvantage right so you make less money and and bitcoin land like one of the key things we've learned is like you need financial incentives right like financial incentives need to be aligned you shouldn't be doing something out of like we shouldn't expect miners to do something out of ideological ideological reasons like they should be doing things to be as profitable as possible well as long as we have you know people like slush pool that are ideologically minded that's great and right now the mining pools are located in different countries so that there's some regulatory arbitrage but if there came to be a basically like an initiative um by some of

these governments to come together and pressure these large public facing mining pools then we got to kind of you know we're going to have to fight a bit you know and people are going to have to run rogue pools yeah and i mean this is how you game theory it out i mean you mentioned the fact that these peer peer-to-peer pools aren't as profitable but at a certain point in time if the scenario which you just described comes to fruition it would actually be economically incentivized to run a distributed pool because if bitcoin were to turn into this kyc hellscape at the pool level it arguably wouldn't be as valuable in the long run correct so even though you're yeah but i'm saying like if all you need is like so like not all independent miners are

the same right there's some independent miners that have a large amount of hash right so one of them like spins up a centralized pool not a pita pool uh p2p it's a self-mind no and then no they make it public and they let other people join them so that they increase their variance and then we're back in the same situation like as long as someone is able to somewhere around the world run a mining pool without kyc they'll they're like they'll never be major p2p pool uh it's so hard to say and on audio it's it's p2 pool is what it is i'm adding a p just to make it sound better but uh which is like a spec to basically do like a distributed mining pool there's no one in charge yeah bob macklerath and eric foskule are working on a spec for braid pool

which is a similar pool to pita pool um there but i think as long as like resources are kind of low to start a pool like a competitive relatively competitive pool then you're kind of overthinking it right like like it's hard to set up a fiat to bitcoin exchange you need banking relationships you need to you know like have registered entities and deal with all these real world issues to to get it started to start a mining pool like it's it's way less friction it has way less uh regulatory um like surface area where like regulators can like really hit you so that's like kind of the advantage we have right uh yes yes i agree um oh yeah stratum v2 someone mentioned stratum v2 too i mean but even there like

the pool operators can be forced like kyc yeah i mean stratum v2 you might be kyc but you get to choose the construction of your blocks yeah well then like help this particular situation yeah stratum v2 is a good step in the right direction like the problem is though you construct a block the pool still has to broadcast it to the network right could the government prevent them from broadcasting particular blocks that's but i mean the real problem is is the way pools are constructed right now is they take custody you mine it goes into their custodial wallet and then you withdraw and those custodial relationships are like

centralizing we usually don't talk about this on air like i don't know like we shouldn't talk about it as a community we should just let it go under the radar as much as possible yeah which is like that so that's what that's the issue is the custodial relationship well that's the issue braidpool is trying to fix they're trying to figure out a way to create like a covenant transaction to distribute the coinbase automatically directly to the miners who are contributing hash um to that period and laurentia pool is trying to just pay out from coinbase but then you have issues that if you're a small miner you're going to basically get a bunch of dust yeah and when when i when we say coinbase we mean the coinbase transaction is in every block

it's the transaction that pays the miner it will minor pays themselves from the block yeah well it's a transaction it's not from the exchange it's not from the exchange that's coinbase really coinbase and lightning well lightning labs isn't as bad lightning getting the lightning ad handle on twitter is a little bad but uh coinbase like it's a very technical term in bitcoin and it confuses people yeah so you have your coinbase transaction uh you have to wait 100 confirmations after you mine a block for that coinbase to be released to you um but it includes the the subsidy and the fee reward correct that's both yes yeah um a little bitcoin technical and there's no transaction fee on coinbase transactions because it's the mine it's the miners transaction

yeah they would be paying themselves so there's no transaction fee on that but if if you're a if you're a small miner let's say you're running like you just want running one asic and you know you're making like a couple cents on that block uh or let's do it in stats terms you're making like 5 000 sats on that block or 2 000 sats on that block it's not it's it's you you'll get that transaction for free but then to send it out you're going to pay a high percentage in fees after that yes so so it becomes a fee burden so for small miners it's nice that you can build up your balance and then a lot of pools including such will have like auto withdraw and then it'll automatically pull out to your own wallet after a certain amount of time that custodial relationship

right there um is the biggest to me is is always been the biggest fear yeah beware freaks be aware uh we have neil and other plebs in the uh in the comments saying that we're going to get a pleb pool so i mean i just saw neil saying i i think did i explain that after he said that but yeah you said it before and you said it before and then he had i watched it come through after the no fee the dust is not the beginning part neil it's it's the next transaction afterwards yeah um so think about it freaks understand it try to get creative around it um what else we got here we got software updates next but first we'll break to go to shout outs we have six shout outs today thank you freaks for the shout outs i think i'm gonna start doing this

more out of the six shout outs four were paid over lightning two were on chain i just thought that was interesting uh and i told matt before that he's really gonna like this particular shout out the one we're starting with uh to the best combo excuse me to the best podcast combo in the space my first post mix spend goes to you guys thanks to you and other free open source privacy technologies i'm getting my digital act together strong encryption and privacy is truly the second amendment of the 21st century we all should remember there is no finish line education and resistance is just what life is really there are two aspects of the same thing they are two aspects of the same thing excuse me regarding education it comes back to key control all of

us need to in our own circles and as much as individually possible be an uncle jim for our people particularly our younger people as in meat space when people assert their own sovereignty in the digital realm we can affect change it starts with key control whatever you guys do in the future it's clear that it will be awesome please be careful marty thank you for the inspiration i don't know why i told me particularly to be careful because you're so inflammatory sometimes oh i know hey i'm pretty calm today pretty calm today uh i fucking love that he just told you alone to be careful thank you for the inspiration and knowledge cheers hey why is it locked at 50 am i supposed to buy you a bottle too uh you don't have to i don't know why did we choose 50

i just thought we i think at the time we just thought it was fair it just was like a nice round number yeah it's completely arbitrary it's like why did satoshi choose 21 million yeah exactly just felt right um if you guys want i was saying we could lock it in at sats but like then it's just gonna get unreasonably expensive yeah someone's gonna like like to get a shout out in like 2030 like you're gonna have to like send us the equivalent of like a brand new house today right um next shout out with respect to ln url excuse me with respect to the to the ln url is great but requires seven 24 7 web server canard number one doesn't bolt 12 require a 24 7 lightning node server and how many of those lightning nodes do you know that don't have a web

server as part of the distribution two part of the lesson of facebook's five hour outage is that if put all the services on the inside of one service under your hyper competent dog food eating control one day may all fall down you can't even get in the door to fix it once you consider yourself the best at everything as facebook clearly does hubris will take you down ellen url certainly has some issues but being strapped into an increasingly complex protocol suite isn't one of them and the web server requirement is hardly onerous so those i like that take who did was it it signed by anybody not signed by anybody no anonymous i like that i mean i thought that was an interesting perspective i'm pro bolt 12 i mean i like lightning url too and lightning address

i'm pro optionality why not try all of them what's cool about bolt 12 is just like just completely built into the spec i mean it's just lightning native you don't need to have an external web server yeah oh one thing you don't have the list i want to mention it now while it's the top of my mind did you see uh aj town's proposal for taproot ptlcs no that's interesting so ptlc did that come out uh earlier in the week um i'm too technically incompetent to describe uh the details of anthony's or aj he goes by aj anthony aj i think it's interchangeable of uh what he's trying to do but i do know obviously taproot's on the horizon and ptlc's point time TimeLock contracts would be a replacement for the HTLCs,

the hash TimeLock contracts that enable you to open up Lightning Network channels. And we've had podcasts in the past, particularly with Chris Stewart and Nadav Cohen from ShoredBits. Highly recommend you go check that one out. That was like the last in-person before COVID. PTLCs would be more efficient, more private. And so it's interesting to see AJ working on this, and he seems to believe that he found a way

to implement it via taproot and he believes it's better than other specs that are out there for implementing PTLCs so I thought that was pretty cool I'll try to find a link to that and throw it in the show notes that's awesome definitely throw it in the show notes yeah

so there's some discussion going on around that next shout out that was just okay awesome that wasn't a shout out no that was just me riffing off the top man i'm tired i can tell sorry freaks i know this is a weaker episode than usual for me at least marty's been killing it i don't think so i think you don't tell yourself just stay careful but sup freaks if you're working for a shit queen company or

professional surveillance mercenary i'm talking to you yes you now's your chance to repent before hyper-Bitcoinization. There are tons of Bitcoin-owned companies hiring. In parentheses, Bitcoin or Jobs.co. Bitcoin or Jobs.co. Get after it, Anon. Love you, Matt. Love you, Marty. Love you, freaks. From Sahil.

I love Sahil. Sahil? Yeah. Sahil, yeah. I love that dude. Cheers, freak. This is one of my favorite types of fucking shout-outs. I fucking love these shout-outs.

this is a shout out to my cousin brian who back in the day let me crash on the couch with his dog crate of an apartment in nyc i've tried to convince him to get some bitcoin exposure like his brother but the kid is coming from traditional finance and his loss marty and matt can you convince him to stack sats i don't want to have to tell my family to have fun staying poor um what's the name of his friend brian we know the name of the guy who did the shout out no it's his cousin yeah so brian if you're listening your cousin is worried about he's worried about the the future of your family and the the safety your financial safety your financial security uh how do i convince you you're in traditional finance um i'm not even going to

take that like i went on the bar stool dog walk podcast earlier this week the chicago guy shout out to eddie and chief and my boy tom lee as well um for having me on to try to break down bitcoin for them did my best to articulate it uh as clearly as possible in layman terms i'm working on that pitch uh i will say to you do you want to live in a society where you're completely surveilled where the authorities have the ability to stop you from making a transaction from receiving a transaction from spending your money from having uh the same amount of money in your account one day uh as you you had in the day before um i'm trying to allude to theirs they can confiscate your wealth they can tax it immediately that is the direction that the world is moving in

if bitcoin does not succeed you're going to get the chinese social credit scoring financial system digital panopticon exported to the rest of the world or we're going to live free in the digital age uh because bitcoin exists and allows us to do that on top of that it's the scarcest and soundest money that has ever existed on the face of the planet and you better get some before it gets too expensive it's a very long long show brian brian this is a very compelling argument for marty um your cousin is gonna have so much more fucking wealth than you if you don't fucking start stacking today just consider it just consider it i think that's more convincing yeah brian you're do you want your cousin to be richer than

you like you might still be richer than you but don't let him be that much you know yeah you need to know that he knows that you're also uh well off exactly yeah uh matt thanks for your help recently marty keep fighting the evil powers i will apparently i need to stay safe i am trying to start and find a meetup in eastern iowa you can find our telegram group eastern iowa bitcoin only or dm on twitter for an invite at prief p-r-i-e-f-f peace and love freaks see you toxic maxis in miami you said marty insert your here sweet um here's freak uh more meetups the better but honestly guys like try to take less pictures of them and just be aware that there might be a spook or two there there's always going to be a spook there

new york bit devs like remember when were you there the one time they had like that ex israeli intelligence guy give a yeah presentation i was like what are you doing here i asked him a question yeah it was like it was like yeah use our custodial wallet it's like dude like get out of here um you you'll always have speaks there but no pictures or reduced pictures don't get like don't be the guy who pulls out your phone and does like the pan shot of all the bitcoiners that are chilling don't be the houston bitcoin meetup is not uh upset conscious at all marty was this like coordinated by the freaks like i like feels like every shout out is like just warning you to be just like a little bit just keep your head on the swivel i'm happy to be in

texas oh god now you guys got me worried do i have to be worried i think it's just important for people to realize that we're peaceful and that we i love this country we just want what's best yes peace and love i ended on peace and love for everybody non-violence peace and love i do believe in gun rights but that's only to protect yourself not to aggress against others um yeah i'm a peaceful guy you know it was it's not my words it's what the freaks are just saying i'm just trying to interpretate the freaks i know i know interpret interpret you are tired jesus man i've been up since five in the morning that's that's one in the morning 4 30. um software updates eclair version 0.6.2 we'll miss you marty that's a great comment that's

Chad's a bad comment. Stop making, like, I have a child who's very young, but I really like to be around to see him grow up, and I would actually like to have more children and would like my wife to be supported and not be a single mother. So that legitimately freaks me out. It really fucks me up, too.

Umbrella version, 0.4. I laughed at it, but... Yeah, to my FBI agent, CIA agent, who's thinking about hitting me with a heart attack gun, please think of my family. did you see there's a new novelty account on twitter marty spook marty spook my favorite i i'm pretty sure it's it's uh it's a it's a uh parody account marty cellmate is a new one that's what it is it wasn't marty spook it was marty cellmate yeah i saw that

that was hilarious let's see that account like my tweets i'm like fuck man i'm glad we can laugh about it marty is a jesuit quit wearing i did go to a jesuit high school it doesn't mean like i'm a practicing jesuit i'm a catholic but i don't know if i would consider myself jesuit okay so for updates let's umbrella version 0.4.4 has been released blue wallet version 6.2.10 has been released raspi blitz version 1.7.1 has been released immortan version 0.3.5 has been released sparrow version 1.5.1 has been released nix bitcoin version 0.0.53 has been released and lightning terminal version 0.5.2 alpha has been released as always with the software updates uh you do not have to rush to go update them unless there are critical

vulnerabilities i don't think there are in any of the updates we just mentioned uh right here so look into what is being updated what's being added and consider if you want to uh update any of these softwares if you're running them yep gladstein on the early cypherpunks and adam back this was such a good piece it was like a tome uh everything he writes has been fantastic especially recently he's been killing it but this one i'm telling you if you haven't read any of the other ones even if you have like you got to read this one this is the one you have to read

yeah it goes to the birth of the cypherpunks you know deep into adam back's history not adam alex well adam too alex is doing incredible things for the bitcoin space i had the uh honor and uh luxury of having breakfast with alex last saturday um just a great conversation he's a very what he's doing via the human rights foundation is one of the most high leverage uh forms of bitcoin advocacy out there in the world right now how are you going to tell yeah i mean this is his brother i love that dude despotic regimes that bitcoin isn't providing them value and that they can't use something like bitcoin when it gives them i think he's got the silver bullet like uh you're gonna tell these people

they can't use this freedom enabling technology that they desperately need yeah um so go check that out bitcoin isn't a silver bullet but gladstein is bitcoin silver bullet yes no and i think that's i think uh yeah i mentioned texas slim's sub stack about the uh the cattle co-op here in texas and in that uh he says bitcoin is just a tool it doesn't fix everything inherently it's just a tool that allows you to then begin to fix things like you need to um and i think that's important yes bitcoin fixes this is a great meme it does have a lot of validity you can go fix things yes you have sound money but then you have to implement uh action to follow that up you can't just like point a bitcoin wallet

at a supply chain and have it have it be fixed a hundred percent yeah bitcoin is a tool yes a very powerful tool um that's it that's all we have on the list i know you're tired probably like an hour and 15 minutes in now should we just riff riff and end what do you got mosquitoes down here bad well your your porch is screened in yeah it's uh it's it's not the best defense luckily during it's a little cooler here in austin it has been um for the rest of the week so it seems like they're they're chilling out but my son he's just been getting attacked there's a war on my family and being waged by mosquitoes did you see what neil said in the

comments we haven't seen a single squirrel this whole recording there was one on the tree yeah i actually because i was actually remember well you guys can roll the tapes at the live recording there was a squirrel tapes guys there was a squirrel why does that matter a squirrel's fake or something is this like the the birds are fake no i think he was accusing you of it being a green screen oh no it's a it's just a screen there's a screen in porch should i go touch should i go climb that tree real quick it's the original green screen there's green behind us i'm gonna go hug the tree i'm gonna go hug the tree go hug the tree go hug the tree this this is for you neil this is this happened because of you he's actually doing it let's fucking go

which tree is did he hug the wrong tree nope he didn't let's fucking go love you freaks I that was one of the best rabbit hole recap moments we've ever had that was fantastic it actually takes them a while to get between the two spots is that that was amazing is that proof of truth the freak the freaks are very happy about it I was very happy about it very excited all right hey hey can't have people thinking this is some psyop operation here we're trying to bring you authenticity I mean it took you like kind of a while to get there so like maybe there some you know photoshop magic that happened like you ran to the machine to handle it yeah it could cgi damn like cloud schwab's behind it do you want me to run through the screen and then hug the

tree when we break the screen that was that was honestly one of the best rabbit hole recap moments i already told the freaks this you couldn't hear that part oh thank you um but it was uh well let's end it on a high note then you yeah you go take a nap or no i'm gonna go out i love love you marty um i love you freaks stay on the stack stats i'll see you next week uh in austin hopefully if people are alive but peace and love marty there peace and love yeah you live stream guys we'll get alpha some other time we're not gonna do it this week yeah peace