TFTC: A Bitcoin Podcast - Rabbit Hole Recap LIVE: Week of 2019.06.24

Episode Date: June 27, 2019

Join Marty and Matt as they are joined by Pierre Rochard, Bitcoin Sign Guy & Francis Pouliot with a special appearance from Paul Sztorc as they discuss: - FATF Guidelines - Iranians mining Bitcoin in mosques - COLDCARD new upgrades - Libra - CoinJoining - Much more…

we're officially recording what is up freaks welcome to tales from the crypt it's your boy marty bent for another edition of rabbit hole recap we're in a very very foreign studio here on the roof at the bitcoin 2019 conference uh we've got some uh what is that angels envy and just angels envy courtesy of storms over here thank you and we've got we've got three guests with us this week two reoccurring guests here and pierre rochard and bitcoin sangay thanks for coming on guys and a new guest Francis Paulette Matt do we have a price

everyone open your favorite Bitcoin app and market buy Bitcoin right now maybe we can push that price up before we quote it I do not have a price can someone yell out a price $13,250 that is cheap

as fuck how fast can we get a block height from somebody block height anybody 580,000 I don't know not enough alright whatever

we're going without the block height this week thank you for joining us on the roof here what an incredible week this has been incredible conference by the BTC media guys

let's give a hand for those guys bringing together some beautiful Bitcoiners for you freaks who are not abreast of what we do here this is our weekly

topical show rabbit hole recap so we're going to spit on some ideas excuse me some topics that have been in the news last week first up

We've got the Financial Action Task Force has officially released their guidelines. Matt, what are your thoughts on these guidelines? Fuck them. No, I think it's important. A lot of people were worried about those guidelines in particular, but I think what people have to realize, they're only guidelines. They haven't been implemented. They're only suggestions, right?

Yeah, I mean, I think that it should be expected. Like, we should expect them to crack down hard on all of these private technologies. Like, if you're able to move money around the world, they're going to crack down on it. I don't think they're cracking down on it, though. Like, from what I read, they don't have to change any laws, and the U.S. is already, like, following those guidelines. So they don't need to pass any additional legislation, and, like, the existing KYCML is fine. What I found interesting was a comment that the next chairman of that financial action blah, blah, blah is from China. And they're probably going to have a very different approach to regulation than the U.S. has as the chairman.

So, we'll see. I think that they'll get more draconian, but this wasn't it. But don't they have a, don't they require you to know who you're sending Bitcoin to? Isn't that one of the? That might be fun. Fact check it. I don't know. I was thinking like you could just, if you were like a Coinbase or something, just check off.

Sorry about that. Any lawyers here? I can provide some insight on Canada, which is really all I know about. And, I mean, we've been talking to Canadians. The process of passing new legislation and bringing it to regulation and enforcing it is very long. It's a very long product cycle, I guess, to regulate. And as far as I'm concerned, I mean, I've been dealing with other Bitcoin companies, with the Canadian Ministry of Finance, with Fintrack, with the CRA.

And I cannot assess what the impact of FACTA is on us, Because, I mean, I'm not accountable to FACTA. I'm a Canadian citizen. I'm accountable to my own regulators and my own politicians. And, I mean, if FACTA is going to tell them that what they've been doing for the last six years, trying to regulate this as money in the Canadian email context is not right and whatever they did as enforcement measures is not right, well, I mean, that's going to be an issue between Canada and FACTA.

But so far, I mean, I don't see any indication of any change from the Canadian regulators. and it's been completely absent from the discourse other than people seem to be worried on it on social media. I think what's important to note, it's like an unelected bureaucratic system, right? So it's just guidelines. I don't even know what FACTA... I kind of know what it is, but I don't know these people.

No, neither do I. I didn't vote for those people. No, it's like 38 countries have banded together to agree on guidelines. Where do I complain to FACTA? Apparently, you have to go to France. Can I write to my FATTA representative? Yeah, you can speak French, so I think you can. I definitely have an advantage because it's probably some European elitist club that's based in Liechtenstein or something.

Yeah. So FATFA. FUD. FUD at this point. I think I'm going to call it FUD. I'll believe it when I see it. I will too. What do we got next on the list?

Iran. Let's go to Iran. I read about this this morning. It looks like some mosque in Iran are mining Bitcoin right now. Apparently, the mosque are afforded free energy for being religious places. And somebody posted a picture online of a mosque with a Bitcoin mining operation in there. I believe they said it was making about $260,000 a year in USD. I mean, if you have energy, if you have subsidies that can be exploded on your energy, like they're going to be exploited.

I mean, we saw guys mining with ASICs in their trunk in Germany because electric vehicles got free energy. So he was just like, I'm just going to plug into this electric vehicle point. I mean, people, there's probably plenty of people here that did it in their dorm rooms. Dorm rooms are notoriously, you know, electricity is included. So that's going to happen. And then the other thing I kind of like about this is Pierre and Bitstein have been major proponents of turning Bitcoin into a religion, which I think has a lot of benefits for us in America. Pierre, what do we need to do to get to religion status?

Well, if Bitcoin was a religion, then we wouldn't have to pay capital taxes, right? It would be great. I don't have anything to add to the mosque situation. I don't know. God being the source of all energy in the universe, a mosque seems like a good place to mine Bitcoin to me. Agreed. There we go.

And we also have the increased Iranian sanctions. Yeah, I think that's important to note right now with the dick flexing on the geopolitical level that's going on right now. Trump is tightening the sanctions on Iran. And this is a perfect example of Bitcoin being able to route around that. So they're mining in Mosk in Iran. Bitcoin is expanding its roots. And one thing about the Iranian situation is that for many, many years, you know, people ask me, like, what's the trigger for you, like, thinking hyper-Bitcoinization is coming? Like, what's the one event?

And the one event that I always talk about is international petroleum shipments that are settled in Bitcoin. Because I think what this is, the situation with international trade is showing is that you are kind of irresponsible if you are a exporting nation or exporting company. And you don't have like a little stash of Bitcoin in case you need to make like an urgent payment to a contractor somewhere for your fleet of huge trucks to or from the guy to repair their pipeline or anything like that. Like you need to make a payment on the fly to some, you know, quote unquote, like maybe sanctioned country somewhere. They're going to start to think about their shareholders a lot more than those those sanctions. And I can't wait to see that happening. And I can't wait for Bitcoin to be harassed in the news as a tool used by these countries to circumvent. Because that's going to be the biggest bullish buy signal for institutions and people all over the place.

They're going to see, well, if they're able to circumvent international U.S. sanctions, I mean, maybe this thing actually does what it says it does. Moon? Moon. Speaking of Moon, people have been stacking sats hard this week. We've had a big price pump, and one of the big things around price pumps is narratives around it. People were going on Twitter, looking at Google search trends here in the States for Bitcoin and buy Bitcoin. And it seems like nobody's been searching that here on Google, at least.

But somebody, I forget who it was I wrote about this morning, his name's slipping my mind. Baidu? That's not his name. Baidu is the Chinese search engine, the equivalent to Google. There you go. He did slip his mind, guys. That's good. and uh so in china apparently baidu their google the searches for buy bitcoin and bitcoin had like

6x over the last three months so with everything going on in hong kong with the trade wars there's a lot of people speculating that this might be a cause for for upwards bitcoin price pressure let's take it to the uh to the to the guest here and hong kongers are also they're out they're out and about today right they're protesting right now a good point that nick carter made today was that as bitcoin gains the mainstream search trends will be a decaying indicator of sentiment as you know people don't need to search what is bitcoin anymore have searches for bitcoin price moved any i don't know i haven't looked at that and uh i'm gonna give a shout out to bitcoin tina we had to talk about this uh this morning

and the talk was um so so the the argument i think framed around the google searches is that oh it must be a false pump driven by something nefarious somewhere that's causing this because clearly if we don't see the google searches it means that it's not organic demand but if you look at the market right now and the liquidity on the order books and the fact that a lot of people it's hard to get your hands on it's hard to get your hands on bitcoins i mean realistically if you get like 100 or 200 wall street guys to each put like 5 to 10 million uh they don't need to as you said they don't need to to to google like what is bitcoin like a lot of these people have made up their mind a long time ago they were preparing their logistics they were preparing their custody they

were preparing a bunch of stuff and now like me and a lot of people at this conference have told me I thought we had more time to accumulate all this time I spent not like prepare my wallet and doing all that stuff like ah and now they're FOMOing in and so the Google searches are irrelevant because at this point like a couple of hundreds a few hundreds like committed holders all over the world that were waiting for the right time and went in and FOMOing each other in that's organic buys to the searches are irrelevant I mean I don't know about you guys but every time I open Google I search what is Bitcoin

just boost that number and all you guys you should do that too it's important as big one it's very important to pump the stats we need to pump the stats whenever we can everybody go tweet everybody Google Bitcoin and that was that was a Wasn't that Marat's thing earlier in the year? Nobody's tweeting about Bitcoin? Yeah, that tweet tracker doesn't work. Bit info charts, don't use that. It doesn't work.

All right. On to announcements. There's been a lot of announcements this week. I want to start with Coldcard, the air-gapped multi-sig stuff they're working on. So Coldcard, for you freaks who don't know, it's run by Rodolfo Novak. He's been making very good hardware for Bitcoiners everywhere. And Coldcard in particular is probably the creme de la creme of hardware while it's out there right now.

And they're working to make it so that Bitcoiners can do multi-sig and air gap security pretty easily. It's native air gap multi-sig, and that's exactly what we fucking want, right? Yeah. So that's saying Bitcoin, obviously, custody is one of the big questions. Privacy, when you're using these custody devices, it seems like this is a step in the direction to help Bitcoin security and privacy for individual Bitcoin users. Any thoughts on the panel? I obviously can't give technical expertise about the cold card but cold card is one of the few companies that I would ever promote because I know that

Rodolfo built the cold card for himself and that as a friend and people in his entourage they have put such an amazing amount of dedication to making this the most secure piece of hardware like ever designed I think we we should pay a lot more attention to how they approach the hardware space because even though it's not as a well marketed or well sold or or user friendly as the others I think they're really paving the way for secure hardware and like we should just look into it more yeah also at this point I want to give a shout out to Moritz Moritz who's now designing a new hardware wallet and increasing the

decentralization of that aspect of our industry so kudos to you my friend yeah All the best. Everyone get his shit when it comes out. Yeah, I got a rundown. Guns and Bitcoin. I got a rundown on that earlier. It looks really fucking cool. And on a more technical note, what was really missing from the hardware wallet space was the ability to have automated signing of Bitcoin transactions, which are required for Lightning and for CoinJoin, for example, and other second layer schemes that are using Bitcoin transactions as the anchor. So the ability that is being developed and is consciously being looked at by the hardware wallet designers and a new interest in this space to make that a reality is going to massively increase the security for enterprise usage of Lightning and CoinJoin.

So the hardware wallet space is pretty exciting. And really, the amount of innovation in Bitcoin that's happening on the secure device side is fantastic. i mean i just want to point out that uh rodolfo is really the first person to launch a new hardware wallet that wasn't based on just having as many shit coins as possible yes i think that's really important i think like you need to focus um we're talking about securing you know multi-generational wealth and you should do it properly like you shouldn't you shouldn't be trying to add like every fucking shit coin in the book i would agree and let's give another shout out to rodolfo one of be first people on earth to send private keys via ham radio wave there you go yeah

no hardware wallet it's important and it's actually a scary space right now like ledger and trezor attacking each other it's like i love it i love that they attack each other i want them to just go to town what is it's tough is people trying to educate like you're like hey this is secure and then you find out that's not really that secure at all also on the topic of the meta security of your hardware wallets this week Ragnar unveiled guns and Bitcoin the Bitcoin case I think it's called the scorpion Ragnar if you're out there thank you for that product man everyone go get one remember meta security friends meta security your coins may be safe on your hardware

wallet, but is your hardware wallet secure? Consider this. Nobody's talking about this. You are infinitely more likely to lose your... Hardware wallets are not meant for nature's pocket. That's why they're rounded the end

of the open dime. Actually, true story. Remember that your We're a lot more likely to lose your mnemonic or get it stolen from a loved one or someone in your space than getting hacked by some remote hacker somewhere else. So don't forget that you're a human in meat space and be aware of your surroundings. It's not just crypto security that's preventing something. It's usually very, very close to you.

That's like an evil maid attack. I think that I'll one up you on the attack. I think social attacks hack more people than anything else and hack their imagination with some altcoin pipe dreams. How many people do you think are at this conference are wearing a wire? We're recording this live, so they're going to hear everything anyway. And yeah, for you guys worried about social attacks, I would go read Michael Bittstein's Everyone's a Scammer.

It's a timeless piece that really made this clear. and I should add the most influential piece of writing for me probably ever that everyone's a scammer he's got a nice soundtrack to go with it too a nice western song you hit play you read through that let's give a shout out to Pierre's co-host

Michael Goldstein what a legend speaking of legends this is true we should talk about this actually first yeah Michael Goldstein is known for spear leading the carnivory movement within

Bitcoin which has made a lot of people in this city very uncomfortable but Michael's from Texas so I think that people should take it into the cultural context and respect his background and experiences in the words of a friend Texas the last place the last place that changes you before you can change it I I was not a carnivore before Bitstein did the carnivory movement, and everybody kept confusing me with Pierre, saying, hey, you're a carnivore. I was like, I'm not a carnivore.

And then eventually I started to not only be a carnivore, but eat a lot more meat and take a lot of pride and cook a lot more meat. And I have to say I feel much better and fantastic. And I'm not going to cut down on the carbs because bread is delicious and pasta is fantastic. I agree. However, eating more meat has definitely improved my life, and grass-fed butter is the key to happiness.

All right, question here. How many Bickwin would we have to pay Michael Goldstein to eat an Impossible Steak? Putty? Not even for Bickwin? Wow, that's dedication. Dedication to the craft there. All right, on to the next topic we got here. Speaking of legends, Snowden today in the panel here.

When he live streamed in, he admitted that he used Bitcoin to send the data across servers. He paid somebody to send Bitcoin when he did the big NSA release. So I think that was the first time that ever came to light. Is this true? I mean, what else would he use? Snowden's a big PayPal bull. He's very much a PayPal bull. He was a Zcash bull there for a while, too.

Yeah, I have actually a DM that he never responded to that was four paragraphs why he shouldn't support Zcash. What were your reasons? It was mostly, like, organizational structure, right? Like, literally what Snowden showed us is that you can't have faith in U.S. corporations. Like, U.S. corporations will bend the knee. They have no choice. And, you know, so take that into your threat model. And that's how I treated Zcash, like, from the beginning.

It was just super naive. Yeah. You guys have any thoughts on Snowden using Bicklin? I have thoughts on everything all the time. Yeah, we just recorded a podcast earlier. Yes. So Snowden said something that was, I find it contradictory in his logic, which was that he, I remember him saying that there was selective privacy

and opt-in privacy was problematic. Privacy should not be opt-in. It should be by default. It was along those lines. I don't remember, I think he called it selective privacy, which I agree with totally. I mean, privacy is the right to selectively reveal yourself to the world on your own terms and your own time. But doesn't Zcash have, you need to have those special transactions that people don't use? I don't know.

Yeah, this is actually another important point to bring up. Like Ethereum, Zcash is making Zcash 2.0 as well. I think they're trying to extend the dev reward there. Is that what they're doing it for? Who cares? What is Bitcoin doing? Are we going to have a Bitcoin 2.0? We'll never know.

We'll never know. We may know one day. We're already living in Bitcoin 2.0. Is that what Bcash is? No. Bitcoin 0.25. That's actually... I don't want to shit on Ethereum too hard,

but do you guys have thoughts on Ethereum basically giving up an Ethereum 1.x or whatever they're calling it and making a whole new chain in Ethereum 2.0? These three have a lot of thoughts on this. Yeah, so Vitalik tagged me in a thread on Twitter and asked for my thoughts on Ethereum 2.0. So I did go and read about Ethereum 2.0, which I guess I regret in hindsight.

But it basically came down to how to enforce monetary policy, right? And Bitcoin's way of enforcing monetary policy is very straightforward, whereas the way he was explaining to me was very complex and involved new fraud proofs. And I'm not technical enough to know fraud proofs. Maybe Paul Stork here would have some ideas on fraud proofs and whether they'll be included in Ethereum 2.0. oh my god how much you know how okay all right paul take as long as you need to explain ethereum ethereum fraud proofs oh my god who knows what's going on no i wrote a i wrote a 46 page thing about bitcoin fraud proofs but i don't know about well what will ethereum include they'll include

everything they'll put everything in they'll throw everything they'll have ghosts they'll have proof of stake they'll have some inflation but not too much they'll have sharding they'll have everything everything will be in ethereum 2.0 apparently everything you could even dream things that you didn't even know that you didn't want you'll have yeah i thought you were asking me about ethereum fraud booth panic and leave paul why don't you give us a quick explainer why proof of stake is not as secure as proof of work oh well no that's actually that's not what i'm really famous i'm famous for saying even if you got it to work it would waste just as many resources in the economy

and that's that's really what i do believe because you're auctioning off the next block really the next block is worth a certain amount of cryptocurrency and that has a market price and so it's basically the block is with a certain amount of fiat currency you just multiply and so it's as if someone's auctioning off fifteen thousand dollars or something and so what's the what's the price going to be when someone's auctioning this off it's like auctioning off a briefcase for of $15,000. It will go for basically $14,999.99, basically. And so no matter what scheme you use, it's going to waste the same amount of resources. So yeah, the proof of stake thing is even more pointless than you could have possibly imagined. But in addition to being pointless, it's totally

broken and has never been demonstrated to work. The whole thing is like a scheme to trick yet another generation of people. What's really truly crazy about it, one final comment, is that for Ethereum, it's always like three months away. It's been three months away ever since. I remember at Scaling 1, I made this joke. I made this joke in September 2015 that it was like three months away and then three months away again.

And then that was back in 2015. And yeah, it is negative. Yeah, I'm going to shield my negative Lindy effect thread. It's been going on for almost two years now. So their next deadline that they set is the 11th anniversary of the Genesis block. So January 3rd is the next deadline we have to hold them to.

The ultimate lesson is do not listen to us for financial advice. Because Paul did this very short rant. But imagine like an hour and a half of it. And I just listened to it. It's summer 2015. And following that, we developed a thesis that, of course, Ethereum will never work. And, of course, it's going to zero as soon as it launches. Because no idiot would ever buy into that fucking shitcoin.

and we were mining ethereum with gpus in our basement because we had the competitive advantage of being insiders which is how cryptocurrency bullshit works because we're on the forums and we were looking at it and we had a techie guy that installed the ethereum gpu on some the the the old gpus we had from bitcoins that would tick out of the closet and and we were selling it for like one dollar laughing our asses off like who the fuck is gonna buy this and uh don't listen to us ever for financial advice no not financial advice let's give a shout out to paul go check out truth queen.info he's the only man who writes two hour blogs that would sit down and read so thank you for your service um e2.0 next deadline we have to look at january 3rd 2020

20 uh let's get positive oh here's a good topic we got a new maintainer bitcoin core michael ford uh was named co-maintainer joining four others uh vladimir not vanderlaan uh chaneli falk and dobson um pierre you're probably more well uh yeah he's awesome and um little known fact about him he runs a farm in australia yeah his day job is farming and uh he moonlights as a bitcoin core uh contributor and uh he's just a great person to have on the team wait like a mining farm or like an actual farm no no i've heard from james o'burn an actual farm i've heard i've heard from james o'burn he's like the fastest to to give feedback on on pull requests when when they could have yeah uh anytime someone opens a pull request he's he's the person who tags it to

kind of triage where it's going to go and uh i don't know like he's on a separate time zone but that doesn't still explain why he's up 24 7 doing this while operating a actual farm any word if he's related to henry ford as really the bitcoin core process is the furthest thing from fordism insofar as bitcoin evolves organically and in an emergent fashion ford was highly platonic top-down fascist we got the wind here i think uh i think we're down to open it up to audience questions i don't know i don't think ford was a fascist you know i'm just i'm just gonna put that one out there I don't know enough of his history.

I'm happy with Ford. I think he was a good American. He just made a lot of money. He had a good idea. It was good. It was good. Quality. Yeah, so this is something we only do on live shows.

And unless you're willing to pay $50 worth of Bitcoin to get a shout out on the podcast. We did this in January, our 10th anniversary show. We opened up questions to the audience. So if anybody, you have questions out there that you want to ask this panel in particular, let's jump into it. First question. Here we go. How good is Libra? Sell your Bitcoin, buy Libra.

Libra the standard. I heard a Harvard economist say that Libra would obviously take Bitcoin down to zero. So, must be true. Goodbye, guys. I refuse to care. It's bullshit, right? It's not even going to fucking launch. He went too bold. He tried to be a central bank right from the get-go.

He should have done pegged fiat, just done USD stablecoin, and then decided to be a central bank after the fact. Instead, he went straight central bank. He's proving why decentralization is important, why you need distribution. And they're going to fucking throw the book at him. They're just going to fucking destroy him. They hate Facebook. Everyone in government hates Facebook. They shouldn't have let it. They fucked it up.

and they're gonna you know it'll it'll i don't even think it's gonna launch i think it's just all bullshit i think something really positive came out of it though on cnbc yeah joe kernan who is a commentator and anchor on cnbc uh his first reaction to libra was this isn't a cryptocurrency like this isn't decentralized what the fuck are you guys doing can we swear out here i don't see any kids around um but uh and and then he got a very positive response from that on bitcoin twitter and now he's become a bitcoin evangelist and he's on national television pumping bitcoin thanks to libra and mark zuckerberg who's probably just trying to be vindictive against the winklevi twins that isn't bitcoin right yeah mark zuckerberg owns bitcoin

oh well he does now yeah for sure well if if he didn't his advice and we would be meaningless Well, I saw he's tweeting out he's reading the blockchain revolution, so let's hold on to our applause of Joe right now. But Libra, yeah, definitely overtly coming at the Winklevii twins and their Gemini product. It's pretty overt. But I'm so confused by how people react to these things because this is a basket of national currencies,

which is traded, and it's not novel. It's not going to go up in price. No. It's not novel. It's like an SDR, basically. It is the SDR. The IMF? Yeah, the IMF.

They invented this. Well, they are, I don't know what they are incorporated as, but they are incorporated in some country as something. And they invented this, the ultimate fucking shit coin, which is the basket of national currencies that has crazy backdoor politics with, like, international leverage with war and death and all sorts of garbage and like facebook's like i'm gonna tokenize this no and it's it's patently absurd okay it might okay it might be better it might be easier to buy bitcoin

with libra if this thing ever exists because it looks like a press release i i don't yeah but like it might be better to buy bitcoin with libra because uh the the whatever organization is going to do its KYC before and have all the friction there. And then once you have that coin, whose fiat reversibly bank payment has been cleared, and then they can go and buy Bitcoin, maybe it's going to help Bitcoin,

but it's profoundly marginally innovative and uninteresting. Yeah, and I'm pretty sure the ECB has come out ardently against it, and there's going to be a finance committee meeting on it on July 16th, I believe. Yeah, so I think that the harder governments crack down on Libra, the more it shows the value that Bitcoin has. So if you're going to be voting in this election, I don't know if Maxine Waters is getting reelected, but vote for Maxine Waters. She's the chairperson of the House Finance Committee or Senate Committee. Anyway, she's the one who wants to crack down on Libra.

So she has my full support. I think that the most interesting thing about the Libra announcement is the fact that corporations now openly wink or acknowledge even that we are in the post-political era, that the official discourse of monetary policy has been foreclosed. It no longer belongs to the central bankers, no more than, say, the discourse on free expression and free speech belongs to the First Amendment. It belongs to large social platforms now and the internet cloud. And they acknowledge it. They acknowledge it. They'll take the money. They'll take the money too.

Are you preparing to say something? Libra. I think we're officially at five drinks. I think Libra the standard is going to happen. No, I just think that it is a big deal. i think that they are trying to be a central bank it is a big deal and this is exactly why like decentralization is important that's why we want you know as as distributed we want as many people all you came to the conference you came to a bitcoin conference you paid them 300

you can buy a nodal for 400 so you have no excuse you have no excuse you should be running a fucking node you should be like like bitcoin is us fucking them right yeah it's true that's uh let's speak to the man that's trying to help people run nodes easier pierre rochard here with your launcher can we get an update on the new launcher yo yo pierre when tor yeah so uh master branch now has tor on by default and so our next release will have that where it'll start start Tor, it'll start Bitcoin D, it'll start LND, and by default, you'll have privacy. So we'll see how it behaves in the wild. Send us bug reports and whatnot. New release will be out in the next couple of weeks. And then after that, I really want to focus on hardware wallet

integration. I think that that's become a very important part of the day-to-day Bitcoiner experience is sending money from and to a hardware wallet so there are really good programs out there i you know electrum is fantastic but i think that there's opportunities with lightning specifically to be able to open channels directly from a hardware wallet and closing them to a hardware wallet rather than having to also have a hot on-chain wallet on your computer i think that's really a big deal right like we need we need hardware wallet support for for lightning uh and then the issue is that you need it to be online to sign right like you need it to sign any kind of channel changes yeah so second shout out to maritz uh who is working on

a hardware wallet that um will essentially function like um an hsm that you would have on on a motherboard or whatever um which would allow you to yes be signing in a automated manner uh messages and transactions which you need to be doing for lightning you can't run lightning from a cold wallet and that's one of its but what's even better is that they they enable it remotely right so so you basically have to you have to compromise two locations like you want to compromise that lightning node i mean the the big issue for us i think is for routing nodes right i mean if we look at this stage right now we have like four percent of lightning network is on is on the stage right now right so um i mean i mean it's mostly you pierre it's mostly

you like you're the you're the fucking lightning boss right like that's what we came in i think some of the metrics can be misleading oh yeah there you go but uh i do i do agree that i don't think that it's a hardware issue right now that is the bottleneck on uh lightning network growth I think that it's mostly education and it's a very, like you have to understand Bitcoin very well in order to understand Lightning very well. And it exposed gaps in my own Bitcoin knowledge where I had to understand how inputs and outputs work better than I had in the past. And a lot of these different new opcodes relate to time locking. So it's like you've got to learn a lot to become comfortable with the trust model of Lightning and understand what its trade-offs are and then be willing to participate as a routing node.

So hopefully we'll have more whales like Ellen Big. To me, it's kind of annoying that people have given him grief. It's Matt. It's me. It's mostly me. I've been giving him grief. I know. I'm subtweeting you right now. Yeah. You're sub-tweeting me on my podcast. This is what you're doing. Absolutely.

I love you. I love you. I appreciate that. That's the nice part of being an influencer. No, I like Ellen Big. He's in my DMs. I've been DMing Ellen Big. Or her.

I wish, yeah, I wish there were more Ellen Bigs. And I think that if we want Bitcoin to scale over the coming decades, because we have like if we if we want to continue using Bitcoin with the same trust model we currently have and not have it become decentralized, we need to push lightning forward, even though it's kind of premature. And people complain about, oh, you know, I'm not spending I'm not spending day to day. I'm using my credit card. So why would I need to be on lightning? Well, because one day you're going to want to have Bitcoin payments and have that scale. So there's a lot of work to be done on Lightning, and I'm very excited about what's been done so far. Part of the reason I have issues, because Bitcoiners, we care, right? so so we we say it's reckless you don't want to uh trade uh you you don't want to to to be on

lightning because it's reckless right but the altcoiners are saying like you know buy tron buy bullshit right so they're already being way more reckless than us like we're like to say in the trade-offs and they're just fucking going for it and then i feel like for bitcoiners like we should just run lighting notes you know run them through tor uh help help focus on decentralization security and robust run coin join right yeah like coin join the fuck out of all of your coins like fuck them like let's just fucking go for it guys like i i you you say to me oh will coin join transactions be illegal well if coin join transactions are illegal then we're fucked as bitcoiners like if you have bitcoin you're fucked it's worthless like if i can't spend an

anonymous bitcoin transaction then you're fucked it doesn't matter if you're on a coinbase or whatever it doesn't fucking matter right do we agree i agree it doesn't matter if coinjoin is illegal or not at all it's possible to be to be a coinjoin coordinator that there's there's different methods of coinjoin right there's coordination like wasabi and whirlpool and And it's like the order book version, joint market. But CoinJoin is not illegal. And if they do make CoinJoin illegal one day, it will be the day I disappear and you never see me again. And then another CoinJoin service pops up somewhere in some other country.

Because CoinJoin can only be blocked by censoring services physically, by going into their place of business and showing off the servers. It is a software that suggests Bitcoin transactions to the users. Hey, you all want to mix your UTXOs? This is a really nice transaction for you to do that. And if you want to do it, you can just all sign it. It does include a little fee for myself, of course. But it will allow you to collaborate with other people around the world you've never met and you will never see again and you'll never do. And it's beautiful and magical.

And I think in like 10 years, 15 years, Harvard, MIT, Wharton will be teaching the CoinJoin coordination model as the first truly decentralized, bankless business model, scalable and works. And it's so beautiful to see. And I think, yeah, it's okay. Gentlemen, we have a two-minute warning here. Let's end it on the most bullish comments we can. i'll start my ex-employer barstool sports uh wrote their first bitcoin article in many months uh five days ago and that's a very bullish shot in my mind okay um it's probably gonna correct right no we're just going to the moon that's what's happening

uh i think i told marty before that i have a sailboat so today i'm announcing uh concierge boating accidents white club yo bitcoiners should really take some boating lessons because i feel like a lot of us like we like capsize it's just bad you know like why why we learn how to boat we got to learn how to build francis do you have anything to end on here um i'm sure i don't want to put you on the value not the same. Well in CypherNode we're gonna integrate a wasabi daemon in CypherNode to give a web API for startups that want to accept Bitcoin payments to have them accepted directly in a wasabi daemon and CypherNode.io

if you're developing a web app this allows you to run your own enterprise grade back-end that we've used in bull bitcoin for the last year and a half and all of our volume is going through ciphernode so i can assure you that it works and you don't ever have to rely on a third party bitcoin api like some of the conference sponsors bit go coinbase bitpay blockchain info all these guys just trust your own self bang bang i i i want everyone first of all six strings you should all be we're at we're at seven drink matt and honestly Guys, I expected $15,000 per Bitcoin. So, like, fuck you all, first of all.

So, like, we get down with that. Care about your fucking privacy, guys. Like, fucking CoinJoin. Let's CoinJoin. Everyone should CoinJoin. Don't give me the bullshit about CoinJoin being illegal. Like, they can make Bitcoin illegal. We're not going to fucking do that.

Like, that's not allowed. Okay? And then the second thing is, like, just be a good person. You know? Like, let's all be good people. to hold the door honestly this this this week this week has been amazing all you guys have come up to me you're like we're all part of this revolution together and i i believe i believe that's what we are we have soldiers around the world so let's do this and and care about your privacy let's do this

all right that's all we got tonight freaks peace and love stay humble I can do it better. That'd be nice. Thank you. Thank you. Parker Lewis, please report to the principal's office. Thank you. Thank you.