TFTC: A Bitcoin Podcast - Rabbit Hole Recap LIVE: Week of 2020.08.27

Episode Date: September 3, 2020

Join Marty, Matt, Justin Moon, Jeff Vandrew, and the audience from BitBlockBoom as they discuss: - CoinJoin wars - Equinor working with Crusoe Energy - Coinbase users told by California that they should hold their keys - Tax laws - much more Shoutout to our sponsors: Unchained Capital. Check out their white glove vault concierge service that will take you from zero to secure multisig setup in no time. Use the code TFTC and receive $50 off that package that includes 2 Trezor Model Ts and $1,000 in your vault. Cash App. Start #stackingsats today. Use the promo code: "stackingsats" to receive $10 and contribute $10 to OWLS Lacrosse when you download the app.

What's up, freaks? It's your boy Marty here to introduce this long-awaited episode of Rabbit Hole Recap. Matt and I recorded this last Saturday at the Bit Black Boom conference, and I'm now posting it Thursday, September 2nd, I believe. Is it the 2nd? 3rd. September 3rd. Sorry for the delay here. A little lag in getting the audio, but we got it. It's here nonetheless. It'll be in our channel forever and ever for you freaks to go back and listen to it. We hit a bunch of topics. Always a fun time doing the live shows. Thank you, freaks, for participating who are there in person. Shout out to Gary Leland and crew for throwing another incredible conference in BitBlockBoom.

Always a fun time going to Dallas and wrapping it with other Bitcoiners. Always great vibes. This episode of Tales from the Crypt brought to you by our good friends at Unchained Capital. They actually sponsored the live show at the conference, but we'll also give them a plug here before the show because we weren't able to shill their white glove service. If you're looking to open a vault for the first time, looking to get in a multi-sig for the first time for $1,500,

they'll set you up and they'll hold your hand along the process. You'll get hardware while it's sent to you. You'll have one-on-one Zoom conversations with the Unchained team and they'll walk you through the process of setting that vault up and then they will get you $1,000 of Bitcoin and put it in the vault. So if you're looking to go from zero to multi-sig with a bunch of help, Unchained Capital is offering that with their White Glove service. So go to www.unchained-capital.com.

Check out this service. We're going to link to that specific White Glove service in the show notes. Use the code TFTC. if you do decide to use that you'll get $50 off of this white glove service and then check out their other products they have the collateralized loan product

you can set up a vault for yourself outside of the white glove process if you're more comfortable with multi-sig and hardware while it's all ready and then on top of that check out their blog gradually and suddenly by Parker Lewis, Dhruv Bansal has been writing incredible stuff on Bitcoin and space

and HODL waves and Buck Purley is doing some incredible writing as well, as well as Phil Geiger, incredible content on the site. And then they're contributing to open source as well. So their multi-sig vault coordinator is also open source in the form of Caravan.

And on top of that, they've got another more open source initiatives, including Hermit and Slip39. So go check it all out at www.unchained-capital.com. It's www.unchained-capital.com. and we'll have a link to the white glove service in the show notes it says this episode's also brought to you by motherfucking cash app another good friend of the podcast and the easiest place to stack sats in the u.s you can stack sats send sats receive sats and sell sats if you so please

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going to go to our good friends at owls lacrosse that's owls lacrosse also should note catch up investing subsidiary square member sipc uh yeah download it use the code second class and enjoy this delayed episode you guys are getting a two for thursday rhr matt and i are going to record in about an hour and 50 minutes from me recording this ad so even closer to when this episode is dropped on Anchor. Enjoy. Thank you. You've had a dynamic where money's become freer than free.

If you talk about a Fed just gone nuts, all the central banks going nuts. So it's all acting like safe haven. I believe that in a world where central bankers are tripping over themselves to devalue their currency bitcoin wins in the world of fiat currencies bitcoin is the victor i mean that's part of the bull case for bitcoin if you're not paying attention you probably should be okay number two from the wizard of oz in australia and all the aussie freaks

we have got a bottle of red breast single pot still so this is for you no i was told to give this to you all right not really i said to give it to y'all so single pot still and that's it That's it. Enjoy Rabbit Hole Recap. Is our mics on? Can you hear us? Can you hear me? Testing. Mic, mic one, two. Can you hear me? Seriously? Okay. What's up, freaks?

We've got a delayed Rabbit Hole Recap recording on Saturday. Uh-oh. Is this better? There we go. All right. So what's up, freaks? Thank you for joining us. Gary just came up here and said thank you to everybody, but I think we should turn and say thank you to Gary for getting everybody together. Great. Always one of our favorite events. This is our second live shutdown of

BitBlockBoom. We're very excited to be here, very happy to be here. I personally have to thank a couple other people. I've got to shout out Will Cole for letting me borrow his pants last night. Thank you. I've got to give a shout out to my buddy Aaron Glenn for letting me borrow his shirt

tonight. So I did not bring a full wardrobe. Do you own luggage? No, I don't. No time preference. I try to borrow clothes from anyone in any city. Go through the airport in a natural way.

So if you're going to tell her, join my Justin Moon tonight. Matt Odell to my right as usual. And so obviously we do Rabbit Hole Recap every week. We have a schedule. Matt and I shoot the shit. We've done this live show quite a few times. Our first one

was hosted by Iterative Capital. I know Chris is in the crowd. So Chris was the impetus for the first one. I think this is our fifth? At least fourth. At least fourth. And when we do the live show, we do it a little differently. We have three topics in mind that we'll talk about, but then we like to get interactive with the crowd.

So if you guys have any topics that you feel are pertinent that we should discuss on stage, we'll do that. And it's a collaborative effort here during the live show. But to start, as always, we've got to start at Clark Moody's dashboard. Really disappointed he's not here tonight. The cost of Bitcoin right now is $11,522. We are currently at block height $645,933. free. One Bitcoin is worth 5.9 ounces of gold. That's 1.69% of that total market cap. And you

can buy 267 barrels of oil. Mike, we're going to need to scroll to there. Thank you. We had a difficulty adjustment this week. I believe the difficulty is at all time high. 17.6 trillion or a billion? Trillion I think. Hatch rate over the last 2016 blocks is 122.5 exahash a second. And the last increase which was earlier this week was 3.6%. And we're estimating right now to have a downward difficulty adjustment of about 1% but we're a little bit below halfway through so that is due to change. Let's swipe further to the samurai stats and Matt will jump into this.

Whirlpool capacity. 5,457 Bitcoin. That's a decent amount of Bitcoin. It's a decent amount of Bitcoin. It's a good segue. I haven't checked, but I think it's an all-time high Whirlpool volume this month. It sounds like it would be. It was on to the trajectory, but I wasn't...

Speaking of Whirlpool, what the hell was going on this week, man? The Flame Wars. You're just going to jump right into it? Yeah, right into it. I've been trying to avoid this Twitter drama. I told Marty I didn't want to talk about it, so he... You put him on the spot. He did.

put me right on the spot I mean I guess most of it has come from so let's preface this what is what is this week do you want me to give a synopsis of drama am I doing a drama like what's going on is are there valid points so first samurai did a disclosure of wasabi wallet they said there was a vulnerability of wasabi wallet they did like a kind of questionable responsible disclosure they said we'll give you 15 days to fix it we show you how to fix it but if you don't within if you don't within 48 hours tell people not to use the coin joint feature of your wallet then we will release it no para the lead

dev of wasabi said that the disclosure was silly so then he just released the full paste bin he released a full disclosure on paste bin that they had sent to him before they could even release it it's just silly so so so wasabi says it's not an issue and and and and the idea is the idea of the vulnerability my understanding of it I've been kind of distracted this week because of this fantastic conference with all of you people is is that if an actor knows the state of your wallet they can make it so on wasabi when you do coin join rounds you can do multiple rounds and I've said on this podcast

many times you want to do remixes because it's multiplicative your your anonymity set this crowd that you hide in increases substantially every time you do another round if they know the state of your wallet though they can they can it's very hard it's very hard to know the state oh wait so this is the key so they can they can remove the advantage of the remixes so your anonymity set is just your post for your most recent round and if you've ever used Wasabi the main way a lot of people use Wasabi is they send a single KYC UTXO in that then gets split up deterministically and then goes through

the number of coin join rounds that you do so for actually for a lot of Wasabi users and the way the actual setup is the default UX flow chain analysis and regulated companies do know the state of your wallet for all intents and purposes so it is kind of to me it seems like it's an issue but you know i just what are your thoughts on this do you uh engage in the flame works i think i'm in the more of the mainstream on this topic uh every piece of drama gets more more exhausting and makes me less uh eager to use any mixing software just very tiresome that's very less trusting of the uh the apparatus i i can definitely see that point it is very tiresome you don't know one day you have privacy the next day

you don't it does it gets to the point of how difficult it is to do proper privacy properly on bitcoin you know these are both teams are very competent well-intentioned there are problems It's just really hard to do it correctly, I think. Well, I mean, that's definitely the most frustrating thing for me because I was a very outspoken Wasabi shill. Wasabi Wednesdays. And then I was very critical of them, and they seemed like they didn't want to improve their implementation.

And I've been a very outspoken Whirlpool shill. I've been outspoken Joy Market shill. I'm trying for people to care about privacy two things here is is is both teams I've met both teams and like they might have me fooled but I'm pretty sure neither are spooks and they both on Twitter they both call each other spooks which is super frustrating yeah the second thing is wasabi although they you know claim the implementation isn't broken they are planning on releasing a a completely new implementation

that they just announced this week. This is ETH 2.0? Wasabi 2.0? Wasabi 2.0. It's going to bring proof of stake to Wasabi. And you're going to be able to yield farm. But, yeah, so I just, I wish

there was more focus on the actual products rather than the personalities, because this is open source software, so you can critique the code, you can critique the actual implementations. All the personal attacks and stuff are way less effective and they just, as Justin said, they just scare users off because

it's already a complicated thing. I mean when most podcasters in the space don't know what an XPUB is, it's hard to try and help people. We have an expert here. Britt Kelly explained XPUBs in about four words. You dump it in, you get

multiple addresses, no reuse. while we're on that point we gotta give a shout out to Michael Hawaii for the Macallan 12 tonight looks like 5 drink Matt maybe on his way out am I popping my peas let me hop in here on this topic I think

there we go this thing's very stressful this thing it's like if you breathe wrong you hear it and it's like you're holding your breath up here one thing I'd like to see more Bitcoin companies do is kind of like promote the like industry the like little sub industry they're in

right so like I think all of the hardware wallets would be good if they sort of like promoted the use of hardware wallets and got people to trust them the multisig vendors promoted the idea of multisig and just grew that pie likewise if the privacy wallets could be a little less hostile I think they could you know increase the the trust in those products and make them more widespread because right now I mean it's it's impressive numbers but that's it's not a lot of Bitcoin relative to how many there are and I think that they could grow the pie a lot well I guess that gets into the balance right like how how

much you want them to take a to take a phrase from WAP who may be a persona Nagrata this week. How much coopetition do you want? How valuable is finding these possible bugs and discovering them? How much does that make the software better in the long run? I mean it seems like best practices in Bitcoin are not widely widespread yet and so I think in a lot of these areas there's a lot of room for you know multi-sig privacy in particular to become more widely used where you see the most toxicity is where the most is at stake yeah so with privacy there's a shit ton at stake all it takes is one

mistake and you've completely screwed yourself you could get sent to jail you could lose your life you can have you know stakes are high with hardware wallets stakes are also super high and lose your net worth that is extremely toxic hostile environment that we have going on in the the hardware wallet space as well and then on top of that is is the whole shit coins right and and and in that situation the stakes are high in that you could just lose all your money well it's sort of an open source thing too it's like you know in most industries you don't see how the sausage is made and it's often filthy

and disgusting and in Bitcoin fortunately and unfortunately you see how the sausage is made and you know in some of these cases it's it's a little chaotic. Went sausage, Matt. Didn't you eat sausage for lunch today? Good man. Six hours ago. Yeah. So, uh, the flame wars go on. Will they ever stop? Probably not. Never. Never. It's kind of beautiful. I'm a, I'm in the camp and it makes everything better in the long run, but there is that balance. Like, uh, does your immune system get so strong that you have a site of, what is it? A site of climatic? Uh, we don't want you trying to pronounce things up. after a drink or two, Marty. You have trouble with, like, three-letter acronyms. Let's not get into science. Basically, you don't want your immune system so strong that it attacks you.

Yeah. That's what I was trying to get at. Yeah. We'll see. We'll keep documenting the Flame Wars. They're sure to keep going on. Speaking of Flame Wars, alluded to it a little bit in that previous segment, INX.

I, frankly, just going to preface this, I don't give a shit. People want us to talk about it. It seems pretty stupid. but I don't know why you need to tokenize equity. Equity seems to work pretty well. Shit corner. Yeah, I mean, there's some hypocrisy in here with the dependency.

You don't care? You don't think it's like a slap in the face a little bit when we're trying to do it more ethically and they... You can't control other people, right? Yeah. I mean, I think there's a couple of things here. Some people don't like that it's on ETH. So INX, what is INX?

INX is a security token exchange launched by a bunch of Bitcoiners that hasn't even launched yet. It doesn't exist. And this is their exchange token, INX. And there was a lot of controversy on Twitter because they kind of all tweeted it out in unison because the pre-sale launched or the sale launched. They were in the pre-sale. Or they got advisor tokens, and now the actual sale is launching. So there's a couple reasons people are mad, right?

it's the ETH thing Samson specifically has been super against ETH and now you know he's involved with a token that is on ETH and uses ETH for gas fees his own project blocks news project liquid is supposed to try and put tokens on a Bitcoin denominated chain and then I think I mean why I don't like it is we I don't like exchange tokens I think exchange tokens have a ton of risk regulatory custodial risk trusted third-party risk just in general they're utility tokens they don't make any sense yeah yeah and like the way the prospectus is set up like it's based on cash flow so you don't really know for sure if they how they structure it right uh they they can

operate at a loss and then you don't get anything um so actually the eth stuff for me is just like they're hypocritical you know like it's it's very hypocritical um i am more angry angry is the wrong word but i'm more disappointed in uh just chilling exchange tokens to retail uh for an exchange that hasn't even launched yet uh that that that's that's that's what pisses me off the most but i for what for better or worse like people shouldn't be surprised like that group of people is like it's it's this is known yes i mean that's all i have to say about that i mean that's you didn't really say much about it you didn't really have a strong opinion on it marty it's really uninteresting to me when when token what never stats are my safe i'll keep marty honest um

next thing i wanted to talk about particularly what is justin's opinion oh damn it i almost got out of that i was i was real quiet i was real quiet uh what do you think i mean i think there's one thing that matt didn't mention is that the uh you know when you see people getting tokens that uh for a price that you know orders of magnitude less than it was ever sold uh publicly is causes some anger because that was really abused in the past and present yeah it's like 100x like i think there's uh and i think if you accept something like you got to be mindful of that especially if you sort of build a brand as like a Bitcoin personality like a few of these people do, you're going to be held to sort of an irrationally high standard.

And that's what you signed up for. And I think that's what we love about conferences like this, is you meet all these people who see in Bitcoin like sort of the one, the light at the end of the tunnel, to use Parker's phrase. And so, you know, I don't think you can complain if you're held to a high standard. That's why we're here. I completely agree. Are you really surprised?

that something like this is happening? No. Actually, my only response, people were like, you didn't have a response. I retweeted a tweet from December because we already knew INX was coming. Yeah. Yeah, I had Alan on the podcast

to talk about it like two years ago. Yeah, I remember you did. I was not included in that episode. We're going to crush you on Twitter. We're going to crush you this next week. I'm a shill. I actually got part of the pre-sale too. Kidding.

What's the next topic, Marty? let's move along next topic went a little underscored this week but I wanted to bring it up obviously I have I'm a bit biased because I'm in this industry but

what the hell Equinor is a publicly traded oil and gas company and they are partnering with Crusoe Energy to mitigate flare in the Bakken with Bitcoin mining so you have publicly traded energy company this week come out and announced that they're

using Bitcoin to help solve their environmental problems with flare mitigation and obviously I work disclosure I work for company does that great American mining and when you see a lot of that this week like this is a fun thing about being in Texas is that this is where you have some of the most sophisticated energy operators on the planet and a few of them a few of them we're here and you know I'll be talking about Bitcoin wallets and they're you know listening and not understanding everything and then they start talking like basic hydrocarbon chemistry and my eyes roll so it's fun to see the

interchange of these two groups and there's a lot of people that seem hell bent on mining mining Bitcoin with excess gas we're held that on it and so we've been doing a weekly webinar to try to educate the oil gas industry about Bitcoin particularly, it's foreign to a lot of oil and gas folks now, but the title of our webinar is Bitcoin and Oil and Gas, a Symbiotic Relationship. It's truly a symbiotic relationship in the fact that Bitcoin needs to have more distributed hash power geographically and the opportunity that the waste gas situation in the US provides to do that is great for Bitcoin.

And then on top of that, Bitcoin solves a problem that the oil and gas industry has with this waste flare that is enormous and they can both help each other out, the network and the industry pretty intently. So it's exciting to see a publicly traded oil gas company here in the United States come out and admit that they're mining Bitcoin on their fields. They don't want to hold the Bitcoin. They don't care about the Bitcoin. They just care about their flare mitigation.

But Crusoe is happy to mine that Bitcoin. That's the beautiful thing is that they engage in this from a pure economic incentive. You don't need ideology. Right. it's gorgeous i mean and this is where i come from with bitcoin and bitcoin privacy and privacy in general right i think these are tools that people will use um when they need to when they when they find the need to they will use them and they will seek them out and they will ignore the drama that happens and and they will try and seek out good information because they have a desire because

they have a need to Mike can you scroll this back to the price not that I'm in it for the tech but market buy right now I feel like we should market stack can we there we go there we go is American hodl in here we've pumped like $100 since we started he hasn't even said hi to me pay attention he said pay attention what are we paying attention to i don't know he wasn't paying attention so i'm gonna get his attention he's on cash app he's busy last time last time we did a live stream i told everyone to stack it was the local top so you know

we ended up going down to 3500 it was a long year so you're you know if you want to stack feel free to stack if you don't you know you know what we're going to switch it up this year everybody go sell a little bit of bitcoin for what I love it

for good juju we're trying to change the luck here look we're up we're going yeah youtube is watching moondance stack Stack. Stack. And if you are stacking, make sure you're putting a personal custody.

This week, a boss. This week, a court in California ruled against the plaintiff who sued Coinbase for not awarding him or providing him with his Bitcoin gold fork. I believe he had 350 Bitcoin on the exchange. He wanted access to... Oh, stupid. Stupid man. Very stupid.

He wanted access to that Bitcoin gold. Coinbase did not provide that fork to their users and the California court said hey not your keys not your coins Coinbase can do whatever the fuck they want with that so it is yes that uh if you if you listen to Jeff Andrews talk earlier today you do have to you do have to mark those at a cost basis when they do offer you those tokens though if you don't I believe if you don't touch a private key to actually access the if it was bitcoin gold you don't get that's the part i didn't understand i thought you actually are supposed to declare it like even if you if you could claim it no i think jeff if you don't claim it jeff go liable go to the microphone

is there a microphone i don't know if they have one set up do we have like a we need like a 1 800 speak three answers from my mouth. We need like 1-800-VANDREW, you know, the Bitcoin community. We can just dial Jeff and he'll get us out of whatever Yeah, Mike is shaking his head. They don't have a microphone. This is our

first in-episode tax advice brought to you by Jeff Andrew. This is not a tax advice. He is not a bodybuilder. He's not your bodybuilder. He's not your bodybuilder. let's give it up for gary one more time let's go over the things that happened to gary gary had a hotel

back out on him he had a hotel back out on him the hotel shut down the hotel shut down two weeks ago that didn't stop gary I don't know if it's on Jeff now that you're on stage you can't leave the stage you're here for the rest of the episode you're talking to uh don't pull too hard yo poor Mike all right we're gonna do this this is now yeah this is awkward but it's the best we're gonna do so if uh Justin Justin and I are now just gonna be one, we're literally Siamese twins here, I'm attached to Justin by his wiring. Um, yeah, so if you hold the keys, as soon as you have what's called dominio and control over the fork, meaning you could have claimed those coins, uh, Justin was

right, at that point you have ordinary income at the amount of the fair market value at the time. So for most forks that's gonna be zero, like most of these forks don't ever become marketable and they just don't really have a fair market value but for Bitcoin cash or Bitcoin gold those had a fair market value so you should have claimed ordinary income at that time if you had your coins on Coinbase you don't claim the ordinary income until Coinbase credits it to you because you didn't have dominion and control over your coins until Coinbase decided to credit that so in the case of Bitcoin gold you never had any income at all because you never got it

if it was on coinbase i don't like this i don't like this there is i should say there's a little there is some level of debate i think it's really really weak uh my opinion is the majority opinion like it's not just mine uh there are cases going back all right These guys are a little rusty, I think, from no conferences for six months. I like how you're just holding your mic down. You look like Bob Barker. Yeah. The survey says.

over here can i don't yeah it's not gonna work um anyway the california court ruled against uh a plaintiff who wanted to sue coinbase i guess if you don't get access to those coins via coinbase you have to pay taxes if you just have those private keys you have to pay taxes that's pretty fucked up wait yeah well the idea is you could have you could have taken the action to grab those coins and sell them that you could have but what if you didn't even care to there are i mean that opinion exists it's out in the wild that uh that you're throwing out there but there are cases going back a very long time not involving bitcoin it's what's called the trevor trove line of cases where if you have uh how much did matt lose do we have a prompt on the screen

wait no mike what the what's going on over here Is that your question? Okay. I lost 10 million sats. But it was worth it, because I'm glad the conference happened. Who did you bet the 10 million sats with? Two different people. I bet two people that this conference was going to get canceled,

because I didn't think Gary had the balls to do it. But I love you, Gary, and I'm glad it wasn't canceled. And I did buy it. As soon as I locked my price in. we were at like nine thousand dollars i locked it in about 10 million sats just to cover it um so it's an expensive conference for me honestly hand up i don't think it's going to happen either i booked my flight thursday night but i want yeah i mean marty marty was like like i had my flight and my hotel booked a month ago and my marty like have you kept ignoring my telegram messages you're

like being a little bit yeah but anyway anyway let's go back to this conversation the fear i have regardless of whatever your tax take is the fear here is coinbase decides which fork is real bitcoin is is is my non-legal understanding of this case so if there is a fork you know let's say you know you know uh bitcoin regulatory bitcoin with two percent inflation or like bitcoin kyc right coinbase decides if that's the fork that you that you're on they decide which chain you're on they did it with ethereum yeah they did with ethereum like etc is the original chain and just got 51 percent attack for the third time 7 000 blocks but they chose for people that that eth was going to go along with with that fork right so so trust the third parties or security holes

and it really doesn't matter what the court says because that's the case right and those terms and conditions that you don't read like those matter in this case and i assume that coinbase's tnc covers this sort of thing and not in your favor right yeah coinbase does not give but this also is same with cash app or whatever who's the sponsor of the podcast like if you have your money there i i did the disclosure in the if you have your money there they can they can decide which fork is the real bitcoin yeah all right i trust that team to make a good decision No, Marty trusts, but you should just withdraw your money so then you don't have to. If you're freaks in the know, you can send Sats off the app into a personal wallet.

One thing, staying on this subject, we didn't talk about this. I didn't see you tweet about it. I saw the Samurai crew tweeting about it. Apparently, there was a transaction made between exchanges that was FATF-compliable. Oh, I didn't see it. Compliant is the word you're looking for? Compliant. I was going to say compatible and it turned into

compliable. I missed that. You did miss that? Yeah. It was an actual transaction on the blockchain that was somehow financial action task force compatible. I have no idea what you're talking about. There's a working group that's like Kraken, Coinbase, and

a bunch of other exchanges that are trying to do fat foot travel rule compliance where they know the sender and the receiver and they share that information amongst each other, which is a really slippery slope in terms of privacy, but it is kind of inevitable. Yeah, this was in Switzerland. Yeah, that's going to happen.

Yeah. Expect it. Should we open it up now? Yeah, do we have a mic though that they can use for questions? Let's give them 15 minutes. We've got a mic in the back. Can you guys line up in the back? Gatling gun us with questions, please.

No questions. Dude's been drinking since 8 a.m. I have a question. So I think if there is a fork and the value of the fork is value at the time of like the first time there is a marketable value, I think there might be a way the Fed can attack Bitcoin, so they can create a fork, print five trillion dollars, and make this fork like five times the value of Bitcoin. And then, you know, you would have an income that is, you know, five times your value of your Bitcoin, and like you will, you know,

have to sell your Bitcoin to pay this income. So I'm curious to have your thoughts on this sort of exercise. I think I heard that I just want I'm just gonna repeat that to make sure I heard that correctly You were you were asking if there's like a tax attack using forks. Is that the case like someone knows? So the Fed will create a fork Yes, the Fed will create a fork and they will print, you know, five trillion dollar whatever amount they will want to print and Therefore this fork will be you know, five times the value of Bitcoin or ten times of your Bitcoin at the time its first, you know, there is a first value for this coin. And if, you know, if you follow the guideline, right, like you would have to pay tax on this new, you know, fork of

Bitcoin that is 10 times the value of Bitcoin. And then it means you would have to, you know, sell your Bitcoin to pay this tax, right? I'm curious to get your thoughts on this. I mean, they could theoretically do that, but they could also just ban Bitcoin and make it illegal. And like, if you wanted to use Bitcoin, you'd be in the black market, right? it would be way easier just to ban bitcoin and also if they created five trillion on the fork and claimed that that had some high enough fair market value that you would get taxed on it they would also in order to support that fair market value have to allow you the ability to trade those coins four dollars at that rate so that would be a great deal for you i'd happily pay taxes on five

million dollars if you want to give me five million dollars right so you know what happens if it just immediately crashes so like like three people get the the five million dollar rate and then it that's what it would do right because as soon as you make a liquid well i mean what would they just offer that five million dollars to the first person to claim it yeah they give it to like Lopp, Sampson, McCartney. Well, the issue then would be fair market value. Like, if that was a fair market value the Fed was only going to honor for one or two claimants, then it's not a true fair market value. Yeah, it would get fought in court.

Exactly. Is the answer. Like, you'd have to have some kind of trust in our judicial system, right? Exactly. And it would make the Fed look so bad and so arbitrary and so ridiculous. They don't care. It'd be so much easier just to ban Bitcoin. Are you saying they don't look like that already?

To average people, absolutely they don't. Yeah, I mean, look at the stock market. Right. Well, that's, I mean, hasn't been brought up yet. But this week, Jerome Powell made a historic speech. They're going to keep targeting 2% inflation. No, they were never, they were going to go past it now, right? Yeah, they're going to try and go over it because they can't reach it.

They're going to create price stability by raising prices. That's their mandate. It's very confusing. Next question. Ben DeCarman. What's up? I hate to do this to you, Matt, but I want to talk about the Wasabi vulnerability. But from the Wasabi's team's perspective, it's a feature, not a bug, because there's

determinism for the UTXO selection so that way when you disconnect and you requeue up your coins you're not revealing other UTXO links and that was like the main point of why I was called silly and like an actual feature of the software not a bug. I just want to make that clear. But most people aren't disconnecting. The classic flow is to send in a large UTXO. See this is what's frustrating right because I have to argue about this with people who have never used either i know you have i'm not i'm not saying this to you right you're good but like i had like a a 19 tweet thread on on how samurai works and mr hodl showed that he had never even

tried to use it he did he's he's just been talking shit and has never even he has no idea how it works and it's the same thing i went on block digest and i had a i had a discussion with no and Shinobi on Block Digest about it and Nopara had no idea how the fee structure worked. Just zero idea whatsoever. So when I use Wasabi, I'm gonna dock some transactions here. I do the normal UX flow. You send in a large UTXO and it gets split up and you let it remix. That's what everyone does. Is it not? No, I agree. So is it silly? Well the idea is, say you send in like 0.2 Bitcoin and you click them both to queue them up, it's gonna only queue up

like one UTXO to mix, but you don't want to link multiple UTXOs together by mixing them together and if you disconnect, like say your internet goes out for five minutes while you're waiting for a round, it might play like UTXO and A and B the first time, but the second time it'll do B and C and now you unnecessarily linked like B and C together when you only really need to reveal a and B to do your mix so a BBC I can see that I mean I like kind of lost it for a little bit I got it you're the B is matching the a with the C correct yeah like you don't originally you only needed wanted to reveal a and B are

linked but since you disconnected and if you add random but no one's disconnecting your internet might go out or like oh my internet's gonna go out like they're why don't they build the disconnect into the fucking software no no like it's like a failsafe I I think like if I have to it makes my job harder as someone trying to shill these projects if I have to like list like all these things that you have to do you know I get the disconnect your internet in between you can't do this you can't do that like it's like the best practices should be relatively built in straight and if it's not like people are

just gonna fuck up like there's just there's no way that they're ever gonna to figure it out and they're just going to dock all of their transactions and it's going to be on a ledger there forever because if we're right and Bitcoin succeeds, this ledger is going to fucking exist forever and all that information is going to be there and that's what concerns me. Speaking of which, was that you messing with Umbrell? Was that an Umbrell? Yeah, I did Umbrell. I did Umbrell right before I left. That looks like some of the best UX I've seen from a node perspective. It's pretty slick. It's pretty slick.

Let's Steelman it. What's wrong with it? Well, it just has no features yet. It's like really early. Okay. But did you like the experience? It's very slick. It has like a plug-in architecture. That's the big thing, right? Like you're going to be able to... Well, they have no plug-ins yet. Yeah, I know. But I mean, the idea is they built out the architecture for that, right?

It's very clean. It's a UX-friendly node implementation that is privacy-focused at the same time. Were you able to open a Lightning channel before it fully synced? With Umbral? Yeah. I haven't actually. I've just synced it. Okay.

All right. I have on my desk, I have four raspberries and two noddles, and I just don't have enough time. I just don't have enough time today. I don't even know why I bother. Thank you, Ben. Thanks, Ben. We love you.

Yo. Where's Vic? I don't know where Vic is. Where's Vic? I don't know, but this is my question. all right what's up fellas okay so this is mostly like towards marty because when i had matt on my podcast like shameless shill a boy named sue that's my podcast if y'all give a fuck if not that's cool um but marty okay so you had christian decker and his friend on from you know they're

working on l2 and shit and then some point in that podcast you turn around and you're like Matthew! And so my question is, like, did he pass out? Was he drooling? Which podcast was this? It was a few months ago. But you had Christian Decker on

and his friend. He still doesn't know what episode it was. We never had Christian Decker on, did we? We never had Christian Decker on. Okay, no. Whoever is working on L2, right? You had two guests on at once. And then at some point in the episode I think we had Matt Corallo on.

No, Matt was not there. I don't know. Next question, I think. Did you spill something on yourself? No, I never was. I'm in decent form, right? Tell the freaks. He's in decent form.

Make it happen. Fuck you, Phil. Next question. All right, cool. Is Matt really the founder of CuckMentality.com? Well, go to CuckMentality.com and see where it takes you. all right so I have TFDC to thank for introducing me to Clark Moody's dashboard it's the best but typically y'all say oh this is the grayscale

premium y'all didn't do that this week why why do you trade the grayscale premium no I'm asking why do y'all announce it and you didn't this week oh the grayscale premium is not on the dashboard anymore oh why was that I think their data feed stuff it's my fault it is no marty marty cares about it i don't really give a shit no like um i pulled it up one day and it was like negative 100 and so i tagged american hot i was like hey it's free money go get it you know oh so if you if you try and build a site that tracks prices and you try and track uh like actual stock prices it's actually very difficult and like One of the things that's really cool about Bitcoin is starting with Gox, which was a horrible exchange,

they had an open API. So all the other exchanges ended up having an open API. So it's actually really easy to build a website that tracks Bitcoin prices from many exchanges. And it's really difficult to track historical stock prices. It's fucking crazy. Even like gold, oil, all of these things, it's like the APIs, it's very difficult. It's all behind paywalls, all over the place love you guys love pod thank you no and to speak to the gptc gptc premium why you paid i think it's just a good gauge of institutional or institutional institutional money's coming yeah i guess for the time being right yeah until there are better options yeah micro strategy is a better option now it's a closet yeah

what's up guys uh do you like samurai by chance uh maybe maybe not uh uh anyway i work on ronin Dojo. I'm a developer for that. And thank you. Not only do you like it, you're contributing. Thank you. But I want to say, Matt, I think you're doing a great job explaining that there are user errors that people are prone to in this stuff, especially with Wasabi. I'm not just going to come to sling mud on that. I think that in general, this whole debate, this whole flame war that we see can actually help improve privacy. And privacy is not something that is something to be taken lightly when wasabi fucks up when samurai fucks up people go to jail and it's not uh it's you know as much as we want to keep the debate level headed here whenever you're talking about

implications like that it's just really hard to so whenever you have something like uh the plus token guys getting hemmed up and now they're all sitting in jail because they didn't use the you know their corn joint implementation right the one that they chose uh you know that for me says everything yeah and this is something i feel i like this is why we front load our disclosures when when we show a product when we show a project and and and we we we tell users how to use it and there's a vulnerability like it hits me like when that vulnerability happens and like it it hurts right it like absolutely irresponsible and i turned to money people and we just we're just like we got to do it you got to put it right in the front you got to tell the users you know like

we told you this thing but we were wrong about that and this is what the reality is right and like you just have to fucking own it because what matters right like what what are we doing here what's the whole point uh of everything we do yeah i agree i do think the plus token people should be in jail though oh yeah i mean and there's more than that in jail and i don't want to go into it but you know whenever we're talking about the implications of you know what can go wrong with the CoinJoin implementation, you know, without being critical of other teams or anything, you know, I just want to say what's at stake here. And that's why we're taking these debates so seriously. No, yeah. And that's why I said, I think this actually makes everybody

stronger in the long run. It's a bit tiresome at times, but iron sharpens iron. It'll get better. And I think, I mean, hopefully this is why we should push for things like BipTap root. You create the primitives, primitives, buzzword, to make privacy more innate in the protocol. So I think it's gotten better over time, demonstrably better, the ability to attain privacy at the protocol level. It's only going to get better. We'll reduce the things that cause user error,

and that's what it's all about, right? Yeah. We just need to build systems that make it hard for users to create errors. And just cheers to the new Ronin Dojo UI that's coming out. I'm really excited for it. Thanks, man. thank you next question first of all uh thanks you guys uh for everything you do appreciate it you know love the podcast keep doing it thank you second thing you know privacy is a major

topic on this podcast just wanted to uh hear your uh opinion on um you know after doing a coin join is there any value to swapping uh those utxos for like a privacy coin like monero and swapping back to bitcoin and um the practicality of that is it worth it you know just your opinion on that i've never done it personally i can that's monero shield's main uh main uh marketing Shum. Not even Shum. They're saying Monero is the best second layer to Bitcoin for privacy that exists. I mean, I kind of view Monero as like a... An ugly cousin. It's a coin join. It's a mixer with a worthless utility token attached to it.

But like a utility token that's going to trend to zero. Look, when you cross-chain, obviously you increase your privacy guarantees. if you unless you just do coin join if you do coin join plus a swap then you're you're all things equal you're increasing your your privacy guarantees it is a taxable event uh your you know your mileage may vary uh thank you for asking me that question at a bitcoin conference and putting me on the spot so appreciate that perry hey uh jeff two-part question kind of fair market value what's like the magic threshold i mean if bitcoin gold's listed on one exchange is that then it's got a fair market value i feel like you touched on that a little bit earlier

and then the second part who like if you're getting bitcoin for services who's the irs looking to for your cost basis i know they're they're probably going to put the onus on you but who are you supposed to look to like what exchange i mean like for fair market value any reasonable method is acceptable as long as you're consistent so if you're using one of the indices online that aggregates an average across various exchanges that's fine if you're using just one of the larger exchanges in terms of their value that lists the coin that's fine it's any reasonable consistent method i'm telling you the best way to do this is use btc pay server you just Download the CSV, give it to your account.

That is really nice. Yeah. Yeah. Honestly, I did my taxes this year and handed them the BDC Pay Service CSV file, and it was very easy. Well, Jeff, my question was kind of more, what is the magic threshold from when you have a fair market value versus when you don't? Oh, I mean, that's a— Like something that doesn't ever have a fair market value. I mean, it's a fairly subjective standard, but it's sort of like the Supreme Court's definition of pornography.

You kind of know it when you see it. You know, if something's trading or not, Marty has strong opinions on pornography. Stop watching porn. No, I mean, you know, look, if it's trading on a major exchange and there's any sort of reasonable volume, then it's got a fair market value. if it's trading on an exchange with little to no volume or it's not trading on a quote-unquote one of the major US exchanges then I'd be comfortable claiming on a return typically that that has zero fair market value and zero I will tell you that personally I'll box myself on this it's fine people know

where to find me anyway I've only ever holding Bitcoin I've only ever claimed be cash and beagle and Bitcoin gold I've never bothered with any of the other forks as having a fair market value bitcoin rhodium i don't even know what that is what about bitcoin 2gen stephen seagal's not familiar haven't followed it uh before we get to the next question justin what was it like driving up here at parker lewis so if you guys are ever in a car with parker lewis this is what you do you have him like you know maybe get comfortable put some country music on or something just you know just start talking about sports or something and then and then mention you know i was watching cnbc and this guy jerome powell i don't know if

you heard of him uh got on got on and gave a speech and then you just stopped talking for three and a half hours and it's like a master's degree in how the dollar works and everything And I forget it as soon as I get out of the car. It's like his truck is like this magic zone where you understand monetary economics. But as soon as you get out, it's gone. You just remember how it made you feel. Yeah, exactly. One of my Twitter mutuals has a saying that is women are passionate about social justice.

It's sort of a catch-all response to many things on Twitter. You could kind of flip that around and say Parker Lewis is passionate about the Federal Reserve. This is true. It's a good passion. we need more passionate people like parker uh parker put out i think his best piece to date this week bitcoin is one for all i thought that was uh the best first principle piece that you put out to date gradually and suddenly you don't check it out uh disclaimer on chain capitals a sponsor of the podcast kevin yo uh yeah i think i'm the last question for the night so i was just

wondering i saw marty in the back on all day today um just down the line what was everybody's favorite talk from today for your viewers that want to know uh what they should look at on youtube i thought jess was the most uh actionable very good advice yeah i like jimmy's uh talk about how bitcoin's an extension of natural law theory uh again unchained capital is a sponsor of the pot, but I really like Parker's talk as well. I like Britt's talk because I think a lot of people BTC Pay

is becoming more and more accessible and it's something that more and more people should try. And I was going to say, this is Britt's first US Bitcoin conference. Shout out to Britt. I mean, honestly, we've said it on this podcast many times before.

As a user, BTC Pay server is one of the best products out there. It is one of the most important products out there. If you're just a merchant and wants to accept Bitcoin as payment, they make it as easy as possible. It's weird because it's like this open source project that you don't

pay for and you feel bad you don't pay for it and you get into their support channel and it's like you have better service than you do at your bank. It's unbelievable. Unpaid volunteers with weird handles answer all your questions.

While we're on this, Rockstar Dev. So we've been doing the BTC Pay server, stay humble. We're getting the weirdest messages here. We're getting weird messages up here. We've been told to announce that. I feel like I'm a, you guys remember the show Ghostwriter on PBS? This is what, like, looking at the screen is like.

Someone told me that Britt almost slept through her speaking spot out late last night. Okay. Britt was out late last night. Apparently a lot of people were out late. Cheers. But we've been doing the BTC Pay server, stay humble hats, donating 25% to BTC Pay. the way Rockstar Dev wanted to do that was to give away hats at this conference

but he didn't show up and the hats haven't showed up yet either so we will They're getting shipped to Gary's house. Yeah Gary you're getting a bunch of hats shipped to your house and we're going to have to have you ship them somewhere else We're going to need to reship them We'll pay for it. We'll make it happen

We'll have OpenNode pay for it For goodwill, just for goodwill to the community, they have to pay for it I think we have about, like, eight minutes left. What are we going to talk about? Hmm. We have no more questions. No, I think we can.

Yes, we have questions. Oh, not this guy. Oh, no. Go for it. What a bent. Someone prop him up. Prop him up. You guys aren't getting away with this.

This might get a little wild now. What we are concerned about is I don't know What are we concerned about guys We want to know What your actionable Steps are And what are you doing to make

The community a better place That's what we want to know There is no community There are only individuals There's a community, fuck you What the fuck is this We've got 10 to 15 minutes if we want. No, that's actually what I was going to lean into is I think we should reflect on how cool it is that a bunch of like-minded individuals can meet in Dallas, Texas when it's check, check, one, check, one.

Arguably socially unacceptable to do so. Hey, y'all, can I have y'all's attention right quick? We got a lighter that came in a leather case. Anybody would like to claim it or get a new lighter? It's going to be over here. Anyways, I digress. Back to y'all first. Kurt Vile joined us this weekend, everybody.

everybody. I know what I want to do. I know what I want to do. Parker, bring me the shit I'm auctioning. We're auctioning this for BTC Pay Server, right? Yes. This is the first time I've ever been asked to autograph anything in my life.

Congratulations. Jeff Vander's autograph's going out. It's a picture of him bodybuilding in the 90s. You're going to be able to fake checks if you get this because that's an outdated system of payment. who don't we have Chris Dannen we need you to sign this

little bitcoin book limited edition hard copy pgp signed by jimmy awesome for btc based server we got one more question y'all so yesterday we auctioned wait what was that question Oh, go ahead. It's cool. Oh, well, we're not going to talk about that. Told my in-laws, I don't care. I'm going anyway. Okay, so this is a picture of Bitcoin Sign Guy, our good friend who got behind Janet Yellen. He's an Urbit-er now.

He's an Urbit-quinner now. Yeah, I mean, Urbit's a shitcoin. And so we have this nice visualization of it, and it's signed by a lot of people on the back, except for Chris Dannen, which I don't know where he is. But we have a lot of signatures on here. And then we also have this little Bitcoin book by Jimmy Song, who spoke earlier. And Parker's walking up to me like I've said something wrong. and we're going to auction these off for charity

because I was able to auction off a cutting board for 60 million sats yesterday, which was impressive. It was very impressive. You didn't buy it. You didn't buy it though. You got outbid. It was low, but you didn't outbid him. So what's

going on here, Parker? I did like five calls for a rebid there and you didn't even bid and you're saying it's low. You also went backwards a couple times. the bid was going up and then back down well no because i got excited yeah you did i get excited you did leave parker if you want to win tonight you gotta call individuals out i gotta call individuals out is that why you came up here yeah everybody who's spoken today oh every single

person who's spoken today has signed that was a better explanation than what i said i said people signed but yeah every person who's today except for chris down and has signed this and we will make sure Chris signs this. Or he's not a BitCorner. Tell people not to hodl tonight though. Not to hodl? Not tonight. Don't hodl on this. Buy this. Okay. Well let's tell them why they should buy it. It's going to a very good project. One we've talked about already tonight. BTC pay server. Uh it is open source. Like Justin and I were talking about earlier. It is incredible that you're just able to download it and use it. The value that you accrue from BTC Pays server is way above and beyond what you pay, which is nothing.

Okay, so let's get started. We're going to start with Which one should we start with, Marty? I thought they were going together. No, separate. Alright, we'll start with the little book of Bitcoin starting at 5 million sats. We have 5 million sats out there. 5 million sats for BTC Pays server, little Bitcoin book. Do we have 5 million sats? PGP signed. Come on, guys, you fucking bitches. Let's go. 5 million sats do we have 6 million sats 6 million sats for little bitcoin book signed pgp signed by jimmy song himself do we have this 6 million sats come on come on

do we have 7 million sats for a little bitcoin book by jimmy song i don't know why i checked that i already knew what it was do we have it 7 million sats do we have 8 million sats this is going to btc pay server one of the most important projects in the space you have to look BrickHelley in the face. We have 8 million sats. Do we have 9 million sats? 9 million sats for the little Bitcoin book. 9 million sats. Do we have 10 million sats?

Rockstar Dan is going to send a picture of his nipple too. Do you care? Rockstar is going to look you in the face and he's going to be like, you sat in this room and you did not bid 10 million sats for this book. Are you going to do that? Phil, are you going to do that? 10 million sats. Let's go. Let's go.

11 million sats. 11 million sats. Do I have 11 million sats to the little bitcoin book? You want to call someone out? Little bitcoin book. If you guys don't bid, Matt is going to start roasting people. Am I going to do that?

11 million sats. Do we have 11 million sats? BGC pays server. Best project in the space. 11 million sats. 12 million sats. American hodl, you fucking little bitch. Are you going to bid on this? 12 million sats. Let's go. Let's go. Let's go.

Do we have it? We don't know where he is? 12 million sats let's go there we go Ben thank you Jimmy are you willing to bet for your own book 13 million sats for Jimmy's songs well he did this with other people Alex Gladstein I believe Elena

who else did they do Jimmy who else did you do this with Alejandro Machado might be in it okay a lot of people did this we have 14 million sats now right 14 mil 14 million sats for BTC pay server BTC pay server

most important project in the space you're going to have to look at BrickHelley 20 million fucking sats let's go okay that's an oil man right there let's be honest you're all bitches and no one's going to bid 21 million sats right is like no one going to do that

like we're not like there's no way there's no way 21 million sats we have 21 million sats 21 million sats for this little bitcoin book Which is actually really big on knowledge. It's got a lot of shit in it.

You know? It's like, there's chapters. It's all about Bitcoin. PGP sign. It's full of words. Yep. 21 million sats. 21 million sats.

Who's going to top this for BTC Pay Server? No one's going to top this because you're all bitches. And we are sold at 20 million sats. To Parker Lewis. Thank you. Thank you for your service. Okay, and now we have a cheaper option for the people who felt I have to bring it over And we're gonna walk through the crowd

To bring this part of what was bid on was was a visit to your table for Matt O'Dell this beautiful winner Does do do we know where he sends the sats? Where do you send the sats? Parker where does he send the sats? This is turning into a Tony Robbins event. He's sending it to BGC based server He's buying them right now, guys. He's stacking. He's stacking. I have no idea where he's supposed to send them. The trust falls start in five minutes.

You bought them. Now you have to send them. You're going to make sure he sends them. Parker's going to enforce this, guys. It's important. It's important. Look at this. Look at this.

He's selling you an airline credit card right now. Every person who has spoken today has signed this. Who wants to join Matt's downline? And it's going to BTC Pay Server. This is a – thank you for Star 9 Labs. All you need to do is get three more people in. This is going to BTC Pay Server. Do you guys have a heart?

Are you going to do a big thing today? Are you going to make this worth it? Are you going to be bigger than yourself? This is a combination of Tony Robbins and Amway. 1 million sets let's go cheap bid cheap bid you get credit Zach gets credit 2 million sets Let's go. Let's go 2 million sets. We've got 2 million sets of will call over there Do we have 3 million sets 3 million sets over there 4 million sets for this gorgeous fucking thing? 4 million sets a bit volt over 5 million sets. Do we have 5 million sets?

You're gonna outbid yourself 5 million set 6 million sets 10 10 million sets to uncle Zack over here Do we have 11 million sats? Do we have 11 million sats? In the back. 11 in the back. 11 in the back. 11 in the back. Zach, are you going to take that?

12 million sats. Are you going to let him take that from you? Are you going to let him take that from you? This is huge. This is huge. 12 million sats. Let's go. 13 million sats.

It comes with an embassy. Let's go. That's a fucking 2 million sat value right there. 15 million sats. Let's go. 15. 15 million sats. We're going to up the stakes here.

Do we have 60 million sats? Oh, he's back for more. We got 16 million sats. He's still here. Okay. 17 million sats. Let's go. Wait, wait, wait.

Before we go higher, we're going to up the stakes here. I'm going to reach out to Bitcoin Sign Guy and make sure he does a half-hour Zoom call with you if you win this. What? You really? He's going to do it. He's going to do it. He'll listen.

He's going to try his best. We're like 95%. 30 minutes with one of the most interesting humans in the world. He might show you a bit, and it might not be worth it. Okay? You are now bidding on Marty trying his best. What are we at? 17 million sats?

Marty distracted me. Who's the man here? Let's go 18 million sets or lady That's a five million sign value let's go What do you want 20 million sats for Jabari? Let's go. Do we have 21 million sats? This is huge This is gonna be big guys It's gonna be a big deal. You get a start nine labs and you're gonna get wait 21 million today, we're gonna add more to it. We're gonna get Bitcoin sign guy himself to sign it We will get it to him and well, obviously what I mean, we'll try

21 million sats 21 million sats we can break the record for a bid we can break the record for a bid do we have 21 million sats come on guys what is this like a room full of ethereum aren't you the top bid jimmy's not here mike

22 to jabari let's go 22 dan you gonna let him take it from you you gonna let him take it from you 22.5 no no no he's not allowed to do that 23 million sats 23 million sats Do you take it?

Let's go. Come on. Are you just going to stand there? 23 million sets. Let's go. From the country lawyer. We have 24 million sets. Anyone?

Bueller. What is that? They're going to engrave that. That's an extra million sets. Value. Tour of Gary's house with a pool. Go to Gary's pool? Gary, Gary.

Can they skinny dip? You can skinny dip in Gary's pool. That's like a $3 million sat valuation. Do we have $22 million sats? Do we have $22 million sats? Come on, guys. Come on. You're going to make me.

Do you have to take a shirt off on the soup? Yes. I take that soup. You don't have to ask. Yeah, that's actually implied. He doesn't wear shirts anymore. You can't ask the question and not do it, Phil. Okay, guys.

The account you want to unfollow on Twitter is Phil Geiger. Okay? $23 million sats. Do we have 23 million sats? No one. I don't think it's going to happen. We got it. Oh, my God.

Oh, no. I think you're at 23, right? So you're at 24 now. Matt, will you stop picking this? We have to give it up. 25. You're bending this thing. You got to keep it straight.

We'll do another one. 25 million sats. 25 million sats. No one's going to bid this. We struggled for the 24. 25 million sats. Will anyone bid this? it is more expensive than the cutting board

it's more expensive than a little bitcoin book but it will be so valuable it's going to be so valuable in the future you can fake every single person's checks if you get this if you get this we don't use checks

you just cut checks for every person on this list and most of them are doing pretty well except for Marty 25 million sets do I have 25 million 23 million sats. Going three, two, one. Sold to Jabari. Thank you, Jabari, for BTC Payservice. Thank you. 23 million sats at BTC Payservice. Taking back to Kingston, Jamaica.

That was 24. Going back to Jamaica. 24 million sats. Recorded. It's going towards a good cause. That was a live rip. Does anybody have any – apparently there was a big question on here earlier. I don't know if that was from earlier, Mike. We have someone with a mic over there.

Does somebody have a mic back there? He went away. He went away. All right. Thank you for joining us, guys. We love you all. Guys, what a hell of a week. Shout-out to Texas.

Big fan of Texas. I only come down here for this conference. It's hot as balls down here, but it's worth it. End of August conference in Dallas is interesting timing, but we're all here. We're all here. Yeah, I guess that's all we got this week, freaks. We got a semi-black tie event. There's only one dirtbag, scumbag, weirdo.

My mom told me not to hang out near him, but he's here in a tux for some reason. I don't think he's ever been in the sun ever in his life. There's going to be a 10-minute break before the awards, just so everybody's aware. We're going to do some awards. Just warning you, wait This is a very important warning Shut the fuck up Do not come near Dirtbag Al

He touches people weird spots Stay humble, stack fucking sacks Peace and love freaks