TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Stimulus Package 2020.03.16

Episode Date: March 16, 2020

Join Marty and Matt as they discuss: - COVID19 + Market reaction - Fed cuts + repo operations - MyNode v0.1.97 - 3D Printing in Italy's corona battle - VR Socratic Meetup - Jameson Lopp on Bitcoin Core Contributor Challenges - Other stuff Shoutout to this week's sponsors. Cash App. Start #stackingsats today. Use the promo code: "stackingsats" to receive $10 and contribute $10 to OWLS Lacrosse you download the app.

What's up, freaks? It's your boy Marty here to introduce this very special edition of Rabbit Hole Recap. It's Monday. Why are you doing a Rabbit Hole Recap, you freaks are asking? Well, there seems to be a lot of demand from you freaks out there to get information on what's going on with the markets, as we've been covering them pretty intently for the last few months, or actually since the inception of Rabbit Hole Recap. And Matt and I never want to come up short for you freaks, so we decided to add an extra episode a week every Monday we're going to be doing an episode rabbit hole recap stimulus package to keep you guys up to date with what's going on and just communicate what we're seeing and what we're thinking about what's going on out there i hope you guys like it and let us know what you think about the content

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I mean, that's part of the bull case for Bitcoin. If you're not paying attention, you probably should be. what's up freaks it's your boy marty bent here for a very special edition of rabbit hole recap matt what are we calling this rabbit hole the stimulus package rabbit hole recap the stimulus package it's the real stimulus package the real stimulus package uh yeah obviously shit is getting crazy out there in the markets in the macro world uh in the virus world there seems to be a demand for more content on what is going on to try and help everybody get a sense of And so Matt and I decided to double the amount of content we put out for Rabbit Hole Recap.

For the time being during this crisis, let's be clear, we don't have all the answers. We do think we have good perspectives, and we're going to try to just communicate what we're seeing out there. We're going to start with markets and macro in general. When we met last Thursday, Matt, we were in the middle of a 20% or 10 to 20, I forget exactly at this point, 10, 15, 20% market decline on Thursday. That was before I recorded with Parker Lewis and Kyle Bass. That night, Kyle Bass particularly seemed to think that the Fed could not go this alone if this problem is going to be solved. The Fed is going to need help from the federal government by way of fiscal stimulus, whether that be tax cuts and a combination of tax cuts and things like UBI. um and it seems that the federal government has sort of uh balked on that not balked but

they really haven't come through on the need to quell markets with the stimulus this fiscal stimulus um and because of that uh markets are tanking on friday they they rocketed up uh towards the end of the day as trump gave his speech on how uh the administration was going to combat the virus and the justin sun playbook it was incredible it was incredible framing he basically not like you said justin sun's playbook announced a bunch of partnerships a lot of pre-announcements and really paraded out a bunch of ceos and leaders of industry to sort of signal to the market said hey we're going to let industry lead this recovery we need a public private partnership to if we're going to solve this problem and which honestly like to me that i was actually uh sort of happy

to see that he talked about uh drive-through testing at walmart's uh cvs's walgreens uh he had biotech companies that are going to uh develop test he had them on stage talking about how they're going to up their production and sort of skirt around the cdc uh but it wasn't enough he i I believe at the same speech he came out and said that he was going to do $50 billion worth of stimulus for, I think, pertaining to medical costs, which the market doesn't seem to think is enough. But yeah, it's been a chaotic, chaotic five days since we last met, four days. And even though the markets rallied on Friday during Trump's speech, over the weekend, reality of the situation sort of really set in. We had Madrid, Paris, some cities in the United States come out and tell their citizens that they need to quarantine and started shutting down businesses or forcing businesses to shut down non-essential businesses outside of grocery stores, pharmacies, gas stations, and other things. telling those people that hey stay home don't open your businesses uh don't allow people to

congregate within your your properties because we need to socially distance our citizens right now wow a lot of shit happened yeah i uh first of all i can't believe we're doing two rabbit hole recaps feels good uh we have a lot of time on our hands in quarantine so we might as well um hope you freaks like it uh yeah i mean look the the fed can't do anything right now there's anything they do just it seems panicked because it is panicked right yes so let's talk about specifically what they did over the weekend when it became more apparent that the federal government was going to come through with the fiscal stimulus that many uh observers and people in the know within the financial world uh think that the market's need right now became apparent

that it didn't seem like uh both sides are going to come together to make that happen it still isn't that clear even at this point today immediately after another trump speech um so the fed came out and made another emergency cut excuse me sorry for the burp last night uh they cut by 100 bips say their target is now between zero and 25 bips uh and then on top of that they announced basically the reemergence of QE. They're going to buy up to $700 billion of bonds and mortgage-backed securities. And then during this whole thing, too, they upped the amount of money they're going to provide overnight repo markets.

And today, after offering $500 billion overnight last night, they announced a midday repo of another $500 billion. so we're getting into the trillions trillions of dollars of of repo operations just in the last couple weeks and they officially announced real qe they've had like the sneaky qe and now they have real qe and markets tanked anyway so they like wasted their last ammo and markets tanked anyway meanwhile they should be focusing on the fucking virus and if they focus on the virus then markets will hopefully stabilize because of that right because like look right now we're looking at months months of downtime like insane knock-on effects and and we see that in the

bitcoin market too you know you have a you have a an asset that is freely traded on markets with no circuit breakers 24 7 and it's been extremely volatile and that makes sense to me um because really the threat here is is the virus and what it's going to do to our economy um that was already a house of cards exactly and so today markets finished the dow was down almost 13 s&p down 12 nasdaq 12.3 russell 2000 down 14.3 uh markets opened limit down the circuit breakers went up within a minute uh they reopened and actually so it seems like uh markets closed during trump's latest speech and it seems like they really weren't really happy with it even though from the little bit i uh caught he was focusing on the virus uh but i think he he did mention the

uncertainty of economic uh growth during the virus friday speech no no right now right before we hit oh i missed i missed that one um and uh sorry i lost my train of thought i apologize uh basically no and it's becoming more and more apparent i found my my train of thought um that again the fed's not gonna be able to do this alone and maybe even if the government does step in and help out it may be ephemeral as well because like you mentioned this virus even if you can throw all the fiscal stimulus that you want at it it is shutting down businesses and shutting down economic activity and you can't throw money at this problem we have to we have to weather this storm uh that is a biological storm and so that's probably what we should begin to focus on now too

is yelling at people who decided to celebrate saint patrick's day over the weekend and we're filling bars i know new york city uh the bars were were packed chicago pittsburgh i'm so glad which like to celebrate st patrick's day heavily they were packed even though the parades were shut down the bars were still packed and one thing people who are packing these bars have to realize and i imagine their people are aging younger and people in their early to late 20s early 30s yes you can go out and you can probably contract the disease and if you don't if you're not immunocompromised you'll probably survive but just think about when you go home when you go to eat dinner with your parents or grandparents you were spreading

that to them no but i think that is that's like one of the most dangerous things that we've heard this whole crisis is that young people are like basically immune um like the netherlands the dutch came out and said that 50 of their icu cases are under 50 um so like if you're like a football player and you're like 22 and you're like perfectly healthy then like maybe but like all these people are going out there under this false premise because that's what they keep hearing for the last you know like eight weeks like if you hear i don't know if you hear that all the time and you you don't really interact with older people especially if you're living in like a city or something then you know you you you take it less seriously yeah yeah but no it was it was

just disheartening to see over the weekend like even some of my friends was looking on instagram and just seeing people out at bars acting like nothing was going on and that's something again we've been i've been up front on this podcast in the newsletter like i'm not an expert when it comes to uh anything virus or anything really but especially the virus but it is becoming more and more apparent that if we really want to take the bull by the horns and take care of this we do have to try to prevent um people co-mingling in tight spaces and we're seeing what's happening in spain and italy particularly sort of we're not france we are france as well france is having a terrible time as well paris is about to go into lockdown complete lockdown i think they did

already i think they did uh as of right now yeah i think it was 9 p.m tonight midnight their time is what i heard okay two and a half hours yeah um yeah i mean st patty's mixed with the crowds we saw at the airports this this weekend um which is another thing oh my god yeah like it's just the it's the probably the you know the worst case scenario combination going into this thing it reminds me of the whole chinese new year thing that happened to start it all off well the crowds at the airports they really couldn't control everything it was like we're talking about o'hare airport particularly i imagine no they were from all over i saw like crowds at fort lauderdale in canada there was a new york airport yes

the people in fort lauderdale were escaping because there was like an outbreak down there probably back to new york where there's an outbreak that's stupid off the bat but o'hare particularly like an attempt to stop the spread uh from internet from europe they had all their international flights coming in and they were trying to temperature gauge everybody which led to people being dick to ass uh in a very confined space for up to seven hours some estimates were saying so and there were more people because of the the way they instituted the travel ban like they they like told they like scared everyone into that you're not going to be able to get home after friday and everyone just booked flights right away yeah and it's

then when they get home they the centralized tsa government makes them more susceptible to contracting the disease by and nobody was wearing masks i think i saw one mask in one picture dude the tsa is going to get so much worse after this this is basically like cemented the tsa into our into our lives i feel like how how fuck the they're gonna do like they're gonna do temperature checks on us and like all this other shit now they're going to institute it like they're going to say the tsa didn't do enough we're going to see so much more surveillance technology in general we already see it coming out of china they have you know all this technology they're using to fight the virus that involves surveillance we saw in israel they're tracking cell phone data now

so i think that you know fear when fear happens then that's when they get to pass the most draconian things they say it's temporary and it lasts forever and we might see that happen to cash too we might see cash um you know get de facto banned and slowly phased out after that don't let it happen freaks these same centralized entities that are going to try to force these laws on you are the reason that we have this problem right now this is why we bitcoin this why we bitcoin but seriously like this i gotta stop saying like and um i'm sorry freaks i'm gonna work on it it's okay it's a pandemic you're excused the problem has been made much worse because we're waiting or people have been up to this point it seems like things are getting more

localized in the response but for the longest time for the first few weeks people were looking up to the cdc like hey what do we do what do we do can we get the test and just hand out eyes up tail between her legs looking upwards these centralized authorities uh for a solution to this problem and that's one thing we have to realize talking specifically about america here it's you can't depend on the federal government to solve this for us there's 330 million some people in this country donald trump and dc is not going to fix this for all of us uh the the congress in dc is not going to fix this for all of us you have to work on a localized level and think up and that's one thing this crisis is really laying bare is that we are systemically

dependent on these centralized authorities and it's not a way to become anti-fragile it has made us extremely fragile as a country and as a complex system citadels you know what matt i might be convinced about citadels after this i i think i think this whole crisis is going to hasten the development of citadels around the world i mean we already see some citadels but i think it'll become more common well i think so too and that's we were talking before we hit record here i just had an incredible conversation with chuck marone who's the author of Strong Towns, a book I've been talking and writing a lot about

in recent weeks. I'm going to drop that tomorrow. I think you guys are going to love it, but that's sort of the optimistic tone we ended on. God, I'm sorry for saying that. We need to turn inwards towards our local communities, and that's how we're going to fix these problems. That's how we're going to get out of

these systemic problems that we're experiencing today. and to turn a page to a lighter note i just want to highlight something in my my own life that i in this crisis that an anecdote that uh has come to light which i think really highlights your favorite saying hold the door uh is my in-laws they're they're uh on the outskirts of philly in a small neighborhood in philadelphia and they're they're older my father-in-law's in his 70s mother-in-law in her mid-60s and uh so they're they're a little worried about going to the store and getting infected we uh my wife and i have done a successful job of instilling the fear of this virus into them and they've they've been quarantining uh but even within that quarantine

they have they have neighbors and they're in a row home and for the last few days last four or five days the neighbors on their block have decided at five o'clock every day everybody's going to go out on their porch have like a quote-unquote happy hour make sure everybody is okay and then the younger couples on the block are taking it upon themselves to to go shopping for for everybody else is a little bit older so it does seem like even in this tragedy this is one anecdote that i've experienced but hopefully there's more stories like it going on throughout the country this is what the time to turn to your local community meet your neighbor say hi to your neighbor converse with your neighbor get to know your neighbor because really at the end of the day

you and your local community are going to be the ones who provide the best outcome for your for your community it's not going to be the cdc it's not going to be the national guard it's not going to be trump it's going to be you and the people that live around you every strong citadel is made up of strong people i like be kind but not naive i think that's how we all should act here you know we're all in this together but you have to watch out for your own you know definitely marty do you have any do you have any whiskey in that bunker over there no i'm taking a night off of drinking today i'm a priority too much no not but do you have it do you have some oh yes yes okay so you're gonna drink with me on thursday yes yes i will i'll drink on thursday deal i got some i'm sipping

on some mccallan i wish we had that i wish i had that mictors right now i know that's i mean if you go back to brooklyn i can let my it's it's in my apartment exfiltration exfiltrate the mictors i went back for my noddle dojo today with the mask and gloves thing that's one thing that did not make my uh my escape new york list was the whiskey i've got a cabinet full of whiskey yeah i left in like kind of i was prepared but i left in kind of a rush but uh i'm well stocked here on another positive note uh during this crisis did you see about this uh in italy they needed this valve for the the ventilators and yeah this is awesome and a bunch of guys that were locals had a 3d printer and they reverse engineered the valve because the

valve company who was out of stock and couldn't get them new valves anytime soon refused to give them the blueprints so they said fuck you anyway and they reverse engineered it and then they made a shit ton of new valves this is incredible this is an externality a positive externality of the situation when proving that humans are extremely creative and resourceful when push comes to shove and 3d printing something we've talked about not not every episode but it's come up now and then and is something that we think will be revolutionary going forward and this is just a perfect uh case study of it actually helping like it's help it helps solve people excuse me it helps save people's lives in this instance i need to get more into 3d printing i've been like i've

been waiting it's like vr i've just been waiting because i didn't want to like buy a device and just have it be obsolete and worth half as much the next year but i think we're starting to hit the plateau you're in the vr speaking of vr you've uh you've jumped in dude like the headset is fucking dope it was such a good purchase i was i was i'm i'm very happy with my purchase i fomo'd the shit out of that purchase like eight days ago and the price keeps going up on amazon number go up so i'm glad that i got it now it it beat my expectations the negative it is a facebook product and so now it's my only facebook product but you don't need a facebook account to use it which is good because i don't have one um but it really it's you know it's definitely still a work

in progress but it beat all my expectations it's pretty immersive i'm surprised and you're talking about the oculus specifically yeah the oculus quest which it's cool because it's standalone you don't need a computer connected to it uh like specifically a high-end computer which is what all these other ones need um it's just an all-in-one device it even has audio like mic and uh like a mini speaker in it um and you just strap it on and it has like these little handles so you could see your hands it's it's it's like what i i feel like it's what the wii should have been you know ah the way but it's i remember the way it's specifically pretty cool for these vr conferences that are happening and we have a socratic seminar coming up tomorrow which is

going to be the first vr socratic seminar so i'm pretty hyped for that i guess like i'm obviously a huge nerd i'm hyped for vr vr socratic seminar about bitcoin but it should be dope yeah so the the founder of the london bit devs meetup michael folks in and andrew yang who was e-currency holder not the presidential candidate on twitter not the presidential candidate he's the marketing and partnerships director at river financial they will be hosting that socratic meetup i think i might have to jump on the oculus chain here drain here excuse me uh it seems it seems like it's it's going to be more uh more commonplace especially as more people quarantine and that's uh yeah so let's yeah

we should do a vr podcast you should get one and we should do it yeah let's let's i know people are scared right now and you probably should be scared things are breaking um but i don't want you i don't want you to get scared to the point of uh of paralysis where it's like oh my god the world's ending the sky is falling we're going to go into a mad max world there's actually again we discussed with the the 3d printing of the valves that's a positive externality i saw on twitter people a lot of people tweeting about how good it is or how nice it is that they're home with their families and some are working from home some are watching the kids everybody's pitching in a little bit to help out and it just feels good to have your family around

And even though these things seem very bad right now, they are very bad right now. It's not paying a turd here. There are positive externalities. Mainly people are starting to realize what's important, family, and helping the community and helping your fellow man in times of need. It puts a lot of shit in perspective. It really does.

It really does. so i know myself included i'm on twitter way too much i've been watching way more i've watched more news in the last four days than i have in the last four years probably shame um i know it's it is a shame there's a lot of of fear out there in the media and social media but there are good things coming out of this and i think in the long run we will be stronger because of because of this we're gonna like you said we're gonna find out what's really important and what really matters in life and uh nothing like a global pandemic to really drive that home yeah and i mean it's going to change the world as we know it like so many things are going to

change i i it is both it's a freaky time right it's super because you don't really know what's going to happen short term and long term there's going to be ridiculous ripple effects so it is you know i i there's a lot of suffering and i really feel for it and i'm concerned myself super you know i'm more prepared than most people and i'm still ridiculously anxious um but you know i there's going to be a lot of change and i think you know for the better i think we'll see a lot of change for the better um and a lot of there's going to be a lot of technology that gets developed here um because people are stuck at home uh you know i like video conferencing stuff is gonna get insane i think over the next like six ten months um hopefully we see more things with 3d printing

localized manufacturing uh you know i i i it's i think there's we're gonna be blown away there's gonna be a lot of things that we can't even fathom right now that happened because of the ripple effect that in like three years two three years that maybe would have been like 10 to 20 years if we didn't have this style of like global pandemic mixed with like a market route at the same time because there's a you know it it just changes all the dynamics all at once and for bitcoin it's pretty crazy that all this is happening going into a bitcoin halving um i mean the good thing for all you freaks is the bitcoin halving is already priced in so you don't have to worry about that aspect of it but all this other shit going on that's also actually all priced in

as well so we're just we're good everything's priced in and we're going into the having a hunky dory yeah the efficient market hypothesis is playing out perfectly in front of us everything's priced in do you think do you think the efficient market people will like did this prove them wrong or is is it just like there's black swans so you'll never know yeah that would i would imagine be their their argument in this case is how could we see a global pandemic coming i wonder if they think the having is still priced in or if they admit that with all this other shit going on then there's no way anyone can effectively price in something of a niche asset that's going through in its adoption phase yeah is the having price in is a death spiral price then does bitcoin's price

need to double from here where it was this time last week i'm in zen because it's all priced in No, I'm actually like I've been stacking way more lately, which probably means we're going to dump more. But it just feels like it's like the perfect mix for, you know, Bitcoin at this age of its life at this point in its adoption cycle. You don't really have to explain to people anymore why you might want an asset that's independent of governments and corporations, like a money that's independent of governments and corporations um so yeah i mean look if you what what happens here if we see like we're seeing some signs of like run on banks like we already know these banks um don't have much reserves and they just lower the reserve ratio even more uh over the week there is no reserve ratio there is none now there's none but there was a little

one before right yeah and it was even then it was just uh um what's the word i'm looking for so in a pandemic it was there's two ways you can take your money out of the bank you can go to the atm because the teller windows are closed and if the atm is empty there's only one other way you can get your money out of the bank and that's if you buy bitcoin with it so that's a very interesting dynamic if we see that play out if we see markets close people are talking about the markets closing for a couple weeks potentially that that means bitcoin's the only market in town that's crazy i can't even on the short term i have no fucking idea what the fuck's going on but long term like i don't know it just seems really bullish for bitcoin i like

am i fucking crazy am i just being ridiculous right now no um like you i have been buying aggressively in the last week i bought some more this morning except yeah this is this is why bitcoin is created and the value prop of bitcoin is being very much highlighted right now like it is to get away from these centralized systems that cause these systemic problems it is providing the ability for for you to opt out of these centralized systems that don't seem to be working i tweeted it out this morning again harping back on the point not to depend on these centralized systems people pay their taxes year in year out even when they're working paycheck to paycheck and they expect that when shit hits the fan the government

will step in and help them out and have their back and the last three weeks have proven that that is not the case even it has completely faltered when many who have been paying or everybody has been paying taxes i mean i don't expect i had never expected the government to step up and actually solve this but many most people do expect the government to step up and do this and it is being becoming very much apparent that they are not equipped to again micromanage a country of 330 million people and then expand that globally to europe the uk their governments are failing us and this is another reason why we bitcoin too going back to the sovereign individual thesis and this is something i tweeted out last week too the oil wars

this pandemic it's really the impetus for the pendulum swinging away from globalization we're going to see a balkanization of the world play out from here on out and it's because people are are going to realize that these systems are not able to to service us the crisis of confidence that is coming and it is coming i think it's already here is going to force us to become more localized to become more balkanized and again at the end of the day that's not i'm not like pushing nationalistic 10 like like speaking points or anything like that but you're going to be able to trade within these balkanized areas citadel decision making citadels uh the decision making across citadels will be made better at the local level no yeah i think like we're in a unique

point here where we have the technology that you can have localism and with with global trade so like you could have like governance very close to home um all these different independent entities that are interconnected, you know, through the internet and through global shipping and whatnot, right? Like we can still have, we can have a kind of a combination of both. And that's where I look at Citadel Theory. That's kind of, that's where I go with it. And I think that this crisis has proved a lot of the value of that,

of having manufacturing close to home or diversified in different areas. Yeah, and yeah, that's all I have. i'm like a little bit yeah oh is he tipsy over there no i'm not tipsy you know everyone thinks thinks you have a higher tolerance than me but i just drink more than you on the podcast that's what happened yeah i definitely have a higher time i don't know about that dude well when when the quarantine ends we'll make sure we go drink for drink and we'll we'll test it out we'll test out your hypothesis did you order your android phone yet i'm actually doing that after we hang up here i ordered cart loaded before i decided i was going to exfiltrate

my noddle dojo i ordered all the parts for my node um i was supposed to get my casa node like the day before i left the city the day i left the city and instead i left the city instead of getting it so i'm not going to convert that into a my node i'm going to actually build a my node and in addition to having these these this stimulus package of the stimulus package is going to be multi-fronted you know not only do we have additional rhr we're going to have more interviews and i'm we're going to do more guides like i'm ready i'm going to get you good nice good guide of the full my node setup um so i'm pretty excited about that and whirlpool keeps hitting all time you know it just keeps trucking on uh it's it's been there's been a shit ton of volume has

been coming into it lately uh pandemic or not so that's that's really great to see yeah i'm very excited to get my my node set up and yeah like you alluded to we're really going to embrace the uh the remote aspect of the podcast from here on out i was a hard-o only wanted to interview people in person i thought it was great interviewing people only in person but it is a pandemic so yeah i can't wait to get back to interviewing people in person but yes we do have to lean into the the conditions of our time here and they call for social distancing i know i fucking miss you already bro it's only been i miss you it's been like a week i miss you too man oh that's cute now we're getting all emotional yeah so

what are what are how are you staying sane in quarantine um that is one thing we're gonna have to adjust to life i mean i already worked from home so i'm pretty much used to quarantine life and i'm uh i'm used to being cooped up in my apartment for a mess of the day but is an adjustment for you my day job is fucking chaos i don't like talking about it but it's fucking chaos right now uh i'm like uh yeah i the buck stops with me in my day job and there's a lot of buck stopping right now you know i think it's just a lot a lot of things are falling on me and I don't really know how to handle them. And I'm just trying my best in that regard.

But I like all the extra time I have for Bitcoin stuff. And, you know, my focus is going to be mainly on that, I think, to get me through. And now I got the VR. The VR will be sick. Yeah. I also surrounded myself with, I have family here. So it's ideal. Yeah.

I'm lucky to have a good amount of family around where I'm quarantined to hopefully getting more of our family to us as well soon. But it's been good. I have my brother with us here where we are, my wife, my son, and I. And it's been great. We've been cooking good dinners, binge-watching some shows. Make sure you get outside too. Remember, that's why I wrote my final thought today.

Remember, at the end of the day, the sun is going to rise and life is going to go on. like the world is not ending it is tumultuous time it's a hard time and like i was saying earlier social media and traditional media definitely uh do aid in making things seem much worse than they are and they are bad but take some time to get outside yeah take some deep breaths even if you're in a city just like go outside you know and don't you know you can still maintain distance from people you know like be aware and stuff but like you'll go stir fucking crazy if you just stay in your apartment that's one of the reasons i've got out of the city

uh but you'll go stir crazy and really quickly like i don't think people realize how quickly you it'll happen um but be aware of all like the public areas in your building you know and if you're looking for gloves rodolfo told me to tell you all that you got to get night trial gloves you don't get latex gloves you get night trial i got i got them night trial yeah i bought those gloves he got very excited that i bought those gloves so everyone didn't get get rodolfo excited if you're gonna buy gloves buy nitrile gloves they're they're thicker they're more uh they're more reliable they don't rip as easily nice are they anti-microbial as well i don't think i mean they're just i mean it's like latex gloves right like they they act as a you know you have to take

them off properly but they act as a blocker to your own body right yeah another thing to say take into consideration uh with social distancing is you don't have to go to the grocery store i ordered some steaks off of omaha steaks today and another uh small omaha steaks pretty big but i ordered from omaha steaks and then a small butcher out of kansas city to get some meats delivered so he'll be here next week so we don't have to go to the store for for another pickup and if things do get bad again we're not trying to fear monger here but if they do get bad my uh my process for food is go to the store once a week if that get as much food as you need plus some stuff that you can put in the freezer and try to touch your freezer arsenal as little

as possible hopefully not at all yeah i stocked up on i have a shit ton of meat fuck fuck your ramen i have like a ton of fucking meat everyone's like going the ramen was like the first stuff to leave the shelves it's like guys just load up your freezer lots and lots and lots um but i uh uh did you see this thing from the french the french health minister and a bunch of french doctors are saying like you shouldn't take inflammatories like advil and aspirin like you should take i saw that going around instead i saw that going around i've also heard that's fake news i don't know who to believe in that i've just been taking i asked a french person i asked you know keto miners told me that it's legit

i don't know i it's something to keep in mind you know do your own to do your own research i guess uh but so ibuprofen and advil over tylenol no no you should take tylenol you shouldn't take advil or aspirin which are anti-inflammatories is what they say what the guidance says i'm going to follow that guidance if if you get sick it's supposed to complicate it and then you know okay i will keep my eye out and if i if i deem otherwise then i then i won't follow that guidance but it seems like it doesn't hurt yeah yeah i don't know i don't know on that one i'm not i'm not well first keto convinced me you know i like the noddle it's a good product what else do we got here

there was one other thing I wanted to mention I don't remember I'm going to remember as soon as we stop recording back to bitcoin related stuff to keep that content we are a bitcoin podcast at the end of the day Jamison Lopp wrote a post that I was interested in

over the weekend he changed the name of it it was bitcoin core quality control i wonder if he got yelled at and asked to change the name because commits aren't fungible bitcoin core contributor challenges and it's just a nice little piece on basically stats of the bitcoin core repository which is the reference implementation but is one implementation of many of the bitcoin software the bitcoin knots bcoin there are other implementations bitcoin core obviously is the one that we all or most of us are probably running and he basically went through the github of bitcoin core and tried to dissect the amount of total rejected added lines of code rejected deleted the lines of code and the ratio of getting rejected lines of code changed versus accepted.

And it's basically proving that it's pretty hard to get code merged into core for every 15.3 million rejected lines of code changes in the repository. There's only 3.65 million that are accepted. But again, not all commits are equal. Commits aren't fungible. some commits have more influence than others but if you're using this as a guiding heuristic it would seem that it is pretty hard to get to get stuff merged and then he even dove into merge success rates and at what point a developer may stop contributing

to the project because they don't think the chances of getting their code merged is very high but we've seen contributors go up right do they talk about that at all like the number of contributors um yeah yeah number of contributors have gone up significantly um but they're not all some are some are only uh making very few prs compared to others yeah again it's all uh it's all no i mean i think it's look i think we all agree well i mean i think me and you agree i'm not going to speak for all you freaks out there that conservative is good like we we have um a global distributed financial network uh that is valued at billions of dollars and you need to um tread carefully like you can't you can't just move fast and break things like you

have to be careful about it uh that's a feature it's not a bug yes all right i think we're gonna keep this first episode around 45 minutes oh i remembered what i was gonna bring up it's about time all right we got three minutes anyway backed uh completed uh 300 million series b does that matter is that does is that a thing um let's not fall for that meme that meme what the institutional money meme don't wait for it yeah but there's still a lot of that's a lot of money 300 million dollars yeah led by pantera microsoft microsoft's big um i've heard that before um yeah according microsoft and microsoft's m12 i guess that's one of their funding branches pay you boston consulting group goldfinch partners cmt digital pantera capital and

back partner firm ice the internet intercontinental exchange excuse me all participated in the funding round um backed acquired uh bridge to solutions and loyalty services provider in february and since then i guess they've been doing another round and yeah so we'll see what they put out their futures product has been getting some traction but but again people prefer the cme products correct yes i'd look the i wouldn't read too much into it but the numbers are really fucking high so that's good it's good that the number is high well if we're learning one thing right now high valuations high numbers don't mean dick unless you follow up with actual production so i mean it means something for bitcoin it might not mean something for backed you know like it

means something for bitcoin that they raised 300 million dollars you know i'm never going to use their products but i i think that's that's good does it really matter for bitcoin i'm excited at our potential to unlock nearly 1 trillion dollars of digital assets when the backed app launches this summer it sounds like a shitcoin machine it is probably going to be a shitcoin machine you are correct yeah i i just you know i agree i i pretty much agree with you i just think 300 million is a large amount of money so i'm i'm surprised i'm surprised that they raised that much 300 million it's cool but it's not 500 billion like the repo operations they should just give everyone bitcoin did you see uh mitt romney wants to give everyone a thousand dollars

now yeah how about that that would be a change of of narrative if the republicans come out and lead on ubi they should just buy a shit ton of bitcoin is that a bad idea why don't they just buy a bunch of bitcoin i'd rather i'd rather them do the helicopter money and then have individuals use that to buy we just all go out and use our thousand dollars to just buy bitcoin that's what i'm gonna do if they give me a thousand dollars i am buying bitcoin it'd be cool if they direct deposited into your cash app account so you could just click above that probably possible if you haven't hooked up they have ach capabilities disclaimer cash apps to sponsor this pod but disclosure probably could be possible disclosure disclaimer whatever yeah stay humble

stack sets yeah peace and love stay safe out there be kind to your neighbors again scary times Definitely heavy times, things to take seriously. Stay healthy out there. Stay sane out there. And then think about what happens when we turn out of this. And again, we are going to turn out of this. The sun is going to keep rising. Life is going to go on.

This too shall pass. And just think about how we want to build the world when it does pass. Love you guys. We'll get through this. Peace and love. Tiki.