TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Week of 2018.10.29

Episode Date: October 30, 2018

This week we discuss: -Gab -China social credit -Localbitcoins lead by Russia and Venezuela - https://t.co/VSiTn63psi -Maplechange - not your keys, not your bitcoin -Lightning residency + hackathon -IDEX blocking NY IPs https://twitter.com/Aurora_dao/status/1054917418621984768

What's up, you freaks? Welcome back to a rabbit hole recap. I'm fucking pumped. I'm pumped too. Been a long week for me, particularly. Recorded four podcasts last week, almost one every night, and drank for every one of them. So right now, I think my wife thinks I might be an alcoholic. So I am withholding from alcohol consumption on this recording just to prove that I have the wherewithal and the mental fortitude to to thwart off the booze the the official reason is marty said that he's not going to drink on the pod until mccallan answers our dm about the sponsorship that's true i'm striking and uh until mccallan responds to us i will not be drinking and i think this is a grave disservice to you freaks out there so you better get loud on twitter in

mccallan's face yeah they can at least say no they haven't even said no i will i will continue drinking if they at least say no mccallan i know you can hear this i know you listen to every one of these podcasts big time listeners of the pod respond to the dm and that was this week's free ad i'm i'm drinking i'm drinking this episode because we've we've what is it 12 episodes now is it the 12th or i think this might be the 12th drinking mccallan so i think you're i'm not gonna stop now i think you're stretching uh an excuse to drink um yeah matt's drinking alone like a degenerate i'll try to keep him in check on this recording but we got a lot to talk about a lot of heated topics the first of which we're going to start

geopolitical realm in china where uh it's becoming more and more apparent that their social credit system is uh very dystopian and uh somebody today on twitter an american i believe released a video of a recording on a train and it's basically like obey the law or your social credit score will go down you won't be able to travel anymore uh a very nice tone though it was a it was a very friendly announcement yes uh yeah it's uh it's like the black mirror episode that everyone's uh that everyone's watched yeah uh they rank you by all it was like if you act disorderly on the train like we'll punish you on our social they have a nationwide social credit system yeah instead of uh just alienating uber drivers and giving them social scores every

time you interact with them this takes it to the next level and uh like that black mirror episode personal interactions can get scored in the social credit system now i think this is you know this is like the perfect example it gives you a taste of what we have to look forward to with these modern day surveillance states because you know they technology now gives them capabilities that dictators in the past would just fucking kill for like this would be amazing for them and and china's at the forefront of that you know they're using they're using technology to control their people if you talk if you talk bad about the government through we chat which is like one of the only chats you can use there um they'll ding your social credit score maybe you can't get a job

now maybe you can't you know take out a loan it's pretty fucking crazy um yeah so that's one side to play devil's advocate here just for the sake of playing devil's advocate i saw somebody uh saying on twitter that uh this has i think it was bitcoin erlog said that it was john john carvello carvalho is that his name carvalho carvalho i think but i suck at pronunciations in general big fan of him and his uh interview style uh very foreign site and his porn site exotica.tv i think or xt i don't know what it is but uh he pointed out that the social credit system is allowing peasants uh a nice base from which they can actually build a social credit and climb the economic ladder in china which has historically been uh not very easy for this this class of of

citizen but then he he expanded on that he said he heard it from a rich chinese woman i think in paris and you know that's it's like the perfect they always do that you know when you do a policy that fucks over your citizens the easiest way to implement it is to convince them that it's in their own best interest and if you convince the majority then when it's too late then there's nothing they can do about it at that point yeah uh so it's weird seeing that that play out in china in real life people were have been warning about it uh i believe george orwell since he published in 1984 it's been in the public public uh space for for decades now it's something that's always been on people's minds but and but yet it unravels before us uh needless to say yeah

talking about orwell i mean they are also at the forefront of of surveillance cameras uh face tracking cctv yeah as you're as you're walking around they pick up your face they know this if you if you litter a little bit they ding your credit score you know jaywalk yeah if you if you're in a protest stuff like that yeah that's crazy man i know i i the the thing i was thinking about um a couple months ago was like if if you go to china and you're a known bitcoin personality and they know what your face looks like because it's your twitter profile or whatever or your linkedin then when the second you walk in the the airport and like you get pulled up on a face scanner like they probably have like a little if they don't yet they'll like have a box that

says like probably owns bitcoin and they'll be like hey we're gonna lock you up till you give us your bitcoin yeah so it's a real shame because like i'd love i haven't been to china yet and i'd love to go but it's a little bit sketchy situation there i'm not gonna lie that on the top of my list to travel to i've heard great things about it but still not really appealing my dad was born in hong kong so that'd be kind of badass interesting interesting interesting backstory there learn a little little something new about matt odell every week there you go um but yeah to to parallel this story with something that's going on here in the states uh which is our second topic gab.com a company that has caused a lot of controversy uh in its short uh lifespan

is in the news now because their hosting services are getting pulled out from under them. I believe GoDaddy is the next hosting service. I believe it. So GoDaddy is the domain registrar. So that's where they register their domain through and then they have a

separate hosting provider that's like an AWS competitor. Because AWS already wouldn't do business with them. They cut them. And then the payment side, they had to think both PayPal and Stripe block them. They can't find a payment provider. Um, so I mean, it's just like, it's become, so they're basically, they position themselves as

like the censorship resistant Twitter, free speech, Twitter clone. It's like almost an exact replica of Twitter. Uh, but pretty much filled with people that are, that were blocked on Twitter or their accounts were locked. And the main issue with that is there's still a centralized company. So they still not only have the power to block accounts, which they say they do in cases of child porn, they make a big point about saying that, but they're also a target for governments and governments don't always have to go after you directly. In this case, they go after everyone you do business with. yeah and uh yeah it's just a scary realization that maybe we're not as free as we think we are you know if anybody can just cut cut these platforms like listen i'm not a big fan of people that are posting content on gap but you can choose to ignore it i mean this guy it was because of the the recent synagogue shooting yeah this guy he

was posting on twitter he was posting on the other sites as well uh it's really hard to police this stuff yeah is it possible really hard like is it even possible and advantageous to to pursue or should we just uh accept the fact that the shit's gonna happen and uh adjust our lifestyles otherwise well what i want to see is i want to see a future with platforms that you just don't even have the ability to block those accounts so you know we have right now we have massadon it's not perfect but it's like a federated version open source version of twitter where there's there's no centralized provider of the service and so if you can't block people then it throws all morals out out of the equation you give there can still be moderation you have the user moderate on his side

with tools or you could even like give certain moderators privileges and then you could follow their list of moderation rules or something so there's like competition among who is moderating the content and then you know if people post illegal things or post things that incite violence or whatever then you just do good old-fashioned police work and you you know you deal with them but like the actual platforms like the key is that these platforms should be built in a way that no one has power no one has central power over them and then and and as long as as long as that's the only way to really protect speech because if there is central power then someone's going to abuse it it'll always be abused yeah um so this is just uh an instance of this reality

being being pushed to the forefront in our world right now and think about what's happening in china and this might be excuse me something caught my throat there this might be a step uh in the direction that china is going uh in for the u.s this is why we all do this you know i the only way to stop powerful people from continuing to expand that power and maintain that power is to use technology and and to use it as a way as the ultimate it's ultimate check on power yeah now it's getting it's a very heavy subject because obviously what happened over the weekend was terrible and tragic and monstrous uh but it is being politicized now like howard dean came out and said gab should be tried as accomplice to murder in synagogue slayings

there's people that have been isis terrorists that have posted on twitter or should Twitter be held accountable for that? You open a very slippery, slippery slope when you create these witch hunts. Yeah, and then you can take it to the altcoin world, right? What happens if there's an Augur kill contract and someone dies, and then they go after Augur or they go after Ethereum even?

Yeah. And no one's saying that's the rational decision that they should do that, but you should plan to make sure they can't do that. Yeah. so having a lot of your nodes run through and fewer is probably not a good good plan in case that happens um all right that's enough of that topic uh dystopian future just be aware of it you know

uh what do we got next uh oh this is a good one uh our boy lawmaster put out an interesting piece last week he dove into the uh volume on local bitcoins by country uh converted everything in the u.s dollar all the volumes in the u.s dollar denominations to give a cleaner cleaner picture because coin dance has everything in their local currencies or bitcoin uh so uh lawmaster and the charts are really pretty yeah and the charts are really pretty uh so lawmaster uh did the dirty york and basically found that uh most local bitcoin volume is coming from russia uh and uh by by a large margin and then behind it in second is venezuela so we see these areas where bitcoin probably has a more pertinent use case in the form of capital uh securing your capital

yeah authoritative governments shitty shitty economies yeah um leading the way which in my opinion is very promising which bitcoin is is helping these people yeah it goes directly against you know the krugmans of the world who say it has has no use case by by people in in collapsing countries yeah and another interesting thing about this is like this data is only the tip of the iceberg because especially the way these relationships on uh exchanges like local bitcoins work out once you do a couple transactions with somebody you trust i mean word on the street is i've never really dove this too too deep into local bitcoins you don't want to pay the commission anymore yes it's the same thing if you do a repeat air and bb you're not going to pay airbnb the

second time you're going to tell the guy i'm going to come i'm going to come back in april yeah exactly and so a lot of that volume is just surface surface layer there's a lot of unreported volume that's definitely going on as these relationships are built on these p2p exchanges yeah i mean i i think that it's and and and venezuela is at all-time high volume right now i think is russia at all-time high uh i do not know for sure i can look into that but i want to say one thing with venezuela in particular i'm actually happy uh you refresh my memory on that uh or you're welcome you saying that refresh my memory last week i wrote about it uh in the bent somebody had somebody had uh isolated venezuelan local bitcoin volumes uh only into the u.s dollars

a few days before lawmaster came out with his more comprehensive coverage and so i wrote about it in the bent and eduardo medina from democracy earth uh born in venezuelan as well um he warned or didn't warn me just said hey taking into consideration that a lot of that volume is also corrupt politicians uh cleaning cleaning dirty money as well yeah i mean that's that's completely fine that's the key target market of bitcoin is is dictators and corrupt politicians and the more corrupt politicians that get on board the more corrupt governments that will get on board and the value prop will continue to go up it's part of the beautiful cycle that is bitcoin yeah but yeah it's it's a harsh reality but there's also people that you know it helps and if even if it

helps like three people it's worth it and it helps way more than three people yeah i mean i just last week i gave a donation to bitcoin venezuela i went through in like three minutes no one took any fees i'm not sure is it i may or may not have given a donation to bitcoin venezuela but i'm pretty sure you can't do it through paypal or anything like that because of sanctions yeah uh feds listening to this uh matt did not do that um yeah so that's happening uh the at least the p2p exchange volume is growing in places where uh bitcoin has a very very uh pertinent use case i'm looking at it now russia isn't at all-time high uh only only venezuela is at all-time high right now measured in usd okay oh there's one other colombia

venezuela and colombia are both all-time high interesting russia peaked during the during the peak yeah um sir i'm related but just wanted to bring this up to you have you been following the brazilian election at all oh yeah he won bolus bolsonaro how do you pronounce the name i'm not even going to attempt it but far right yeah there yeah a hard right uh bombastic politician one one in a landslide they're very similar as trump uh it seems and uh it's interesting the the polarization and uh the rise of populism and nationalistic tendencies in the world it's a continuing trend and it's interesting that it seems to be happening everywhere at once right and people try to blame trump for it but he's really a symptom of this

underlying right he took advantage of it exactly um and as did this brazilian politician it seems it would seem from an outsider's perspective very uh very rudimentary and high level understanding as an outsider um yeah i mean we had some big ones before trump right but i mean brexit was before trump i think um italy had didn't italy had a referendum greece had some some shit going on spain's been talking about the cataline referendum so you had like the fringes happen and then you know london u.s yeah now it's uh now you got philippines what's his name duterte or whatever duarte duarte i suck at pronunciations yeah um i'm right there with you i probably butchered that uh but no it's happening all over the place another rising trend to keep your eyes

peeled for upset people are angry and if you're not angry like why the fuck aren't you you know like people have been given a raw deal and and it like doesn't matter where you are on like the political spectrum like the it's the the wealthy have been have been basically have been basically robbing the poor yeah and we would argue via inflation by having access to the spigot of money creation uh and an unfair advantage to print money out of thin air uh for uh interest yeah and yeah and if you're just in many countries around the world you could just get your money fucking seized at any moment too yeah um so that is i mean this is what i expounded upon with justin moon on the podcast on friday when we got pretty tanked up uh we started waxing poetic like

bitcoin is a currency for the common man uh you can save your money throughout time without having to have uh an information asymmetry in the form of knowing what stocks what bonds what mutual funds to put your money in you just have a simple tool which you know is deflationary by nature and you'll preserve your wealth over time yeah i was talking to someone about this the other day they were like, I'm not a finance person. So I can't understand Bitcoin. I'm never going to understand Bitcoin. I was like, Bitcoin is perfect for people like you because you don't have to worry about all this complicated managing your money. You know you have a solid way of storing and growing your wealth over time. And you can just focus on all the things you like focusing

about because you know your wealth is good exactly and you have the luxury of having the certainty of bitcoin supply schedule uh the pace at which blocks will be produced due to the difficulty adjustment and you can always check in on the code base by going to github and making sure developers aren't fucking with your money exactly yeah it's beautiful it's beautiful uh i mean we both know that that's why we're here uh what do we got i have a good one i mean big uh the reason we the reason we didn't announce the price today which is hovering around 6400 is no it's at 62 something oh shit so now we can't well bitcoin volatility was at like an all-time low this weekend six six two six two i believe we're uh what was our bet was it six six

two five or six six two five okay um big for next price you still owe me you still owe me a steak at this point in time and mirad jokes on you guys like now i now i get dinner no you got a biased i know but i still get to have it with you guys that's what's important that's what it's all about the memories you make along the way uh speaking of memories this next topic uh has me flashing back to to mint pound memories maple exchange just did a full-on no it's not called maple exchange it's called maple change maple change maple change the exchange maple change the exchange uh classic exit scam it was definitely an exit scam and like almost positive because you don't like actually they deleted everything they deleted their whole social media account

so this is exchange that's supposedly based in canada that's relatively new that i never heard of marty never heard of never until this this weekend when they sent out a tweet saying they got hacked saying no one was going to get their money back and then they proceeded to delete all of their social media accounts and their website yeah and their last week was like uh we have to shut everything down including our twitter facebook and all of our social media their telegram deleted it all if you don't own your keys you don't own your bitcoin yeah this is just another it's another time to remind you that trusted third parties are security holes do you know how much was taken i mean they had like no volume i probably probably like less than a

thousand bitcoin it's still a lot um but there were people complaining about on twitter so it's still people you know that got fucked yeah be careful people it's hard for me to tell anything because they deleted it all their other shit but i got i got a screenshot in there that i tweeted out bitstein warned us there's scammers everywhere they're coming for your bitcoins make sure you got them in your pockets what else do we have here that's what i'm pulling up right know uh zcash had their sapling upgrade yeah that happened pretty quietly and uneventfully it's like basically the same thing we talked about last week with bulletproofs and confidential transactions um zcash is shielded addresses uh the way they do it is is very computation computationally

heavy it's hard to process so so this upgrade makes it makes it more efficient um as monero's made confidential transactions more efficient so it's just another case where we have these these cutting-edge technologies being experimented on the altcoins and and then we can take it from there we can see how it works out oh the other interesting thing about zcash is because they have uh their snarks implementation which is requires a trusted setup there's an inflation worry with the trusted setup so with this hard fork which is a mandatory hard fork which was pushed through by the zcash foundation which is based in the united states and has rich investors in the united states is forcing everyone that has money in a shielded address to upgrade when you

upgrade to the new efficient shielded address you have to go through a transparent address first so it'll audit the entire supply when you're processing what the fuck wait to do it but what yeah that's what they're doing to audit because i mean obviously they don't even they're not even positive that i guess maybe it'll calm the markets but i guess how do you make people dox themselves like what they're saying if you do it properly presumably there shouldn't be any privacy leak okay um highly questionable yeah zcash is already has a questionably small anonymity set because most people don't use the shielded protected addresses this part of the reason for this upgrade is because it'll be more

efficient to use the shielded addresses more people presumably will you know zuku has said that he wants to make it fully anonymous at some point where it's just mandatory everyone uses shielded so they need to be more efficient who knows if that would actually happen but he's said it in the past amongst other things uh so if you do it right it and the trusted setup wasn't compromised then the privacy probably wouldn't be degraded much because you would get each utxo would go to an individual transparent address would go to an individual new shielded address and they're supposedly going to release a tool that will let you do it in a privacy conscious way yeah uh but it just goes to show what we were talking about last week where where you try and

find a balance here between more privacy more fungibility but being able to audit the supply at the same time yeah that's an interesting quandary and zcash is uh doing the dutiful service of testing that out for us uh so thank you i guess um yeah i don't know if i want to say thank you but it's pretty uneventful uh sapling uh got launched or what we just emerged in and nothing has blown up yet price hasn't moved nothing's blown up oh the other in in terms of altcoin news in two days there's going to be the sea of fork uh where they where they fuck over all the miners of their network and i'm pretty excited to watch that go down how do you think that's going to go i don't know i mean the miners that have these asics have literally zero reason

to uh to follow along on the fork and what's interesting is they updated a bunch of things see a tech did or nebulous or whoever the actual corporate entity that that does see a dev and they in their defense they released two updated softwares one that bricks all the miners hardware and one that doesn't but it's still updated interesting so i first of all it'd be funny if the second option actually just like fuck those miners too like it didn't work but i uh i i if like 70 of their network is using their current hardware that's all gonna get forked out then they're just gonna run you know i there's gonna probably be two competing chains i don't see at least in the beginning yeah um yeah we'll see how that goes no matter what long term i think

they fuck themselves but we shall see yeah interesting to watch i'm not really excited about about that but this is another perfect example with gap so like my whole argument against sia is don't become too centralized right what happens if a terrorist is storing files on the sia network or or if uh someone's distributing child porn on the sia network like howard dean's gonna be like let's draw drag these people into into the fucking courthouse right that's what's gonna happen reduce your tax service freaks trusted third parties get rid of them or ridicule companies and projects until they do um what do we got up next here we got lightning hack day chain code residency week a big day for your big week for your boy just because i had so much talent

come through the studio a lot of great conversations those pods are great they're fantastic thank you sir go back and listen to if you haven't already listened to the two pods marty dropped and one still coming two pods one come in recording another right after this too so your boy doesn't stop uncle marty's here to provide you better not drink in the next one are you gonna drink in the next one i don't think so i think pierre will be okay with uh with the withholding from alcohol consumption as well there you go um till mccallan sponsors this yeah um i guess the one thing that came out there was a huge chain code at the residency where they did a boot camp with accepted participants and they each built something and demoed it on friday and then

fulmo which has been organizing lightning hack days around the world held one in the financial district over the weekend saturday and sunday and the momentum from the chain code residency apparently sort of rushed into that hackathon a lot of cool projects and a lot of cool ideas we're getting we're getting a proof of concept concepted out i guess you could say i don't know if that's the term but whatever and what i found most interesting somebody listened to me in lightning koalas uh podcast and made like a really cool proof of concept for a video game where uh you put satoshis into a channel and you fight somebody on street fighter and the guy who wins like with the most net punches at the end wins the satoshis in the channel that's fucking awesome yeah it was

cool they should make all the coin op games right that's i mean and it is to me it was like crazy insane that dude just listened to our podcast and had like a proof of concept up and i think it was less than 24 hours um made me feel good at least i'm inciting ideas in people's mind you're gonna like a 10 credit on it i don't think so i'm gonna give this one out to the world such a philanthropist um yeah so i don't know do you have anything to say on that do you see anything in particular i like i mean that's what i'm excited to talk with pierre about is his excel plugin which i think is pretty dope yeah no that that plugin seemed pretty cool uh no i was i was actually

pretty bad about it this weekend didn't really pay attention um i was i was hoping your interview with uh with justin he was about to tell us all about it and then you guys just got completely sidetracked i don't know where you went he he got he got to it by the end i don't know how far in you are okay i'm uh yeah it was a long one it was an epic it was like a two and a half hour guy yeah and you ninja launched on friday i didn't even know it existed till today yeah i had to ninja launch it it was uh the vibes were high after that recording i like it um and i'm lazy and just wanted to post it and not edit it at all yeah i'm a big fan of the no edit we we do that here at rabbit hole as well it's uh keeps you in check yeah it's basically like a live pod field

without being live yeah should we do i don't know if we should do that no it's close enough yeah um lightning lightning hack week seemed cool it's excited i'm excited to see all these uh ideas get brought into fruition it was a pretty big turnout right yeah yeah for the middle of the bear market i don't know numbers exactly but uh it would seem from Twitter that there was a huge turnout. Yeah, exactly. That's badass.

Yeah. That's a good sign. Very good sign. Devs seem really excited in general about Lightning. Yeah, and it seems like... They have a lot of fun with it. I mean, that's what I was astonished about, again, going back to that proof of concept

that that listener made. Shout out, if you're listening right now, shout out for making that Mandel duck, I believe. Like, the quickness with which you can develop on top of it and have that shit ready to go within 24 hours was like, whoa, you can actually build on this pretty quickly. Yeah, the trick is handling the Street Fighter lawsuit afterwards.

That's the time-consuming part. So how about talking about lawsuits? We should definitely talk about IDEX blocking New York IPs. Let's jump into it. I don't really know too much about the story. You posted it. iDex is the biggest so-called decentralized exchange on Ethereum. I'm pretty sure it's the number one dApp.

Yes, I believe so. Or at least it usually is. It fluctuates. And as a lot of us have said, it is not actually a decentralized exchange. They have various centralized components to it, including choosing which coins to list. And they have to, because they're centralized,

they have to comply with the bit license and they're blocking new york ip addresses so first of all it's just they're just doing lip service to the actual bit license because anyone who knows what they're doing can just easily download a vpn and get around any ip address blocks they just pretend they're not from new york um but it it shows the whole point of decentralized exchanges is to end around regulations and end around having a central point of failure that governments can attack in the first place so i i really don't understand the only reason the only reason this exchange exists from as a centralized entity is because they want to extract a turn on investment yeah yeah they just want to extract an roi and it

defeats the whole point of dexes and i think that dexes that do that will fail over time to to uh well this you don't have the benefits of a centralized exchange and you don't have the benefits of a decentralized exchange so why would you use the quasi middle thing well this headline seems like it is an abject failure if they have to cut off ip addresses not really decentralized at all yeah exactly it's not an unstoppable application hey quite stoppable hey hey we don't we don't shit on marketing campaigns okay we don't do that here okay deal i'm just kidding um i'm like starving right now i gotta get a workout until i've been hitting the bike a lot got like an hour bike and now like the hunger after after the ride is hitting

me if you keep this up though you might no longer be classified a beefy bitcoin boy i'm gonna keep it lean i'm gonna keep it lean and beefy don't worry i meet my protein on the back yeah i like it um yeah so the idex what else what else is in the news it's a pretty slow news week yeah it's kind of slow bitcoin's had it's historically we've had low volatility periods before i posted a historical chart like this is not out of the ordinary um but volatility has been extremely low at least until today yeah a little bit yeah toward toward demeester was tweeting that he wishes there was like a vix option uh that you can buy uh for bitcoin volatility yeah i'm just gonna gamble all right um maybe in the future there will be there'll be

everything yeah that's actually everything that's available under the sun oh that's what i want to talk about wrapped btc oh my god we got a stable coin but instead of being backed by that shitty fiat it's backed by bitcoin the crypto reserve asset how does this work do you know yeah it's it's actually extremely simple concept that is a perfect fit for bitco so bitco already custody is all this shit for everyone for a ton of people cracking bit stamp you know all these different exchanges they're custodying for so they just hold bitcoin in an address and every time they put a bitcoin in that address they add a token of wbtc and then the token is available on ethereum and they have so it's exactly the same thing as like a tether but it's really hard

to prove you have u.s dollars but with bitcoin you can just sign a message and easily prove your reserves anyone can verify it around the world it seems like this is confirming bitcoin as a reserve asset of this space of this market yeah i mean we were talking about idex right and like most pairs in this in this industry most altcoin pairs their highest volume is with bitcoin and these dexes had two major shortcomings they they couldn't support bitcoin and they couldn't support us dollars right so that's where you get the wrapped usd products and the wrapped bitcoin products um to to allow the dexes to compete and like so it is a trusted third party you're trusting bitco you're trusting them a little bit less than the backed ones because

because you have proofed reserves uh but like if you're using a centralized exchange if you're using kraken you're trusting bitco with your bitcoin too you know they are holding all the bitcoin on kraken so yeah it's like an exotic marketing ploy yeah yeah but uh yeah i i just after i said we don't shit on marketing that is true you did you did just say it's i could see bit go doing this in a million different combinations just saturate the market it's like relatively easy for them to start each individual one up you know if if eos needs a wrapped bitcoin product then you put a wrapped bitcoin product on eos and then if if eos wants a wrapped ethereum product then you throw a wrapped ethereum product there and you know

wrapped eos on ethereum and you can just go to fucking town with all the different wrapped bullshits turtles all the way down yeah but they can make a nice little fee off of it or whatever i don't know i'm sure they will i would never use but i'd also i also say that you shouldn't use keep a lot of money on centralized exchanges as we say you don't want to get maple changed the famous saying you don't want to get maple changed um trying to think what else we could talk about uh a pertinent in the news got bought by a rich korean fella oh yeah that's actually good who has a he has 83 ownership in corbett the korean exchange already and so he bought it through a belgian subsidiary

good for bitstamp and kodrick sold the top because it was the deal was closed in december boss wait why'd it take them regulations and bullshit good for bitstamp yeah and he still owns 10 and he's gonna be ceo still okay one of the stalwarts of the industry yeah 2011 yeah pretty crazy yeah nice exit for pantera too did they have a big stake in bitstamp yeah i remember they i think they had a key they were a key element of when bitstamp got hacked in 2015 yeah they they fronted a lot of that didn't they yeah they like flew the whole team into california and they like rewrote everything from scratch and put on aws and then fronted the whole amount that was lost yeah that's pretty crazy yeah pretty badass and then they sold it oh undisclosed

price we don't know the price rumor was 400 million is what someone said shit yeah back then it was valued at like 30 or something damn good for uh good for bitstamp yeah big uh they've been my uh the exchange that i used to like reference price for for most of my time at bitcoin i don't know why i just always choose bitstamp on trade block but they were like the original reputable price yeah when you had all the mount cox fiascos going on you didn't really know what was going on bitfinex or btc you know it's like bitstamp like if i put my head to it i could probably cash out there if i wanted uh so good news in the industry in this bear market You do.

Every time you read the price for the pod, you read the Bitstamp price. Yeah. And it's not even a top 10 exchange anymore, I don't think. It's nostalgia. Let's see what else we got up here. What are we talking about? It was a good out for them because they were like sandwiched. They weren't killing it in the regulated market.

And the unregulated market like the Bitfinex, Binance, BitMEX was killing them on the other side. It's time to get out. Yeah. Take the win. Good exit. That's all I got this week man I'm like brain dead right now It's a slow news week

You had some good pods which was fantastic Yeah go check those out freaks Let me know what you think Local Bitcoin's volume was really promising Murad called another year long Of the bear market He came out of his hole and you saw his shadow And warned Twitter

And ran away And Bitcoin keeps trucking on Still producing blocks Last I checked Haven't checked today though It's still producing blocks All hell would be breaking loose if it wasn't I know

Yeah parting note Had a good steak dinner last night Nice New York strip With a couple friends Felt good There you go That's all you need in life Good food, good friends

Gotta consume your beef Yeah just I don't know I've noticed that people on Twitter are like bored and just going after each other and it's getting like really trying to step back i checked my twitter analytics dashboard my tweets uh tweet paces has fallen dramatically yeah i mean this is it's we're starting to enter like the apathetic angry stage yeah of the cycle and just just remember why we're all really here you know we're here because when there's no other option there is

bitcoin and and it's the ultimate it's the ultimate check on unbridled power and we need to foster this and expand it and and and attacking each other over bullshit yeah we should real bullshit is just completely should be consolidating the narrative right now sharpening consolidate the narrative consolidate and prepare the bag prepare the bags and get ready for the next bull run because it's gonna fucking Rip some faces off This is not investment advice Nothing is investment advice

Could also blow up in our faces and go to zero Yeah I mean I think if you're young it's a great strategy Because It's either a magnificent Fucking success Or It was something cool to be a part of

We met great people along the way Yeah the old saying we dropped earlier It's about the people you meet I met a pretty cool guy here that's all we have to say this week peace and love freaks