TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Week of 2019.09.16

Episode Date: September 20, 2019

This week Marty and Matt discuss: - Baltic Honeybadger in Riga - [Day 1] https://www.youtube.com/watch?v=2IpZWSWUIVE&feature=youtu.be%3Futm_source%3Ddigg [Day 2] https://www.youtube.com/watch?v=ns_I2LpeAbQ&feature=youtu.be?utm_source=digg - Reminder that browser extensions can be malicious, act accordingly - Someone is impersonating Matt on Keybase - Olympus fiat to lightning https://tftc.io/martys-bent/issue-574/ - Sparkswap beta launched https://twitter.com/sparkswap/status/1173588374604537856?s=20 - Square Crypto hires 3 new devs Valentine Wallace, Jeffrey Czyz, Arik Sosman, announces funding for BTCPay https://tftc.io/martys-bent/issue-570/ - Hash rate all time high again - https://bitcoinvisuals.com/chain-hash-rate - Tor project now using BTCPay - https://donate.torproject.org/cryptocurrency - Bobby Lee launches horrible product BalletCrypto card that nobody should use - ColdCard multisig plugin merged into electrum, next official version of should have it ready to go, or just build from official sources today - Nodl + Samourai edition designs released, preorders soon https://twitter.com/SamouraiWallet/status/1174200358828163072?s=20 - Bisq adds encrypted chat https://twitter.com/wiz/status/1174104040193413120?s=20 - Repo market / Fed cuts rate / QE4? Shoutout to our sponsors: Cash App. Head over to the App Store or Google Play Store, download cash.app and start #stackingsats today. Use the promo code: "stackingsats" to receive $5 and contribute $5 to OWLS Lacrosse you download the app. Unchained Capital. Head over to www.unchained-capital.com/vaults and checkout their 2-of-3 multisig vaults. You get 3-months free of Saifedean Ammous' The Bitcoin Standard Research Bulletin when you sign up. Bull Bitcoin. Canadian freaks need to check out Bull Bitcoin (https://bullbitcoin.com/). Canada's only Bitcoin maximalist brokerage. Also, check out BitcoinOutlet.com for some of their dope swag if you're outside of Canada.

What is up, freaks? Welcome back to Tales from the Crypt. It's your boy, Marty Bent. Here for a second week in a row of Rabbit Hole Recap, where Matt and I are away from each other. Matt, how are you? I'm doing great, Marty. What's up, freaks? Glad to be here. You've been a little world traveler these last couple weeks. You look like you're in a sunny place now. Getting some good vitamin D. Yeah, yeah, yeah. I'm out in California for a wedding.

So that's like a 10-hour time difference from Riga. So it's been a bit of a whirlwind. I haven't really slowed down at all this last week. I mean, neither has TFTC, right? This is like probably the most lit week in TFTC history, just dropping apps left and right. Big week of content. Big week of content.

We're going to get to all that and Matt's trip to Riga first. We got the current price according to the TFTC.io ticker is $10,000. $10,143.84, excuse me. Current block height is 595,796. The current hash rate is 91.62 exahash per second. This episode of Tales from the Crypt is brought to you by Bull Bitcoin, our Canadian freaks.

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you can download the cash app make sure you're doing if you're in the states they're allowing you to stack sats uh but if you're anywhere in the world make sure you use the the promo code stacking sats that's one word s-t-a-c-k-i-n-g-s-a-t-s you're going to get five dollars and then five dollars is going to go to our friends at owls lacrosse on top of that you're going to be able to buy bitcoin sell bitcoin send bitcoin to a personal wallet send bitcoin from a personal wallet to the app and then you get the boost program where you get a boost card you can personalize it spend it spend it you can use it anywhere the visa is accepted and then if you go to special merchants that are teamed up with boost uh you're going to get uh uh some money back or

not money back and money off they have uh boost deals you get dollar off coffee five percent of whole foods this weekend actually i saw on twitter this cash app friday the cash app team tweeted out 10 off nike so check your boost if you're looking to buy some uh some fall workout gear and you're going to nike this weekend 10 boost use the code stacking sats you're gonna get five dollars five dollars goes to house download the cash app at your local app store today let's take advantage of that i think i'm gonna take advantage of the nike boost bidstein suggested that they add a boost for stacking sats so you could stack sats while stacking sats just compound stacking yeah i'm all for it i like the idea i'm for it too i'm for it as well how uh back to your travels

how was riga dude i'm sorry i couldn't make it this year dude riga was fucking dope last year when i missed it you gave me like a ton of fomo um and i i absolutely saw exactly what you said The city was so fucking cool. It was such a small city that, like, Bitcoin just took over the city. So we were just – I mean, like you mentioned, you were like – it had, like, a revolutionary-type feel to it when we were just, like, drinking in these – are they medieval? Dark, old alleys.

Yeah. I bet it's medieval. Like, those old bars. The European continent is – Yeah, the Bull Bitcoin dinner actually looked really cool. Where was that? Like, some dungeon? yeah it was like it was like in an old cellar or something that was you know stonewalled

and we made jimmy song auction his hat off again just like in dallas he tried to uh just auction off the book and there was a chant for hat hat hat hat and he had to auction off his hat as well so that was funny you should just you should start stacking hats uh this is becoming a thing Well, it's supposedly like a $200 Stenson hat. So I was like, dude, just when you go to do the auction, you should not wear your, don't wear your finest hat. Or have an extra, just have an extra. But I compel anyone who's ever in a situation

where Jimmy Song is auctioning off something for charity to do a hat chant and try and give his hat up as well. Yes, it's a very popular thing these days at the bitcoin conferences what uh what was the content like what did i miss um well the content was great i i just want to just go back for a second just the people in general like meeting people and having these conversations on the sides of the conference was just awesome i think that's the best part uh it is it is really great that they their live stream was super high quality so we're going to put the links to the live streams in the show notes if you want to see the

talks. Um, but you can see the talks on the live stream, but you can't see, you know, the conversations that happen on the side. I met freaks from all around the world. I'm from like Poland, Hawaii, uh, Russia, you know, like that's so fucking bad-ass. Um, shout out to all your freaks out there. Yeah, it was really cool. So much love. Uh, what was the other thing I was gonna say yeah yeah oh so i met the whole btc pay team uh they had like btc pay day there and and then we just got completely wrecked at night which was fucking fantastic and uh they like ran out of shirts so when i i like i met pavel uh pavel next or and um a btc pay who i've like known online for like a decent amount of time and he was like why aren't you wearing a btc pay shirt

and he went and he went to um his backpack he's like let me get you one let me get you one they had no btc pay shirts and he took off the shirt that he was wearing we swapped shirts so that i could have a btc pay shirt on and i just thought that was that was pretty fucking baller hey bitcoiners will give you the shirt off their back don't ever say they're not good people you know yeah exactly it gives the expression all a whole new meaning but uh as for the talks the talks the talks were great um jeremy welch's talk was really interesting uh so he really you know jeremy welch of casa um he really focused on the issue with malicious extensions like browser extensions uh and you know these these extensions you give them a bunch of permissions right and and

and so you're giving them access to all the stuff that you're you're using on your in your browser screen so you have to be like very careful about which extensions you use um and you know when you're using when you're doing anything with sensitive information and stuff like that um you you want to like the ideal i guess would be like to use like private or incognito browsing and not have any extensions installed yeah and um it's like an effort of full transparency here at tftc jeremy uh called out unchained uh capital specifically a company that's been sponsoring this podcast my newsletter for quite a while now and a company that we respect dearly and so yeah he man in the middle uh executed a man in the middle attack on their web browser site or on their site

using a web browser extension uh bug and that is uh so that is one thing that you have to be aware of again as matt said like especially in on chain setup in particular like make sure you're an incognito or a private browser and those extensions aren't on um matt what do you got something to say well so so what he did was they created a malicious extension right yes they use that malicious extension to pull data from the page and to manipulate data on the page so you know one thing they displayed was like pulling you know like kyc information and then the other thing they they did was change the receive address the deposit address now deposit addresses on websites are very like pretty much impossible to do like securely um so what unchained does is they let

you verify it yourself it's just a difficult process to verify it yourself so a lot of people aren't doing it um so people should verify it themselves the other issue is you know when you use like trezor's web wallet for instance the way they get around it is they show it on the hardware wallet screen um but i think there's some like i i think trezor and ledger need to update their hardware wallets that's my understanding to to be able to show it on the on the screen the receive address to verify the receive address i'm not positive but um that would be the ideal right to show it on the screen and then yeah so like the third thing is like especially like bitcoin focused extensions like for instance like the lolly extension

supposedly has enough um has enough permissions to pull off an attack like this so like even if they weren't going to pull off the attack if they got compromised and someone else pulled it off they could attack not just on chain they could attack coinbase like finance like anywhere you see a receive address on um like on the web browser there's like it's it's very difficult to verify that what you're seeing is the correct address no and like on top of building their products they're also open sourcing these solutions as well um so like they're they just released uh the hermit protocol which is how to do this multi-sig solution by yourself without them and uh you can i think in that protocol teaches you how to verify the address

as well within this setup um so they are like the team is working on making it as secure as possible but these vulnerabilities exist and again this is a beware situation definitely be aware and be thinking adversarially at all times when you're especially when you're uh interacting with bitcoin addresses invoices so we start saying invoices over addresses that's another question i think we should say addresses because people still expect addresses but anyway that's Sure. You know, I yeah, I think, you know, the biggest single improvement you can do here is to just whenever you're handling any kind of sensitive information, like use a private browsing window with no extensions, because these extensions are just their additional security holes. And, you know, most people, like, will not actually verify anything they see, so you just want to remove them from the equation. This attack couldn't have been pulled off without an extension installed, so just something to definitely keep in mind and worth reminding people over and over again, I think.

So we should definitely make a point of doing that because there's a big push for extensions, especially in this space, I think. and we should reduce reliance on that. It's easy. Yeah, and I mean, I'm guilty of it. I get complacent. Like, I write the bent and I fucking Grammarly, or at least I did after Jeremy's presentation. I deleted it, but I've been using Grammarly for a while

to help with my writing, but considering the permissions they have, it's like, all right. So if the bent has more spelling errors than it already does in the future, that's why. If you have any extensions that don't have as many, if you have any extensions that don't have as many permissions as Grammarly

that could help me, let me know. Tweet at me. But yeah, definitely illuminating. Again, the internet is still pretty insecure. I mean, because I remember I used to have, I used to talk about a lot, like the MetaMask extension, for instance, on Ethereum. I feel like there was a point there in 2017

where every Ethereum user had MetaMask installed on their browser, right? like that's pretty crazy uh so you got to be you got to be careful with this kind of thing yeah yeah be aware so what other talks did i see that were good the rodolfo's talk was fantastic it was a lot of fun on the cold card i really enjoyed that one that one's definitely a must watch um has his talk was really fun uh safe's talk was was really good he you know he did his uh the biggest threat to bitcoin is the gold standard coming back um but he he does agree that that's never gonna happen so there you go you have that um i did a panel which i thought

went really well i had a bunch of traders and got them to agree uh i had florian whale panda tone vase and ambroid on and i got them all to agree except for ambroid that stacking sats makes more sense for most people than trading uh and ambroid said that you should trade because he wants to dump his bags on you so it's like pretty pretty good uh and it was fun it was a good time and uh yeah i just had a really good time i think i think i'll go back next year for sure um just big thanks to the huddle huddle team for throwing it all together yeah and it was like it's so good like i was up here like 4 a.m saturday morning i woke up to take a pee and then uh because of the big channel i wanted to make sure the live link was up there

so i got it up there right away but i found myself at 4 a.m on saturday like just watching the live feed for like half an hour i was like what the hell am i doing let me get back to bed um the keto minor talk was good really good too it was great seeing the noddle guy that was really good let's actually talk about that too because that's actually a really good idea like it's talk what they want to do it not on software is create like a bunch of redundancies so you can self-host your hardware and have a little bit more certainty that you'll have the uptime that you were granted with like an aws or something like that correct uh and their main focus is is uh they're still going to make consumer product they have the the noddle samurai just got leaked uh not leaked but

they released uh images of the of the final design um but uh their big push here is to like very reliable cloud cloud providing right so like uh btc pay in the on their servers uh point and click and you're like ready to go and they're very hard to ddos like denial of service attack them so they're up all the time um you know he's he said something really interesting to me uh that like it's murphy's law right like the time a merchant is going to need btc pay to work like it'll probably be down so you you know so you need the this you instead of having everyone storing on like a single luna node instance um it'll be redundant and like extra reliable and you know very quick response time

yeah no it's um it was a fascinating talk and i think it's a really good actually follow-up to interview with them on from june um because they were sort of hinting at stuff like this and this was sort of an elaboration of that yeah it was great i really enjoyed that talk um it was it was just a really good i i mean i suggest people just watch through the whole fucking thing just watch through day one and day two it's worth it uh it's up there for free on youtube uh and you know just do it in pieces you don't have to i have to actually watch a bunch of them too because i was just having conversation with people outside so i'm looking forward to watching it and that's the thing you get stuck outside having those conversations

at conferences like that a lot yeah but you know like the way i look at it is you can always watch a live stream you can't have that conversation again right so i try i try and keep i try and keep a good balance oh mirage talk was really good i saw that one um yeah the uh the um neil wood finds um nakamoto institute versus kato institute me made it into that presentation that was a funny funny little moment in that presentation yeah i chuckled when i saw that one he he switched slides too quickly i was disappointed right um do you think your your impersonator was watching the live stream oh yeah yeah we have to tell the freaks did you get a message on keybase i don't know i haven't even checked probably let me check right now i

woke up in the morning in riga and there was just like a ton of people saying um there's this guy who goes by maddie odell he just put a y in my name um and he he's been messaging people on keybase with my profile picture and asking them to send him money and that he will send it back so that is not me uh it was pretty cool that so many people noticed it right away and uh like posted about it and reached out to me before i could even before i even knew it was happening so that was cool maddie odell is not friend requested me on keybase yet there you go ashamed did you see uh did you see toes toes she's uh and he was the one who did the like the first big disclosure on uh twitter and what he did was he responded to the guy he was like how many how

many sats per dollar and the guy was like what he was like oh it was definitely not matt and he posted the screenshot very sly doge toshi um yeah very very good troll job there fucking scan the scammer uh what um after our talk last week dude after we told everybody to dump their stellar why is the price of stellar rising if all of our of all the freaks are dumping it uh into the tour foundation these guys started construction outside so i i moved inside just in case it comes up on the mic for the freaks just as a heads up um yeah fucking stellar pumped what the fuck was with that i don't know man that that i hope i hope we didn't our exposure didn't uh didn't give it a boost that would be a shame dump your stellar is stellar going to be the uh

the rare pepe's that tears the the matt and marty apart like it did jinseth and uh and derose no definitely not because we both are anti-stellar that's true um what else we got here this is uh But, yeah, Matt's moving right now. We need to get you back in the studio, dude. It feels weird looking at you through the computer screen. So it has been a big week of content here at TFTC. If you guys haven't checked out, this is like the next topic. We did an episode yesterday with Jack Mollers about Olympus,

which is like a new service within Zap that users can take advantage of. We'll talk about that in a little bit. But we also did an episode with Raoul Pal and our 100th episode with Arbed Out and an episode with Carla Kirk-Cohen. Don't miss that Carla episode. It's a really good episode if you want to learn about Lightning Network. But, yeah, just a great week of content, great conversations. I think the Raoul conversation was really timely. And, obviously, Jack, we recorded that episode a week and a half ago about Olympus.

So we've been sitting on that for a bit now, and it's great to see that it's finally launched. so if you freaks haven't heard yet uh olympus allows you basically uh to go from fiat from having zero bitcoin to using lightning within 10 seconds i will link to the announcement in the show notes and there's a youtube video within there and jack does a demonstration of using the app and it's crazy his zero bitcoin on the app he buys ten dollars worth and buy something on at refill within like 15 seconds um so talk about a great onboarding uh mechanism it's uh i think something huge just dropped like i think this is huge for for mass adoption it's so fucking badass i think it's a really big fucking deal uh it was pretty crazy not you know i didn't want to talk

about it when i was in riga uh because it hadn't launched yet but i was like so it was it was super fucking hard to keep it in a riga and it was just it's so badass i they uh you know people like this is how you can easily onboard people the one of the big things that i think wasn't really mentioned much um is is that that kyc element uh is so streamlined in his implementation because the only kyc is is the driver's is not the driver's license is the actual debit card number like that it has the kyc built in because i was testing out so spark swap beta launched as well this week um and with spark swap it's a similar concept right you onboard directly onto lightning it actually hooks right into zap too so it's it's it's a it's a very similar concept but to set up

you have to use a third party kyc um and you have to give them you know name current address phone number email address and a photo of your driver's license or your passport so that's like social too i believe yeah i'm not sure i didn't get to that part because when i got to the driver's license i was like i'm not going to upload it um but so even if people are willing to do that it just adds so much more friction to the experience right like if it's just a debit card um that's a big deal i think i think that's a really huge deal yeah but and the other thing about olympus too i'm pretty sure yes you can uh buy and get it straight to lightning but i'm i'm not sure that's the only way to buy i'm pretty sure you can buy uh on chain you can buy big like utxos as well

really we didn't talk about that when we talked with jack right i don't police i don't i believe we've i mean we focus on lightning for most of the episode but if you read the uh the press release that he launched at his blog post yesterday it seems uh that is the case oh that could be wrong could be wrong that's awesome i think spark swap is lightning only but that's awesome that there's an on-chain component as well just makes it easier for people yeah if you freaks want to learn about um olympus and how it came to be jack's been working on this for like over a year now and it's a long story of negotiating with uh regulators and trying to figure out um how to make it work with with lightning and stuff like that the regulator

conversation is uh quite lightning because jack is somebody who fought to uh get the least amount of kyc on his app and made a good made a good argument that like i why should i have to hold all this this information if it's associated with the debit card the bank has all that information why spread that data out amongst other third parties as well so it is a good precedent if anything is a great precedent of uh as little kyc intrusiveness as possible so go check that out that's uh on the podcast apps wherever if you haven't heard it yet and then try to sign up for the beta so it's in beta they're going to slow roll it out in the u.s first and then move on uh to to i believe europe and the united kingdom after that after they get testing they're gonna

roll it out low and slow make sure it's working make sure the infrastructure is there but again like so one uh cohort of potential users that could use this are companies like gab that have been completely delist the platform excuse me by payments processors so um like they can't get usd sent to them by paypal stripe square whatever it may be at the moment but uh and their users may not be using bitcoin as much as they liked but now with something like zap and olympus it's much easier for somebody to quickly buy bitcoin and scan a qr code ln invoice and and uh sort of help uh support these d platform companies as well yeah i mean because you because you need to have the ability to

like btc pay is only one element like if you're able to receive transactions uh that's not enough Like the actual users need to be able to easily get onboarded and pay, you know, pay for the services they need. All these little micro transactions and even more, you know, like subscription type deals where you like maybe do for like a couple of months or stuff like that. Right. Yeah, no, exactly. And again, the UX flow is such that it seems that it would enable your everyday non-Bitcoin user to sort of pick it up and use Bitcoin without the complexity of trying to figure out how to produce an address and move Bitcoin from an exchange to their own wallet. And Olympus and Zap take care of that for you now where you're handing them USD, they're setting you up with a channel that you can go and use as you see fit immediately. It's pretty crazy.

yeah i mean and the other thing is the user is just always seeing sats right so like we're quickly making sats the standard they just put in their debit card they get some sats they send some sats to like content producers and different organizations and stuff like that like that's pretty that's pretty crazy i love it that's it's no um we'll see how how widely adopted is again it's in beta right now try to sign up for it test it out um spark swap as well they're out they're in beta as well test them out if you want to see a similar service it's doing a different way um but another again dude the the big news in bitcoin this week was huge square crypto came out they hired three new devs um finally made their announcement earlier this week valentine wallace

jeffrey zizzes i just ruined that um and eric sassman uh and then they announced their funding for btc pay did we talk about that last week or no saturday no not said on saturday no god set on well it's a got set on friday riga time uh yeah it got set on friday but right after we recorded that was the issue um and yeah i saw the btc pay guys they're super excited about it i kept making fun i kept poking fun at rockstar and telling him he was a corporate project now it's a publicly traded but i think what was it a hundred thousand dollars a hundred thousand dollar grant btc pay server set up a foundation to accept grants like this and donations like this i believe and yeah i think i mean it's crazy for square to step out

obviously disclosure cash apps a sponsor but whatever square is doing dope shit right now square crypto in particular i mean square is a company that has a main revenue driver in the proof of sale systems uh point point of sales point of sales would i say proof of proof of sales yeah like a pos uh in their uh point of sale systems and btc pay server is essentially that but for a bitcoin uh world so uh they came out square crypto did with a great blog post and twitter thread explaining why they decided to back btc pay server and essentially it came down to bitcoins and open source technology. We're all going to be leveraging it.

It's probably best that we are at the forefront of what's happening in the open source world and sort of aid in that. So we are as best prepared as a company in the future when the stuff is more mainstream than it is now. So basically, network effects helped number go up. It was a very good partnership. Yeah.

Excuse me, Grant. Yeah, I mean, I think BTC Pay is one of the most important projects we have in the space. uh and i i'm glad that square realizes that as well uh and and the the other thing to keep in mind here is is is that they they as long as as the space grows and gets gets better like they have an they get an advantage as a bitcoin company too like everyone gets that advantage and that's like one of the beautiful parts of like the incentive structure of bitcoin yeah yeah exactly it's a feedback loop network effects uh squares seeing that they're going to

be able to leverage this technology in the future and they probably will be leveraging it as they already are um so it makes a lot of sense to sort of aid in the the fortifying of that system of the build out of that system so again kudos to square crypto uh and they hired three devs i believe one actually came from the libra project another um another from google i believe is that correct um let me look this up real quick i'm not sure they had it in the announcement tweet you know the other thing is like they definitely don't compete with each other because you know there's going to be certain merchants that want to use a regulated i mean they don't even do bitcoin merchant processing yet first of all cash app but if they do eventually um there's going to

be certain merchants that want to use a regulated you know kyc platform and there's going to be some merchants that want to run their own um and you know like the truly exciting bitcoin ones will be the ones that are running their own uh because it'll be enabling things that that aren't possible uh in the current system yeah like buying final thoughts um you can do that at the ftc.io slash dime dashback uh but the uh yeah exactly so funded vtc pay and then they came out this week and announced the three devs um so one of them's from lightning labs and other ones from facebook's libra team and formerly bitco and then another from google um so again uh val Jeff and Eric

Eric excuse me it's their squares team I guess at least their initial team is formed and I guess they'll be contributing to Bitcoin open source projects from here on out so it'll be interesting to see what that team does now that it's fully formed

now that the Power Rangers are together and I think the announcement was it was Saturday that makes more sense it wasn't Friday but yeah that's awesome so did you see highest rate hit a new all-time high again we just keep hitting new all-time highs every every week yeah i mean it's actually the cool thing about the tftc.io ticker like if you just have it i have the site up in the background and you see it also it's crazy how

how much it oscillates during the day but it has been oscillating up and to the right again earlier this week i'd check my uh browser and it'd be hovering in the in the low 80s but the last couple days uh low to high 90s and caught it at like 107 yesterday i believe at one point when i looked at it that's pretty crazy i mean so it's worth noting to the freaks here that this is all estimated uh by by the by the difficulty um and how long the average blocks are coming in right and then that's how they they reverse engineer what what we think the hashrate is yes and for any of you freaks who are not aware the the difficulty adjust every 2016 blocks or roughly every two weeks so depending on uh how fast blocks are coming in before the next which is called

difficulty epoch is that what we call it or um before the next adjustment um yeah that's why i always say adjustment yeah the uh the hash the hash rate will uh will be dictated by that well the hash rate the measurement of the hash rate what we see will measurement yes the measurement at the hash rate don't give a shit but yeah yeah um yes that's been crazy to see and again this is we've talked about this a couple times on our chart the last few weeks uh this coincides with the the um launching of the new what's miners the m20 and if you go on asic minor value it's actually a good site to to check the profitability of individual um miners uh it looks like uh that new what's miners at least in the top two uh efficient miners on the market right now by

considerable amounts so um these these miners will will be uh expanding into the market over the next couple months too i'm pretty sure their initial shipments aren't even aren't even finished yet so these are more efficient uh more powerful miners and that's what you would expect when they get released on the market like this for hash rate to go up as it has and it's been going up pretty crazy uh it's more than doubled since the beginning of may um which is insane yeah i mean it's a very positive sign i mean mining is is is very much like a leverage bet on bitcoin so um clearly there's there's a lot of people that are that that are are bullish right and they think that the price will go up um the other thing is did you see so tor is now accepting is using btc

pay so that's uh it's like we were talking about earlier right like they that's exactly what they should be using as their payment processor and not just they're not even using them they're not a payment processor they're hosting their own uh payment processor basically and it's it's huge for privacy like i think they had a fixed address for a little bit there which is not good at all uh and then they have fixed addresses for everything else it looks like i checked that donations page yeah so this is why it's new addresses they accept lightning um yeah it's just that's that's really good it's the ideal that's like the ideal type of um organization that would benefit from something like btc pay that that is very hard to uh censor and stop

yes and we obviously use btc pay server as well on our site and i must uh public service announcement to you freaks who are buying uh the shirts via btc pay server excuse me uh buying the shirts and then paying the via btc pay server paying in bitcoin um it is a bit of a manual process because it is a workaround uh connecting btc pay server up with shopify so i have to manually um mark the shirts as paid in shopify after you pay in bitcoin um so if it takes a little bit to get a confirmation email or you're like wondering what's happening i'm most likely asleep or away from my computer um but i am avidly excuse me actively looking to make sure that i'm marking all these btc pay server uh invoices that have been paid as paid in shopify

as well what one step at a time right yes yes so it's a bit of a manual process if you're paying in bitcoin so don't don't fret did you see what happened with snowden's book i feel like snowden would be a perfect he's a perfect example of someone who could use btc pay uh and and gives people a real reason to actually spend bitcoin yeah the government come out and deplatform this week he started selling his book and the government is trying to take all the profits from the book i believe yes and he tweeted out um this is good for bitcoin right yeah he did tweet out this is good for bitcoin which is definitely the tweeting out this is good for bitcoin is good for bitcoin but i think it all is because it highlights this is why we need

unsensible payments it's the same it's the same thing that happened with wiki leaks i feel like and originally when they tried to cut off all of wiki leaks donations yes and it's um yeah so that but what is what is snowden's book called um i'm not sure but it's it's about you know everything i'm not sure either it's like recovering all of his leaks and i think it's something about his own personal story and whatnot um but they're saying that it's their intellectual property and i think they're they might actually be trying to block it in entirety so that's why i there was more talk this week about which i think is a really important part to point to keep bringing up is that when you buy these books digitally like you buy it through

amazon kindle or something they can always edit it or pull it after the fact um you know not your paper not your books so you need to you you want to every time you buy a book you're like increasing the censorship resistant of that resistance of that specific book because it gets located in all these different places a physical book yeah like you need to buy a physical book you know what i mean like yeah i'm a big physical book guy myself yeah but a lot of people say it's because of the feel and stuff which i respect but like really like i think the big thing here is like it's very hard to censor book once it's printed and distributed you have to like go and do book burning yeah did i see did you see that on twitter was there like some teacher or some school

in america like burning a bunch of books um did you see that tweet no i missed that i missed that i hope not there's a tweet about yeah there was a school district not burning books but they had uh books in in two big trash cans that they were taking out of the school um because they were putting bad thoughts in kids minds apparently it's not a good sign not a good sign slippery slope very slippery slope um speaking of slippery slopes bobby lee the lee brothers love their slippery slopes here he's got a a new horrible product this is matt odell's wording here his verbiage uh ballet crypto that nobody should use it's a card that nobody should use what are your thoughts on this matt they don't look good from what i'm reading dude i don't fucking know what's

going on like he can't think this is a good idea so is he like active he's just actively lying to people or is is does he think it's a good idea so it's he lost the deal is yeah tell him like private keys are exposed it sounds no no so do you remember back in the day we used to have like those like people would sell those like wallet wallet cards and and they would just have like the they would have a private key behind like a scratch off or a foil and then they would have the displayed showed public key yes that's what he's that's what he's doing a kickstarter for and he's calling it a secure wallet and he made it like fancy so like he's he has he's he's producing the private keys yeah it's like the cassatious coin problem yeah he's generating

the private keys and then he's telling you that he's destroying them after he generates them but he could just they could just sweep them whenever or they could even be storing the pub keys too one or the other or you know because if they had the private key they had the pub key as well but and tracking you but yeah it's fucked up there's no reason to do that it's fucking 2019 there are better ways um people should be using hardware wallets open dimes are like great in this situation the open dime literally generates the private key after you get it you have you even give it some entropy yeah yeah you have to add like a a picture file or something right yeah drag and drop files until it has enough entropy and then it generates um but yeah so this product

is fucking horrible it's bad for so many reasons and i don't know why and he just keeps he keeps deflecting when people have brought it up on twitter like he's not acting in good faith here so just be aware uh don't don't buy it don't join the kickstarter don't share it be aware be aware um one thing you probably should get and you're talking about is cold card uh so the cold card multi-sig plugin is merged into electrum now uh so the next official version should have it ready to go uh you can just build it from a official sources today um from source code so that's a that's a good step in self-sovereign um multi-sig solutions there Yeah, we've been waiting for this one for a while.

I'm glad that it's happened before the workshop. So that's a fucking plus. Yeah, so now you can use cold card. And the big thing with this is you can use cold card multi-sig with partially signed Bitcoin transactions. So you don't have to connect your cold card to your computer to use it with Electrum. The thing with that is, talking about receive addresses,

is you can't verify the receive address through psbt right now uh you can't verify it on the device you can only look at it on the computer screen so we have a similar issue where do you trust the screen do you have the um it's better because it's not in browser um and rodolfo's working on a basically like an address explorer on the cold card itself so you can verify the address directly on the cold card um alternative your x pub keys what was that like look up your like look up your x-pub keys before no you don't plug it in or no when you get a receive address when you generate a receive address do you how do you know it's the real address you want to see it on the cold card screen right you can only the only way you can do that right now is if you plug

in the cold card you can't do it with this sd card uh i see what you're saying because there we go because the cold card the cold card doesn't know which address you're up to right does that make sense yes yes so he's adding does make sense so so he's adding an address explorer so that you can verify on device it should be out relatively soon rodolfo's great which i chilled with rodolfo a lot over the over the week a lot really good dude just keeps just keeps pushing shit out man i feel like every week we have a cold card update for you freaks yeah he's a hustler i dig it always be shipping always be shipping uh speaking of shipping uh noddle and the samurai team are going to ship their uh special edition hardware nodes so the pre-orders will be out soon it is a red

node so it is scientifically faster than any node um on the planet um yeah the red is very sexy i i got to hold the hardware in riga i showed the noddle guys a lot uh so the hardware is really They didn't have a case yet. The case isn't done, but the actual internals are done, so I got to hold the internals. The case they had there was just a cardboard box painted red, which was kind of funny. But it's a better chip, and it's going to have two SSDs in it.

So it'll have redundant storage if one of them fails, especially if you're doing an upgrade and one of them fails. so there's less risk of funds loss in that situation i think that's a pretty big deal and it's going to have full samurai integration so it'll be running samurai dojo so you'll be able to just like open your samurai app pair it via qr code i believe with the noddle and and you're good to go and then you can start mixing with your own full node as well which is is great yeah so be on the lookout for that and then uh updates on updates big week a lot of shit getting pushed this week man it's uh it's good to see it's like it's almost hard to keep

up with bisque they added uh encrypted chat so if you guys are using bisque um you can now chat with your trading partners i guess uh within the app pretty easily now yeah in an encrypted fashion yeah i mean it's it's it's directly person to person because every bisque user is running a node basically um and it's all through tor and it's encrypted so that's that's fucking huge i think um yeah that's that's that's a big deal bisque is also one of the more important projects in this space right now uh as as a fiat on and off ramp the the interesting thing that i was thinking about about btz pay is like the vision i think is like you get like small merchants uh in-store merchants like bodega owners uh convenience store owners right uh to start

accepting btz pay because they love cash already so you have them start accepting btz pay they accept bitcoin they get bitcoin but then they don't want the volatility risk of having all this bitcoin they can then sell small amounts back to people in their store so they basically become like a kyc free bitcoin on and off ramp uh and they the only way to enforce against something like that would be to basically go into every single convenience store um and you know convenience stores are famously you know taking in cash and not paying full taxes and stuff already as it is and they can't enforce that but if they can take our jewel pods away can they take our bitcoin buying ability away dude i can't believe they did that they just like ninja launched that in

new york man talk about government overreach fucking insane october 4th man insanity there's the black market for for pods in the city is going to get through the roof it's so fucked up to your local bodega buy them out as soon as possible it's so fucked up they so they're basically banning like all the juice uh it's like everything except what tastes like uh regular like burnt tobacco and uh and i guess like the straight mint ones um but who knows if those are next and i i think like it's just gonna kill a bunch of mom and pop stores and it's so fucked up because you can still order them by mail they're still allowing you to order them by mail so there's going to be like this black market and all these

people that have been dying have been dying because of black market weed cartridges so really if they fucking cared about the kids they would just legalize and regulate weed and tax the shit out of it yeah i got a woke take on this i just think trump is trying to come or oh wait it's new york but didn't trump ban it too i think he's he's doing something about it but new york came out really hard and fast and just san francisco did it while we were in town didn't they yeah and i remember being like ha these stupid san franciscans you know what are they thinking there's so much government overreach over here and then it just it happened i thought it's funny that this whole time ultra um has been like they haven't been able to get a piece of jewel and they finally

got a piece of jewel and they invested and like two months later their whole business is going through the shitter yeah it's uh it's a cruel form of um of destiny there i don't want to say justice but um yeah no it's interesting the the the long dick of the law is encroaching again yet again uh the government the coastal elites are here to save you from uh from vaping i mean such a i think it's there's definitely a lesson to be learned here right because this is exactly how they try and this is how they this is how they attempt to ban popular things right um you start seeing like a a constant growth in media coverage and then they like appeal to to like compassion or to fear and then they push the the heavy changes onto the people that's what we saw like patriot

act that's what we see here with this like and i we could easily see something like that with bitcoin right like you have like a terrorist attack or something and it's like funded by bitcoin and they just move really fucking quickly yeah and i'm not trying to insert my view in one way or another but just observationally it seems like beto o'rourke's been hitting the media scene pretty hard about ar-15s and obviously we have the huge climate marches around the world today as well um a lot of fear being spewed in the media maybe it might be being spewed to manipulate you and your actions just think about it be aware be aware i think you know the democrats i don't like talking about politics but the democrats they're just they're idiots they should just say they're

going to legalize weed that would be the biggest if either party said they were going to legalize weed it would just win the election that's the issue they got to make it happen bernie come out say he was going to do that yeah i mean yang say he was going to do that too i mean but yang is like you know it's yang i don't know not politics let's not talk about politics yeah let's not talk about um the from politics to uh monetary policy so earlier this week actually is probably a good topic to end on uh macro and so the beginning of the week i don't know if you freaks read the bent or we're following the financial markets, particularly on Monday, Tuesday,

what's considered the repo markets, the IOER rate, which is the overnight lending rate that banks trade their excess reserves at the Fed between each other. So there's the federal funds rate, which the Fed sets, and then all the banks try to get them

within the range of that rate set. and the i o e r rate usually reflects that and that went out of whack went up to like seven to eight percent i believe which is crazy because uh um that that rate banks are usually buying things like treasuries and and other types of debt um via that market and for interest rates to spike that quickly that high that high that quickly excuse me uh means there may be a liquidity crunch so the fed had to intervene and they did what's called a repo operation where they offered up to 75 offered to buy up to 75 billion dollars worth of debt uh monday i believe they bought 53.1 billion i don't know if it was i don't know if it's fully served or fully sold uh any of the

days but they did a repo operation on tuesday and wednesday as well and at the same time the fed came out and cut rates by 25 bps um a lot of people were um were uh speculating that they were going to go deeper than 25 bps to 50 bps and potentially even launch qe right away because you never want to see the fed have to intervene uh in markets within hours that abruptly especially the day before a meeting um but they they stood uh stood strong with the projected 25 bp cut and so that's where we are now um so actually ral paul and i we talked about that at length at the beginning of our episode so if you want to hear more about that situation you can do though there but um yeah it seems as though there may be a liquidity crunch underway a lot of these banks

trying to get access to dollars uh to finance their debt between each other it seems that that uh it's getting harder for these uh for these institutions to find the dollars yeah i mean it's like 20 what their cut was was under what people expected right like people expected they were going to cut more than they did would you say in general well the consensus going into as you got to back up a little bit too so heading into the weekend last weekend uh you had the saudi arabia and oil fields get quote-unquote attacked who knows what happened there uh but regardless what happened their oil prices spiked over the weekend and so there was like a little uh market scare over the weekend and then rolling into monday uh having that

repo rate go out of whack and having that have the fed intervene sort of scared everybody a little more so i bet everybody was like ah things are looking like they're going to hit ahead and so the consensus starting for a couple weeks is that they were going to cut 25 bps and so with the saudi arabia thing and the the repo operation i guess people were speculating that things have gotten worse than uh and we're going to cut deeper but they didn't they decided to stick with 25 bps i believe there was only one uh fed governor bullard who who wanted to cut 50 bps if you if you read the minutes right right got it appreciate the insight i just you know fed t fed tea leaf reading is is boring it's it's a it's a it's a life i would not wish on on my

worst enemy yeah because it's so fucking this is why i stack sets this is why i stack sets you know it's so much simpler stats are my safe haven yes they are and it's been um been a big week been a long week sorry if you're a little sluggish again matt's been traveling the world we're remote i am honestly exhausted after this week i've recorded um got a got a very good uh episode in last night with the team with um mauricio and adam from leadin.io uh up in canada mauricio is a venezuelan who who gave us a lot of good information where we talked a lot about what's actually happening on the ground in lat am um and we were up late drinking venezuelan rum so i'm a little hungover as well right now but look out for that episode too because uh it's

crazy what's going on there and it is uh it is important to to be realistic with how bitcoin is being used down there and how people view cryptocurrency and bitcoin in general down there i'm really looking forward to that one i uh yeah i also want to apologize to the freaks for a weaker than usual episode uh we love you guys so we definitely needed to get it out we knew that uh but it's or it's very early here and i am just fucking wiped i'm fucking exhausted it um but yeah you know i i hope they dig it i this is just a insane it's a weaker episode it's an insane week it's like i don't know i'm kind of sluggish you know i've been sluggish and my brain's not working on full capacity uh so you know but you give it what you got

well if you like the other content we put out this week please um please let your friends no subscribe again every subscribe button hit goes a long way every review written goes a long way um we really appreciate your support and oh we love uh we got a shout out it'd be remiss if we ended this episode without a without a shout out here's the shout out no name it just says shoot your shot uncle marty and matt there you go we shot our shot i like it we're always shooting i'm always shooting don't worry exactly that's what we're shooting too and and next week Next week is going to be fucking Fucking awesome

Because we're going to be reunited Back in person Have a nice week of rest And ready to go Ready to hit the world again Hell yeah Yeah That's all we got this week freaks

Stay humble stack sets Peace and love Okay