TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Week of 2019.12.30

Episode Date: January 2, 2020

This week Marty and Matt discuss: - Bitcoin's first 11 years - NthKey: use your iPhone as part of a multisig setup - Nodl Dojo first impressions - Samourai Whirlpool 0.10.0 released - MyNode adds whirlpool support, dojo coming soon - Satreon: a non custodial lightning network powered alternative to Patreon - Metal seed storage reviews - Introducing A Framework for Privacy in eCommerce via Bitcoin - Difficulties with verifiable open hardware Shoutout to this week's sponsors. Cash App. Start #stackingsats today. Use the promo code: "stackingsats" to receive $10 and contribute $10 to OWLS Lacrosse you download the app. Unchained Capital. Head over to www.unchained-capital.com/vaults and checkout their 2-of-3 multisig vaults. GiveWell. Learn how much good your donation can do by visiting GiveWell.org/tftc. They accept traditional payment methods, Bitcoin, and several other cryptocurrencies

Well, hey there, freaks. Matt and I just ripped Rabbit Hole Recap, and we got so ingrained into the conversation that I forgot to read the apps. The apps. Do you guys want any apps? Are you hungry out there? It is approaching lunch or dinnertime some places. Lunchtime other places. This is a global podcast. Wherever you are, if you're hungry, this episode was brought to you by the Cash App. As you know, Cash App is the simplest way to send and save money, and now it's the simplest way to try to grow your money. We're stacking slivers of shares now, if you so please. You do not have to. The option is there. Cash App Investing is there for you. Unlike investing tools that only let you buy entire shares of stock,

Cash App lets you instantly invest as little or as much as you want when your favorite company's stock. If you're looking to buy a sliver of a share instead of stacking some sats, if it's too expensive and you don't want to own a whole piece of a stock, you can buy as little as $1. And because Cash App is directly connected to your bank account, there are no four- to five-day waiting periods for inbound transfers, so you can start investing today.

Brokerage services are provided by Cash App Investing, a subsidiary of square and member sipc as always use the code stacking sass when you sign up you're going to get ten dollars and ten dollars you're going to get to owls lacrosse our good friends at owls lacrosse wow that was a poor that was a poor hoot so download the cash app today use the code stacking sats um from the app store google play store today this episode of tales from the crypt rabbit hole recap is also brought to you by our good friends at unchained capital they're there to do collaborative custody with you freaks or financial services company built for bitcoiners all right they have many things uh that they're building it all revolves around multi-sig all

right they have their vault program you can engage in a quorum with them we'll use the two or three example right here so if you want to engage in a two or three quorum you can have two different hardware wallets whether it be a treasure or a ledger and you hold those keys unchained will hold the third key and they will be there to sign if you ever need them uh on top of this they have their loan program friends don't let friends sell bitcoin all right their financial products company built for bitcoiners they don't want you selling their bitcoins so if you don't if you're thinking about selling your bitcoin you just need some cash you can engage in a bitcoin collateralized us dollar loan you basically use bitcoin as collateral and unchained capital gives you cash

that you then pay back in a loan form on top of that they're contributing to the open source nature of bitcoin uh their multi-sig volt program which i was explaining above uh above before is all about uh revolve around the open source product caravan which is their desktop app that'll let you create these multi-sigs by yourself without unchained so if you don't want unchained in the multi-sig they've open sourced the software so you can do it yourself on top of that they're working on other projects uh like hermit and slip 39 and they've got good content as well We've got Gradually Then Suddenly, Parker Lewis's great, incredible, what is it? Red Pill blog.

I almost got the pills mixed up. Is that what he's calling it, Red Pill? No, no, no. I'm saying it's a great red pill. I almost said blue pill. So every single blog post that he puts out is great. Yeah. When I say, you know, when Parker speaks, I mark it by.

Yes. Go to unchained-capital.com. Check out everything they've got going on. Unchained-capital.com. i think you guys gonna like this rip we went for like an hour and 10 um so we'll show up as an hour and 14 about on your podcasting app so don't get confused well because of the ad read yeah in the beginning ad read done what is up freaks welcome back to tales from the crypt it's your boy marty ben here sitting with matt odell for the first rabbit hole recap of 2020 fuck yes it's the also

like the first time we've not the first time it's we haven't been in the same room for a couple episodes so it's good to be back yeah it's good to have you uh face to face here it's gonna be a good one not a lot of news but uh maybe we'll get a little retrospective here it's 2020 year of clarity year of clarity well that's not gonna age well as a comment i don't know if this will be the year of clarity not neither do i but i do get the pun it is a good pun it is a good pun um thinking of that uh it's the year of clarity it's 2020 the bitcoin price right now i believe it took a little dump it's six thousand nine hundred fifty four dollars and eighty seven cents for a block six hundred ten thousand nine hundred seventy eight getting closer to uh the having six hundred

ten thousand nine hundred seventy eight we are nineteen thousand twenty two blocks away from having 630 right yes ah 29 000 six yeah 29 000 yeah but it's 630 630 000 is having yeah it's 19 000 excuse me what's the current block height 610 978 yeah it's 19 000 19 000 22 blocks there we go well now i think i'm glad we got that all settled the having is approaching that doesn't matter because it's already priced in right marty i believe it is um it's priced in we all know that uh so just yeah this is the price i don't know i don't know this debate's exhausting it's a stupid debate bitcoiners aren't priced in they are you tweeted that out at one point i think people attempt to price this shit in they're just bad at pricing things in that's why ripple is worth

what it's worth you know yeah yeah like ripples price should be zero if everyone priced in everything yeah who knows i don't know it has a price it's getting priced in every block um yeah i don't i'm not a a big believer in the efficient market hypothesis either i don't think i don't think everybody can know everything at once i don't know if the market's as efficient as people think yeah who knows well the the emh doesn't dictate that everyone knows yes just like that a threshold of the monetary capital it represents the knows yes yes that's exactly but people are idiots so i disagree yeah you know it's not pricing like to people that don't know who are on the sidelines who have capital to bring in right like that's why it's not priced in yeah

i think what people miss is that like a lot of bitcoin holders are just humble sat stackers and you know we can't we can't properly price in the having because we're only putting in a responsible amount every week um and you know that amount you know will probably go up over time but it'll either change or you know not go down so um i guess unless you lose your job or something like that which would suck but yeah so so so if if people are just putting in a certain amount of money every week and they're taking self-custody and then the supply decreases then their impact on the on the available supply goes up after the having um there's not like they're just gonna drop in all the money they can possibly that they can possibly get their hands on like

right now just because they think the price will go up after yeah there's been people who've been buying like a hundred dollars a paycheck since 2014 exactly i think that's what a lot of people miss and i think especially with bitcoin it's like very much still like a retail driven market yeah and think about the retail minds again that aren't educated and when they do become educated to become stat stackers and start buying $100 a paycheck too.

That's money on the sidelines that is not priced in. Yeah, you have adoption, future adoption not priced in. Yeah, yeah. We'll see.

It dictates that this gets adopted more. Will it get adopted more? Let's talk about the first 11 years. Bullish on adoption. Oh shit, that's the second.

We're a day away from Bitcoin's 11th birthday. Yes, we are. Fuck, I didn't even realize that before we had record. a year ago plus today we were absolutely wrecked uh having a fantastic podcast for its 10th birthday yeah we're actually trying to make that happen again with the iterative guys we got to find a

spot yeah we should definitely that was that was a lot of fun um leo if you're listening i'm working on that um but uh yeah shit what uh what does this next decade have in tail is is bitcoin made the strides it needs to make in its first decade plus one dude i don't even like making one year predictions fucking 10 year predictions can go fucked up yeah no i try to stay out of the uh the prediction in retrospect game too much i did one piece last week and it was because uh somebody grubles i believe surfaced a video that just made me very nostalgic a video of somebody in february 2011 right before satoshi left uh showing people how they could use bitcoin to buy dominoes gift cards and buy pizza um and pizza with air quotes yeah dominoes isn't pizza

yeah debatable i had not priced in not priced in whatever but no that made me nostalgic and it's crazy to think of how far we've come since that moment like in that moment in particular bitcoin was shooting at 96 cents i believe he spent 19 bitcoin on a uh imagine that on a pizza do you think you could ever eat dominoes again after that i don't know lazlo's talked about this he doesn't regret it what was his was his pizza hut no his was papa john's papa john's yeah you get that papa john's it would just kill football for me like every time i watched football and just a papa john's ad came out and be like ah because he paid 10 000 bitcoin that sweaty fucker made me burn some sats for some reason 19 feels worse because he's like lazlo you know

he did well for himself you know that was you know a key aspect of of bitcoin's history um this poor dude who spent 19 bitcoin and no one knows who he is or anything well no it was the creator this was a uh a prototype that he was showing and that's the other crazy thing so it was a prototype in february 24th 2011 i believe the date that was recorded and posted the service was called coin card and they did two things they let you use bitcoin to buy gift cards and then for like two months i looked up the wiki page they were allowing people to sell their mind bitcoin and cash out via paypal so it was like one of the first wow exchanges as well like paypal shut them down like two okay so that guy probably did pretty well for himself too yeah exactly

um coin card i don't know if they're still around there is a coin card around i'm not sure if it's the the same service i mean it's a pretty obvious name right yeah yeah very obviously maybe you got the trademark for it that could be valuable yeah so maybe that maybe like ip but you know squat squatters gonna squat maybe that 19 bitcoin uh for the for the prototype demo wasn't uh wasn't such a bad investment get people pique their interest get them in so what was your prediction on that um i didn't have a prediction i was just saying a little retrospective it was like ah it's crazy that how far we've gotten from this video to like the fact that we can do the dime bag and i can just point a qr code and pay instantly like on a second layer it's pretty

crazy i mean this is what's crazy to me is you know people get impatient with bitcoin but this moves really fucking fast you know i just just watching just the progress we made in the last year is crazy no it's insane um and that's what i was talking about today's ben all right let's just jump into like people are worried about uh fee market and stuff like that but if you really take a step back and look at what's going on i believe we're still like living in the great build-out phase like so the first 11 years have been a great build-out like we've first you just We had to, we were basically people wandering with blindfolds on, holding our arms out, trying to feel the boundaries of the system and how it works. And, uh, it took lessons like Satoshi's dice and, um, uh, other things to, to, to help, help us realize that, that block space is precious and something that you should probably, uh, be very efficient with.

And then, um, you have things like Segway coming along and then lightning get built and stuff like that. Like it just, we're still in the great build out phase. wallets versus you know reusing addresses by default yeah uh psbt being a standard now like it's going to enable a bunch of other stuff or i'm never going to pronounce that wrong again we'll get to that later in the podcast why uh partially signed bitcoin transaction but um yeah it's just like people like are always screaming about mass adoption like bitcoin isn't ready it's like no shit it's not ready like we're still building this out and if you take a step back and look at what is being built in my opinion so people again bring

it back to the fee market people are worried that bitcoin is going to be able to sustain itself after the block subsidy which is the reward program into the protocol that is or excuse me part of the reward this program is a protocol that's giving to miners they get the subsidy plus the fees right now the subsidy is 12 and a half bitcoin as we alluded to in my bad math segment a few minutes ago we're getting closer to the next halving which will reduce that to 6.25 bitcoin uh plus the fee um and so like i i'm just thinking of this this uh particular subject as one in uh like recent days and trying to think of analogy and i think one analogy that i like to use and have been using more recently is the the block subsidy right now is like a like a booster rocket

and it's basically helping us bootstrap a network effect and getting us to a certain point. And the crazy thing about this booster rocket is that we're building the space shuttle that it will eventually send into escape velocity out into the wanders of space. But we sort of have this fuel as we're building the system. And yeah, the onus is on us to actually build the system

and make it useful so people actually value the token Bitcoin. And I think that's happening. they were bootstrapping this motherfucker yeah uh i love that analogy except for the space shuttle it should be sending up a uh a citadel a space citadel some kind of capsule or something because the space shuttle was a failed program you know a couple of rid of it no there have been space shuttle failures in the past right but they got rid of it it was like the whole idea was that you know you have this reusable plane like shuttle that could land again and now they're doing like what spacex is doing yes yes it landed like the rocket lands back yes and yes like space shuttle

had like a ton of cost overruns like horrible budget i'm not trying to dismiss you or not i love you no no no it's a good analogy it's good to steel man the analogy is good if you assume that the space shuttle was a a pristine idea i guess no yeah i mean i think it's it's pretty amazing um all the progress that has been made so far um and i i think like if you're watching it's extremely difficult to not be super excited about about bitcoin yeah and we clearly are you know i'm devoted a significant chunk of our lives to this shit so we have and apparently there are others doing that as well we got a shout out had two shout outs today we can't read the first one first one was uh a shameless ad very not a shameless ad i'm not gonna say that but

yeah what we could deem an ad that we don't feel comfortable reading yeah he was pretty humble about the ad read yes uh but it was very we don't want to do ads on the on the shout outs yeah um like no links out to a service yes yes so if you were the one who did the shout out reach out to us we will happily uh send you your stats back we appreciate the support regardless and the site does look pretty cool we appreciate you you know trying to inform inform people on on how to use bitcoin uh with best practices of mine yes um and we do have a shout out to shout out to adam gall who has done so much to bring together the real crypto people in cleveland ohio you're a decent guy adam don't let the bullshit blockchainers get you down adam never

ever let the bullshit blockchainers get you down keep your head high look them in the eyes and tell them they're stupid bullshitting blockchainers i mean these last two years have helped with that yeah and adam if it like we just need real bitcoin people in cleveland ohio too i know but i don't know what a real crypto person is what does that look like did he say real crypto yeah Cryptos, the C word he used, the C word is dirty. And let's be clear, this is not Adam saying this. This is the person who purchased the... It's Adam's buddy.

Shout out to Adam. Shout out to Adam's buddy. Both must be freaks. We appreciate you freaks. Yeah, yeah. You know, Cleveland had Bitcoin Boulevard. They were way ahead of the game. What was Bitcoin Boulevard?

It was a bunch of shops in 2014, I think, or 2015 that started accepting Bitcoin. and then at the city of cleveland or ohio passed a law that said you couldn't accept bitcoin for alcohol um so like one of the biggest stores was a wine store they just like knocked the wind out of the sails pretty hard they started selling like merch in the wine store they're like you could buy merch with the bitcoin but there was a bunch of stores i don't know i thought it was school. I think a lot of them are using BitPay, which is what I've said a lot, is that I think one of the biggest things that has happened this year has been the rise of BTC Pay. And I think one of the biggest things that will happen over this next year is the continued rise of BTC Pay.

You know, for the first time, merchants are able to easily accept Bitcoin without a third party. They have that full stack there. So I think that's going to be a game changer. And I think that while 2014-2015 were the years where everyone was trying to push this merchant adoption narrative, what they were really pushing was these fiat conversion centralized payment processors like BitPay, which really doesn't do anything to help the circular Bitcoin economy. I mean, it kind of does if you only earn Bitcoin and you need a place to spend it, but you're really just selling bitcoin uh through an abstraction uh with with proper btc pay integration merchants will be able to try and get kyc free bitcoin um basically stack stats as privately as they can by by accepting

bitcoin through btc pay without a third party and and i think they'll offer discounts for that purpose and i i know myself as a bitcoin i'd be way more likely to spend my bitcoin um if i if i thought the merchant was ideologically motivated as well and i had an intention they were stacking sats they were like trying to hodl their bitcoin like if i see btc pay server that's basically them alluding to that to me right no i agree and it goes back to what i was mentioning earlier with the with the rocket boosters or the booster rockets excuse me uh like merchant and not even the booster rockets it has having to do with like the great build out like merchant adoption the first time around wasn't a good meme again because you had to use centralized services like bitpay

and there wasn't good invoicing decentralized invoicing software not decentralized open-sourced invoicing software like btc pay like now it is more possible like the utility is there with the open source tools and hopefully drives value for people i know that for us it has driven value like i actually get a lot of peace of mind knowing that our invoices are going straight to something i control i mean yeah we don't have to trust patreon or something yes it comes with peace of mind and also it can't be honest comes with stress you do have to take care of that and have procedures and practices and personal responsibility yeah but it needs more of it it does feel powerful it does feel very empowering knowing that i mean to add to your analogy maybe you know merchant adoption

is more like something like a space station or something like you got to get to space before you start exactly start fucking around with uh with space stations there's no reason for the space station if you didn't get up there yet yeah well you have to have the ability to again use the tool in the way that you want to too like we again we found with satoshi dice and uh the manias that happen um as the price goes up that the blockchain gets cluttered it gets it gets uh it's pretty busy and then therefore it gets more expensive so when that happens it's not uh really useful as a medium of exchange like we need these layers to provide that utility at all times yeah i mean i think we're going to be talking about fees not rising for a bit and then

all of a sudden fees are going to explode yeah so just be prepared well that's the other thing i mentioned too like it is crazy well like fees so fees last month december 2019 uh fees as a percentage of the block subsidy excuse me the block reward the block subsidy plus the fees were 1.1 percent of the whole reward at the height in 2017 uh the percentage of um the block reward that was the fee was 30.4 so that's a big decline but you also take have to take into consideration at that point segwood had just been implemented and not was not widely adopted i believe segwood adoption grew by like 56 this year lightning didn't exist lightning didn't exist mr hoddle said there was a bunch of fuckery going on a bunch of fuckery going on people weren't batching

correctly using best practices so since to that december 2017 in that two-year period we've had all these efficiency gains that and then as well as that like let's be honest there probably aren't as many people using it as there was in december 2017 but there's not as many people spending bitcoin spending bitcoin yes hodling is using yes yes exactly there's not yes there's not many retail investors like moving right moving coins around and trading right um and um and then even still moving forward with things like bit taproot like things are only going to get more efficient so um like if things all else equal fees could like stay at like one set for a while i wouldn't count on it until i think this time next year fees will be will be significantly higher yeah well

well again i said all else equal if all else were not equal and more demand came they would rise but like all else being equal like we are making it so fees fall there's like a little bit of like a vicious cycle right uh the other thing is um the the wallets have gotten better at estimating fees yes yes because they were overestimating so basically we were getting in a situation where we can never get back to the baseline uh where people just kept you know they they they didn't want to wait so they just overestimated uh but the wallet overestimated and then the people the individuals using bitcoin we're just picking the highest fee to just try and get it confirmed as soon as possible yeah um but i think lightning is going to be a huge one because i mean i if i'm

to send bitcoin i much prefer to use lightning anyway i think the ux is better and and that ux is brand new you know it's getting iterated and improved every day i already think the ux is better uh so if you're locked in on some low fee channels uh that's gonna that's gonna be a major major difference but i mean look right now we're sitting at one sap per byte pretty much on the rag uh fees literally can't go lower than that so i you know i think it's a pretty safe prediction to say that they're going to go up from here no i agree again jevin's paradox comes into play like the utility of lightning network a lot of people like the shit on it but it's there and i tweeted this out a few days ago like from experience like i'm again i'm a bitcoiner obviously i'm biased uh

And I don't want to say a small blocker, but I think we should withhold or we should prevent ourselves from raising the block size at all costs and try all their options until all their options are exhausted. That's when maybe you would raise the block size. So I think Lightning is bullish on Lightning just from a philosophical perspective. I think that's the way to go. with that all being said from a user perspective i have not had a problem like sending or receiving a lightning transaction since we set up our btc pacer our node with running btc pay server hooked up via via zap like i've been using that since may and haven't really had one problem with the one caveat that the hardest ux issue right now for lightning is getting inbound liquidity

and because of you freaks being so fucking awesome we don't have a liquidity issue whatsoever yes both of our nodes are very well connected well no it also it's yes the freaks it is a caveat we are well connected but yes it's not swaps will help swaps will be the big thing but we don't have the ux there for the swaps yet but i think but even like the freaks yes the freaks providing liquidity is incredible and i it definitely happens but i put some effort into setting up the channels too i reached out to pierre right i reached out to like other big nodes i was like hey yeah but like your buddy pierre right like he's like a good friend of ours yes but this will you know yeah he runs you know what the third largest lightning node on the

network i'm just saying it's just a caveat i'm super bullish but he does that for everybody he doesn't do it for me because i was a friend like right it's the service he provided like i went to his service i said that oh you you paid the fee on the service yeah yeah i did that like and if you do put the work in to set up your channels right like again i haven't had that much of a problem well for other node we didn't have to pay for the inbound pr liquidity well that would have been good yeah we do have the he offers a good price for it the inbound liquidity is like i think is a relatively competitive as a competitive price it's a good price it was worth it it was worth it to get liquidity and again haven't had problems the biggest problem we had

was uh today and yesterday we had like figure out our certification because like because of the new year personal responsibility yeah no but i i think like look going forward the ux there is going to be swaps that's the whole idea right you open a channel and then you know after you open the channel you swap out to yourself and then you have inbound liquidity you don't have to worry about you know paying someone for inbound liquidity i think that's going to be a huge ux you know boost um i think that's like the one of the main caveats that the lightning has right now and i think it'll get improved this year uh significantly i mean i look back i don't think either of us were running lightning nodes this time last year i know i

wasn't i don't think i was either i had a cost i had my cost of node running i believe the cost it didn't release yet right no because i think i got it for christmas i believe i set it up like around i don't know i'd have to check twitter my first one was i thought your first one was the power launcher was it not was was not uh pierre's lightning no launcher yeah i definitely set that up too that was my first one and it was in january so it was like we're almost about to hit the year mark i think i set up casa first and then pierre's for for what i wanted to like get more anyway that's crazy right yeah that was only a year like shit has so much shit has gone down it is absolutely mind-bending when you start to think about like the progress that was made over this

last year in a year that has been pretty much dominated been dominated by like a bearish price trend yeah i mean tftc.io released a dime bag the hottest the hottest app on the lightning network the hottest app on the lightning network um that got dropped in may no i'm kidding we have video games uh embedding lightning network functionalities into them uh we're building sat sat or what's that excuse me i'm seeing yorg is iterating on that i believe he dropped something like an official um pull request for i think for one of the implementations um for whatsapp like for messaging system within a lightning network um have you seen this new sphinx app have you played around with it at all yeah i get you an invite i'm not sure if i'm allowed to talk about it yet

i just it's a closet show it's a closet show uh keto's been working with them from noddle um it sounds familiar it's you know it's definitely heard some rumblings about it yeah you send encrypted messages back and forth and you can easily send lightning payments and i guess technically every message is a is a lightning payment but it doesn't route over the lightning network interesting what's route over a tour yeah it's just a you know uh p2p encrypted chat app interesting open source have you played with it yeah i i have the the demo app yeah well i get you i get you an invite this is what rod was talking about in our group chat now you're doxing group chats you know rod's a great dude

i remember that i remember that yeah well we'll talk about it later there's shills will shills will be incoming it looks it looks interesting it looks interesting to me i my point is like i'm not sure if the where i was going with that is i i'm i love whatsapp it's really cool i i hope to see it get iterated on and i'm curious to see how i don't even think it's an app i think it's just like a i think it's just a prototype for the messaging protocol right i'm just not sure i'm not i'm not sure if we need you know messages to go on channels you know to to actually sound like if if i had like a nice open source encrypted chat app that also let me just let me seamlessly send lightning payments between users like each user's phone app was also a you know a lightning node but

a light client lightning node uh that might be enough for me i don't know if i need uh to actually run over the lightning protocol yeah it might be where i was going with that basically yeah where i'm going with like these ideas are getting fleshed out yeah exactly booster rockets we're just booster rocketing and the uh how how long do you think we have though this conversation is just revolving around the uh the fee subsidy we haven't even done an ad read yet i'm just gonna record them and throw them in the beginning we're gonna throw them in the beginning yeah we're not gonna just like semi mid-roll them no i appreciate that at this point i think the freaks appreciate that yeah we try we we we don't like mid-rolls here at tftc

we think they're they are more valuable yeah they're just as a listener I do not appreciate them so I think we should have a hard line on that I don't even know where we were that was our Thursday business meeting

I want to do a shout out to Matt Case because we're finally drinking the bourbon he sent us well Matt is Marty isn't but he will drink it at a future date so thank you Matt I am abstaining

we appreciate you I'm going to go get a hair cut later this afternoon I don't want to be all boozed up that's fair that's fair I was feeling bullish

whenever I feel bullish I always have a glass of whiskey why are you feeling bullish? just I'm just bullish on Bitcoiners you know I didn't you know

New Year I don't know I get excited yeah I get excited very easily I mean do you remember how bullish I was on January 3rd last year?

yeah yeah you made no you didn't make everybody market buy no not yet i wasn't that it wasn't that bullish we talked about this we talked about it last week though um that's another thing to mention about the lightning network it's getting adopted by big players like bitfinex right i said that exchanges were never going to um but that wasn't really my bullish aspect that was like me trying to be a trying to tamp down my bullishness but yeah i wasn't bullish on lightning this time last year which is pretty crazy um i was like kind of a

lightning skeptic bear uh i thought bitcoin would be fine without lightning anyway but i wasn't really actually that bullish on it i didn't think exchanges were going to do it now we have bitfinex doing it now we have all these smaller uh new companies doing it like escher and spark swap and zaps olympus coming out um yeah it's just it's pretty crazy effort no but what i said that when i was really bullish remember i was like when you tuck your kids in at night just think to yourself do i have enough bitcoin which is like such a fucking ridiculous thing to say but it's i believe it i believe it you do i believe that you go to ben you're like oh god damn i don't have kids yet but if i did that's what i'm thinking about do they have enough sats

are we just gonna let's just reminisce here for a bit we're like a half hour and already haven't even got to one topic it's pretty slow news week yep it's it's been a good uh yeah i agree yeah well now now that we brought it up let's jump into the news and then we'll come back and we'll reminisce a little bit to finish her up i like that all right first thing i want to talk about is uh came onto my radar yesterday i saw alex leishman quote tweeted it uh shout out to alex we'll actually have an episode dropping with him tomorrow make sure you check that out that's a banger um alex is great dude founder of river financial um but he highlighted this service who i believe which which i believe was created by uh um stores

provost i say his name i don't know how to pronounce things i think it's stores stores provost it was a good it's a good try um sorry if i'm pronouncing it wrong um he's been around for a while works at blockchain making some cool apps this nthkey nthkey.com uh for ios users um it is a device that basically lets you uh create like or sign a psbt um transaction that's why i will never uh well nth key actually isn't the reason why i will never say psbt wrong again i did my first psbt transaction over the weekend by myself without anybody handholding me proud of you and it was a cool experience um but nth key is when i'd sit it out too right yeah i did that testnet i did a uh i did a mainnet one now it feels better on mainnet yeah yeah that's what

i said that's why i feel like testnet doesn't really i don't know yeah just yeah it doesn't really get you there yeah you need the uh you need the deep breaths and the anxiety you need to feel you need to have real money on the line yeah um but nthkey is again it's a service that's going to let you uh sign psbt uh transactions from your phone and check transactions before you sign i downloaded it be careful if you do download it um it will have access to your files yeah be careful any app you download and just assume like anything you have on your phone just fucking compromise yeah so use an old phone and so the idea would be that you uh put a pre-signed bitcoin transaction file on the phone or somewhere well i mean the key idea here is that

it allows you to use your iphone as one of the keys of your multisig yes right so you could have a multi-sig setup where you have a cold card an iphone and electrum right and those are three different trust models and and two of them have to be broken you go to three or five you can get even more more crazy with it but yeah like as marty said like it probably makes more sense to use on an iphone that is is is purely just your multi-sig iphone like not a not your actual like day-to-day uh device especially from a privacy standpoint um you know really that caveat should go with pretty much like every bitcoin app uh you're better off using it on a device that is separate from your your main device yeah but does he does he really work at blockchain i know he did

i don't know if he still does um or they might be he might they might be the dev that he might be the dev that they support i think that's what it is right yeah they're like they're giving him grants to support his his work yeah yeah and don't let don't let the caution over over uh privacy uh belittle the app it's a really cool app and it's an example of something that i think that the new what is it bip 174 is that the uh psbt standard there's a 74 i forget i do not know my whatever like the psbt has been standardized and now it's you're seeing a flurry uh more a flurry of apps built around this standardization now and that's actually fucking fantastic yeah we need that's what alex said in his tweet that's what alex said in his tweet 2020 is going to be

a year where we see like an explosion of cool cool use cases coming out of bpsbt standardization does river have something in mind or he didn't i saw river like definitely i mean they're definitely experimenting well first of all river financial is this is this new i mean you're going to have a whole podcast on it um really cool new bitcoin brokerage service where you can buy and sell bitcoin um basically like what coinbase should have been um and they just have a pure bitcoin focus then out of the gate they have lightning withdrawals and lightning deposits um a lot of cool things a lot of cool features they have over there so they have recurring buys which is you know a big one discount it too if you set up recurring i like that i like that as

an incentive that they discount your fees if you set up a recurring buy yeah no no i think the uh the team they've amassed is impressive and i met alex for the first time in riga a couple years ago or last year um i still haven't met him really uh really enjoyed i was i was upset i missed that podcast i'm excited to listen to it i yeah i thought you're gonna join us i that's why i thought you're gonna be in town last week yeah and when we were supposed to do the the recap last week i thought he's important i said i said i set the studio up and i was like dude we're recording remote like three minutes before i was like we're recording remote bro um i uh the other thing about river is that it's available in 49 states only us 49 states it's not available in me and marty's

state of new york can't use it um thanks to our favorite uh ripple board member ben losky who passed the bit license and then went through the revolving door and now um after pretending that he was protecting uh unwitting investors i joined the board of one of the most malicious companies in the space so cheers to you ben losky this one goes out yeah i hope you're having a happy new year ben definitely doesn't listen to the podcast i i we might have to discontinue the podcast if you don't listen to the podcast 2020 is not going to be a year of clarity for you okay that is 2020 is going to be a year of clarity for you freaks it was up to ben losky every podcaster would need to have like a 500 000 bit license and do ksc on their listeners right fuck you ben fuck you ben

um all right on to uh more pleasant topics you got your noddle i saw that you plugged it in number one baby number one you got that thing was that thing was inked up you got a lot of a lot of autographs on that thing yeah i got all the i got all the nim signatures on it so um but yeah that's dope they all signed it uh both the samurai team and the noddle team i have a lot of respect for both those teams great teams um i've been looking forward to this for a fucking minute teams i uh full disclosure paid for this completely out of pocket uh it is an expensive device there are ways to obviously have a cheaper node this is a pre-built node in a box that that works uh out of the box with samurai all you have to do is when you open your samurai wallet you

just scan the qr code and it's connected to your full node fantastic ux in that regard um samurai soon should be releasing their mobile mixing within the app so mixing will be as simple as just scanning the qr code from your node that's displayed on your node um and then pressing the mix button on your android device which is fucking awesome with that same caveat that we had before where the ideal situation here especially if you have large amount of bitcoin going through it is to use a dedicated android device that only is used for samurai now why is this node cost so much i think what are they are they charging 750 for it i thought it was 800 off the top but maybe the the early release was 750 um the that is expensive especially when you can run something

like my node i've heard a lot of good things about my node uh where you can get an ssd you get a raspberry pi 4 you install my note on it it costs like two hundred dollars um so so what are you paying for it you're paying for the build quality is fucking fantastic it's got that sexy red case it's got the leds on it but even cooler and i hope this becomes the standard for these pre-built notes um is is that it's got not only does it have ssds which i don't know why anyone would use a hard drive anymore with their node because it the performance benefit you get from SSDs is fucking huge it has redundant SSDs that are encrypted none of these nodes default to encrypted to encrypted drive so if someone gets a hold of your node they can just bypass your

passwords and just pull your keys right off of the device now does that matter for dojo not that much only maybe only for privacy because you're not actually storing funds on the dojo but when it comes to running a lightning node if you're running like a routing node a lightning routing node um you have your funds are stored on the device um so you want that device to be encrypted now the encryption is at rest when the when the power's off so what happens if someone decides while it's still plugged in to open the case um and and take your keys well key to mind a thought of that and the noddle has a built-in kill switch so not only are the drives encrypted not only are they redundant so they back each other up if something happens you know if you have your

lightning node fail they back each other up but it has this kill switch so if someone comes in to wherever you're running your node takes the node unplugs it tries to open the case or doesn't even unplug it just opens the case the whole thing just powers down and is encrypted and then they need that encryption password to get it so that's just well thought out just really good build quality turn key turn it on you plug it in you know you have your full dashboard where you get to decide what you're running if you're running btc pay if you're running your electrum server if you're running lightning you get to choose whole thing can run through tor which is you know it's how you should do it so

you're not exposing your ip just a really great seamless product we're going to have videos videos will come out soon i i really want samurai to release the mobile mixing because i think um like why make the video without the mobile mixing and then just have them a week later just release the mobile mixing so that's kind of what i'm waiting for and then and then the videos will start coming streaming through and i as usual you you will continue to hear my my thoughts and evolution on that on that process you have a really compelling case it's fucking cool it's fucking

cool i don't i think all of these nodes in the box they should definitely at least be encrypted like even if you don't put the kill switch there they should be encrypted at rest uh and yeah i keto mine is paranoid so you could be less paranoid he does the paranoia for you and you paying for that privilege and it's it's i appreciate it yeah it's um shout out to that team to the teams excuse me plural to the teams uh the noddle and samurai teams putting the teams on their back i also on like a completely separate note discovered um that that the samurai whirlpool fees are way less than i thought they were to begin with really because i up until this point i thought the fee was based on how much money you sent into whirlpool but it's not it's

based off of what pool size you use so if you send in one bitcoin or a half a bitcoin into the the let's just say the 0.01 bitcoin pool the 1 million sat pool uh it's the same fee regardless it's always five percent of 1 million sets just one time fee and then you're remixing after that So in my mind, it's unfairly cheap, and people shouldn't be worried about that fee in terms of the privacy gain you are actually getting from it. So it seems fantastic. It's fun to see this in the wild. We've been talking about it for so long. I mean, we got a tease to Bitcoin 2019 when we sat down with…

Yeah, which was itself like two months after we got the original novel, which is a fantastic piece of hardware. um which our thief our friendly thief uh fan of the pod who's running our our bitcoin node uh he's been running a high powered routing node off of that noddle hardware for a year with with no issues which is just fucking impressive i mean that device was i think a 400 device um it just goes to show like the build quality that's there it's a high performance node man it's got 24 7 uptime and all running through tor that's like so that's my biggest worry like do you think it'll get to a point where like we'll be having these dedicated nodes like in a box at home people will be comfortable

running them like running businesses from from their node in a box i think so i think that's it makes the most sense to me in terms of like a ux versus security trade-off versus privacy trade-off that like trilemma that just exists there um because like you want the ux to be good but you want you want it to be easy to use but you don't want to sacrifice security and privacy for it and i think the best way to do that uh is probably having an always on node at home whether that's i'm like really bullish i actually haven't used my node yet but a lot of people that i respect have been using it i've been testing it out i've been talking about it and the project from afar looks very interesting to me and basically with my node you can run one of these

nodes in the box uh you buy all the parts separately um and as i said earlier you can run it for like 200 250 um all through tor uh they just added whirlpool to it um i think they're about to add dojo to it uh so so in that in that situation you know one person and as i said earlier but the way the pairing works with the dojo is such a breath of fresh air because for the longest time you know running an electrum server is difficult and especially if you're running it through Tor, getting other people, like if you want to provide access to your Electrum node to other people, while a privacy trade-off there

where they have to trust you to not be logging their transactions, it's better than doing it with a chain analysis server. That process is a very convoluted, difficult process to have people connect to it. But with something like the Dojo, and it's just a QR code scan, your friends and family can then connect to yours.

and the person running the dojo can't steal your money they can just compromise your privacy so I think that's a key step in that direction when I say I'm bullish on home nodes I don't necessarily mean that I'm bullish on everyone running a home node I just think like Uncle Jim who cares will be running the node and he'll have 20-25 people all connecting back to it as their back end

shout out to all the Uncle Jims out there thanks jim yeah you're my one of my favorite uncles uncle jim i wish i just had an uncle jim so i could just connect to his node and just have him deal with all my bitcoin chip for me actually don't have an uncle jim but do i no i don't think the key to all my placeholder names is you know i don't have any relatives by that name that's why i use them uh it's like reverse doxing yeah it's a good uh it's a good uh way to throw people off the trail fake family searching this is like a jim odell somewhere yeah he's he's out there jim jim odell wasn't he uh wasn't he state champ back in the day wasn't he on that 92 state champ

team in new york yeah well yeah it seems like again like i'm very bullish it feels like like the 2010s were like the warm-up for bitcoin like the tools uh which you can use to leverage bitcoin the network right now i've never been better uh they'd never be more robust and like we've been saying it feels like they're only iterating and getting better at a faster and faster pace um like people are already talking about like how biff tap group's gonna get implemented and some people are like bullish on like early second half no way it's not happening in 2020 shit is gonna take way longer than you think it's gonna take yeah yeah and you know that's a good thing it's a good thing you don't want

bitcoin changing too quickly then attack vectors come in you know we don't want any no no shotgun emergency hard forks on new year's you know no no you don't want that you don't want that take your time it's something worth taking your time for this is uh these are very very uh critical systems and they should be handled with care there's no going back if we fuck it up exactly um speaking of which if you fuck up your keys your seed storage excuse me your private key storage uh you're gonna have a bad time in the future jameson lopp uh bitcoiner uh ctl casa has put together a guide for all the metal bitcoin storage uh devices out there your bill bill faddles crypto steals uh let me pull up the list here there's a shit ton of them there's like

40 he's been reviewing them for a while putting them through their paces and like absolutely destroying them and fire and shit um but now you put it in like a nice table form on a single site yeah bit key block plate cold bit steel crypto key stack crypto keys crypto tag huddle knocks i really like that crypto steel capsule how do they rate it crypto steel capsule got an a minus for overall grade the heat grade is a a corrosion grade is an a the crush grade is a b um crypto steel cassettes which is the original crypto steel b for overall grade b for heat or b for heat grade a for corrosion grade and d for crush grade well he rated like 10 different wallets uh 10 different seed storage devices higher than oh there's a lot yeah then

crypto absolutely crypto steel caps in alphabetical order the ones the top uh that got a's across the board are bitkey block plate cold bit steel crypto key stack crypto keys crypto tag getting a theme here hodlnox uh quadrat register never heard of that one safe seed seed steel and simbit and steel wallet i mean this is kind of questionable now that i clicked in and it's like the bit key which is on the top it comes with the keys already engraved in it what the hell only use their service with a bip 38 or bip 39 encrypted backup so the key is in there but you provide the the passphrase is your own passphrase it's kind of questionable anyway take it all with a grain of salt the website um but you know not your keys not your

coins uh i mean i wouldn't use anything that came with a key already generated in it uh so just keep that in mind but this is a it's it's a great way to see the different pros and cons of the different devices because at least he does he does he does say this in here but i guess it's not part of his rating system for some reason yeah interesting yeah the uh the other popular wallet out there right now that does uh produce your private key for you about ballet crypto got f's across the board yeah fuck that shit should not be shilling that shit no one should be there's literally zero reason why anyone should ever use ballet crypto hey hey bobby lee's behind him man fuck you bobby i see you come on man give bobby a break i see you bobby um introducing a framework for privacy

in e-commerce via bitcoin is an article on hacker noon written by our good friend josh humphries host of the bottom shelf bitcoin podcast and he just gave uh basically a great job with this one yeah good shill for how merchants can get bitcoin anonymously i mean look no i mean it's not even it's not even anonymously he's not even saying that he's saying you know we've we've seen so many content creators and business owners basically become victim of this cancel culture where they they get removed from their payment processor and they just can't accept donations or payments so like he does go into privacy a bit which i appreciate it um but that's not even the sale the sell right the sell isn't even privacy the sell is accepting payments in the first place

just even being able to get paid and i think um it's very much low-hanging fruit so to see him you know it's a perfect use case to these people that literally they got kicked off of patreon they get kicked out of paypal they get kicked out of all these different centralized processors maybe they get banned from twitter uh bitcoin is there as an option and he put this in hacker noon which is like gonna be right in their faces i think it's it's a good read it's so funny yeah shout out to to josh for writing that but it's so funny watching all these people get the platform and be like oh i can't get money and like being like come on dude bitcoin's right here like the funniest is when they're also no corners and they like hate bitcoin right so then you're like

you recommend it to them and then they just get pissed off at you yeah say okay dude suit yourself yeah meanwhile we're running our btc pay server just accepting censorship resistant transactions every day that shout out we uh we we gave that we did read arrived literally 30 minutes before you you shut up yeah you don't even know who sent it which is crazy yeah some dude who has a friend named adam yeah we know adam yeah real he's a true freak yeah well adam could be made up they're both true freaks he's the freaks could be fucking with us just creating people and storylines and these shout outs we have no idea it's all psyop probably all al al's just fucking with al i know you're fucking listening out sick fuck stop texting my wife uh she doesn't she doesn't

want to see that that wizard's beard um talking about patreon we have satri on satri on satri on i'm gonna go with satri on it's patreon satri on for people won't accept sats satri on.net non-custodial what are your thoughts on that domain name that is dot net is you know shitty yeah it's it's the shit coin of it's the shit coin of suffixes i'd prefer dot io that's why you know we could have got tftc.net like what is this the 90s yeah are you yeah but the project's cool it's non-custodial lightning powered alternative to patreon for that exact reason that we were talking about where these people are getting deplatformed and also because patreon takes a fucking huge ass fee yeah yeah all these they're worse than the payment processors what is

like a 30 or something crazy all this can be open source btc pay server is basically like an open source imagine you're bringing in 200 300k you're bringing in 300k a year you know for like some content that you create and you're paying patreon you're paying patreon 30 of that it must be capped right maybe i'm over exaggerating there's no way i'm not sure patreon's regardless the fees are high i'm like don't hold me to the fire on what the fees are i don't know and they've been known more importantly they've been known to withhold payouts from their creators as well and just cut you off yeah and they're like the main way people are able to communicate to their um their communities and stuff like and they fucking just get right in the middle of there and just

well nickel and dime you that's why that's why we put the effort in to make our own site and help self-host our own content outside of third parties like mail chimp um podcasting is more youtube we also didn't talk about youtube last week oh we didn't we did we'll get to the war on crypto it fits in here perfectly yeah no but just to stay on the topic of self-hosting and youtube will combat that or youtube will show the opposite of this like pierre tweeted about this like it's important to self-host your own content that's why we have tftc.io like i would not want We'll put all of our stuff on Medium. I'm not saying we're going to get censored,

but just in case, prepare for the worst. And we use ghost.org. That's CMS, and that CMS is good because they actually incentivize you to self-host. Yes, you can pay them to host for you. That's how they make money, actually. But it's open-source CMS that you can host on your own servers. Do we host with them?

We host with them right now, but we're going to move. When we're in the black enough, we'll move to our own servers. we're just a humble podcast yeah there's two of us humble brand um i uh it's 12 it's patreon is five eight or twelve percent i guess it scales down as you make more money is my guess yeah but that's what the wikipedia says yeah but still they can it's less than 30 they can de-platform you like in massive and they can raise your fees at any point and you're held hostage you kind of have to do it yeah um but the reason i thought about the but was because you know that's like my response about youtube is like if you just if you build everything on youtube and you just expect

um like the time like absolutely like tell youtube to go fuck themselves uh for censorship uh but but you have to take some personal responsibility there like why are you so vulnerable that your whole business you know your whole livelihood is running through youtube like you're just asking for issues they're a centralized company um they have not been great about um being transparent about their censorship policies uh this is to be expected like i don't want to hear people outraged about tiktok banning your bitcoin focused account uh in six months like fuck you we see this coming it's gonna happen take control of your data take control of your future and you know protect yourself yeah no and the tools exist to protect

yourself today and but staying on youtube too uh people crying for like a decentralized alternative that's a long shot away like the data storage of these video sites is very intensive and capital intensive uh john seth has actually written a good blog post about this i believe about a year year and a half ago that if you think you're going to build a decentralized video platform like you're think again like the amount of data storage that goes into this is ridiculous and you're not going to be able to run that through a blockchain or anything um and then so you're going to need centralized competitors to youtube if you want to fix the youtube censorship censorship product uh problem um which i think is that i mean they definitely

have a monopoly who else is there like vimeo yeah i mean i'm not going to say that we're never going to have a distributed a distributed version um it's it's definitely a harder task than people think it is um that's not as easy as and and a lot of this gets solved by just video particularly is heavy bandwidth right so it's it's way more easy to build a way easier to build a distributed twitter clone or a distributed picture sharing you know photo sharing or something but video is is way way way bandwidth intensive and especially when you start talking about privacy and stuff like you know you're not going to be able to run those notes to a tour or anything like that so it becomes it becomes very difficult um a lot of this gets solved by just proper competition

just you know like and like gab is an example of this before they kind of fell off uh like they just decided that i don't know that whole porn thing like really freaked me out um but like gab is a perfect example is like they didn't do anything special i guess now that they're on macedon it's it's federated um federated servers to interact so that it is more distributed but the gab in its original form was a straight up twitter clone that was completely centralized it was just their their ethos as a company that the rules that they held themselves to uh were more free speech oriented so it provided a competitive outlet right so so the ideal here is is to see more competition come out to have more video platforms but they got

de-platformed at the end of the day by their payment processors by their dns provider at the end of the day too look and i mean like you know people can self-host their own videos if they want to self-host their own videos but but the easier way for the less costly way for most people is to host their videos on multiple platforms uh that are all centralized yeah so what would be bitch is bitch you attempting to do these i don't know i haven't really been paying attention to any of these distributed video alternatives what about block tv block tv is not distributed at all it's just a centralized uh blog that uh it competes like the block and shit but they also they did primarily do video content and they have their own fucking token and there's like a bunch of

bitcoiners that keep going on that platform the siren calls we're looking at you we know you know you're inadvertently supporting you know indirectly supporting their uh shit coinery yeah they're fucking they launched an ico it's 2020 well they launched in 2019 it's 2019 they launched a fucking garbage ass ico man hey you gotta incentivize the content producers bro I'm never going to wake up shit is trending to zero it is trending to zero and you will not see me on block tv

it is not a coincidence that I have not been in any interviews with block tv yeah you're going to have the block tv stands like they never invited you practice what you preach you can't give

yeah yeah that's why i was pumped that i sent a psbt i can officially say it right and uh i've been talking about it a lot saying it's cool i finally did it it is cool it is cool when you first send that yeah um cold card makes it easy cold card and wasabi man these i used your uh hopefully treasures treasures should release it soon too because the treasure t no one should be using the treasure one the trezor t has an sd card slot so awesome um what are we gonna riff on and the reason i don't like the trezor one i've said it before is because to use a trezor securely you absolutely need to

use a passphrase and with the trezor one it doesn't have the touch screen so you can't enter the passphrase on the device so to me that's a disqualifier and if you're storing any kind of meaningful amount of bitcoin you could pay the 75 or whatever it is to buy a treasure t guys think about your security diversify um are you excited for 2020 dude i'm super excited for 2020 why did why is the hindsight 2020 thing a thing because people have better vision than 2020 uh 2020 is like the average vision 2020 is like perfect no it's not perfect vision because my lady has better vision than 2020 she always makes the same stupid dad joke you know I've had 2020.

She's like, your hindsight's worse than my regular site. I've heard it so many times. I've never heard that. I've had... Yeah, you can have like 2015 vision shit. I don't... I had just assumed... I haven't been to a optometrist?

Optometrist. Eye doctor. An optometrist. We don't need your fancy five-point words. We can just... Eye doctor. In a minute. I mean, knock on wood here.

I've just assumed I've had 2020 vision. i've never really had eye problems do you wear contacts no i don't i don't wear i don't wear contacts yeah my my eyes are good knock i'm gonna knock on wood my eyes and my ears are good you know i was i i won the genetic lottery i'm very happy about it yeah hairline not doing as good speaking of me um as my vision and sense of smell in here but uh you got to take what you can get with your sense of smell that's one thing they don't test no one's like you have below average smell i think i have a good palate how would they how did they do that test i don't even know how they would do that

test we have one more thing on here the difficulties with uh creating open verifiable hardware uh which is just a really good read or watch it's um it was part of 363 which was this conference that went on in uh germany i forget exactly where it was but it's big hacker conference a lot of corners go to it it's the 36th year they've had it it's there's a lot of really good talks i mean you should just go through all the talks i haven't yet um but i have gone through this talk and it was very good talk and basically the idea is you know here we want we want open hardware as much as possible um we want to be able to verify that hardware as much as possible and in the bitcoin world we see this a lot because we have these nodes and we have the hardware wallets right and

there's all these different trade-offs where you're trying to make that happen and compared to code even though everyone can't read code the fact that you can verify that code hasn't changed after someone else read it is a major bonus that you don't see with hardware and like you know people try and get around that by stuff like with the cold card having the transparent case trying to keep the chips as simple as possible so you can look at the picture on the on the website and compare and contrast but it will always be more difficult than open verifiable software um because with open verifiable software you can have the hash you can sign it so that so that you know that that someone looked at it and then it hasn't changed the software

hasn't changed with hardware that that is is much more difficult than this guy he's trying to make um basically an open verifiable hardware platform that has a built-in screen and keyboard like a nice little computer that's like a trusted piece of hardware and he goes through the difficulties he's had working through those trade-offs yeah it's crazy the amount of trade-offs they have to take into consideration uh specifically with hardware but software too as well like there's software is always buggy uh it's always leaky these are ongoing projects that's actually what i said in the bend today the reason we need these um

these booster rockets uh that's because we need them during the beta phase if you've recently And I know Bitcoin is still technically in the beta phase. It's version 0.19.0.1 that first zero dictates that we're still in beta. So it is an ongoing project. Software and then the hardware that it runs on is something that we're still figuring out as humans. We're really, if we're thinking long term here, we're really lowering our time preference and thinking into the future. We are in the very, very first half of the first inning of this digital revolution. and we're still trying to figure out how to interact with this stuff yeah absolutely it's

a slow and steady process um i mean this is also why multi-sig is so important right because um you can have hardware wallets that are close to being open and verifiable like as close as you can get um and then you mix and match them so that multiple of them need to be compromised to get your keys I think that's a major step up improvement there and I really hope 2020 it really seems like 2020 is gearing up to be like it's gonna be like the year of of good user-friendly multisig that you can use with your own full node completely sovereign right yeah yeah no and I think that that would be great to see that would be that that's a huge wish list item that I that

it seems like the projects are there they're working they're being iterated on they're being fleshed out it's and it seems like we're close it seems like we're close i'm really excited about it yeah we won't make any decade long predictions we'll just be here week in week out to keep you guys well i think in the decade the number will go up yeah the numbers will go up hash rate all the numbers are gonna go up yeah um yeah but we'll be here rabbit hole recap will be here to keep you up to date on what's going on what we think about what's going on what we think is important to focus on and what's going on um that was the first rip of 2020 year of clarity the year of clarity is going to age so poorly there's going to be more confusion than ever

this year it's going to be opposite of year of clarity is this matt's uh no exchange will ever use lightning network prediction from last year dude i'd be so happy that was like that's the best prediction to ever get wrong you know yeah like that's fantastic this would be a good one to get wrong too that's why it's funny when i was like i think someone someone gave me shit when i like had a post where i was like i'm bullish on on lightning being like because it got added to bitfinex i was like this is fucking huge you know and someone was like you just like parrot you know the usual talking points yada yada yada it was like 10 months ago i said this was never gonna happen so you go fuck yourself right i was pretty confident i said never i was

like i i spoke in absolutes that's what happens when seven drink matt comes out you know you try not to speak in absolutes yes yes we can all work uh trying to get better in that aspect of life um yeah i think like you know a good a good way to end this episode is like new year's resolutions i mean i think like if you're a bitcoin you listen to this podcast you don't have a full node or you don't use a full node like maybe the plan should be uh do you like make yourself a my node i think my node seems like um it seems like the the user-friendly it's like a good user-friendly mix of if you're building it yourself um but you're using these install scripts and they have all these different tools like you can install your own blockchain explorer you can install

mempool.space a local copy of that so you can see what the mempool is for your fees you can install whirlpool soon you can install dojo you can do lightning you can do electrum all 24 7 these dedicated devices like as awesome as it is like i'm there's no shame in just running bitcoin core on your computer uh it's very easy to run and then you're running a full node but when it comes time to interact with hardware wallets when it comes time to use it for mixing when it comes time to use it for lightning it's just easier to have a 24 7 dedicated device so i think like controlling your own keys if you're not doing that yet consider buying a cold card try out coin join if you haven't tried it yet if you have tried it consider ramping up your

efforts it takes a long time you know timing analysis is one of the big things you can't move large funds through these things especially with liquidity low and as more people use the liquidity increase so consider that and play around with lightning let's play around with lightning um use tour when you play around lightning otherwise you're broadcasting your ip address uh with the attached utxos don't do that um and always coin join before you open channels don't open channels with tainted bitcoins coin join them first um so that they don't have a discernible history or they will still if you fuck it up but at least they'll have less of a discernible history it's important not to make privacy guarantees that we cannot keep yes

you know just be aware be more aware and don't be afraid to uh to interact with this stuff again like i was saying it was so fun creating a partially signed bitcoin transaction and sending it on the main net over the weekend that's a bit like i fucking love when i have just i have some downtime i'm just like i'm doing bitcoin today that's what i did yesterday i'm just doing bitcoin i'm gonna like get my ducks in order maybe i'll fuck around with something new i did i'll play around with it like that shit's fun it's enjoyable i did four hours of bitcoin yesterday and you learn more than you could watch millions of videos read a bunch of shit like you learn so much more like just fucking diving in and just doing it yourself yeah and just trying it out just you

know do that you know so in the year of clarity just try and bring clarity to your bitcoin process by practicing and our dms are open you know feel free to reach out always happy to help um we have the key base chat uh bitcoinkeybase.com is the easy link to join that which is of course i have a vanity domain for it but bitcoinkeybase.com we have that group chat uh yeah so just just keep exploring keep learning keep educating yourself um don't get cocky we still you know that we all have way more to learn um and just keep trying to improve yourself Yeah. That's the end of all that.

Peace and love, freaks. Stay humble, stack sides. Got that one in. You really got that one in.