TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Week of 2020.01.20

Episode Date: January 23, 2020

This week Marty and Matt discuss: - Ronin Dojo v1.2 - txCast: Randomised Bitcoin (testnet) transaction broadcasting to break timing analysis - MyNode v0.1.80 - lnd v0.9-beta - Zeus v0.2.0 - BTCPay Vault - Liquid support coming to Bisq with next update - Exchange cold storage analysis - Square Crypto announces lightning development kit - Square files bitcoin related US Patent - LightNite game map and other details released - Apple iCloud backups are essentially a backdoor to phone data - ECB paper on central bank digital currencies highlights negative interest rates, helicopter money, and more seignorage - Clearview app face recognition app uses 3B+ photos scraped from millions of public facing websites - Pentagon accounting debacle - Bezos gets pwnd by the Saudis - much more 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.

95 masks and 95 masks what do they do they're like they're the they're the better particulate masks they have like different ratings for masks would this protect me against the coronavirus going on i mean i don't i don't really have any details but it'll do better than the like the shittiest masks like you need to these are more expensive you need to have the more expensive ones okay what's up freaks uh matt came with gifts today he brought me a particulate respirator n95 mask well i have like a bunch of them at home so just in case you know you can never be too safe yeah i mean i think this whole corona thing is kind of bullshit right they're shutting down big cities man it's got a good name yeah it does coronavirus yeah just makes you want to drink

a beer even though i don't really love coronas with the lime in the right situation i'm a big guy in the summer with the lime definitely yeah i don't mind it straight either you need to have with a lot yeah corona extra too those kind of those corona extras will sneak up on you though be careful if you're drinking the extras out there freaks it's pretty crazy that wuhan am i pronouncing it right i believe so 11 city 11 million people yeah they shut down two other cities bigger than new york city yeah imagine new york city got shut down from leaving and entering would they be able to do that here do you think i don't know it's not that's never happened right Isn't the New York City Police Department like the second biggest standing army?

No, but it's like six or seven. That's pretty crazy. Well, they could cut Manhattan off pretty easily. You just block the bridges. They could cut Long Island off. They could cut Staten Island off pretty easily. We're lucky in Brooklyn. The Bronx would be hard.

Yeah, you just start walking north. I don't think they've ever done it. Well, let's hope they don't. That would be chaos. um i'm i'm thinking of i am legend right now but yeah is it uh i am legend i my favorite part of i am legend was the like overgrown new york right yeah that was pretty cool yeah um but yeah it's a coronavirus just another ebola scare another swine flu scare is it is it bullish for bitcoin i don't know people were were pushing that narrative well you know bearish right well

you can't it's hard to spend cash in a hazmat suit but it's easier to spend bitcoin it's a very good point there you go you shouldn't be laughing about this is serious people dying 18 deaths so far a lot of people there's probably more though right i would imagine i don't know i don't really trust the chinese government numbers yeah yeah they've known to to fudge some numbers in the past yeah but i saw a video of like in one airport some they put some dude in a box how crazy was that it was pretty cool yeah it looked like in like they had just invented that box like two years ago right could you imagine being in that box though yeah would you get in the box did you see uh luke martin posted he was like if the guy

in the box started shooting a pyroscope video that would be like it would win the internet it's so true i bet he made a tiktok um yeah it was a nice little three minute ad lib there to open it up let me pull up clark moody's dashboard do we have any shout outs today i don't believe we do let me check be kind of cool if we did our shout outs before the ad read yeah let me see if i uh if we got any i'm checking ptc am i torn whether or not it's good before or after it's good as long as we get in there yeah i don't think we have any shout outs unfortunately freaks don't have anything to say let's i pointed one of my domains at clark's uh website which one Bitcoinstats.co.

Bitcoinstats.co. If you go there right now, you're not going to get the same price that I'm about to read because it'll be an hour after I've read it, or many hours after I've read it. But right now, the price, according to Clark Moody's Bitcoin dashboard, is $8,339. Sats per dollar is at $11,985,

approaching $12,000 per dollar. What else are we looking at here? tor stats tor nodes uh for the lightning network uh are making 39.3 i believe that's about where it was last week when we met here when we congregated here on the airwaves uh what else are we looking at it's up a little bit it seems yeah it's up a little bit um yeah and he added a he had a node count too um so satoshi version uh core version 0.18.0 is the most downloaded implementation of core right now behind that's 18.1 19.0 0.19 with 0.1 is after that and then it falls behind there uh the site is just growing every week i feel like clark

is a beast mode again right now yeah he just keeps adding yeah i also like he added the forward-looking block predicted next block category, which is pretty cool. Not really useful for a shout-out on the pod, but I like that category. I do, too. Fees versus

subsidy. Fees are making up 0.95% of the next block predicted. You need to pump those numbers at some point. Run a tour node. We're going to get to some cool... Let's break 40%

We're almost there By next episode Almost there Before we get there Let's get these ads out of the way freaks And actually after this Cash App ad We'll make you abreast of something that's going on here Tales from the Crypt is brought to you by the Cash App

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to this episode now you you may have noticed a new album cover are we gonna actually put it on for this episode yeah yeah oh fuck yes yeah i'm gonna put it in um yeah cash app i know some of you freaks are gonna freak out i think uh i think we've been bought by the man we've got presented to buy cash app on the album artwork i can i can uh assure you um and we we have not been we're not we're not sellouts we definitely have sold ad space for money but uh yeah we uh we have a cool new logo a nice little drip and i think we're going to switch it up every six months i really like the six months idea yeah yeah so yeah cash app uh luckily to have them on for the whole year as a sponsor yeah so let us know what you think of our of our new album art yeah uh i mean our

previous album art i think marty created it in like microsoft paint or something it wasn't me it wasn't me it was actually a shout out to joe small doan from barstool sports he made it for us um years ago when we first started this podcast this humble beginning i'm gonna miss the old arbor artwork i'm not gonna lie though it wasn't my favorite aesthetic we can do things with it yeah we'll figure it out it's uh it'll always have a special place in our hearts i really like the six-month idea but anyway freaks let us know what you think of the new uh album artwork yeah yeah hope you dig it uh this episode tells from crypt it's also brought to you by engine capital you already know all about them they're creating financial services for bitcoiners uh and their

service is uh revolved around custody collaborative custody and multi-sig they have their vault program it allows you to engage in multi-sig quorum with unchained uh you can ask them to sign a transaction for you if need be if not you can sign it off yourself on top of that uh they have their uh loan programs where you can use bitcoin as collateral to get us dollar loans if you don't want to sell your bitcoin and get some liquidity right now friends don't let friends sell bitcoin uh so unchained is there to help you not sell your bitcoin by taking out a collateralized loan and then on top of that they're doing dope stuff on the open source front uh obviously with caravan which is their open source desktop app for their multi-sig quorum so if you don't even

want to include unchained in the multi-sig quorum that they've created themselves you can download caravan and do that yourself without unchained they've open sourced that solution for you freaks on top of that they're working on other stuff like slip 39 hermit and great content in the form of their blog drew joe parker lewis are putting out some great content so go check them out at www.unchained-capital.com www.unchained-capital.com We got dinner last night and I was like, yeah, RHR tomorrow.

What do we got on board? You were like, ah, slow news week. It's the longest list I've seen in a month. That was a great dinner. Do we have no shout outs? No shout outs. No shout outs this week. I have a shout out.

We're trying to coordinate a Bitcoin Citadel workshop in san francisco leading up to bitcoin 2020 um which both me and marty are going to be participating in bitcoin 2020 so you should get tickets if you haven't already um so if you have a business or some kind of event space available um for us to run that workshop like about like 20 people maybe like 20 to 30 people uh please reach out to me we would appreciate that you San Fran freaks, excuse me, San Fran's not kosher if you're in SF, USF freaks. You're not allowed to say San Fran, it's uncouth. Is it uncouth?

Losers say San Fran. Oh, and the other thing is that would be on the Thursday before the conference in the morning, ideally, like 10 to 12 in the morning. What's the Thursday before the conference? 27. The 28, it's not working. The 26th. Okay, 26th. March 26th.

I'm way off. Another shout-out. Shout-out conferences here. The team at Advancing Bitcoin reached out. So if you guys are in London looking to go to a dope technical Bitcoin conference with a lot of good information, Advancing Bitcoin is happening in London. Let me find the date here.

Exactly. I think it's the beginning of February. It looks pretty boss. Yeah. uh there's like a lot of it's a two-day technical and i i think last year was the first or second annual um it's in london 6th and 7th of february uh this year so a couple weeks from now if you're in london you want to get some good technical uh coverage of bitcoin this is the conference for you advancing bitcoin go check it out at

advancing bitcoin.com yeah then like the london bitcoin devs uh are throwing a good meet up around then too is that like michael falcon yeah michael folks folks and folks and yeah yeah um so that's if you do make it out there you should definitely go to that as well i'm sure that's going to be a good time yeah shout out to the advancing bitcoin team all right let's get into the list here big one ronin dojo v 1.2 is out what's going on with the new just a better ui um we get dark yeah i'm not sure uh but they they updated it yeah so i put it there ronin is a great way to run your own dojo um on either an o droid or a uh raspberry pi um so it's yeah it's it's probably the easiest way to get started on dojo yeah so it comes with whirlpool client uh cli version

0.10.2, Dojo 1.1, 4.1, excuse me. Enhanced menu options for Dojo, IBD transfer scripts, added backup drive script, temporary removal of Electris, how do you say it? It's Electrum server, yeah. It's Electrum Rust

server. Electris. Yeah. And then general fixes. Yeah, so basically they updated all the packages. Yeah, well, while we have Electrum server on here, let's just transition straight to the BTC pay vault. I think that's a good transition there. Um, well at first, my note also updated, which is probably the second easiest way to run

a dojo. Um, and you get the added bonus there. I don't think they've added dojo yet, but they added BTC pay and they added whirlpool. Um, and there's already LND is there and it all runs through tour by default. Yeah. You have your mempool explorer, so it's, it's more, uh, fully functional. Um, and I am going to set up a, my note soon, apologies. I haven't yet.

And there'll be some videos on that as well. now huge shout out to the mynode team that's two it's two guys right i know it's at least one dude yeah but they have contributors too there's like open source contributors down in alabama right not sure i'm trying not to find people's i think he has it on his twitter profile at least that's what he's saying but yeah mynode seems like it's legit they're adding great fucking project looks like a good out of the box plug and play click and drag yeah you get lightning you get you get uh samurai support so you can do mixing yeah and i think you get electrum support so you can easily do hardware wallets or through wasabi and what's the hardware

for lightning btc pay they have now it's like 180 with the hardware needed right yeah maybe a little bit less okay yeah because the raspberry pi is like 50 bucks yeah um then the ssd is like 90 so that's like $150 and then plus plus because you need enclosures and stuff like that and an SD card so it's like yeah you're probably right like what did you say $180? Yeah about $180

yeah and then but then there's some things that are only behind their premium where you have to then pay them another $100 but what's good is it looks like Whirlpool Dojo and BTC Pay will not be behind their premium that sounds like it's worth it though it's a good monetization pad

That's a good way to support them. Yeah. Still pretty cheap. Yeah. You got like your hub for a global financial network. You and I could pay them a hundred bucks. Yeah, it's a pretty good deal. So shout out to the MyNote team.

And then back to the BTC Pay Vault. This is actually big. Something I've been waiting for. Huge. Because if you have been using BTC Pay with a hardware wallet and you don't have Electrum Server hooked up, you know that when you create a bunch of invoices, the uh btc pay just goes down your uh your x pub and just starts picking addresses and people don't

pay uh invoices in a row which is not going to happen here it would just be too perfect if every next address in uh your x pub was was an invoice that got paid when in reality there's like 20 30 40 right yeah in between so yeah there's like 40 it jumps like 40 addresses down a bunch of invoices go unpaid so uh what happens is you'll go and you'll plug your hardware wallet in you'll you'll you'll see on bdc pay that your wallet has bitcoin in it and then you'll go plug your hardware wallet if it's trezor get a trezor bridge um and it will look like your bitcoin's not there but what you need to do is set up electrum server because of the gap limit yes you have to jump forward gap forward which is how many addresses they're watching that haven't been spent yes

so it is like if you don't understand the uh the gap limit stuff it is scary you're like holy shit where's the bitcoin it's not here so now btc pay has their own solution to basically accessing hardware wallets with your own full node yeah so it's like a desktop app um is it an app i believe so yeah have you haven't tried it yet i haven't tried i was uh just read it yeah it's uh neither have i but it looks like a big deal and it just goes to show like btc pay is is really evolving as a full software stack yeah so i mean because this is useful for people that aren't uh just merchants like you can run btc pay and then run btc pay vault just to access your hardware wallets as an individual yeah um and so here's what they say in layman words btc pay vault is a separate

app locally hosted on your pc which btc pay server connects to and asks for permission once permission is granted btc pay is able to integrate with any hardware while connected to your pc you can import your wallet and spend incoming funds with a simple confirmation on your device with your keys never leaving your hardware device with all funds being validated against your own bitcoin full node and no data leakage you get privacy improvement and you're actually validating the bitcoin you receive yeah it's all that's awesome man slowly but surely that's huge yeah closing the loop um and this is another cool thing that came out in testing and only on test now but her good friend 6102 is it underscore bitcoin no it's at 6102 bitcoin at 6102 bitcoin

um is coming out this product called tx cast it's not really a project project yeah it's a script that allows you uh to basically delay the broadcasting of your transaction to help break timing analysis yeah so timing analysis um keeps me up at night uh why both both literally and figuratively um once you go down the timing analysis rabbit hole you really start to freak out about bitcoin privacy and like using bitcoin privately so i mean we you see it a lot with specifically with coin join with these new charming coin joins um these uh you know world pool and wasabi uh basically you have all these outputs afterwards um and you know you don't want to combine them because if you combine them you link them and you potentially reduce the

effectiveness of the you you will reduce the effectiveness of the mix that you just went through um and they can possibly get linked back to you um but if you are sending them to cold storage simply sending them as individual utxos isn't good enough because if you have 10 utxos there and you send all 10 utxos within two minute period um they're going to be in the same block right and if you if you're if you're only sending your utxos like in the morning eastern time then like you're probably like on the east coast of the united states right so there's all these things you have to keep in mind in terms of that and what happens is it becomes like a very time-consuming process where now you are up at two in the morning sending one utxo you

know just because you got to do it like and you can't do it like every hour or every two hours because then if there's patterns emerge there's a possibility someone could end up gleaning information from it so the idea of this is that you put in signed already signed transactions from any wallet whether that's electrum or wasabi or samurai and then you set like a time period and it's supposed to randomly send them out across that time period through tor to blockstream because Blockstream has an API where they then broadcast it. So not only would it not be linked to your IP, but it should break timing analysis.

Yes. And it'd be great to see this actually built into Samurai. It would be fucking awesome. Built into wallets. Wallets should have the ability to stage transactions. Like every wallet, that would be awesome. Yeah. Let's give a big shout out to 6102.

this is the man i don't know if he's a man i'm assuming is uh that gets shit done he's got his could be a lady bitcoin-intro.com correct um bitcoin-intro.com bitcoin-only.com and my personal favorite is bitcoin-only.com slash hashtag privacy which i think is like the best single page resource for privacy because it links to a bunch of other that are really good resources or privacy but it's just very well done so that's always that's the link i always direct people to when they um want more information about bitcoin yeah 6102 living the if not me then who uh lifestyle out there tx cast is his first coding project i believe i don't think he's ever coded or one of the first one of the first yeah yeah so go out test it it's on testnet right

now so you get some testnet bitcoin yeah he's looking for help and fuck around um and that's a new that's a new project out there and be aware of timing analysis yes be aware of that um we've got a couple updates here lnd version 0.9 beta uh that's multi-path payments and key send pretty big which are both pretty big yeah so key send is like you can send a payment to just a um just a pub key instead of needing an invoice yeah i actually kind of like the invoices in lightning i love them but you get both options anyway you get both options um and then they have that liquidity management we were talking about where you can basically send it oh you stay on lightning and you just send it from one channel it goes through a couple hops and then comes back

through another channel um so routing nodes can balance out better without uh actually having to go on chain which i thought was pretty cool and then multi-path payments are pretty self-explanatory payments can split up and take multiple paths another big thing in this update too is uh the macaroon bakery oh yeah i forgot about that that's huge yeah so we've been talking about that for a minute yeah this enables you to create macaroons that can divine define permissions that was one of the big problems with macaroons up to this point is it's sort of leaky not not not very good security wise so they yeah i mean macaroons up until this point was basically they either the application either had full access to your wallet or they it was just watch only there was

no middle ground so basically like ideally we want to have like a permission system where you could be like this macaroon allows you to spend up to 200 a day or this website only or whatever so we can isolate it because right now like you connect from your phone to your home node and like all your funds are at risk through your phone yeah yeah um so this is a big upgrade too shout out to the lnd team for pushing that forward um yeah it just allows more granularity uh in your permissions when you're when you're using lightning on the web and then our boy Evan updated Zeus we got Zeus 0.2.0 yeah I did see lightning support which is pretty big that is big is that the the only they added a bunch of things

you could set channels fees all at once or channel by channel which is what I love about RTL shout out RTL fee report LNU all URL withdraws and pay support so he added on url support yeah which is pretty this isn't on the list but the fact that you just said pay maybe think of that that app pay oh we should talk about that don't use pay yeah apparently they're they're not giving people as much bitcoin as was originally advertised i mean that's not my my issue with it is their privacy policy we never talk about it because i don't want to give them airtime and i like only talked about them on twitter like right in the beginning I tested out the app. It's one of these apps where you get SATs back, but instead,

you know, the three main big ones are Fold, Lolly, and Pay. They all have different models, and Pay's model is you link your credit card, and you download the phone app, and it automatically, when you spend on your credit card at select merchants, you get SATs back. And the biggest issue i have with them is um their privacy policy is fucking horrible they're absolutely collecting a shit ton of data and selling it uh and they like force location permissions on your phone like the app becomes unusable if you try and block the location permissions so it's like that's the and that's like an ultimate thing with privacy and then yeah the rates are they give you like nothing so like don't sell your privacy for like sats just like yeah well that's fractions of a sat

That's why I like Fold's model, too. I think Fold's my favorite now. Yeah, the gift card. A gift card gives you privacy, and you get sets back with that. You buy gift cards with a credit card or a debit card. Right, right. Lolly uses an extension, or you can do it through their website, where you have to link through their website if you don't have the extension.

And then Fold's model is they either sell you gift cards for Lightning or credit card, and they give you cash back. and that's really nice from like a privacy point of view um because your credit fold knows what you're buying but your credit card company doesn't know uh what you're buying they just see a fold yeah um and if you buy with lightning you can actually use fold without an account which is pretty crazy just use it completely accountless which is like fucking slick i actually yeah i used uh i used fold to to top up a 50 amazon gift card yeah they have amazon so you can literally buy anything through that yeah and then you get stats back even if you pay with bitcoin you get

stats back credit card or bitcoin yeah so i believe lolly's coming out with an app don't use pay yeah lolly's obviously they're going to come out with an app they've been teasing it um one of your favorite topics liquid support it's coming to bisque baby well so i thought this was like kind of interesting because i don't really see that much value in liquid for myself like we've talked about this on the pod earlier um about exchange to exchange and stuff like that but this is interesting because i did mention last episode i was like what i want to see is um trust minimized ways to swap between the chains without kyc so like obviously bisque fits that bill perfectly um it should be interesting to see if bisque like adds uh stablecoin support through that

because you know one of the biggest hurdles with this is the fiat side so there might be something there in terms of using using tether on liquid you know disclaimer disclaimer disclaimer tether has all the third-party issues third-party risk but there's something there that if if you could easily move back and forth from Liquid and Bitcoin and then you could take advantage and then there was like a CoinJoin client

on Liquid that had confidential that leveraged confidential transactions then there could be something there from a privacy point of view for regular Bitcoin users yeah it just seems like Liquid is becoming compatible

with more and more wallet services and stuff like that yeah um so yeah something will be following again i don't have a use case for liquid right now i'm not a big trader and then the other thing was tether just released tether gold uh which i was gonna just like bring up after at the end and like a riff but just something to keep in mind they added now they have gold in some swiss bank yeah gold back tether um i have no use for that whatsoever it has third party risk like not your gold not your gold i have i don't know how the saying goes for gold not your vault not your gold yeah not your bars not your gold yeah um so i i don't really see that much value in that and and tether is um could be worth nothing overnight as

is always the case with tether even though they keep surviving so yeah it's crazy we've been talking about them i think our whole our whole podcasting career oh yeah absolutely yeah um this is uh this is pretty cool too i wrote about in the bend today short bend today your boy did not give us that's an understatement yeah it was short one of the shortest spends ever probably i was i was hurt this morning uh exchange cold storage analysis uh was performed by long hash and this is cool they're trying to get a better grasp on the actual exchange volume and instead of looking at reported numbers from the exchanges which have historically been gamed uh I'm not saying that all exchanges are doing that, but some have in the past.

You have to trust their volume numbers. No one can audit those numbers, at least especially for the overseas like shitcoin exchanges and stuff. Yeah, so Justin Kai from LongHash basically came out with this piece this morning saying, hey, maybe a better way to look at this exchange volume is to look at their cold storage wallets and see how they grow over time. Yeah, Coinmetrics has done some good research in this respect too. I mean, I think it's really the only way. um and like on the we'll dive into this as well but on like on a slightly uh related note bnb recently did binance recently did their burn and everyone's like trying to extrapolate like how

much revenue they made based off of it um and they like changed how they do the burn but just need to remind all you motherfuckers like it doesn't matter what they say in the not only can they change the terms whenever they want you're completely trusting them that that their reported revenue number is the correct number anyway like there's no way to verify that um so they absolutely could be you know inflating it at will if they wanted to yeah so anyway with this coinbase is the most by fucking far they're approaching a million bitcoin in their cold storage and then the next one's like 250k or something right yeah and that's what i said in the bend today i was like more people need to learn how to self-custody uh coinbase i think

with their acquisition of zappo oh that's probably why it's definitely are they including that i don't know i'm not sure it might be even more because i know they were around like 800k around before bcash and then it dropped like a lot because people withdrew to split their keys yeah well they withdrew before pre-fork yeah um so it did drop a decent amount but now it's back up above where it was before and growing and you look at it looks like just a steady line So yeah, that's why I don't think they included Zappa because you don't see like a massive bump. Yeah, so they probably have even more, yeah.

Not that the accumulation of that many Bitcoin is dangerous for the protocol in the future. It's dangerous for the people on Coinbase. And if Coinbase ever gets in trouble in the future and decides not to give you your Bitcoin, it's a lot of Bitcoin that people won't have access to. i'm not saying they're going to do that just i guess they do have a in february they have a spike was february when they did it no last year no i feel like it was it was after that right i feel

like it was in like the summer yeah i don't think they haven't included what's number two number two is oh huobi because they took all the plus token uh bitcoin probably uh that ponzi scheme that happened in china um or still kind of happening maybe not they got they got busted but i mean they're still trying to launder yeah they're still trying to launder those coins i'm pretty sure and then number two is binance which is just barely below there are like 230 something 240 000 yeah um so yeah if you're not your keys not your coins keys not your coins and yeah and somebody uh somebody commented under the the bent tweet today saying hey i've been practicing with cold card looked at your videos and i i definitely you know he said uh i think i did it successfully

but i still don't feel comfortable and that's like one thing i want to stress is it takes a lot of practice and time it just takes time and like everything else create wallets wipe them recover them send money to and from just do it a bunch of times and get comfortable with it the wipe and recovery is really important yeah or like get a second wallet so you don't actually wipe your wallet just in case we'll wipe it before you send any funds or you just send a little bit then wipe it yeah um and then but if you have a second device it's really nice because you can just be doing the restore process whenever you freak yourself out future times yeah uh but again practice makes perfect i've gotten more confident over the years that i've done this

stuff more and more definitely don't send them to a ballet crypto wallet definitely do not do that like marty would you rather keep your bitcoin on coinbase or ballet coinbase i hate to say you said that really quick yeah why why are all these ogs pumping ballet man pre-generated keys did you read the the i don't even want to give them airtime but don't use ballet crypto no it's this it's this card it's basically like a cassatious coin without bitcoin on it yet you don't know how those keys are created they can somebody could so why don't you tell the freaks what a cassatious coin is a cassatious coin was in the early days of bitcoin uh a lot of bitcoiners wanted to have physical uh physical bitcoin they like they were made actually made of gold and silver and shit

made of gold and basically the creator of the cassatious coins produced private keys for the people and then put a sticker over it and loaded them up with bitcoin and said he deleted the keys yes so everything arranged from like 500 to 50 000 there's still a bunch in there yeah um uh malik on twitter followed he he like tracks them yeah um which is crazy that people still keep money on them but like so it is possible that there's good actors who yeah because he delete he said he'd delete the keys they haven't been stolen yet they probably won't be at this point i still wouldn't risk it um yeah just the same thing with this with ballet you legitimately have to you're trusting bobby lee um not to steal your coins and not to compromise your privacy

um yeah and so and then on their on their website they say it is the ultimate in cold storage security it's like it's impossible for us to steal your coins like if they list maybe i would i'd be a little bit less upset with it if they enlisted the trade-offs clearly and made it obvious instead of instead of just hiding it with all this misleading bullshit and buzzwords and garbage like you should carry it around right i know yeah they have like an app where you like then you scan it with the app to pay with it it's fucked yeah beware not a good idea beware i'm not sure if i would keep it on coinbase or that would suck either that's like one of those horrible uh i would not want to do either yeah i mean luckily that's not the only

two options we have yeah that's i'd rather keep it on a cold card oh yeah obviously well then then it gets easy yeah definitely open open dimes like the better version of this open dime is was created for physical transactions and it doesn't pre-generate like he went rodolfo and his team over there they went through all these different iterations to make a product that could handle this without those kind of trade-offs being made and it exists now so you can use an open dime instead it doesn't pre-generate your keys you provide the entropy additional entropy to it so you know that they don't they can't um you're not beholden to the they can't figure out your key yeah um you're not beholden to cold cards they have not is an enclave or whatever produces their

private key you can add more entropy and randomness to it exactly yeah um so if if for god forbid their private key generator on the cold card gets well this is open time i'm talking about yeah well both yeah well i don't i'm not sure if the open dime has a secure enclave in the open dive you create random entropy with like pictures right it's not like a roll of the dice like it is and also on the cold card the the secure enclave doesn't um maybe it provides a little bit part of the randomness but even if you don't provide your own it's not the only source of randomness it's the the enclave's main purpose on the cold card is to actually hold the key yeah so maybe the open dime has one too i'm not sure anyway look into that i like the open dime

yeah rodolfo if you're listening uh we have great open dime videos that i put on so if you gift someone an open dime i have a video specifically for the gift receiver hello you've just congratulations you've just received some bitcoin and i made that because i give out open dimes all the time tftc.tv and i got tired of explaining it to people it is uh they opened up such a cool product it just looks fucking cool yeah um square crypto they announced uh the team that uh square crypto amassed uh finally announced what they're going to be working on this week and they're going to be working on a lightning development kit to make it uh easy for uh for people building across lightning network protocols and wallets to interact with each other pretty

pretty big uh pretty big endeavor and would be pretty useful i imagine i believe they're going to do that in rust lightning yeah rust lightning uh their goals here are adding lightning capabilities to existing bitcoin wallets no need for a separate wallet just for lightning supporting multi-device multi-application access to a single wallet allowing wallets to make ux security privacy trade-offs such as external transaction signing and customizing their state backup to a cloud service so ldk just really is going to help developers out um and make it easier to build stuff on lightning yeah we got uh we got two members of the square crypto team coming through tomorrow to come talk about what they're going to build uh so they're probably going to make us

look stupid awesome we will post that on monday so matt corallo and val valentine and i will be joining for that as well val i'm missing your last which i'm pretty excited about um and it's also worth noting lightning labs also has a development kit they call falafel falafel mess i like that kind of a weird name i like falafels falafels are good fried chickpeas baby um what's not to like staying on square what do we think about this they released a patent yesterday Bitcoin related, it looks like they want to allow people to pay in Bitcoin at merchants and the merchants can convert that into their local currency or currency that they like. The patent came out, let me read the abstract of it.

The present technology provides a payment service for providing financial transactions between customer and merchant wherein the customer can pay in any currency and the merchant can be paid in any currency. Furthermore, the present technology supports payment using cryptocurrency while improving such transactions in a way that takes advantage of benefits of such transactions like anonymity, which if it's Bitcoin, that's not like a given. It does say cryptocurrency. Yeah. While overcoming drawbacks such as delays in processing. It is a patent.

You probably have to be vague. I hate vague patents. Yeah. i'm just like just inherently skeptical of all patents um yeah especially vague ones like this yeah um are they the evil empire is a defensive patent hopefully it's just a defensive patent they don't expect to use it against anyone yeah are we mouthpieces for an evil empire i don't know i'm gonna be critical of them regardless i am too if they're gonna be a sponsor uh they've been a sponsor for a while yeah i think we've always been pretty good about being critical of them uh i mean

we'll see right i i like i said i'm inherently skeptical of patents um one saving grace here is that this is involving crypto and fiat and like i could give two shits between crypto to fiat yeah uh no i think this is i think this may have something to do with like oh i can't believe you just say cryptos yeah we'll edit that out switch it to bitcoin yeah it's not gonna happen i think i don't know like is that wasn't jack mentioning something like he wanted to make it so it was easy to spend bitcoin in africa isn't that like is this well look this is what we expected that squares well cash apps plan would be right squares got like 70 percent uh penetration in the uh point of sale yeah the point of i hate saying pos now uh the point of

sale market in america right so like all those like nice white ipad uh cash register s things you see with the Square logo on them, they have those already. They have Bitcoin support in the app. They could easily enable you to pay Bitcoin at those merchants. And then it comes down to, does the merchant want fiat or does the merchant want Bitcoin? And this patent, I guess, like loosely covers either or situation where you pay in Bitcoin just automatically gets converted to fiat which don't love but it's expected and then if you pay with bitcoin they can just keep the bitcoin yeah um or potentially maybe he'll make it so you can pay in fiat and the merchant gets bitcoin if they opt for bitcoin that would be dope yeah so you can see where that could really

help in international markets especially like if they if they're um especially if people gave me shit about how i pronounce it um and i'm working on that but you could see it in those markets because they don't it might be harder for them to get bank banking relationships but if they use bitcoin as a rail that could be the inroad for them yeah

so we'll be following this patent released yesterday we don't know when a product will come out so we'll be keeping our eyes out out there what else we got here light night do you see the map the maps fucking dope have you pre-ordered yet Marty I have not

I'm not a gamer dude go pre-order light knight yeah but do it for the bitcoin you know wow this map looks dope like light night is gonna help bring a whole new brew of bitcoiners in and sats are gonna be their standard yeah so free freaks that uh may uh have foggy memories about what light night is it is um satoshi's game satoshi's satoshi games product correct yes uh and they teased this a few months ago and it looks like the product is more fleshed out it's a it's a uh what's the name fortnight like game battle royale yeah is what the kids call the the genre marty the zoomers man i'm afraid instead of fortnight they called it light night and like when you kill people uh the in-game currency is all

sats via the network so just like fortnight you can buy skins and stuff for sats but unlike fortnight you can also earn sats by killing people and take your sats off right can you can you like monetize fortnite vbucks like outside of the no you platform you can't yeah they have it it's very restricted yeah so it's opening it up opening it up it's a very centralized shit coin those vbucks when uh do they have a release date on this but the freaks know that i'm bullish on this shit yeah um so anyway they're a small-ass company uh they're great dudes so if you go pre-order the game for whatever they're charging i think it's like 20 bucks or something uh that goes a long way they could use that so help them out all right i'm gonna buy it i'll buy it

where do i play it i play on my computer yeah it's gonna be on computer um i think they're gonna release it on consoles as well uh i think they want to release on mobile as well as that they're very ambitious yeah no promises we shall see but i'm excited the map looks dope and i'm excited to test it out and i have pre-ordered it yes if there's a space or maybe we can get uh they did like a thing where if you pre-ordered it with like blue wallets code you got like a special blue wallet customized gun it'd be kind of cool if we got a tftc custom thing going how would we do that i don't know i'll reach out to carlos carlos if you're listening that would be dope yeah um something that's not dope it seems like apple is bending

the knee to the fbi and they're not uh they've been bending the knee yeah they've been bending as expected they're not encrypting iCloud backups um so they're essentially backdoored it's a backdoor it's basically a backdoor if you have iCloud backup set um they get all your iMessages calendars contacts who knows what else they're getting supposedly signal messages are excluded and not backed up through iCloud so that's good at least um but these aren't end-to-end encrypted so the phone is end-to-end encrypted um which the FBI still might be able to get into anyway especially if you don't have a secure password and you don't have the 10 times set up but even if they can't get into that they can get into your iCloud and you won't know if they get

into your iCloud like it's not like they physically need your device so yeah be aware don't use iCloud yeah all these corporate clouds you should assume this unless you're encrypting it yourself Google supposedly end-to-end encrypts I that's what it seems like they said don't trust that at all no no the device backups oh but i i don't uh they definitely don't intend to encrypt the google drive um but yeah who assume that's not the case either yeah it's uh you think steve jobs is rolling in his grave right now no not at all uh not about this at least but it is fucked up and it's fucked up that our own government and our and like the corporations by extension that are forced to bend the knee uh are like the biggest threat to our privacy and our freedom

yeah we need strong men at this time i'm sorry tim cook i called you a pussy on twitter earlier this week but dire times call for strong men and you bending the knee is uh is not good you need to stand up for your users bruh we even had uh general general hayden was defending end-to-end encryption the former head of the nsa yeah it's huge and when you're agreeing with him about privacy you know we're like fucked up situation right so be aware be aware your iClouds can definitely be backdoored um what's yeah it's the front door yeah they just have access Apple can read everything so they just give it to the FBI yeah be aware be aware um let's uh let's go to this next the Clearview apps staying on uh privacy and it came out this week that there's a Peter

teal backed company that is uh very much encroaching on people's privacy it's a taiwanese company right i'm not positive where where it's domiciled but uh it's called the clear view app and it's a face recognition app that uses three billion plus photos uh which is great for millions of public facing websites and social media sites that basically you point your phone at somebody and get all their information like the ones you think like facebook and twitter and instagram and LinkedIn but then also ones you wouldn't necessarily think like Venmo is a big source for them because people have public profiles and they have the profile picture so they get like a bunch of profile pictures they get thousands of pictures from your Instagram and they could

generate a pretty good idea of what you look like and then all someone has to do is upload a picture or take a picture of someone and they give you back all the results and where they pulled them from so they give you profiles and Venmo and then if you get their Venmo you can see their payment history especially if it's public if it's private then you like reach out you know the police reach out to fbi and one of the extra fucked up parts here is this is a private company um no one knows how they're securing this data if they're securing it well or not and police basically found an end around to them being restricted from using a lot of this technology because they just pay a subscription fee to clearview and they're just using the app they don't need a warrant or anything

and it's actually more effective in a lot of situations than their own search feature. So crazy. And every search that the police put in goes to Clearview's server. So Clearview could be watching who the police are searching and this came to the reporter's attention because the reporter got a couple police officers

to talk to her about it and let her play with the app and they uploaded her picture and then Clearview reached out to them and was like, are you talking to journalists? Like, you shouldn't be talking to journalists. so fucking weird yeah it's fucked man peter tealback peter tealback's uh that company palantir is he is he a good actor a lot of people like to put him on a pedestal he's a great thinker great actor in the 21st century but the companies he's backing seem pretty or well into me i mean

he's also backing bitcoin mining all right yeah he's just a ruthless motherfucker yeah peter what are you doing out there bro palantir's so fucked palantir's this is so fucked um but i mean the cats out of the bag i don't know how you stop this um we are face fucked freaks besides trying to limit the amount of pictures you have of yourself online yeah but that's the best way to go it is pretty much far gone for the majority of people um it's only going to get worse yeah the zoomers love putting their lives online and there's like surveillance cameras everywhere and one of the things i was thinking about is one of the biggest issues with uh the the few places where we don't have cameras yet is because of

it's difficult to get internet access everywhere but if you like as they come out with 5g or whatever like better better wireless internet we're gonna see it's they're gonna blow up you're gonna see them even more places yeah who was uh who was on the podcast saying that like in the future you're gonna like pay for privacy like you know to live in places where there are no cameras i think it was bsg was it yeah i think it wasn't we went down the citadel hole again yeah that you don't believe in citadels i mean but my citadel is going to be a privacy sanctuary i'm not a fan of citadels i don't think we should strive for cities we should strive to uplift everybody look i i completely agree and when that fails like you better have a nice citadel that's true

um back to the topic before this uh the ecb not back to it you didn't really mention it all european central bank came out the paper on their digital central bank digital currencies and basically talked about how they went in that negative interest rate how does this helicopter money and like more seniors they just fucking said it yeah they just like i said these are the benefits of central bank digital currency well this is something i've been following since last year uh the the normalization of nerp the ecb has been one of the strongest proponents of it mario draghi came out uh before christine lagarde took over for him and said negative interest rates are good for the world um they're trying to normalize it don't let them it's an

immediate tax on your savings and people call it like conspiracy theorists are saying like the war on cash and negative interest rates and they want to you know digitize everything so they can surveil it and control it and go negative and do helicopter money and have more senior age like that's fucking they wrote it they literally wrote it in this fucking report yeah and there's no accountability. That's the thing. So that's, this is, this is the theme of these, this topic and the next couple accountability. So you have this, uh, because they can't be accountable for their policies. They need to basically cattle herd us into, uh, a digital panopticon and immediately tax and, uh, erode away our, our, uh, purchasing power via inflation. Uh, on top of

that uh the federal reserve came out and we surmise this is the episode i talked about with parker where we talked about this last week um that the fed was going to open up their window which is supposed to be designated for primary dealers which are banks and security uh offerings companies only they're opening that now to hedge funds so hedge funds can get direct direct access to the the fed window and they're putting this data on their website and shout out to tony statue i believe his last name is he pointed out like he went to the fed's website on there um that uh basically lays out their their repo purchases and if you get granular into the primary dealers there's uh they name the hedge funds that they're giving money to

um so yeah it seems like the window has been open for hedge funds directly and i think we mentioned that last episode too yeah yeah but no and it's it's confirmed so if you go to the the fed website and you look for the repo markets and you go to F I C C. I forget what it stands for, but that is basically the hedge funds getting money in that F I C C, um, bar of repo operations exploded last week. It's secret QE.

Yeah. Yeah. $500 billion since September has been printed. Um, and then again, and there, so the fed has no accountability of their policies. They're,

they're not standing to their mandate, It was just to be a lender of last resort to the banks and primary dealers. Now they're a lender of last resort to hedge funds who are margin trading. And then the last topic, I had this list, the Pentagon accounting debacle that came out. So the Pentagon, Bloomberg wrote about this yesterday. The Pentagon racked up $35 trillion in accounting changes in one year. But it's not really $35 trillion, right? No, but it's, again, going back to accountability.

and like it's they the pentagon is not keeping their book straight so we're printing all this money to send people to war and we have no idea where it's going they're like off by like 20x almost or something it was like 2.7 trillion is what it should be yeah 35 trillion is like twice the size like 35 trillion accounting error is twice the size of the u.s economy it's supposed to be like two and a half trillion yeah yeah so so their books are just completely these people These kleptocratic elites have no accountability. Freaks, wake the fuck up. I know you freaks are woken up because you're listening to this podcast.

Go shake your family members. Go shake your friends. No babies. Don't shake babies. Definitely don't shake the babies. And don't physically shake people. Definitely not while driving. If you're driving, pull over on the side of the road, then shake the person next to you.

Tell them to wake the fuck up. There's no accountability throughout the world. Well, the incentives are all broken, right? There's no oversight. there's no yeah no one gets in trouble for it so of course it's gonna get bloated and out of control over time 35 trillion accounting changes it's pretty fucked up I had one more thing I wanted to talk about the Jerusalem Post posted a FUD line about Hamas using Bitcoin yes ergo looked into this right yeah they

first of all they used a fixed address supposedly and when ergo looked at something i like pinged ergo to look at the address and he looked at the address um and they they were using the address for change so even though it said 3700 received it's actually like way way less than that maybe like 900 or something 800 yeah um but we are going to see governments use this line against bitcoin um that terrorists use it that criminals use it uh and it's the same thing we see with the encryption um going back to the to the iphone icloud story um where they use terrorists to then a few people that are terrorists use the technology and they use it to erode the privacy of the 99 law-abiding citizens that are actually 99.99 and yeah and if the governments

do come out with that line troll them be like hey hamas is drinking water too should we ban that should we ban water the ideas the hamas terrorists are drinking water freaks that's what you need ban it you need a citadel to protect your water marty ban it oh the other thing is uh you know from a like a prepping point of view like in a pandemic situation you know you obviously you don't want to be in a big city that's a major negative yeah you don't want to be where we are right now but like what are the key things you need like medical supplies you know face masks are good uh water and batteries yeah water purifiers batteries but one thing a lot of people don't talk about which i thought was a pretty cool tip that i picked up like five years

ago is that you should also keep bolt cutters in your apartment because if you have bolt cutters you have access to any bike you find that's a great so in like emergency transportation situation you just steal someone's bike you know what push comes to shove and you need to do that yes right steal a bike exactly it's a good idea it's a good tidbit consider that freaks consider it's a good tidbit um yeah it's uh i don't i got nothing else to riff on i'm trying to think of here what do you think of tether gold it's like a non-story right right yeah i mean who's gonna use it why why it doesn't make any sense to me yeah i don't know maybe peter schiff will use it maybe hey peter do you want to talk about him not really yeah yeah fuck that i shouldn't even

brought him up yeah um yeah that's all we got what should we riff on anything bueller bueller no i have nothing to talk about yeah we shouldn't extend this if we don't need to enjoy your weekend freaks um we've got an episode dropping with jerry jeremy rubin tomorrow be on the lookout for that we talk about uh pow swap uh op check template verify uh dev incentives a bunch of stuff i'm super excited for the upper recording tomorrow as well yeah again we're gonna sit down with two members of the square crypto team and figure out what they're building so look out for that on monday or tuesday oh this was something um this guy in uh this do you see this this story out of china a university of minnesota student was arrested in china and sentenced to six months

in prison for tweets he posted while he was in the united states yes i believe he's a chinese citizen correct uh yeah but he was posting them from the united states yes so from an anon account right so just keep in mind you ain't nons out there i love you guys um keep your opsec tight assume that you know sophisticated state actors can still figure out who you are especially you have like phone number and stuff they could have just sent him a link and then he clicked the link oh that's what we should talk about what uh fucking the richest man in the world who practically runs the internet allegedly got phished by

Saudi Prince MBS and that's how his dick pics got leaked yeah and then they leaked his affair to the Enquirer why are the Saudis going after Bezos? because of the Washington Post this was before Khashoggi got killed too and the Washington Post

was being really critical also supposedly Bezos was working on a server deal to put servers in Saudi and it fell through um so if they attack bezos like i wonder who else they attack this was with that whatsapp exploit that we heard about uh with the videos in a video and he clicked it and they do you get the whole contents of the phone like all the media and everything yeah um i mean i wonder if they got access to anything else right like bezos had you know if all the damage was that this affair got

leaked yeah they got his dick pics and i wonder if they blackmailed other people because they didn't they didn't even bother blackmailing him they just fucked up his life um you yeah he cut his net worth in half it's you know even even bezos he's still the richest man in the world though yeah that's crazy uh even bezos can get get tricked so you know stay humble out there keep your head on the swivel and don't have affairs but if you do have an affair like use a burner phone don't have an affair stay true to your wife find a girl that you love absolutely build a family be a good person but if you do use a burner phone yes you know i mean if you're gonna be a scumbag do it the right way and like i guess if you're talking to the saudi prince like

you should also use a burner phone i wonder if like what we'll see come out of bezos because of this like it'd be kind of cool if he i wouldn't trust cypherpunk or yeah i mean i wouldn't trust it but it'd be cool like amazon came out with like a super privacy focused i mean they're never gonna do that but like a super privacy focused phone who knows maybe he had to come to jesus moment after this they have that shitty phone do you remember that shitty fire phone it had like four different six different cameras on it it's like the exact opposite of privacy focused yeah i mean alexa's not hard it's horrible don't get alexis get that google home get all that shit out of your house get ring out of your house get all that shit out of your house freaks i bet you they

got other people they must have hacked a bunch of people they had to like and it was pretty ballsy if this is true the most unrealistic part of the whole thing is so like him and the prince met and they exchanged numbers and they were in a whatsapp conversation together and then from the prince's phone like from that account the video was sent like that's ballsy as fuck right to just send the attack from his phone that's like a hey i don't fucking care it wasn't like any random email or something like that or random whatsapp message or someone else it's like hey jeff look at this guy look at this funny meme i wonder what he said the video was yeah it's fucked uh yeah so be aware jeff bezos can get hacked you probably can too um it wasn't like

he got fished but yeah yeah yeah he got fished hard by somebody he uh he trusted i would imagine whatsapp is probably like a number the the amount of phones whatsapp is installed is probably like one of the biggest vulnerabilities uh just the app itself is like one of the biggest cumulative vulnerabilities worldwide. Yeah, because the WhatsApp creators, after selling to Facebook and leaving, basically came out and said

Facebook demanded that they backdoor it. Completely backdoored. No, I think it was like data collection and stuff, right? Metadata and stuff like that. The encryption is not as advertised, I believe. I think it was

the messages are intended encrypted, but they collect all the metadata around it so you communicated with this person at this time doing this and that yeah um and yeah like they should have known that like they when they signed a deal with facebook they promised everyone they're like don't worry they're never going to change the business model and stuff like of course facebook's going to fucking you know they're the evil empire yeah uh but like think about it like whatsapp like has for a lot of people that has location permissions microphone permissions camera permissions full photos and videos and you know gallery access and file access to all of your documents and stuff it's like the

ultimate piece of fucking spyware if it wanted to be yeah yeah god damn we got a lot of work to do freaks i fucking hate that yeah this is why they still have to use whatsapp this is this is why we bitcoin bitcoin creates incentives to fix these systems because these systems are at the end of the day you're going to be protecting bitcoin if you've self free open source software is so fucking important right well that's actually maybe something else we should mention we talk a lot about vpns here and i saw that conversation about vpns we were having what seems like proton vpn just open source there yeah but i don't like proton because proton does like a light kyc on you to use their mail and their vpn okay my favorite is mulvad yeah i like mulvad too that's

what i'm mulvad you don't even need to provide an email address you just pay them with bitcoin they give you a little account number and you're good to go yeah you get a token number you plug so you like whirlpool some funds and you just pay them and i think they're going to add lightning soon so um i like more of that but once again keep in mind that you are trusting your vpn provider like important like caveat important stuff you should be using tails with tor or at least just tor browser on your computer yeah all right that was a good one i had a lot of fun i enjoyed it as as usual i would always fucking love rhr rhr is my favorite mine too um yeah be aware for that be aware uh check out the jeremy rubin episode dropping tomorrow

again we're talking with the square crypto team tomorrow as well and enjoy your weekends you know enjoy life we only got one you only got one life talk a lot about a lot of stressful stuff on this podcast but you know what smile every once in a while fucking enjoy it freaks yeah life's fucking short. Stay humble, stack sats. Peace and love.