TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Week of 2020.05.04

Episode Date: May 7, 2020

This week Marty and Matt discuss: - Paul Tudor Jones announces bitcoin investment - Nodl Dojo adds keysend support and btc-rpc explorer nodl.it - CashApp quarterly bitcoin sales ATH - CoinKite announces BlockClock Mini and steel backup [plates](http://blockclockmini.com/ & https://blog.coinkite.com/seedplate-backup/) - Foundation Devices announces intention to build new hardware wallet in US - Blockstream satellite v2 - BlueWallet v5.3.5 - c-lightning v0.8.2 - eclair v0.4 - the perpetual one way peg - Lebanon and bitcoin - Zoom buys keybase - Duterte shutsdown major news network in the Phillipines - Marty's Bent RSS 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 when you download the app. Unchained Capital. Head over to www.unchained-capital.com/vaults and check out their 2-of-3 multisig vaults.

What's up, freaks? It's your boy Marty here to introduce this episode of Rabbit Hole Recap. Matt and I just ripped it for a couple hours. I think you guys are really going to like it. This episode of Rabbit Hole Recap is brought to you by good friends at Unchained Capital. You already know all about them. They're providing financial services for Bitcoiners with a security-first mindset, and the security-first mindset is really embodied in their Vaults program. Their Vaults program is a multi-sig setup where you hold two or three keys, where you control your UTXOs whenever you want. If you engage in this setup,

you can move your UTXOs off the platform whenever you want. But if you ever need Unchain to come in and sign that second of three keys to move your UTXOs, they're there for you. On top of that, they have their Bitcoin collateralized loan program where you can use your Bitcoin as collateral to get US dollar liquidity,

same day US dollar liquidity, excuse me. So you don't have to sell your Bitcoin. Friends don't let friends sell Bitcoin. So if you are in a pinch, you don't want to sell your Bitcoin, you don't want to pay the capital gains taxes, Unchain is there to create a Bitcoin collateralized loan in which you can get liquidity and not have to sell your Bitcoin. On top of that, they've got many open source initiatives, including Caravan, which is their open source solution to their multi-sigs vault program. If you don't want Unchain involved in your vault and you want to create a multi-sig quorum where Unchain, again, isn't involved, you can do that with Caravan. they're upgrading caravan uh as well matt and i just got a demo a couple weeks ago and they're actually really really upgrading it to the point where you have full x pub key uh control over your

multi-sig quorums on top of that they're working on hermit and they've got an incredible open source blog series including park lewis's gradually then suddenly he's running some incredible content If you have a normie in your life that's looking to learn about Bitcoin and they need some resources to learn about Bitcoin, what it's all about and why it's important, the first place I usually send the people in my life who are looking to learn about Bitcoin is Parker Lewis's Gradually and Suddenly. So go to www.unchained-capital.com to check out all this, the vaults program, the loan program, and the open source blog content that is literal orange pills. The blog content is just giving out orange pills, www.unchained-capital.com. This episode of Rabbit Hole Recap is also brought to you by your good friends at the Cash App. You freaks already know all about them. They're helping us do many things.

They're helping us stack sats, sell sats, send sats, receive sats. They're making sats the standard. You can do a multitude of things with sats. One thing I did forget to mention is they can now DCA into sats with the Cash App. If you want to buy on a set cadence, whether it be one day, one week, biweekly, monthly, you can do that now in the Cash App. You can stack sats without even thinking about it on the Cash App. On top of that, if you want to stack a sliver of a stock, you can do that as well

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Download the Cash App. Use the code STACKINGSATS. It's S-T-A-C-K-I-N-G-S-A-T-S. You're going to get $10, and $10 is going to go to our good friends at Al's Lacrosse. That's Al's Lacrosse with an O-W-L-S. Download the Cash App today. Check out Unchained Capital. Enjoy this episode of Rabbit Hole Recap.

Okay. You've had a dynamic where money's become freer than free. When you talk about a Fed just gone nuts. All the central banks going nuts. So it's all acting like safe haven. I believe that in a world where central bankers are tripping over themselves to devalue their currency, Bitcoin wins. In the world of fiat currencies, Bitcoin is the victor. I mean, that's part of the bull case for Bitcoin.

If you're not paying attention, you probably should be. Woo! Doggy! What is up, freaks? Welcome back to Tales from the Crypt. We've got a rabbit hole recap coming at you. matt and i are here what a beautiful thursday it's beautiful where i am sunny bright just took a nice two-hour walk it's fucking gorgeous vitamin d in me good vibes what a day what a day for bitcoin how you doing over there cheers freaks cheers

doing all right it's been a pretty crazy week in bitcoin land very crazy week very good week um a lot going on that woo doggy it's because of the extra bullish day we had a huge head fund manager come out paul tudor and announced that he's getting skin in the bitcoin game we will get into that uh eventually and we'll expand on it and talk about what the hell's going on before we get into all this we gotta get to clark moody's dashboard and then we got some shout outs price of bitcoin right now is nine thousand eight hundred ninety dollars a little bit higher than when we last met uh block height six hundred twenty nine thousand four hundred five less than 600 blocks till the halving freaks only 595 to go as of this recording uh percentage of tour

nodes in the bitcoin network not just uh lightning is 21 and i saw zach vo was was shitting on the total number of bitcoin nodes i think you got to take this this tor node number into consideration i wonder if this is heuristic i think it's a pretty new stat on the dashboard but we we will confirm that with clark after the episode hopefully you're listening clark and you can tell us percentage of torque capacity on the lightning network is 43.3 percent 2023 nodes uh we are 1,603 blocks away from the next retarget which is estimated to be an upwards difficulty adjustment of seven percent blocks are currently coming in at nine minutes and 46 seconds per block so a little bit under the 10 minute target the block subsidy is still 12.5 bitcoin

595 blocks until that gets reduced to 6.25 bitcoin and again this is the subsidy not the reward the reward is a subsidy plus the fees in the block uh the subs the subsidy is what's programmed into uh the the protocol so that's going to get cut in half to 6.25 right now the average fees versus subsidies 3.22 staying at that that level pretty consistently for the last couple weeks at least uh and the halving as of right now is estimated to be may 11th 2020 so next monday um and depending on where how fast these blocks come in uh what is the time is it utc time that he's using web browsers local time so it's our time uh right now blocks are coming in at six minutes 45 seconds so it should happen if it keeps this pace between 4 10 p.m and uh

7 30 p.m i don't afternoon on the east coast i don't envy the bitcoin magazine guys trying to uh they're trying to schedule this like 21 hours worth of streaming content during the during the halving and and no one knows exactly when it's going to happen you know well if you're using clark moody's dashboard it's going to help you get a nice uh nice little uh idea of when it's going to happen but with the price rising right now maybe you have miners like s9s have been sitting on the sidelines that have been profitable getting turned on in places of the world just trying to eke out as much value as possible with them um so the recent price movement has probably made it extra confusing cough coming up um yeah pretty pretty bullish data there the other

dashboard is looking good he just added samurai data oh he did down the bottom right he added whirlpool data um unspent capacity 1052 bitcoin so my understanding is that means uh transactions that have gone through world pool but are still in the remixing queue they're still you know um they haven't been sent out of world pool they're just sitting there 1052 and remixing um which is higher than the public capacity of the lightning network yeah and rounds only go a million satoshis 5 million 50 million correct so number of the unspent counts of 15 818 um so i believe mixing that's i believe that's the number of utxos yes yes yep so that's what i was trying to calculate um but the average size of the utxo

yeah how many so 15,818 Clark already did it for us counting the UTXOs that's a good amount of UTXOs 533 Bitcoin entered Whirlpool last 30 days anyway I love this dashboard

I have like a dedicated screen to it and it's fucking fantastic so shout out to Clark we've shouted out a million times but it's bitcoin.clarkmoody.com slash dashboard Yeah, it is one of my seven bookmarks that I have. I also have a domain that redirects to it, because that's like a mouthful.

It's btcstats.co. Whoa. First time I'm hearing of this. Yeah, that was just for my own private shilling. I just didn't feel like typing in the whole thing every time I told someone to go to it. btcstats.co. You and your domains.

I'm a whore. I bought that one just for Clark, though. Like, I didn't own that one already. I was like, I'll pay $9 so I don't have to type in the long-ass domain name. Does Clark know about this? Is he just finding out now? If he's listening, he just found out now. So cheers, Clark.

Thanks for doing what you do, brother. Seriously, it's one of my bookmarks, one of my very few bookmarks, and I check it every day. and it's a depth of knowledge or data not knowledge depth of data that you can dive into got a few shout outs this week uh first one being i'd love to be able to pull marty's bent and the sat standard feed in slack channels etc would be awesome to have an rss feed ad for these keep up the good work stay safe and stack sats we do have an rss feed of the website for marty's bent i can get dj to make one for the stat standard tonight and we will put those in the show notes at least

marty's been i don't know if that standard will happen tonight but we will sad standards not included in the rss feed it's not it's not mailchimp based it's ghost based yeah it's ghost based okay well we'll get that for you freaks that's a great idea yeah i actually can find this out right now because also like like i know we're a proprietor of newsletters but like fuck emails you know i i'm like i think this the the whole rona thing has finally put me over the edge on emails i'm just like i'm finally done with them it's just a worse way of communication yeah it's true um that's actually i was like looking today let me know what you think freaks um i was uh looking at substack and thinking like should i start posting

newsletter there instead of mailchimp what are your thoughts on that why um so we could charge them for it isn't that the main advantage of substack no it'd still be free but um uh it's just cleaner looking we can import our list no problem right yeah yeah easily yeah let's just switch all the all the cool kids are using substack yeah and mailchimp tried to they banned a bunch of bitcoin and crypto stuff at one point didn't they yeah yeah so fuck that and like our my email gets caught up in a lot of spam boxes so i'm thinking about changing just for that yeah let's just we need to grow the lists it seems like

substack has a a better way to sort of growth hack where the list for as many people love it it's it's it's a word of mouth thing it's not i don't i don't market it at all other than my pin tweet it's so and mailchimp doesn't surface any content from the newsletters that flow through their service where i think substack does that so thinking about doing that what substack has like a medium component attached to it where it's like recommending shit i mean i think i think regardless of that like the the main power of a newsletter is is it's like forward ability it's like the organic uh you know oh check this out and you send it to your friends and your family so freaks we appreciate when you do that um and also talking about appreciate you guys

um i had a conversation with a freak the other day who hasn't really been listening as frequently as he usually does uh because because of the because he's not commuting to work anymore um and he didn't have auto downloads enabled like it's it's very helpful to us and to other podcasters like if you want to support them and you know you don't have money to spare you don't want to buy us a shout out or drink or something like that just enabling auto downloads and you can even enable it to auto delete which only keeps two episodes on your phone helps us out tremendously because that's like the main metric that everything is calculated on yeah every subscribe rate review goes a long way and again the the whole impetus for starting the newsletter and the podcast was

to get quality information to people looking to learn about bitcoin liberty self-sovereignty macroeconomics and it seems like we're running into another bull market here and you know that the pretend the pretenders who are just looking to leverage the

price movement are going to try and lure in some noobs so I'd like to get I mean obviously decide for yourself whether or not you think we're a quality source that you want to share with people but if you want to try and highlight us We're pieces of shit.

Don't trust us. That's a great way to do it. I found the RSS feed for Marty's Bent. It's tftc.io slash martys dash bent slash RSS. And I'll get one made for the stat standard. It's a fucking mouthful. Put it in the show notes. We'll put it in the show notes.

Next shout out. We're 11 minutes in. Wait, one second. One of my buddies on the talk of charlatans that we just had with the bull run uh one of my buddies finally reached out to me he's like ready to pull the plunge he wants to you know actually buy his first bitcoin um and he goes i just watched a ton of videos on youtube and i'm like oh my god i don't i like what did he watch i get so scared and you have to like backtrack you know it's like causes so much early damage just in the beginning

of where they start it's unavoidable but you just try your best well again it is unavoidable to a certain extent but if you're able to help friends out and they're like where should we go if you think we're uh a source that is worth going to um definitely send them our way but to sort of front run the the uh the people are just taking trying to take advantage of the price appreciation uh again every like uh rate review goes a long way auto download auto download subscribe smash that subscribe button okay second shout out second shout out interesting one it's an interesting take bitcoin is mentioned by god in the bible and then i get sent to a couple tweets here uh by take eat back at take eat back revelation uh 2 verse 17 to him that overcometh

will i give to eat of the hidden mana and will give him a white stone in parentheses white paper and in the stone a new name written in parentheses satoshi which no man knoweth saving that he receiveth it and that's a quote tweet of revelations verse or chapter 2 verse 25 and verse 26 but that which ye have already huddle fast till i come i don't know if i can't verify this on the go right there's no way that's in the bible yeah and he that overcometh and keepeth my work works unto the end to him will i give power over the nations hashtag bitcoin um so the shout out says okay paid for a shout out i appreciate it i appreciate the shout out dude it's not done yet just switched to graphene os it's the best and i'm super thankful for the show y'all did on it

so thank you there we go that's awesome congrats we're on graphing did it we're on graphing coming up um last shout out before we get to graphing we'll start with graphing um we are hard-pressed on every side but not crushed perplexed but not in despair censored but not abandoned struck down but not destroyed shout out to the plebs and the freaks the stat stackers those who question everything and verify every block without you we are nothing maybe anything you resolve to be from stonewall so i'm guessing that's bits and stonewall shout out to you very inspiring very inspiring i like the walls you build that yeah i saw i got a i got a glimpse of that he redid a wall for his friend this week yeah i saw that they used the same stones it looked way nicer

it did it did very quality high quality work i i hope to build a stone wall like that one day have you ever gone to the um like the the modern art thing in upstate where it's in like the fields no in new york yeah cold something that's not cold i forget what it's called no no i went there so there's like a huge stone wall that's just like i was like i want to build a stone wall one day um it was like an art exhibit big corners are going to build some dope-ass stone walls in the future i have a feeling yeah you think most of citadels will be stove oh i mean you know i don't try and make strong predictions for the future who knows what material they'll use that's yeah yeah that's that's probably wise um stone will probably be

involved you know i don't know i imagine i imagine it provides good aesthetics uh matt i have to thank you you have me holding a pixel 3a with graphium installed fuck yeah i used your i used your guide i finally did it yesterday it took me a while uh because i had to get mine like my node set up and getting all the parts and actually where i'm at the internet sucks so it took actually ibd took way longer than i expected i saw your failed streamed attempts they were so bad sorry for those freaks no you know comcast fucking blows what are you gonna do yeah no it really does uh but i finally got everything set up and i went i had the time last night to actually go through the process to set up graphene and your guide uh worked really well and i did it on a mac too

like all you have like people are like complaining about the mac all you have to do is download the the mac adk kit and it works flawlessly i think i already had it i forgot i downloaded ubuntu i think for like a raspberry pi a few years ago so i already had that were all the commands were all the commands the same for the yeah exact same oh awesome you didn't so you didn't use ubuntu you used you used osx you used mac right i think i used like a virtual machine of ubuntu in my terminal with mac i don't think so i doubt it no maybe all right anyway i'm glad you figured it out i'm glad the guide helped uh welcome to graphene it's pretty cool right it's really cool uh it's it feels good it feels good i don't even have a sim card i'm just going to use it on wi-fi

yeah it's like a mini tablet when it's just wi-fi yeah and so i've got samurai i've got whirlpool set up dojo set up f droid f droid uh you know zeus is on f droid is it i'm gonna download that now uh material files is actually a great download too that helped me download samurai i would not have been able to download it without that well yeah so samurai is the only apk so an apk is like a install file if you're directly downloading an android app it's the only apk that i've that i've run into that issue with where you have to rename it usually it just downloads as an apk but yeah yeah um but it's up it's running um connected to my to my dojo with the uh with the qr code oh yeah so you're in the dojo now

you're in the whirlpool they're officially an uncle jim officially an uncle jim i need an uncle jim to come help me with live streams but i could be your uncle you don't need an uncle jim dude you need a new isp that's true you need it you need uncle fios i really do um no but it feels good it feels good and so yeah i'm learning about whirlpool obviously i've got that running through my node so it's running constantly and i'm doing infinite mixes and it takes a bit longer than i was expecting so i thought i was doing something wrong but matt let me know that i'm not it's uh yeah the remix mixes takes longer and you're doing remixing constantly uh you're just gonna but as i slowly when you're getting into new but as i mentioned

to you before the pod but for the freaks is is one of the nice things is because they're all identical because they're all identical output amounts um if someone else in your mix remixes it gives you a passive anonymity set increase and also the earlier rounds from before it that people were part of give you a passive anonymity set increase so

ideally like the other people in your in your round are also are also remixing and it helps everyone together yeah yeah it's cool and how about my node let's talk about my node how cool is that

little halving calculator they put up on the on the home screen 595 blocks still it's taken a while to get to uh block 629 606 it's taken us a while or 406 excuse me um no it's dope like the one problem i've had isn't even with my notes with electrum electrum get your shit together i'm trying to connect electrum to my node and it won't read the server you got to go into the config file it's ridiculous it's absolutely ridiculous i've been like this is why i have so much trouble recommending electrum is because then you have to troubleshoot with people and then you know like it should be the most basic thing and like i feel bad because i know it's a it's you know it's an open source project like i could submit a pr but i can't because i'm not

capable of doing this but like the priority should be as simple as possible to connect to your own server i mean maybe i'm a hard like more hardcore person or whatever but i don't like the default should just be like enter the code for your electrum personal server like it shouldn't even default to the to using other servers that should be like an opt-out and then you go and you use like a public electrum server if i had my life like that would be the ideal well that's the thing that pisses me off is like even if you automatically quote unquote connect to another server you don't always connect to another server like i'm not connected to any server right now um so like it's not even scanning like i can't even scan the blockchain for my transactions i'm trying

to get past that hump right now with electrum i think so i went to my config file and like everything I've read said change the one server line from false to true that doesn't exist in my config file like should I add that do you think yeah that's what you have to do yeah I feel and I've been saying this for like a year and a half now but I feel that we're six months away from me never having to use Electrum again and I don't think that's the worst thing in the world you know like i'm i'm ready to use specter or you know car the new version of caravan coming out uh junction if if justin moon releases junction those kind of things you know like you know like who wants to deal with it i don't want to deal with it anymore caravan might actually make more

sense because i i only need electrum server for a jump forward function because our open no electric makes the most sense we'll get you we'll be set up on electrum soon yeah we've been hodling all your donations by the way like we've never accessed the btc pay funds yeah we've never accessed them so that's the thing like so many invoices have been created that like you if you go into the wallet the hardware wallet that we're using you can't see any of the invoices you can't see any of the utxos we've received because so many invoices have been received that we have to jump forward well people don't pay them they they ask for an invoice but they don't pay them some of them get paid but not all of them so it goes it goes deeper yeah

most of them do not get paid i feel like people just mess around with our site to see how btc pay works um that's good so that is yeah no it's great um mainly our our shopify uh implementation that to see that flow that's what's the cause for many of the unpaid invoices um but yeah no that's the reason i'm trying to get on election right now so i can jump forward to find to actually get those UTXOs so we can mix them and put them in cold storage. But, but we practice what we preach freaks. Like we've been hodling those donations. So, um, yeah, I mean, you could, any of you can check for them. We're, we've been, we've been, uh,

trying to maximize, maximize their future utility. Yeah. Any of you can check if you've sent donations and they've been hodled up to this point, you can go check those transactions. And we think, I think we have pay join enabled. we do have payjoin enabled i set it up i'm such an idiot um i thought i was making an error i was just and i was making an error uh i thought btc pay was making there i was making an error where i just wasn't being thorough enough to follow the directions so we set that up uh and i think you sort of need to fund it so i just try to fund it and hopefully by the time this episode's over

you'll be able to pay join uh on our store and in our contribute page um can't guarantee it might have to work something out might have to talk dj uh about figuring it out but i think it should work at this point i think we got it i think it just needs a confirmation let's see let's see if we can check right now should have a confirmation at this point um oh wait no actually we're still 595 blocks away so it probably doesn't there you go um so should we jump into the news we've been talking about bullshit for 24 minutes and how much we love you freaks yeah we probably should jump into the news big news today i mentioned it early on in this episode paul tudor jones announces a bitcoin investment

uh he did this in an investor letter that he sent out to his clients i believe today and it's pretty bullish pretty good sign that institution like institutional money has been a huge meme for quite a while and paul tudor jones is an established hedge fund whether or not they've been as successful uh recently as they were back in the 80s and 90s is up for it's not up for debate they're not they have not been as successful but they still have close to 40 billion in assets under management uh paul tudor the uh ceo of founder of tudor investments corporation is a very well-respected investor and hedge fund manager in the space and today he wrote a letter basically saying that they're going to get exposure to bitcoin uh i think it's going to

be via the futures markets via cme they're just going to put some uh they're just going to get some futures exposure i don't know if they're going to get they're not actually owning bitcoin right no yeah i think they're owning the paper p but p ptg is gonna have a lesson in not your keys not your coins eventually that's what's going to happen you know what you got to learn you got to learn um you get in the toes wet at first but nonetheless i think it's a great sign that somebody like him is getting into this market he's been known for making very good moves in the 80s and 90s and the currencies and hard commodities markets particularly gold and he basically came out and said that he thinks bitcoin today is like gold in the 80s

and if you know the history of gold it had a gold in the 70s 70s excuse me it had a very uh very good run there in the 70s as we went off the gold standard and had an oil crisis and yada yada yada um and then it crashed and then it has just gone up basically yeah uh it created a higher higher low um but he says he like seems pretty based in his newsletter and it seems that he understands bitcoin or probably an analyst who may have helped him write this letter understands bitcoin pretty well yeah so here's a couple excerpts i'll just read for you freaks i also made the case for owning bitcoin the quintessence of scarcity premium it is literally the only large tradable asset in the world that is a known fixed maximum supply by its

design the total quantity of bitcoins including those not yet mined cannot exceed 21 million approximately 18.5 million bitcoins have already been mined leaving about 10 remaining on may 12th wrong bitcoin's mining reward the pace at which the supply of bitcoins is increased wrong will for the third time be halved paul love that you're coming in but let's get something straight just say block at block 300 or excuse me 630 000 the subsidy is going to get halved not the reward we already went over this earlier in the episode paul the reward is the combination of the subsidy and the fees included in the block okay the reward is those two combined the subsidy is getting cut in half you're new to the game hey paul if you're listening

open invite to come talk about this we'll we'll teach you up we'll get you up to up to snuff with what's going on in the space subsidy not reward we need to stop making these mental errors we need just start teaching people what is correct from the onset did you tweet out that this dude manages 38 billion dollars i did because he does across all funds i deleted the tweet though because i couldn't confirm um at the time i got i couldn't like i i saw one site said 39 million then i went to another and said 5 billion and i think that might have been a subsidiary like so there's multiple funds that he manages but he manages at least five billion at least five billion that's a lot of money it's worth a lot of bit a lot of money i deleted the tweet because i couldn't

confirm i don't have access to bloomberg these days uh i'm just a a pled bitcoin podcaster i don't have access to the terminal anymore if these yeah yeah i don't have access to the the bloomberg terminal either um i have clark moody's dashboard though um i if the billionaires start going crazy over this shit like shit will get real real fast it's like classic gradually then suddenly you know it's like bitcoin teen has rip your nads off whatever like who's gonna sell in that situation everyone will just be scrambling for it it's a whole huge dick measuring contest at that level like all these managers especially measuring contest at every level bro every level no but no at the hedge fund level like it's a

different fucking dick measuring contest all right like the like the amount of gloating that you can do via spending of the money that you make uh which is what happens at that at that level for a lot of these people they see what houses they can buy what cars they can buy uh if they can go to the f1 race in monaco how close they can get to the track like these are these are the dick measuring contests that are happening at this level and so what paul did today in his letter just incites other hedge fund managers at that level and again i'm not saying these people i love i love that he's on a first name basis he's paul yeah paul paul yeah um again i think a lot of these people are are sort of out of touch these days but

like what paul did today is just going to incite like the other people at that level to be like why is paul's buying bitcoin should we be buying bitcoin why aren't we buying bitcoin yet these are these are the questions that people are asking in zoom boardrooms around the country right now supposedly paul's biggest um his biggest win was the 1987 stock market crash he shorted it and he and he made a whopping 127 percent and as a bitcoiner i read that and i was like that's it that's it yeah paul are you ready for some real returns bro stay humble matt are you bullish right now oh my god you know i i i think well before this news i thought you know we might like dump right after the halving like at the point of the halving i don't like doing

short-term speculation but i was like kind of really feeling that um because it it was getting really hot or whatever and it you know it just needed like a little short-term dumpage not that i would trade it um but this is just straight moon juice mixed with the having mixed with all the other macro stuff that's going on you know who who the fuck knows but i'll tell you one thing um can we all agree that if it dumps then that means it wasn't priced in as well right like regardless if it has to be it has to stay the same price to be priced in right i would imagine right well new information is coming in every new information that's the thing that's what pissed me off the most today when i saw his fucking announcement i was like now

they have the excuse i was like they already had the fed and now they have now they have fucking paul you know throwing his dick on the table so now they're like oh well the having was priced in but the fed and paul pumped the price up you know yeah it has nothing to do with the fundamentals of the network there's these outliers that just come out of nowhere and you couldn't you couldn't you couldn't price that and you couldn't determine that other people would come to the same logical conclusion that you you came to and it would just take time and and them coming to that logical conclusion would lead to them dumping assets into this dumping value into this asset class which would naturally increase the price because it's inherently scarce and scarce three

weeks ago four weeks ago people were talking about how there was going to be a mining death spiral four weeks coming dude that's the that's the thing like it'll be interesting to see as we head into monday or whenever the halving happens uh where the price is because again like if it's pretty elevated a lot of s9s that were expected to not be profitable at the time of the halving might might be able to stay online and the the expected i've heard ranges from 30 to 60 percent hash rate decrease may not may not be that big but but supposedly this paul news wasn't really i'm just going to keep calling him on a first name basis i was hoping we were going to use his initials because i just thought it was another abbreviation you'd

screw up but here we are calling him paul so i'll continue on that route supposedly pt i thought you're going to say pjt i was hoping for that um so i but it's it's really ptj anyway i would have messed that up the information has been leaking it appears it appears like a lot of people like had had ideas about it so i wonder um how much that did affect the recent run-up right like that people knew about and they were buying ahead of the announcement and he had he had great timing right like five days five days before the having he's like oh yeah i've been building a position for the last month yeah like right around earnings report so it's like sort of natural um but that's you know that's one of the reasons i'm bullish on bitcoin is like all

these guys they can pump the shit out of it right like that's what the tether truthers never understood like even in their theory if it was like four or five guys pumping the price of bitcoin which i didn't think was the case that would be the most bullish thing ever like imagine 10 guys with deeper pockets like why wouldn't you board that matt but you're bastardizing bitcoin it's It's not the ethos of Bitcoin. It is what it is. I think a higher price makes the whole network stronger and helps out all users, period.

Exactly. Like, you cannot dictate who does and does not invest in Bitcoin. It's an open financial network. You may not like it, but it's the way it is. And like you said, Matt, an increased market cap provides more utility for the underlying Bitcoin. More liquidity. More security.

For the people who are using Bitcoin like us, the Uncle Jims like us, it helps us out in the long run. It makes our Bitcoin more valuable, and it enables us to do more with our UTXOs. You know, on a long enough time scale, the Bitcoin price increasing saves lives. That's what it comes down to. This is true.

I loved Evan Kaloudis' tweet. If ending the fiat, I'm going to butcher it, I'm going to paraphrase it, but if ending fiat monetary policy saves just one life, we should do it. think about that life can't argue with that you really can't we're trying to save lives here this is what it's all about freaks um but staying on our boy paul or his analyst i didn't even know this dude existed until like six hours ago i actually did i might have like actually talked with some of his analysts when i worked back at the managed futures fund i think i think i'd definitely like cross paths with like the tutor investments team at some point in my life

so he was on my radar i haven't heard about him it's quite some time so i was like oh paul tudor's paul tudor jones is out here ptj out here shilling the corn but he did a good job of shilling it in the letter um we already talked about he understands the having he misunderstands the reward versus subsidy but we'll let him we'll let him slide there a little bit but it's a common misconception it's it's more semantics to be honest that's not really semantics because a little bit no it's not it's not semantics because we're not going to get into the semantics argument i just admitted semantics

but when the when the subsidy becomes when the subsidy becomes uh sort of insignificant saying that you're cutting the reward in half is not is not going to be good so we got to nip that in the butt and before it gets to that point because that's not going to be true hopefully fees make up a they're not at three percent they're somewhere between 50 and 60 percent at the point where this needs to happen and they're probably even higher and you don't want to have people think that that uh that that fee reward is getting cut in half because that's simply not going to be true um nipping in the bud early that's all i'm saying maybe it's semantics right now but in the future will not be it'll it'll have material effect on how people view the stuff

i hope you're listening paul take it in paul well still let's get into like how orange pility is the next category we discussed in determining whether or not bitcoin was something whether or not bitcoin whether or not something was a good store of value was trustworthiness no surprise here bitcoin got the lowest score because it is also the youngest entrant at 11 years of age someone mentioned that it has 60 million users in almost 200 countries but that did nothing to sway people gold as one would have guessed scored first in the category as it has stood the test of time for thousands of years so that was the flavor behind some of the discussion that some of the discussions that were had when scoring the suitability of each asset as a store

of value what was surprising to me was not that bitcoin came in last but that it scored as high as it did bitcoin had an overall score nearly 60 percent of that of financial assets but has a market cap that is one and i've been thinking about how to say this up to this point i still don't know one twelve hundredth one divided by one two zero zero one twelve hundredth is that how you say that of that it scores 66 percent of gold as a store of value but has a market cap that is 1 60th of gold's outstanding value it's 0.001 yeah something appears wrong here and my guess is the price of bitcoin bullish very bullish so he's been having like conversations about bitcoin like trying to decide if he's going to invest um they've been allocating it seems like for like a

month or so as you said into futures which we'll see if it bites them in the ass that they're they're choosing to go with futures um i really it'll be interesting when the billionaires start playing in the spot markets and taking custody themselves uh paul paul you're that freak who who dm me last week and has been buying bitcoin on robin hood it's not worth it man do you think he's buying on robin hood no but cme is the robin hood of of the hedge fund managers i know if he was buying on robin hood um he's got like paul's got some dogecoin on robin hood uh i whatever where i was going with this is i wonder like what communication channels they were using to discuss that like maybe the chinese and other entities were listening in on their

conversations and investing accordingly so like then you know you have the ability for leaks to come out on this type of stuff becomes way higher when it's you know all being done remote yeah like where are they using zoom we're using zoom right now but we're going to record we're recording this conversation we're going to post it to the public so we don't really care if the ccp hears this the call quality is really good on marty's shitty ass fucking internet it really is so you know it is what it is it's just a better better compression algorithm or whatever they're using but zoom on that topic compression should we talk about zoom buying my fucking darling key base rest in peace key base i mean key base was already like partially dead because of the stellar thing but like i kind

of turned the other cheek on it um well because they were desperate for funding yeah they were desperate but did they sort of paper mache over a back door that they made because apparently like you were able to like because of the stellar integration they were able to advertise to key base users which like proved that they had a back door that they shouldn't have had this is the true statement or no no no because they could yeah i mean they could send you a message doesn't mean they could they they had access to your private keys their clients are their clients are open source their server is not open source but it's designed in a way that you don't have to trust the server with your privacy obviously the ideal is like a federated model like something

like matrix um where where you are like mastodon but mastodon is more like a twitter clone but like where you can anyone can run their own server and then ideally the servers are cross-compatible that's not the case of keybase keybase is more of a setup something like signal at least on the messaging component side right where signal runs a server but all your keys are supposed to be kept locally and the apps are open source um with this uh it really looks like the beginning of the end for keybase i it's a really sad i i think i might run the largest bitcoin focus group on keybase i'm not sure because their discovery tools aren't that good but we have like 700 members in our bitcoin keybase group uh so it's it's extra disappointing um and they had some really

cool features there like you can host you can host uh signed files you could have like a website a static web page that you host through keybase files that's signed with your public key uh which is awesome um but this should make zoom a much better experience for zoom it's good to see zoom going this route if if if you were going to talk about ways for zoom to like improve their privacy this idea that they're going to basically encrypt conversations using your your key base keys hopefully your your pgp keys but they might be using like uh key bases uh you know other private key setup that they use they they use like a dual setup like you can host your pgp keys but they have a separate private public key pair that they use for the messages and stuff like that.

But what I see happening here is it looks like an Aquahire. It looks like the key-based devs will go over. They'll basically integrate it all into Zoom's closed-source apps. If the app is closed-source, it's all basically lip service. We're trusting them that it's actually end-to-end encrypted, that they can actually view it. So hopefully it'll be open-source. Don't hold your breath. That's basically what's happened with WhatsApp, right?

so facebook bought whatsapp they added encryption but it's closed source app so like you're just kind of hoping that they've implemented it um so where zoom privacy is right now is horrible so it's yeah it's hard to see how it's a negative it's probably a very good positive for zoom users it's good to see the stock go up on end-to-end encryption news i want that to be a trend i want i want companies to know that if they want to pump their stock price they should add end-to-end encryption and you know rip keybase hopefully we have a better alternative soon hopefully they don't fuck around with it i would rather they just let it like wither away with no new features and just leave it as it is so i'm just gonna like

hold my breath maybe that'll happen uh but i think long term like it's it's doomed like you never see a public company take over something that's like privacy focused and maintain it well i feel like it always gets corrupted yeah so two things here the negative could be where they just lull people into a sense false sense of security where they think they actually have people are already idiots they already have the false sense of security like they were running the british cabinet meetings on zoom and there was no end-to-end encryption claims they weren't even claiming end-to-end encryption and they were still doing it right like no one cares you know like i like i have friends they like send me a skype link or whatever like you think they watch what they say when they

when they speak on skype like no maybe the enterprise people you know maybe the enterprise people want certain certain guarantees but hopefully they will push for better guarantees than false sense of security but who knows well maybe they would have sought out alternatives when people were making fun of them on twitter like hey you british parliament you guys are idiots like somebody's gonna be able to hack in there now they're like oh they bought keybase we're fine we're fine we're good well like cisco webex right and microsoft teams and google meet uh i don't think any of those are end-to-end encrypted and if they are they're definitely not open source so you know it is like outside of the competition open source the only the only

end-to-end encrypted video i know of for sure is one-on-one jitsy chats not group chats one-on-one only signal chat signal video which is mobile only and it kind of blows no group no group chats and the quality is kind of degraded because it's encrypted um but it like gets the job done and i think that's it i think that's the only two i know of like there's a there's a dearth of secure video chat that's not that much and again we talked about this i think a couple weeks ago it's hard there's so much bandwidth that goes into all this oh gab just forked uh an open source video uh yeah protocol and i i wonder if that's encrypted i'm not sure if it is or not it i'm almost positive it's not for group but sometimes it might be for the one-on-one i wonder

and the second thing i wanted to bring up that i see grubles from blockstream uh teasing a keybase fork yeah but so there's two groups of keybase users right so keybase was born with the idea that it was a place for you to host your public key of your pgp key right you have the public key private key pair uh the private key is is is your secret key and the public key is the one that the public knows so that they can either encrypt messages to you or prove that you either uploaded a file or text or whatever right um that was the original purpose of keybase and then you could also connect those to your different internet identities uh right like twitter uh github reddit yada yada yada

i so keys.pub is a fork of that element right a place to host your pgp keys which is great it's one of the things i love about keybase and one of the cool things about keybase is if you follow a person and their their public key changes you get notified um which is like a very useful service and you you're able to see the different identities and you can even you know it's not as secure but in browser you can send them an encrypted message using the pgp key so it makes it way more accessible for people but the cool features for keybase for me was the encrypted group chats the shared file system encrypted file system um although that element the mobile apps where you could do all that stuff and that that fork doesn't have any of that stuff

yeah i doubt it no it doesn't i checked that fork is is literally just a place to host your pgp keys and like try and build this stuff in or i don't think so because those there's a whole group of users that thinks all that other stuff keybase added was a distraction like i think the stellar integration was a distraction but all the other stuff i fucking love like i i don't know i'm like it's weird and then and this is one of the reasons why keybase never found product market fit because of their niche user base it was all split up between people who didn't want they all wanted different things like the group messaging and key base is fantastic we have channels it's like a more secure version of like slack yeah i mean and it really shows the

the sorry state of funding from silicon valley right now like and i talked to people who were close to the key base team when they were first starting out in sf and so they couldn't get funding and they turned to shit coining literally to get money to build what they wanted to build open source isn't profitable for most people unless you're building

ways to leverage that via hosting or something like that outside of that it's hard to make money in this stuff so I guess that's a question as users and humanity moving forward is how do we

make this happen I think I mean bitcoin's solving it too companies who have getting in the game uh in terms of the bitcoin network actually funding developers who are working to make it stronger but uh there's very few and far between uh projects that have figured this out all i can say is i just hope zoom doesn't integrate fucking stellar you know so we'll see we'll see how that turns out they might hey i might My quick take here is bullish on Zoom, even though it's just lip service. More bullish on end-to-end encryption, even though it's just lip service. Embarrassed on Keybase.

And disclosure, I bought some Zoom stock at around $100, but not enough. Oh, I didn't know I was going to have to prod you for that disclosure. Didn't even have to do it. No, but I've told the freaks about this. It was my Rona trade. It was my only Rona trade I made. Because we know, like, look, in terms of call quality and ease of use,

it is by far the best platform. In terms of security and privacy, it's one of the worst. But users don't give a shit. it turns out i should have bought the wrong zoom stock right the wrong zoom stock went up way more actual z-o-o-m not z-m fucking shit coin disclosure i own i think three stocks or multiple of three companies square is one of them i own like a partial stock on the cash app i stacked a sliver of a stock on the cash app wait wait you stacked a square stock on the square app yeah you know just to test it out that's pretty funny um that's that's fucking hilarious that's

hilarious that they offer it i never even checked their like stock portion there i got into some uranium stocks too yeah there's a lot of bitcoin guys that are very bullish on uranium i'm glad i never touched that shit yeah yeah it's i'm like break even on this this is not investment advice do not do any of this speaking of square don't buy stocks just most of you know i'm not really in stocks it's just the zoom play is just gambling that's just all that was it was like a very small little gambling play while i was bored um we should talk about cash app quarterly earnings this is a good time yeah well before we get into this it was sort of a natural segue i was working on there um we're through two of 13 topics and we're almost an hour in so it's gonna be a good

one it's gonna be a long rip uh speaking cash app they announced yeah they had their uh their q1 uh sales call sales call earnings call there we go earnings call yesterday and a lot of good numbers came out uh in regards to their bitcoin sales so q4 2019 they had 178 million dollars in total volume of bitcoin so and i'm so confused on this uh whether it's a combination of how many people bought how many people sold uh i'm not certain right now but let's just focus on the profit and q for 2019 it was around three and a half between three and a half and four million dollars uh q1 2020 um total volume jumped from 178 million to 306 million so almost doubling and profit jumping from, again,

between $3.5 and $4 million to $6.7 million. Marty, they sold $300 million worth of Bitcoin, right? It's the total USD volume of Bitcoin. So they sell... No, we got this confirmed. I'm pretty sure that that's how much they sold. They sold $306 million worth of Bitcoin. That doesn't include sells.

That's just buys through Cash App. all right you can hold me is it confirmed i'm like yeah i'm like 99 sure because they make fees both ways right okay now i'm 98 sure but i'm like i don't want to put them on the spot but i like confirmed with someone who i'm regardless volume is up uh profit is up people are using bitcoin on the cash app and it seems like the charts go in exponential again like a profit doubled quarter on quarter and um volume almost doubled quarter on quarter what's crazier is how many what percent of people that use cash app do you think are because they don't disclose this number do you think are using the bitcoin feature or even know the bitcoin features there

i would say less than 20 yeah i would say like 10 or 15 so you got like the number one app on the finance section of the app store sitting there just gaining downloads and like two clicks away is bitcoin so like you know last bull run you couldn't even open an exchange account do you remember how crazy that was people were like selling their polo accounts or like fucking fifty thousand dollars and ridiculous prices well that's one thing i wrote about it was monday or tuesday like going into the halving and reflecting back on the bear market not saying that we're are we technically not in the bull market yet until we pass the last all-time high we're just it's just one long continuous bull market yeah dips and dips and

and hills since the last all-time high uh it is crazy to think then like like you were just mentioning like december 2017 coinbase down cash app was like just coming on the scene um exchanges were going offline left and right because they couldn't handle the infrastructure literally couldn't handle the amount of people that were trying to buy bitcoin at that time And if you reflect on what's happened since December 2017, like the amount of on-ramps that have come to market since then, River Financial, Cash App really beefing up what they're doing, CoinFloor in the UK going Bitcoin only, Rest in Peace Bidder came and gone too soon. Love you, Ruben. coins out there now love you ruben uh the on ramps are more bountiful and then more importantly i think outside of coinbase coinbase still has connectivity issues and uptime issues even though

they're the oldest fucking exchange in the market seriously get your shit together like stop focusing on chick coin like you have the like well i think they have the opportunity they have the opportunity to like just own this market and their lack of focus and i've been saying this it's good for bitcoin it's i mean it's good for bitcoin they're getting away for coinbase but like if pierre should be the ceo of coinbase and this was a big meme a couple years ago you should be the ceo of coinbase because if you're brian lex luther if you were able to focus and just like actually like hone in on a product market fit of getting bitcoin to your users and you didn't have as much downtime and connectivity issues as your app does today your website your

product does today you would be i think considerably more successful and more profitable than you have been up to this point look um their founder was a shit corner their investors were shit corners it is what it is um we have a lot more bitcoin focused there's there's two big things just to distill it i think in my mind from 2017 first of all we've seen tons of new on-ramps and they're localized there's all these you know like you're in canada you got bull bitcoin it's all it's all localized which is great so so it can't even they can't become too big because they're not serving everywhere um people think of that as a negative but i think that's a positive something like cash apps you know you can't get it most places right um except for the united

states and then the second big thing i think is bisque and hodl hodl we didn't have those really we like we didn't have those there at the at the time not in the with with like reasonable liquidity um we had local bitcoins um which basically i think got hit with the kyc right at the end of the 2017 run right um yeah but yeah i think i think the infrastructure in terms of actual on-ramps uh is a lot better off-ramps are always i think going to be a hurdle if you self-custody um but why off-ramp we're getting on to stay on at least i am yeah i mean so i can't actually really speak to it because i don't really have experience with that but um i imagine it's a bigger hurdle especially if you're self-custody if you're trying to send

like large amounts of bitcoin through regulated financial services uh yeah freaks huddle on all right we're gonna we're gonna uh tap into our good friend huddle on comrade or huddle comrade the tax implications that come with selling it's not worth the headache i've gone through that once and it's like oh my all right all right just hold and again make sure you have a fiat job you're making money you're able to handle your expenses stay humble no definitely stay humble but hold like stay humble and being humble is noticing how much you're able to extend yourself into this asset class uh for an extended period of time like you don't want to have to sell bitcoin because it's just you're going to sell more bitcoin because you're thinking i'll just sell

bitcoin to cover these expenses and it's like oh the taxes are such that i'd sell more bitcoin to cover those yeah you're forced to sell it if you're not humble exactly when the volatility eventually hits you um yeah but yeah i i think that's pretty crazy that cash app um has sold that much bitcoin i'm pretty sure it was 300 million so that's pretty crazy to me uh then and the other thing is you know we had this huge dip while that was happening so it shows and they just added auto auto dollar cost auto stack sats and then so that didn't exist before um so that's only going to increase it and cash up in general is just going up so i i think that's going to be like that's what sets the floor right when you have this like

volatile new asset in adoption phase like these all these small purchases that everyone's everyone's making like it's like a group corner of the market type of situation uh and it's just like that's why when people complain they say like futures are going to drive the price down and stuff like that like if you just have people just constantly buying small amounts um many you know many users around the world buying small amounts like you can't of a scarce asset like you can't artificially keep that down no and that's the beauty of it too it's not even people like it's not even many people cornering the market they many people can't even coordinate the to there's no whales on the market their fucking limits suck there's so you know they just upped their

they just upped their buy limits to 100k no but i'm pretty sure that's bullshit because well it's bullshit we're gonna we're gonna do this on our advertiser right now it's bullshit because their deposit limit is 10k yes so you need to deposit 10k for 10 weeks to take advantage of the 100k k buy bitcoin limit right and then the withdrawal limits are the same way the other way well you have to wait 20 weeks to withdraw so you wait 10 weeks to buy your 100k for the week because they just raise the bitcoin limit to 100k for the week right from 10k yes but the deposit limit is still 10k and the withdrawal doesn't make any sense 5k it doesn't make any sense and uh complete openness here like we haven't talked to the cash app product team about this at all but i'm sure

they know i'm sure they know they're not no but i assume it maybe it's like a first step and maybe like you raise the limit on one end and you can raise it to that level on the other end i don't know but it doesn't make any like and it's actually if we're being honest like it's a little dangerous too because if you have and we i've sent this tweet out many times like if the price is going to run up like be careful with how many sats you have on these centralized exchanges and their withdrawal limits particularly because you could be able to withdraw all your bitcoin one day and the price runs up a good amount you're not able to withdraw that all the next day because the limit is measured in fiat yes and your balance is actually measured

in bitcoin yeah so yeah i mean i worry that i meant it less as a critique on cash app and more on a critique on all the pump tweets that were like oh cash app raised their limit to 100k and now it's you know the bullish moon juice you know we're gonna go to the moon um and i was like yeah that's not that's not gonna do it but in defense of cash app i do think they want to raise the limits on both ends i think jack actually when i interviewed him alluded to that yeah that's because the fake news yeah the fake news where he's like he was like look at he was like yeah i can only buy 10k a week like it should be higher i think he was trying to allude to and they're like jack's limiting out every week yeah um like i don't think they like the limits

either i think they're just and again obviously disclosure disclaimer we don't have to disclosure this because you have a long ass ad in the beginning of the podcast so everyone knows except the people that skip the ads which is fine but you know this is like literally this like literally my analyst hat on like i don't i don't think they like limits either the other thing that i think people should keep in mind here is cash app not only is killing it on user numbers they've surpassed venmo but all of these payment apps have been struggling even like the bank payment apps have been struggling to bring in revenue they can't figure out how to monetize because none of them can charge money on the p2p transfers when i like when a friend pays you

through Cash App or Venmo, they don't charge a fee because they can't charge a fee because then you just go to Facebook Pay or Cash App or Venmo, like you switch. If they charge you even the smallest fee, they can't get away with that. But this idea of adding Bitcoin and adding stocks is a huge revenue generation and it works. It seems like people are willing to pay for that feature. So I have a feeling that we have the Venmos, the PayPals, well Venmo and PayPal are the same. The Facebooks, all of them are all probably thinking about stock integration, but also hopefully Bitcoin integration. They see all this revenue coming in. They see how much demand there is. And I think that helps everyone. Once again, this is an open financial

system. Just because I would never buy through Facebook doesn't mean that it doesn't help everyone if you can buy through Facebook. No, it harpens back to the conversation we having earlier like a lot of people won't like the institutional investors are getting into the space but it doesn't matter are they like maybe i don't know well yeah paul tudor jones buying bitcoin futures on the cme that will that will leak into to spot purchases as well i believe if he's inherently as pomp has pomp just been right this whole time he's just always two years late first the virus is coming now institutional money is here maybe pomp's just in the middle of all these conversations where where the assholes yeah but how did he know about the rona ahead of

time that's what i want to know he knew about the rona ahead of time yeah the virus is coming the virus is spreading what did he say the virus is spreading how did he know i don't get it was pomp conditioning us yeah maybe maybe he was in on it i think he was in on it love you pop i was dming i was dming with pop uh i'm not gonna disclose what we're dming about but we had a chuckle about some of the defy narratives um which are which are hilarious so what topic defy oh it's not defy we've talked about this already there's no d

part that's the most it's just five i guess they're calling it c-fi now when it's like centralized finance it's just finance oh my gosh dude i had a big cringe of that the other day c-fi um it's all finance finance is just using capital to hopefully get returns in the future by allocating that capital in a certain way block clock mini i'm buying it i'm buying it buy buy buy buy bill kramer right now buy buy buy i wanted the first block clock but i'm sorry rodolfo i was not going to pay four thousand dollars for that motherfucker he tried to convince me there was a i will pay five hundred dollars for the mini though no it's less it's 350 plus your like 150 deposit oh really yeah wow motherfucker

dude i think it's just 350 no you put 150 down and you pay 350 for the rest i'm pretty sure really it could be wrong it could be wrong i'm pretty well guys freaks the price of the block clock is between 350 and 500 we're not sure um the first block clock was dope as fuck it had those old uh those old train type of flicker things you're right you're right you're right i'm wrong 350 right great price point it has seven e-ink displays instead of the train flipper things so it's a lot cheaper and one of the cool things is it has both an sd card slot uh which for now is going to be like firmware upgrades you can check your uh your open dime yeah and it's got a usb port for the open dime so not only can you check the balance but you can also load an open

dime with it um so yeah i mean i just i love the hardware it'll produce a qr code so if you just like plug a open dime in you want to put some sats on it it'll produce a qr code you can send sats to that i well i think i think you have to prime the cold the open dime first you have to set it up because you have to give it its entropy when you set up a open dime you drag files in to give it randomness external randomness because you use the secure element plus the randomness generated from the hash of the files you drag in so yeah i i i thought that was assumed yeah i'm pretty sure you can't i i kind of wish i don't know how they would do it maybe if you put files on the sd card stuck the sd card in and then stuck the usb drive in but it'd be kind of nice if you

could just stick the usb drive directly into the block clock and you know the open dime directly into the block clock and it it primed it got it ready to go and gave you qr code yeah i agree i agree but it's really cool i'm definitely gonna get one we're both probably better that it's probably better that's a dumb device and you can't yeah i mean i also like one like i want like a coin kite base station where you can like plug in a bunch of different hardware wallets and you just can set up a multi-sig without a computer into a nine volt battery just use a few nine nine volt batteries to do all this yeah i like that that power thing is a cool idea too and so he also announced these steel plates which are not particularly revolutionary in form of seed

storage but they are the first ones that offer this form factor in 24 words uh which is how many words you need you know so to have a 12 word one uh you need to have two of them so it's nice that he has this nice little it's 12 words on each side and it has like this stamp tool and you basically put dots in the column of each letter for each word and what's kind of nice about that is if a regular like a normal burglar type person comes across it or a maid or something they might look at it they might not even know it's like word phrase they might not even get to that point this is braille i don't read braille yeah exactly um so and there's no moving parts nice and simple 35 dollars nine dollars somebody's giving them shit for that product who's giving

them shit for that it was the shift crypto guys because they have the beef from the hardware wallet shit yeah because there's one that looks similar to it but it has first of all it's double the price and it only has six words on each side instead of 12 words on each side so like that's a that's a major difference like i mean he's not he wasn't saying he was being like innovative or or you know groundbreaking he's not like i'm going to mars i'm gonna land people on mars he was like this is a better mousetrap and it's half the price and you could buy it from the same person you're buying the hardware wallet from you know it's like makes sense it seems like a natural uh product suite progression there yeah i love it i love it i'm a fan speaking of going to

mars what do you think of elon sun's name it's named he's named after a plane right i don't know what the hell he's named it's like ax a e 12 something i have no idea did you see the tweet where it was like uh grimes was asked the gender and she was like i'm not going to gender my child and then there was another tweet from elon and he was just like i had a boy they should talk about that um if you want to talk about elon if you want to talk about elon how about him going fucking ham on his investor call and then tweeting out i think tesla price stock price is too high and the stock dumped 12 or something i don't know it fucking cratered because I'm invested in freaks.

Tesla is part of my bull case of Bitcoin. If that shit can pump, the sky's the limit for Bitcoin. Whoa, whoa, whoa. I don't want to tie Bitcoin success to Tesla. I'm still like, I go back and forth with Tesla. Like I,

in space, so I like SpaceX. I like the fact that you can send rockets up above the atmosphere into space and land them on like a cube in the ocean. yeah i mean i think it's between him and bezos at this point on spacex but tesla i always go back and forth like is it a good product is it not like are the cars cheap are they blowing up

he shot a tesla up to space so they're kind of tied they're kind of tied together that was badass they're definitely tied because they're better i think elon's a fucking boss i'm like super pro elon i think you know he's just paypal he he interrupted me uh i know fuck paypal but like he's interacting with bitcoiners more now um who sent him a tweet and he definitely holds bitcoin motherfucker the bitcoin um the bitcoin uh anime character he he posted that yeah yeah he posted that he responded to somebody the bitcoin anime character i forget who it was though uh but yeah i am uh i stay on the sidelines when it comes to tesla interstock price and stuff like that i don't know what's going on uh he wants to open up the

country i agree with him i think uh we should get be getting more people back to work we didn't have this on the list but another adp jobs report released today another 3.3 million i think totals above 30 million i believe unemployed what my point was nothing about his actual product in tesla it's the multiple it's trading at is a perfect example of this weird retail environment we're in where people have robin hood accounts and have access to to to trade stocks like they've never had before and they have these darling stocks that trade at ridiculous multiples zoom was part of that investment thesis beyond meat right tesla these are all trading at ridiculous multiples because people love them people like they think people love beyond meat

yeah like you know there's like a group of people that are investing their own funds through robin hood and on these other apps that they're like plant-based meat is the future and this is like the only one they that that publicly traded and they do and we saw with like the cannabis stocks we saw with the weed stocks right like those little things were used to be like more isolated because the average person couldn't trade it right and they're more crypto-esque we saw with uh uso the uh the oil etf yeah like retailers just saw oil going negative like oh good time to buy buy the dip or like two dollars they started like two dollars and didn't realize it could go under yeah and then somewhere even buying it negative not realizing

they'd have to actually physically deliver the oil to oklahoma uh i think that guy got away with it though that was like an r uh r wall street bets it's a crazy environment man it is and that's why i love finding safety in sats and again going back to our boy paul that's one thing so one thing you mentioned is like when it comes to like what's actually happening like you can prove that in bitcoin and this is evidenced by the fact that i downloaded a full node that's not my first full node but i'm like downloading all the software and using my full node to verify everything like i'm verifying it myself i don't need to depend on anybody to tell me what's happening within the bitcoin network i'm literally using the software i

downloaded on my computers that i possess to prove this stuff like i have certainty in what's going on in bitcoin and like i said like i like elon musk and uh i think he's funny number one i think he's innovative i don't know how successful his companies will be i don't know how legitimate they are at this point i i think i would like them to be legitimate i know i would like them to be legitimate i don't i honestly don't know how legitimate they are though with bitcoin give him i do know how legit it is people can give him shit but he's all in motherfuckers got tons of getting in the game so uh respect he's got yeah i respect it too but you can't prove it right like i can't go i can't go scan a blockchain for how many actual teslas exist how many people have

bought them and how many are being exchanged at any given point in time i can't i can't do that bitcoin you can't do exactly that either but you can audit the system more you don't need a spokesman you don't need a spokesman out front to sort of defend the system what elon made with tesla was a car that cost seventy thousand dollars that a guy getting out of a two hundred and fifty thousand dollar rolls at a restaurant walked by the tesla slowly to take a look at it because he was curious that's what he invented you know like that and then in that in that way it was it was groundbreaking it was like the iphone effect for cars i'll never forget the first uber i ever took in chicago like chicago was one of the first five cities that got uber when i was a freshman in

college a buddy from philly who was older than me is my cousin's friend my older cousin's friend and we went out to get dinner one night and like i went to his apartment before dinner he's like dude we're gonna get an uber i was like what's an uber he's like watch this and like that was when uber was strict black cars like before they even had uber x or anything like that a tesla pulled up first uber i ever gotten with tesla and i i remember being blown away like holy shit because the whole center console was like a touch screen uh like basically an ipad yeah the best and worst part of the tesla is how computerized it is it's like the ultimate surveillance vehicle well that's the thing like i remember being completely blown away

aesthetically by the experience but that's the only experience i've had in the tesla and since then i've just seen some blowing up on the side of the road people questioning how many have been made how many have been sold and i i just honestly don't know you can't confirm that i think the blowing up thing is kind of bullshit because like if we're driving around with like fucking flammable gas tanks and it's not like cars are a very safe mode of transportation to with i mean yeah they're two ton weapons at the end of the day right anyway all enough with this elon stuff uh blockstream satellite v2 got launched did you see this i did i did and it's pretty big from a satellite perspective um one of the big things you know is that you can sync

a full node all the way from genesis now um i think before that they were just using the checkpoints um that you're still trusting them but you you get to verify it on your own note so you're verifying that it it conforms to the rules but you're trusting them on the actual block data yes and it requires half the bandwidth right so i think that's uh i think as well then on top of that there well i don't think it's half the bandwidth i think they increase the bandwidth available they just have more bandwidth available now i think it's easier to download if you're in a place with shittier bandwidth from what i read oh yeah it makes it more reliable at edges of coverage zones

less affected by weather interference less sensitive to equipment tuning more bandwidth but also more efficient better compression and then a big thing here is that they're actually they're releasing kits so that you can easily connect so they have different tiers of these kits too like a beginner's kit and then like a pro kit and that's a big question with blockchain specifically is like how the hell are they going to be profitable like they've just been creating software just like a bunch of bitcoiners dicking around making passion projects like are they ever going to be profitable and i'm not saying this is going to make them incredibly profitable but as a bitcoiner who wants to get a satellite node up

i i think i could buy one of these kits or i would buy i will buy one of these kits at some point um so definitely contribute to the revenue that they have but yeah if you want to like run a satellite node they're going to provide out of the box products for you to make that happen i do believe if you're in the lower tier product you do need to buy one product that does not come in the package you need to buy a dish right

yeah it's not exactly a dish it's something else it's like a flat antenna yeah exactly so that's coming out what do you think I still think the coolest part about

so it's weird right because it it provides a very nice redundant way of accessing bitcoin data so we've been talking about um in the past we've talked about eclipse attacks where your node gets surrounded by malicious nodes and they feed you faulty data you can avoid that by by double checking the data you get with a with a satellite connection anywhere in the world basically the other thing is in low connectivity zones like you don't have internet and stuff you can you can access receive only data um not transmit data great also great um the the other thing is uh you can their their api to transmit data is really fucking cool uh and like my favorite

use case so far has been that one dude who like posts the news every day uh and he signs it with his with his public key he signs with his private key but it's you know you can verify with this public key that it's him every day so he's like building up this reputation as like a news source and no one knows who he is and it's broadcast just worldwide globally um and then you know like the caveat is that they are work they they don't own their own satellites they're renting satellite space um they're renting a channel on a satellite yeah that's how it works but the good thing is the good thing with that yeah sorry so to explain the mechanics of the satellite the the block quote-unquote block stream satellite it's not a satellite that block stream wholly

owns and they don't own it at all yeah they own a channel within a satellite that they have to get access to and they're basically a feed yeah they rent a feed that sends data via radio transmission they don't they don't own the physical satellite and have control over it they just own the rights to the channel where they're broadcasting their information but it's interesting because in certain threat models that's actually an improvement because if you were to like try and take down one of the satellites that runs them you take down a bunch of other services as well um and this is actually it's actually bringing a good point in my episode roy sabag he said that these were like low atmosphere satellites that could easily that

to fall on the ground after like three years it's not true at all the block stream satellites like up there and the the channel that it's streaming from will probably be live for quite a while geosynchronous orbit or whatever yeah yeah um just had to write that wrong the other thing the other benefit is it is the most private way to sync a full node because it's passive it's like a radio. Um, if you turn on a radio, no one knows what you're listening to, what data you're bringing in because it's receive only. Um, another way to think about it is those dumb old GPS receivers, uh, GPS devices you used to have in your car and stuff, um, where they just receive GPS signals. They don't transmit anything. That is the most private way to receive information.

So there's, there's a massive boost there. And then when it comes time to broadcast a transaction, you can broadcast it out through something like tor or something like that that's a lower bandwidth connection or or even something like transaction tenna through a gotenna you know or gotenna mesh some kind of mesh network you know you use uh locha mesh uh something like that you know yeah and so the big you're not like it's not like an api api api api call where you're requesting information you're literally just receiving it receiving it you're not saying hey send this to me send this to me it's being literally flowed to you in radio waves and you can just receive that without having to request it it's just coming at you no matter what but i the

the news guy is is the coolest i think that's so cool that that guy just keeps posting news your daily news bulletin every day that's the uh hey if you're going to be a content producer out there the one thing i will recommend is consistency just show up every day you never know when your time is going to strike if you're there you'll be happy that you are there easier said than done so kudos to that dude and kudos to all the other guys producing content out there another big story was the foundation devices announced their intention to release a hardware wallet built in the u.s um targeting hardcore users uh making it's going to be very similar to the cold card in terms of trade-offs uh and it's coming from zach herbert who was previously

with the sia team uh obelisk right yeah obelisk i'm pretty excited for this i i've been talking to them uh for the last couple of weeks and i think they'll have something in store for us that's that's very nice uh so we'll see you know they have no specifics yet um but this valhalla that we want to reach eventually where we're using uh multiple manufacturer hardware wallets for multisig requires multiple good manufacturers of hardware wallets uh so it'd be nice to see some new entrants here um that are in the you know bitcoin only very security focused space instead of getting distracted by a lot of the bullshit that we see from the other top hardware wallets.

Yeah. And from what I understand, foundations ethos is to be as open source as possible as well. Some other coin kite. So just pushing the ball in the right direction. Shout out to Zach. I mean, the more the merrier the,

the, this is the Austrian open markets view. The more competition, competition the better the products will be at the end of the day i'm getting an unstable connection here are you are you still with me matt i think it worked out i didn't hear anything you just said but i think it worked out so fuck comcast but um i think we're good i i probably agree with what you said i i heard the last part which was like open competition something to that effect more of that we need more of that i'm really excited for what they have for us i think you know zach zach

has the right priorities and i think that's the most important thing and then we'll we work from there so we'll see we'll see what they come up with but i'm i'm very excited i think it's a very underrated piece of news um and then the other thing that we missed i never we never talked about this this perpetual one-way peg no shout out shout out reuben um who has put this forward but I interrupted you because there's another thing we missed on the list that I really want to talk about. So go on with the perpetual one-way peg. Yeah, I mean, we have a bunch of things on this list still.

But the perpetual one-way peg is this idea of creating a side chain that's like a perpetual burn system, which is what Counterparty, when Counterparty first launched, which most famously now is what Tether on Bitcoin was being hosted on, was was using um yeah uh but now is using mostly liquid it appears in terms of on the bitcoin side and or erc20 and they also have like a tron version of erc20 but besides the point they used a burn system so instead of an ico where you exchange bitcoin for a bullshit token you burn bitcoin and no one ever gets it and and it's like a proof it's basically like a proof of work

tangential thing because the proof of work built the value in the bitcoin and then you're burning it forever and then you get the new token and his idea that's perpetual instead of like a phase in the beginning where people proof of burn and get the token you can just get it whenever um that's a very it's an interesting concept i don't know if it holds up uh to actual real world use you know we haven't seen in the real world but it's a very interesting concept this idea that you can create a side chain where you're you're burning you're burning bitcoin to get whatever token i like burning better i like burning better too and counterparty for you freaks that don't know they're they're huge application to date i would argue rare pepe's

right they created rare pepe's first i would say tether was the biggest well that came from omni protocol but it wasn't omni like omni's tangentially counterparty isn't it it is it's derivative it's like a derivative of counterparty but it's not counterparty i don't think you were burning bitcoin for tether though no you weren't burning for tether but you did for omni i think i don't know i'm not positive but anyway the nice thing about burning is that all the people that aren't involved our value goes up um so it helps bitcoin holders that aren't involved and it doesn't enrich some founders or whatever it's not a money grab i agree but i'm still like i don't want to say torn on on burning i'm just like ignorant on burning because that like i don't know i haven't

thought through the whole process am i okay with just burning bitcoin like could those you potential UTXOs be more useful in the future is that a trade off you want to make his idea is is like reverse utility token thesis right so the utility token thesis was this idea that we were going to like

get dentacoin or something because we wanted to pay our dentist right so he's saying if you need to have a sidechain token for whatever your utility is people can burn sets at the moment they need it and then switch into it like obviously it'd be better if you could

just straight up integrate bitcoin directly but if it needed to be on a side chain if it needed to be on a separate chain then you could just you know instead of doing this bullshit where you're you know you're going into this free floating token it still would be a free floating token but technically you'll always get that one-to-one uh peg of if you burn so you can just burn a little bit just spend it right away not as like he knows he acknowledges that it that the resulting token isn't a store of value it's trending to zero right away so you just do it and you just burn it right away no and like i said like i need to think through this more but it does make inherently more sense to me um and after speaking with paul storks i know a controversial figure to

a lot of people but i do think sidechains need to get more tick than uh they have gotten to date obviously liquid is a federated sidechain that is starting to get uh more more use than than any sidechain other than counterparty is counterparty technically a sidechain i don't think it's a counterparty i think counterparty like i have rare pepe's on an open dime that uh it's on a bitcoin it's on a bitcoin address right you can access it yeah you can access it via bitcoin it's merge mined with bitcoin right that's not even merge mine it's part of bitcoin but it's in that burning yeah maybe merge i don't know i never paid attention to counterparty shit i'm not sure how it works i'm sure the freaks can educate us a little bit here yeah early episode of tales from

the crypt i had joe looney on who's a legend i listened to that one he uh he was one of the rare pepe to be honest i rolled my eyes that whole that whole episode i i mean it was during the other pepe bullshit that was happening yeah it was during like the ethereum pepe yeah it was really sour and honestly joe i love you but i don't get like blockchain art at all like i would never buy a non-fungible token on on a blockchain and like actually value it and i don't i don't get i don't i don't see nfts and i don't see the value of owning something in the digital what about nfts that are like certificate authenticities for real life items no you can't connect those you can never connect those hey yeah you have that nft for that digital there for that physical item i

steal it and you can have that authentication all you want but i have the physical asset it doesn't make any sense to me you can never bridge the two yeah but i mean you could say the same thing about certificate of authenticities right like so like if a signed baseball has a certificate of authenticity it's worth more than if it doesn't yeah that's why no one invests in baseballs with certificates of authenticity i had a lot when i was a kid i would get a lot of signed things that was like my my early gambling was sports memorabilia and this and honestly it just may just be a product of who i am and i i may just be blind to this to this marketplace but it doesn't make any sense to me yeah i mean i don't think it really makes much sense to me either

um i was gonna say something though i don't remember nfts burning burning i think side chains do need to get more oh that's what i was gonna say yeah i think i think we need to give sidechains uh more of a chance here i think people have written off sidechains well so what's weird is liquid's biggest issue i think is it's a bunch of known entities doing a federation and it's up to 21 now yeah and if they get too big they become a major target as they get bigger they become a major target i've said in the past that i do think that it's that's basically they're commingling risk amongst all of the exchanges and those those businesses which is that's a big question is the risk dissipated the more people enter the federation or it is it is dissipated

on a small scale but it elevates the chance of like black swan risk like on like a bloody a bloody day where just everyone goes down right that's that's how i view it i view it as it elevates like worst case scenario risk but reduces all the little fiat risk that happens and like all that different risk um the easiest way for them to reduce their risk is if they they haven't like opened they should make it super easy for people to launch competing federations like imagine a world with a thousand federations and and some of them are like 14 of 16 tour known identities where like no one knows who they are right and you can swap in between them and stuff like if you had like a million side chains there's something there in terms of just like being

strong together it's like a what is the the quote like a bundle of sticks is stronger than a single twig or whatever a fist is stronger than a slap um right does that make sense yeah no i'm trying to think through in my head right now so it would make sense in the sense that if multiple federations are dependent on single or multiple nodes and other federations there could be fees between the federations that make it economically feasible right well you could you could have swaps you could you could you could run swaps in between the different federations but like and there's imagine imagine if they had like a simple tool that just allowed you to just start up a federation and you could just start it up with some random nims on the internet and then we just had like

a bunch of different little federations but i think they're like a little bit greedy and they just want it all in liquid i don't know well they let whiz in their federation but in their federation imagine if whiz started a second federation imagine if someone else started a third federation and you had a bunch of them and then you had free market competition between them and they all kind of protected each other in terms of regulatory arbitrage and whatnot i like this it sounds like it makes sense to me obviously i haven't thought through everything but that sounds better to me i don't know this is that's my two sets i like that i like your two sets there it seems like it'd be a more robust system and create more optionality for people

operating within these these side chains where if something like a liquid block chains acting in bad faiths you could easily move to another yeah i mean right now the only reason i would ever use liquid is to hold tether so but i would never hold tether so maybe you know i'm not like the right person to ask but i if you look at it from like a censorship resistance point of view that's a simple method they could use to try and like muddy the waters right it's like this i think it's the same argument as like if you have like a million shit coins like they provide some type of regulatory cover for bitcoin right we're like they see eos do a four billion dollar raise and they're like we're not gonna necessarily go so hard on bitcoin because like these guys are like

obviously fucked hearts right um like i i think it provides like some kind of cover there where it's not just like one behemoth network that's like run by a bunch of regulated entities it's cover via confusion obscurity right at the end of the day no is it no well that's the thing like it's still so early in this thing like i in what the point i was trying to make like i think more side chains are needed it's just like who's gonna yeah that's what triggered the thought right yeah he's gonna push that ball forward can we create tftc sidechain like well that's what i'm saying right well like we could create a federation if they made it easy we'd create a federation but we wouldn't we we i mean if i did

it i wouldn't like we wouldn't broadcast publicly that it was a tftc federation because who wants who wants that pressure who wants that regulatory pressure on you you could just do it as like a secret entity yeah but then like do you have to be like up and aware at all times like the sign signature my point is like i want a federation of nims that have a reputation on a web of trust reputation right so they build up their trust over time but no one knows exactly who they are like that would be interesting i think that would be more interesting to me i think that would be preferred and i think it would make liquid more interesting i think it would make their federation more valuable because you have all these like child ones but you also have like all these

child ones that like allow you to interact in between and all that shit there's something there no i think there is this is not all my ideas i've talked to people about these i don't want to say their name on the podcast so if you're listening i love you i just don't want to call you out here this seems like the right way forward for a perfect competition and actually getting what we want out of these federations uh to come to fruition it makes sense to me have you have you used liquid yet uh no i'm not i mean you should download i'm a humble i'm a humble stat stat no dude download green wallet right i already i already have it downloaded and then sideshift.ai right but but use a use a vpn because they don't allow americans

send them a lightning transaction and convert it to tether on liquid to your green wallet just a tiny amount just a negligible amount it's convenient it there's something there you know i don't like the tether the tether i i can't do it i just i just i think it's gonna i've been forever i've just thought it was gonna explode at any moment uh too much third party risk but there's something there there's a value add there uh and the whole green wallet interface is very interesting i just don't have the use case for it like luckily i don't have the use case for it That's like with Matt Alborg, who I talked to last week. People in LATAM need this shit desperately, it seems.

That's what I'm saying. Tether on Green Wallet could be really useful to them. And that third-party risk is like that's what they have to deal with in their own banks anyway, to a worse extent. If anything, Tether might be more reputable than the Venezuelan government or something. I don't think so. But they could use Dibro.

They could just get in and make her down. It's completely decentralized. Freaks, he's being sarcastic. DeFi. We're an hour and 45 minutes in. We got a few more topics to get through. One that we missed last week. All right, let's just do,

we're going to do a quick three app upgrade. Bang, bang. Upgrade, release. Three app, release, bang, bang, bang. Blue Wallet, they upgraded to version 5.3.5. If you are running Blue Wallet, upgrade it. Does this include P2EP? No, not yet.

Next update will. Next update will. It's a major PSBT update, though. That's what it is, PSBT, getting my P acronyms mixed up. Sea Lightning version 0.8.2 is out now. It's from Blockstream as well. eclair version 0.4 is out there it's from async and now we're back to macro topics lebanon wait wait noddle dojo noddle dojo and noddle one the two most recent noddles just got rpc explorer

uh the the btc explorer so you can have your own local explorer uh which i think is like super useful glad to see them got that added and you can access it through tor so you can give someone a tor link they can they can use your uncle jim block blockchain explorer through that uh it's worth noting that all the three major build your own's already had it ronin dojo raspi blitz and my node but it's good to see not all add that on top and they upgraded to lnd 0.09 0.9 whatever the most recent, second most recent L&D is, so it has key send support as well.

So you can just send sats without an invoice. Yeah, it's 0.9.0. Apologies freaks for butchering that. 0.9.0. There's a lot of version numbers to memorize. To rememberize. To rememberize?

And he updated Whirlpool too. Shout out to Keto. Yeah. Michelle, love your brother. okay macro sorry lebanon lebanon i mean we meant to talk about this last week we didn't get to it uh they're having a banking crisis which is on par with one of the worst in the world i don't even know what to compare it to when i say one of the worst in the world but they're

having a pretty terrible banking crisis when it comes to capital controls and the ability to access the money that lebanese citizens have made i would compare it to argentina probably because i believe don't quote me on this but i believe that the bank system in lebanon converted u.s dollars within their system to their local lebanese currency and that is uh causing people to to go to the streets and actually set banks on fire they're actually having a legit hyper inflationary uh currency crisis and they're also running with it from a mean from a mean perspective the uh is that the kenyan the gonan it's the gonan gonan it's the best recent meme we've had in fucking years it's so good dude the gonans uh the pole bearers with the with the um with the

what the hell is the word i'm looking for the coffins on their shoulders like walking it with the music uh matt's about to play but they're literally i tried i tried to play it but i failed lebanese citizens are literally claiming that their currency is dead and they're setting their banks on fire and this is not something to laugh about or joke about uh it is simply a anecdote within the trend that's going on right now where you have the bottom of the currency market It's sort of burning out and these currencies failing. And I think it's a trend that's going to move upward in the dominant

currencies of the world because central bank, people are losing trust in central banks in general. And then number two, central banks aren't helping themselves out at all. In Lebanon, capital controls have been instituted very strictly, very recently. and they're basically following the path of argentina where you put money in a bank

and then in one currency mainly the u.s dollar and it gets converted into the local currency and devalued right away so the government can use the surplus value of the stronger currency to pay for their debts but it doesn't really matter at the end of the day and um i think this trend is going to continue and it's just funny to see the citizens of lebanon mean this stuff into reality and i i know a few have called for turning to bitcoin uh throughout all this but it's just it's just weird to see all this hyperinflationary stuff that we've talked about in bitcoin specifically for a while come to fruition uh in countries around the world yeah i mean it's not funny at all but the ghana meme is hilarious um i i love that meme i think

it's i i it's there's something about it right and then yeah it's it's their it's their funeral dance it's when they do the funeral dance and so like the lebanese uh protesters took over that meme live to do their protest but they were also burning down banks and stuff the currency crisis there is no fucking joke um and this is exactly you know what we've been talking about is that when you do need bitcoin um when the time comes that you need bitcoin it becomes very hard to get it right like it is it is something that you need to prepare for and that's why if you're trying to buy it in a currency that's hyper inflating like it but they don't even give them they've removed access to foreign markets for them right so so we have in the show notes we've we've linked an

article from lee coon at uh at coindesk and she does i think she does a pretty good job of covering uh what's happening over there in terms of of bitcoin demand and currency crisis and she does i think she does a very good job in these types of in these types of topics um so i commend her on that it's fantastic um but yeah it's it's it's it's really bad and and i think the best metaphor for americans is fucking masks like when it came time where you needed masks you couldn't get them and it's going to be the same exact thing with bitcoin when it when it comes time when you really need bitcoin i don't think you're going to be able to get it um and i'm not going to tell you told you so because that's fucked up so that's why we stack sats early and often

this is why i tell you so ahead of time so then it's not fucked up no but it's fucked up it's like you never want to be in a position where it's like i told you so especially as a westerner living on the east coast in america oh i'm not telling the lebanese told you so i'm saying it happens in america if it happens in america it's a whole totally i told you so moment and i'm sorry i'm not i'm not trying to to make it look like you're telling the lebanese that i told you so but this is the natural progression of any fiat currency moving into the forest like whether it's america ghana lebanon this is what's going to happen eventually and this is something bitcoiners have been

warning for a while and i'm not saying i told you so the lebanon lebanon population of lebanon but it's becoming more glaringly obvious that this is happening more and more and more throughout the world and the point i want to make is americans we have this view of oh it'll never happen to us it will never happen to us we said gradually then suddenly earlier in the podcast with paul tudor and institutional money moving to the space it's a situation that's going to down now with the lockdowns and helicopter dropping money into people's bank accounts as supply chains are shut down like don't think it can't happen here that's all i want to say that's the point i'm trying to make is don't think that we're immune to this in

any way shape or form yeah i mean fiat currency doesn't have long life lifetimes um and we are definitely not immune to economic crises we are lucky that we have a global reserve currency right now um but we're abusing that privilege so it's only a matter of time we are we are abusing that privilege more than the alcoholic abuses the bottle the only question is the only question is how long that's i think what really comes down to i mean that's been the question on every investor's mind everybody's mind for a while you don't know and that's why i love park the name park lewis's blog series gradually and suddenly like it happened slowly but sure or slowly at first and then all at once and you never know you never know when it's going to happen and don't

pretend to know what's going to happen just be prepared prepare just prepare for when it does happen that you are positioned well and here at tales in the crypt at rabbit hole recap we believe that bitcoin provides the opportunity to prepare for this at least i do personally or at least like matt alberg's sense it provides you access to other instruments if you if you don't want if bitcoin doesn't suit your needs it provides you access to an open relatively permissionless financial network um on bitcoin it is it is pretty much permissionless but if you go over to like different sets of stable coins and shit like that uh more permission is required but it still provides you access where access wasn't granted before i think that's very very powerful i do as

well freaks i'm getting yelled at by my wife via text wait wait we have to talk about one more thing but we have to talk about two more things real quick detorte detorte in the philippines closed a major news network i don't know how to pronounce his name the guy who's like borderline dictator over there uh he's a dictator he's a straight up dictator president of philippines he closed a major news network uh a freak sent this to me from the philippines that's fucked up is because they were critical of him and they he shut it down i want killing wasn't he like killing drug dealers just in the street yes he was i i just i want americans to be a little bit cautious here because as much as i hate most of the mainstream media this whole vitriol towards

them that's also fanned by by our president it needs to you have to be careful with it because we can slow we can you know it could gradually then suddenly end up in situations similar to this where where stuff gets shut down so you got to be careful you don't want to end up where trump is your only media source but you also want to be critical of exactly media sources with money backing them they have certain incentives so be careful trust tftc the don't trust us and then the other thing is don't trust any of your media sources have multiple you know and and compare and contrast and and and use a critical mind with it the other thing is i want to do a shout out to my real boy paul our real boy paul uh future paul who i i went on his brand new podcast um he was

one he was part of the verge founding team um he's been on the verge cast for a fucking decade and he's no longer with the verge cast he's doing his own podcast um straight up orange pilled he is a freak we had a great conversation i wish it was in person i yeah he owes me a fucking drink we're gonna do this post rona we're gonna have a drink it's gonna be fucking fantastic we should do the three of us i think it would be fucking awesome um but i went on his brand new podcast i was his first guest second episode first guest is called cyber deck users weekly so search that give him a subscribe what's the website he's got a dope he's got a dope website yeah paul.lol paul.lol better than any domain i've ever hoarded fantastic fucking domain so go there he's got a

newsletter it's funny because he also like he was the one who like really got me to hate emails like he hates emails but he has a newsletter so he has a newsletter paul.lol and he also has his podcast um the first episode was fantastic i think the second episode was pretty good but that was me so you know it is what it is but go subscribe auto download great dude love you paul paul.lol go check it out freaks sorry if we got like sorry if my words got a little slurred here at the end it's been a long Thursday I love you freaks lots going on in the world right now

we are at a pivotal moment in history humanity is going through a huge inflection point decide how you want to live the rest of your life how you want your children's lives to look you're able to make those decisions right now stay humble stack sets

peace and love freaks Thank you.