TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Week of 2020.06.08

Episode Date: June 11, 2020

This week Marty and Matt discuss: - Shiftcrypto makes restructuring public plans to continue support of hardware wallet - Updates on BIP143 hardware wallet vuln disclosed last week - BIP85 support coming to coldcard - Zeus v0.3.0-beta1 adds c-lightning Spark and LNDhub support - electrum persoanl server v0.2.1.1 - Coinbase is selling surveillance software to the IRS and DEA - Using ASICs to stack sats without KYC - Bisq guide by @bitcoinQ_A - List of no kyc P2P services - HRF starts privacy focused bitcoin dev grant program with $50K grant to Chris Belcher as first recipient - Microsoft's decentralized ID protocol moves to bitcoin mainnet - CoinPool privacy and scaling proposal released - Three Arrows Capital discloses 6.25% ownership of GBTC shares - China OTC crackdown - Brave browser ref link autocomplete - Pentagon War Game ZBellion - Signal blog on their core principles and design philosophy - Stephan has IAMTHECHARACTER on pod 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.

Sup freaks, it's your boy Marty Bent here to introduce this episode of Rabbit Hole Recap. Matt and I just had a long trip, over 90 minutes, over an hour and a half, hit a lot of topics, had a lot of fun. I withheld from drinking on this episode, shocker. This episode of Tales from the Crypt of Rabbit Hole Recap is brought to you by our good friends at Unchained Capital. You freaks already know all about them, and if you don't know about them, let me tell you a little bit about them.

Unchained Capital is a company building financial services for Bitcoiners with security in mind, a security-first mindset and collaborative custody in mind. They want to make sure that you guys have control of your Bitcoin as much as possible when using their products. The way they do that is building products like their Vaults product. What is that? The Vaults product is a product that allows you to engage in a two-of-three multi-sig quorum with Unchained Capital in which you hold two of three keys

so you can always move your UTXOs out of the vault whenever you so please and Unchained holds a third key. If you are ever in a pickle and you only have one key on you and you need Unchained's help to move that UTXO or UTXOs that you're looking to move out of your vault, they are there to sign up for you. Right now it's compatible with Trezor and Ledger. If you heard the conversation we had with Will Cole earlier this week

that we published, go check it out if you haven't. haven't uh cold cards coming soon on top of that they have their collateralized loan program friends don't let friends sell bitcoin so if you're in a pinch and you're thinking about selling your bitcoin you're looking for tax beneficial alternatives unchained can use your bitcoin you can use your bitcoin excuse me you can use it as collateral to get same day us dollar liquidity yeah you put bitcoin up in a multi-sig quorum you have one key unchained has one key any third party has another key. And so you can always check to make sure your UTXOs aren't being rehypothecated. And you use your Bitcoin as collateral to get US dollar liquidity. And as

long as you're paying back that loan and keeping your collateral margin in check, you do not have to sell your Bitcoin. On top of that, they've got incredible open source tools on the market, including their multi-sig quorum in the form of Caravan. They just released a new version of Caravan, which is much more robust than the original implementation. On top of that, they're working on Hermit, which we talked about Will Cole as well. Slip39 in their incredible blog series, highlighted by Parker Lewis's Gradually Then Suddenly, which is great fodder for normies. If you're looking to introduce people to Bitcoin, Parker's series particularly is something that I send to a lot of people. So go to www.unchained-capital.com

to check all this out. That's www.unchained-capital.com. Tell them Marty's saying yeah. This episode's also brought to you by our good friends at the Cash App. They're helping you do many things. They're helping you stack sats,

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Cash App investing is letting you buy as little as $1. You can stack slivers of stonks. okay if you don't want to buy a whole stonk if you're not sure that the dip is going to go further or stop and you you don't want to buy a whole stonk you can buy as little as one dollar via cash app investing because this is directly connected to your bank account for the sats and the stonks there's no four to five day waiting period you can start investing and stacking today cash app may even be your bank account as you freaks notice that they have uh they have what's the word i'm looking for right now totally totally falling out of my mind routing numbers

and account numbers there we go account numbers come on marty think so cash app can be your bank account now you can direct deposit your bank a check your bank a check you can't speak sorry freaks you can direct deposit your paycheck into the cash app now with their accounting numbers and routing numbers uh cash app investing subsidiary square member sipc and as always as always make sure you use the code stacking sats that's one word s-t-a-c-k-i-n-g-s-a-t-s you're going to get ten dollars when you download the cash app and ten dollars it's going to go to our good friends at Owl's Lacrosse. That's Owl's Lacrosse.

Marty's Owl, what'd you think? Download the Cash app. Enjoy this rip. you've had a dynamic where money's become freer than free when you talk about a fed just gone nuts all 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 uh wait restart oh my god no wait added to the outtakes did you hit restart yet no i'm recording all right i am too we're good fucking marty my bad what's up we just recorded a podcast basically just talking shooting the shit before we hit record marty when are we gonna record in person again uh maybe next week i'm down come let's fucking do it come back and get my shit at some point next week when does your lease end at the end of the month ah good timing yeah uh well we broke our lease they let you break your lease i mean it cost us some money but we we broke it interesting yeah it's annoying it's annoying but i'll be back next week and i'll probably

be staying for a few days okay so we'll record next week in person yes you got to hold them to it and i'm trying to get uh antoine riard i'm butchering his last name who did uh he was working a chain code he's about to go home to france i believe at the end of the month we're gonna try and get in person with him as well drink some wine talk about what him and and gleb have been working on uh with dilation attacks and the the coin pool idea boss um so look out for that freaks we'll talk about coin pool a little bit here before we get into the nitty-gritty as always got to check out clark moody's dashboard price is sitting at nine thousand two hundred sixty dollars bit of a crash today uh black height is currently six hundred thirty four thousand two hundred sixty

uh we are estimated to have another retarget uh upwards difficulty adjustment of about 18.1 percent we're 775 blocks away from that uh so we're pretty far into this uh difficulty epoch and it seems like a lot of hash rate has come on the network since that 15 drop a couple weeks ago or last week excuse me and uh so the next retarget is scheduled right now for june 16th so five days from now uh right now what's the gbtc premium whoo gbtc very very hot in the news right now um where is that on the dashboard it's right on the top it's the first box oh it's 38.2 it's pretty high shows clark's priorities yeah yeah i don't think it deserves to be that high up there clark but it is an interesting it's an interesting number yeah it usually hovers around like 25

seeing it around 40 is pretty pretty crazy there's some news on that we're going to talk about as well three arrows owns a lot of that product um stop teasing our list marty get through the dashboard uh average fees the reward is hovering around 5.31 right now uh next block is even lower at 2.45 percent so it seems like activity on the chain is decreasing quite a bit fee estimates you can get an immediate get your transaction included in the next block for 24 sats per byte and if you're willing to wait an hour it's 19 sats per byte and after that it's only one sat per byte pretty cheap to send transactions right now so if you're thinking about doing it thinking about coin joining running something through whirlpool pretty good time

to start it's because we over corrected down right like the next difficulty adjustment goes up right yeah i mean it goes up by it was 20 feels like blocks are coming really quick lately yeah at one point this week i don't know if it's still true uh as we record right now but uh it was on pace to be the quickest difficulty epoch to date right now blocks are coming in about eight minutes and 30 seconds yeah that's quick as fuck yeah um it's uh it's the beauty of the network difficulty adjusted down and again like i said i do think what actually ended up happening is those s9s were unplugged and sent to people with cheaper electricity and got replugged in and we're seeing a combination of that and new hardware come online

it's a theory yeah it's a good theory i mean i in the mining um chats that i'm in as well i i know a lot of people that have been doing that talking about plugging in s9s uh samurai whirlpool unspent capacity at the moment is 1205 and a half bitcoin the unspent value is 11.2 million dollars there have been 5,943 cycles in the last 30 days and uh the tx0 volume of the last 30 days has been 577.82 btc so whirlpool still going are we on pace to break records this month or is it slowing down it's pretty early to make that call but it's ripping the the 0.5 pool the 50 million sat pool has really been ripping hard lately yeah we started some drama with that dropping the chris belcher episode yesterday a lot of uh a lot of people that shared that that episode started

getting in a flame war i don't think it was the episode which was a fantastic conversation with chris i think it was people's reaction to the episode that started some things uh i just this idea that that that coin joins are broken and coin coin swaps fix them is it's a ridiculous premise If you are bullish on coin swaps actually being implemented successfully by Chris, which I am, but let's be honest here, they haven't been implemented yet. It's just a spec right now. It's in the design phase. if you are then you should also be bullish on coin join today because the biggest hurdle to adoption of coin join right now is this perceived risk that in the future at some point

you won't be able to spend transactions with coin join history but if that becomes even more unrealistic if you have coin swaps right like if you're sitting on coin join utxos that for some reason you can't spend which i don't even think is a realistic concern to begin with um and i practice what i preach like my whole fucking stash is coin joined like then you can coin swap after the fact right so like it should be the opposite really it should make you more bullish on coin joins today that we have coin swaps and other things that will will will occur in the future that we'll have at our disposal that will make tainting coins and trying to do blacklisting and whatnot that much more difficult i agree i think the uh the verbiage of fixing uh instead

of improving is a bit of a stretch there i think it definitely improves on privacy overall and is a step forward in addition to coin joints um so if you haven't checked out that episode chris go check it out i think my the thing i took away from it and what i'm most excited about is to see if he is successful in bringing implementation to market that works does it lower that that perceived threshold that we talk a lot about on this show absolutely does of how many people do you need to be using that software to to give everybody uh basically default anonymity or the uh at least heuristics at least plausible deniability like enough plausible deniability to make their heuristics broken and i'm just bullish on the fact that chris is a

fucking boss and to just to see him hustling and see like how driven he is to make bitcoin more private is just fucking awesome right like we need we need a million chris belchers like it's just fantastic to have him and he's so humble dude's gonna change the world he's gonna change the world and i'm just happy to just do my small part in just promoting his work and trying to support on the awareness and education side me as well me as well and hey he's getting noticed for that hard work too i guess we'll jump down the list a little bit uh human rights foundation started a privacy focused bitcoin dev program and chris was the first recipient of a fifty thousand dollar grant so fucking huge huge uh he's still raising money via his page that we

linked to in the episode that we dropped yesterday but again i've said this before human rights foundation my favorite alphabet soup agency out there they seem to have skin in the game and actually be fighting for uh the mission that they put on their website and not just larping and and being a huge uh sort of bureaucratic well that's because they're not an alphabet soup agency they're a fucking non-profit there's others like there's other non-profits i know but usually when you say like alphabet soup agency you're talking about like fda or cia or fbi or dea or irs these are federal agencies these are government agencies alphabet soup organization Yeah, fair enough. I fucking love the work they're doing. Gladstein's a boss. He's one of our boys. It's fantastic to see them do this privacy focused grant program. As we've said on the pod before, it's great to see these grant programs in general. They do have another grant coming up for another privacy focused dev that has not been disclosed yet. So looking forward to that. And they're going to continue raising money and provide it towards privacy focused work.

so if you do have a project you're working on that's privacy focused you should go and submit that to them another thing to note is they are the first real way to donate uh towards bitcoin development in a tax deductible way because they're a 501 c3 organization or whatever it is 501 3c right i think c3 that's what i said c3 501 c3 yeah you're right whatever it is it's the tax deductible way to donate so that's fucking huge i that that's like a really big deal i think you could do it through dci previously but dci doesn't let you do just bitcoin focused and they take a decent cut out of it for management so this is a way bigger deal and HRF isn't actually taking a cut for management.

They take 5%, but it just goes towards the Bitcoin advocacy that they're doing anyway, right? So everything goes to Bitcoin. 95% goes to outside devs and 5% goes to like the work that Gladstein's been doing and the workshops and the presentations and stuff like that. So this is massive.

Shout out to the Human Rights Foundation if you are looking for an organization to donate to that helps bitcoin consider donating um before we get further into the list we have a shout out oh man this guy's such a scumbag dude he or that scumbag al i believe it's him it could have been somebody else acting on behalf of him uh bought a shout out so i have to read it and he's he's trying to act like i bought a shout out for my own show this dude's an idiot number one it's obvious that i'm these are not my words but he wrote them assuming that i would i would write them or read them uh in in my own voice and with sincerity so here it goes we're

going to listen to uh some fake news here right now when i look back upon my lacrosse career there's no one who influenced me so positively as my coach mr albert lacroix his wisdom skill and selfless care for our team was the stuff of legends hand to god not to mention the team moms always wanted a piece of that action it would have got it if some snitch hadn't called the school district and found out there was no record of anyone under that name in their files i am stating this in my own free will and not because someone bought a shout out and even if they did it sure wasn't at lacrosse underscore al in closing the taxonomic family strigidae can kiss my ass i guess that's what owls belong to strigidae yeah i have to look

that up i think it's a safe assumption anyway thanks for the shout out al we appreciate your support yeah it is it is it's a good assumption i was like what the fuck is this we look forward to seeing you in dallas uh yes black tie event in dallas uh for the bitbox boom conference we're to do our live show and then unfortunately i had to stand next to that dirtbag in person in a tux and uh have a a faux award show it's going to be all in jest too there's nobody's getting serious awards i don't think i think it's all a big a big uh roast if you will it's real if you believe in it anything's real if you believe in it should we we should jump into the vulnerabilities these we're a little bit into the show now and i like to front load them well let's just make

our quick correction last week our tweet was wrong uh and some assumptions we made in the podcast about shift crypto uh shift crypto is unwinding their original company but they have built and structured another company which they will continue the development of their hardware wallets and support of their hardware wallets and i was wrong we were wrong too we weren't wrong but we were just speculating that well your tweet was inflammatory marty my bad i think on the podcast we were very clear that we were speculating based on the fact that they hadn't mentioned the liquidation at all in the blog post and now they've adjusted the blog post after the episode to show that they are restructuring and they're they're creating and they created a new company

for longer-term stability, whatever the hell's going on over there. They needed this new company, and they fully intend, they've told us, to support their hardware wallets going forward. Yes, they were not offloading wallets during liquidation. They kind of were. I mean, they will be supported, though.

Exactly, they will be supported. They did close their own webshop, which I think we said last episode as well, but they were they were linking to resellers that were still selling which is where we had the issue um but yeah anyway it's good to see that they're going to continue supporting this hardware wallet and they they intend to release a bunch of new features uh so we'll see how that plays out we shall see all right to the disclosures bit 143 back in the news bitcoin optek came out And within their newsletter this week, incredible newsletter, basically explained the fee overpayment attack on multi-input Segwit transactions and talked a little bit about Bit 143 and how this stuff can be avoided in the future.

And what was surprising to me, I didn't realize until I read this newsletter, was that this has been well-known for three years, this type of attack. yeah um so this is the vulnerability that we discussed last week that uh trezor and salim disclosed uh through through a blog post uh without notifying core and a bunch of other wallet providers um so we i think we said that you should just hold off if you don't have to it's it's It involves when you spend. And we said you should hold off using your hardware wallet to spend transactions in the interim. Since then, Shift Crypto has released an update.

Trezor has released an update, which we knew about last week, which we said broke a bunch of software wallets. Those software wallets have still not re-added support for Trezor with the new firmware. So if you want to use pretty much any software wallet, except for Unchained, I believe, um i i believe you still need to hold off on the trezor firmware update um cold ledger released a

firmware update that gives you a warning uh that's how they plan on trying to mitigate it it gives you like a little warning message cold card uh should be releasing an update either tomorrow or monday um with their own method of mitigating it uh and and that should also come with other additional features um the big one is bip 85 support uh which i was going to discuss later but we might as well just bring it up now uh that allows you to basically create child seeds from your cold card seed so all you have to do is back up your cold card effectively and and you and you can generate seeds for other wallets from that seed uh which sounds dope as fuck right i'm like super excited about that imagine you have like a phone wallet or something instead of having

to back up that as well you just back up the cold card and you can use a a child seat for the for the phone wallet and if the phone wallet gets compromised your cold card doesn't get compromised and your backups are all already set up because they're your cold card backups yeah we first mentioned this back in april when the pr was uh was pulled the pull request was pulled when the pr was was made for the bip um so yeah this seems like it's becoming more is it has that been merged and was that merged into version 0.20 uh no but it doesn't need to be because it was merged into cold cards firmware but that firmware hasn't been released so i'm not 100 positive that this bit 143 mitigation

vulnerability mitigation that is about to be released will be included the bit 85 stuff will be included but i'm like 99 sure but either way um cold card figured out a way over the last week because keep in mind they weren't aware of it until uh basically right before we recorded last rhr they figured out a way to mitigate for for most situations mitigate this vulnerability without breaking support for like all the software wallets that support it uh which is really great to see i mean like one of the issues here is like the way trezor did it is you you need to have a full node you need full transaction information in in order to support it And that's just not possible for a lot of people.

You know, obviously everyone should run a full node, but that's one of the issues that BTC Pay has, that Wasabi has, that Electrum has, is that they don't have all that information and that's why support has been broken. So Coldcard figured out a clever way to mitigate that. Full details will be released with the firmware. So I don't want to, they're still testing it out.

I don't want to like jump the gun here a little bit. So you can read that blog post when they do release it but keep on the lookout it should be happening either tomorrow or monday and then the other thing is just as a clarification here there's a this is a this is a complex attack right and like people shouldn't be scared out of hardware wallet usage because of an attack like this like it's way easier to attack a hot wallet like if if you can pull up this attack on a hardware wallet user, you can absolutely pull off this attack on someone who's just using a hot wallet, a software hot wallet, because it needs to compromise the software that you're using the

hardware wallet with. So it's just a really important thing for people to just keep in mind here, is that you're still more protected in a hardware wallet situation. Yeah, and there are solutions being worked on to this so this is actually brought up in 2018 by johnson lau a long-term solution to the attack is to change the transaction digest so that each signature commits to the value of all utxos being spent in the transaction so you would the the attack basically is you sign you try to sign the transaction then your hardware wallet says hey it didn't work you have to sign it again and then when you go to sign it again the malicious software is changing your your fee amount to a higher amount so that they're screwing you over

and this only affects segway transactions and this is also why we said in the last episode you mitigate it you can mitigate it today and probably best practice in general um if you use a different device to broadcast so the the device you you have a computer or a phone that you're building the partially signed bitcoin transaction with then you're transferring it with by micro sd card or usb to the cold card then you're signing it then if you broadcast it from a different device then they need to compromise they need to compromise both devices to do it yeah and so And Johnson's solution would basically make you commit to all the UTXOs in a transaction before you send. So if you didn't send it successfully and ask you to send again and the fee has changed, that UTXO has changed, it won't go through.

And there's a BIP out for this, but it's a specification of Taproot. So, BIP341 would solve this with Taproot, and it would become safer for stateless signers like hardware wallets to sign for Taproot UTXOs without evaluating previous transactions. Taproot fixes this. Taproot does fix this. That's a good segue. It's not next on the list, but we mentioned it in the beginning. or do you want to go through all the no do your pivot yeah uh so another privacy solution has been brought to market by our good friends gleb and antoine uh who have been at unchained

and it's called coin pool and it's a second layer privacy solution that does depend on taproot getting implemented but it's cool to see that these guys coins yeah it's cool it's cool to see that you guys are working on uh something and they are i mean they just presented this to the bitcoin dev mailing list they're still getting uh feedback on whether or not it's possible or probable but it does seem pretty cool just reading through the spec basically um you would create a merkle tree with a bunch of uh the bunch of leaves on it i guess the terminology is it's a big ass taproot multisig yeah and it would allow you to basically get anonymity or more privacy via second layers like lightning bitcoin vaults dlcs this would help provide better privacy for

those as well and that's the one thing i want to say yeah it would actually be cheaper as well and it would help reduce the amount of utxos that are their uses you can do a lot more with Less, especially with Taproot. Yeah, it's a scalability improvement too, if it works. Yeah, so shout out to those guys. Cool to see, right? We want to see more privacy things. Yeah, so it's being worked on slowly but surely.

Shout out to Gleb and Antoine. Last week, they announced the dilation attacks and explained those. And this week, they're providing second-layer privacy solutions, putting the team on their back there. you uh you just got updated to this you talked to evan zeus version 0.3.0 beta 1 is out has been released and it adds sea lightning spark and lnd hub and you were explaining to me z lightning spark is basically uh an implementation of sea lightning and it's it's a back language it's a back end that sheshak made uh that allows you so now you can integrate with that or you can

integrate with lnd hub uh they already had sea lightning rest support they added key sense support last release um they obviously have lnd support uh so zeus is quickly becoming the go-to mobile lightning wallet for people who run a node at home or at their office or wherever the fuck they run it uh so it's really good to see we love evan you know we do the bitcoin citadel workshops with him uh great dude so just fantastic to see and zeus is on f droid if you're running graphene so you can download it really easily. Or if you're running any Android, you can have F-Droid. So, dope.

If you're using Zeus, upgrade. More functionalities are there. They're only one of two mobile wallets that support KeySend. It's Breeze and Zeus. Breeze obviously is running a light node on your, well, a full lightning node, but a light Bitcoin node on your phone. And Zeus connects to your own node.

uh but they both support key send which is cool to see shout out to evident team building that out marty are you drinking with me today i'm not drinking bingo let's go i already popped the cork let me put the cork back in just make don't cater to the bingo playing crowd i didn't think i i didn't intentionally until after i said it then i remembered it was on the bingo board but you said you're not drinking with me correct no i'm drinking coffee why are you taking a break from drinking taking a break from drinking my sister has joined my wife and i to to nanny our son for the summer and uh she's been away for quite some time so we've been catching up over drinks i'm drinking basil hayden's

Kentucky straight bourbon and it's fantastic I love it he's choked on my water first time you haven't drank McAllen in quite some time yeah this was a birth I ran out of McAllen so this was a birthday gift that I had sitting around so now I'm almost done with this bottle I'm gonna have to go on a run uh you're bringing the mictors to the fucking live show next week I will bring the mictors there you go hold them to it freaks um shit's delicious it is delicious it is uh it's strong too it's so good um speaking of so good election personal server version 0.2 0.1 0.1 was released uh chris belcher previously mentioned released that apparently it was a quick release after

version 0.2 0.1 0 bug fix uh has been a bug has been fixed that was causing uh some personal service to crash in certain instances yeah so 0.2 0.1 0 added a bunch of speed and performance improvements but it also added a bug where electrum crashed and so then they released well chris released 0.2.1.1 which fixes the bug so if you lose use electron personal server consider upgrading i feel like you're about to get heated this happened right after i posted the episode last week i actually got a um a dm from one of the the block guys oh me too you got advanced notice yeah they didn't tell you what it was they're like you're about to be furious do they tell

you that is that how you got it i got shared the link and was like um and they were like i wish i wish this would have made it for rhr i got i got uh i got dm like 15 minutes before they posted and it was like matt just make sure you're sitting down in 15 minutes yeah shout out to doge toshi over at the block steven um yeah so coinbase it has become just to be clear doge toshi did not tell me ahead of time so don't get him in trouble over at the block this he told me after it was released he shared the link i know i just didn't want it to be conflated there you know i like the kid i don't want it to be conflated yeah this is a article by michael mcsweeney coinbase wants to sell blockchain analysis software to the irs dea a

year after its neutrino acquisition and we talked about this last year neutrino um what'd you say they're selling analysis software no they're selling surveillance tools marty they're selling spy software to the u.s government fuck their headline fuck their headline uh i mean all right back to whatever we talked about this last year when it first came out so they're going by coinbase analytics now but they were formerly known as neutrino and before neutrino they were known as the hacking team or no the the guys from the hacking team exactly who were fuckers created neutrino the company so they neutrino was never formally known as the hacking team will you will you let me explain this okay sorry continue jump again so basically coinbase is

selling uh your personal data to the irs and dea and it's just probably safe to assume that they're selling all the information of their users to these departments there was a a parent i mean not a parent somebody hopped in my mentions who was claiming to be on the coinbase engineering team and said that uh they're not sharing user data but i find that almost impossible to believe well no it's uh it's like an intentionally ambiguous statement right so they're feeding all the information they know into their analysis software but they're not specifically selling you know coinbase data and besides but they're not they they haven't said any of that shit officially like you can't just have some random engineer guy whatever he's he's

full of shit you know he gives you the open finance bullshit i saw you invited him on the podcast twice he did not he did not respond to the invitation you know if you had me on that episode with him like there would be nothing productive i'm just he can go fuck himself that's as far as i'm i'm concerned like they're all complicit if you it's one thing if you didn't know about it but if you know about it now at this point uh and you don't leave that company if you don't if you don't quit coinbase and go go to greener pastures like you're complicit that's that as far as i'm concerned you're not for open finance or whatever bullshit buzzwords you want to say like that's all fucking garbage uh actions speak louder than words and and this idea that

like okay if you're working at coinbase and you absolutely need the job and you can't get a job somewhere else sure fine but that's not the majority of people working at coinbase can go wherever the fuck they want in this space like the coinbase still carries a lot of weight in silicon valley uh these guys are getting paid big numbers they're not they're not living paycheck to paycheck there's no sympathy here there in that regard completely agree it's getting to the point i mean not getting to the point it's been at the point for a while my books brian armstrong barmstrong that naked mole rat has been uh trying to attack bitcoin you did call him a naked mole rat last last episode before it dropped but before the news dropped my naked mole rat senses were

tingling um yeah i mean he supported bitcoin classic bitcoin xt segway 2x uh he just announced dude they launched 18 new coins on the exchange yesterday one of which was digibyte no i think they said they were planning on announcing it but yeah whatever they were announcement they were planning on adding it yeah pre-announced digibyte digibyte that's like behind dogecoin that's probably like the worst unibuy they added oh my go like they added a bunch of it's designed to just allow allow all their vc buddies to dump all their fucking token bags on retail but that's besides the point you know like this is not coming from like a big corner perspective like this is this is just they are fucking hypocrites you know brian first of all who hasn't tweeted

since all this news broke he's just completely radio silent um virtue signals about black lives matter and that was selling spy software spy fucking tools to the dea like is there any organization you want to talk about three-letter fucking alphabet soup agencies is there any organization that has fucked over black people more than the dea probably not i can't think of one no dea and the cia in conjunction i mean pretty well documented that cia embedded crack cocaine to black neighborhoods to sow to strife and the DEA was the enforcer of that stuff

so I can't imagine anything worse for the black community either and Brian Armstrong is a virtue signaling LARPer that dude does not give a fuck about Bitcoin or open finance he like if he would have it his way everybody would use Coinbase

and their wallets and their services to interact with crypto quote unquote you see my open finance meme no what was it there's a bunch of dea agents and said open finance on the top powered by coinbase trademark yeah fucking powerful that's what their version of open finance is is using their services and yeah they're just larping and clinging on to these means very hypocritical and go delete your coinbase account people a lot of people are doing it that was a segue i was

getting to is uh you you tweeted at 22 they had a net outflow of 22 000 coins this time last week which is the largest or second largest on record i believe um so it seems like uh some users are actually taking action and getting off the platform again if you are still on there know that they're selling uh not selling your data but they're running your data through an analytic system that they're selling to the DEA and IRS. So it's probably in their hands. And that's the beauty of Bitcoin. It's a bearer instrument that allows you to take control over your UTXOs whenever you want to. And you can vote with your feet and leave Coinbase. We talk about voting to leave the traditional system and getting into Bitcoin. But even within Bitcoin,

you can really vote with your your dollars where you hold your utxos hopefully you're running those your coin joins by when you move them and uh taking possession of your keys at least for part of your stack so that you have full sovereignty over that but again hopefully and we talked about it last week that's why we talked about coinbase last week is because how many coins they have control a million minus 20k no okay just just to keep in mind here freaks first of all, I have a lot of respect for you people, okay? So I assume the majority of you weren't using Coinbase already. Second thing is, I assume the majority of you weren't keeping your coins on Coinbase if you were using Coinbase. Not your keys, not your coins. Third thing,

if you delete your account, KYC is forever. They have to keep a lot of that information for the Bank Secrecy Act anyway. Who knows what they're deleting and what they're not deleting. you've they already have that information you're not getting rid of it by deleting it so just keep that in mind there is also fourth thing there's an option in coinbase when you delete your account to delete all of your data are they going to delete all of your data no one fucking knows but at least click it right you might as well at least it puts them in a bind if they don't if they don't delete your data ultimately uh fifth thing as marty said even if you withdraw they know your withdrawal address it's going into it's going into that spy tool as well that withdrawal address and

the information associated with it is going into the spy tool so if you if you don't use coin join if you don't run your own node after that fact your future transactions and and if you commingle past transactions can be linked back to you and even if you do use coin join it is not perfect if you fuck something up you you will be exposed there as well so just keep all these things in mind as you process this but at the end of the day fuck coinbase just you know vote with your feet as marty said fuck them it's not worth it don't don't use them yeah let's get that let's get that total bitcoin held by queen is down let's get to at least half a mil let's let's set a goal to get it to at least

half a mil by this time next year. Never going to happen. But I love you freaks. You'd be surprised. You said I have a lot of respect for the freaks too. But I also got a lot of personal DMs and emails of freaks admitting that they had

stuff on Coinbase. I think the number is higher than you expect. So did I. So did I. I love you freaks. It's okay. I was a Coinbase customer at one point. It is what it is. Hey, I mean again that's why you never have heroes in this space like i was one of the biggest coinbase shills like brian armstrong was never my hero though no neither neither he was preemptively

slayed the app was a uh it was a great way to get into bitcoin but anyway simple i don't have updated glass node information someone did post which i thought was ironic and he's got a point um that i was slamming coinbase for chain analysis software that they were selling spy software let's be frank um while using chain analysis software to do it which was glass node right uh but you're they're they're absolutely correct there's there's no there's nothing to be said besides that but the one thing that that is cool about glass node um which i'm now a paying subscriber for because i wanted that chart i wanted that you couldn't get they have free tools but you can you can get the chart if you pay for it um there's there's something to be

said about the fact that i could fucking subscribe for 39 a month uh you try subscribing to coinbase's spy tools or chain analysis spy tools or elliptic spy tools you can't it's not they don't they don't give public access to it um and that just shows where their motivation is their motivation is to hide their capabilities from both you and their competitors while they sell it to authoritarians and complaining about it is pretty much useless like we should build tools to make them fucking obsolete but at the same time if you're running a fucking service for retail to on-ramp into into bitcoin there's a major conflict of interest if you're also selling spy tools to people so so i actually rank this way worse than something like chain analysis or elliptic or all of these

motherfuckers because yeah who's the customer and who's the product right all of a sudden the u.s government is the customer and anyone using coinbase is the product completely agree get get the hell off coinbase if you haven't already wise up wise up naked mole rats never trace never trust a naked mole rat it can't be trusted they're schemey slimy people who don't know how to say bitcoin so let's talk about i got crypto i got three positive links in a row here now after this this coinbase bullshit right we have this amazing fucking write-up by diverter btc to start uh on using mining to obtain kyc free bitcoin we've talked about this on the pod before it is the ultimate way of of of getting of

stacking sats with with limited third parties right you do have to have a limited trust in your pool that you choose but you can connect to it through a tour or vpn and you don't have to provide them any personal information and you can withdraw frequently. So it is trust minimized. He gave a fantastic write-up about it. Yes, depending on your electricity, you will be ending up paying a premium. But look, at the end of the day, if it's 30%, 20% premium over buying Bitcoin, I think that's well worth it for no KYC, to have no KYC attached to your stack. yeah i mean to each their own it's uh certainly i mean that's the intention behind great america mining we just want to mine as much bitcoin as possible

as privately as possible um and yeah i mean the the tutorial created by diverter btc is very thorough it's 20 pages isn't it fantastic goes into very minute detail about what you need to do what you need to pay attention to and yeah so if you're sitting somewhere maybe living on a river and you're able to get cheap electricity i think this is the best way to to get into bitcoin without kyc your coins it's very easy to connect to pools you have a lot of cheap hardware on secondary markets if you're willing to wait a little bit s9s are going for dirt cheap right now and if you have free energy you can definitely um you can definitely eke some gains out of those but even if you don't have cheap electricity or free electricity like if you can get to break

even if you could get to 10 loss right there there's a balance here right like they're they're for the no kyc there's definitely value there's definitely value in it like this idea and we've heard this in bitcoin for way too long that like you're always better off not buying asics if you're not a professional um well is is faulty right do you not agree that it's it's faulty like if if you lose 10 if you lose 15 20 whatever like you're that's the premium you're paying for better privacy with your stack no i agree i agree if you're if you if you want it that bad mining is a great way to do it and just be wary of your energy prices because the premium may get higher and higher depending on the price per kilowatt hour of the energy source that you're

using um and that's an opportunity cost you have to weigh as an individual um but highly recommend mining and the mining is just like fun in general uh it's you get to learn a lot more about bitcoin once you get your hands dirty in the mining world and um what i want to see is asics stores it's where you can buy without with cash you know it's loud be wary it's loud uh it it produces a lot of heat so if you're going to do it i mean it's in the it's in diverters um tutorial but just be be aware there's a lot of uh stuff that comes with it and these this stuff exists like asic stores they're not really what like i know i want to like walk down broadway in new york city and like walk into a store that sells asics for cash you can just hop

into a telegram group and find somebody selling them and do it easily yeah but that's different that's different than walking into a store and buying it right yeah you don't have physically have to leave your couch you can just no there's more information attached to the purchase that's all i'm saying yeah no that's great uh and if if if you live in cold weather right then then the asics offset your heat bill a little bit they're basically little electric heaters they give off so much fucking heat but the noise is really annoying it is a really annoying whining noise you don't you don't want it running in your studio apartment yeah definitely not your your girlfriend will leave you yeah so i mean there is uh i think diverter gives soundproofing

techniques that he uses he's got his setup in like a cooler which is like crazy but at least one of them a lot of colleges yeah you can figure out like mineral oil setups to reduce sound uh that'll be more expensive for you a lot of colleges still offer uh just flat rate electricity right like it's just included in your dorm fees like if i was in college right now i don't care about the whining noise whatever i just i just have shit ton of asics just sit in there and actually uh the emergent cooling liquids the price of that is getting driven down so i'd imagine the next two to three years and it may actually be um pretty viable for a lot of people as as products that are focused on this use case particularly

come to market more competition drives down prices uh next guide from bitcoin q underscore a at www.bitcoinqna.com has a really straightforward 10-step tutorial on how to buy your first non-KYC Bitcoin on BISC. So if you don't want to mine to get non-KYC coins, you can use BISC. And this is a pretty straightforward 10-step tutorial with screenshots and explanations

of what you need to do in a step-by-step fashion so how to set up your first trade on bisque and it's very beautiful and his site is just dope dope in general i really like how he has it set up he does have it set up like a qna uh he reached out to me when he he first launched his site i think like a week and a half ago two weeks ago something like that and he wanted me to look over it uh seems like a great dude i like him i like how he has it set up there's a section that's just like foot gun things like biggest mistakes that most people make great section it's a fantastic section everyone should check it out i just like that concept you know just like these are the mistakes we all fucking made uh don't make these don't make the same mistakes as us so that's

bitcoinqna.com qna.com yeah the common mistakes to avoid page and on the best tutorial what i liked about it they see he like listed the trade-offs too so you have a full understanding of the trade-offs that come when engaging in different um bitcoin buying services bitcoin buying services i don't know if that's a thing uh and another list so if you're looking for p2p exchanges to use there is a github list going around uh for p2p trading uh exchanges whether that be non-kyc or kyc includes shitcoin uh exchanges as well but um it's uh it seems like a good source there's some names some names on here i've never heard before so i learned a little bit from it so this was brought to my attention by chris belcher himself uh just seems like a

really good resource i have overwhelming majority of them as marty said i've never heard of and i've never used but chris posted it and it does seem like a pretty solid list and you have to realize with these things like it does really matter where you're living and what your what jurisdiction you're in and stuff like that so they'll always it'll always be more complicated uh it's on that privacy versus convenience straight off uh scale right where you're if you want if you want to be more if you want to be more privacy conscious it's always going to be less convenient and you're going to have to do your research about it do your own research freaks we're here just providing links for you to verify what we're saying and figure this out for yourself um speaking of

yourself matt are you gonna embed yourself via identity into the bitcoin blockchain via microsoft's decentralized id protocol is this what they're gonna run the chip off of hey i don't have enough information on that i can't make an educated uh educate a comment on that like or not the chip will will connect to our ion i i i love daniel buckner who is running this project um this is microsoft's decentralized identity what is the third d d decentralized identifier it's called did these decentralized identifier something but the idea is to create a digital identity that is distributed i don't like that they call it decentralized because it's not really fully decentralized nothing is but it's distributed

and they're running this network and the whole thing backs into bitcoin so like if they're going to be putting chips into people and it's going to be your id at least it's at least it anchors into an immutable distributed chain right bitcoin like i i that's a benefit that's cool you know i'm cool like if you're gonna do it do it that way that's the way to do it uh but i'll remain skeptical it's moving to mainnet that's the announcement it's moving to mainnet bitcoin anchored in bitcoin blockchain there you go yeah i mean i can't believe i'm the one saying this in this situation let's not belittle the work that daniel and team have worked on we have no idea not belittling i i I don't intend to.

If this connects to the ID2020 chip rumors going around. Who's the founder of Microsoft? Bill Gates, man. There you go, Marty. But, no, it is pretty cool. They have a sweet diagram in the announcement. It sort of shows the flow of how they do it. And they have a bunch of local nodes that they run.

They're Ion nodes. and they basically just batch a bunch of transactions and embed data into the Bitcoin blockchain. We'll see. I haven't, how much? All I'm saying is they could totally be running this thing on a private Ethereum fork corporate blockchain bullshit. And instead, they're trying to make it as distributed as possible.

They're trying to allow you to have full control over your digital identity. i'm doing quotations no one can see it um and and that that should be commended that aspect should definitely be commended really good to see in that respect yeah and i think with this too you don't even have to technically connect your actual identity it's just used as something similar to else or not lsat or web ln where it's like a digital or just pgp you know public private key cryptography which makes uh makes the user experience with api calls and stuff like that a lot easier um apparently we'll see that look the current system of using like a phone number and

your social security number or something like that as your online identity can go fuck itself right so it's a very low bar let's let's be you know frank here it's an extremely low fucking bar so this is a major improvement in that regard and i'm looking forward to seeing what they have for us and it's it's always good to see shit go to mainnet because i don't really like paying attention until things go to mainnet otherwise you're just wasting your time while everything fucking changes in between and maybe never launches so it's good to see them ship yeah i wonder how how this will affect the fee market like how much data or the transactions that are batching uh using on average and adding to

the bitcoin blockchain on average well look they're naturally incentivized to keep that data to as small as possible because otherwise their fees will get more expensive completely agree like uh is it a a floor a fee floor if they're helping create a fee floor absolutely if they want to help create a sustainable security for bitcoin i'm all for it let's go i am too um speaking of of big news this isn't really big news but it's big dick news uh three arrows capital run by suzu uh discloses that they own 6.25 of gptc which we mentioned earlier is now trading at a 40 premium the spot price of bitcoin 37.9 right now as i speak um it's a pretty ballsy move it's a lot of gbtc especially considering that it trades at this premium um is these guys

are are pretty confident in bitcoin's uh success in the future i wouldn't say that so first of all the only reason they've disclosed it is because u.s regulations dictates they have to disclose it over five percent so it's public knowledge now because they passed the five percent threshold the second thing is it is kind of ballsy in terms of gbtc is a fucking iou and they're trusting that they'll get back to iou the reason it's not really truly ballsy is because we it is not confirmed but this is most likely in-kind contributions where they are bringing bitcoin into gbtc and getting gbtc shares so they are automatically profiting from that premium right the the whole mechanism in play there because it's not a real etf is there's like a

year delay while you do it so if you can get not automatically profiting right they're basically they there's a lock-in right but they get that premium right there the the play here is and the block can't report it because they refuse to speculate on these types of things that's why we're here um is trouble for speculating last week no but i i most of the time i don't get in trouble for speculating because i'm right they're they're doing this because they get that premium they're arbitraging the premium and you know that's fine that's how the incentives are set up And they can hedge their Bitcoin exposure of going in there through shorts and other financial instruments to protect themselves. So this is them banking on the fact that, first of all, there won't be a Bitcoin ETF anytime soon.

Because if there's a true ETF, then the premium will drop because people will go to that ETF instead that doesn't have the premium. And the second thing is they're trying to arbitrage this year. They're trying to get that 30%, 25%, whatever the premium is at any given time. They're trying to get that little gain. I mean, a major gain. Let's be honest. That's a pretty big percentage. Sick ARB.

Especially if Bitcoin goes up in price as well. They're able to call that back from GPTC in some way. Yeah, I mean, I think they'll probably be successful if that's what they're doing. I don't see an ETF coming to market anytime soon. i'm not holding my breath for that yeah they're too busy they're they're too busy creating fucking etfs that are so good for investors to just protect investors you know with their triple leverage short etfs that are like fucking screwing the robin hood crowd but god forbid they they put a bitcoin etf out there should we talk about the robin hood crowd what's going on in the stock

market right now are we at a 2000 tech bubble level yet when was the last time the stock market dropped five percent in a day i don't know what it closed at it closed a half an hour ago in march you want to pull it up did we have a down five percent day before in march maybe i want to be surprised we were down oh almost six percent in the s&p 5.89 percent wow dal jones was down 6.9 percent seven percent is the circuit breaker uh dal jones got really close to that well apparently not russell 2000 got down well maybe it's the circuit breaker for dal jones russell is is great britain though is is uk that that was down uh almost eight percent at 7.58 percent um so this idea of of getting angry at robin hood traders is fucking bullshit okay these people are getting

fucked by the system they they what are they supposed to do they're going to keep their money in a checking account we've talked about this a million times right like the cantillan effect like the money comes in it fucking props up the stock market we have the majority of people aren't getting exposure to the stock market and all the people on robin hood fucking figured this out like are they investing in shit yeah they're investing in shit you know they're they're gonna learn by touching the stove that's how they have to learn but you know to see retail have a bigger presence in the stock market is is it's a symptom of of the rig system right like if we have bitcoin this is why bitcoin is beautiful because if we have bitcoin you don't have to have a bullshit

diversified portfolio of equities and and bonds and shit to try and outpace inflation you can just hold bitcoin right like that's why sound money is important but we're not there yet bitcoin's going through its adoption phase it's hyper volatile in the short term so people are just trying to figure out ways to to fucking get the money that they that they deserve like get their portion of the money like this idea of like degrading robinhood traders is absolutely bollocks it's ridiculous bollocks wow you're getting into some british there you go terminology there add that to the bingo card motherfuckers i would push back a little bit like i'm curious to see how much of this robin hood led rally in stocks because it is being led uh by the retail investors golden

sacks had a call this week earlier this week in which they admitted they they witnessed uh like our wall street bets and in retail traders on forums basically stop out shorts uh that were put in there by institutional investors power of the people let's go the cab driver is the captain now look at me on the captain now but dude i wonder how much the dave portnoy effect has like he's a robin hood trader too like he's not trading on robin hood but he's part of the same crew stop interrupting it's the the the lack of sports betting that is available to people right now because of all these leagues being shut down like i'm like those are degenerate gamblers i wonder how much of that market has moved into the stock market

as sports are shut down and as somebody like Dave Portnoy, who's a notorious sports gambler, is sort of leading the charge of these day traders. 100%. Do not discount the Dave Portnoy effect. I think he may single-handedly have an effect on these markets, especially over the last couple of weeks.

I don't disagree with you. that all the sports gambler all the gamblers have moved have moved into and moved into stocks let's be honest like they're gamblers they they're not gonna what are they gonna gamble on esports they're not gonna fucking gamble on esports of course they're gonna move into the fucking stock market like absolutely without a doubt and we saw did you see that clip of portnoy it was like remnants of the 2017 fucking shit coin bubble where he like he was trying to get a position in a stock and he mentioned it on the live stream and it just popped up it was like 100 yeah it was like an illiquid piece of shit and it popped up while he was talking about it and he was like struggling in

his mind he was like oh my god did i do that is that illegal i hope that wasn't illegal what the fuck did i just do um yeah absolutely without a doubt 100 agree with you but still like this is a symptom right we do we agree that this is a symptom of the current system that we sit in where like people have to speculate on this shit like there's the it's like we call them chumps if they don't if they just keep it in their checking account and they get inflated away and they make what they're like 15 cents every quarter or whatever that pops up in your fucking bank account and then we call them chumps when they go into robin hood and fucking buy hertz i mean they're idiots for buying hertz like it's a fucking bankrupt company don't buy hertz

don't buy nicola you know when it's fucking never produced a car whatsoever and took four million dollars in ppp funding because they couldn't survive the fucking uh crisis like but but still at the same time like it's hard to blame them it's really hard to blame them and you know it is what it is and this whole idea i just want to say to the to the bitcoin maximalists like this idea that we won't see shit coin pumps i hope this disproved it in your mind like people will speculate on illiquid shit like that is gonna happen it's gonna happen for a long time in the future and it is what it is long term the shit will trend to zero on bitcoin terms whether that's herd stock whether that's fucking digibyte it doesn't matter it's all trending to zero

long term in bitcoin because bitcoin's better money agreed i mean we've said that many times before as much as it'll make you cringe and probably drive some some of you crazy uh the shit coins will probably pump again uh but again it's it's ephemeral and trying to and so the shit coins will pump this has happened in the past and you'll be like oh i'm missing out and you'll hop in thinking that you're missing out and you'll hop in at the wrong time or you'll hop in at a good time but you won't hop out at the right time and it's a game of musical chairs that is not a game for me anymore i tried to play it in the past and got burned way too hard stay on the stack sets exactly um this is pretty fucked up brave browser

auto-completing websites with ref links they did this with binance so is it like Binance, Coinbase, Ledger, Trezor. Coldcard doesn't offer RefLink, so they didn't do it with them. It was a bunch of Bitcoin-focused sites. They said it was a mistake. They said it was a mistake. Let's be honest, guys. It was not a mistake.

And my point here, they reversed course when they got called out on it. So it is good that it's open source. People saw it right away in the code. but there first of all besides the fact that this is unethical it is it is it is a fingerprint for the browser right so you could anyone who is using the ref link their ref link was a brave browser user you knew they were a brave browser user all of a sudden you're reducing the anonymity set of those users so this idea this idea that a company like brave who has shown to be completely unethical in terms of monetization can provide you a privacy focused browser it's it's broken

it's not going to happen their incentives are broken they're trying to make money off their users and you just shouldn't be using brave like i i was a little bit more fair with them earlier i said you know just ignore the token you can disable it in the in the settings it's like a decent enough browser but really at the end of the day you should either be using a privacy focused fork of chrome one of the chromium forks that's the open source component of chrome without the google shit or firefox with the dns enabled disabled they they blue matt matt corallo is is big on this is is they've been defaulting lately to they run their dns lookups through cloudflare fuck cloudflare they're man in the middle by design probably working with governments

so you gotta if you use firefox you gotta disable that why does there have to be so much nuance with this shit why do we have to explain all the trade-offs every time we talk about this shit but just keep that in mind for firefox so much nuance be aware um we're over an hour let's keep going uh china is cracking down on otc traders they've frozen the bank accounts of many traders who've been trading over-the-counter over there, so it seems like another tremor in China and how the CCP is posturing towards Bitcoin. We know via announcements they've made in the last six months

that they're working on their own central bank digital currency. We'll see what happens there. Just be aware China has canceled and banned Bitcoin many times in the past, only to come back and allow it again, and so it's never very clear what's coming out of there and what will happen moving forward, but just a shot across the bow, if you will, to the OTC traders there.

Again, they froze their bank accounts. This is extra important because in mainland China, OTC is the only way to go, legally speaking. So they are going after the OTC traders, and they're saying it's money laundering, that money laundering is happening. whether that's on the bitcoin side sometimes they blame the bitcoin side sometimes they blame the fiat side but regardless they're going after all these these otc traders over the counter is what

otc stands for it's like they're doing personal trades um for clients and for themselves sometimes uh and it's just you know this is this is where the friction happens right this is where regulators can hit you is is where fiat meets bitcoin and it's just a concern that everyone should be on the top of their mind as they're trying to coordinate their strategy to stack as many sats as possible yes it could happen at any moment that's why it's important to take possession of your keys and it's actually pertinent for americans to the pentagon's thinking about bitcoin they came out with a war game z bellion they're very scared z bellion gen of gen z the intercept came out with an article uh they got their hands on a document that basically

laid out a scenario which gen z of which we are not a part of we are millennials at least matt and i are uh gen z is expected to revolt against the system and bitcoin will play a part and it doesn't make any sense how bitcoin plays a part uh they're going to use all the cyber security vulnerabilities they can to suck bitcoin out of the system which doesn't really make any sense they're sucking fiat out of the system then they're converting it to bitcoin they're distributing the bitcoin in this war game just to keep in mind this seems very similar to the current crisis we're in right now so they actually they were game this but they were a little bit off on timing right because i think this current crisis is primarily led by young millennials and gen z yeah i was

actually a bit i felt shafted like they're giving gen z all the credit here and well m zellion doesn't sound that good no it doesn't millennia bellion millennia bell when you hear z bellion you just think zombies right yeah yeah but like the one part of the document is like gen z like grew up with 9-11 and uh they were coming of age during 9-11 and the great financial crisis shit that happened to us too they didn't though right i was 10 when 9-11 happened yeah i don't think gen z grew up in 9-11 they grew up in 9-11 in their history books right yeah exactly so somebody at the pentagon just wanted the z bellion name and really shafted us millennials this is our revolution this you gen z come join us uh we're not gonna i i don't i don't see us

cyber attacking uh shitty uh websites that hold money on them i don't see how that would work this whole war game is the plot of mr robot someone at the pentagon watched mr robot and they came up with this war game it is it's literally the it's literally the plot of of fucking mr robot which if you freaks haven't watched you should watch it's it's a fun show i like that bitcoin's involved um but but the important thing here i think is that bitcoin's on their radar and in terms of bitcoin being a threat being a a non-government money that is out of their control they they overestimate the ability to use it privately because it's as we've said on this pod many times is way too difficult to use privately and you you guys need to be very

active in trying to learn how to use it privately but this is the plot of mr robot yeah i mean and if this is what's going this is like top of the line research at the pentagon we're fucked they're way behind like the one set the one sentence uh gen z are often described as seeking independence and opportunity but are also among the least likely to believe that there's such thing as the american dream and that the system is rigged against them frequently seeing themselves as agents for social change they crave fulfillment excitement in their job to help move the world forward like you're describing what's going on right now with like millennials and gen z this is happening now like you said their timeline's way off pentagon but this is 2018 they did this

war game in 2018 right so people have to keep in mind like we only know about this now because the intercepted a freedom of information request what are the war games they're doing right now what are the lists they're doing right now we know during the migrant crisis a year ago they were putting journalists on lists they were putting activists on lists based off of that they are absolutely putting bitcoiners on lists like this is something that it it matters like people need to fucking care about this shit because at the end of the day i know my goal is to is to have as much bitcoin as possible that is my goal and it's unfortunate like your government should not be in your threat model like we pay their fucking salaries but they are in your threat

model and you have to keep this shit in mind yeah your tax dollars are being paid uh to do research and game plan about how to put you down if you ever try to actually stand up against the government and tell them that they need to work on your behalf. That's weird. Hey, why do we pay taxes? Mr. Hoddle's been asking that question a lot. Why are we paying taxes?

I'm not going to comment on that. You see what's going on in Seattle right now? Before we get to that, I just want to say one more thing here. uh is i i don't know i just lost my train of thought it was yeah it was it was a good thing though what are you gonna do let's move let's move to the seattle autonomous zone chas as it's commonly referred to uh it's been a sight to be seen over the last few days uh some miscreants in seattle have uh blocked off a portion of the city and they're running it

autonomously they took over the police department and the police left so they're within this area in seattle and they're running it and it has been hilarious to watch uh unfold it is a very interesting micro experiment on what uh might happen if the uh the people who want to bring communism to america are successful i'm not too worried about it if chas is there uh any leading indicator of what it will look like and the dysfunction that it will bring so apparently there was a leader that uh lasted two days and then he had to resign uh because or she i forget um uh was basically outed as a domestic abuser and then uh a rapper has taken over just went out we're good we're good i've just been explaining the uh the chas uh getting to the point where

the rapper uh and his uh what's his name z zine forget his name but him and his cronies have taken over and they are the warlords of chaz right now i saw a video eric voskule funnily enough it seems that he lives on the border of chaz probably like the person probably hates this the most actually i don't know does he hate vj lives in chaz yeah vj boyapati's in no he he used to live there i thought he said this is my neighborhood on twitter that's why i'm not doxing him he said it yeah i think he said it's the neighborhood i used to live in pretty sure imagine if you owned a small business there like you just had to deal with all this shit and now you have to deal with this well again like i well i was saying you probably didn't hear me because

i didn't hear shit my power went out it was hilarious uh if this is any leading indicator what's to come from like the socialists who want to bring socialism to america uh it is going to fail miserably they've had leader leadership changes uh the homeless people stole the food uh the uh cops are back in apparently they're i think they're taking over the police station again and it's hilarious these people want to act like they're actually doing something tangible and something that will be long lasting but like the city seattle what if they just like shut down power to that neighborhood and shut down water like they're still under the control of the state well the only reason chas exists is because is that what they're calling it chas

why are they calling it chas it stands for something i don't know autonomous zone something something hill chilton hill or something like that oh okay fair uh i mean the only reason this shit exists is because they don't have the balls to actually stop it right like the police have completely backed off the mayor has lost complete control well dude it's nobody has fucking balls anymore like there's no responsibility is lacking there's so much nuance to all this yes police brutality is terrible it should be curbed defunding whole police forces and abolishing police forces is one of the dumbest fucking things i could think of like just whip these cops into shape and hopefully we can transition to private security forces slowly over time but to think

that you're just going to create a vacuum where police don't exist and chaos doesn't break out is asinine and there are there are ways to do this level-headedly like and polls have come out it's crazy how much this has become a meme over the last week and a half alone abolishing police like nobody was saying this two weeks ago and yet now it's like one of the biggest policy uh policy uh wants of whatever this far left movement that's taking over the narrative right now once and if you look at the polls something like 68 percent of americans would not want police departments to be abolished in any way shape or form here so i remembered what i was going to say but i'll talk about that in a second they i used to say that twitter lacked nuance but society

really is what lacks nuance you know and we've gone straight to defund the police really it should be more accountability uh higher like this the hiring standard should be higher right like right now it's like almost lowest rung it's like if you can't find another job you can become a police officer like the hiring standards should be higher we should have accountability um we should pay them more they get paid dirt cheap you know like if we add accountability standards we add the increased hiring standards all these different things um then all of a sudden yes they should absolutely be getting paid more like they they have difficult jobs and they get paid fucking dirt cheap like people don't realize like yes elites control the state our system is broken

they they it is legal to buy politicians in this country um the police are an extension of that they're the extension that we touch that people see the most right and and we we need to absolutely reform it but if if you just if if we have no police in in let's say new york in in a city of we have de blasio's wife is going saying that it'll be nirvana in new york without any kind of nypd like that is ridiculous like then you just have armed armed thugs walking around which we kind of already do let's be honest there's a lot of power hungry cops but like like no matter what you end up with armed thugs going around so we need accountability we there's there's a middle ground here it happened that needs to happen there's nuance there's fucking nuance like i said

it's hilarious chaz is a leading indicator of all this they have warlords who have taken over within three days and warlords giving them too much credit it's i mean they wish they were warlords in that little in that little they're warlords of that little three block radius whatever you see the leader committed suicide because he beat his girlfriend over yeah i mentioned that oh i missed that because my power went out no it wasn't transphobic comments i think the leader might have been a a um see now i'm like serial abuser that but like also like what's the what's the pc word a transvestite is that still kosher you cannot say that no um i transgender transgender there we go um my dad but uh i don't know welcome to tftc yeah the uh the uh the story around

whether or not the original leader uh it's still coming out we don't really know still coming out but yeah she was a an abuser he abused a a lover in the past i think i think the appropriate gender was he that's what he wanted to be called if he was transgender i think it might have been she we're going okay whatever we're getting into the weeds too much what i forgot to say about z bellion was that we don't know what the response was we just know what the war game was the response is still confidential it wasn't included in the freedom of information act so that response is more relevant to us as big corners i that response is heavy-handed as fuck it is it is it is databasing using coinbase spy tools etc to go after big corners to try and prevent that kind

of attack and they've been thinking about this since 2018 i do not want to know what the evolved situation is in this year in 2020 it's bad they've had a lot more to worry about hopefully they've been distracted um but back to chas it's going to be hilarious they have warlords in in control now of that little radius they're going to create a police force within the next week i imagine they're going to go full circle to kicking the police out and then and then creating their own police force within the confines of chas can we just talk about how shitty of a store of value real estate is like imagine you own a building there like it's so much better to own bitcoin like it's like do we even need to talk about it anymore does it does it need like it's clearly a

better store of value than real estate like why are you spending millions of dollars on a building this is like primo area of seattle it's primo and imagine trying to get insurance now like your insurance is expired first of all the insurance companies aren't going to pay out shit but you need it anyway because we live in a litigious society so the insurance premiums are probably going through the fucking roof it's a horrible store of value yeah uh i would not want to be holding the shit coin of real estate in seattle right now it's not shit coin it was like the bitcoin of real estate like the maximalists of of seattle real estate were like oh well you got to own in whatever ch area is like that's the best look how quickly that flipped and it's sort

of disgusting to see all like the spray painting going on you're just you're just really destroying neighborhoods and beauty i'm trying to be respectful the world's going mad i'm cool with the classy the classy the classy graffiti school but yeah i'm cool with that just the tags fuck the tags and these people are like tagging things they don't even understand did you see in boston the the first infantry the first all-black infantry moral uh mural or was it racist it must have been racist well no i'm smiling freaks you can't they defaced it and it's like an homage to the first all-black army influence you want to talk about statues uh i mean again i don't agree with the confederacy and slave owners just using heuristics here this is exactly what isis did when

they rolled into syria they started destroying uh statues and stuff and i think there have been uh proposals for moving statues to more museum areas i think statues like how many cool statues do you see that get made these days like again the fiat society the fiat standard has got us away from creating beautiful things like statues my favorite was all i'm going to say is my favorite was they were uh there's like a bunch of calls to remove churchill statues from great britain and someone posts on twitter wait till they find out about the other guy and i just thought that was great and it's like yeah so there was a thomas soul quote going around today and that's what really pisses me off about all this it's like all right that should happen in the past what's in the

past is in the past it was terrible we we are learning from it we have learned from it hopefully we get better over time the arc of history has gotten better in my opinion people have become more accepting uh more liberal and more cooperative this is pretty much evidence through all economic indicators and the productivity of the technology we have today last five decades shit has gone haywire uh in the economic sphere in the monetary sphere due to the fed predominantly but this thomas sewell quote like have we reached the ultimate stage of absurdity where some people are held responsible for things that happened before they were born while other people are not held responsible for what they themselves are doing today like all this all this focus on these

statues and all these this focus on abolishing the police like gone with the wind people are gone with the wind people are striking at branches when they're not nobody's focused on the money nobody's pointed at the fed or the the creation of money in our system which is the core of all these problems and actually nobody's identified the true problem they're screaming and destroying stuff indiscriminately and it's not i don't think it's very productive maybe some people do i don't think it's very productive i just thought these statues were bolted down i didn't realize you could just push them over this whole time well it's just it takes a lot of effort it takes a lot of effort um yeah sorry for you sorry for using the the uh the wrong term there earlier

he's still thinking about it you can't edit it out you can't edit it out oh i'm not going to i was it was a genuine uh brain fart there i'm sorry he didn't he didn't mean anything by it he didn't mean anything negative by it um well somebody who is talking about solutions but bitcoin is one of them this is why we bitcoin is uh his video went viral uh this week he was at the la protest at im character is it imd character i think it's imd character uh on twitter i thought it was im character he gave a impassioned speech um oh it's imd character you're correct i apologize um he gave an impassioned speech at the protest in la the peaceful protest explaining how bitcoin is an option to opt out of this system and it is a

very productive way to voice your opinion topped out and then it was actually a three-part plan bitcoin being the first part and then volunteer in your community that's uh that's why owls lacrosse is what we support here at this podcast because it's an incredible way to volunteer somewhere i volunteered and got a lot of value volunteering um it's one thing that sort of pisses me off about all the LARPing that's been going on is a bunch of people have never actually gone into neighborhoods and and worked with these communities or experienced these communities just LARPing online like get out there and actually go go do something like go volunteer for owls or any other program like it that's in your city and you actually will be rewarded handsomely just with

a perspective on life it's it's powerful getting out there leading by example and volunteering in your community can actually go a long way yeah that's fucking awesome i've heard good things about the episode i have not listened to it yet but um based on who has told me that it was a great episode you should go listen to it it seems like he's you know he's bitcoin twitter like he's he's completely red pilled he runs a raspi blitz um i fucking love it it's good to see uh his speech was fucking powerful so that's fucking awesome extremely powerful and as marty said that's i am the character on twitter i said i am character that was incorrect um and then the other thing i just want to point out is that

Signal, the encrypted messaging service, has posted a blog about their core principles and design philosophy. It's a good, nice, short read. If you're not running Signal, you should run Signal. Is it compromised by the U.S. government? Maybe. Probably not. But maybe. That's up there.

You know, you're better off using PGP. But it's easy to use. No one has any excuse not to use it. way better than sending plain text messages there you go yes um the third part of i am the character's three-point plan was voting to vote at the local level and i think voting at the local level has more impacts than voting in federal elections then you don't believe in voting marty i don't but brian harrington actually did help convince me that getting involved in local politics actually does have an impact i always vote it's important um i don't think it makes

that much change but i do it anyway because i can and because you should um to the point where i will i i change i change my affiliation just to vote in the primary that is the more important primary of every of every election just to just to get my voice heard a little bit more but i i i don't think that's really how you accomplish change like at this point it is our politicians are legally bought and paid for and uh yeah that sucks but i vote by i vote by stacking sets that's the ultimate it's the ultimate vote and taking custody and running your own node and using coin joint and all this fucking other shit using encryption it's important it's very important one step at a time get your feet wet and uh do one thing then do another and it'll snowball into

tendencies and practices that you'll wake up one day like holy shit i'm pretty self-sovereign we're an hour and a half in now i think we're good right yeah yeah we got another parody account this week marty's owl popped up out of nowhere that's you let's be honest no i'm not i don't have enough time to make any of these parody accounts whoa he's coming he's coming at you marty's owl is coming at you whoever's behind it i wonder um take i wonder i wonder uh what help my hoot score will be this week haven't recorded the ad yet dude your hoots are fucking shitty they just fallen off a cliff man they were so good in the beginning and you're just getting lazy about it it's just it's a perfect example of just human laziness it's really what it no no

I'm trying to really represent all owls as much as possible. Not every owl hoot is identical from species of owl or type of owl. I mean, recently you've been specializing in distressed, sick owls, I feel like. They got to be represented too. They exist. All right, freaks. if you're liking this please uh give us a follow a subscription on your favorite uh podcast app rate review if you feel so inclined that goes a long way if you want to get a shout out uh

on the podcast tftc.io slash contribute and thank you guys for listening it's a long rip i am ron burgundy peace and love freaks Thank you.