TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Week of 2020.07.27

Episode Date: July 30, 2020

This week Marty and Matt discuss: - Ledger personal info hacked - Chainalysis public dashboard (Use a VPN or Tor) - Murch post on enterprise UTXO management - Alchemy of Hashpower - Minsc scripting language - softfork activations breakdown - myNode v0.2.12 - Tor Browser v9.5.3 - Fidelity bitcoin investment thesis - Bakkt ATH volume - CME ATH open interest - Support bitcoin devs 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.

ah sup freaks it's your boy marty here to introduce this rip of rabbit hole recap matt and i just had a high qual rip per usual fun discussion fun discussion crazy times we're living in today in this day i think you guys are gonna like this one as always just a little psa if you guys haven't subscribed to this podcast on your podcast network of choice please make sure you do it helps uh helps us get more exposure as we may be turning into a bull market here obviously that'll bring more attention to bitcoin and more eyes on the space we want to make sure that people are getting the quality information we believe they deserve and we believe that we provide that quality information here at tales

from the crypt and our weekly rabbit hole recap so spread the word subscribe maybe rate review the podcast on your on your local podcasting network if they allow you to that helps with visibility and goes a long way and just say let's just know that we're we're on the right track and by no means by forcing you freaks to do that if you if you feel it's it's deserved and you have the time and are willing to go out of your way to do it it would be much appreciated love you freaks this episode is brought to you by good friends at unchained capital you should know all about them but if you don't know about them let me tell you about them they're helping bitcoiners uh number one not sell their bitcoin and maybe not no one they're providing financial services for bitcoiners

with a security first mindset security is number one in their mind at all times they want to make sure that users are using bitcoin properly and securely and and maintaining as much sovereignty and control over their utxos throughout their whole product suite and this is exemplified in their volts product which allows you to create a two or three multi-sig quorum in which you hold two of three keys and unchained holds the other and if you ever want to move your utxos out of the multi-sig address you can do so yourself you can you always have autonomy to move in and out of the vault as you please under your own volition without the need for unchained to do anything but if you ever get in a pinch and you don't have one of those two keys you need to move your utxos

Unchained is there to be that second key in that two-in-three multi-signature so that you can move your UTXOs on top of that. They have their collateralized loan program if you don't want to sell your Bitcoin and you just need some cash, you need some liquidity. Unchained is offering same-day U.S. dollar liquidity. You just put some Bitcoin up as collateral, you get U.S. dollar sent to your bank account, and you are able to hold your Bitcoin as long as you're keeping up with the collateral margin and paying back that loan. You can get liquidity without having to sell. It's actually tax beneficial as well.

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They're always open to feedback. This episode is also brought to you by good friends at the motherfucking cash app. you freaks already know all about them but if you don't know about them let me tell you about them Cash App is helping you stack sats, send sats, receive sats and sell sats if you so please they're also making sats the standard so you're not buying fractions of bitcoin anymore

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direct deposited into the app cash app investing is a subsidiary square and member sipc and as always as always make sure you use the code stacking sats that's s-t-a-c-k-i-n-g-s-a-t-s when you download the app for the first time you're going to get ten dollars and ten dollars going to go to our good friends at Owl's Lacrosse. That's Owl's Lacrosse. Owls belong in barns and on the lacrosse field. Enjoy this rapid rabbit hole recap. Take care. You've had a dynamic where money's become freer than free. if 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 sup freaks welcome back to rabbit hole recap sitting across from matt odell who had a teeth pulled you went straight novocaine i had a single tooth pulled yes a teeth pulled a teeth pulled i can't speak i've been warning mad i'm exhausted right now i didn't sleep well last night after the whitney webb episode but this is the first episode in quite a while where i'm the only one drinking uh doctor's orders no drinking today i got a high noon vodka soda in a can they mix it for you so you don't have to no drinking and no smoking who for how long i don't know just for

today but i i'm being a good boy today but yeah it was a success you know a dentist is like is one of the true humbling uh day-to-day experiences in our lives i feel like you really are just i'm completely in their hands you know they got the saw in there they got their fucking tools and everything and you just i have no idea what's going on you know i'm just like trust in your judgment well their hands are in you yeah right so it's the other way around exactly they're completely their hands are completely in you your mouth i don't like the dentist actually actually i'm going to talk about this last week because we talked about this uh this appointment you had yesterday last week i was supposed to get some teeth pulled

before the whole covid thing happened i gotta figure out when to hop back in there and actually you gotta get that done dude i know i know they deteriorate really quick you know and you don't If you, like, let it fester, it gets worse. Ugh, teeth, man. I sort of just want to go full veneer and say, fuck it. Just get all caps? Never deal with it again. I think that's pretty expensive.

You still have to deal with it, because, like, my dad's caps, like, fall out and shit. Yeah. The dentist. I don't pity them. Isn't that, like, it's toll booth operators and dentists. they're like two of the highest rates of suicide because they're very unhappy really i think so the dentist i went to is a new dentist that i've never used before and it's a husband wife team they were fantastic they were super happy well maybe every dentist office should have a husband

wife team you got somebody there to support you it's pretty cool yeah good for them they're probably crushing it um fuck man not a big list this week i told them i had the podcast today i was like don't fuck up my mouth too much i got the podcast what are they they ask you what the podcast is about yeah to shield bitcoin i told i i told them to subscribe and to enable auto downloads at least even if they didn't want to listen yeah and if you freaks are out there you haven't subscribed yet subscribe unsubscribe resubscribe enable auto downloads does great for visibility on itunes and spotify actually i don't know about spotify uh like i was saying pretty short list uh when comparing it to weeks of recent past year but uh you were mentioning

it feels like a busy week but it's just like the price has gone a little it's gone up quite a bit When we recorded last RHR, it was 9,200-ish, right? Yeah, it was like 92 or 91 even. Let me open up my journal here. The last one was the Twitter hack episode? Yeah. It was like two episodes ago. I think it was two episodes.

The Twitter hack was at like 9,100, 9,200. Yeah, two episodes ago, it would have been around 9,212. Tuesday, July 14th, it was 92.12, and I wrote it down in my journal. That was two episodes ago. Two episodes ago. But I think last episode was also. It was below 10K. I think it was like 92-ish.

Yeah. I mean, it consolidated for a little while. We were talking about it. We said, hey, volatility is on the way, whether it be up or down. And it went up. We were unsure. It turned out to be up. I feel so good.

It's the best drug ever. Stock to flow validated right now? Maybe. be i ridiculous we're sitting at uh eleven thousand one hundred thirty four dollars according to clark moody's bitcoin dashboard clark moody who will be speaking with tomorrow morning very pumped for that looking forward to that uh he added some new metrics this week uh we just how crazy was fucking everyone like lost their shit on twitter just on that one move and i want to remind people that we're still 200 short from last year's local high when i told everyone to

market buy bitcoin 2019 we still have not hit that point yet so everybody that bought that day is still down still down unless they don't if they dollar cost averaged then then they're not yes because we got a lot cheaper prices since then i saw somebody was sharing a chart in a back channel uh something like 97 if you bought bitcoin any like 97.7 percent of bitcoin's existence if you had bought it like you'd 97.7 percent of people are upright uh that's not the correct i think it was based on utxos right it was like realized cap i don't even know if it was realized cap i think it was just taking in price because it wasn't including custodial exchanges and people that just on custodial exchanges i think the way to uh to properly phrase this is that price has been

below where it was at its highest point in the last couple days 97.7 at the time i think that's the correct way to phrase it um maybe we're talking about different things but what i saw was an on-chain metric the hodl waves are going up the one-year hodl waves at like yeah i'm bittersweet on that i don't want to see the hollow waves go up because you want people mixing you should be coin joining you know you should be opening channels and shit like what's going on guys complacency man complacency fees are going to go up it's gonna it's gonna get prohibitively expensive to coin join i saw you tweeting that earlier this week they are going up i'm feeling the fee fomo you

feeling the fee fomo i am i am hand hand hand up here though i haven't sent a transaction in a little over a week, so I don't think I've experienced that. I have remixes going on right now that are just on autopilot. But this isn't on the list. And actually, while we're on this subject, I'll bring it up. Merch from BitGo and one of the maintainers of Bitcoin Stack Exchange put out a great piece on UTXO management, particularly how enterprise users should manage their UTXOs

to avoid high fee pressure as much as possible. Very informative piece. Did you read that by chance? No, we don't have it on the list, right? No, I don't think so. I should have threw it on there, but it just came to my mind. I read it yesterday morning. What was the synopsis?

He just basically laid out strategies for enterprise users and different types of users. if you google merch bitgo it just comes right up yeah uh talking about how to move utxos between cold warm and hot wallets and how to consolidate transactions and the best formats and stuff right yeah yeah it's pretty informative and then i think francis tweeted from bull bitcoin that um they intend to open source their their batching algorithm or whatever is that included in cypher node yeah because it's like a plug-in to cypher node and the reasoning is because non-custodial it's a lot more difficult

to operate one of these non-custodial exchanges in a high fee environment because you have to send a transaction every time someone sends you money but if you like think about it like if you're if you're doing custodial um someone buys from you and they might not withdraw for however long and then when they do withdraw you can do like a you can very simply do a batch setup where you like wait 30 minutes and send them all out together yeah this is why i'm excited for op ctv it lets you pre-program this stuff and actually we'll get we'll talk about it later but i'm pretty sure what nadav i'm sorry i'm going to butcher your last name here evigi dropped shashak is uh his twitter and github name uh mince i don't even know how to pronounce that either minsk

um that's how i've been saying it in my mind at least i haven't tried to pronounce it and uh i think you can do similar stuff with that as well but we'll talk about that in detail later staying on the dashboard here talked about new new information that Clark added this week probably the best information he's added in some time commodities markets priced in Bitcoin

so Bitcoin priced in gold Bitcoin versus gold market cap and Bitcoin priced in oil which is probably everybody's talking about Bitcoin and US dollars but I want to see bitcoin in in gold and um compared to gold's market cap so right now uh bitcoin priced in

gold will get you one bitcoin will get you 5.7 ounces of gold uh and bitcoin is 1.64 percent of gold's market cap a lot of potential upside there if uh if bitcoin is to overtake gold as a predominant store of value in the world and uh bitcoin price 280 barrels of oil for my big right that's gonna go up significantly i bet that'll hit at least a thousand barrels in this bull run and so yeah let's talk about i mean we don't talk price a lot here we try to straight stay away from it but fuck it we don't get it's been fucking boring for so long let's uh let's bull dream here if this is a bull market like how it feels how do you think it plays out right but who knows maybe that means we're about to dump because i'm just like ridiculously

bullish well don't tell anybody to market by yet i mean just market by every week responsibly yeah i'm uh i forget who maybe it was robert breedlove tweeted it out made a very interesting point and i think it's confirmed with all the headlines that have been coming out and the conversations that are going on and reports like the one that fidelity dropped earlier today that this bull market's going to be dominated by institutional investors what using bitcoin as a macro play is a hard asset is it for real this time or is it still a meme oh right fidelity fidelity's paper was an aspirational store of value right shout out to ria uh ria's last name's escaping me right now butoria yes butoria um she has incredible incredible research and i'm pretty

sure she's a freak too yeah i mean we saw backed this this week with the pump both backed and cme hit all-time highs uh backed with volume just like straight spiked and cme with open interest um yeah it was like the highest volume by far the chart looked unnatural on this how high that spike was well we broke so like right now we're sitting like right below 9,000 sats per dollar

right so 1,000 sats per dollar is 100k do we get there 1,000 sats per dollar seems really reasonable to me right yeah and or is that crazy is that like moon math no i don't think so i think that's pretty conservative if we're talking about like the height of the next cycle and like

that's a 10 level hits that's a 10x cycle like i think we could go 20x at least i wouldn't be surprised we go like 250 or above all i know is for like the last year the blow off top the blow off top like the last year in my mental math um my mental math as always has been a million sats is a hundred dollars um we've gone up we've gone down we went to 13 we went down to three uh now we then we went back up and we're sitting at nine for however long but the whole time uh a million sats were for a hundred dollars right ten thousand sats per dollar so i wonder how long it takes me even if we pump it's going to take me a little bit to to like reconfigure my mental model there like i've anchored i've anchored on that on that price

it's not a bad problem to have but i have to i've had a hundred dollars as a million satoshis in my mind for quite some time it's good to see us break out of that consolidation if anything which is like a little a little bit more exciting well i mean yeah the memes hey shout out to bitstein coming out with some great memes well he's been quiet for the last couple of months he'd been he had been taking a step back so then you know as soon as it started getting roaring he just came in with the vengeance it had been all pent up that one the one with that excuse me if i'm making terrible assumptions here the eastern european like guy like making like the high yeah i love that one so much that one gets me every fucking time it's a very good one

yeah well that was price talk we're not gonna we're not gonna focus on it too much it's pumping we'll see i bet uh i bet um trillion 100 trillion dollar usd plan b is is excited right now maybe his stock to flow model is being validated uh but we shall see continuing on clark's dashboard on the more pertinent things uh the next difficulty retarget is in 1598 blocks is estimated to be on august 11th and it's pretty flat right now actually i'm looking at clark's dashboard the block time's coming in at 10 minutes per block right now so it's like coming in exactly at the target uh and the estimated difficulty change is 0.1 percent upwards on the 11th and

that is obviously subject to change as we are um almost two or a little less than two weeks away so that mean there was a difficulty adjustment between last week and this week yes between their episodes all right so the difficulty adjusted downward three percent about um yeah what's that like 600 618 blocks ago according to right now um i don't know the exact date that happened uh mempool like we said starting to fill up a little bit it's 51 point four thousand trans 51 400 transactions are in the mempool clark's mempool right now uh blocks to clear 66 so that number is going up like matt said be be cognizant i think i saw michael tidwell tweeting that uh if you're sending transactions at two sats per byte

they've been clearing within a couple days so just be conscious if you're sending transactions we're approaching the weekend let's talk about fees a little bit yeah just to prep the freaks the new freaks we have here that we're in here in 2017 um so the biggest thing that affects your fee price is how many inputs you have on the input side how many transactions are need to be combined to reach the amount that you're sending so let's say inputs but your inputs your inputs are your utxo so utxo right future input in a transaction let's say you receive to a wallet a transaction with 100 sats a transaction with 150 sats and a transaction with 250 sats and you need to send uh what did i say 350 400 500 sats so you need to send 500 sats so you have to send all three

of those transactions they all get combined on the input side and then on the output side is one transaction for 500 if it was 450 be one trans one utxo for 450 and then a change output for 50 coming back to you. So the main cost you have is on the input side. And then also what type of addresses those input UTXOs are. If it's native SegWit, if they all start with BC1,

you're going to have the lowest fees. Then if it's wrapped and starts with a 3, then you're going to have the second tier. And then if their legacy address is 1s, you're going to have the highest fees and then yeah go on i believe wrapped segwit is something like 15 higher than native segwit yeah impact 32 yeah so then on top of that fees are not a static thing if you go to mempool.space or if you have a my node they have it built in um so you can run it locally uh you can see what the graph looks like on what

transactions are waiting to be confirmed. And it's a range. So if you're willing to wait longer, you can choose a lower fee than if you want it to confirm right away. Especially if you're sending to yourself, there's no disadvantage of picking a lowest fee possible because you can always bump it in the future. You're just sending to yourself. There's no trust there. And if you're receiving a low fee transaction you can include it in a future transaction to bump the fee yourself so you can always bump a fee that comes to you um i think we nailed a lot of things there yeah but as the mempool gets backed up too also taking into consideration that nodes propagating your transactions via their mempools uh they're gonna they're gonna take priority to higher fees too so

if you have a really low fee. Yeah, they might drop your transaction. Yeah, you may have to rebroadcast that at some point. But then you could just rebroadcast it. Yeah, with a fresh fee, but be aware of that. On a practical point of view, so right now, if I go to mempool.space, what is the one confirmed amount?

It looks like it's about 150 sats per byte. um you know it's it's pretty much ridiculous to have to pay that that high of one you can probably get confirmed in a in a couple blocks if you pick something a little bit lower like a 130 or a 120 if you're willing to wait at least a day or so like instead of dropping all the way this is from a practical standpoint instead of dropping all the way down to one sat per bite you drop down to like like 10 or 15 yeah clark's clark's dashboard saying 11 sats per byte will get you in a day exactly and that's like that's significantly less than the 160 or whatever to get into the first block and it'll be significantly quicker than if you try and save those fucking 10 sats

per byte uh on the transaction for like limited extra cost yeah and staying true to the don't trust verify mantra make sure you're checking these sites with fee estimations and not i mean some wallet estimates are better than others but it's always best to get a second opinion outside of your wallet and make sure you're able to manually input that as well so what i foresee is i remember in 2017 once the fees started getting high just people what they do is to reduce their future fees they consolidate all their transactions um and and what basically what you do is you like generate a receive address in your wallet and then you do a send all to that receive address and then all of a sudden all your coins in that wallet are in a single utxo and your

fees will be the lowest fees possible this is absolutely horrible for privacy um so mr hoddles Mr. Hoddle's worst mistake he said I think he said on Twitter so that's my concern my concern is fees go up and the incentive is going to be to do this horrible privacy practice because you'll save substantially

on the fees which is why people should be experimenting with CoinJoin now before fees get ridiculous yes and develop good practices in moving your UTXOs from whether it be

a KYC exchange or non-KYC exchange try to make sure that you're able to send or like you're sweeping those wallets after certain thresholds met so you're not just sending yeah let's say like 150 sats per transaction just wait till you hit a million ten million sats yeah like if you're on cash app and you're doing five dollars a buy like don't withdraw your five dollars you know wait wait till it hits a hundred dollars or whatever yeah um otherwise you end up with a ton of tiny little transactions and it can just really fuck you especially if you get hit with fee fomo and you're like oh my god it's never gonna happen because you can you can always cover your ass in the future by doing like small like doing certain transactions at low low sap or bite

but if you think it's a runaway and we're not going to get back down to low sap or bite you can do you end up making big mistakes there yes i mean learn for you freaks that weren't around during december 2017 january 2018 i mean coinbase ran into dust issues so dust is when you have utxos that aren't spendable because they they don't reach the lowest threshold of the the current fee market and lessen them than the fees cost to move them yes and coinbase had something like three million dollars worth of dust stored in utxos and it was even more than that wasn't it like an insolvency risk type of amount no i don't think so i think it was like three million or something like that yeah um but it's still a significant amount of money and they were

a company that's been around since 2012 made that mistake so uh try to learn from their mistake and Well, they also thought the block size was going to rise, so they didn't have to fucking worry about it. Yeah. Well, it didn't, and it bit them in the ass. And so these fees come in waves. Who knows if this next wave will be bigger and last longer. But it is interesting. Like, the network, it's sort of fascinating.

The network's like a living, breathing being where fees go up a certain point. People are just, like, unwilling to pay them. the mania dies down uh the fee market more outlet valves this time like more relief valves because we do have you know segwit adoption is still you know i might guess it would be like what like 50 or something right there's a site that tracks it i think it's higher i think it's like 60 or above but there's definitely more services that can adopt segwit and then lightning adoption is like basically nothing uh right so like we could see the high the ultimate incentive to to get lightning set up is is high fees sustained high fees yeah and it's like a relief valve and again

i highly recommend if you guys haven't already go read the article that merch put out earlier this week and he he explained that in 2017 2018 using coinbase as an example enterprises weren't even ready for it and they weren't prepared for it and they didn't understand batching or using segwit and so this time around i'm sure we're at 64 percent yeah transaction fee.info 64 percent of transactions spent are segwit right now yeah so this is part of the double-edged sword of self-sovereignty and extreme ownership that comes with bitcoin you have to think ahead i guess goes it it's right in line with low time preference and planning ahead is planning to be able to use your UTXOs on the network and making sure that each UTXO will be spendable at some point

in the future where there is a higher fee regime so be aware be aware plan accordingly hopefully this was helpful advice actionable advice that's what we aim to do here at RHR we haven't even left the dashboard yet like i said though it's a light light news week so we can shoot the shit a little bit should we jump into shout outs before we uh yeah let's hit them with some shout outs i heard we have a very special one in there we got a very special one we'll start with that one um this is for you matt matt odell has a cluck a cluck mentality from our boy vake c-l-u-c-k shout out to you vake love you vake thanks vake vake promised me he was gonna give us a shout out after he took my money in poker on tuesday

did you take more money than the shout out cost i hope so yes so i guess that's kind of my shout out i kind of bought that shout out for myself big fan of vake appreciate it vake thanks thanks for the thanks for the kind words if you're ever up north fake let us know i hope all is well in florida i hope we don't see you in a florida man uh well headline it's supposed to be going to bit block boom so we should see him soon no boss what's that three weeks four weeks a month exactly a month from now yeah pretty much a little bit less um bit block boom dallas what are are we any odds that that state of texas tries to shut it down you know gary's bullish it's hard not to be bullish with gary when gary's bullish so i am probably as well he probably has the cause for

most concern in this situation too so if he's bullish um our bitcoin boomer friend uh maybe we should be too did you freeze you're just staring at me i think i i mean you froze for me i don't know okay we froze there a little bit all right second shout out we appreciate your shout outs and shout out tftc.io slash contribute this one again got to read it verbatim what are you waiting for grab the bull by the horns stack sats marry the person you love make or adopt a baby grow your family and tell your family members and friends you love them no homo this is your one chance life is short make it sweet long time preference stay to mine you freaks are my fam i love you no homo shout out to that a non-freak we don't know who it was don't know sounds like

marty made that shout out i i mean i i agree with a lot of the uh the uh the message in the shout but uh you're quite passionate about it well anyway we appreciate we appreciate you freaks yes we love you freaks uh you guys are our fam too we talked about that situation that would be laundering money i think we came on to to the conclusion yeah if you actually sent money in yeah yeah yeah so it wasn't me no i've been scared away from doing that so what a good boy um speaking of good boys we're gonna go the opposite of good boy here bad boys ledger what the fuck uh ledger a company that is notorious for hacking other hardware wallet companies couldn't secure their database uh they had a customer personal information hack

uh that leaked a bunch of info the marketing database got hacked yeah and it started it started leaking in february i believe somebody sent me the email um i think there was two different i think this leak was supposedly a month ago and and and ledger says that the previously disclosed leak was not a leak that was fake at least according to ledger yeah the one where they all the data like we talked about that one right right that one we talked about ledger denies to this day that that was a vulnerability but i believe that i think that was like a fake hacker right and then a month ago there was a different hack and a million email addresses were taken and 9500 names and or phone numbers and or social security and no not social

security and no and or addresses where they where they lived where they got the ship to yeah million no social security numbers no one gives email addresses that's a good point million email addresses 9500 names numbers and home addresses and or for the 9500 it's like a subset there's that's what they're saying and they if you're part of the 9500 they emailed you specifically what information was taken but some people presumably had their home addresses taken if they've shipped hardware wallets to their own addresses. Yes.

But I do believe this hack started earlier in the year and it was brought to their attention a month ago because of their bounty program. Correct? Like they have a bounty program and somebody participating in that program pointed it out to them and said, hey, this may have started like earlier in the year.

If I remember correctly. I could be wrong though. They said it was exploited on june 25th was when everything was okay all right i'm thinking of something else i mean there's there's people claiming on twitter that there was another hack earlier but ledger is still denying that yes anyway this is all moot you should assume all these databases are going to get hacked at some point like this is this is what you have to operate under right and when you if you there's like simple steps you can take to reduce that that threat footprint

obviously like if you can buy these things in person that's preferable but unfortunately bitcoin hardware isn't sold at best buy uh so it's like you can't go and buy with cash um so unless like they have them at conferences sometimes some of these cities have bitcoin stores that resell them which could be useful if you're ordering it online you don't want to use a credit card as a payment because the billing address of the credit card can link to you you want to use a VPN so they don't have your IP address and for shipping you don't want to ship it to your home address you could there's these remailer services you can use where they automatically

ship it that's like a hop uh tour style to your thing then of course you're trusting the remailer service right but at least you don't have it in a honeypot on uh like a bitcoin specific hardware thing then they have po boxes which you're probably gonna have to do kyc for right but once again you're just like you're reducing the threat um one idea i like yeah office but one idea i really like is if you're moving out or a friend's moving out and you're getting a new apartment this is good for city sweaty city dwellers particularly they're getting a new apartment get just get a shit ton of hardware shipped to the apartment right before they leave like the last month before they go out it's a great idea i've done that before yeah and it it does bring you peace of

mind when you move from from an apartment where you've sent stuff to it's like ah don't worry about that shit anymore um yeah so you should assume this shit is going to get compromised yeah but number one assume that but number two there could be better practices data cleansing practices by these hardware providers i saw trezor sort of stepped in and rubbed ledger's nose in the shit claiming that they have a 90-day uh data scrubbing policy where they'll scrub the the contents of their ecom store after every 90 days or something or on a rolling 90 day basis yeah i mean it's it should be it should be applauded but people have to remember there's no way for us to verify this this is the same way why like you should use vpns that claim to keep no logs there's

no way that we can verify they're keeping no logs um you know trezor has has trezor and ledger both have address information on their servers for people that are using their nodes and stuff like that uh so there is there's there's always gonna you should just assume you should operate under the assumption that they won't be scrubbed we should have people we should advocate for them to scrub shit but we should you should also at the same time just operate under the assumption that it's not being effectively scrubbed um yeah that's a good yeah that's a good practice and then And I also want to say, like, I feel like Ledger handled, I mean, they could have done it earlier.

Um, but if you're with these types of disclosures, it's good that they did a public disclosure, which we still haven't seen BlockFi do even though BlockFi had more information taken and then they did it targeted disclosure to the 9,500 that was a subset. Um, so that's good at least. Uh, and then the one other thing I would say is, you know, these are issues that as Bitcoin adoption goes up um they kind of get obviated because just everyone's assumed to be a bitcoiner so it's not like oh this is like a list of this is a list of bitcoiners that have hardware wallets right it's just like everyone has one so so it does get reduced over time

yeah i would agree with that and while we're on the public service announcement tip here i think uh our boy bashko who's one of the reddit mods twitter og he made a very good point this week too like make sure you like if we are going into a bull market here and i've experienced this personally in 2017 like if it goes up and you have a good amount of your sash sitting on one hardware wallet it gets stressful that that hardware walk gets heavy in your hand so to avoid that potential future feeling make sure you get your security down pat with it and it's whatever is most comfortable to you whether it's multi-sig with a trusted friend or family member collaborative custody with with a third-party provider just splitting it up between many

single sigs that you're comfortable protecting and feel confident that you're you're able to protect them think about that now and not when the price runs up to the crazy levels we were talking about earlier and it was like really hard to get hardware wallets at that point too they were all backordered um like i guess i guess a good rule of thumb is like you should your security should be like 10x current price right does that seem fair yes yes that's a very like anything over that you might you might be shooting yourself in the foot it might be like too overkill and you just like screw yourself anyway yeah i would agree with that um no i'm actually supposed to take a trip in november my wife and i were gonna get out of dodge for the the whole election

theater and i'm preparing for that um just thinking of that like all right gotta get everything on lock international i'm not gonna say exactly where but yeah and i thought i was being vague enough well i'll ask you after the pod yeah i mean we'll be close not too far away um no he's again it's better to be prepared than to be uh caught with your pants down sort of shocked and scrambling at a moment in the future and you'll regret it if you don't if you don't prepare and i'm just saying this from from experience like legit like anxiety and i know i mean that's that's why you started final message correct yeah i was about to say

that's like the whole idea of final message came around just like oh my god if i fall off the skateboard i'm fucked and then like one time i remember uh we were like i was going to thanksgiving i was i was going to like thanksgiving 2017 probably thanksgiving 2017 um and i had my whole family in the car and i was like if this car crashes it's all gone there's no like i had the redundancy was not correct i did not have the redundancy set up properly for that situation yeah this is you got to think it through get paranoid but not too paranoid yeah yeah exactly Don't overthink it and make it so you shoot yourself in the foot. But just think about it.

Just think about it. Again, these are the responsibilities that come with the extreme ownership of the digital bear asset that is Bitcoin. So be aware. This is a big be aware episode. This was interesting. I've been looking at this dashboard. It doesn't seem like you're disclosing too much information. I like the flows into and from the exchange.

um not right now because we're recording okay so chain analysis officially got an extra ip address of a bitcorner so that's it lovely yeah so i think part of it is is is that reason i think they're trying to so this is chain analysis historically has kept all of their products behind uh doran key so you had to be a paying subscriber super high fee is like a hundred thousand dollars 125 thousand dollars a year um you should have put a warning in the show notes and they look i just got got it clearly shows chainanalysis.com bro i know but like i thought well i was gonna give the freaks a warning you know like i'm not as paranoid as you don't go there without a vpn or on uh tour but now they have a public dashboard it's like uh

you know it's the charts are pretty cool there's nothing it's not it's not the juicy data you want to see they have though yeah well they're a surveillance firm so it's definitely to collect information on people who visit it they uh surveillance firm that lost lost a man to to the good side oh yeah the square crypto uh new grantee yeah it's going to be focusing on design correct ui and ux design yeah did you see jeremy rubin like wanted him to give us a may culpa yes yes i did he didn't respond though the word didn't respond i liked uh the square crypto tweet was like he's working on bitcoin now to atone for his sins i like to think he was uh reading the bent and and you were like how can you live with yourself

hey if you're working at one of these companies look within what are you doing what are you helping you're helping an evil state go listen to the episode i had with whitney webb that i dropped last night you're helping those people that we talked about just know that um well anyway it's good on a positive note it's good to see him leave chain analysis yes and actually like i was on the uh hablamos de bitcoin show yeah but it's like the wednesday shows like i blame most day the bitcoin and um no we talked about this too like do you do you see the benefit of them like sort of highlighting where the pain points are and where where we need to improve them like are they a net benefit in the long run

uh in that in that regard they're not they're they're just are they just exist they're not a net benefit they're not a net negative it's like if if the capability exists someone's gonna do it and they can still go fuck themselves and like the solution is to fuck their business model not to like ask their ask them to find reason and morality you know yeah well anyway we got this dashboard if you guys want to go see some cool charts of like exchange flows and shit like that make sure you're using a vpn don't don't fuck up like uncle marty just did it's out there i'm gonna open it i'm gonna open at noon or after that one uh this was really cool again very underrated bitcoiner in my mind somebody who i was lucky

and i'm lucky to call a friend got really close uh before i became a new new yorker leah zhang um in conjunction with uh karthik venkatesh put out a piece uh last week called the alchemy of hash power i wrote about it in the bent on monday excuse me for that burp but uh it's part one of a i believe a two or three part series and it's uh just dives into the dynamics of the mining world particularly how miners look at their break-even levels based on at what point they bought their hardware, when they plugged it in, where the hashrate is, where the Bitcoin price is. And if you're somebody who's interested in learning more about the economy, the economics that go into mining and the variables that miners are thinking about,

this is an incredible piece and i think leo particularly has a very good grasp on the mining industry and how hash power and the hardware sort of go together with price and difficulty at any given point in time and uh he he really put out i think this piece is going to be helpful for miners especially endeavoring miners and hand up at gam like looking at some of the formulas he put together um for like days to break even and adding in sensitivity to bitcoin price based on the model of of the asic it's really well done and i think this piece in the series is going to help people better understand the mining industry and as the mining industry matures becomes a little bit more transparent and more professional one of the biggest hurdles that

we face at GAM is convincing prospective investors that it's worthwhile and it's because of a lack of insight into it has been because of a lack of insight into like break-even points and the collateral that you can get within this space and I think Leo's doing a great job to sort of help push that ball forward and make it easier for miners to prove that they can create legitimate businesses i thought the graphics were really cool as well like his visualizations yeah the uh the heat map the correlation chart the machine price versus network metrics um i really like the sensitivity of the bitcoin price chart that was uh that was a pretty pretty jarring chart The M20S looks like a pretty solid machine.

Very happy we chose those at GAM. The What's Miners. Yeah. And then, I mean, that was just like the first half of the article. Second half gets into hedging products and strategies that could be deployed, which is another part of getting funding is proving that you could hedge some risk in this market. and Leo lays out some strategies that can be deployed and what products you can access to deploy them.

So huge shout-out to Leo. Cheers. What he's doing at Anisa Research is, it's been incredible so far. I think this is only his second piece, maybe his third piece, but he's putting out very high quality. I think it's the second one. Yeah. Three-body problem is the first one.

Yeah. um and this is a this is a sign of the maturation of bitcoin and the legitimization of bitcoin and the professional professionalism that that is developing within the space mining historically has been very opaque and and non-transparent and um more content like this it just makes bitcoin overall more legitimate in my mind so go check it out and i think part two should be dropping soon too so be on the lookout for that if you're not following leo i think he's criminally under followed in the space go find him i think it's at leo zhang z-h-a-n-g on twitter uh yeah maybe leo r zhang leo r zhang yeah leo's great

um yeah a lot of good a lot of good stuff this week not too many updates we got a few updates but something i wrote about today um that dropped earlier this week two days ago i believe uh boy we mentioned it earlier in the episode shessic uh dropped see you had it where are we going with minchic oh i i put an i in there right yeah you put mini minch mini sc i put yeah it's m-i-n-s-c but basically it's a mini script it's a mini script based scripting language i want to actually talk about this for a while because i and expand on what i talked about in the bent today because I think this is huge and really sort of confirms the conservative approach to development that Bitcoin or that the Bitcoin project has, right? Like, because Vitalik was focused on Bitcoin.

He started Bitcoin Magazine. He was talking to Satoshi and BitcoinTalk.org, trying to push Bitcoin forward. And he's got sort of frustrated that Bitcoin's scripting language wasn't as robust as he wanted it to be in 2013, 2014. And the, I mean, the development mentality of the Bitcoin core developers is like, hey, let's slow and steady. Let's not break anything. Let's make sure everything's as scalable, efficient, and robust as possible. And all these things will be nice to haves in the future. And Dov Shesik dropping Minsk, I think, is just a confirmation of that mentality and that approach.

So what this is, is a scripting language that basically makes it a lot easier to create complex smart contracts on top of Bitcoin. So you can do things like create something similar to green wallets 2FA, something similar to HTLCs, creating pre-images for them. And you're just going to be able to construct Bitcoin transactions that do pretty, what's the correct word, expressive things and get pretty granular. And it just makes Bitcoin more programmable at the end of the day. So that was a huge meme for Ethereum early on. It was like programmable money. And people would say, oh, Bitcoin will never do that. But as I've been saying on this podcast and the newsletter for a while,

like anything these altcoins can do will probably eventually get brought into Bitcoin in one way or another. And this sort of proves that correct, at least in my mind. What do you think, Matt? I mean, it's more limited, but that's a feature, not a bug. Yes, yes. that's why i quoted luke childs um in the bent today he said compare it to solidity which is the scripting language that ethereum created to create their smart contracts i'm not even sure if they use solidity anymore i think they might move on to something else but if they did they

had to because solidity was so shit um i think luke child said something like minsk is easy to write and very hard to fuck up, where Solidity is hard to write and easy to fuck up. So just a very good approach to this type of development. And this doesn't need any soft fork or anything, right? No, it's

based off a mini script, which I think just dump into the transactions. As per soft fork though we we still have taproot active activation hopefully coming up sooner rather than later and uh bitmex research did a really good uh explainer on activation methods um that we could go through yes let's go through they had a good one and aaron van weirdom had a good one as well we went over aaron's last time so i'm not but i don't even think we need to necessarily go

through this bitmex piece but it's it's nice that you have another perspective basically it's it's the same idea as aaron's piece yes just walking it through so it goes into like bitbait uh which was proposed by uh luke dasher um and so i i like this particular uh whatever you want to call it chart not a chart but uh a gradient what i can't even describe it correctly max article yeah i'm looking at smooth upgrade significant issues total that that part oh yeah it's like a table right a table there we go that's the word i was looking for um so that was historical activation methods uh like how many smooth upgrades that we have we have

eight that were flag days are rolled out with immediate effect only one significant issue uh so they're nine all together with that activation method eight were smooth one was an issue we've had one activation that needed to meet a 55 minor threshold one that needed to meet 80 percent and four that needed nine or excuse me five that needed uh 95 percent of miners to signal they're ready for those were smooth one had significant issues and um so grand total there's been 16 uh upgrades big upgrades 13 of them went smooth three not so smooth and so that's like the big debate going on right now how do we make sure that tap root schnor is a smooth upgrade and And like we mentioned last week, AJ Towns, Matt Corralo were starting the conversation on the mailing list.

That's sort of leaked out onto social media and telegram groups. And I'll just say, like, being in a few minor telegram groups, it seems like the minors just want the users to download software and signal. Just flag day it? Yeah, and if other minors aren't ready, like, too bad for them. like that's that's at least the gist i got in some of these conversations in these rooms the main complaint there is right that it's like creates a de facto fork we're not like a de facto developer-led process yes that's what matt corral is worried about that's what he wrote in uh on the mailing list in response to aj towns last week and z man responded to matt

i forget exactly what z-man's saying but matt's just was like hey we're setting a precedent here yes it seems like this is a no-brainer upgrade but will this precedent allow if you put the flag day too far enough ahead of time you put the flag day in a year two years ahead of time uh and then you just watch everyone upgrading all right and like if we don't hear any real complaints about it there's been no like really structured good arguments against why not to do taproot um it doesn't seem that dangerous to me like if you just go for it i mean it's like impossible to get 95 of miners to like in uh all signal it's just that's such a high threshold so then what do you lower that threshold and then are you even solving anything than just doing a

regular flag day well is it that hard to hit like would the would the signaling be done via pools no would the pools be a proxy for for signaling i mean look at when we tried to hit the threshold for segwit even such a but like you had f2 pool like fucking switching their version bits yeah well you don't expect that to happen again we we couldn't with they couldn't even they had trouble getting it on litecoin and litecoin's even it was even more centralized yeah but it was much more controversial there's an argument to be made that this could be more profitable for miners so they might not why even why even have them signal then yeah i don't well again like like we mentioned matt and other i don't want to say go mad out

here some developers um are worried about the precedent and yeah it's i mean it's good to have these debates but the debate needs to end at some point we need to put forth this uh an activation path um the other thing about the mining signaling is like i'm pretty sure f2 pool was trading off of it because like litecoin do you remember like litecoin and bitcoin were like pumping and dumping depending on how close we were to like the sites were put up where you could like track it and like how how close we were to signaling and he'd like bring it really close and then he'd dump it and then you'd put it back up like it gives these big pools it gives them like a decent amount of power yeah power corrupts

if you get caught in the wrong yeah but they that was no risk for f2 pool when they were just pulling when they were just playing with the activation logic what was the risk they weren't taking any risk yeah i'm trying i'm just thinking in my head right now how's the game theory play out now that there are more shot 256 chains like bcash and bsv could they profit switch and fuck with it too no i think those are just those are dead chains those are zombie chains yeah i would agree with that it's just a waste of time to even put them in any kind of calculations you think any legitimate miners switching over to bcash or sv i mean there's i think

pool and does profit switching um it's a pretty big pool and i know the luxor guys talk about it too i'm not sure if they do it you're going to on the pod that gam only only mines sv you guys are the uh operation no i will disclose that we uh we use slush pool and slush pool has historically been uh been very uh pro miner pro pro miner pro bitcoin particularly um yeah i don't know i mean i i would say i'm i'm okay like in the in that mining group too like i sort of agreed i was like yeah just let full node operators download the software run it and let that be the signal um then you get into the yeah yeah like the question is the precedent like

well you have two different versions of the software one that flags days and one that doesn't right yes yes um and then there's like the whole question of all right it's a flag day we hit the flag day and it doesn't uh activate how long do you wait to attempt it again and i know matt has proposed i believe in january like a six-month debate and then he's saying minor signaling first and then if that doesn't work then six-month debate right yes yeah taproot is like i i it sets up so many potential upgrades that we could have in the future that we just need to like you just need to get it done i agree believe me i agree 100 i think

yeah segway just scarred the shit out of everybody everybody's just like nobody wants to be the one yeah this is what i said yeah like it feels like we're creating a controversy over it you know like we're creating the the situation we don't want because it's we're just so so much ptsd from the last month yeah i even saw like you see that reddit comment from gmax he was just like losing it he was like we just need it all right already right and well shallon freud if you're listening come back and just like propose something who says he ever left right and maybe i mean come back under shall and froy and dump something on us like i would down i would download that and run that version

i would upgrade to the version that's and this is all backwards compatible too like i don't see again i don't like if it if it were to activate yeah i don't know what do you freaks think let us know in the comments i'm sure some of you have smarter ideas about this activation path than i do i again there is a window of opportunity too i hope we don't squander that especially if we get into a chaotic bull market and that's another thing to take into consideration if you do run into a bull market like do you remember like talking to devs it's just like people get so distracted by the price that they can't even focus on that one day that we just

went up like 12 i got no work done that day did you get did you get any work done that day you got to bend out at like 3 30 i was like fuck uh i was like all right this is what it's like and then like the twitter was completely useless telegram was like everything all the channels were all backed up yeah all right that was activation talk for this week i'm sure there will be plenty more in the future so we won't bore you too much today we're gonna be talking about it for years oh i hope not i hope not um we said there weren't that many upgrades this week but there are some if you're running a my node uh they have upgraded the version uh it's not in the release notes but

It's in the link, version 0.2.12, and that comes, or no, they're up version 0.2.13. It looks like they just snuck in. They upgraded Caravan, upgraded RTL. They had some bug fixes and refactoring. They added the Thunder Hub, the upgraded Spectre, decreased CPU usage when Electrum Wild is using my node, which is huge. I've had that problem myself. and a bunch of other small little updates. So if you're running my node,

consider upgrading if you want those updates. Tor browser has a new release version 9.5.3. Should we just roll this right into the zero-day disclosures? This is unrelated to the zero days, though. Yeah, I was going to say this doesn't... The update just updates Firefox, NoScript, and Tor. Brings them all up to date. yeah but it was brought to our attention right before we came on air shout out to no bullshit

bitcoin uh that two tour zero days have been uh brought to light by uh by a researcher and he or she i'm not sure the gender right now plans on releasing three more i believe uh this is something to be able to like docs or uh ddos nodes or something like that or take notes off no no both vulnerabilities are detecting detecting that a user is trying to access the tor network and blocking them from doing that from the isp level blocking the user so so the the first vulnerability you can detect that they're connecting to tor and you can block them from connecting to tor and then tor that that goes to a tor guard node which is like the entry nodes into the network and then tor has bridge nodes which are designed in these oppressive

regimes where users are getting blocked out um from accessing they had these bridge nodes and this guy claims that he can detect the access to the bridge node so then you can block them from the bridge nodes so they're very much related um but obviously this is more relevant for places where you can't access the tor network where your government is blocking it to begin with yeah and again this hacker is claiming to have three more zero days that will be revealed at some point in the future so be on the lookout for those and for those of you freaks who are hearing the phrase zero day and wondering what the fuck is that zero day vulnerability is basically a bug that's been in the code and been overlooked since the inception of the software am i correct

with that definition matt no a zero day is is a bug that hasn't been responsibly disclosed it hasn't been responsibly disclosed i thought that's what it means yeah okay so like if if you were if you responsibly disclose something and there's like 60 days uh that that the company knows about it before you go public with it but if it's a zero day it's there's been zero days that the company knew about it i believe that's what a zero day means oh i always thought it was zero day no you're right i just looked it up um i always assumed it was zero day in the sense that it was included in the code since day zero since launch um yeah but your zero days like it's gotta get fixed right now yeah so and it's

not fixed in this latest version of tour uh again we found out about this right before well this guy said that he which is more troubling right is he said that he's had issues trying to responsibly disclose the bugs and that's why he's going public with it yeah that's pretty fun um which isn't that's not great to see but who knows um i mean yeah tour is not perfect by any means this is one of the reasons you know it's like it's tour is very it's got it has mixed emotions in my heart it's both like you know one of the most important projects we have and then i just like have no faith in it whatsoever yeah yeah you talk to some people like brian lockhart and gleb nalmenko i've talked to them about tour they like swear against it like it's cia honey trap you

can't trust it yeah but without tour we have like no bitcoin privacy i know i know um in a worst case it's just as bad as clear net right i mean look it's definitely not as bad as clear net i would say but worse but worst case worst case yeah like if it is completely well no i mean if you're accessing a clear net site through tor and it goes through an exit node it could be worse than clear net from a security point of view but not well actually privacy point of view and from a privacy point of view like it would be worse than clear net because you'd be using it under the assumption that you're private and you'd be using your if it's not an https site It's not an SSL site.

You're using their exit node. They can manipulate the data that's in between you and the website because you're basically man-in-the-middle-ing yourself. That's why you should always use onion sites if it's important, if it's not just like read-only information on Tor. Fortunately, with the new Tor browser, it's pretty cool. You can broadcast that you have an onion site. So if you go to blogstream.info, it says onion site.

then you just click on the address bar onion site and it goes to the onion site which is dope yeah for uxy's be aware freaks be aware we're gonna link to what do we link to the z net yeah let's just link to the zd net uh overview and then in there there's links to those specific disclosures if you want to go check it out yeah um we actually already hit these topics on the bottom of the list now we get to celebrate you you ninja launching a site yesterday launched a lot of fanfare i was just stop it i was just being so humble i was emotional support you're staying humble uh dennis ryman uh reached out so actually so like i discovered github sponsors first of all we'll start in the beginning uh a day ago i discovered bitcoin sponsors because

someone or two days ago i discovered bitcoin uh github sponsors because someone mentioned it um in my mentions they like tagged me in this whole post about it um and then someone else was like oh like jeremy rubin like luke dasher uh fanquake they all have github sponsors enabled so then i went and i checked which bitcoin related devs had github sponsors enabled which is github sponsors is like a patreon as thing that's run through github which is now owned by microsoft microsoft takes no fees for it it's obviously credit card the kyc the dev and microsoft take no fees for it and if the dev signed up before january of this year microsoft matches everything so you give them you give you sign up for jeremy's 25 a month and

microsoft's giving him 25 a month too it doubles um but even if it's not before then it's nice there's no fees um and then obviously uh so so i saw that i was like well this is awesome and we were pumping so like i got super excited i was like everyone is like throwing their dick around on the table i was like it'd be nice if some of these people that are throwing their dick around on the table like american hodl like fucking supported some of the devs that could use could use our support right so so i started going through and i collated all the github sponsors and i made a thread for it then of course i was immediately filled with you know we shouldn't be supporting bitcoin devs through credit cards and microsoft and them doing kyc like that's just it's

like anti antithetical to bitcoin so it's a bad look if you don't if you don't offer the other option right right so i was like but the problem with bitcoin the problem with the bitcoin donations is like they're all scattered like the nice thing about the github sponsors is you go to a repository you go to btc pay and you can you can see all of the devs on there that have github sponsors enabled so the bitcoin donations are all sporadic all over the place so then i was talking on on twitter i was like you know someone needs to make a like just a home like a landing page that just collates all of these donation pages for different depths um just like a very simple aggregation site and dennis reached out and we built it in like four hours he had like a template

all ready to go and now any dev that wants to be on it can just submit a pull request with the information um we're doing like the loosest screening ever uh so there is a disclaimer on the top like it's not an endorsement of the specific devs but like you'll have a central spot where you're able to go and see all their donation links with the little bio and a link to their github and a link to their twitter and it's bitcoin dev list.com which was the domain i already had so i put it to good use go support go support the devs they could use they could use our support i'm proud of you brother it's an incredible sight i'm very happy um that it was well received by the community as well it's something that's long i mean people have been

talking about it for a while and kudos to you thank you for taking the bull by the horns and just fucking doing it with dennis shout out to you and dennis yeah shout out dennis dude fucking made it happen yeah you know what if not if not you then who if not me then who all you freaks listen to this have that mentality that came out of note you i mean you you tease that and agree with like yo i'm thinking about launching this don't show anybody and then like half an hour later it was on twitter i was like boss yeah we were like we were like okay okay we think this is pretty good let's send it to our peers so like i sent it to you you and like like dennis sent it to some people and then we're like 15 20 minutes later he's like i gotta do this thing and i was

like i gotta do this thing he's like should we yolo or should we wait tomorrow to launch i was like yolo we're yoloing well it's so rewarding just fucking getting it out there right away you know just like getting fucking done and because it's all hosted on github people can go and contribute and and iterate from there you know so we have something up and if we want to change it we can just iterate out in the open i mean you're talking to one of the biggest fans of baptism by fire so again kudos to you thank you for doing that i think i talked to a lot of the guests building stuff on bitcoin and often thank them i need to thank you for taking initiative here and um that's great the devs love it which is and i mean quote unquote problem that's the beauty like

the muh we talked earlier about like oh smart contracts will never be good on bitcoin and muh dev incentives there was like four different people in my amount announcement tweet that were like muh dev incentives like what if devs need this if dev needs you to make a donation site than bitcoin's fuck it's like no they don't need it it's nice to have though yeah they haven't had a site like this for the whole time right yeah i just love we have so many different avenues for dev funding now and it's just it's really nice to have this little like um this one's you know it's more distributed and and anarchy you know like anarchy than than uh than the other ones the other ones are more structured and this is a way for like

individuals to give directly and and specifically bitcoin donations is super fucking cool i like that's the best donation ever that you can just send someone fucking sats through the i believe last week you were saying you're not a cypherpunk because you don't write code i believe you wrote code this week and launched it you're a cypherpunk cypherpunk they write code brother um day yeah that's all we got for the topics other than the economy which had a pretty pretty big announcement this morning the gdp q2 was down 32.6 percent i believe it's like our worst gdp fall ever ever or since 40s or something no by like 3x um no i'm saying since like 1940

i think even i don't think i think it's like twice as bad as then even it wasn't even that bad then uh pretty crazy pretty crazy and so you couple that with the fact that the fed's coming out zero hedgerow an article last night it's becoming more apparent that uh commercial real estate industry may be getting a 550 billion dollar bailout uh either from the fed or the treasury uh so money printer is about to go burr even more than it has things are getting heady man that's for commercial real estate yeah yeah i mean commercial real estate is absolutely fucked like no one's doing offices anymore yeah so they may they may be getting a bailout um we talked about it last week but the posturing has remained throughout this week and the fed

is even posturing in a different way they don't even want to talk about thinking i think that's what jerome powell said this week he doesn't want to talk about even thinking about moving rates up so like moving rates up is not even a thought in their mind remember when they bullshitted about raising rates like what was it like eight months ago or something 10 months ago like fall of 2019 yeah um they like raised it once i was like that and i could they can't do it dude they raised it it's 20 2019 yeah end of 2018 beginning of 2019 they did like two little raises i think twice or three times and then like the liquidity crunch was such they had like i already cut it back down um i don't like to laugh about dude it's serious well it is what it is marty you know

we can laugh about it because of bitcoin if bitcoin didn't exist we'd just be crying that's true it's very true but it's freaks they're talking about dire situations here like i tweeted out a few months ago i tweeted out a few months ago like hyperinflation may be around the corner i got a lot of shit for it like i would not be surprised uh another 1.4 million people applied for unemployment this week I think in totality throughout this crisis, 31.5 million have applied for unemployment at one point or another. And they announced a new stimulus check, right? $1,200 or no?

They announced the intention. They're debating whether it's $1,200, $2,000. It doesn't even matter. They're debating what the exact amount is. And then on top of that, they're debating. uh so that's the big thing right now actually is the the unemployment bump of six hundred dollars they're talking about whether or not to extend that or bump it down to two hundred dollars which they have to make decision in the next few hours so they're pretty sure two hundred dollar bump

failed too i think did it i mean so it ends july of 31 days yes so it ends like after tomorrow oh thank god we have bitcoin i know it'd be way less i don't know this is crazy times you know but this is where uh this is where opportunity lies right are these crazy times that is true that is true so that's you got to look at it from the exciting angle i think that is very true i like that i like that angle um i mean i really want like my overarching theme is i mean two themes right i'm trying to accumulate as much bitcoin as possible here which has been an outstanding goal for a while and i'm trying to buy land and it was crazy like a year ago when i told my peers in the city like oh i want to buy land uh like way outside of the city they

all thought i was crazy and now it's like a super crowded trade uh it's like everyone has you know covid like completely blew up our spot because i know you have a similar plan i wonder what i find myself thinking about is like what does that dynamic how does that dynamic play out here um if we have if we have the u.s dollar you know spiraling out of control and printing you know just crazy printing uh into this we're going to see asset prices go up right and bitcoin is going to go up but like what what happens to land prices uh how does that do we see a real estate crash or do we overarching real estate crash or do we see like a you know select sectors of real estate crash right like commercial city real estate versus rural rural versus suburb versus

movie theater businesses i don't know you know what i'm saying like it's gonna be it's gonna be a very crazy market it's it's hard to wrap your head around am i gonna be forced to buy new york city real estate because everything else is crazy inflated no you just gotta buy kodak stock before the government announces that they're giving them an 800 million dollar loan how the fuck does that happen why would kodak make medicine because they were a dead company right so they might as well like it was insider trading 101 right 100 yeah didn't the ceo like buy like 47 000 shares or something in june yeah late june he didn't know about it yet this doesn't make any sense to me but i wouldn't be surprised if like government insiders bought on it too

oh definitely it went up like 1400 or something insane canteen heirs i got correct we got corrected on youtube i'm not sure if you're you're uh cantillian cantillian no not cantillian canteen we got yelled we got yelled at on uh on youtube in the youtube that's what i originally said right i think you're right yeah i was wrong you told me cantillian cantillian i like cantillian that's the way i've been saying dick canteen canteen uh i'm cool with canteen airs the kantianism uh rages on that's the other thing so let's end it on this trump posturing today like he's gonna he didn't posture like he's going to he asked should we postpone the election should we crazy times of course he did the fucking question mark right to cover his ass yeah i

think i think that was he was just trying to hide the gdp numbers oh that's a good theory he tweeted it out like right as the gdp numbers hit should we postpone the elections it's insane man i'm not cool with postponing the elections by the way neither am i neither am i it wouldn't like that that announcement did not make any sense to me that's why i think it's like maybe a bait but it makes sense with the gdp it makes sense with the gdp but it doesn't compute with his like send all the kids back to school mentality right willing to yeah if you're willing to send all the kids back to school why wouldn't you allow people to vote it's like open up everything except the the election the election boxes yeah yeah that doesn't make any sense it makes the most sense

that it's just a distraction for the gdp thing because it the tweet went out like five minutes after the gdp numbers got released that's all anybody was talking about yeah it was like it was exact timing yeah i mean i do have questions about the mail-in ballots but like even so like you gotta let people if you're gonna have kids going back to school you gotta let people go to the polls the problem with mail-in ballots the reason we have polling offices

and this is also the problem with like phone voting is the reason we have a secret public ballot is because you can go and vote without like a boss or a spouse or someone either buying your vote and being able to verify how you voted or pressuring you into voting for someone like if if you're trying to buy someone's vote or pressure someone's vote and they go into a voting booth and you can't go in there with them you

never know for sure if they went along with what you were pressuring but if they do it in front of you on a mail-in vote or on a phone screen then they can do that but that's alleviated a bit if you allow them to override their mail-in vote by also going in if they want to which a lot of states do so like if they got pressured and they they they put a vote in the mail then they could go later on and go to the secret vote and how do they cross-reference that though that seems like especially on the night of the election i mean you know all of these things like when you start why i'm this is why i'm getting out the fuck out of town for the election when you because especially after that conversation with

last night like they've been choreographing like there's gonna be some fuckery with the election the number one the number one thing with election things is you want to have a paper record so when if shit hits the fan you can go back and look at the paper all these electric voting machines you know they're closed source they're run by these companies that can that that are involved in the political system themselves like die bold and shit it's like a fucking scary ass rabbit hole so like before we even get to the point where like yes like all the machines should be open source and all this shit they should at least if you have a digital machine it should print out like a little receipt that shows how you voted you should look at you should be able

to look at that receipt and you should be able to stick it in a metal box yourself you know a paper receipt that you can verify and you can put into it like a metal box that's the only way you can keep that's this is super simple and it's the only way you can keep it uh right on it that's why like if you're gonna vote if you're gonna do the whole voting and polls thing just do the whole punch card thing that's been working hanging chad yeah just like do you remember the hanging chad the what the hanging chad in florida in 2000 no it was that the the punches weren't going fully full so they were making determinations on how much of the chad was hanging off versus the hanging chad yeah uh did uh did in new york in new york it was scantron

there's got to be a better way new york you did a scantron and then they gave you a paper receipt and then you put it in the receipt box you verified it yourself and put it in the receipt box freaks just get every every one of your family members and friends to start buying bitcoin we can walk away from these this it's a it's a fucking circus it doesn't like it's a circus and the users manipulate everybody's emotions i mean today's a perfect example of that like and today that announcement especially after the conversation with whitney webb last night it has me like whoa are they going to fuck around with the election like and use that as an excuse to implement martial law and i'm not going to eat crow but i will say i am rethinking

the uh the federal agents and cities comments from last week after that like hey maybe this is setting setting the precedent for something like that they're fucking around in new york now too yeah definitely thinking twice about it I will say that appreciate that alright you got anything else? Bitcoin Bitcoin Bitcoin

that's all we got this week freaks peace and love