TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Week of 2020.08.10

Episode Date: August 13, 2020

This week Marty and Matt discuss: - numbers run, yams fucked, fees sliced - malicious tor exit node attacks - microstrategy macro strategy - portnoy and winklevii - whirlpool and postmix spending FAQ - bisq v1.3.7 - psbt toolkit v0.1.1 - c-lightning v0.9.0-1 - nodl dojo and one v0.1.1d - Fully Noded v0.1.68 - ledger nano s and nano x firmware updates - Full datasheet for the secure chip used by Coldcard MK3 leaked - Nigerians using bitcoin - Lily multisig demo - Specter multisig demo - MintGox 006 - Sep 13 - 2PM ET - DOJ seizes terrorist funds - US CBP increases electronic surveillance powers at borders 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.

i hear you freaks miss our cold opens is this something that you're hearing as well matt i miss the cold opens i don't know about the i do too well the cold opens got ruined due to this this virus and the uh forced separation here i used to sneak up the cold opens on you when we were in person you wouldn't know i'd hit record but now we can't do that we have to coordinate when we hit record on our separate devices. Yeah, otherwise you won't get my track if you just fucking ninja record on there. Yeah, that's one con of remote recording.

No ninja launches. How about those yams, Marty? Have you been farming the yams this week? Oh my gosh, what is all this shit, man? Yams. Yams. I mean, this situation particularly just highlights how stupid all this shit is. Like, what the fuck is yield farming?

I mean, I understand it. I get the concept. Do you? I think so. Can you explain it to me and the freaks? It's layered financial productization that is attempting to get token holders of these DeFi protocols yield in some fashion. I believe in YAMS there was a governance aspect to staking the YAMS. Who pays the yield?

Well, yes, exactly. The greater fool pays the yield. So the new money pays the yield? I don't know exactly. I mean, maybe not directly within this protocol, but within these cascading DeFi blowups, the new money provides the yield. Do you think they make it intentionally confusing to understand, to try and lure more money into it?

I mean, it's been a project. Is it predatory? It's very controversial to say that it is. Is it predatory or is it experimental? And are we bad people for discouraging this type of experiment? Is hex predatory? Yes. I would vent.

So what's the difference? I don't think there is a difference, but I'm just trying to steal, man, the argument in my head. Why yams? Why not? Why not? Just take it to its most absurd level and have people say they're collecting yams. There's no rhyme or reason other than to just get yield out of unsuspecting retail investors. I don't know.

i haven't and you know what maybe there's one common misconception that i want to clear up here since yams are in the news people have been calling them veggies i'm pretty sure they're legumes aren't they legumes i have no idea potatoes are legumes they're not vegetables doesn't that make them more kids yams yams are related to potatoes right i i think so also called sweet potatoes right or is that a different is that a different legume i think sweet potatoes are legumes not vegetables are beans legumes are they legumes too yeah beans are like yes i'm like pretty sure they all fall in the same family do you think we're gonna have a beans token we probably already have a bean probably yes

just think of a token that's already been created and if not it will be so to the freaks to the freaks who have no idea what we're talking about god bless you that's great i'm i'm you live in the best timeline but over this weekend over the last four days or so maybe even less there's a new defi token defi standing for decentralized finance on ethereum came out called yams that had some kind of ponzi mechanics that i don't quite understand to be honest and there was like a rebase mechanism so it could keep pumping so you people would buy in and then it just blew up there was like a bug and it blew up and it went from like 60 million market cap to zero in like an hour it got uh it got arthur hayes involved um so let me let me read the messages

here and yes you asked the question is it intentionally confusing you asked that earlier i would say yes i get it like this whole project ethereum and then icos and now this defi craze built on top of it is projected itself into the popular sphere with technobabble and there's no yeah so yam is a legume okay i looked it up for the freaks so there was a government's proposal submitted uh the project yam finance was urgently investigating a potential flaw that would prevent proposal execution and they strongly advise exiting the uniswap yam slash ycrv pool prior to rebase at 8 a.m utc so they gave people 35 minute warning that's who we sent out 35

minutes before that 8 a.m utc and then the concern is the same as before the ycrv accumulated in these reserves during rebates is at risk of being stuck in governance if governance cannot pass none of this matters marty but none of this matters it's like for like i my thoughts on the ethereum project are very clear if you've been reading my newsletter and listening to this podcast for the last three years i think it is i think our boy arbed out was the first to utter this sentence but i think ethereum is the next the airness uh just a project built on techno babble babble and future promises and i mean this conversation rolls into the whole supply gate thing too that's been going on for the last week uh where well before we get to that

but like before we get i'm getting it let's just close out yams yeah it's it it's before we start running the numbers on on the free a defy project that was using some quote-unquote ponzi nomics to help people yield uh farm yield yield farming whatever they call it uh using very opaque and weird terms uh basically it's it's people who have a close intimate knowledge of the teams building these things and uh the people building ethereum get in early they they hype it up they've hey we'll give it to them to their credit they've made uh systems that make it very easy to to trade this stuff and attempt to farm yield from the stuff but i don't think it provides much utility at the at the end of the day i don't see how it's helping humanity so i mean the reason i brought up

this bullshit is because i'm getting very much i think the theme on this podcast has been 2016 vibes i'm getting 2016 vibes right now and what that means to me is i think yam is like the tip of the iceberg i think we're going to see more of these schemes uh i guess there was something right before yam like ample fourth or something like that and then yam was like a derivative of that they you know came came from that it was evolved it had a funnier name attached to it so i expect that we're going to start seeing more and more of this bullshit to the point where we'll hit a point where we just think we're crazy that we're the only ones who don't understand it which because that's the point i hit in like mid 2017 or i was just like i

think maybe i'm the idiot in the room like i got to that point i was like this does not make any sense to me this is just completely complete bullshit i have no idea what the i know i know that feeling very well matthew and i know some of you freaks out there may have that feeling as well just know deep down your intuition is correct you can use the simple heuristic in this space that most things are scams until proven otherwise and uh ethereum and what they're doing has done nothing uh to prove otherwise in my mind and we can roll this into the supply gate talk where that's been the case for the last seven days that the meme masters michael goldstein and pierre rochard have asked the auditors in charge have asked a simple question

And has anyone run the numbers? And can you show me the numbers, more importantly, individually without pointing to a website? And Matt, how would you describe the situation for freaks that are listening that may be unaware of what has unfolded on Twitter? So if you run a Bitcoin node, if you use your own Bitcoin node,

which is very resource nimble, It's very user-friendly and accessible to run a Bitcoin node, considering that it's a global distributed financial network. You can easily calculate the Bitcoin supply at any given time, how much total Bitcoin exists out there. It turns out that that's not the case with Ethereum, and it's twofold. Not only is it extremely difficult to run a full Ethereum node, they have pretty much, I guess it's threefold, they pretty much disregarded end users running one. So they have no easy-to-use GUI clients, graphic user interfaces. It's all command line. And even once you accomplish both those goals, you're running this resource-heavy node, you're using command line,

there's still no way to easily verify how much how much total ethereum there is sites like coin metrics um have to do all this math themselves uh and who knows what calculation sites like coin market cap and coinbase and whatnot are using uh the because a lot of people are presumably just adding up what the expected amount should be how many blocks there have been you know how much how much ether supply should be there without actually verifying the number uh and the most alarming thing to me of the whole weekend seemingly very simple question how much total one of the simple simplest questions that should be like a given with these systems was vitalik linked to coin market cap

an historically garbage site that is now owned by cz so his his response was to link to fucking coin market cap to check the supply which just to be like i don't know who needs to hear this but like you shouldn't use coin market cap for anything let alone to verify the supply of whatever fucking currency you're using. Yeah, I mean, that's part of the beauty of what this whole supply gate saga has really... I'm getting interrupted by my better half.

What's going on, babe? Apparently, we have to watch the Winklevii and Dave Portnoy. He asked that he could have a Dave point, and they're shilling Chainlink, apparently, to Dave Portnoy. So, yes, Matt, you're correct. You heard it here first, Freaks. Your prediction that things are only going to get crazier from here on out sounds good. None of us were ready, even if you thought you were. Going back to supply gate, it just really highlighted the fact and an argument that many Bitcoiners have been making for years is that the Ethereum project does not care about the first principles necessary for assuring that these systems will provide sufficient usability and be sufficiently decentralized at some point in the future.

they hand-waved about everything well we don't actually need to know the actual supply uh like we we don't know how much inflation there will be in the long run and nobody could confirm it like the cross footing is the favorite my favorite part of this whole saga right now is nobody has been able to run these scripts that pierre paid for shout out to pierre for contributing to ethereum open source development and nobody's been able to use the scripts using their own full node to produce at x block height there were this many eth in circulation like that still has not happened like these data sites have not even done that from what i understand like they could easily partner up and say okay here's what we're seeing in our full node

using these scripts coin metrics does something right because they discovered a bunch of hidden inflation on different chains yeah that's the question here is there hidden inflation on ethereum you you honestly it's becoming glaringly obvious the irs and the da can tell with the tools that coinbase sold them why do you think that i don't know they they probably could tell the majority of users as well let alone they could probably get them the supply down to individual users yeah yeah we shall see but that's the problem right the whole point is the reason these systems are trust minimized is because to interact with the protocols you have to use a node to interact with them if you're using someone else's node then you're inherently trusting

whoever is running that node if you're using your own node and you're verifying with your own node then you're able to minimize that trust level significantly even if you can't you know actually read the code or whatnot yeah you know there's still some trust involved obviously you know if You're not auditing the code yourself, but you can use Web of Trust S models. A bunch of people have looked at the code, and you know that it's the same code they've looked at. So you have that going for you. Yeah, and then so if you're running a node right now, you can go to Bitcoin-CLI and type in get TX outset info. and it may take a couple minutes depending on what your hardware is how your interconnect

internet connection is but uh at the end of that calculation it will return information the height the best block uh transactions the amount of transactions transaction outs uh bag of size hash serialized disc size then the final thing is the total amount And Michael Goldstein tweeted his screenshot of running that. That's why I think it's beautiful about Bitcoin. The mountain man showed up in his mentions with replies. And if you look closely, you'll see people who produced the results of GetTaxTransactionOutsetInfo. It lined up.

Same block, had the same exact total amount. to use cli you don't even have to use cli in in the gui you can go to console and you can type it in there yes that as well um and it your internet speed doesn't matter it's just the hardware of whatever you're running your net on so if we're looking at first principles of these protocols it is obvious that that bitcoiners are actually doing the work and verifying information in far greater scores than ethereum like you have some of the ethereum main developers haven't even been able to produce uh an example of them acquiring this data from their node you know the bitcoin plebs just in that one tweet thread from michael goldstein i think there's like at least 20 or 30

who were able to to prove that within minutes and that should really highlight the divergence in belief and first principles between these these two projects i hate that we're focusing so much on this i'm so i've just just been front-loaded ethereum we haven't even gotten to the ads yet should uh i'm just before we get to that i'm just surprised that like none of the shit coiners have really capitalized on it like i assume it's probably pretty easy to verify tron supply or any of these other garbage tokens right like i'm surprised that they're not uh i i expected i expected the competing shit coins to start coming at um ethereum for it

well do you think any of those other alternatives actually have enthralled user bases that are doing this stuff that are running the nodes well supposedly it's relatively simple to do on monero fluffy uh grandstanded about it that was the only one i saw though i didn't see anyone else i didn't see any other alt coins shit coins do it it should be easier for like like coins of the world which are just forks of bitcoin and should have this yeah i mean like coin i just assume it's the same exact command right yeah i would imagine that'd be pretty sad if they can't do it considering it's just like a one-to-one clone just multiply everything by four and divide uh divide the block time by four

genius it's groundbreaking okay should we should we hit the freaks with ad read should we hit him with it or should we slap him with it i'm gonna slap you in the face with a good friend called unchained capital you freaks already know all about them but if you don't know about them let's talk about them a little bit unchained is providing you freaks with bitcoin financial services with security in mind security is always on top of the mind on top of the minds of the great people our great friends working at unchained capital this plays out in their product suite specifically with their volts product which allows you to engage in a two of three multi-sig quorum with unchained which gives you the power to hold two

keys yourself whether it be on a trezor or a ledger or a combination of the two so you can always move your utxos out of the vault without unchained needing to do anything but if you're ever in a pinch and you only have one key on you need to move some utxos unchained is there to sign that second key in the two or three multi-sig quorum on top of that they have their collateralized loan program which allows you to keep your bitcoin in a multi-sig wallet which you can track and hold a key to track to make sure they're not re-hypothecating anything you put bitcoin up as collateral you get us dollar liquidity sent straight to your bank account in the same day uh product suite is expanding they got an otc desk last i checked right now it's in

texas california and illinois but they do plan on explaining expanding if you know institutional investors in those states looking to buy big chunks of bitcoin uh unchained has their otc desk open and they are taking orders uh so go check this out uh all their open source contributions as well which caravan open source their multi-sig quorum hermit slip 39 their blog series go to www.unchained-capital.com that's www.unchained-capital.com and then when you're done peeping those products out go check out our friends at the motherfucking cash app you should know all about them all right they're helping making sats the standard we're stacking whole sats whole satoshis not fractions of a bitcoin we're big boys now big boys and girls we're

stacking whole sats not fractions of bitcoin and you can do that via the cash app it's the easiest way to do that actually buy sats sell sats send sats receive sats remember i said send sats so make sure you're sending sats to your personal custody when you are comfortable when you're willing to take your sovereignty your financial sovereignty particularly into your own hands on top of that if you're getting into the stonk market cash app investing is allowing you to do that you can stack slivers of stonks you don't have to buy a whole stonk anymore you can buy as little as one dollar if they're a little out of your price range because all this is connected to your bank account there's no four to five day waiting periods you can start stacking sats and

slivers of stonks today cash app investing is a subsidiary of square remember sipc as always as always make sure oh you use the code stacking sats oh my gosh freaks that's stacking sats one one s-t-a-c-k-i-n-g-s-a-t-s i just had an owl land next to me this is very telling because when you download the cash app and you use the code stacking sats you're going to get ten dollars and ten dollars you're going to go to our good friends at owls lacrosse what was that owl this owl's happy use the code stacking sats download the cash app today and thank you for helping us bring back the the the mid-roll ad reads matt that was the first one quite a while mid-roll i'm that's a mid-roll i'm against mid-rolls this is like uh it's like the

first quarter roll yes something yes freaks let us know let us know what you think uh i just with which you prefer we just comment on how i just crushed those ad reads one take on the spot you were like dude you were just like read the ads i was like boom done dude fucking an owl landed in the video at the same time as it was happening i don't even know how you pulled that fucking off i've got i've got aren't they nocturnal does that owl have rabies no no no it's um it's up a little early tonight uh early bird gets the worm that's the uh the quote right so this one's trying to get the worm and yeah i've got i've got like some nature vibes going down here being living on this island for for months i feel like i'm becoming more attuned with nature i can speak to the owls

and they speak my language they hear me owl hooting on this deck and they say hey i like that guy he sounds like me what was the dr doodle dr doodle dr doodle yes um there you go yeah that was a that was an interesting era of eddie murphy movies dr doodle uh the nutty professor god i think was another one um so is portnoy your lady mentioned that portnoy is just posted a video with the gemini twins the wink of eye twins the gemini twins they may be gemini still that would be that would be uh that'd be very meta yes do we think you want to you want to bet on whether or not he launches his own token by the end of the year apparently he asked if he could and i would bet uh on the yes that will happen

i wouldn't be surprised i guess it's probably no because it's just easier to just pump other shit but maybe we shall see we shall see the baron of bitcoin is what he's calling himself there you go they showed up yeah he'll be pumping chain lake earlier next next week maybe even tomorrow we'll see welcome davy page views to the to the weird and dirty corner of crypto trading i wonder if he realized he had a gemini account yet i bet they made him aware of it like oh wow It'd be funny if he realized when he was trying to sign up on air. It's like trying to sign up.

It's like, you already have an account. Incorrect password. We'll see. We'll watch that video after we wrap up here and I post this. This is actually one I love that we got the ad in mid-roll. I don't have to record it after and then add it on. It makes this so much easier. So hoping that you freaks like this.

And I bet that you'll like that we're going to check out Clark Moody's Bitcoin dashboard, which is running the numbers. Clark is running the numbers. Well, actually, it's a little bit unfair. He is running the numbers. Yeah, Clark's running the numbers. We should really be running these numbers ourselves instead of relying on Clark's numbers.

Clark, if you open source this template, and we could just plug in our node in our lightning node, that would be pretty sweet. Let's get Clark's dashboard on my node. I was thinking this earlier, right? That would be so dope. I was thinking this earlier. so that would highlight acutely highlight the the beauty of the mountain men running their

nodes if you had what are essentially mirror sites of the same data like across the web but they're pulling it from different people's nodes and they're presenting the same exact data or very similar data depending on how that node estimates some things uh but like formatted the same yeah You can cross verify These people are running the numbers And all their numbers are saying the same thing That's a good sign That would be pretty cool

Speaking of the numbers Yeah I gotta give the numbers The price right now is at $11,538 But be careful Matt was bullish Before going to bed last night So he thinks we're going to tank here You're going to get

8,667 sats per dollar right now. I'm too bullish, Marty. I'm too bullish. Trying to hedge my bullishness. GBTC premiums, 18.2%. Seems to be climbing last week. Bitcoin priced in gold. Right now you can get 5.9 ounces of gold per Bitcoin,

and that's 1.69% of the total market cap of gold. We're at Blocklight 643,573. The next difficulty adjustment will be in 1,547 blocks. And right now, it's estimated to be on August 24th in the upward adjustment of around 9% blocks. They're currently coming in at 9 minutes and 10 seconds during this difficulty epoch, quicker than the 10-minute target, as you can tell. Currently, Clark's Mempool has 19,418 transactions. uh the fees versus reward uh over this epoch has been 12.404 excuse me staying uh standing steadily above 10 for the last few weeks if i my memory serves me correctly

uh the samurai whirlpool unspent capacity is currently 1304.18 bitcoin it's pumping it's pumping it was like one one one last week right i think it's a 200 bitcoin growth it just keeps going up every time i check yeah um yeah good to see yeah so that's uh that's clark's dashboard unless you have anything else you want to look at um what are you drinking marty is that a peroni in your hand it's a stella it's a stella artois stella artois a stella uh can you tell the freaks how to pronounce what i'm drinking all right let me pull your video up allison toshin alchintoshin octantoshin alchintoshin alchintoshin where'd you get that single malt

from Scotland it's delicious it's got a really good bottle pop too I can tell you're going to beat that bottle pop to death it's my only sound effect you'll be getting compliments on the bottle pop you've been trying to do more and more

some podcast hosts have like a switchboard a soundboard or whatever I just have like 4 bottles of whiskey here that's my soundboard each one has a unique bottle pop uh it's uh it's not a bad soundboard to have not at all it's analog it's easy for me to verify the sound that's going to come out every time yeah it's uh it's automatically verified you hear it

for yourself if a bottle popped in the woods would it make the same sounds that's a question for the ages 100 all right we've got a few shout outs and we'll get into the meaty topics of this episode oh fuck yeah first one is this is the end game upgrade your security every day even a little bit get your bitcoins or sats off the exchange use a hardware wild upgrade to multi-signature learn to use psbt get a dog get a gun print a gun this is important please wake up before it's too late a small step every day is important so bullish so bullish on you all also i support taproot from anon fuck yes i support everything in that in that uh shout out yes i do as well very passionate especially get a dog i feel like that is is under underappreciated in this space

everyone should get a dog what's going to protect your gun what's what's good i mean dogs dogs are just really good in bear and bull markets you know they protect you in the bull market and to get you through the bear market because they're so cute yeah because you come home and the dog doesn't say to you you know why are you bag holding that bitcoin that's going to go to zero it's a ponzi scheme like the dog's just like i love you i've never seen you before i'm super excited that you're home yeah i would like yeah we're thinking about getting a dog dogs are never disappointed super loyal gotta look i'm a dog gotta respect loyalty definitely dog over cat maximalist here um all right another shout out was asking dms i deem this not an ad let me know

what you think matt um sounds like an ad to me they want me to read it in the first person i do not i cannot co-sign this because i haven't been to the site yet what is up freaks it's your uncle it's your boy uncle marty here i want you to go to bitcoin enemies.com right now and check it out what the fuck is bitcoin enemies.com you ask it's a voice server with a small but tight community of people around the globe who chop it up on a regular on all things bitcoin come on by check it out we're always happy to meet new people in the space but girl that shit big time satoshi kills a cat for every one of you that doesn't go to bitcoin enemies.com do it now wait satoshi kills a cat

for every person that does not that has wow that fit really well because we were pro dogs and now like cats are gonna die if you don't go to this yeah well i don't think cats should die even though i think dogs are better um bitcoin enemies is a mumble server so it's a talk server where you can have conversations with other bitcoiners uh it's run by a bunch of people in the samurai crew i i think it's you know definitely that was definitely an ad read you think so that was by all means an ad well they're not selling a product i don't think we i guess they're yeah they aren't selling a product and but i mean i co-signed the message it's it's it's a good it's a good chat room so yeah i so i couldn't so i haven't been to bitcoin enemies yet so i couldn't co-sign i'm

happy that you're willing to co-sign i mean i there should be like a disclaimer like no actual cats are being killed obviously satoshi isn't real so he can't kill cats if he's not real pita is like the ultimate hardcore sjw before sjw's existed so it's important it's important to put the disclaimer in pita please don't come down with any buckets of blood we may sound i was people write what they write in the shout outs i am contractually obligated to read it if they pay the full amount we're not we're not we can choose if we don't if we don't really sure that will return your socially contracted um my reputation is on the line um breaking news joe biden kamala harris call for nationwide mandatory face mask what are your

thoughts matt was this a shout out no this is just somebody do we have another shout out somebody just dropped it in the telegram group above do we have a third shout out no we've only got two oh you said a few uh i mean i think i said two but that uh when i hear few i think three you're that asshole american hodl was talking a big game like he was going to get drunk and buy a bunch of shout outs but he didn't so honestly all hump no red rocket I bet you most of his

screenshots are just photoshopped anyway definitely yeah like if real bitcoiners want to have poor opsec they should sign a fucking message otherwise like it's just it's just virtue signal yeah show us the message you don't do it

don't doctor I did call you out we're fucking with you um a little bit i was expecting some shout outs i'm not gonna lie i saw the tweets it's like oh am i gonna say penis 50 times again or uh we're actually gonna get some substance here and we got nothing but we do have substance in our list today there's a lot going on i wrote about it yesterday uh sorry for the clickbait uh headline that scared some people but you know i gotta get people to click uh there was a malicious tour exit node attack that was you scared the shit out of people that was um the market was made aware of earlier this week apparently at some

point earlier this year malicious actors on the tour network were able to control something like 25 of exit nodes that were targeting bitcoin mixing services and stripping uh users who were jumping from tor to clear net uh versions of the website they were stripping those users https certs uh down to http and this allowed the attackers to switch out some addresses and steal some some bitcoin from users attempting to use uh these mixing services is that correct so this yes this is first of all part of the reason why i try and make a delineation between coin joint and mixing these this is centralized mixing services this is websites you go to okay that's the first caveat the second thing is this is a known issue

with Tor we don't have that many exit nodes exit nodes are what allow a Tor user to go leave the onion network and go out into the regular internet the clear net as I'm going to continue to call it from this point forward so the The problem with an exit node is it's literally a man in the middle of you and the website you're trying to access. You have to trust them. For both privacy and security reasons. Now some people will tell you if it shows the HTTPS lock on the top, you're good.

in most situations you probably are but i think in general there's too much opportunity for fuckery there so basically what they do in this situation is if it's malicious they degrade it from https down to just regular http and then from there they can manipulate it so they can manipulate the deposit address which by the way people don't realize because in the centralized mixer. You're just sending your Bitcoin into the centralized mixing pool. And then they're sending you different Bitcoin. So they're giving you a deposit address. This same attack could happen if you use Tor and you were accessing Coinbase or some centralized exchange that was giving you a deposit address, BitMEX or something. Now, most of these sites block Tor exit nodes

because they don't want you to use Tor to access them. But if they did, that could happen. um you also have a similar trust in vpns when you use a vpn but you have to realize that with vpns they have their reputation on the line like if they if they want to destroy their business they can do that uh but you also have like a company that you can sue or whatnot outside like legal means uh this is one of the reasons why when you choose a vpn you should choose one with a long track record and good reputation uh which is you know not necessarily foolproof but what it is what it is there is a protocol that forces https which is hsts um and the problem is is that it doesn't enforce it on the first visit unless you're on this like preload list that's

built into browsers and most sites aren't in the preload list okay so there's like a bunch of nuance here fuck all that shit when it comes down to it if you're using tor browser you should just not put any kind of real trust into sites that you access through clearnet using tor browser that's the easiest rule of thumb you can go by you should try and favor onion sites most good bitcoin sites offer an onion domain which is a native tor network domain that you can access without leaving the tor network um the they have a new protocol actually we're in tor browser if If they have an Onion site, it broadcasts it in the browser bar, so you can just click and go to the Tor thing.

It's important to realize that this does not affect services that have Tor built into them, the way they function, connecting to your own node, CoinJoin tools like Whirlpool and Wasabi, BISC. These are staying within the Onion network, Lightning network. network. These things are staying within the onion network. Lightning network, if you're connected to clear net peers, it will go through an exit node. But that has separate authentication that's happening. So you're not at risk there. There's some privacy risk potentially but not security risk. But so just in general, when you're using Tor browser, you should

be favoring onion sites. You should be going to onion sites. And if you are using it to access a clear net site, you shouldn't be, like, using it for any mission critical things. Like, if you're reading an article, it's no fucking big deal. But, like, you shouldn't, like, use it to sign into something important or transfer Bitcoin. Yeah. And to piggyback on what you said at the beginning of that explanation, like, it just highlights why people should be doing Chami and CoinJoin

over these centralized mixing services. Just one highlight of why. Well, I wouldn't say that. I mean, there's plenty of reasons why they should, mostly from a trust level with the actual mixing services. but all the mixing services worth their salt have onion addresses like you shouldn't be using the address you should be using their onion address for it but even so they're better they're bigger honeypots better bigger definitely honeypots yeah but i think that's like unrelated to this attack

this attack is a perfect example of well they attacked the attack incentives they attacked them directly though like it was a honeypot for hackers to like hover over that nsa probably runs one. There's a couple of them. They might run a couple of them. There's plenty of trust reasons why you shouldn't use them, but they do offer onion sites for you to use them. All the good ones offer onion sites, and that's what you should use if you use it. I think it's more of, it showcases more of the incentive problem with Tor in general, where exit nodes, The reason we don't see many exit nodes is because they have a shit ton of liability attached to them. If you operate an exit node, anyone who connects to your exit node through Tor, whatever they browse, looks like it's coming from your IP address.

So to take it to the natural extreme, if they're doing, like, terrorism or child porn or something, it will come from your IP address. So you end up with a very small subset of exit nodes. and there's no real incentive to run one besides ideological reasons like freedom reasons or there's a direct incentive to run one if you want to fuck over the users that you're manning the middling, right? So it's literally a broken incentive.

It's something that can't be fixed with a code patch. It's just, it is what it is. It's a broken ass incentive. It's an economic incentive. the payout of that attack is far greater than the expense to launch it and then the expense to run the exit node

doesn't really incentivize anybody to run one. Running an exit node is just pure liability on a good user. But on a malicious user, there's so much money to be made that it's like it just creates this horrible thing and the way the Torb

Foundation has tried to deal with it is like basically by like whitelisting and blacklisting nodes and centralizing like even the guy who released the vulnerability or not the vulnerability because it was known but released this specific attack specifics of of of this of this group that he thinks is a single group that's doing the attack i mean one of the things he said is if you run a lot of tor exit nodes you should have to kyc your mailing address right like that's how they're trying to solve it and it's uh so it it's it's it's not good it's not it's not a uh a good situation but like we said like i said earlier if you're staying within the onion that incentive not does not apply it's only if you go

outside if you go into normie internet does this highlight again you're talking about like pure incentives of this network is Tor fatally flawed that's what I'm saying it's only fatally flawed if you look at it from

success means you have to be able to connect to the normie internet you don't have those same liability concerns if you're running a relay node there's two different types of nodes there's three different types of nodes in Tor. There's the entry node that gives you access to Tor.

There's a relay node that just relays traffic with inside the Tor network. And then there's an exit node that lets you, after that traffic's been bounced off a bunch of hops, go into Normie Internet, go into the clear net. The relay node doesn't have nearly as much liability concerns of anything at all.

There's like pretty much, Like they can tell you're running a relay node. So if it's illegal in your country, then there's liability But if it's not they don't know what traffic you're relaying or anything like that So there's there's very little liability on the relay nodes. The guard nodes don't have as much access They just know what IP address you're connecting from to begin with Like the entry nodes the nodes coming into the network So they don't have nearly as much liability. They can just be run in freedom respecting countries but the exit nodes is the major incentive breakdown there.

So ideally, Tor gets to a place where you don't even interact with the exit nodes because you're just using pure on-unit addresses. The best uses of Tor don't involve ClearNet in the first place. They still have... It's still not perfect. There's still concerns. There's no direct incentive to run a Tor relay node,

but it gets the job done for the most part. Yeah. No, that's the point I'm trying to get at here, and I alluded to in the newsletter, too, because I've had conversation. Tor, to me, and I admitted this in yesterday's issue, I'm much more confident speaking about Bitcoin, its network incentives, and the potential success or failure in the future than I have Tor. I have used Tor, but not nearly as much as Bitcoin. Well, I use it in the background for a lot of the stuff I do,

don't interact with the browser directly as much um as you have and but that i always like tour is very interesting to me because people are very passionate both ways like it is uh fatally flawed and potentially a honeypot or it's the only the best option we got and we should be working to build this out and i tend to agree with the the latter statement of that where it's the best we got we should improve it but it's a there's always that lingering question in my mind bitcoin's not perfect no but again i'm just speaking to this is the best we got i'm speaking to my ability to be confident i'm more confident speaking about bitcoin than tour so i'd love having me too being able to being able to bounce these questions off here

well you're pretty confident with tour too i would say we don't have we it's not a tour podcast right no no it's a bitcoin podcast but like i said in that way more confident in yesterday's issue and i think you are probably the one who incited this idea in my head bitcoin and tor's futures are very much intertwined to a degree right at least short to medium term yeah so it's definitely a project we should be rooting for and we should be actively supporting it you should at least be running a relay node yeah i'm not going to ask you to run an exit node that's a massive liability and i am not running one yeah so be aware freaks we uh we have linked to the breakdown of this attack um in the show

notes so that's uh that's a little technical news did we did we touch on this story last week because i know i wrote about it like last wednesday i don't know if we brought it up last week but micro strategies macro strategy to to invest in my title yeah micro strategy micro strategy mike macro strategy yeah so i mean i'm sure many of you freaks have heard already at this point we touched on it we touched on it last week uh at that point only a transcript of their quarterly earnings call had been released uh and in the call they said they were going to be diversifying some of their cash balance into other cash instruments outside the u.s dollar mainly gold silver and bitcoin and it became apparent this week on tuesday i believe

ceo michael uh sailor came out and admitted not admitted announced that they they had bought 21 454 bitcoin they spent they dropped 250 mil to acquire 0.1 of the bitcoin total supply which is pretty insane that's that's a lot of bitcoin going on a corporate balance sheet stacks at since that well that i had this conversation yesterday well that's he had to scale into that position over the course of a few months i would imagine you think you can buy a block that big without so they were buying it this quarter i mean i would imagine when they had to release it i mean just to deploy that type of capital into a scarce asset like bitcoin like it would be dumb to market by that much because of the slippage you would probably get on the trade

so i asked you this last week but it was just speculation at that point because they were just they like teased that they were thinking about buying bitcoin um how is this different from long island blockchain it kind of feels similar no i mean it's when long island ice tea pivoted to long island blockchain and bought a bunch of miners i mean it's similar in the sense that what did they did they buy dragon mints what did they buy again i don't know i forget what they bought yeah t1s dragon mint t1s is that a thing i think so um i forgot they actually bought miners they did buy miners and they were my i see so part of this is like like like macro my micro strategy whatever this fucking company is and supposedly

they're like they're a company they're a real company um like people i bitcoiners i know have done business with them and they were like surprised they did it they've been around for a while they got a stock price pump on it right because there's not a true bitcoin etf so if there's if there's a publicly traded ticker that's holding 250 million dollars worth of bitcoin it get it's like you get the bitcoin exposure premium right that gbtc gets um on your on your stock right so it it does kind of wreak a little bit of desperation more so than ballsiness to me you know like people are like this guy's really ballsy but to me it's like kind of a cheap trick to pump your price a little bit would you not agree i agree to an extent but there's more skin

in the game with this trade like he's actually got the assets sitting on his balance sheet we're long island and a considerable amount 250 million dollars is that anything to discard and throw it way more than anything i expected them to buy yeah and i forget exactly how many miners long island blockchain bought but this i don't i mean this feels like a like a like a longer term strategy from like a legit longer term strategy where all right i'm gonna hold bitcoin on my balance sheet where long island blockchain could have bought like 100 miners which would have been negligible compared to the amount of market cap their stock grew by just off the news alone um where buying 21 454 bitcoin is considerable skin

in the game and uh okay so apple has 207 billion dollars cash on hand um which is pretty much the market cap of bitcoin uh i'm asking you marty today august the 13th 2020 when will apple own some bitcoin on their balance sheet i would say by then in the next within the next five years wait give me an over under and i'll pick over under q beginning of q3 2023 that's a good line yeah right see this is the barstool heritage the barstool heritage what did you say q2 2023 and the q2 2023 beginning of q3 2023 so okay i'm gonna go under oh that's a really good line yeah right because it could be at um yeah i'm gonna go it could

It will be after a blow up top and prices have fallen down a little bit. It will be after a blow up top. The cycles are always the same. It's the Bitcoin Zen. Believe in the cycles. You can only push this bet if it happens on July 30th. Well, it's not a bet. We're not betting on June 30th.

This is a gentleman's bet. We're on the record. like it'll be a fun little clip to play in in 2023 yeah or earlier yeah yeah i would go under on that too this stuff is gonna happen much faster than you can't go under you pick the line why not the line is your is your i'm like thinking about pushing i think it could happen that summer just thinking about how they like like it's gonna happen on june 30th or july 1st you get a 48 hour window let's hope this is some not noshadamas type shit and uh we can all laugh at this and in three maybe tim apple's listening right now and he's

like i'm gonna fuck marty tim by pumping his bags tim i'm uh very flattered you want to fuck me but i'm gonna decline the offer um unless it is to pump bitcoin backs that joke fell flat what um yeah no it'll be interesting to see uh if yeah because you do make a good point and this is like something i tried to make clear last week in the newsletter when writing about micro strategies decision to put capital into bitcoin is like if you look at their stock history and talk to traders who have followed the company history going back to the dot-com bubble they've they've been known to make uh moves that that are more meant to build a brand than actually do something uh fundamental to company strategy

no one knew who this fucking company was and they were just in headlines so the point i'm trying to make is is like even if they are a terrible company and i don't know they could be again this is a company i hadn't heard about until last week does even like what a what a bad company's decision to do this like affect some a company of yes higher standard to think about it as well hence my apple preposite proposition right is that is that i do think i think like bitcoinization is going to happen like we see dollarization happen in failing economies so basically what happens is we see individuals and individuals that run corporations uh move into bitcoin first and and in in the venezuelas of the world the

zimbabwe's of the world the ecuador's of the world that's what you see happen you see the individuals move in first and then governments when they have no other option they finally give in right because they might as well exhaust all of their fucking options before they fucking do it So I expect this to become the reality. I just, you know, the Bitcoin hive mind got super excited about it. And literally it got announced, MicroStrategy stock pumped, but Bitcoin dumped. Just because of independent macro reasons, I would believe.

I think it was the stimulus failing, but it's just something to note. Yeah. i mean we'll see we shall see we shall see things can get crazier than we can even imagine uh end of q2 beginning of q3 2023 somebody time stamp it set a set a reminder we'll come back and see whether or not apple has has joined the fray of of corporations that have bitcoin on their balance sheet do we tim apple probably won't even do you think he'll still be ceo i hope not i think uh apple needs a punch in the arm they haven't really innovated really i don't think they've innovated that much i mean they've been killing it i mean they've

obviously been killing it i think they've gotten a bit complacent have they ever really innovated yeah have you ever owned an iphone or an ipod like yeah i think they just were very good at polishing things but i guess that's innovation hey is it i'm a salty no apple coiner that's a good distinction they they innovate at the ux level they understand uh or at least they understood um the importance of of good aesthetics and design better than anybody when steve jobs was at the helm i would argue um because he understood that the the quality has to has to the or the aesthetic has to match the quality and i would argue the quality has been depreciating i think the the airpod pro product particularly highlights that the airpod original is way better than the

airpod pro i would i would say in my personal support no way we can't really i think we can't really discuss this is not a podcast about apple because uh this is a pop we've just froze i just i just spoke over you no you're good you didn't speak over me you didn't freeze at all but we're transitioning to whirlpool uh our boy bitcoin q and a has a post whirlpool frequently asked questions these are questions i've asked myself before um because it is oh this guy's great it is daunting uh post mix utxo control what do you do after you mix a whirlpool um what are best practices so you don't ruin the uh on-chain privacy you just attempted to to create by going to whirlpool so this is a very very thorough guide um gets into all the questions what do i do in my

it's as close as you're going to get to complete yeah so if you have questions like how long does the mix take how many mixes should I do why am I getting many remixes what do I do with my doxic change are you frozen am I frozen

no I just kept speaking over you so I decided that I was going to pop some bottles pop a bottle but I agree with you Bitcoin Q&A go follow him uses website it's a complete guide it's very useful um we continue to get shit about recommending whirlpool but i i do think um who's giving a shit is mr huddle still shitting yeah just i i i think

it's fantastic you know i did is it perfect no not not even close um but uh we need privacy and we need user-friendly privacy and watching this Whirlpool unspent capacity go up is like the best thing ever it's fantastic so keep it up and I

think people like Bitcoin Q&A are a major reason for that because we need more guides like this we need more people answering their DMs and providing content this is true I had somebody asking Whirlpool questions

yesterday more uh more people are coming around to their need to increase privacy it's good to see but it only happens if it's made easy i believe samurai is doing that as well as wasabi like wasabi gets a lot of shit i'm not smart enough to talk about their post mix and all that uh but i can comment on the ux of the wallet and uh it's a good ux it makes it at least makes it easier from a usability perspective again that could be debated whether or not they provide sufficient privacy um but just commenting on the ux ui it's a it's a nice wall to interact with marty keeps breaking up with me and i think it's because he's using his vpn because i scarred him last week because he clicked a chain analysis link um so that's kind of on me but mostly on

marty um bisque v 1.3.7 came out and they made marty friendly release notes did you see this marty i did i'm very very thankful uh that rip curl x and team like made these uh release notes very clean there's a lot of links there's delineation between stuff so uh you can see updates in the DAO the UI, trading, the wallet and the network levels so if you guys want to check it out it's version

1.3.7 trying to look for major updates the big one is US postal orders so tweak pop up text and trade rules for us pmo payment method yeah so trump's at war with the post office right now because of mail-in ballots so there's a lot of delays so it is the most private way to buy bitcoin on bisque so they need to they needed to update it to to handle the delays of that flow

um yeah yeah it's uh trump affecting bisque development never thought you'd see the day but here we are i mean i thought i could see the day but i didn't think i'd see it in via the post office like this yeah um our boy ben the car man has updated his psbt toolkit which it released recently. So version 0.1.1 if you freaks have checked that out and are helping Ben build out this toolkit

definitely go update to the latest version. Give feedback, pull requests, review whatever you can do to help. Sea Lightning version 0.9.0-1 has been released Is this with the big Wumbo channels? It's mostly bug fixes.

larger payments above $10,000 that was a bug fix so nothing too crazy there Nautil Dojo and Nautil 1 version 0.1.1D is live now and we will link to the tweet

where Nautil announced that and it comes with Ride the Lightning L&D updates and the big thing for me yeah he updated all the packages but the big thing for me is that uh marty can't hear me right now the big thing for me is that it's it's beautiful they made the the gui look nicer i like that color green that they have it's very calm aesthetic

i officially took myself off my vpn so i'm raw dogging it right now freaks i cannot say there we go thank you thank you let's go i'm ready um fully noted added lightning that's pretty boss the best wallet on iphone added lightning there we go see lightning what else did they added other stuff with this too um offline psv's are now using core version 0.20.1 Sats are now the standard If you want them to be Fix some bugs in the multi-sig creator

And just general improvements Overall Love it Love to see it, good job Fontaine And Christopher Allen, shout out Christopher Allen too No, no, that's fully noted too Confusion, massive confusion

What? They're not the same thing? No, two different They're going to rename fully noted too very confused very confused i want them i want them to name fully noted to i i want them to name it citadel wallet one of them should be named citadel wallet i actually think regular fully noted should probably be named citadel wallet to be honest hey fontaine if you're listening think about it you know i don't know if you have any emotional hash mint to fully noted and that domain was already taken before I mentioned it

I do not own it Citadel wallet that's not trying to front-run any company name changes here let's make that clear okay well I tried to buy it because I was going to give it to fontaine but yeah i couldn't get it so uh if you do have a ledge there's no citadel wallet though so i bet it has something to do with something unrelated to bitcoin um ledger nano s and nano x problem with all the sats domains all the sats domains are sats it's stupid test who knows maybe this dumb ass fucking test was the american education system begins to crumble due to the impact of closing down the economy and therefore not letting children go back to school we may see a downfall the sats this what does that even stand for the

standard aptitude test that we were made it stands for satoshi's oh yeah uh maybe if schools don't reopen the brand name behind the SATs will diminish to a point where we can scoop up some of these domain names. Be on the lookout for that, freaks. Also be on the lookout if you're running a Ledger Nano S

or Nano X, the firmware for those versions has been updated. So go check that. There has been a couple of uh ledger attacks released the last few weeks so i imagine these will help patch those up unrelated those got patched because they they released a new update for the bitcoin firmware the bitcoin

uh not like the the bitcoin app on the ledger yes yes yes yes yes these are unrelated unrelated but you should still update it's a good update yes this was interesting i had to reach out to you over the weekend to make sure nothing was afoot but the full data sheet for the secure chip that's used in the cold card mark 3 was leaked and some people were freaking out on twitter but it seems like the data sheets are pretty well known usually but this one's just under nda because of some ip stuff no no no so in the past so first of all secure elements are usually under NDAs because they believe in the opposite of open source philosophy so they believe in in security through obscurity and protecting their private interests in terms of profit margins

by keeping as much of this closed as possible the reason cold card chose the company they chose in the previous secure element they chose for the mark one and the mark two was because it was one of the few companies that released a full data sheet which is basically like all the specifications for what that secure element does and is since then i actually think like for the amount of volume cold card does they probably brought like way too much attention um to the secure element vendor microchip um so so like ledger like used a fucking laser beam to hack the last secure element right and i think i don't know if it's related or not but microchip freaked out and their most

recent new version they didn't release the data sheet they've always historically released the full data sheet this time they were like you have to sign an NDA to see it so first off if any schmuck went and signed the NDA they got this data sheet this data sheet was already out there some nim broke it and released this data sheet so this is a positive thing for all cold card users in my opinion um it just brings us back in line with what we expected with the mk2 where not only did rodolfo and peter at coin kite design their hardware wallet so we don't have to trust that secure element to begin with but we also have the full data sheet is out there and and they they can't comment on it because they're under nda but someone who is under nda has

released this this data sheet it's out there freaks so and it does seem like it's an old version of the data sheet but it's more full than what they release publicly so combined if you combine the two it's really nice to have yeah and if you freaks aren't following no bullshit bitcoin either in their telegram group or on twitter you're missing out this was when was this dropped last friday or something like that or maybe even earlier it might have been this monday but you see it in this group before before people are talking about it on twitter what i like is that they have they like uploaded the pdf to telegram too yeah you know so like if this guy's site goes down like they still have the archive is there in the in the group in the

channel yeah great resource they really no bullshit bitcoin i wonder if they took the line from the stat standard around with that um i'm not accusing any anyone of anything here just just thinking out loud uh what else we got here nigerians using bitcoin this is pretty interesting to skirt sort of banking regulations, trying to buy goods from China. The story was by Alyssa Hertig from Coindesk

and it basically explains how Nigerians are using Bitcoin for global trade. Have you met Alyssa? I can't say for certain that we've met in person. I mean, I've definitely crossed paths with her in telegram groups and stuff

like that. Coindesk has a few good people She's one of them A few good men Woman Yeah I was just making the reference A few good men yeah Was that the Tom Cruise

Jack Nicholson movie Yeah I think so Nicholas or Nicholson Nicholson Nicholas is the golfer Yeah Jack Nicholson More updates Lily Multisig

Has a demo out now um there's you see who that demo is with it's with you yeah it's with you brother he told me he was like i just want to run through uh the beta release uh with you and then we like jumped on it was like early morning and he's like i'm gonna record this i'll say okay i was like let's go and it worked out i i said to him i was like look dude you know if you have faith in your product i'm just going to send you a psbt and i'm going to sign the psbt but it worked and it's fucking dope you know you you you can use a cold card the two things i gave him shit about uh when he was on when kevin mulcrone was on the on the show um was the fact that you couldn't use a

trezor now he has both trezor and ledger support enabled um and that you couldn't use the cold card in air gap mode and we used it so air gapped that i was using my cold power over here air gapped and then i sent him the signed file and he uploaded it um through the interwebs so that's that's pretty awesome it's pretty legit the ux around multisig gets better if you're looking for another demo for a multisig coordinator specter released one as well uh huge seven minutes uh diy bitcoin hardware posted that and this this is a very very so that's him that's stephan's account oh it is the maintainer yeah i didn't realize that stephan oh i thought you meant stephan lavera i was like whoa no it's it's pronounced stephan i think stephan but maybe

stephan snigret yes i i'm probably pronouncing your name wrong i apologize i appreciate all the work you do yes um so we'll obviously but he's the chief maintainer the lead maintainer of uh specter which is probably if i'm gonna go if i'm gonna make bets the most promising multi-sig solution us mountain men have at our disposal in the next six months also freaks if you think me saying that we're six months away from self-sovereign multi-sig is a new thing someone called me out on twitter apparently six and a half months ago i said we were six months away so keep that in mind six months tm we're not even two weeks tm now yeah now we're six months tm it's the conservative responsible tm not conservative enough it seems

close five and a half five and a half five and a quarter months less than i think we got four and three quarter months left i think we agreed that five months was last week um and on september 13th we'll be three and three quarter months away and on that date uh the mid gox team is having their sixth event um and they like to get bitcoiners together to uh play games and win money via the lightning network so our good friend andre neves uh and his team have been running this i think in conjunction with lightning labs is that correct um i don't know if lightning labs is involved maybe yeah but the if you say so the zbd team is is behind this um and so if you guys want to game uh and join this this event that'll be happening on september

13th 2 p.m eastern where do you see lightning labs i just remember i think i just from memory um but anyway they're gonna play a bunch of their games where you can win sats um and and we here at this podcast think that video games and sats are natural natural matchmaking opportunity yeah it's the future like people will prefer games with sats in them believe that is one of my believe it or not that's actually been one of my stronger orange pills these days is my party trick recently has been to i started after our conversation a couple weeks ago of not updating our bitcoin bounty hunter uh ads i started doing it and i'll do it now and like people are asking me about bitcoin like out to dinner or a drink and i'll show them how i buy

ads on in this video game using bitcoin that gets people's mind like whoa you can you can buy an advertisement in a video game for 25 cents i'm like yeah dude watch me what's even cooler is that the video gamers get paid stats without any kyc or anything yeah yeah that's like the second that's the second layer of that it's like yeah and then this is helping fund players in that game make money it's like whoa whoa whoa whoa i will repeat we are very close to accomplishing our goal when a kid in the philippines is like buying his family dinner with the money he won camping killing killing me playing the video game poorly he's like a 12 year old kid in the philippines like that that's that's like a that's like a bitcoin win threshold for me

over, under, end of Q2, beginning of Q3, 2023. I think they're going to front run Tim Apple, but we'll see. I would co-sign that as well. I don't think... Do you think Jeff Bezos owns Bitcoin? I'd be surprised if he doesn't. If you've got close to $100 billion, why not just throw a fart Bitcoin's way? He probably owns a little bit of Bitcoin.

He's not an idiot. I'd be surprised if he doesn't, honestly. like just anybody at that level like why not even if you don't believe in it well i think at that level you're just like would uh why would i care yeah so it goes both ways right yeah like i almost feel like the people right below the three comma club would be more likely to three comma to buy bitcoin because they want to be in the three commas yeah i see it as a way to to get there oh man oh thank you for our next topic i just opened the archive link thank you for using the archive link it did not go see i told you i got it took

my vpn down i put the archive link here because marty clicked the chain analysis link last time but the doj and chain analysis seized a bunch of terrorists bitcoin and apparently other cryptocurrencies this week in previous weeks who knows they announced it today yeah and the wording in this announcement is they may be setting it up for thud should not surprise anyone that our enemy enemies use modern technology social media platforms and cryptocurrency to facilitate their evil and violent agendas said attorney general william p bar the department of justice will employ all available resources to protect the lives and safety of american public from terrorist groups we will prosecute their money laundering terrorist financing and violent illegal activities

wherever we find them and as announced today we will seize the funds and the instrumentalities that provide a lifeline to their operations whenever possible i want to blah blah blah i want to thank terrorist networks have adapted to technology conducting complex financial transactions in the digital world including through cryptocurrencies irs slash ci special agents in the dc cyber crimes unit work diligently to unravel these financial networks that steve munchenbutt said that today's actions demonstrate our ongoing commitment to holding malign actors accountable for their crimes so the department of justice the irs and the special investigators within our federal government are actively monitoring blockchain usage bitcoin usage

so i posted this for three reasons um a non-related reason just just unrelated is just before i get going is that they were just amateur hours straight up here completely amateur hour uh they didn't really i mean according to ergo they they had a a coinbase account that was just signed up al-Qassam brigades which is which is the name of their terrorist organization so they they didn't try very hard but for three reasons here um the the first thing is this is probably the first time i've ever been happy that they said cryptocurrency and not bitcoin they just they decided to to label the whole space instead of just bitcoin so that's good to see um the second thing is this is exactly what

i think the most logical attack from a state actor on bitcoin will be is them framing terrorism as a major use case of bitcoin and as a result go after bitcoin for it and to make that more real for you um i had a thought experiment that i posted last week that i forgot to bring up on last week's rhr that i wanted to bring up which was if you were a sophisticated state actor and wanted to attack bitcoin how would you do it and the ceo and co founder of elliptic tom robinson responded to that and when he responded he said basically this exact scenario create fake evidence of large-scale terrorist attack terrorist fundraising in bitcoin no impact on the technology itself but the regulatory knee-jerk reaction could lead to

crackdowns on exchanges reducing liquidity and making it difficult for the average person to get hold of bitcoin i would take it even further i mean you could you could use that knee-jerk reaction to just try and make it illegal in your country um and then go after holders uh people who hold hold the bitcoin and and have done kyc um coming from someone who runs a surveillance firm it hits way harder and and in in the in the realm of twitter this is part of the reason why i love twitter and part of the reason why i hate twitter is that his comment has only got three likes on it that is a massive comment to come from a ceo of a founder of a surveillance firm in bitcoin yeah some posturing there and i really like highlighting uh the fact

that they would like so highlighting the fact that these quote-unquote terrorists were sloppy with it like is this just an easy straw man to set up like they were so bad with you said they create a coinbase account al-qassam brigades the username of the coinbase account so that that says one or two things either these terroristic terrorists are so dumb that we shouldn't be worried about their ability to to enact anything if they're so dumb to set up an official account with coinbase and think they won't get shut down no i think it doesn't matter that they got shut down like it's it's one thing charging them a different thing enforcing it right um i also i the third thing was that it's only it's less than two million dollars

so you have to keep in mind these guys are they're raising hundreds of millions of dollars um it's very very small fraction is is in bitcoin so i i don't think this is the false flag yet when it's a false flag you'll know it's a false flag they're gonna come in hard if if the false flag happens there will be no mistaking it we will be getting hit very fucking hard it will be bitcoin is terrorist money and we will hear it from every fucking pulpit in america well at the same time does this transition to our last topic which is the report from the u.s border patrol uh it doesn't really transition besides the fact that uh the u.s government is making it so we're the last country i would ever visit if i was a non-american

or maybe not the last country but i'd be low on the fucking list um did you have you seen i haven't read through the report yet i've just seen the title okay so they they retain the right if you're traveling into america specifically if you're not an american citizen i assume if you're an american citizen they would have more trouble um enacting this on you contacts call logs details ip addresses used by the device calendar events gps locations used by the device emails social media cell site information phone numbers video and pictures account information text and chat messages financial accounts and transactions location history browser bookmarks notes network information and task lists you just

say everything yeah they they're pretty much guarantee they're saying that if you come into america they can scan your phone and your computer and they can pull all this information with no issues no uh legal issues you know it has nothing to do with encryption or anything like they might not be able to but this is uh this is their right as as the customs and border protection you know god damn it um i i think american citizens have some constitutional rights here hopefully that that don't allow that to happen but that's how this works though this is what the patriot act was the patriot act targeted quote-unquote foreign terrorists to begin with and then the authorities were able to turn that act on American citizens slowly over time.

Nineteen years later, the mechanisms which allowed the intelligence agencies to spy on quote-unquote terrorists has been applied to U.S. citizens, and it would be naive to think that this same tactic won't be applied. in the same direction will not be followed with this particularly it's fucking disgusting and it's like it's what i wrote about in the bent this morning i've gotten so far away from first principles and so this morning in the bent a few freaks haven't read it yet or you don't read it at all and you're like what the fuck is the bent uh i wrote i watched a lecture actually in a channel jimmy song shout out jimmy song shared a lecture from the mises institute uh from judge andrew napple napple i can't pronounce his name for some reason i've been trying to do

it all day napple napple latina tano um whatever judge napoleon napoleon thank you um he gave a lecture at auburn university earlier a month ago on like the first principles of the theory of natural law the natural law theory and the philosophers who sort of laid the groundwork for that how it was expanded upon how eventually the founding fathers extended that theory of natural law and try to codify it by creating the bill of rights constitution and the declaration of independence not in that order obviously uh and like instances like this is department of homeland security report and the laws that they're going to be able to enact really highlight just how far the united states government has gotten away from his original intent which was to protect

these these natural rights and what you just described matt is a complete affront to the the thought of natural rights and i think this is the shit that people think china does they do do it and they they probably do you know they probably do but like we have this like on dhs.gov letterhead that we do this as well yeah it's happening freaks we're frogs boiling in water wake the fuck up you got to stand up for your rights this is fucked up bitcoin i'm not cool with this so to add to that point of the founding fathers and we got to wrap up here because it's starting to pour on the back on the back deck uh studio but to build on that getting rained on and to tie this to like the sovereign individual theory like 500 year super cycles

or just super cycles in general fourth turning whatever you want to call it i think there's an argument to be made that the declaration of independence the constitution what our founding fathers did was the greatest extension of natural law theory and the in in the attempt to implement that as best as humans can in the real world since then the strides that they made have only been eroded slowly over time by a slow entropy of freedom that was inevitable from the onset of the republic like you're only going to lose freedom as time goes on and since then nothing has really pushed humanity's ability to protect natural rights uh forward better than bitcoin bitcoin codifies that to an even larger extent where we have this

network that's dependent on distributed consensus and it is much harder to erode the uh the core ethos of natural rights that are written into the bitcoin constitution which is the source code when you compare that to the constitution united states america it is far superior And again, to loop it all together, I think a step function improvement on the implementation of the protection of natural rights for humanity. And we don't realize the implications of that right now at this current moment. But I think it will be obvious in hindsight that Bitcoin is on par with the Declaration of Independence, the Constitution, and all that stuff. i mean i i think the declaration of independence and constitution are fucking shit coins compared to bitcoin it's obvious because those are just words on paper it's pretty hard to enforce that

shit but they were the best that that we had at the time you can get enforcement is built into bitcoin and see i i i don't believe in relying on those old ass documents to protect my fucking rights um because as the case has been shown with exactly what cbp cbp is doing right now um is is that they don't fucking care they don't care and they will push it and and if you have to fight them in court that takes you five years and millions of dollars to fight them they don't fucking care they fucking won it doesn't matter um it's it's fucking bullshit and people should realize that look, I fucking love this

country, but we are headed down a horrible path. We've been headed down a horrible path and people need to wake the fuck up and they need to care because if they don't care, no one's going to stop this shit. I completely agree. And again, Bitcoin is the

step function improvement on the strides that the Founding Fathers made with the Declaration of Independence and the Constitution. Yes, we cannot trust them anymore. they were the best they were the best we had at that given point in time and again progress is being made bitcoin stands on the shoulders of natural law theory giants they should have invented bitcoin back then what were they thinking they didn't

they were still trying to figure out electricity they were doing duels yeah they uh the car wasn't even an idea in anybody's mind at that point why didn't they invent the car what were they doing waste of time yeah they had to set the foundations for western civilization first you know it's a course correction on a more positive note um it looks like rodolfo has convinced charles uh gee may i'm probably pronouncing his name wrong the cto of ledger um to add psbts to ledger um he may have done that through a tweet that limited the reply function to only people he mentioned in the tweet,

which I just want to be on the record and say that I'm completely against this Twitter feature, that I don't think that anyone should use this Twitter feature. And if you use this feature, I will look down on you tremendously from my grandstanding high motherfucking horse. I don't like the feature that allows you to only people who reply,

only people you follow, all this fucking shit. fuck you this is shit corner mentality i'm not cool with it you've been warned freaks you be warned make sure you're not doing that should we tie it up with more like supply gate like just imagine just imagine okay i'd be such a good shit corner so just imagine you're a ripple head right you love ripple you hold a huge bag of ripple xrp the standard you only follow ripple guys right and you're in the middle of a 2017 style run let's call it 2021 you're in the middle of a 2021 run and you post things that are pro xrp and you make it so only people that you follow

are allowed to respond it's gonna it's gonna be so bad it's gonna be horrible it takes they could already do it by blocking people but it makes it more it makes it way more easy for them it's it's like literally a feature that like sets up these bullshit echo chamber garbage fucking shill rooms i agree i mean i'm not a big fan of it either i look down upon people when i see that that weird little button it's like learn more about hidden replies uh yeah no it's more than this they had the hidden replies and now they have this who can respond yeah udie udie has used this to have like one-on-one conversations he actually used it really well the first time he got like beta access too so he got away before everyone

else but still like fuck you udie hey not hey matt he had that one debate with vitalik that was really good that it was just them two and no one else could respond so what do we learn of this week. Does nothing matter, or does anything matter? Everything matters, freaks. And that's where we're gonna end it. Peace and love. Tiki!

Damblestack Sets.