TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Week of 2020.08.31

Episode Date: September 3, 2020

This week Marty and Matt discuss: - bitblockboom reflections - Trezor/Keepkey passphrase vuln - Trezor security patch - Alleged electrum phishing attack - This Month in Bitcoin Privacy - Looming Russian mining crackdown - Bithumb exchange seized in South Korea - Coincenter cools rumors about escalating regulatory measures - Empire market exit scam - Alphabay dispute moderator gets 11 years in prison - Chainalysis Latin America analysis - Specter v0.7.0 - Sparrow Wallet v0.9.2 - Umbrel v0.2.6 Shoutout to our sponsors: Unchained Capital. Check out their white glove vault concierge service that will take you from zero to secure multisig setup in no time. Use the code TFTC and receive $50 off that package that includes 2 Trezor Model Ts and $1,000 in your vault. Cash App. Start #stackingsats today. Use the promo code: "stackingsats" to receive $10 and contribute $10 to OWLS Lacrosse when you download the app.

Wow, the tables have turned very strongly here. We got Matt drinking Claws while I'm drinking McAllen 15. Is this opposite day? What's going on here? I'm just trying to stay hydrated today, being responsible. You know, that's a great way to stay hydrated. What year is that, 18 you're drinking? 15, it's a 15.

Oh, I like 15. Solid. She's actually gifted to me, my family, by our good friend Jeff Andrew, for the birth of our firstborn. So thank you, Jeff. Oh, dope. We just saw Vanjoo. I think 15 is what we drank, is what I brought to my first TFTC episode, episode 20.

Yes, it was. A lot of history in that drink. Shout out to Michael Hawaii. I believe he got us a 12 for Saturday. Was it a 12 or a 15? Or were we drinking on stage on Saturday? Was it an 18? Might have been an 18.

No, no, definitely not, right? it must have been a 12 i think it was a 12 it was delicious anyway we appreciate it shout out to michael hawaii and shout out to our australian freaks um for the bottle of scotch as well it was delicious i actually enjoyed that more after the recording than during the actual recording but i want you breast thank you yes i want you to know that uh it was enjoyed uh and the beauty about getting bottles of liquor at these conferences is that you have to drink them before you leave you cannot bring them on the flight so it's a rule check back it is known yes and shout out to gary leland and everyone else who helped put together the bit block boom

conference it was it was absolutely fantastic it was so good to see so many friendly faces again yes and for any of you freaks who may be worried out there i'm feeling perfectly fine no uh no respiratory issues i did responsibly uh stay home from my family until i uh i got a negative covid test i went and got one on monday came up negative feeling good about that mad is still quarantining because he can't get access to a quick test just trying to be responsible here um i have to say though you know if if like there aren't a lot of positive tests like it's going to completely change my like a positive test results coming out of that conference it's going to completely change my opinion

of where we stand right now with this virus. Yeah, Matt and I, before we hit record, we're trying to determine at what point does that become clear? Do you start the counter from the moment you touch ground in the hotel that the conference held at? Does it start in the middle of your stay at that hotel or at the end when you leave for the airport? It's all very fuzzy to me.

It's last exposure, Marty. But it's kind of ridiculous, this whole idea like it could be two weeks without symptoms i don't know yeah it kind of sounds but anyway marriott did a great job uh complying with local regulations and hosting us they were a fantastic host um absolutely legendary from gary and crew for bringing this all together in the current environment um so just super appreciative over here had a great fucking time and shout out to everyone who came out you know conferences is only as good as the people who show up it was a strong group of people uh again shout out to gary always an incredible time

at bit block boom i'm honored that we uh we were able to do the the last sort of goodbye to the conference with the live episode it's always fun doing a live episode uh getting to meet the freaks in person and uh it feels like more of a conversation than uh well this is a conversation as well but it's completely different it's 100 different i'm still not used to it we've only done four or five of them um they're always they're always fun though i like getting guests up there too so shout out to justin moon and uh and jeff andrew for joining us on stage it's the best to have have the buddies up there with us yeah uh before we move on to to other stuff i just want to say my like low-key highlight of the weekend was uh late saturday in the early sunday

morning i was outside uh speaking with some bitcoiners up front of the hotel and barrett brown showed up out of nowhere like at like 12 30 at night and just was just hanging outside of the the front of the hotel and wound up having a like an hour to an hour and a half long conversation with him before calling it quits and heading to the airport early in the morning but uh for me personally that was like a huge like holy fuck like i can't believe you're here moment uh for you freaks who are unaware bear brown is a journalist based out of dallas who did a lot of really good journalism around the stratford uh defense contractor leaks that wiki leaks had leave like 2011 or 2012 he wound up getting uh sent to prison for four years uh some would argue

wrongfully so and unjustly so i think i'm in that camp uh but it was just really interesting to speak with him in person and and get his thoughts on the the intelligence apparatus and how how bad it's getting and he he's not optimistic about the future of privacy and and tracking of the digital age that's unreal i mean he was uh he wasn't actually an attendee at the conference right he was he was one step removed yeah i think somebody who was there knew him and invited him later he's like hey there's some cool people here you should come check it out the lost he joins the lost tapes of tales from the crypt yes no we didn't even talk about the podcast barrett if somehow some way you're listening to this uh you have an open invite to come come talk about your experiences

and your thoughts on on the uh global intelligence agencies and their their hate for privacy in the digital age um yeah it's fucking that was it was like sir i was like are you barrett brown he was like yeah how'd you know it was me so yeah he used to be a big fan still i'm a big fan but uh he hasn't uh been as public as he was when he was when he was writing about that stuff uh yeah that was my moment what uh what about you you you had to get out really early sunday morning i was surprised that you you made it out into the airport there weren't many direct flights to and from new york so i got squeezed on both sides uh but i'm still glad i made it out there speaking of privacy yeah you have a you have a uh an appointed yeah i did kyc when i returned back to

the great state of New York. What's going on? What's that process like? How have the daily phone calls been? It's not daily phone calls. So I had to fill out a form and then they called me

the next day after my flight and I spoke to a person with the New York Health Department and they basically confirmed everything on the form And then from that point on, I get a text once a day that's like, do you have have you shown symptoms? One is yes. Two is no. And I haven't shown symptoms, so I've always responded to. I guess the real question is what happens if you respond one. Right.

Yeah. What if you respond one and then two asterisks like it's like, oh, I don't know. So I'm not trying to find that out. So sorry, freaks. There'll be no investigation there. yeah uh no i wouldn't i wouldn't want to send you down that rabbit hole either uh sorry wrong text wrong text i was texting my drug dealer my bad but i mean there was more talk this uh week about like vaccines and passports and stuff like that and uh so kind of part of me is like maybe now's the time to be traveling uh i first of all it was like a breeze flying right it's fantastic flights are essentially i flew out of fluent and out of philly and they're essentially empty no one's allowed to sit next to you the security lines are super short you know

it's actually it was kind of fantastic and if you're flying american uh a little loophole wrap around don't pay for a seat just pick one of the blue seats when you're when you're getting your ticket uh you're gonna have the aisle to yourself anyway and if you don't they're not selling more than two seats in a row right you have aisle or window basically yeah so don't pay for the aisle or window seat yeah just click the middle seat and just move to the aisle or window seat super cheap and they don't have like all these vaccine restrictions yet in place right which i kind of feel like are coming so maybe maybe right now is like the the little renaissance period in travel that stuff has to be unconstitutional it takes a while to fight these things in court i mean

Is the TSA constitutional? According to the Patriot, yes, I would imagine, right? I mean, the Patriot Act isn't in the Constitution. That's true. I don't know. It doesn't really matter. To me, I just assume they can just infringe on our rights. I'll let, like, the Prestons of the world,

all of our lawyers fight that good fight over there. Preston Byrne, if you're listening, fight hard against this one because that would infuriate me. passport things yeah fuck that seriously no and like seeing what they're doing to the kids like i luckily my son isn't old enough to go to school yet this year because it seems like a complete shit show just listening to my cousins and uh sister and brother-in-law talk about what they're doing with their kids and the restrictions at the school and like some of them have to show up in the carpool lane and they're not even allowed to let their kids out the teachers have to come and

take their kids out of the car and walk them in they gotta wear masks the whole day it's all fucked what's weird in new york is um the like the the head diocese in in new york in the new york region like closed they closed down like 21 catholic schools uh permanently like they went out of business which is weird to me because you would think for at least from my outside observing angle you know like you would think that uh that private schooling would be on the rise in this kind of environment yeah no affiliate certainly has i know the new york i mean god damn catholic church system in this country is fucked because of the pedo diddling shit is that why it's probably like completely separate from

uh yeah i imagine they might be separate from covid it's a combination of that just over i mean churches forced to close so not getting donations which drives a lot of their revenue and then just overall apathy from catholics who are dismayed by the the uh the state of the church here in america and the pension for priests to molest children but the churches are still open it's not 21 churches that were closed it was 21 catholic schools that got closed yeah that's interesting yeah i mean it's just again it's probably then it's probably the latter people just taking their kids out because they don't want them to get diddled um which can't blame people not funny i mean the comment the kind of worrying was caught me off guard you can't blame

them i mean as somebody who's raised catholic it pisses me off personally um enrages me but that's a conversation for another day that won't be recorded uh different podcasts is right uh speaking of different podcasts we did a podcast live in dallas last weekend and our good friends at unshamed capital were the premier sponsor and guess what freaks their sponsor this episode of rabbit hole recap. If any of you are on the sideline, maybe not holding Bitcoin, maybe not securing your own Bitcoin, Unchained is offering a white glove concierge service. They'll take you from owning zero Bitcoin or possessing zero Bitcoin in your own wallet to multi-sig using their vault programs. They'll set you up for $1,500. They'll send you a couple of hardware

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that's a dirtbag owl who thinks i'm a woman owls lacrosse check out the cash app all right got that done we both got awards our lady our fake lady counterparts alter egos got awards that was odd i hate that stuff it's so odd um apple's down eight percent today that's some shit coin action right there right that's uh it's uh it's a bad day for stonks david day trader's trying to hold the line uh he's saying that we'll be back uh there's a lot of memes of jerome pal and steve munching butts going around uh people wondering when the plunge protection team's going to come in and quell the markets with with promises of printed money within 24 hours

hopefully it can happen i mean it was so funny trump tweeting last night uh what was it dollar nasdaq all-time high uh and then throwing a ding at biden and then and he used emojis right those are his first emojis ever as president i believe really i don't know it's the first i've noticed trying to get the young vote getting close to election season it might be the first presidential emojis ever considering like he's elevated twitter usage to the first place yeah i just thought it was poetic how he sent that tweet out last night and today happened right after i know it's classic it's like our live rhrs you know you can't help but top right well i told people to sell before we started i know but that's blasphemy that's not

I disagree with that premise, too. They should just hold off on their stack. I'm going to tweet stamp a tweet right now to prove that you're double-speaking right now. I'm definitely double-speaking. I said we should sell before the next live RHR, which was blasphemy. I said to myself after I tweeted, I was like, blasphemy. That's what makes it a joke, Marty. I know, I know, I know.

But, I mean, speaking of this, like in the Fed and the Treasury stepping in, I guess that's a good segue into topics I had at the end of the list, but we can move to the front. The fact that the Fed is now the biggest investor in the world. Zero Hedge tweeted out the other day that the Fed now owns a piece of 22,913 different securities, according to Bloomberg. So that makes it the world's biggest investors from an exposure standpoint. And then on top of that... They should buy Bitcoin. Right. Right, they should, if they really know what they're doing.

On top of that, Bloomberg also reported this week that the Fed's mortgage buying spree is at $1 trillion with no end in sight. And they own something like 30% of any bonds that are backing the mortgage industry right now. So almost one-third of debt in the mortgage industry. So it was like mortgage-backed securities, and then they own the security in the back end? Yeah, because remember they started investing or buying person commercial real estate debt and stuff like that as well. They should just buy WeWork, and then small companies can get their office space directly from the Fed. get those get those low rates lock them in hire me for fed chair these are the kind of progressive policies that i can bring to the table talk about a corporate personification of uh of

misallocation of capital and poor poor planning for the future we work yeah i mean they were always fucked yeah so what do you think of their their new york real estate exposure i mean they were the whole we work play was just a super leveraged long real estate play and they just put a ton of risk onto onto their they removed the risk from the building they moved the appearance of risk from the landlord's balance sheets and they put it on their own um and then they just had insane projections and they tried to rush to ipo like that was the strategy right yeah didn't work out raise and re-raise and re-raise it worked out for the founder whatever the guy who walks around barefoot in new york city all right he got his cash out that dude's such a

but a lot of the vcs got fucked right and uh they didn't get their exit and they put a lot of money in the landlords right now like the risk didn't help them because now like some of these buildings in the city we were controls like six seven floors of like 30 you know so and they're not going to be able to rent those to other offices so they kind of have to play ball you can't uh it's probably good for the other businesses in the building right you get to negotiate their prices down i mean look if you're if you want office space right now it's a good time to be or the next like eight months nine months yeah no the thing is everyone's working remote no one wants office space that's why it's a good deal did you ever work in a we work um no i've been

to like other people's we works we recorded in a we work for a while or that we were a competitor right oh no it was a real way work no yeah yeah that was uh dig's office uh studio south williamsburg um yeah i mean i worked in one for two years at a company that was a that sold offshore software services i did it to learn more about uh software particularly back-end software but having that experience like looking around at the other companies on the floor and including like the company i was like there's no reason we need a new york office and didn't need to work from home but looking around it was just like groupon competitors like dog walking app competitors like in like the worst bottom of the barrel i was like there's no way we work keeps this shit up

like all these companies are dog shit and and the and the key was with we work was this was these short-term leases right so it's like if the majority of leases are one to three month long leases and a fucking crisis like this hits like they're all other companies are just gonna be like i'm out yeah that's why the whole play was just like a hide the risk on we works balance sheet play that was the whole the whole play and they tried to position themselves like full stack we'll get you the the office space and then we'll build the software for you to communicate and very just top things no big deal just top things um speaking of top you mentioned the local top at rhr in dallas last weekend it would be remiss of us not to peruse clark moody's dashboard the

current price of bitcoin is 10 726 dollars uh currently costs or excuse me one dollar will get you 9,323 sats. One Bitcoin will get you five and a half ounces of gold. Right now, the market capitalization of Bitcoin versus gold is 1.59%. And if you're looking to buy a barrel of oil using Bitcoin, one Bitcoin will get you 249 barrels. We're currently at block height 646,606. The predicted next uh difficulty retarget is september 7th so that is four days from now 530 blocks away as of right now it's projected to be a downward difficulty adjustment of 1.6 percent so blocks are coming in about 11 seconds more than the 10 minute block target um fees right now immediate next hour looks like we got some congestion on the network 122 sats per byte if you want it

immediately next block if you're willing to wait an hour it's 117 sats per bite if you're willing to wait a day you can get two sats per bite and a week one sat per bite so it looks like you will be playing in that fantasy football league matt oh you saw that i paid my dues with one sat per bite yeah did it go through yet uh no it hasn't gone through yet that's uh nick ward's fantasy football league uh the sat bowl uh which marty won't be joining us this year but we have a good uh we have a good crew in there you know what i'm like fantasy football is always something i half ass and if sats are on the line i can't half ass it like last year i auto drafted yeah a million sats per person marty was free money last year uh i mean we have gladstein in there uh we have

brian harrington nick carter is joining us this year it's a good crew yeah um um it's a very i love the app that you guys use it's a very good league i just do not have the the uh the attention span to pay attention to fantasy and i always forget to set my line up and i just lose money year after year i need to stop doing that especially smart move yeah um especially after you auto drafted last year yeah um that down the samurai whirlpool unspent capacity is at 1,501 and 49.49 Bitcoin, 49 million sats. I want to just unwind this for a second because it's coming to my attention that people don't know why we think that number is an important stat to watch. Specifically with the Whirlpool implementation, Samurai's CoinJoin implementation,

The idea is they want any user of the implementation to fall into this liquidity pool. And this is what this unspent capacity is. So because Samurai, the way their implementation is set up, it requires at least two remixers, but usually it's three. So usually you have three remixers coming into each round and two fresh CoinJoin users coming in. So because those three keep coming in as remixers and anyone who is in there remixes for free, you basically have this situation where anyone who comes into the pool could be anyone else in the pool. it's like the the ultimate crowd that you're that you're hiding among it creates like instead of instead of like distinct rounds it creates this like kind of cloud on chain where it's like

anyone who goes in is part of like the samurai uh they have a word for it but the the samurai group uh so that number is super important to watch we want to see that number go up it's also a harder to game number because you can't keep recycling coins through to boost the number that the number is just how much is in there right now at any given time and since i've been tracking it in august um in early august august 10th it was at 1182 bitcoin and now it's at over 1500 bitcoin so that's a pretty big jump up um yeah so that that's why we track it yeah it's uh it's good to see that number going up 1500 bitcoin is that approaching the uh how many how many bitcoin are lightning right now it's over lightning's capacity over lightning lightning's public capacity

lightning's public capacity is 1057 yes and liquids capacity is at 2600 yeah around there um a lot of debate about whether uh bitcoin locked in lightning versus bitcoin wrapped on ethereum stuff is lightning failing because of that and i think that's a good conversation to have that we don't have on the list but i think you need to uh separate the two because i mean it just seems obvious to me at least and again a bit ignorant because i don't fuck around with ethereum and i don't experiment with this and i don't use ethereum but from what i can tell just from observation on twitter and visiting these data websites it seems that most people are using bitcoin as collateral to then turn into stable coins on ethereum to chase yield

where i would argue that bitcoin locked in htlc's channels for lightning is used for utility like actually using it as a monetary good and not attempting to seek yield i don't think most node runners are currently trying to to profit as routing nodes yeah i mean i think it's apples and oranges it's more comparable to something like liquid um if you want to if you want to compare um bitcoin locked on ethereum um basically depending on which token you're using on ethereum it's either a single sig or a multi-sig bitcoin address that is just holding the bitcoin locked up and then they give you a token uh separately right and there's a there's like a ledger in between that that's keeping track um with with liquid it's a bigger multi-sig than on ethereum

usually and on lightning it's a two of two multi-sig but with lightning it's actually trust minimized there's no central party that's doing it so the security model is a little bit different it's nice that you don't have a trusted party but it's also harder to like juice the numbers you know like if you're block stream and you want to juice the liquid numbers the amount of trust you have to put into putting it into that federation isn't that high if you're one of these ethereum token players like bitco and you want to boost wbtc like you can trust putting in a ton of bitcoin into your own two of three um and then of course on lightning it's not showing private capacity but i would i assume private capacity right now is much lower than the public

capacity of a thousand bitcoin that we know of yeah no i mean it's an interesting phenomenon to to watch on play particularly the use of bitcoin as collateral and ethereum apps and so like one of these quote-unquote tokenized bitcoin products is ren and the block reported yesterday i believe that rent core team holds the keys to nearly 160 million of bitcoin in a single wallet uh which is whoa what the fuck it's super easy to scale that up you know it's just not it's not it's very reckless yes but they plan to further decentralize that they have a decentralization roadmap i mean that's ridiculous right to have a decentralized like if there's a roadmap for decentralization it's you know it's probably a lost cause um you see my tweet that i some i got i got some people

angry about the um the yield farming oh no not that the people are dumping stuff the electrum hacker that the someone was using electrum and they got fished for 1400 bitcoins more bitcoin than more bitcoin than the lightning network lightning yeah so here we are we talk about like security all the time you know what's the better way to do it all these obscure ways to get your coins lost or whatever and then this dude this like og bitcoiners just has 1400 bitcoin just like sitting in a hot wallet gets fished downloads like a client that's a compromised client and just gets his bitcoin stolen you know did i that's how early we are still i thought i read a report that he was able to double spend and get that back or not double spend or replace that was someone

replaced my fee confused i think but there are people that are saying he didn't actually lose it i don't know it doesn't really matter to me it's provocative yeah be wary of election fishing schemes they're very rampant easy to fall fall prey to it was the old client the old client would if you if you connected to a malicious electrum server it would pop up a link and and it would download it yeah it's always download from github yeah or like use a hardware wallet would be is a big one you know this is one of the things it's like we go into the nitty-gritty on this podcast and then the majority of loss happens from like phishing attacks and hot wallets and basic shit like if i had 1400 bitcoin like what the fuck how's this dude fucking this up so bad

i know i really shit like that really makes you feel like a pleb right it's like fuck i like it he could have put some of it into fucking coin join you know or lightning like come on dude you could double the samurai liquidity right now yeah exactly it's fucking crazy you could double lightning known capacity that's fucking insane that's how early we are we need like the whales to make some waves well i think it should be organic right tying that back to the bitcoin tokenized on ethereum i think that's very gameable it's not organic at all if you look at that number just go straight up same with liquid to be quite honest yeah i mean i i have no need for like we've talked about this before i mean i'm more interested in lightning and i think and with that

liquid with that being said i'm actually very content with the pace of lightning's build out right now um having spoken to some of the developers actually spoke with ryan gentry who's part of lightning labs over the weekend at bit block boob and he got me all jacked up about about lightning and the things that are coming out there and the type of use cases that will be enabled in the near future and i think uh i think uh the the pace of progress right now is is fine with me again i'm an individual i have my own time preferences and own uh gauges of what is acceptable and and okay in my book maybe people have different expectations and are not satisfied with the pace of development for me personally i'm i like slow and steady keep it simple stupid

just put your head down and grind that's what the lightning network build out seems to be doing to me no i mean i'm optimistic about lightning i just think you know bitcoin twitter gets ahead of itself a little bit sometimes um and just we're we're earlier in the process than than people would lead you to believe or lead themselves to believe even they're just not even honest to themselves about where we stand currently what are some of your biggest gripes no like like for instance like there's a thousand bitcoin in in public lightning capacity like there just isn't that much you know they're like the metrics we have to measure usage like isn't that much a lot of people are using custodial wallets um you know a lot of people are using kyc custodial wallets

that are just you know like i love strike but like kind of not really well that's you know it's it's it's a it's an adoption hack in the beginning yeah no and i agree with that i would concede that easily concede that uh but again like with the build out the steady pace it's again it takes fucking time i'm not yelling i'm not like no yeah i'm just i'm repeating like this stuff takes time so like looking at what like the bolts team is doing to create a non-custodial wallet experience that's similar to an on-chain wallet where you just send bitcoin to an address it automatically opens a channel and balances for you like that is a needed first step there's an order of operations to building this stuff out and

stuff like that seems like on the front end of that order of operations i think phoenix and breeze too are doing like fantastic things i mean i think i think the future bitcoin is going to be mobile dominated i think for a lot of people their whole ecosystem their whole life in bitcoin will just be mobile focused yes i mean just because our lives are yeah i think you'd be stupid not to think that right um i thought of the word i was thinking before is the samurai cluster so it's like when you when you go into a round you like end up in this cluster obviously the more remixes you do the more in the cluster you are but like even just one round and like all of a sudden you could be like almost any any output in that cluster which is like kind of crazy to

think about yeah it's pretty dope as long as you use your own dojo otherwise you're trusting samurai with your privacy but who was it was it elking that put out the percentage of users using dojo is pretty high oh no no it's it's the samurai team have released that number but there's no way to verify it without trusting them oh well they're saying it's like i would argue that the percentage of users isn't as important as the percentage of the liquidity yeah it's so like like we were saying with like this electrum guy who had 1400 bitcoin right like it's presumable to think there's like a whale a couple whales in there with like 200 bitcoin 300 bitcoin in the unspent capacity right if if like those if those 10 people that are dominating you know obviously

it's not great if we have a small amount of people dominating the liquidity pool but if they're not running dojo i mean if they are running dojo they're running their own node then those people are still a threat but but samurai is not as much of a threat anymore this is what i have like a whole thread on this i try to describe it it's complex it's it's it's a complicated nuanced topic yes and we discussed it on saturday on stage kind of yeah kind of i don't know we'll just discuss it forever probably yeah definitely one day i just want i just want the mob to come after me so i can just stop and just like run you off the internet just run me off i'll just walk into the i'll walk into the crowd i'll just like walk into the distance and just we should do that

together we should do that together one day that one day it's inevitable i always think i'm just one episode away from from the mom coming for me that's it it's the important way to live your life in bitcoin land i think yeah always had the pleb mentality yeah stay humble um speaking of staying humble we got to stay true to our listeners here uh we got to read some shout outs we did not read shout outs on stage i'm sorry matt uh made me aware that some freaks wanted us to and i can see why there's a pretty big announcement in here that we'll get to we've got five shout outs unfortunately just logistically was not possible to read them on stage um marriott's printer was broken uh couldn't print out the shout out so we're gonna make up for it i know some of these

are delayed uh oh the one no we received the bitcoin so i have to i have to read it it was paid but it says invalid i don't know why but i have to read it first one i uncle marty do hereby solemnly swear to a vow that i will never again abuse the generosity of the freaks who kindly buy uncle matt and i find bottles of whiskey to share together over tftc pods my egregious past where i had to fess up to opening such a bottle in absentee absentee of uncle matt shall not occur again peace and love from freaks everywhere hey we opened that bottle together uh now that we got a second bottle scent i drank i drank it mictors i co i co i co-signed that that shout out freak i appreciate

you uh i have not opened any bottles since that mictors bottle and how can you can you can you blame me for opening that bottle such a good bottle so good no it was i think it was that like the the darkest pit of the covid quarantine till it was just staring me in the face i know that's what that's why it's hard to blame you but at the same time it's why it killed me the most i'll um i how about the best whiskey i've ever had is that mictors it's like mictors 18 or something right what is it it's something like i mean it was founded in like 1780 or something like that yeah the number of years it's not yeah i don't know it's all it's a very good i will to make up for my uh indiscretions will buy a bottle uh and won't open i'll give it to

you i won't even buy that's a pretty expensive bottle you know what i think it's like a 200 300 bottle marty i don't expect you to buy that for me if that's what it costs to make make good on this this indiscretion you know what's so bad just me and the freaks will just hold it above your head for a couple years i can't i can't have that this is why i need to buy the bottle we appreciate it appreciate that um this is a funny one uh i guess this is two freaks have an inside joke with each other and one will understand it once you hear this joey particularly joey you big time dummy stop wasting your life working for nickels and dimes above your pay grade stop it right now you big time idiot your friend dan so that was a message to joey

from dan that's fantastic um and this is what to get get your shit together joey yes and this is what i assume was uh what uh one freak wanted us to read live on stage it was sent at 3 53 eastern uh 3 53 p.m eastern on the 29th the day we recorded uh the live episode and it says i'm getting married today and starting a new chapter in life without bitcoin and all the good honest people i've met online and in real life i honestly don't know where i would be today bitcoin and my soon-to-be wife saved my life the world is changing quickly luckily for me i found someone who shares my values to the core and will go to war for me much like the people i've never met in the flesh but we have one thing in common we see bitcoin as a shining light in times of

darkness a way out of debt slavery and a tool to fight off the tyrants who want to steal our time i tear up thinking about the ancestors who were born into a system of rent sinking nepotism and usury they may they may do as time slaves and march forward at no point in my life have uh have at no point in my life have a bent have i bent to the will of others i think it's a typo here uh at no point in my life have i bent to others bent to the will of others who want to do harm to me or my family i live by the idea that bitcoin liberty and freedom are things worth fighting for i have a front row seat here's to a uh most peaceful revolution from stan s-t-o-n stan cheers cheers congrats on getting married uh knock up your wife start a family i'm very happy to that

your life has been saved and that you are here listening to this podcast and generous enough to to purchase a shout out i wish you and your wife well on your journey through marriage uh to death do you part and yeah i mean i co-sign everything you said about bitcoin it's providing a very optimistic path forward and hopefully a quote unquote most peaceful revolution i'm just happy for you guys congrats yes um so this is actually two shout outs is one shout out somebody had to pay for two because of the character limit so this is a long message stack for freedom my fellow freaks now is the time collect all your fiat trash every last dime scrape it all together before it's too late the money printer is going and society is filled with hate the bull may be

upon us and bitcoin's time has come sats are still available so you better keep getting some so stack those sats daily and stack with all your might stack during the ups and downs and even through the night stack for your future and for the ones you hold most dear stack if you are greedy and stack if you live in fear stack for your freedom and stack for a way to opt out stack when you are confident and stack when you have doubt. Stack is an act of defiance to a system that is flawed. Stack for something pure and true, a system without fraud. Stack because it's peaceful and fixes many things. Stack to lift your burdens and propel your life with wings. Stack if you are hungry or even if you are full. Stack if you see a bear or if you see a bull. Just remember to keep

on stacking and trust your DCA. Though all your friends will call you crazy, it will pay off some day and so this message is a thank you to our boys marty and matt for reminding us to stay humble and stack every single last sat love the podcast from your fellow freak at a non-hoddle that was beautiful first poem first poem one of the freaks out there should uh split that split that out marty reading it posted on twitter uh yes and if a freak doesn't do it in the next 24 hours i will do it because that was i didn't even know it was a poem uh i hope my my cadence was good there in on huddle ran into that i'm used to reading children's books books right now so i think my my rhyming cadence is actually perfect for that particular shout out i've been

practicing all right last one uh and matt hang hang with me on this there's gonna be a frustrating part at the end and you'll see why uh maybe you should get some whiskey yes you should my fellow mountain men i'm about to elope with my partner of four years second marriage let's go i love you button also behold my new ln routing node bitcoin guy bad dot onion i'm actively actively rebalancing the channels and i invite any ln freaks lightning network freaks to open up more all i ask is that you keep a stable uptime and your fees reasonable for all the other linux beards out there who are waiting to set up a node learn just two more package managers and you can run about any lightning network tool pip these are the two package managers i imagine pip pip and npm

dot oh i stopped reading here okay and npm so download pip and npm and then you're not going to be frustrated because i don't have to read this part i'll read it to you off air uh somebody wanted me to stop bringing that so if you're uh looking to open up a lightning channel and you're serious about keeping your node uh up and stable look up uh bitcoin guy bad dot onion i guess that's his public his public uh name that's all for the shout outs thank you freaks for the shout outs we love them tftc.com.io slash contribute um it always brings a a smile to my face and matt i watch him as i read these uh we love we love that you freaks tune in every week and you have the um your passion enough that you would send us some stats to read something on there we

we really appreciate you guys and thank you for for all your viewership and support over the years and congrats to the free for two freaks who got married over the weekend the last week we love you guys yeah you you all make it worth it yeah elopements big fan of elopements i got eloped takes the pressure and the the stress out of planning a big wedding save some money to stack stats instead yes um treasure and keep key passphrase vulnerability getting into the list it's a bad one man in the middle attack yeah so i mean this is like really um it's a disappointing vulnerability to see basically the idea is is on the trezor the keep key is a clone of the trezor so it's the same software because it's trezors open

source so they forked it the idea is is is with the trezor you can enter the passphrase on the computer or on the device obviously you should always enter it on the device the original trezor you can't enter it directly on the device I think they made a way for you to try and use the two buttons in Junction with what you see on the screen. I'm not sure I haven't used it in a long time But you almost you the general rule of thumb is you want to enter it on the device and the reason is for attacks like this Well, the real reason that people usually say is because someone could take your pass race

Which is that 25th word at the end of the seed you have your secret secret backup words at the end you have this one word that's your own word and that's the passphrase and it's not stored on the device but in this case what happens is the computer sends a malicious passphrase to your device and then your device shows you a receive address that's not at your

passphrase. It's at the attacker's passphrase and the attacker can hold it ransom because the attacker still doesn't know your seed but they know the passphrase so they can be like if you want to get your funds you have to pay us. So now the device confirms the passphrase on the device's screen yeah it's a bad ransomware attack yeah i it's it's pretty

crazy that's an attack like this was still possible yeah over this amount of time shout out to shift crypto team for responsibly disclosing that uh getting that that bounty from satoshi labs and making sure that people are able to upgrade safely before anybody was attacked. Yeah, there's a patch up. It doesn't look like anyone has gotten hit by the attack, so that's good. So we have links to the vulnerability disclosure and the blog post in which Trezor announces the security patch. KeepKey isn't patched, though.

So if you're a KeepKey user, first of all, you should get a better hardware wallet. But if you want to continue using the KeepKey, make sure you enter your passwords on the device, just in general. You should be doing that. Yeah. We already hit on the Electrum phishing attacks. We won't repeat that. Just if you have 1,400 Bitcoin, and this will be the last word on that topic, you might not want to hold it on a single-sig Electrum. Even if you have 10 or, like, two.

Yeah, seriously. That's a good point. That's a good point. If you have $1,400, you should consult an expert. You should pay for somebody to help you. And the simplest thing you can do is use multiple wallets, you know? Yeah. Like, just compartmentalize.

I always pronounce that word wrong. But if you separate it, you know, then you can only lose one of the wallets. You can't lose – well, I mean, you could lose them all, but it makes it more difficult. Yes. our good friend janine has released her august 2020 this month in bitcoin privacy report it's a 29 minute read for any of you freaks who are interested in bitcoin privacy specifically in a couple of the topics that are included this month include full no deep dive into ronin dojo cross-chain atomic swaps with monero malicious tort exit relays dust attacks the solution to

and swapping what is it what is an xpub uh debating blockchain analysis and a bunch more there's 14 uh topics pertaining to bitcoin privacy yeah shout out to janine everyone go check it out it's it's really good and we've mentioned it before on the podcast um but she she's updating it live throughout the month on github so um it's kind of cool it's just a it's a nice resource that you can follow that's what i do i just keep track of it throughout the whole month yeah um the one thing that's mentioned on this list that sparked a thought in my mind that's not on our list is the cross-chain atomic swaps with monero did you see that news about the uh chain analytics company hired by the department of homeland security that claims they're able to cyber trace their

cypher i think cypher trade whatever it is but they got contracted out by department of homeland security and they're claiming that they can track monero transactions you think so no i was looking into it um so it's actually a vulnerability that monero researchers figured out uh that you can like you you can decrease the anonymity set they call it mixins you know like the amount of of utxos that are participating in each transaction um some of them are decoys and you can remove the decoys and you can get a better idea um so monero already had patched this this vulnerability is my understanding.

They had already patched this vulnerability and Cypher Trace is kind of just riding the high from it. They're a surveillance company. We should both not take them... We should not underestimate them, but you also have to remember

that a lot of their shit is just marketing to regulators and marketing to the exchanges and overstating their capabilities. yes um so be aware oh you should have used monero stands out there shame um beware so it seems like it may be a nothing burger uh the russian government they're passing a bill a bill is proposed i don't know just does vladimir putin just stamp it if he likes it yeah i think he just like

he just decides you know one morning he wakes up he's like all the miners need to tell me who they are yeah so that's basically the uh the gist of the bill is that the uh russian government wants people that are mining bitcoin within their borders to uh report to them with very granular information technically all data center operators but yes also fall under it so there is a quote in the article from coindesk that will list list to the ceo of bit river igor runetz he was quoted as saying the government needs this data to monitor the digital economy development right now nobody's gathering information about data centers on the other hand including commercial information uh into such reports seems redundant he's saying that they already have all this data

so maybe it's just a a uh public posturing that hey we're watching you or something like that yeah i mean especially for the bigger mining firms uh power analysis gives you away pretty easily yeah especially if you're on grid that's why we like off-grid mining a great american mining but uh you know government in general has never been known to be very efficient so yeah speaking of governments and bitcoin uh south korea has south korean government or a police agency under the purview of the south korean government has seized bit them which i believe was the largest exchange they're the biggest one in south korea and south korea is a big ass market too they're one of the biggest markets in the world yes um but they got seized over

bullshit do you see what this what the seizure was about bxa tokens yeah it's always the shit coins they got caught up in the shit coins and that's what took them down yeah what i've never even heard of bx neither have i it's some south south korean token yeah they like sold them pre they like did some shysty shit with it this is why you don't shit coin freak my head shaking my head too um let's see last week the seoul metropolitan police agency also seized coin bit so two exchanges got it seized for for allegedly inflating about 99 of its trading volumes which resulted in unfair profits of at least about 84 million dollars for the exchange and its team but that was the other exchange that's

not yeah yeah coinbit yeah that's uh that's a that's a trick as old as bitcoin uh the the asian exchange is spoofing volume wash trading yeah i mean what was the okay coin and a couple others were doing that egregiously in the past will be but it's not there's no really easy option because the easiest way to stop wash trading is kyc aml regulation so to have a more privacy focused exchange it's it's harder to kind of enforce anything that makes sense makes total sense but if you go on something like bitcoin bitcoin.org the quantity right yeah well like they have they pretty good historical exchange data and And it's actually funny.

There was a point in time where China started cracking down on the wash trading. No, you just see it fall off a cliff. Yeah, yeah. No, but like think about it, right? Like wash trading at its core is someone is selling and they're buying from themselves, right? So if you can't identify who the buyer and the seller are, then you can't enforce wash trading, right? Yes. but isn't the assumption that the exchanges are the ones doing the wash trading to

better exchange visibility you know happens when you're also doing kyc aml and following all those regulations and whatnot yeah but like do you think bitmex was doing wash trading i think a lot of people think they they they are or were at least and that they were they were at least trading against their customers without properly disclosing everything that's a very common an accusation that is a very common and there's no way to prove it so i guess the core of the question and maybe you just answered my question but there's no way to prove it is does a exchange that enables users to sign up without aml kyc are they highly incentivized to wash trade yeah or it's hard to it's easier for them to get away with it yes but do you think

there are pure exchanges out there that offer no kyc email services and don't wash trade i guess that's the question i don't think before btce went down they were but like there's no way to prove it yeah for you freaks who don't know btce they were a infamous russian exchange uh that was known for basically cleaning uh dirty dirty money money laundering um and it depends on what you're Maybe it's only dirty money in the definition of the state. But, yeah, I think a lot of Mt. Gox coins got washed at BTC. And I think Wiz actually did some chain analytics on that. Matt, you're just shaking your head.

No comment over here. Just no comment on the record over here at all. Am I going to be in trouble for having a comment on the record? No, I don't think so. I just, you know, it's... for whatever reason it's a it's a very sticky subject yeah that was a that was a that was a interesting exchange caesar though wasn't the uh the founder btc caught in like belgium or something no he's in greece on vacation yeah they drove a car and on an unmarked uh police car

through his gate uh and then when he ran out in his like boxers i imagined him like in his boxers and his robe, smoking a cigar, right? Like he runs out screaming Russian things at them. Then they arrest him then. And the reason they do this kind of tactic is because your computer is encrypted when it's off. And by doing that, he was still logged into his computer and they were able to go in.

And they did a similar thing when they got Ross. Not as exciting as that, but they got him in a library before he could turn off the computer while he was actively logged in yeah they uh they had like a whole diversion thing too like hey look over here around the computer but like driving that you can just imagine like driving this car through the guy's gate he runs out like screaming what the fuck's going on and then all of a sudden the cops just swarm yeah ah damn i'm not gonna say rip btc because i don't know like how how

clean that exchange was but they were always good to their users i'll go that like they were they never did they they had the ability to do like really sheisty things to their users and they never did so that is that is true um i'm gonna skip ahead a couple topics and we'll circle back because i think this just ties into what we're talking about now uh there's an alpha bay dispute and the moderator got 11 years in prison well first let's start with the empire market exit scam uh oh oh yes i missed that which is the largest dark market i like i don't really follow the dark market world that big but you know bitcoin is is still you know king over there uh monero is creeping up but empire market was was there was like the dark market and it appears that there's

an exit scam going on um that's like 30 million dollars taken yeah i think that is that what it says in the in the coin desk yeah um administrators fled with an estimated 30 million in cryptocurrency um darknet stats was the reporting entity to break this my favorite follow in this topic is dark at dark dot fail and he's got dark dot fail dark dot fail is his domain uh but it's dark dot fail is his twitter account and he's just a really great follow on all this shit he follows it all yeah he said uh in the coindesk article he's quoted as saying that uh well it's easy to have the sound ideology when creating a dark net market when thousands of bitcoin become involved greed cannot defeat all good intentions so be careful the other thing is empire and a bunch of

other dark net sites and just a bunch of onion sites in general these tour sites have been under like constant ddos's um and dark dark dot fail i think reported that they during while they were battling the the denial of service attacks like like some server information leaked out too so they might have gotten spooked um and i think this is where it really connects into this alpha bay moderator who this guy was he worked in colorado he lived in colorado and he was a dispute moderator right so he was like if something went wrong in a trade he handled that uh process and like screening for scams on the website uh which is like was like an ebay for drugs and whatnot and he got 11 years for that like he wasn't like a top guy

yeah it's fucked dude 11 years a long time man he was just an arbitrator right yeah he was you know he was a dispute moderator is what the justice department called him yeah so this what this happened this was sent out by the eastern district of california that attorney's office um so alphabet was a big one before empire so it's like the stakes are really high with these guys you know and and yeah you never know you never know when it's gonna i'm surprised we don't see multi-sig more right well i don't know i don't really follow it that well but i wish i assume multisig wasn't in in in play here otherwise they couldn't exit scam with what they exit scam like a huddle huddle model would make sense for this right yeah where they hold

the third key yeah um let's say yeah well yeah it's messy centralized centralized point of failure but you also have that other person with the other key it's more complicated probably worse for privacy yeah harder to implement trade-offs shout out to how to huddle just a unsolicited shout out really love that team shout to max and roman um great friends a lot great service can't use in the united states though unfortunately if you use their prediction market shout it out on twitter i'm curious because i i feel like prediction market should be a bigger thing yeah um somebody's talking about prediction markets on twitter i can't remember exactly who and in what context but just ring a bell um

all right back i like actually just side note here really like this foray into dark net markets and all this stuff we haven't talked about this shit in a while and yeah i'm kind of sketched talking about it but we should talk about it more why is i mean if i mean i don't know i came to the realization the other day marty that there's over 200 hours of me talking about bitcoin while drinking whiskey and that's a pretty scary realization to hit well i mean i'm i'm at 300 hours at least probably upwards of 400 hours at this point you know what be the change you want to see in the world we should be able to talk about this shit openly it is scary

and please contribute to the defense fund if anything happens I mean we have nothing to defend we're just speaking about freedom here who the fuck knows man always be a little bit paranoid yeah I mean I buy my pot in person

I don't see the reason to buy law buying citizen over here on a dark net market please have mercy I don't buy pot anymore too often and I'm in a state where it's decriminalized so fuck off I'm kidding, kidding, I love you

if my FBI agent is listening today I hope you're doing well I hope you're healthy, I hope you're happy put a smile on, we're talking about freedom here join us speaking of the government, Coin Center put out a piece, Jerry Brito

and Peter Van Valkenburg trying to quell fears that regulators are uh going to start whitelisting cryptocurrency addresses and they're saying probably not and um i think this came after what i mentioned on stage at uh at dallas but nobody had heard about yet it was the fact that like a swiss two swiss exchanges uh completed what was said to be a FATF compliant Bitcoin transaction on chain

and at least here in America it doesn't seem like address lists are coming yet but as I'm sure you freaks are aware if you've been listening to this podcast for long enough you should expect them. What they're saying

specifically is unhosted wallets so self custodial wallets wallets where you control your own keys yeah you should just assume that all the exchanges are. Yeah they're already a lost cause um yeah i don't know cash app holding out in that uh on that uh what do you call those things really yes yeah stay strong cash app if you're listening stay strong not bullish on that but there's still you know for huge ass regulated company that is publicly traded you know i think

they're fighting a pretty good fight all things considered keep fighting keep fighting especially the stuff that's happening in in square crypto land where they're doing the the grants and a lot of his privacy focused so it's like actions speak louder than words you know yeah and they're paying a non-devs at square crypto shout out z-man if you're listening i know you are um but now that we have the fatf's financial action task force on top of mine let this be your uh periodic reminder that this is an unelected regulator, intranational, supranational, and is able to control who and when

and how you can send money. And nobody elected these people. They were literally appointed by the party of Davos, the UN-like freaks, the people who go to World Economic Forum. You did not vote for these people. You did not ask for this regulation. You probably don't even need it.

and yet this weird, obscure financial regulator based out of France is able to force unruly regulations on you. So just a reminder. The party of Davos. Fuck those people. Chain analysis Latin America. This is actually a pretty interesting analysis. Did you see the link I put?

Yes, thank you for the archive link. I'm already an archive link. and the freak so you don't dox your ip address to chain analysis they've actually been doing good uh they've been doing good research reports lately yeah yeah they broke down the the use of cryptocurrencies uh blockchain analysis but good research report yeah um so a share of value sent to latin america by currency uh from july 2019 to june 2020 so a year 60 almost 61 percent was bitcoin in second interestingly was tether at 22.6 percent and behind tether is ethereum and then another stablecoin usdc behind that and all other currencies uh account for 5.5 percent

of the value being sent via cryptocurrencies in latin america which is a very interesting stat bitcoin is king and brazil is king yes um order of countries value received brazil venezuela argentina mexico colombia chile peru interesting and brazil like way outpaces everyone but i guess they're a wealthier country too yeah that's what i was gonna say it makes sense considering their economic standing i would like to see transaction total transaction like number of transactions and so i'd be interested yeah i'd like to see if venezuela's got more or argentina's got some pretty cool charts man do you see the top 10 scams by by country in latin america yeah what's uh

i don't know it's top 10 scams in all of latin america month by month that's a classic chain analysis stat nyc tech.global jubileeace.com don't go to any of These are scams. Yeah. Yeah. I've never heard of any of them. I've heard of Cloud Token Wallet. Wishmoney.com is a great scam domain.

Don't go to that domain. Yeah. Arabic club. But it seems like they're Latin American markets wising up to these scams. Yeah, it looks like there's a major drop off in October. Maybe it's a product of the Bitcoin price. Because you had that spike last summer.

at its all-time high in july whenever there's a spike we probably see a spike in scams happen at the same time yeah yeah that's a good that's a good reasoning to me yeah but you'll never know until you go talk to the creators of the scams that uh yeah we'll link to the archive link there we're not going to send you to chain analysis website from now whenever chain analysis comes up we'll just put archive link yes and now we're at the software updates quality software updates if you're using spectre which is an incredible way to set up an easy multi-sig quorum self-sovereign shout out to step in snigger i'm definitely butchered your last name and ben kaufman have been working on this they actually had an episode

with Stefan Levera. Sneaker, I believe, yes. I cannot say with any confidence. They were just on Stefan's pod. Yeah, that's what I'm saying. Yeah, you should give that a listen. Stefan was on Stefan's. Yes.

Let's go check that out. They're talking about Spectre version 0.7? Yeah, 0.70. What's really cool is it's just an application file. so you just install bitcoin core on your computer and then you install spectre and they they just like basically automatically connect to each other if it's the same data folder that is if you use the default folder where you save the blockchain and they just automatically connect if you use a different folder then you just paste in the different folder and then they they pretty much

connect right away and you can just interface directly with bitcoin core and your hardware wallets whether that's multi-sig or single-sig it is super fucking easy to use like it definitely needs some more you know review time and like people like running it through its paces and looking for vulnerabilities and stuff but like i am super fucking bullish like it is it is an amazing interface and and i love that idea that you can just install core and you just install spectre and you're fucking good to go yeah it's seems pretty dope like that that thought that you just download it and it automatically pairs with the folder that Core is in.

No Electrum server needed. The UI is nice. You have coin control. You have very good fee selection, granular fee selection. What's really cool is you can broadcast either through your own node or Blockstream.info, which is really interesting because actually if you broadcast through Blockstream.info with Tor, it's better for your privacy than if you broadcast out of your own node,

but it's cool that they give you the option. yeah so shout out to the specter team uh go check out that episode with stefan i think it dropped earlier this week if you haven't already and we should probably get our asses in shape and get these two on the podcast i would love to have them on the podcast i met stefan in riga last year um they also have a do-it-yourself hardware wallet that works with specter which is really cool he showed that to me in riga i met there's another person on the specter team that i met at bitcoin 2019 last year they walk amongst us they do they do so if you're using specter make sure you update this is a major release i'm assuming since it's version 0.0.1 um just go download that

where's they released 0.0 wait i thought it was 0.7.0 yeah 0.7.0 excuse me i misspoke there um but that's a major release right yeah i mean i think i think it's a pretty big release because is the first one where it's actually an executable, so you didn't have to build it from source. Yeah. And freaks, I must apologize. This project wasn't on my way. It was on no one's radar, except maybe Jimmy's song.

Yeah, so Sparrow Wallet version 0.9.2 was released, and I've just seen, like, screenshots. That's awesome. Yeah, it's got, the really cool thing about it for me is, like, the chain, the good chain analytics that are included in it. So similar to OXT.me's, what is that called? KYC.me? KYCP.org.

KYCP.org. Similar to that, but in your wallet, correct? I'm not sure about that. I know the coin selection, when you do coin selection, they show you some kind of visualization there. um i don't know if it's correct to say that it's it's actually chain analysis uh but it's it's basically it's a power user desktop client that interfaces with electrum server um so it's kind of funny because uh like electrum's like the og in the room right they've been around forever but i feel like specter and lily are hitting them on the on the more user

friendly side and then something like sparrow comes out and it's like maybe this is what like the power user who already has an electrum server is going to use yeah um and so here's the note they have in the release sparrows different from any other wallet and that is designed for those who run their own full nodes along with an electrum server instance electrum x is recommended as it is performant and supports call batching and use the full server full server api while running your own server might seem like a high bar there are many pre-built node options to purchase that make it easy your own financial self-sovereignty is worth it and every node makes the bitcoin network stronger and yeah i think i might have misspoken with that chain

analysis thing this release includes full support for single single multi-sig wallets on all common script types which is pretty big uh standards based including full psbt support support for all common hardware wallets and usb in air gap modes full coin and fee control with modern coin selection uh labeling of all transactions i know you get hard about that matt so you'll be happy that's what you were confused about is like the coin selection shows you a graphical display of the coin selection which is really cool i like to see that yes i think it's good for the mind yes visualize this um so that's what that was really cool i love i love all these new wallets we're seeing it's uh again exciting the infrastructure is getting built out and then

And this is something, talking about UX and wallets, I'll let you take this one, Umbrell version 0.2.6. You have actually used this one, right? Well, what's really cool about this update is, so my biggest concern about self-sovereign lightning is, well, one of mine, is that it's such a pain in the ass to back up. You have these static channel backups. and if something happens best case scenario you ought to you you're able to force close all your channels and then you recover them to your seed uh to your on-chain seed which is obviously not ideal like imagine you spend three years four years um like building out your channels and your reputation and your networking and stuff and then all of a sudden like some kind of

catastrophic error happens and the only way to recover your funds is to clear it all um so with umbral what they're doing here is they're actually creating an encrypted secret deterministically from your seed uh and that secret is used to encrypt your backup on umbral's cloud so and and and and because it has to be updated every time your channel updates they're sending bogus information sometimes too so so umbral has no idea who who's because it's going through tor whose backup it is and and when it's being updated properly and for the user what that means is if you just restore umbral with a with a seed with just the seed word you get both your on-chain funds and all your channels and everything it's like one seed to rule them all

and it appears that the plan here is to basically do that for every service they offer so the idea that you could just restore umbral with just a single seed and get all your backups for everything could be configuration everything like everything that you have set up like would be fucking magnificent from a ux perspective and because it's all through tor and because they have this dummy payload information it's still privacy preserving so bullish as fuck very exciting yeah i mean this project came out of nowhere within the last month yeah and luke childs was also he was just on stefan's pod so you should just go listen you should just be listening to both podcasts that were part of the same podcast network as far as i'm concerned yeah it's uh we have a an

unspoken agreement with stefan to push people each other's way just because the content is that good you know um this is something i want to work speaking of stefan feel for stefan in melbourne right now i wrote about it the other day the the pregnant woman who was arrested for having the gall to recommend the people in her town uh protest the what she deemed uh unconstitutional i don't know if australia technically has a constitution on the constitution yeah private or sovereignty inhibiting draconian laws lockdown laws she had a facebook post about protesting the lockdown right yeah but i mean the post is like let's socially distance wear a mask like we just want to show up in force and say hey we we will comply in person but we don't like

complying and we we think this is going a little too far and she was arrested the search warrant was executed uh called it incitement yeah incitement incitement they took all of her devices they took family's devices mobile phones computers which by the way um have become for better or worse have become a necessity of our lives and they know that they know they're like impacting work of like loved ones and and family members especially like school now is also remote um and then they arrested her and she's fucking pregnant and has two kids already yeah she's like supposed to go get an ultrasound that that morning or something like an hour is what she said watching that video is like truly like disheartening like holy fuck how did

i get this bad and australia was always uh well don't think it can't happen here uh but with that being said like there's a gradient scale of this and i believe america is not that far gone but we are trending towards that direction uh and we need to start fighting up fighting against this number one as americans the number two is a global society like we i think everybody across the world should have the inalienable rights that were described in the bill of rights in the constitution i don't think they're very much respected right now in the united states but we should fight to get those back and i think i've said this many times bitcoin is the best extension and preservation of natural law theory and inalienable rights since the constitution that's

why i decided to focus all my time and energy on it but holy shit like that instance in australia like they all the australian freaks out there keep fighting back they can't arrest all of you you guys your government not you guys your government is beholden to the chinese communist party the entrenchment of the communist party within australian politics is is becoming more and more apparent and that is a complete ccp tactic is to show up and and arrest somebody for wrong thing somebody got arrested for wrong thing stefan hasn't been mincey words um so i'm so i'm using him as a barometer we'll see what happens uh with him but yeah like if a government is is is stopping people from protesting if they're trying to scare you scare tactics to

prevent people from organizing protests um peaceful that's that's compliant protests like that i mean every authoritarian will the first argument they'll make is that it wasn't a compliant or peaceful protest right like that's always the slide they go with um but then that's where you know like they're obviously in the wrong is once they start trying to stifle that kind of speech yeah no and you contrast that to the quote-unquote peaceful protest here in america right now that some would describe as riots myself included slippery slope though you got to be careful with it well that's why i think the first amendment at the founding fathers are very particular with the language and you have the right to peaceably assemble um which i think is

a very important word yeah but let's jump into a hypothetical um because the reality is obviously way more um emotional and uh politicized let's jump into a hypothetical if if there's a peaceful protest they don't like they just send in an agitator do you agree with that yes i would not i would not contend that so that's the issue right that's where that's where all the issues stem from it's like how do you decide how do you decide where like what's a peaceful protest versus you know a peaceful protest with agitators versus a non-peaceful protest that that's that's the the whole fucking concern like controversy so you're trying to get at that some of the the riots well we're specifically hypothetical here okay hypothetical yes no because it's just it's just

it's just it is known like if you're if if you're a government that wants to stop a protest that's a peaceful protest you send in an agitator like it's it's super easy to do you make everybody look bad right yeah ah it's all fucked it's all fucked this is why we bitcoin bitcoin is one part of all this but it is a very important part and thank you freaks for bitcoining we don't have anything to wrap on at the end we're out of topics you have any any any riffs that you're thinking of it was great to see you in person i missed you we got to make sure it not doesn't go that long this time i know yeah it's september um not many people will be down in the village by the season i'm at particularly

my in-laws so maybe you should come down with the lady with the fiancee for a weekend yeah that'd be great we could do that um or a weekday or whatever a few weekdays i mean you think powell prints uh within 48 hours um i guess that would be contingent on the systemic risk the stock market fall poses to the system so if you see interbank lending uh liquidity start to dry up then yes he will step in but until then i don't i don't know um i think within 48 hours i think tomorrow we wake up and the stonks are red again and then by the end of the

maybe even by the end of the trading day they let something tease you know oh like be ready for the next couple of days it's going to be it they don't have the concrete say it yet if that's the case it would be Munchen it would be Munchen butts

I mix them all up it doesn't matter to me I can imagine a infrastructure plan or UBI stimulus package announced by Munchen butts A steege person or something like that? Yes, yes. But the Fed expanding their balance sheet

outside of a liquidity crisis in the interbank lending market seems unlikely to me. Yeah, they should just helicopter money us. Yeah, it's going to happen. I mean, expect it. Just buy Bitcoin with it. Yeah.

Are we going to fall under $10,000, Marty, in the next 48 hours? I sure hope so. That would help bring my... it would make my daily stack of a daily dollar cost averaging for a while now and i'm very happy that i've been employing that tactic uh today especially i'm i mean i'm more bullish on bitcoin just always right always more bullish than the day before yeah i mean the macro factors and again i don't want to like pump the company i work for outside of this this media

company too much but like just what i'm seeing on the ground with the mining stuff is just like it's inevitable in my point in my mind like it just makes too much sense i love it i love it digital pipelines digital pipelines uh and we announced i mean we talked about last week or excuse me the live episode but should be uh rehashed pun included uh the equinor project with Caruso Energy is mining Bitcoin to reduce their flare gas is a very very very underappreciated

story in this market right now you have Equinor which is two thirds owned by Norway by the state and directly contributes to their sovereign wealth fund in the Bitcoin mining game it's pretty huge massive we need

we need Norway and the Fed to just start buying Bitcoin they should just put on their balance sheets yeah i've got a name for yourself if anybody from the fed or on the economic advisory team for president trump wants to talk about how you could successfully speculatively hack your own currency and get get away with it uh reach out did that's an important topic uh did you watch david blaine's uh reenactment of the movie up i did i watched part of it uh that was uh i laughed out loud because i caught it midstream like when he was just floating and it was like a far away view of him just holding a bunch of balloons

800 000 people watching the live stream you know what everybody's bored on a tuesday it's gonna happen i was watching it i watched it for a little bit david blaine pushing himself to the physical limits do you remember when he tried to hold his breath for like 11 minutes i do i do remember one day we'll get him into bitcoin one day he knows he may already be maybe he's a freak he's a man of mystery david if you're listening tweet at us the invite is open uh i think the humidity spiked about 80 percent between the beginning of this episode in the end i'm sweating bullets right now if you couldn't tell well i'm inside with the fan on so yeah i am not you have your door open though i can hear the

birds yeah my dog was i don't know if the freaks heard but my dog was just harassing me at one point so hopefully it wasn't too annoying i think the freaks like the animal background noises sorry it didn't rain this episode i know you guys like the soothing rain um yeah but we're an hour and 29 minutes in i think it's a good place to end it matt it's been a great rep i'm two stacks into a three stack kind of day stay humble stack sets peace and love freaks