TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Week of 2020.09.14

Episode Date: September 17, 2020

This week Marty and Matt discuss: - Stacking Saylor - Bakkt all time high daily volume - Coin Control in Ledger Live - Square Crypto provides another $100K grant to btcpay - Sparrow Wallet Guide by bitcoinqna - Roy from Breeze on MPP and Wumbo - c-lightning v0.9.1 - Electrum v4.0.3 - BlueWallet v5.5.8 - Kraken is a bank now - Anicca Research - The Alchemy of Hashpower Pt. II - FATF Report on Red Flags - Is creeping KYC a threat to bitcoin? - Chinese Nationals allegedly attack more than 100 companies - Chinese database of 2.4M foreigners leaks 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.

I hope people's volumes weren't too high there I try to bring my mouth away from the mic and the woo doggy is woo doggy what a bullish week blowing people's eardrums hey you know what to expect here at Tales from the Crypt poor audio quality so hopefully it didn't blow too many ear drums out you're still listening freaks but i hope you can uh understand my excitement a lot of a lot of news dropping this week uh particularly around micro strategies double down on uh their bitcoin investment we will obviously get to that but first let's just hey how's your week been it's been pretty good uh i don't know i i yeah it's been a good week i uh that micro strategy news is you know i was like

i wasn't that bullish the first i thought people were like overhyping it the first time we found out about it uh when he first bought when they first announced that they bought 175 million dollars worth of bitcoin and then they like the ceo uh michael saylor uh just sent out like a a tweet like two days ago and he was just like we bought another 200 million dollars worth uh i was like maybe it's not a gimmick right because i don't know if you're freaks remember the first time i was like this kind of feels like long island blockchain uh and then i i watched like the first half he went on pomp's podcast have you seen that yet i did it was a very good podcast it was bullish as fuck dude is a fucking boss right i guess we're just going to jump right

into this topic we'll get yeah i can't just talk about just like my my week yeah uh really bullish podcast shout out to pomp for facilitating an excellent interview and to michael saylor for injecting bull fuel into everybody's veins i think the one thing that stuck out to me particularly it was how quickly he uh learned he wasn't he wasn't in in 2017 wasn't really paying attention he said uh he used the covid quarantine as as a time to educate himself about bitcoin and to go from zero to investing 425 million dollars within the years is pretty impressive and uh what really stuck out to me most about his explanation of how he got there was the grassroots content creators

getting him quality information. He named Vijay Poyapati, our good friend Parker Lewis, good friend Vijay Poyapati as well, good friend Pomp, Dan Helds, I'm missing a few, but it

was really a testament to the hard work a lot of content creators have been putting in throughout the bear market. We weren't mentioned, but you know what? This isn't about us. This is just about getting good Bitcoin information to people. first of all like this is you know i don't know like i like if we if we have a uh a dude out there speaking about bitcoin in public financial markets i'm i'm happy with

mike being our dude because he was but he's a fighter pilot for the air force then he made his own company he's been a public ceo for 22 years i think he said after the tech uh bubble collapsed his stock went down 99 and went down from like 300 like 50 cents and they didn't kick him out of ceo he like weathered the storm he's been he's been hodling domains whichever you know freaks know that's right up my alley he makes me look like a fucking pleb when it comes to domains he owns mike.com just hope.com just like these fucking just one one word domains that he fucking bought and uh yeah i i was just i was just like really blown away blown away by the interview like he's uh yeah it was it was very impressive to say the least extremely impressive and just

like the direction like the direction his mind is going with it all is just yeah the uh the analogy of 500 million in us dollars on a balance sheet being like a melting ice cube was just like wow it's perfect yeah i i saw everyone like freaking out about it on twitter like the interview and i i've i was just like bitcoin twitter is just over hyping something again and then i actually watched i tried to watch the full interview before i came on here and it was just uh beat my expectations i was i was impressed yeah another interesting thing that pierre rochard has been uh leaning into today is the fact that a lot of publications have not been covering it like no mainstream media has mentioned the fact that a publicly traded company has

allocated almost half a billion dollars to bitcoin uh the quote-unquote crypto publications very few have covered it which has been interesting oh that was the other thing that made me bullish is like this dude it seems like they bought the bitcoin on public exchanges of like a massive amount of transactions a lot of small transactions so he didn't move the order books and then they're self-custodying it themselves they're holding their own keys like that's exactly what we want to fucking see that that is insane to me i did not expect that i did not expect a publicly traded company to have 400 million dollars worth of bitcoin in self-custody i think we have to confirm whether or not it's self-custody it is in cold storage he said so here's the tweet that

matt is referring to that went out uh at 12 48 p.m eastern today we acquired 21 454 bitcoin so this is the first purchase i imagine via 78 388 off-chain transactions which i imagine is otc desk and piecemealing stuff together then secured it in cold storage with 18 on-chain transaction but i don't think it could be i don't think it could be otc because look how many off chain transactions did you say you did 78 388 so you think you're doing it but that was an otc broker you're doing 78 000 small transactions with an otc broker and like having them custody it before you take the custody yourself yeah that's a good point you think they'd be able to he had like a dude probably had like a limit order on an exchange he's like on coinbase or

gemini or kraken or some shit or all of them that's crazy last sentence of this tweet bitcoin scales just fine as a store of value this dude is giga chad if it was otc what i would assume which is what i thought it was originally is like otc you do like bigger chunks and it's it settles on chain they don't usually hold the custody for you you have like a different custody provider if you're like if you're not gonna custody yourself you have like a custody provider you bring in and the otc broker settles to them but it settles on chain it's not and it's interesting here that he calls it off chain um yeah everybody's speculating that was otc piecemeal it'd be interesting to see if you ever otc piecemeal 78 000 transactions yeah it does seem odd now that

we're actually dissecting it and it does kind of read like it's self-custody right well i'll just i'll believe i believe it's self-custody yeah at least it's not like gbtc yeah exactly and it's different paul tudor jones so i think uh exposure via futures markets well Paul Tudor Jones actually bought through Robin Hood. No. I think PTJ was futures. Which doesn't really count, right? That's what I'm saying.

Like, this guy's the real deal. Let's see more of this shit. That's a good point. Do you think we will see more of this shit in the coming months, quarters, year? Micro strategies should start providing CoinJoin liquidity. how are you feeling about our q q2 2023 bet about apple yeah i think it's definitely going to be under now yeah we just need to get this guy in front of cnbc talk it a couple more times like he'll be a great spokesman he's gonna just fucking trigger trigger a bunch of companies to do the

same thing yeah he speaks so well i mean if you watch the first half of the interview which is all i got through so far was like you know credit to pom for getting him on the podcast but that dude just was interviewing himself he was just like bump barely got any words in the guy just kept going and he was just fucking i mean i it's easy to get me bullish i guess but i was i was i was getting pretty bullish pretty quickly there but um yeah i mean just to put this stuff in perspective right now is uh a lot of the eth heads a lot of our good friends over in eth land have been uh going crazy over this number a billion dollars worth of bitcoin tokenized on ethereum um i actually did a podcast this week with uh with uh luke i i don't think he even says

his last name luke venture coinist i think it's luke martin luke martin right yeah luke martin on his on his coinist podcast about this um and there are two things i mean first of all it's it's it's multi-sig custodial and it's just a the token can be traded on ethereum um but if you compare that to custodial on coinbase that's so there's right now we have about a hundred thousand coins or ninety thousand coins in like multi-sig custodial that's accessible in the ethereum ecosystem it's not really on ethereum uh and then we have like nine hundred thousand in coinbase so like 10x there and then this motherfucker's got like 38 000 right so just like put it all in perspective like microstrategy has you know i half as many bitcoin as as the so

called tokenized on ethereum which is like kind of ridiculous to think about just how early all of these things are like even if you are bullish on on bitcoin tokens being used on ethereum it's just a it's just a fucking drop in the bucket yeah i love how they're pumping that stat i think it's a beautiful cell phone because it means that bitcoin's a better collateral for that system but i don't even know if it's like like i don't like i don't know if it's a better collateral for that system like i know i'd rather hold bitcoin right like i don't i i custodial bitcoin does not you know is is is a risk that i wouldn't be willing to take and in addition to that you have the smart contract risk right so but not only that you have the custodial plus the

smart contract risk it's like tether it's like tether but with bitcoin held instead of us dollars well that's actually another good point to bring up i think hasu tweeted this out and he's making the argument that this custodial bitcoin wrapping for ethereum is actually better than putting Ethereum in a smart contract because if the smart contract fails, you're not going to be able to get your Ethereum back. But if you have this wrapped BTC product, the custodian holding that Bitcoin in a multi-sig,

we'll still have access to that. Yeah, the Bitcoin doesn't get lost. The Bitcoin never, that's the thing. It's not on Ethereum. Yeah, their marketing scares people into thinking it's on Ethereum, but it's not. It never leaves the Bitcoin chain. They just have a token that represents,

It's an IOU token on Ethereum that represents the Bitcoin that's held in the custodial multisig. Yeah, and one gigachad bought half the amount of quote-unquote wrapped BTC on Ethereum for his company's balance sheet. So he now owns, I believe it's 0.18% of the total potential supply of the whole Bitcoin market. And he might not be stopping, right? Who knows? i think he depleted his cash holdings if i remember correctly during the original announcement of the first buy they only had 425 million dollars in cash and it seems like he tapped that out yeah he just put like the whole 400 mil basically into bitcoin yeah well i mean

that's what some people were talking about right it's like it's kind of like an end around for an etf because the company is only valued at a billion and a half and now a third of the company's valuation is is literally being held in in in bitcoin yeah yeah it'll be interesting to see uh like will he be giving out bitcoin dividends in the future if it if it appreciates give out cash we give stock dividend yeah cash dividends yeah yeah very interesting times very interesting times will be i don't want to say interesting three times in the same sense very interesting to see uh if this incites a domino effect in corporate boardrooms which i imagine it will jeff booth has been on podcasts recently talking about the fact that boardrooms that he's got some

insight into have been talking about this so maybe the mad dash for for bitcoins on corporate balance sheets has started i'm proud to i'm proud to announce that we here at tftc have had bitcoin on our balance sheet for for well over a year but we're such fucking plebs like it's so crazy that this guy just like walks in like discovers bitcoin like three months later he's a fucking whale like are you fucking kidding me uh i loved your uh your tweet response to him it was very humble oh my i did the same format but my 15 humble stack i like that format that format's so good i we've been acquiring what is it acquiring our acquisition of 13 000 bitcoin has been completed at an aggregate price of yeah september 14th we we

finish an acquisition blah blah blah it was good um so 15 i forget how many sets of that was worth but looking at clark moody's dashboard right now the price is at 10 924 and that means uh one is going to get you 9,154 sats. Currently, you can get 5.6 ounces of gold for one Bitcoin. It looks like Bitcoin's market cap versus gold market cap percentage is broken. Clark might want to fix that.

I'm hearing something. Is there like a lawnmower or something going on on your end? I mean, it doesn't matter because it's a different mic than what the freaks are hearing but i don't hear anything yeah you your uh your audio just completely changed on me did your did your uh your airpods die no i'm using wired headphones and i'm using my computer mic i don't know what's going on we're good now i fixed it uh

clark regardless the freaks it hasn't bothered the freaks it's only bothering you yes i'll i'll power through this. I always suffer for you freaks to bring you the good content. Clark, if you're listening, your website's broken. You need to fix the Bitcoin versus gold market cap percentage. Currently, one Bitcoin is going to get you 295 barrels of oil. We are at block height 648,792. We have a difficulty adjustment coming in 360 blocks right now. It's estimated to be 11.8% upward adjustment. Blocks are currently coming in under nine minutes at eight minutes to 57 seconds so considerable amount of hash rate seems to have joined the network since the last retarget uh where are we at here good time to send some transactions if you want to get it

into the next block you can attach a 62 sat per byte fee if you're willing to wait an hour goes down to 54 sats a day one set so we're approaching the weekend too if you have a of time preference uh matt i know you said last week that we'll never be able to get one set per bite transactions through but it seems like you were wrong maybe now we'll never be able to get one set per bite again yes how many times do i have to call it to like overtake uh huddle knots 10k i think we're gonna be here for a while i don't know dude any any day now any day now could be the last day where we get one sap per bite i feel the fee fomo it's coming it's coming speaking of fomo looks like people are fomoing into samurai unspent capacity is at 1573 bitcoin

bang bang just keeps going up just keeps going up but see that's so small you know like this is what like people don't realize you know the lightning lightning capacity is at a thousand bitcoin 38x is micro strategy unspent capacity of of of world pool right now is at 1500 bitcoin that's what like 30x is a micro strategy like this is like we need to get these like if we want these things to be successful like they need to they need to increase in in in in amount right like we need people to actually we need to see that number that number go up i'm not expecting it to go up right away lowering my time preference freaks but still like we want that number to go up and in the meantime we have to we have to be humble here and realize that not not that many

people are using these things right like how many how many people do we think are doing coin join worldwide right now uh less than 1500 it seems no no i would say well nah that's actually bad we got a lot of plebs we the plebs are doing better than the whales less than 10 000 let me yeah probably that probably like 10 to 20 um this actually brings up a good uh topic that's not on the list but i saw you getting into it with american hodl yesterday about the confusion around coin joining and i had to say uh i do understand where he's coming from we expanded on that at bit block boom but uh like you said in that thread get your fucking hands dirty dude yeah i mean look i'm patient with everybody like if you if you ask me questions i will respond to

your questions i'm super helpful um but like american hot like talks a huge fucking game on twitter and he and we're friendly like he can he can reach out to me anytime he wants if he has any questions or issues like that's a cop-out when he says that he's confused you know and if and if i mean like i'm no doubt in my mind that he's confused but he hasn't tried right there's been there's been no attempt so i'm gonna i'm gonna fucking call him out but like i i don't want people to think like i'm i'm i'm talking down to everyone else i'm just talking down to american hodl yes and by the way american hodl got kicked off twitter again he's now at hodl i think their conspiracy there is that i dunked on him about coin joint so he made sure that he

got suspended so it erased it that would not surprise me yeah there's some there's some fuckery going on i just i want the people like i want the people that talk a big game to put their money where their mouth is that's all yes i play devil's devil's advocate here i can see where he's coming from where best practices seem to be changing not every day but if you if you put your guard down don't stay up to date with everything for six months you may be behind on best practices he he flashed a screenshot of him purchasing a straight up buy of 20 bitcoin i remember okay he can he can put one bitcoin into coin join liquidity and lightning liquidity right and and if if if he loses it he loses it it's like that's not that's that's not something

you know like like obviously don't don't go full hog and go and put up put all your money into something you're not comfortable with you know but he can play around with it he has more than enough to play around with it he's made that much clear that's why i give him shit and he's never even reached out never even attempted to try which he's admitted to himself dms are open i was just feeling in a feisty mood so i called him fucking out for it that's all i know i know it was a feisty thread i liked it he made you admit that uh you're packing it was uh um let's just roll into it before we get into anything this episode of rabbit hole recap is brought to you by our good friends at the motherfucking cash app you freaks already

know all about them you should know all about them if you don't know about them let me tell you about them uh easiest place in the u.s to sack sats again that's stacking sats you can stack sats send sats receive sats sell sats we're saying sats sats sats sats because sats can be the standard on the app we're stacking whole sats and not fractions of bitcoin uh you can dca into sats as well using the cash app set it and forget it one day weekly bi-weekly uh you can set that up set it and forget it in dca into bitcoin using the cash app on top of that they have cash app investing if you're interested in investing in stonks you can do that uh via cash app too and You can stack slivers of stonks.

You don't have to buy the whole stonk. You can buy as little as $1. Because all this is connected to your bank account, there's no four- to five-day waiting period to start stacking sats and slivers of stonks. Today, I should say Cash App Investing is a subsidiary of Square and member SIPC. Also, don't forget about their boost program. They're updating that boost program all the time. You get a personalized debit card that can be used anywhere Visa is accepted,

and you initiate a boost with a partner merchant, go shop there, and you save a little money, and you go stack some sats with that. as always if you haven't downloaded the app already what are you waiting for go download it and use the code stacking sats that's s-t-a-c-k-i-n-g-s-a-t-s you're going to get ten dollars and ten dollars going to go to our good friends at owls lacrosse that's owls lacrosse this episode of tales from the crypt is also brought to you by your incredible friends at unchained capital unchained capital shout out parker lewis was mentioned by michael saylor In the POM podcast, his Gradually Then Suddenly blog series was a series that made Michael lose a night of sleep, it seems.

He went through every essay that Parker's read. So shout out to Parker for putting out incredible content. And shout out to Unchained Capital for putting out incredible products, including what we're showing here today, their concierge service. so if you want to go from zero to multi-sig with the help of Unchained Capital they're going to allow you to do that so you pay $1,500 they will ship you hardware wallets to set up the multi-sig they're going to have multiple video calls with you answer any questions you you may have they're going to make it easy with the help of an expert they're going to go through operational security they're going to guide you through that and they're going to answer any questions you have

about multi-sig and then on top of that once you're through the tutorial and the white glove service you're going to get a thousand dollars of bitcoin into your vault so why not make your next bitcoin purchase direct to a new multi-sig vault that's the question they're asking as we mentioned they have their incredible blog series they're working on incredible open source software including caravan which is the open source multi-sig quorum that they use for their vault So you can do that by yourself without Unchained if you want to. And then they're rolling out an OTC desk as well. And that's going into more states.

I actually saw they announced another state this week. So it's a one-stop shop for Bitcoin financial services done using the native security properties of Multisig. You can also go follow them on Twitter at UnchainedCap. If you don't want to follow them on Twitter, go to their website. www.unchained-capital.com And we're actually going to link to the Vault Concierge onboarding package in the show notes. And it would be wrong of me not to say

that if you tell them the TFTC sent you, you're going to get $50 off that concierge package. So, woo! Damn. I just want to say that uh pomp's just been bringing in the guests man he got first he got kramer then he got he got michael saylor before anyone else and now it looks like he's gonna get portnoy before you marty what what's happening there pressure's on matt you know it's always good to have a fire

lit under your ass with the competition that's why i love about the space about the content creations it feels like more content creators are coming into the space and content is just getting better the bar is getting set higher and it's uh it's really motivated me to to put the pedal to the metal uh it'll be interesting to see that day portnoy interview i hope i can't believe you scooped el presidente before you marty shame again like i'm part of the bubbly gang apparently i'm a persona non grata shame uh hey i wonder if they'll talk about me on the podcast i'll take a bet that bitcoin marty gets mentioned at some point and it will probably be follow with some disparaging remarks so just front-running that no but again like i'd be

remiss if i didn't give you shit about it so there's there's the shit on the record no but on a serious note like it's uh it's a friendly coopetition if you will again at the end of the day the reason i got into this was to help better educate people about bitcoin and to be an avenue for bitcoin information for people who like receiving bitcoin information the way i present it and uh some people like it other ways and as long as people are learning about bitcoin and joining the cause i don't care i don't care if it's pomp or me or whoever as long as people are getting on the bitcoin train that's that's what's most important well i mean i'd prefer if they listen to tales from the crypt i do as well obviously or stefan speaking of speaking

that we've had our best month we had our best month of downloads again thank you for three months and done without you three months in a row shout out to you freaks for approaching four million downloads all time on anchor i think we should be over four million if you factor in the fact that uh like the first 60 episodes are on libsyn so i think we're over four million views now thank you freaks damn hopefully hopefully a decent fraction of those people are providing coin joint and lightning liquidity that's all we can ask for freaks if you can do get your hands dirty um we got some shout outs this week we don't like to do this matt and i discussed this for a bit before going live there was a user or a user a listener uh paid for a shout out

uh with some critiques of jack mauler's appearance on pops pomps pink pomps podcast recently uh i did not listen to that podcast i don't think you did either uh i do not feel comfortable reading this if you are the freak that paid for this shout out please dm us we're gonna have a conversation before we read on there maybe we could bring jack into it too uh i just don't know the context and don't matt as well we debate it back and forth what are your thoughts matt Well, I mean, it's hard to have thoughts without reading it on air. But, yeah, I mean, we're not trying to bury this. You know, we're going to bring it back up.

I do want to have Jack back on. We haven't had Jack on since Strike launched. So absolutely in that regard. And whoever you are, freak, definitely reach out to us, and let's have a discussion about it, see where your head's at before we proceed here. but we appreciate you sending in a shout out regardless yes and if you want a refund for this we will gladly do that send an invoice or an address um yeah i mean we're not against reading

something either so so let's let's have a discussion but we don't know who you are that's one of the beauty of our shout out systems so you're gonna have to reach out to us and prove to prove to us that you're the one who sent it it should be very easy for you to prove that yes and we could potentially read it next week we just need some more context we don't feel comfortable without some some more context uh shout out to john holmquist for launching bitcoin black friday in 2012 john's initial quote-unquote half-baked idea to raise awareness of bitcoin and its advantages in commerce caught on in a big way from 2012 to 2018 featuring deals from hundreds of merchants and driving hundreds of thousands of dollars in bitcoin transactions and mainstream

media edition attention excuse me this year on november 27th bitcoin magazine is bringing bitcoin black friday back in a big way with a focus on building the bitcoin circular economy and highlighting advances in bitcoin's utility for commerce visit bitcoinblackfriday.com to list a deal if you are a bitcoin accepting merchant or want to be and to see bitcoin black friday deals from companies like unchained capital coin kite and more uh we will be on that list as well um so shout out to john holmquist for for championing bitcoin black friday and the circular economy i mean they did that was an ad was it they just tricked you into reading an ad marty i don't think bitcoin magazine profits from this though isn't it there it's on their page but i

think it's literally they they want merchants within the space well anyway we support the bitcoin black friday movement it's about creating a a stronger circular economy so is the shout out ever going to recover from this i don't know this is like a bad Bad week for shout-outs. Let's hope the last one is quality. Well, the last one is simply a link to a pull request on BTC Pay Server. We'll link to it in the show notes, but it's github.com slash btcpayserver slash btcpayserver slash pull slash 1910.

And if you go to the link, it is... It's about adding credit cards to BTC Pay. Yeah, and looking at the PR, it's getting a lot of knacks. So I don't know. The only supporters, like if shitcoins are added, we might as well add fiat. yeah um so but that's cool that's the first pr we've ever gotten included in a shout out especially without any context i kind of dig that idea of just a 50 pr you just put it in this pr needs more attention a pr review bounty 50 and we draw attention to it and people go look

at it the other thing about the strike thing is like neither me or marty have used strike uh not yet no yeah so i i'm extra i extra don't really know you know that's why we need to have some more context before we we haven't watched a podcast we've never used strike so we just need a little bit more context that's all yes um hopefully you freaks we're we're okay with that shout out section i know it was a little controversial of a shout out section this week but you know what we're gonna live we're gonna learn we're gonna get over it we'll be here week in week out and we will better ourselves throughout the time i can't believe that guy owns mike.com but his twitter handle is michael underdash sailor

like how did he not get at mike you know like this it's just funny how that works out right maybe he didn't even get michael sailor with no underdash this is uh yeah can't win them all i guess yeah have you talked to matt odell recently are penised no i'm never gonna get that domain it's whatever maybe you can buy a couple from michael i have matt odell.com it's enough for me i'm not greedy my domains are so bad compared to his i'd like just i'm just had bags and bags of shit coin domains like in comparison to him he's just got some quality blue chips in there but one thing that someone mentioned and it was one of the things i thought of too

is that he probably would have been better off selling them two, three years ago because ICANN, the organization that's in charge of the top-level domains, has now started adding all these new domains. Like they just added .gay two days ago. I saw that. So what's happening is basically it's like a lesson in what happens when you have centrally controlled scarcity, right? Because by adding all of these new domains,

like apple.com isn't as valuable when apple.io exists or apple.whatever you know apple.gay so yeah so that's i think that's an interesting uh little metaphor there for like centrally controlled shit coins versus uh versus a more distributed system like bitcoin yes yes the scarcity is only as strong as as how easy it is to change it yes and i can proved that it's pretty easy to change dot gay it's here um i bought hodl dot gay i saw that btc.gay was 2400 really so we've made it we made it fam it was a premium domain they were selling it for more all the the other regular domains were 24 but btc.gay was was 2400 was because it's btc meaning bitcoin btc a three letter bitcoin.gay was also 2400 interesting yeah interesting um you know what

else is interesting it's probably the 10th edition of the podcast make that 11 uh back bitcoin futures topped their daily volume record uh earlier this week uh they surged past the record what did they hit i mean it's still pretty lame but it's good to see right yeah uh worth more than 200 million dollars which is up 36 percent from their previous all-time high uh so they they traded 15,955 contracts earlier this week did you see the chart from skew the yeah they are little they're a little speck on the graph of the of the share of aggregated daily volumes yeah they're like nothing you can't even really see them on the chart the monster is uh is it cm you're cranking i can't tell what that color

it's binance right it's binance it's binance yeah my eyes are finance woe be and okay x yes this is bitcoin futures aggregated daily volumes uh do you think any of these exchanges are spoofing volume yeah i mean you don't yeah you don't there's no way to prove it you can't verify yeah um so you'll be aware it seems like interest in futures markets is starting to starting to increase especially maybe like backed all-time high is a better indicator than binance because you know they're playing by the books because they're subjected to the sec or cftc cftc most likely oh yeah no absolutely i mean i think like backed and cme right are obviously probably the most watched in terms of not being able to fuck with volumes

this news was i thought was like the most underappreciated bullish news of the week coin control yeah in ledger live so like i personally think that we need coin control in every single wallet and i think people aren't don't even realize that they need it but they need it uh and i want to see labeling too they don't have labeling yet but but coin control is a good first step and rumor has it we have full node support coming to ledger live pretty soon as well so soon to see that i want i want to see most wallets have advanced features where you can just either easily connect your own full node or you can easily use coin control labeling yes uh now this coin control news is actually huge it's actually a problem we've been dealing

with at gam's parent company where we've been getting dust attacked um and we had one of our solutions uses hardware while with no coin control and having coin control and ledger live really helps people preserve their privacy especially if they're being subjected to dust attacks so

there's been a bunch of 546 set transactions being attached to random addresses that are attempting to taint I think taint's the right word taint those UTXOs by combining them when you send them in the future so

your fee burden too because the more inputs you have on the input side yeah the higher your fees yeah so shout out to ledger for getting that live but we need labeling too but they said they're working on it but yeah it's good it's good to see one step at a time one step at a time another thing i want tour support to ledger guys let's make it happen on it get on it faster work faster faster uh this is also great to see square crypto uh extended another hundred thousand dollar grant to btc pay server uh i believe this is the first uh re-up that they did follow-up grant they're referencing as uh in their program so it's just great to see them supporting uh open source projects like btc pay server we've said it many many times on this podcast uh we believe btc

pay server is one of the most important open source software projects in the space right now uh i use it every day it's it's incredible yeah i mean i think it's going to be it's like our most important kyc free on-ramp and off-ramp so yeah should we jump into that is that even on the i have it on the list i put it at the end okay we'll wait um there's a sparrow wallet guide out by bitcoin q and a our boy uh sparrow wallet brand new wallet i think we talked about it last week uh nice open source wallet connects to your already existing electrum back end um so electrum the electrum gui is getting hit from both sides we have specter that just integrates directly into bitcoin core which

i think is probably going to be the best option for the majority of people that want to use their hardware wallet with the full node and then advanced users might start using sparrow wallet as their GUI for their Electrum server rather than native Electrum. Watch your back, Electrum. People coming for that nut. We appreciate you. Yes.

But it's just good to see all these options coming in. And it looked like Knox Custody is about to release something too that's also a GUI-based multi-sig with your own node. I love all of these new open-source wallets that are getting released yeah big fan of uh the team at knox custody i've had the pleasure of meeting zane pocock and uh fib in person and there's quality bitcoiners uh really in it for the right reasons and the content they've been putting out particularly as bitcoin is collateral

and uh attempting to convince family offices they should allocate to bitcoin has been incredible as well so we're going to link to their uh oh we didn't even we don't even have a link for them no i just mentioned it i just remembered it go check them out uh i think they've only been teasing the in terms of their actual gooey wallet or whatever their open source wallet product they've been only teasing it on on twitter yeah the more the merrier optionality we say it a lot is a uh is a good thing it drives competition just like optionality in the podcast space drives competition it does so in the wallet space too and in the software space uh roy from breeze uh technology the non-custodial lightning wallet put out a really great piece

earlier this week i believe it was monday i wound up writing about it in the bent talking about multi-path payments and one bill and how yeah how the combination of these two upgrades to the lightning network actually changes the dynamics of the lightning network multi-path payments create an additive feature or an additive feedback loop is probably a better way to describe it to channel creation where the likelihood of you getting a transaction through is significantly increased because you don't need it to go through one channel along your route you can use many different channels along your route to piece together a transaction which is huge and And then when you consider the fact that Wombo channels enable people to open up bigger channels,

it just adds to that overall liquidity and really helps increase the utility and user experience of the Lightning Network. And it's a couple of these upgrades that you really don't realize until they're live how much they improve the network overall. and it's these small methodical calculated upgrades that I like to see that really surprise people to the upside, I think. Yeah, I mean, I think MPP is a bigger deal than OneBow personally. But it's just a really good piece by Roy

and I love his wallet, Pre's wallet. Go check it out. Yeah, MPP is a really big deal because otherwise the liquidity is all... It just makes the UX and everything better, too, just because you have less failed payments. It improves privacy on Lightning. I'm telling you, I keep going back and forth. I was bearish on Lightning, then I was over-bullish on Lightning, and now I'm back down to reality.

I'm bullish. I'm very bullish. That piece made me extremely bullish on Lightning. I mean, we'll see. I think it's too early to call one way or the other, to be honest. yeah uh the nice thing about a second layer is even if it's a complete fucking failure uh we can learn from it and continue on like nothing happened yes it seems like there's been good progress being made we will be following the progress of the lightning network as we have up

to this point and i'm i'm trending towards very bullish uh i mean there's only a thousand bitcoin in that thing yeah right now publicly and like half of it is ellen big just some random ass russian whale who's running all of his servers in virginia what a boss you must i bet he's providing coin drone liquidity too i wouldn't be surprised uh software updates you just want to blow through these are any particular that are major updates you want to touch on no i just hit the freaks yeah so sea lightning version 0.9.1 is out there if you're running that block stream has upgraded sea lightning it comes with a blog post that we will link to in the show notes if you're running election version 4.0.3 has been released we're going to release we're going to

link to the release notes there i'm not going to read them out loud because i've gotten yelled at in the past for doing that if you're running blue wallet version 5.5.8 has been released so make sure you're upgraded there as well that's uh the only software updates we have on the list this week this is pretty big news cranking it's officially a bank now this one i wasn't really hyped at all about this one i think is overhyped i didn't know whether to be hyped or not this is one i've been neutral on but i do i'm a little hyped about the fact that it's a full reserve bank i like that but like why though why am i excited or why are they full reserve bank no they're full reserve bank because wyoming

requires them to be a full reserve bank i didn't realize that yeah it's caitlin long's uh what do they call it sbdi or something yeah special purpose depository institution yes so you have to be full reserve and everything to to to qualify for that so full reserve on the i believe full reserve on the fiat side and on the bitcoin side yes um so i guess that's good benefit the benefit with the spdi is that deposits aren't required to be insured by the fdic again because they're already fully reserved i mean you don't like the whole reason fdic insurance exists is because people are running fractional reserve everywhere all these banks of like six percent uh not even yeah i uh yeah i i'm not like fuck fuck i don't you know it doesn't matter to me

yeah i'm not i'm not it's not a negative thing or a positive thing good for them i know they wanted it you know so congrats congrats to those involved uh but to me it's not uh a necessarily like a bullish thing for bitcoin i don't know if it's a bullish thing for is it a bullish thing for wyoming maybe is it a bullish thing for kraken i guess yeah if any of you freaks out there have uh reasons to be bullish or things that we missed tweet at us and let us know how stupid we are do you think it's bullish for bitcoin i mean like maybe a little bit yeah there's nothing obvious that jumps out to me

where it's like, ah, Michael Saylor News is much more bullish, in my opinion. Especially after listening to that interview. I don't know, that dude's like fully orange-billed. Yeah. It's great to see. You'll love to see it. Yeah, that one caught me off guard. This is like,

eh, you know, it's like more bullshit hype, whatever. Yes. Looping back up to the message before the list, what I wanted to point out, a good friend, Leo Zhang at, I always mess it up, I don't know if it's Anika or Anisa Research, whatever it is, A-N-I-C-C-A, my pronunciation may be off, put out part two of The Alchemy of Hash Power. It's just an incredible piece if you guys want to understand the dynamics of the Bitcoin mining markets historically when miners have invested and when they've deployed machines and how that's affected their profitability and hash rate on the network.

It's just a very insightful piece that gives you a peek into the dynamics of the mining industry. So shout out to Leo for putting out some incredible content. And any of you freaks who are wanting to learn more about mining, highly recommend you go check it out. Leo's probably one of the top five people, maybe top three people on the planet, that really understands the ins and outs of the mining industry and hash rates specifically. and now we transition to topics that make us very angry our good friends uh the financial action task force fatfa not our boys have uh have released a report that uh describes red flags that people should look out for uh in relation to virtual

assets red flag indicators it's a 20 page uh report and uh they talk about the red flags are just like using bitcoin yeah exactly um using bitcoin trying to be anonymous so oh god i fucking hate this institution why do they exist for control super national it's unelected it's all for assholes don't let them control you freaks they want to control you don't want to control your money they want to control your mind they want to control your agency do not let them we need to start speaking up more against these assholes and avoiding kyc services as well oh we'll get into that let's stick on fafsa for a little bit well so marty like i when i go through in my head biggest risks to bitcoin right um those have evolved

over the years you know in the beginning i thought we'd see maybe like full-on national bans of bitcoin maybe no trading whatsoever like all these different things you know regulation of mining um right now i think we've gotten past a lot of of these threat factors like obviously like it's lindy and network effect like the longer bitcoin succeeds the stronger it becomes uh the more resistant to action it becomes but right now to me the biggest threat by far is this creeping kyc into everything that happens like identify all users and then try and capture all the player as many players as possible from that angle right rather than try and go for like full outright bans like try and enforce kyc on the miners try and force kyc on

the users try and force kyc on the merchants and get as many people to comply as possible and then from there enforce based on the information you have and this is where we get into the debate like how possible and effective is that enforcement once those UTXOs are moved off exchange into personal wallets potentially coin joined in relation to mining KYC I wrote about that this morning Jeremy Rubin has written about ways in which you can use op check template verify if it ever gets merged into core to create my decentralized mining pools that allow you to construct a block yourself as an individual miner and distribute the reward with other miners in the decentralized pool

so shinobi actually wrote a good piece yesterday highlighting the achilles heel of the mining industry right now it's just the fact that uh bitcoin mining pools the way they're constructed now do actually custody funds on behalf of the individual miners with that are contributing hash rate to their pool and then they distribute those funds so there is temporary custody of funds that are distributed and should be made a very good point this is uh something that financial regulators could point to and say hey you're cussing financial assets you need kyc or users um so while yes i don't think it's perfect right now i do think there are solutions on the table that could come to market that uh make it again as is what i said in the newsletter yesterday

and today dumb and expensive to enforce so with the mining particularly these decentralized mining pools using object template verify and allow individual miners within that pool to mine a block and then distribute rewards commensurate with the other with the hash rate other miners are contributing to that decentralized pool and then when it comes to kyc exchanges if you are taking custody of your Bitcoin off that exchange, either coin joining, even if you're just sending it straight to a wallet, you have the plausible deniability on your side.

You don't have plausible. They may have all that information of people who have given up KYC information to exchanges and know that they own Bitcoin, but what is the likelihood that logistically they'd be able to enforce some type of punishment on all those users especially if most of them are long-term holders one second one second one second whoa that's my i said my piece yeah okay you were just adding it towards the end it was

just okay first of all you know the decentralized mining stuff sounds like hopium to me we'll see if it happens um but regardless i i kind of feel like we're resistant on the mining side just because of regulatory arbitrage and just because like it's a global it's a global market so so the way i look at this threat here is i think i think the network as a whole long term should be should be kind of immune to this type of attack uh because mostly because of regulatory arbitrage and because it's a global system so like you need to have like global coordination to try and like do like real damage to bitcoin the network um i think the threat is to the individual users and i i think i think the threat is the individual users and i think that it's going to come down to

individuals to try and make themselves more resistant to this type of threat and i think it depends where you live right and i think if you ask most people if you ask most people a user that is custodying with an exchange let's say you keep your bitcoin on coinbase is less resistant to their government acting against them than a user who's keeping self-custody, right? Completely agree. Everyone agrees, right. So I would take that a step further.

I think a user who self-custodies but coin joins first is more resistant than a user that just self-custodies. A user that self-custodies and coin joins and uses their own node and does privacy best practices going forward is more resistant. Then I think on top of that, If you're a user that's accumulating without KYC and you do the privacy best practices, then you're the most resistant, right? So there's a scale there, and the users that are on the top of the scale that are just keeping custody on the exchange or doing KYC with zero privacy best practices, they're at most risk, you know? And many of them might be fine, but it is definitely a risk.

I mean, I think and it's probably to most holders, it's probably the biggest risk of coin loss over the next 10 years. I don't know what risk would be above that besides maybe like loss, just like being an idiot and losing your coins. Yeah, I don't deny that at all. That's why we encourage people to take self-custody and coin join on this podcast. another interesting variable you have to throw in here too which is god i'm saying interesting so many goddamn times 15 uh that you should pay attention to so even if you are getting bitcoin in a non-kyc fashion you are going to pay premium on those those coins so you have to consider like and you do have a counterparty in those trades that does have some information about

how you who you are to some extent it depends how you get it but yeah yeah you can there's a there's a range there as well yes exactly so there's there's some backdoors there and so that's a quite like if you are buying non-kyc to like avoid taxes and somehow the government figures out that you own bitcoin you may be a hodler or you may have spent bitcoin in the past and they want you to pay taxes for that you're paying that premium to get it in non-kyc and then the taxes on top of it and just the cost benefit analysis even if you are buying on a kyc exchange does buying at a lower cost basis make up for the potential capital gains tax if you get caught this has nothing to do with not paying taxes well the freak should pay their taxes okay this is this is

about external risks to your privacy and to to your actual long-term coin storage because these this information is gonna is gonna leak and it's not gonna just be your government that's gonna use it against you like we we saw this week two sets of chinese nationals getting accused of of of hacking private information of a bunch of different people and this is going to happen to all of this information all this kyc information and it's on a chain forever uh so so like i i think i and it's like people are allowed to make their own decisions like the beauty of bitcoin is permissionless and then we have like tons of options at our at you know at our disposal and we can and you can choose which option you want but i i think people should be aware of the trade

offs and i also think like if you're the type of person that's on twitter and you're like fuck the system like bitcoin is protest money and you're buying all of your coins kyc and you're just like moving them just barely into like a ledger for self-custody and you're doing the bare minimum self-custody not using your own note or anything like you're mostly full of shit and like you're being a hypocrite like and you should do better and you should aspire to do better and i understand people are overwhelmed but they should just try a little bit harder and like you know it'll take time get get you know get your feet wet learn i agree that's why we do this podcast trying to get people off zero uh coin joining getting into self-custody and maybe an unfortunate event will

be uh like maybe like times pass it's not exactly the same thing but like a gox event happening where the government cranks down on these exchanges it doesn't let people move bitcoin off will be a hard lesson people have to learn well we see that it's happening in india right now right like we're we don't have like one monolithic government like there's going to be governments around the world at different times are going to do different crackdowns like india's right now they're on their third crackdown um so like hopefully people will realize like this is you know uh i like if you want to be you you have a choice like you don't have to be self-sovereign but if you want to attempt to be somewhat self-sovereign then you know practice what you

preach that's all yes be aware be aware are you calling me out right now you're trying to say that i'm not doing this i'm not calling you out i uh i do practice what we preach i just i no this is why i called hal out though uh i i you know i just i i think at the core of any kind of these movements right is like empowering individuals and empowering people uh so i i just like as much as i think bitcoin is inevitable like we need people to be a part of the movement and to be like stronger parts of the movement right and and the only way that and and one of the things that detracts from that is like this like this like hollow shallow uh lip service to it rather than actually practicing it right and i i think people

to just be more introspective about it and i like i i know me personally like i've been guilty of it plenty of times um and i just try and do better you know i i should thank you for lighting a fire under my ass and forcing me to do that just so we're not being hypocrites on here uh another thing i want to add too and what i said in yesterday's newsletter i believe is like that was the kyc one right yeah like how possible is another executive order 6102 like if it gets to that point like here in america i'll just speak for america specifically uh shout out to our indian freaks i feel uh terrible that you're being subjected to another exchange ban like if here in america they try to do that again you have confidence in our government institutions

at all-time lows we're sort of wise to how bad of an idea executive order 6102 turned out to be and the repercussions of cucking ourselves when that happened. And do you think this time around people will easily lay over and let the government fuck them up the ass? I think out of all countries, we're in a better situation probably in terms of likelihood of something like that. But I could easily see a softer version where you you just you have to declare fully all of your transactions every year uh and and you

and like a super high tax rate on it um rather than like some kind of full-on seizure and yeah it'll be a fight uh like obviously the better situation and we've already we're fucked like we're gonna have to be a part of that fight but obviously the better situation to be in is to like not be a part of that fight like if there's a fight like it's better to just not have to worry about it because you fucking covered your ass beforehand uh yes so so you know like like anything else uh like anything else there's some nuance there but i i don't know and and like even like little things like our our protected speech in america is much stronger than other countries so like in somewhere like in in england there's there's precedent of of forcing you to uh decrypt

encrypted drives um in america i what is it they're pushing for that in america what is the fourth amendment right where you is the one yeah where you're unlawful search and seizure yeah so you're not you don't you you can't you don't have to disclose your password like they have to try and crack it um so like stuff like that like protects us uh much more than than uh in other countries but like i think that's like against the like the cypherpunk ethos is that like we shouldn't be relying on a document and rights or like social assumptions to protect this stuff you should be like trying to like solidify those protections through like code and practice yes bringing it back to the cypherpunk manifesto you make it impossible for them to do this

and and i well while we're on the subject i want to give a heartfelt shout out to our to our freaks in in victoria in australia it seems like you guys are getting you it seems like you guys are testing ground for some weird orwellian shit right now it's uh really weird what's going on over there um i just just to go back one more time to like kyc surrounds us on a daily basis this information collection surrounds us on a daily basis a lot of times mandated by our own governments that basically directly and indirectly criminalize people seeking out privacy you know like even things like registering to vote doxes doxes like keep public information about you um like paying your taxes like trying to be

a law-abiding citizen like results in you giving up a ton of your privacy um and then we have this corporate surveillance behemoth that has just rose to power that works hand in hand with governments that is basically just they own our digital identities they know everything about us they buy and sell us on the free market they're buying and selling our identities right so like at its core like this this whole privacy debate to me is is a debate about control right it's a debate about control of people and there's no way to stop it except for individual action and i i think i'm in bitcoin we see that with the kyc purveyors um but but we see this on it on a daily basis with everything stuff like gmail stuff like like i'm trying to use this

graphene phone as my daily driver like there's negatives all the time that i have to that i have to deal with um and keep missing appointments because i'm not using google calendar like shit like that you know and uh but but we people need to like stand up and i i i had the honor of speaking at fidelity's privacy conference this week which is gonna oh yeah how was that it was great it's gonna be released the videos should be released publicly soonish so keep an eye out for them um but we had uh sam abasi from uh fidelity was the moderator and uh we had fluffy pony me and tom robinson from elliptic uh chain surveillance and ricardo said something interesting that i wanted to parrot here um that a good goal to have is like every six months

try and remove one negative privacy thing from your life you know whether that's gmail or whether that's uh like alexa voice assistant which no one should have uh you know like any of these little things um like location on your phone all these little things like try and remove one every six months and just try and slowly move yourself facebook linkedin instagram whatsapp try and remove them and slowly become more hardened there i like that just one every six months maybe make a list start chopping away at that list over the next few years i think it's a good plan yeah it makes it less daunting because it is a daunting idea to approach but it's like it's fucked up that like corporate surveillance has become such a thing because you

can't even we can't even trust like our companies you know you can't this is why free open source software is so important you know but it's like it's like bullshit that you can't just like buy buy like a mainstream phone and like have privacy guarantees because like it should be a national security issue like we have links here of the chinese doing it and we definitely do it i know we do it the russians do it and and the difference is now like it's not just the americans doing it and and people are just going to be hacking each other's citizens for all this information that their own governments are collecting on them their own corporations are collecting on them and they're going to use it for control and blackmail and shit and it makes us all weaker

it makes the country fucking weaker and people have to start to realize that and i'm afraid people won't realize that until like a lot of damage is done yeah fight back freaks uh take action individual action uh can be as small as speaking up against this stuff telling the fatf to go fuck themselves and asking why they even exist in the first place um but yeah last two uh things we have unless we already mentioned but just to more thoroughly dive into them chinese nationals have allegedly attacked more than 100 companies uh justice department unsealed some indictments of chinese nationals for uh attacking uh software firms social media video game companies universities and foreign governments uh so that's a pretty big deal and

then uh maybe maybe they're related i don't know if they are related different yeah chinese so Somebody, Vice, wrote an article, I believe it was earlier this week or last week, basically detailing the fact that China has been doing mass surveillance of millions of citizens in the U.S., U.K., Australia, and India, and they've been scraping social media data, but also, which is interesting, I believe they have medical and banking data as well, which you can't scrape from social media. So they're getting into foreign systems and scraping citizen data

and what what do they want to do with that like it's trying to have a plan to take over the world they're going to come use that data to subject us at some point in the future look if you have information on everyone's spending habits everyone's text messages everyone's medical issues like that's control baby that's like you have everything there and like i just ah like it's i i just i i instead instead of like our government's realizing the threat that that is posed externally from our horrible privacy practices they're doubling down and they keep trying to like ban encryption and shit and it's like the exact opposite of what we really should be doing so exactly um you know i have zero faith in in our government making

making proper strides here which is why i'm advocating for free and open source software but you know obviously the ideal situation would be that you wouldn't have to even you know go out of your way to do it it would just be encouraged everywhere yeah people would just respect freedom what a world that would be right i honestly think it's a national security issue obviously it is that was uh actually does bitcoin fix this right because uh well jp coning that nerd who tries to vote on bitcoin all the time it fails miserably because he doesn't understand he tweeted out something today like bitcoin ransom attacks are increasing and highlighted a bunch of examples and there's no such thing as a bitcoin ransom attack there are

ransomware attacks that uh prefer to accept bitcoin as payment it has nothing to do with bitcoin the software has to do with the fact that bitcoin is a better money to accept if you're a ransomware uh pirate uh you do not want to put a paypal account up there because it's likely to paypal freezing those funds is probably a hundred percent uh but the point i'm trying to make here is that as more of these ransomware attacks hopefully these systems which are holding a lot of uh important data become more secure not with the intention of securing your data with the intention of not getting ransomwared uh so they don't have to buy bitcoin and give that up so there's two problems there though the first the first problem is is so like the idea of the

ransomware attack is is that they encrypt your data and then if you pay them the ransom they unencrypt it for you right um so that provides them an incentive to get into your system to do that and then they can still copy that data and sell that data separately if they want to separate of you getting the decryption key so there's no incentive for them to not keep a copy and the second thing is the easiest most low-tech way to protect yourself from ransomware attacks is to just have off-site backups so you still lose the data but at least you don't lose it yourself like someone gets a copy of it but you don't because like to these companies it's almost worse for them just not having the data than it leaking they don't really care as much if it leaks

um for whatever reason you know it doesn't give them that much pr backlash like people aren't freaking out enough yet uh no one you know like equifax is still in business so does urbit fix this no urbit doesn't fix this i i think i think pain fixes this i think people are just like we don't realize because you know we all live our our little lives like from our perspectives but like i'm living a big i'm living a big life buddy big boy in a big world um i uh but it's never been this bad before like we've never had so much of our lives on the internet and digital and easily scraped and easily aggregated like it's net we've never been in this situation before so it's gonna at some point it's gonna hit a

critical mass we're just gonna like everyone's gonna get owned we're just gonna get owned left and right all of our data is gonna be out there it's super hard to get back your privacy once you've lost it and we're gonna learn the hard way and how do you just have some tyler dirt and radical start blowing up servers or something like that yeah like uh what's the show fight club it's a movie no not fight club uh uh i robot or now mr robot mr robot there we go i've never watched all the financial records yeah hey mr robot if you're out there think about it just kidding we do not we do not incite financial terrorism on tales for the crypt keep encouraging it uh the i had something to say here oh no yeah but yeah like like the point that you just made

that it's never been this bad well it's how early is the internet right and like if we're thinking about this technology moving into the future the internet in a form that is accessible to mass the mass is probably what less than 30 years old at this point i think it's still very early on if we assume that these technologies are going to persist hundreds thousands of years into the future barring any natural disaster that wipes out life on earth uh so we are we are the first iteration finding out these cracks and uh this is uh they're pretty big cracks we're finding hopefully we can patch them as if not and we get the digital panopticon exported to the whole world which hopefully we can avoid i think it'll it'll get fixed eventually like humanity will find a way

i just i just think it could be very painful in the interim and like i'd prefer if it wasn't like my great grandkids i would see the light like i you know i i prefer that um and yeah i i just and specifically with bitcoin man just because of the ledger is forever the kyc just feels it just feels more insidious and it feels more like not like in your face and like even little things like um like let's use citadel 21 for an example they uh accepted only bitcoin for their magazine right a community focused bitcoin zine they released physical copies um and a lot of people paid from kyc sources right so even though citadel did they reveal that i mean i'm they definitely happened okay whether they paid through lightning through strike or

they paid directly from cash app or something a lot of people paid from kyc sources so there's a bunch of kyc transactions that went into citadel 21's wallet and unless they practice like the most prudent coin control use coin join like super effectively and stuff citadel 21's wallet for for all intents and purposes is fully kyc'd and clustered and known it's a known one they've never interacted with kyc directly themselves but just indirectly because they got paid kyc utxos like it is known well how would like yes if they but if they practice good coin selection and coin control like how would a chain analysis company know that individuals they'd have to be pro sending they'd have to be

pros which i wouldn't put it past them but like if they let's say perfect scenario they do act like pros the chain surveillance company has none the wiser and they can assume that that was the user moving into personal storage too i'm i'm telling you like coinbase and cash app and kraken and gemini like saw a ton of transactions go into this cluster and started how do you know it's a cluster do we have to get into xpubs here i'm i'd look if if they use their own full node then they're at least not leaking it to an external server and doing all this other stuff right there's a bunch of best practices um you but you make a couple mistakes there and your wallet's fully clustered especially if there's you know information sharing going on with stuff

like what fatful wants um like you end up having like people getting kyc that don't realize that they're getting kyc that's all i'm saying and and and and it gets very burdensome very quickly on the person trying not to get you know like what are they they're gonna leave they're gonna leave like fragments of utxos that they don't want to combine together uh they supposedly like they're benefiting a circular economy they said they said they're paying their printer they're paying their shipper with bitcoin they're paying their printer with with bitcoin so then all those wallets are getting right they're like one step removed i don't know but like what if they use p to ep look marty like if you want to talk about perfect hypotheticals you know perfect theoreticals then

sure then they're probably fine but like also like how many people are using that shit we're using it yeah i mean in some ways though the pay to endpoint clusters your wallet more on btc pay but that's a separate nuance it's a topic for another day uh are you optimistic it will get better yeah i look i think lightning is like probably our best shot in like in like the in the most basic sense right like just because at least it's not on chain um but i'd like to i and i'd like to see coin join usage go up and i think i think even if you don't have effective privacy on it it's like a protest vote every time a kyc do txo goes into coin join it's like everyone knows it did so it's it's it's like a it's a good protest that maybe it

tells tells them to back off and not try and make any moves there yeah and again uh an action can be as simple as speaking up maybe we should be advocating for more bull bitcoin like services that automatically coin join deposits and withdrawals and stuff like that um you see but that goes both ways too right because like so like i love that bull bitcoin is going to i want that to become the standard um but if if if bull bitcoin is like a significant i imagine bull bitcoin has to they're a regulated company i imagine they have to keep records of all their utxos that go into the coin join rounds and stuff and provide them i'm not sure if that's the case but like if if that's the case then they're they're almost degrading the rounds right at

least the perceived the perceived uh like you think you're getting more privacy from the rounds than you are like if they're like 20 of the outputs in the round um so there's nuance there and like ideally we'd see a lot of them do it and and it does definitely gives you the benefit of normalization which you know i would love to see but not all liquidity is equal that is true all right we'll be covering this stuff moving forward as we always have we have any last thoughts here it's starting to rain where i am you freaks may be able to notice with the background noise well rodolfo told me that he wanted a free shout out that any bitcoin core users that are using rpc user rpc pass should stop using that uh it's it's less secure option compared to rpc off

so if you're using it you know who you are look into it look into it and if you're playing tftc bingo you can hit the rodolfo square we waited till the end but we hit it and we also we have to like auction off or raffle off a a uh block clock yeah block clock mini at some point but i we have to figure out a fun ethical way of doing it so i haven't decided yet so yes if you have any ideas freaks shout it out in the comments and uh to all of our btc pay server friends out there that are working on it particularly rockstar dev uh the btc pay server hats that we are contributing to btc pay server from our fundraiser uh they're in the hands of gary leland they did not make it down the bed block boom gary also said he's going to take one so subtract one from

the donation uh we got to figure out where we're sending those hats gary is custodying them right now uh and i and i don't want to trust him i want to verify that they get into your hands at some point soon so we'll reach out to you directly yeah let's coordinate that's on the bright side our auctions they are raised i think over 75 million sats for btc pay so yes close to a bitcoin but it bought us a little bit of time but we'll get them yes uh shout out to gary and bit block boom seems like everybody made it out unscathed no covid positive there was like 45 or 50 negative tests too i was one of them yeah pretty crazy yeah makes you think makes you think makes you think hope you're enjoying your muzzles out there

freaks that's all we got this week stay humble stack sats peace and love