TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Week of 2020.11.02

Episode Date: November 5, 2020

This week Marty and Matt discuss: - bitcoin difficulty adjusted down by 16% - This month in bitcoin privacy - Russian Gazprombank likes bitcoin now - Lightning Pool liquidity market - Zeus v0.4.0 - Specter v0.9.1 - Lightning Terminal v0.3.0 - Android Tor Browser v10.0.3 - JoininBox v0.1.14 - FUlly Noded Desktop v0.1.99 - Raspi 400 - Nunchuk multisig - Low bandwidth bitcoin - bitbo.io bitcoin dashboard - Bitcoin merge mining report - Layer1 legal issues Shoutout to this week's 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. BitcoinBlackFriday.com Now if you sign up for early access for the Fold card on Bitcoin Black Friday you will be entered into a raffle to win a whole Bitcoin.

hey there freaks how we all doing out there you're all having a great week here in the united states now it's a bit hectic here but come in come into the rabbit hole recap and lose yourself for a few hours for a couple hours for an hour maybe however long this episode goes matthew what'd you just pop obon little bay single malt scotch whiskey i am uh in the caribbean right now so i'm drinking a dark and stormy a rum drink using pusser's rum it's very good dark rum official rum of the british navy if i understand correctly what is it with the british navy what's its relation it says british navy pussers rum original amorality rum cool emerald emerald can't speak you freaks know that already what a week conflicting uh conflicting vibes with the uh

the election and the uh the unofficial or the official winner of the election not being officially announced yet, but we also have Bitcoin pumping at the same time. Let's just jump right into it. According to Clark Moody's dashboard, the... Wait, Bitcoin's pumping? Uh-oh. Marty's just staring at me.

Are you there? I'm here, Marty. Did I lose you for a little bit? I lost you. I'm going to turn my camera off. uh just in case it's bandwidth i was asking you about bitcoin pumping i didn't realize it was pumping oh yeah dude uh the price has been going up a little bit today we're currently sitting at fourteen thousand nine hundred and six dollars uh one dollar does not go as far as it did last week you're only get six thousand seven hundred and eleven sats right now according to clark's

dashboard can't believe you haven't been paying attention well it was really hard not to notice since i have my new block clock right behind me constantly updating me with the price block clock price is fourteen thousand nine hundred eighteen dollars is that eight at the end there the fourteen thousand nine hundred ten clark in the clock pulling from and it's fucking slick as fuck dude it uh it can pull any stat from clark moody's dashboard uh-oh i'm having bandwidth issues are you good i'm good i think it's got to be on your side right turn my camera off um and i'll turn mine

off too maybe that'll help i get out of slack too which takes up a lot of bandwidth um yeah we'll get over slack this week what's causing the pump who knows i wrote about in the bend today Maybe this election uncertainty is starting to awaken people in the international markets that, wow, maybe the government behind the world reserve currency doesn't have their shit together. It can't even do an election in a timely manner. Can they maintain the efficacy of the US dollar as the reserve currency of the world? Maybe that's why Bitcoin's pumping.

Probably not, though. There's just probably more. Well, I mean, all assets are pumping, right? But Bitcoin's pumping hardest. I don't think the altcoins are pumping especially in Bitcoin terms I mean like stonks are pumping especially like tech stocks

but Bitcoin is pumping the hardest this connection issue is bad right now what did you just say? just that Bitcoin is pumping the hardest it's weird because I feel like I can hear you still but i guess you can hear me some of those times but all i hear is like keyboard clicks okay hopefully hopefully we're done with it let's keep going through the dashboard uh one bitcoin is going to get you 6.7 ounces of gold bitcoin has grown to 2.2 percent of the

overall gold market cap actually just saw an interesting tweet bitcoin uh the bitcoin network total market cap which is currently 276.4 billion according to clark's dashboard past PayPal's overall market value, which is pretty interesting. Bitcoin is now bigger than PayPal. We're at block height 655,563. There are 18,534,694.15 Bitcoin on the market right now. The U.S. government sees some of those Bitcoin today. We'll get into that later.

Interesting story. Just dropped right before we hit record. moving on we had a downward difficulty adjustment earlier this week we're going to talk about that as well but it happened and 363 blocks ago and it was a negative adjustment of 16 i believe the second largest downward adjustment uh in the asic era which is pretty massive uh blocks were coming in 11 minutes 45 seconds before the adjustment they're currently coming in about nine minutes in 37 seconds and as of right now 1653 blocks away from the next retarget uh it looks like it's going to be an upward difficulty adjustment around four percent and that's estimated to happen

on november 19th of this year uh we're going to go to mempool.space to get some mempool stats here very smooth um mempool website shout out to our friends wiz and others working on that site right now. If you're trying to get a transaction included in the next block, if it's a high priority, you're going to have to pay about 310 sats per byte or $6.45 in U.S. dollar terms. If you have a medium priority, you're willing to wait a little bit, a couple hours, a few hours, mempool.space is recommending you send

a transaction with 291 sats per byte attached for about $6. if you have really low time preference you're willing to wait a few days uh still pretty high 273 sats per byte or five dollars and 68 cents they're currently 62 780 transactions in the mempool.space mempool size is 118 megabytes and the next what did we get down to when the difficulty adjusted i think we cleared the mempool like down to like six sats per byte or something like that i believe so and you should be able to see this um on mempool i wish i knew how to it's pretty crazy that that it's the you know our difficulty adjusted down so hard and we still have so much uh fee volume there i mean it's

great to see yeah we got down to six sets per bite yes that was possible so that difficulty adjusted down 16 a little over 16 which is the second largest difficulty adjustment we've ever had yeah and the last one was the the one that was bigger than that was like 2011 before the a6 even arrived so this is a pretty significant downward difficulty adjustment good thing for miners who were able to plug in after the adjustment and somebody hopped in the mentions of last week's episode on twitter and made a very good point we met and i discussed the fact that chinese miners who had unplugged from their hydroelectric dam power sources were moving their machines to to other places with lower cost of energy

within the country or somewhere else around the world and it would actually make sense for them even if they did have their machines moved uh to a place with uh lower energy prices and we're able to plug it in it probably makes more sense for them to wait on the sidelines until the difficulty adjustment to take advantage of a lower difficulty over one difficulty epoch at least so that may yeah i mean it's a balance right between waiting for the difficulty versus grabbing the fees while you can yeah what like what the amount of fees are that are available it's crazy to see the fees have stayed high even after the adjustment like you said like right now predict the next block holy shit it's 34.36 percent of the total reward will be made up of fees that's 3.27 bitcoin

the important thing is that i successfully swept that l and d on chain wallet of mine how'd that feel restressing at all i'm not gonna i'm not gonna say the sats per byte i paid but it was less than 20 and but i think it was smart i had a little bit of fee fomo there so i didn't go like full-on you know one sat per byte and i got it through that's uh does katan have any one sat per byte transactions waiting out there in the men pool yes supposedly he had a he had a couple that got dropped from mempools i told him he had to as the flag bearer of one sat per byte transactions he's should be obligated to increase his mempool size to carry everyone's one sat per bytes for them yeah it's only fitting that he would do that

come on katan get on it bro we need this to happen um yeah big week man big week and i hope you were stacking sats on the cash app before this price ran out why is that every every morning okay good good so matt's daily buying what at 5 a.m 5 30 a.m well now we're not going to discuss what time i'm you know what time my auto stack is that changes the auto stack the the freaks just keep trying to front run me well if you're on the cash app you can front run him if you didn't know you can stack sats send sats sell sats and receive sats via the cash app and you can dca you can set it and forget it daily buys weekly buys bi-weekly buys dca set it and forget it sats are the standard we're no longer buying fractions of

bitcoin but whole sats thousands tens of thousands hundreds of thousands millions tens of millions if you're a baller and uh it's actually good we're gonna have to get the the daily dca stack in so if we don't know the exact time we're just going to need at least uh let's say 24 freaks to set up daily stacks every hour of the day um so at least one of you or a few of you are front running matthew so i just need proof of that at some point in the next week on top of that you can stack slivers of stonks if you want to on the cash app you can buy as little as one dollar worth of a stonk if it's too expensive cash app can be your bank account they're offering account numbers and routing numbers you can direct deposit your

paychecks into the app if you haven't downloaded the app already make sure you use the code stacking sats it's s-t-a-c-k-i-n-g-s-a-t-s you're gonna get ten dollars and ten dollars gonna go to our good friends at owls lacrosse that's owls lacrosse they got some weird owls down here in the caribbean they sound different they go that's a caribbean owl for you because we're donating our money to owls lacrosse use the code stacking stats download the cash app and then when you've done that go check out our friends at unchained capital unchained capital is providing uh bitcoiners with financial services with a security first mindset all their products revolve around multi-sig uh they're actually going to offer you freaks a special um discounted

package to go from zero to multi-sig uh with a white glove concierge service uh it's a 15 package but if you tell them tftc sent you you're going to get 50 off and basically what you get is one-on-one video conference calls with the unchained team they're going to walk you through multisig how their vault program works how you can get comfortable with multisig the hardware wallets you need to use if you don't have them they will send them to you and they're going to answer any questions you may have you're going to have multiple video conference calls again they're going to hold your hand through this process so you go from zero to having coins in a multisig vault because basically you get the hardware wallets, you set up the vault, and then part of

the $1,450 package for you freaks, if you tell them TFTC sent you, they're going to dump $1,000 worth of Bitcoin into your multisig vault. At the end of the process, go check out Unchained Capital. We're going to link specifically to this product in the show notes. So if you want to go from zero to multisig, if you haven't taken custody of your funds yet today, go check out our friends at Unchained Capital. They're doing incredible things. If you're a high net worth individual who listens to this podcast sup number one and then two uh unchained's rolling out an otc desk if you're looking to buy in bulk unchained can help you out with that if they're operational in your state you have to check that um so go check that out we're going to link to that in

the show notes and then last but not least our good friends uh for btc media are bringing back bitcoin black friday so you guys got to go to bitcoinblackfriday.com it's a project from the team behind bitcoin magazine and bitcoin 2021 in la bitcoin black friday is a celebration of the growing bitcoin economy they're going to really help bitcoiners who are putting out products and accepting bitcoin as payment they're going to create a and contribute to the the closed loop bitcoin economy so on black friday the site is going to find active deals for up to 50 off your favorite bitcoin gear and other merchants that accept bitcoin it doesn't stop with spending bitcoin bitcoin black friday also list over 65 charities that you can support with bitcoin

and stack a stacking stats page where you can earn bitcoin so if you want to give back to charity with bitcoin uh they're gonna have a list of charities there that you can donate to as well and so if you are a bitcoin merchant out there who isn't a part of bitcoin black friday yet go to their website bitcoinblackfriday.com list yourself get yourself on the list add to the list of great deals and this is really cool the much awaited bitcoin back reward card from fold is almost here and the full team is teaming up with bitcoin black friday to bring you a special promo for the much awaited sack back card if you sign up for early access to the fold card on bitcoin black friday so again via bitcoin black friday.com uh you'll be entered into a raffle to

win one whole bitcoin or 100 million sats um that's right go to bitcoin black friday.com sign up for the fold bitcoin rewards card and you'll be entered to win a hot 100 million sat stack these guys are partnering with our favorite bitcoin companies and merchants like cold card unchained capital bitcoin magazine my node kobo vault ledger bavada and many more thank you guys for supporting our sponsors it really helps us do what we do so we can deliver you this hard-hitting news and it's a big week of news we already mentioned it but the downward difficulty adjustment happened on Monday I believe again that was

negative 16% Matt I know we already buzzed on it a bit but what do you think I think it was Tuesday that was the second could have been Tuesday yeah the second was Tuesday no it wasn't no Tuesday was the third but I think it was was it really on the second

was it on Monday let me check that was the morning of Tuesday Tuesday morning yeah i don't have the exact date on me right now whatever it happened monday or tuesday yeah it does i guess it doesn't really matter i mean there were a lot of hash came off the network what was were there some uh there were some projections there about how much hash left the network what was it like 35 or something 35 to 40 in some projections that's pretty significant i mean if

you think about it in terms of absolute terms um by far like the most that has been pulled off the network during any difficulty period yeah uh just because hash keeps going up like crazy amounts a few factors there i mean it does highlight the need to distribute hash rate geographically outside of china where a lot of this hash rate resides right now i think that's happening i think the market's bringing solutions uh to the table that that is just going to make that happen naturally i know we mentioned it last week but these uh these low prices at the hydroelectric dams during the rainy season in china from what i understand they're not going to be as cheap as they have been in years past moving forward especially as the competition for bitcoin

mining specifically continues to heat up in those areas so i think that'll naturally push hash away from there specifically and then again the mining industry here in north america is young a little bit unorganized but i think it is going to be a significant factor in the the market for hash power at some point in the next decade potentially the next five years i mean absolutely and i mean just in general the difficulty uh adjustment worked as designed um that hash left the network difficulty went down increasing profitability for existing miners um and it looks like it'll adjust up for the next period um just trying to like balance itself out find equilibrium it's said it many times before

written about it many times before the difficulty adjustment is one of the most beautiful aspects of bitcoin it's such a genius aspect and i don't think bitcoin would work um without it it arguably will not work without it at all um so that that one little tweak that satoshi made adjusting the difficulty based on the amount of total compute power on the network in a given 20 or 2016 block period uh makes this magic happen it's pretty crazy so shout out to the difficulty adjustment yeah shout out to satoshi but uh so with the difficulty adjusting we got bitcoin it brings blocks bitcoin privacy from our girl janine oh one second it brings obviously live oh sorry there's a bunch of cool articles uh that janine

has uh amassed in the monthly newsletter including some on tax authorities demanding disclosures uh schmor schnor and tap script bit 79 pay join receiver and join market chain analysis and crypto exposed persons there's 15 uh stories that you guys can go through and then there's uh she extrapolates on attack tax authorities demanding disclosures um looks like looks like she started adding a little color to every piece was that there before what do you mean by that like she's got the stories itemized below maybe i just wasn't paying attention no she always did that my bad janine um yeah she does a great she just does a great job uh shout out to janine for that um i just wanted to go back real quick i was i guess

we were kind of just talking over each other a little bit um because i'll tell you one thing the view where you are is fucking fantastic so if that means some connection issues then um sorry freaks it's definitely worth it for marty um the in terms of the mempool like when when the difficulty adjusted down it basically brings blocks back in line um with that 10 minute average uh even it's a little bit quicker i i imagine it's probably a little bit quicker right now if difficulty is is projected to adjust up um so we expected fees to to to come down a bit um as the mempool cleared more transactions get cleared um the wait list goes down and fees should clear out and as we said earlier the fees didn't fully clear out so it should be interesting to see

and you know we're very clearly in the midst of a of the beginnings of a bull run i would say you know that's what it seems like um so fees go up in those situations because transaction demand goes up so it should be really interesting to see what happens this weekend the weekends are historically smaller transaction volumes um do we fully clear do we not yeah currently according to clark's dashboard there are 83 blocks to clear in the mempool right now which is pretty significant um it's almost two-thirds of a day or no a little a little more than half a day worth of blocks the coolest part about the block clock mini is you can pick any any stat that's on clark's dashboard so i could just have it sitting there doing like number of blocks to clear and it could

keep switching for me um the thing looks dope i can't wait to plug mine in uh it got delivered while i was on this vacation so uh did i just see a dog run behind you we have a dog here winston winston that's fantastic is it like a house dog you like came with that we brought him not me and my wife but oh fantastic another couple on the trip with us it's their dog huge huge fan of dogs a good dog too very good dog great great uh great companion to have on this trip um yeah man where are your dogs uh i don't i don't know hopefully they don't bother me during the stream they usually want to get the door opened and closed for them as it's going i'm sure we'll we'll see we'll hear from them in a little bit i was not expecting to hear from these

guys uh gazprom bank a bank from the fold of russian energy giant gazprom is launching institutional cryptocurrency services in switzerland which is interesting a lot of a lot of uh intertwining narratives here russia is getting into bitcoin they're doing it in switzerland via gazprom bank um they're going to start out with bitcoin only trading against fiat currencies and they expect to add more cryptocurrencies in the future even though they probably shouldn't uh they made an announcement ceo roman abdulin said we expect digital assets to become increasingly important in the global economy and in particular for our current and potential clientele um so it seems like gazprom bank specifically is seeing the

writing on the walls it pertains to bitcoin's continued success and saying hey if our clients are asking for it we should offer it to them um interesting that a russian bank is doing this in switzerland do you think they'll offer the same services to russians yeah i don't know are they offering and it's not immediately clear i imagine they're offering it to russians in switzerland right it's like their swiss arm of their bank i don't know how that works i'm not i'm not well versed on the uh the russian expat uh population in switzerland didn't know it was considerable makes sense though i mean they might it might not it might not be russian expats right i mean

i know at least before they had that big uh uh the big crackdown in in the swiss banking industry like there was a ton of americans that were using swiss banks right and they weren't expats no yeah they were living in america with swiss bank accounts right so um presumably there's russians who are living in russia with swiss gas prom bank accounts they can fuck around with bitcoin now yeah that makes a lot of sense Take advantage of the Swiss Banking laws From abroad

Very popular If you have enough money Shout out Wolf of Wall Street Great movie Alright this is I think probably the biggest news of the week As it pertains to Bitcoin I hinted at it last week

Particularly about the conversation I had with Ryan Gentry from Great episode by the way really enjoyed that conversation ryan's really smart dude we're lucky to have him focused on on lightning specifically he has thought thoroughly about all aspects of bitcoin and even the all coin space he was forced to read white paper as well at multi-coin capital and he has a very major strength when it comes to believing that bitcoin is going to win out against all these shit coins and um and he has a very articulate way of describing the order of

operations necessary for bitcoin to be successful the importance of proof of work the importance of lightning how lightning is more than just a payments layer on top of bitcoin and this lightning pool liquidity market is a great example and is again i think one of the biggest fundamental positive developments to happen in the bitcoin space since potentially launched the lightning network a couple years ago because uh lightning pool basically creates the conditions through which a yield curve can develop on top of bitcoin so lightning pool is a solution to do two things number one help node operators profit from being routing nodes more easily and the way that you do this is it allows you to sell channel liquidity to a user looking to get

on and leverage lightning network so that's the second benefit is the user looking to get on and benefit from the lightning network has a better user experience where they're able to just straight up buy inbound liquidity so they can start using lightning right away and the way this yield curve develops is uh you'll be able to offer liquidity over a certain duration of time right now i believe it's only two weeks but they will be expanding the amount of time that you can offer liquidity loans for and so as these durations get added you basically have uh the rate of what's the word you have the lightning network real rate of return sort of develop and you you get to really hone in and calculate the risk-free rate of return

that bitcoin is giving its users so each duration will have a different interest rate attached to it and if you loan out for two weeks uh and for 10 you may loan out for a month at 13 percent a half a year for 15 percent whatever but it helps you really calculate the opportunity cost of being able to use your bitcoin versus locking it up and providing liquidity in this pool and that interest rate attached to that really defines that opportunity cost and lets you know the rate free risk of return that you have on your bitcoin and from a financialization standpoint this is imperative and a really incredible fundamental development for Bitcoin becoming more legitimate in the eyes of people in finance, or not even just them, but it allows people to better

calculate risk when they're deciding whether or not to spend, loan out, or invest their Bitcoin. I mean, the key here is that this market already exists. Naturally, it exists. but this is a distributed marketplace that allows price discovery to happen in a more censorship resistant transparent way which are two key aspects there that you want to see what it really reminds me of is is basically from a top level like the way join market is set up where there's this there's essentially this liquidity market that's permissionless that

anyone can come in and join um and provide liquidity for whatever price the market's willing to pay um and on that note i would say the same concern i have basically with with join market um is is that when join market was first announced i was extremely bullish on the idea the incentives there where there's like this maker taker model for liquidity is exactly what we want to see in bitcoin this free market incentive structure the concern i have is and i know it's early days so i'm not trying to um you know uh talk down to them or something like but we still haven't seen on join market is is the ux is super important here uh to allow liquidity to easily access the marketplace and participate and to this day we haven't seen that really evolve with join

market. And I think one of the things to watch is basically what that rate is, because I think if, if people can access it easier, that rate should, the rate of return should go up a little bit more, right? Like I, if, if you look at the rate of return on joint market right now for providing joint market liquidity, it's pennies, it's absolutely nothing. And I think part of the issue is you don't you don't have enough on on the on the maker side it's it's easy enough for people to set up liquidity and provide liquidity but on the taker side it's too difficult for them to come in and take it right and actually demand add that demand element yeah that's really the novel beautiful beautiful thing about this is that this rate develops because people are willing to

pay for utility all right leveraging the network and that utility is provided by a better ux particularly better channel management ux so you don't have to worry about rebalancing channels or even probably the hardest hurdle for somebody joining the lightning network for the first time is getting inbound liquidity or an outbound liquidity sort of balance so this makes that considerably easier uh if you listen to the podcast with ryan uh you'll know that that's not it's only the tip of the iceberg the the applications that can be applied via lightning pool and things like shadow chains that this enables is is going to be massive and we can't even comprehend or visualize or imagine the use cases that'll come out with it the market's gonna

i think be be creating some very creative and unique solutions uh with this stack right and it's beautiful because it's all bitcoin native and you're you're able to profit in bitcoin it's all denominated in sats and uh compared to something like block fi you're able to basically get a return on your sats and a savings account like entity uh without giving up custody it's non-custodial you have one key in the two to uh multi-sig at all times so you have custody it's beautiful you don't never give up custody it's bitcoin finance done the right way no kyc i see none of that yeah i mean i what i want to see is uh and i i hope it will come in time is you know like you you open up like a storefront right and you you need inbound liquidity because you open

up your storefront this is the scenario we basically see play out all the time in terms of uh lightning merchants and you're basically like in two button presses you can just like go and and buy directly from the market right without like going into command line or going into stuff and and when that happens that's when you get real demand and we can see a real rate like materialize yeah this order book will be global and accessible by anybody right you don't even need an exchange account or connecting a bunch of exchange accounts to to access this order book it's just accessible to anybody in a non-custodial fashion i love the the light up we're back over 15k you can set all that back over 15k yep we just went over there you go shout out block clock

many and shout out to the lightning labs team they sat on this again for something that's like a big development there was no hype before the launch they launched it they just put out a good product they didn't tease it or anything just put their heads down build it out launched it um so what beautiful to see and they first they released lightning terminal right which is which is what kind of brings it all together it seems right like lightning terminal is the gooey that's gonna provide you know your interface to lightning loop which is a rebalancing tool and and uh lightning pool which is their

liquidity purchasing tool marketplace so yeah not gonna lie a lot of people hate on lightning labs and lightning in general but this news was extremely positive uh bullish and incredible uh fundamental building block being offered to bitcoiners that should have profound effects on just being able to accurately define opportunity costs when deciding to hold spend invest or sell your bitcoin um so it's uh it's cool to see i can't wait to start messing around with it i gotta i'm gonna get home set up our nodes and and i think i'm gonna start offering some liquidity on those books i'm just happy i was able to sweep those

on-chain transactions for a small sap provide fee then i can get back into being hyped about lightning yeah what do you think do you think this is bullish as i do i you know look i think i i have a very i don't know just a funny history with lightning and i i just i think that maybe my expectations were a little bit um like fucked around and for a period there um i think it's important that bitcoin twitter is running tour nodes uh like tour routing nodes that aren't attached to a person or a business. I still think that's important, but I think for the average user,

they're basically just going to have a mobile app with like one channel to a routing node. And if they need to receive, maybe they buy liquidity from Lightning Pool and they don't even realize they buy liquidity from Lightning Pool. um alternatively maybe they're using a custodial wallet for a small amount uh because it makes ux easier and it's based in some country that's not listening to american regulations so there's some

regulatory arbitrage there uh but i think like the average user is never going to manage a lightning node and like that's probably fine um like the like the killer the killer use case in the short to medium term is basically interoperable custodial wallets or semi-custodial wallets and i think that's fine but i i i i i got myself a little bit too hyped that's all i got i think i got myself a little bit too hyped on it too quickly you took the lightning network torch from you maybe that maybe you got like too hot too quick too fast in your lightning network journey yeah yeah no i mean i and i say this a lot like i was bearish lightning and then i got like ridiculously bullish hyped um and now i'm just i feel like i'm just coming back to a more realistic

um framing goal you know goals um but i think it is important more important than ever for people to realize that we do need independent routing nodes out there we you know i i'm i'm still concerned that we'll have like you know centralized hubs i do think that the permissionless nature or the permission it doesn't require much permission uh to join the network and become a routing node so i think that's super important and stuff like lightning pool makes it even easier so the real bullish thing for me on something like lightning pool is that if you're a more technical user you can come in you can create a node on tor and you don't have to like talk to anyone and be like boy you know like talk to one of your boys and be like give me inbound liquidity

i need to join the network you could just buy it and you just buy your way in well in that and then on top of that on top of buying your way in maybe it even incentivizes people who would excuse me would not have set up a lightning node a routing node to do so in the hopes that they profit by leasing out this liquidity maybe have some hobblers with some coins in cold storage and and they've thought about the interest-bearing loan somewhere like BlockFi, and that custodial risk is too much for them. But this lightning pool risk... I just don't know how much money is to be made for the average person.

Well, there's a bot out already. I think it's called Lightning Pool Stats or something like that. They're pulling data from BlockStream.info. I've seen APR is at 13%, which is pretty... No, but it depends what your BOSS score is. Do you see this? No. Are you aware of this BOSS score?

The... B-O-S score. What is that? It's like your reputational lightning node score. Oh, good. And I'm not sure. I haven't been able to see what it stands for, but it might stand for Bosworth.

He might have come up with it. I'm not positive. That's as far as I've gotten there. but he his node has like a ridiculously high boss score um and it kind of makes sense to me because he probably created the fucking score um yeah but i'm just saying like like did you you saw his tweet last week i think we talked about last week like he's made bank on his second node um like my nodes have lost me money like i'm negative right and i so like how many users are going to have a positive...

Like, I wonder how big the range is going to be in terms of super profitable nodes versus, like, the average user who... Like, are they going to be able to get their reputation score up or, like, how that all plays out? It should be interesting to just watch it play. This is a call to action, all you Uncle Jims out there, right? We need you.

Set up these routing nodes. Try to make them profitable. Hopefully, Lightning Pool can help you with that. But I would imagine, could be wrong here, but just like I'm inclined to believe that the UX around setting up and operating a profitable routing node will get easier over time. Yeah, I mean, I hope so.

I think, I mean, everything seems to be getting easier, right? So I think that's pretty safe to assume. Including shitting on no-coiners. that yeah well that's always that number goes up on that it's always easier um i i think the biggest limitation is really that that bandwidth uh because um if you're trying to operate a sovereign routing node you're going to be tor only it's a good good um like bosworth runs his on both tor and and clear net with like a super high bandwidth connection like fantastically connected out to people and that's fine

it's what it is what it is would people pay more I guess you have the latency and the privacy trade off there then yeah I've had tons of issues keeping my node online just because of tor like tor circuits break on you and

you're like constantly restarting and stuff and obviously if you have like a high like a really good connected AWS node like you're going to be better off it's exciting we shall see how it plays out again uncle jim's this is a call to action and see what you got we need more routing nodes than just the big players uh let's break for a shout out we got one shout out this week this one brings a smile it's because we it's because we

we we shamed the freaks i just wanted to apologize to the freaks for forgetting the shout outs last week that was well we brought shame to our family we've never done that luckily i remembered it before uploading the episode. Yeah, but we failed them. We failed them, Marty. Last week was a good rip. We got into the heat of things, you know. We're just in a flow.

Okay. Let's hit him with the shout-out. And actually, just so you know, I got a DM from one of the freaks who bought last week's shout-out, and he was very happy with it, even though it happened. We threw it in the beginning of the episode.

He wasn't too mad about it. It was at the end of the episode, but you listened to it in the beginning. Yes, that's true. So I was like a little tipsy. i had uh i think i was drinking whiskey last week oh yeah we got pretty we got pretty hammered last so here's this week's shout out shout out to all the aussies who are making their trek to a tiny country town in the middle of nowhere this weekend for the inaugural australian bitcoin bush bash

bitcoin is traveling from at least three states for a weekend talking bitcoin running a few learning sessions and helping fellow bitcoiners level up forecast is luminous orange and includes sat stacking steaks and banter and chants of gratuitous shit posting travel safe that's the end of the shout out and there's a message for

us cheers after that I'll read that to you offline so shout out to our Australian freaks I didn't know this was going on until I read this shout out earlier this week so Katan super excited shout out to everybody going to the Bitcoin Bush bash

uh enjoy it the last uh in-person bitcoin uh meetup that i did was bit block boom and there's just something about getting together with bitcoiners uh especially for an extended period of time the vibes are going to be high i can feel it already i'm very jealous of the australian freaks out there and thank you for the shout out lockdowns only exist if you let them exist right right don't let them put it you in the pod okay don't let them put you in the fucking pod get out of your pod and go meet your friends talk about how we're going to take back this world with bitcoin i was at a wedding this weekend fuck your lockdown dude i flew the floor oh no i'm not your lockdown i was no no i knew you were i know oh yeah i know you weren't

uh directing that towards me but like just like the logical inconsistencies with all this you flew international it's like it's so dumb we're not going to get into it people get too angry when we get into it just buy bitcoin a lot of people are buying bitcoin today not financial advice we already got past me me telling you to buy bitcoin at at a local top so from now on i'm only advocating for people to sell bitcoin uh which i will never sell me your sets so that's also not fine that's even worse advice no fuck it just just stay home to stack sets yeah no but honestly get off the euro if you're listening to this you're not on off zero who's who's on zero listening to this podcast how do you listen to this podcast on zero anybody

listening to this podcast why are you doing it to yourself show yourself on twitter so we can shame you into getting off zero you must you must be so salty listening to this podcast on zero what the fuck many block clocks are reading fifteen thousand thirty dollars now the price has increased you made money if you're holding holding sats during this episode oh no so for weddings i always give an open dime and they're up like what are they up the wedding was on saturday what are they up now they're up like 15 20 percent already right yeah i uh i need to charge one of my airpods you need to figure out which one he just ran out of battery he just pulled his airpods out my head well anyway i love when i

give a wedding gift then it goes up in value the uh new open dives two of the orange ones oh my god they're so fucking sexy i only got three i don't know what i was thinking i got mostly black ones surprisingly sexy i didn't think an orange open dime would be sexy orange is like kind of a shitty color to be honest it's not a great aesthetic but these are beautiful i actually rodolfo and i uh connected after last week's episode of your freaks list and you might have heard that i actually paid an invoice twice um i think that the cold power is underrated do you have a cold power it's just a sexy piece of i i like went fully ham on coin kai products in my most recent purchase i got another mk3 keyword they're being purchased i got a bunch

of open dimes just i got another cold power it's my second cold power and then i got like his stupid ass magnetic cables that are actually like great because they're magnetic so i just like magnetic my cold card to it i don't know it just it feels good but the cold power is is is low-key dope little piece of hardware that plugs into this 9-volt battery. Do you see this on the screen, Marty? No, we've talked about the Colt Power.

Dude, it's like low-key my favorite. I use it sometimes to charge phones just because I don't know. Just because I can. It just low-key feels steampunk.

It's a bareboard battery pack. It looks steampunk, dude. um shout out to coin kite one of our favorite uh hardware producers in the space where are we at now 15 30 still my dad loves this fucking clock dad's done is your dad and uncle jim yet no i'm i've uncle jim that guy for fucking my whole life like set up his computer at like six years old

that's why people don't realize like we've i think a majority of our listeners have lived the uncle jim lifestyle this whole fucking time the difference is for the first time ever there's like well not the first time ever but there's a growing self-sovereign computing movement led by bitcoin um where it's extra important and i i think that what i want to see is basically like when you're setting up an iphone for a parent it's not set up for the son to set up the iphone for the parent they ask you what your email address is and shit like that like i want software to like have an uncle jim mode where it's like are you setting this up for your father it's like yes okay so what's your email address what's his email address like you provide both

you know and like if for some reason he gets locked out of his account like it goes up to the uncle jim you know like that's how the software should be built from the beginning like that i think you're gonna take uncle jim the concept of uncle jim mainstream it's gonna happen i just wish i had the domain happen freaks you don't have the uncle jim domain no it was taken probably by uncle jim himself like some uncle jim somewhere i feel like it's like a pancake batter or something like that there's some company what aunt jim i'm an uncle jim uh i had something else to say but i forget what i was gonna say well um maybe i'll remember it we got software updates up next we'll just blow through these

uh zeus version 0.4.0 has been released we're running lightning zeus uh the zeus wallet make sure you upgrade to 4.0 or excuse me version 0.4.0 if you're comfortable you don't have to upgrade if you don't want to it's usually recommended but uh spectra version 0.9.1 is out as well lightning terminal we mentioned it earlier uh version 0.3.0 uh is out as well it's lit andrew tour andrew android tour browser version 10.0.3 is out uh anything significant here with the tour upgrade or is it uh the tour browser is is dope because they just they modeled it um they modeled it they rewrote it from scratch to base it off of fire mozilla's new tour browser uh new android browser

engine phoenix um so it's a completely new browser engine uh which is like a big deal um i was actually distracted because i was looking it up uncle jim.com was registered in 1997 and he still isn't using it like what's going on there jim jim if you're listening to the podcast reach out we'd like to broker a deal hopefully you give us a good deal i would dude if the original Uncle Jim listens to the podcast, I'm fucking elated. That's fucking fantastic. Uncle Jim.

What do we got next? Joinbox version 0.1.14 has been released. Open Noms. It's been working on that. Go check it out. Fully noted desktop. The key there. Version 0.1.99 has been released.

Go check that out as well. Shout out to Fontaine and crew for getting that out. raspberry pi 400 what is this did you see this no dude it's sexy as fuck they built it into a keyboard let me see so the keyboard is the raspi what was it got like a how fucking cool is that 70 bucks is it like the uh the apple keyboard bar or laptop bar is that how you interact with it interact with the cli is there like a no no dude the computer is in the keyboard i understand that but like how do you where's the screen you well you plug an hdmi cable into it and plug it into

a fucking screen like you do with the raspi and you plug a mouse into it all right now i get it but it's 70 you can have a bitcoin node in a keyboard i mean you have to still buy the ssd you still have to buy the drive which is another hundred dollars or whatever and plug it into external usb so it won't look that pretty um but that's cool i i dig it i do too i uh i was waiting for my low bandwidth uh internet to upload the uh the site and now i get it yeah you froze up while you click this is uh this is super cool 70 bucks is not a bad deal either it's such a fucking good deal hey i'm like torn i like i'm about to order a trident case and i'm gonna have two razz pies in a fucking single case and then i also now i kind of want oh we just updated the

bitcoin blackhawk i i also i also you know want this fucking keyboard now do you think that'd be a good cold storage option like traveling with a keyboard like hey it's just the keyboard for my laptop like crossing was it someone was joking in the comments or whatever like now the tsa is gonna be like absolute dicks about keyboards right um i mean i no i mean like when it comes to colder storage like for most people the most accessible is is hardware wallets right which is is like a cold card or something and um that's the irony of all of this right is like i think in terms of that you're just best off using spectre and and bitcoin core or which about to talk about uh nunchuck um which just got announced which is the same concept as spectre

which is basically this interface that sits on top of bitcoin core so you install bitcoin core you can have it in prune mode just using like 10 gigs of data on your regular computer then you have spectre or nunchuck disclosure nunchuck does not have it's not open source yet supposedly they're about to release the code and then you interact directly with your hardware wallets with core with bitcoin core so i i think i think basically these uh single board computers uh these raspi nodes are more can be focused on providing interfaces for mobile wallets and lightning and 24 7 coin join like whirlpool yeah shout out to our boy hugo gwynn hugo uh who hugo has been under the radar for a bit i remember meeting him in person

while he was part of the chain code residency probably about like this time last year actually and he's written some incredible medium articles on proof of work versus proof of stake and the nature of proof of work specifically incredible incredible content pieces and think pieces and this is the first i've seen from him in quite a while and yeah it's uh again called nunchuck multi-sig made easy and they they have uh a few goals in mind they made this product thinking about security about a seamless ux process making it future proof uh it must be and it must go above and beyond empowering the user um so we're gonna it's pretty much the same exact concept as spectre which is bitcoin core does the heavy lifting um you use uh psbt standards to interact and hwi to

interact with uh all the major hardware wallets um and what's cool here is because of that because they're both leveraging the same standard they're both leveraging core um you can use them against each other right um if you want to backups or anything use it as an additional source of verification but of course you know i mean right now like as it stands you use something like specter i mean you should be pgp verifying your download to make sure that it hasn't been manipulated midway but even if you didn't do that um you you can verify the address air gapped on the cold card with just the address explorer um so so the the the threat model for the average user in terms of and and in terms of easy ux is fantastic like we've never been at this like

super bullish on this element here where you can get very strong security uh guarantees uh in a very easy ux package but whether that's specter or nunchuck with bitcoin core and your hardware wallet like that is fantastic to me um like we're talking about ux uh advances that brings it up to like a ledger live or like a wallet.treasure.io right like this is way way way way more accessible than than running electron personal server or electris or electromax like on a separate node and connecting to it. I lost Marty

again. But the freaks can hear me. There you go. You're back. I was silent. So I was hoping that you were rambling still. I was talking to them quietly. Sorry, freaks. Again, I'm on not a vacation.

I'm working. I'm working remotely from an area with bad bandwidth we actually recorded an episode two days ago that did not have these problems so hopefully this is just a temporary hiccup with these technical difficulties well maybe other people in your home apologize we know uh we know you strive for greatness and expect greatness from us uh sorry you're not getting greatness from a uh from a connectivity standpoint today but hey we're gonna power through it luckily we record all of our content remotely so the audio will not be perturbed on your end uh the block clock just changed behind mad again we're at fifteen thousand fifty four dollars uh i have a feeling the block clock is going to be

one of the most distracting things for this we're just going to be updating the price throughout the whole episode from now on so fucking cool uh this is cool dude this is cool too our friends at global mesh labs uh dropped a blog a blob if you will um on low bandwidth bitcoin how low can we go from only users and what are the trade-offs our boy richard myers from global mesh labs wrote a piece basically talking about what we need to do uh to basically enable bitcoin for, I guess, the, how would you describe it, for the most, not vulnerable, but people with the least amount of resources

from a internet connectivity? The most people. Yeah, the most people in the world. Yeah, good point. Like billions of people. How do we make Bitcoin accessible and usable from a non-custodial, self-sovereign perspective for most of the people in the world

who use mobile phones as their main way to access the internet and these networks. Love Richard Myers, man. The Myers brothers. You got Steve. Yeah, we're lucky. We're lucky then.

And Richard working on making it so we can send Bitcoin messages and transactions over mesh networks. we're lucky to have them we really are um lucky to have the guys over at the god damn it's so bad mark he's trying to set up mark he's trying to set up his airpods um we're lucky to have mark mark schwinard and uh our boy chris gemmer uh they put out bitbo

which is a new bitcoin dashboard similar to clark moody's these are the snappa guys yeah we had them on the podcast about a month ago um so they talked about i like this dashboard it's pretty man it's pretty clark they're coming for you are clark if you're listening beware do you you have a favorite can i make you pick favorites are you gonna pick favorites between your siblings your your children no i'm not gonna pick favorites each has their i think clark's is still my favorite but i like that i'm like torn i like that there they have a price graph on bitbo i like the graph uh yeah i mean it's very similar data points i'm trying to see the difference is the graph it's the layout the difference is the layout

i think they plan on adding more to this in the future so and they link to big i've been using they like the bitcoinaxe.com too um to track and sponsor bitcoin well no poor development i appreciate that they switch it between that bitcoin axe and bitcoin dev list boss um so so i i do like that they basically put an ad spot there for supporting bitcoin developers um i do appreciate that no i i definitely appreciate it i would like to see one of them or maybe a different one oh the other one we don't have on the list is uh robustus uh dan mccardle created case bitcoin.com uh probably because he he got sick of dealing with all the shit coining that was happening at masari which he co-founded which is fine um but uh shout out to him that's really nice what i'd like to see is

one of them integrate the no bullshit bitcoin feed because it does have an open rs yes no bullshit bitcoin feed is incredible and addictive if you're not following them on telegram or twitter make sure you do it they have the highest quality signal to noise ratio out of a news aggregator i've seen to date in the bitcoin space um shout out to our friends mark and gimmer over at snap for putting out bitbo bitbo excuse me uh again they teased it when i recorded with them a couple months ago uh happy to see that hit the market a great place just to get another dashboard with different aesthetics um sure different aesthetics uh float there's another dashboard too that i'm forgetting about yeah and if you're not following robustus dan mccardle on twitter like he's been

one of the most prescient bitcoin commentators for some like he has threads from like 2016 that predicted a bunch of stuff particularly bitcoin the narrative from a macro perspective fee market yeah he has great fucking great great great twitter good dude i had the pleasure of meeting him in person once um after a bit that's i believe i have there was someone else who there was there was another there was another uh dashboard that came out that we never spoke about on the podcast that i wanted to give a shout out to because i do appreciate all these guys making dashboards for us well i found it bitcoin kpis.com oh yes yes um which is basically the way i would describe it is is clark's dashboards graphs because clark clark refuses

to put graphs for us um like charts for us like over time he just gives you what the current state is uh and he's like pretty strict about it i think it's because he he's working on crypto watch and he's like that's the charting and the dashboard is the dashboard and they're they're completely separate but this guy like put together basically all the key metrics that that clark is tracking but he put it in chart form so you can see it over time bitcoin kpis.com here i'm going to dump that link in our telegram chat right now so i don't forget to put that in the show not boom um next up bitmex research coming out with a really interesting piece about bitcoin merge mining uh which is a topic that doesn't really get too much coverage uh in i guess the news

whatever you want to call it uh but they basically dove into the blockchain data to to find out how how many blocks included uh information being merged mined or into bitcoin's blockchain from things like rsk uh and other sort of merge mine solutions so rsk is a second layer smart contracting and no one uses but they're they're testing data and uh right now about 50 percent of blocks which is interesting they've gotten as high as close to like 60 percent 59 percent it seems so it seems like out of every block that is mined uh half of them have data that's that's anchoring rsk is anchoring data into the bitcoin blockchain which is interesting yeah i mean i guess it's interesting we actually we briefly mentioned rsk in the

podcast that drops tomorrow um and yeah no one really talks about it it's just i don't know i just it was very hyped it was very hyped for a while and it just kind of disappeared off the radar they released a token i'm like not like questionable on the token and then it just disappeared so the way bitmex research defines merge mining what is merge mining merge mining sometimes called auxiliary proof of work is the process of mining two or more chains at the same time essentially the same proof of work can be used as assurance on multiple systems this involves a parent chain and a child chain and the child chain essentially inherits some of the security characteristics of the parent uh so basically yeah there's two chains that are being merged

mined to basically uh secure the data of the smaller chain into the bigger chain early like it was talked a lot it was talked about a lot more like in 2013 2014 if you're on bitcoin talk back that back then merge mining was a big topic rsk launched years ago but like matt said doesn't seem like too many people are using it but they would argue otherwise i believe they're like we talked even with um who are we talking to about that um when we're talking about stable tom adam adam um soltice solstice no coin coin os episode yeah he was talking that rsk has a tether token that's used at least somewhat correct i don't think anyone uses that shit should we get the rsk guys on oh yeah what sergio right yeah sergio there's a few of them

No, let's get him on Let's get him on the podcast No one uses RSK Well, I think it's big in Latin America I think that's what Adam said Maybe nobody that we know uses it No way Latin American freaks

We have a decent amount of Latin American freaks If you use RSK, hit us up Let us know DM, comment Whatever you want to do Let us know if you use it Yes, we're dying to know. Speaking of dying,

Layer One is in a legal tussle over power facility ownership. I don't know, I feel weird talking about this because Layer One could be considered a competitor to Great American Mining, but it seems like... Legit a competitor, right? It seems like they are having legal problems. A couple of technical co-founders have left. there's people questioning whether or not uh they seem sketchy yeah i'm not gonna lie it seems a

little sketchy um i have i have no uh conflict of interest there i put it on the list full disclosure and i am uh i'm actually i'm probably gonna put more mining related stuff in the list just to make you squirm a little bit um no no but it does seem sketchy to me it like i things aren't adding up and our boy btc king on twitter has been going at them like hard as fuck and this is the first time i that the you know the the more you know the the proper journalist outlets uh which is like a very high compliment to say of coindesk and the block uh have have actually reported on it right the second time but it's this is like a more tangible like we have real things and yeah tangible confirmable things in front of us in terms of court documents and whatnot while btc

king is mostly um covering breaking rumors and whatnot it's usually right though but it has he's been very credible he's been on point or she's actually one of our one of our internal slack saying is that great american mining is like let's never get on btc king 555's bad side yeah you know it's bad you know it's bad when you start showing up in that feed uh but it's like hard to report on it because it's not confirmed so the way i understand it he's been on point many moving factors to layer one story uh they're in a lawsuit over patent infringement on the load management system they built to basically decide when to turn their miners on and off depending on the demand for the energy that that substation is serving the grid at

any given point in time. It's one aspect I believe the co-founders are in a legal battle over rights to a patent around immersion cooling mining uh the technical co-founders i forget their names um are basically alleging that alex legal um wrongly like wrote his name into as like into the patent as the owner and the owner of the original ip um and then on top of that rumors that they tried to sell the substation earlier this year at pennies on the dollar and that the raise that they were marketing to investors for for around the amount they said they had raised before around it's turning out not to be the total amount that was raised again this is all what's being reported i don't know exactly what's happening outside of the

court documents that exist but yeah it's a shame it's talked about a lot in the mining industry about how how much of a bad name it has uh particularly here in north america it's been very opaque unprofessional so another hit to the north american mining industry reputation's never good um but yeah it's a shitty situation yeah i mean fuck the north american mining reputation like they're just horrible people in general um don't don't trust those people not one bit um not one sat uh excuse me what was i gonna i forgot what i forgot what i was gonna say i like marty i'm just super bullish um dump it freaks i'm i'm very bullish uh i i've been trying to uh contain my emotions and i've been pretty good about it i think we are

very much at the precipice it does feel like 2016 um which is when you know we had the last having and we had the last election um in 2016 this time around then it was the price of bitcoin was about 750 dollars we were making moves towards the all-time high of 1100 dollars or whatever the fuck it was um and i was like kind of in disbelief um i remember my father told me i'd like after talking shit about bitcoin from the point i got into it i like around nine hundred dollars she's like man i'm thinking about buying some bitcoin i was like dad you've been talking shit this whole time um you were probably right we probably have too much in it as a family like maybe you shouldn't do that this is the worst advice i've given probably ever um and i so i feel like that's

like kind of where we are right now right yeah i mean it's like too simple i i mean it just repeats every four years programmed into the protocol right what the fuck it's uh but on top of that the fundamentals are there too so it's not like it's just pumping based more fundamental based on the cyclical um having and the subsidy the fundamentals of people building on the tech hash rate even though it fell considerably um after rainy season ended this year it seems to be recovering pretty healthily healthily i don't think that's a word um it's not a word all right we're gonna make it up here healthily uh it's things like like someone correct us on scumming this improprieties improprieties that's a good one

shout out lawrence i believe that was shout to lawrence if you're listening thank you for that yeah i mean the fundamentals keep going up i what did justin moon say justin moon said bitcoin is correlated to one thing only winning what'd he say i'd lost i lost marty marty pulled his um i said justin moon said that bitcoin is correlated to one thing only winning so like anything else that's correlated to winning seems correlated to bitcoin Bitcoiners are winners. Don't forget that, freaks. You're a winner if you're listening to this.

Embrace it. Embrace it. Oh, that's a story that we don't have on the list. This $1 billion worth of Bitcoin that the government seized. Oh, yeah, shit. I thought we did have it on the list. Did we? Did we skip over it?

I don't think so. I said we had it on the list. I had it open in a tab. Yeah, I mean, I was looking at it, too. Maybe I forgot to put it on the list. anyway uh fourth largest address by bitcoin balance moved funds yesterday and it was connected to the silk road and no one really knew what was going on except that they moved it to a uh segwit address which was kind of promising that they would adopt segwit um and it turns out that

the doj seized that um the american the u.s department of justice had seized that balance and i guess they were transferring it to their own wallet which is kind of cool that the doj uses segwit um but uh this is interesting because the only other transfer so this this account appears to have stolen money from silk road in 2012 and then in 2015 they sold about 100 bitcoin on btce which has subsequently been seized by the u.s government so maybe that deposit exposed the person who had hacked silk road and then the u.s government went to that person was like we know you hacked silk road give us this bitcoin and they gave them the bitcoin yeah pretty crazy so i think the original hacker they like brute force the seed correct or something like that we don't know that

i think potentially the reason so so this wallet was making the rounds on the dark web and it was a password protected wallet file and i think maybe the hacker was trying to create some kind of plausible deniability that he just found it on the dark web and then brute forced it um uh but that but that wasn't the case i i i mean first of all the brute the the wallet circulating was after the silk road hack so no matter what silk road got hacked funds stolen in a wallet right that wallet was getting circulated in encrypted fashion on the dark web saying if you brute force this password you're gonna have a billion dollars so it could just be you know the the original hacker trying to create some plausible deniability for himself

how many bitcoin is that right now like six thousand sixty thousand are you doing the math for us i'm not doing the math i can't do that math i've had way too many concussions but um well i mean you can use you can use a calculator marty i don't have my cold card on me um whatever the point i'm trying to get is is do you think well not whatever you think the department of justice is going to um so yeah sixty nine thousand three hundred sixty six thousand what i'm seeing sixty nine thousand three hundred seventy perfect yep that's the correct amount bitcoin's been pumping i did it at fifteen thousand dollars of bitcoin um yeah sixty nine thousand three hundred seventy

bitcoin are in the hands of the department of justice now do they auction it off yes they've been auctioning it off one of the interesting things that we didn't cover in uh the the the crypto framework released by uh our attorney general anthony bar uh is is that they're not auctioning off privacy coins like they've seized monero they don't auction off monero but they auction off bitcoin which is just an interesting um difference i don't know it's just something to keep in mind i but yeah they're going to auction this off and someone will buy it eventually i i do i do think one of the things that's interesting here is like this is how you seize bitcoin right and um you know i'm one of the biggest bitcoin bulls there are and i understand that bitcoin

is seizure resistant um but the government goes to you they go we know you owe this fucking address like sign this document and transfer the fucking bitcoin to us and they're calling him individual x we don't know who it is individual x fucking did it there's like a billion dollars of the bitcoin well you got a coin join freaks yeah i mean like and and look he used btce which was no kyc so he probably didn't think that he could dox himself there and my guess is he used the same account for doxable funds and they they figured it out from having btce do btce have a fiat rail like could you sell yeah through russia it had a russian like black market fiat rail that's probably where they got them but they also had it was just a good place to like switch into

alts so he could have switched into alts but if he had transferred other bitcoin to that same btce account that was tied to his real identity then they could figure it out right they're like the most dangerous things happen when people don't realize uh they don't realize that it's a honeypot situation a great example of a somebody making taking action years ago and that coming back to bite him in the ass but maybe they weren't right 2015 five years ago five years ago he made the mistake took five years for the authorities to get their case together actually pull the trigger on seizing the fund so be aware freaks try not to do it 6102 made an interesting point um are the funds are the funds criminal funds if they were hacked from the criminal i guess like the hacking

is the crime yeah and is the like are they still silk road funds if the guy likes them took them from silk road right like is the exchange of ownership from the hacker to the doj and admission of guilt yeah i mean he he definitely like legit signed an admission of guilt for whatever it's worth uh interesting very interesting yeah i mean this is why hodling is is the best strategy honestly send it to cold storage don't do anything weird well i mean this guy hodled but i mean he's he's a special case i mean he stole fucking he didn't hodl that hundred bitcoin on btce that got him caught right right right right if he if he didn't if he didn't sell that in 20 and it was 2015 too he motherfuckers sold it for like 200 a bitcoin right what was that 20 grand worth it

oh he lost a billion dollars because he decided to sell 20 grand at 200 i hate to fucking see it oh i hate to see it oh i think i'd rather be lazlo i definitely well i mean definitely rather be lazlo i won't blow up lazlo's spot but he's not doing bad i think lazlo's doing okay lazlo if you're out there listening to this we'd love to have you on the podcast yeah we never do that bullshit with the pizza shaming you or anything every time no whenever somebody tries to shame you for bringing up the pizza i bring up the fact that you wrote the first implementation of bitcoin core for mac os thank you for that he was one of the first pool miners one of the first gpu miners do i believe yeah he's doing all right shout out to laszlo i didn't know this was going

to end on a shout out to laszlo but a true big corner up 51 15 160 we're pumping let's go um another thing that happened since we last met i probably touched in the last week but since it's past uh 12th anniversary of the bitcoin white paper happened uh last saturday yeah cheers yeah officially 12 years since Bitcoin was introduced to the world publicly Marty

next episode $16,000 Bitcoin we're gonna hit it or no why not 17 okay Marty's on the record $17,000 by the way we should mention it free because we have gotten some feedback on the

um on the giveaway for the block clock mini matt and i still have to figure out what the best course of action is what was our feedback people have hopped in dms talking about like uh sweepstakes or stuff that they run maybe we should just do like one large rocks paper shoot tournament over zoom no that's bad for privacy that's true i think that would be cool though that would be funny it's that old-fashioned yeah i mean we'll figure we'll figure rocks paper scissors shoot bracket torny best two out of three championship best three out of five i think that could be cool

i i like uh we could just we could do like reoccurring price uh like who's closest to the price yes at the at the time of the next episode or something like that you could do that as well all right we'll think about it we'll have an actual plan we could tourney it too if we wanted to we could what we can make it attorney yeah we could um we'll have more more on that next week you got anything kind of like the idea of making an attorney we can have like a full draft board and shit no i like that too you can have like like every week it's just like you go head to head with a different freak no no no no no you just we'll just do it centralized it doesn't matter we'll be like the price currently the current price is this and

then we go through the head-to-heads and we're like this person predicted this you know oh no i agree with that but like then secondary markets and like the freaks can go in atomic finance and make bets about who wins the bet, you know? Yeah, they could use DLCs to make side bets. I like this. I like where this is going. We're getting creative here. Thank you, freaks, for listening.

Again, sorry for the technical difficulties a couple times throughout this episode. Working on it, going to make sure everything... When do you come back to the mainland? Maybe never. Maybe never coming back. I don't know. Okay, so we got to work through the technical difficulties. maybe a lower bandwidth option or the other thing is i'm assuming you're going through

the rental houses wi-fi right sometimes the cell internet in your those places are better so for the streams you you switch to hotspot mode yeah it is unfortunately my uh my mobile phone carrier does not get coverage where i am i have to borrow one of my roommate's phones to do it but it is better well i appreciate you not doxing your mobile phone carrier uh on the podcast considering the sim swapping that happens in this industry got to be on your toes at all all points um freaks love you guys i was on um kvon's podcast earlier today um was zaya from iran iran excuse me i get it's not iran it's iran um persia shout out to the iranian freaks out there i didn't know that we had uh people listening to

us in our iran and just it was very humbling and flattering to learn from zaya earlier this morning that there's people listening to our podcasts in iran and uh keep fighting a good fight all you iranian bitcoiners you guys are doing some incredible stuff we appreciate you you freaks tremendously and also shout out to our australian freaks who sent in the uh shout out this week hope you guys enjoy your conference if you guys are liking this podcast please smash that subscribe button give us a rate give us a review and whoever's complaining about the the uh the sound levels hey i've turned them up i've turned them down i get i get a lot of feedback on the sound i thought we were in a good space i'm sorry if you're working in a loud environment you can't

hear the podcast put some goddamn earphones in okay well we have i we have a new setup on my side at least so hopefully that helped um yeah i think you want to end it on matthew stay humble stack sets