TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Week of 2020.11.16

Episode Date: November 19, 2020

This week Marty and Matt discuss: - taproot activation hits 55% miner support taprootactivation.com - Second richest Mexican is now a bitcoiner - Senator Lummis on fire - the mooch considering a bitcoin play - Citi likes bitcoin now - Whirlpool CLI v0.10.9 - Electrum v4.0.5 - ThunderHub v0.10.3 - Tails v4.13 - Lend at HodlHodl now available in US - Swan XPUB support - OKEx mining hash rate falls due to solvency concerns - OKEx announces they will start processing withdrawals again - Dutch exchange now making you verify addresses - Chainalysis double dipping on government contracts - Binance suing Forbes - Apple privacy issues exposed due to server failure - US military buying precise location data from marketing agencies - Librem 5 begins shipping 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.

well hey there freaks it's your boy marty here to introduce this rabbit hole recap rip matt and i had an early rip today a little thursday afternoon surprise for you freaks and is brought to you by our good friends at bitcoinblackfriday.com bitcoin black friday is a project brought to you to the team behind bitcoin magazine in the bitcoin 2021 conference in la which i will actually be speaking at on behalf of Great American Mining. A lot of interesting stuff going on in the mining world. I will be speaking there, Bitcoin 2021 conference in LA, but we're here to talk about Bitcoin Black Friday, which is happening next week. It's a celebration of the growing Bitcoin economy. If you go to bitcoinblackfriday.com, you're going to find active deals for

up to 50% off your favorite Bitcoin gear and other merchants that accept Bitcoin. It doesn't stop there. However, they're going to list 65 charities and more than that that you can support with Bitcoin and a stacking stats page where you can learn great ways to earn Bitcoin. If you're a accepting merchant and you're not on the BitcoinBlackFriday.com list, go to BitcoinBlackFriday.com, apply to get on the list with a deal. And if you want to take advantage of discounts and stacking opportunities, sign up for the email updates at BitcoinBlackFriday.com. the much awaited bitcoin back reward card from fold is almost here and the team has teamed up with the bitcoin black friday guys to bring you a special promo for the much awaited setback card

so if you sign up for early access to the fold card on bitcoin black friday.com you're going to be entered in a raffle to win a whole bitcoin a whole 100 million sats so go to bitcoin black friday.com right now sign up for the fold bitcoin rewards card to enter your chance to win 100 million sats while you're at it check out the other great deals from awesome merchants like cold card unchained bitcoin magazine mynode kobo vault ledger bavada and many more go check them out bitcoinblackfriday.com this rip's also brought to you by our very very very good friends at unchainedcapital.com unchainedcapital.com it's untamed unchained-capital.com but they're not a dot-com company there's unchained capital

and they're offering you freaks a white glove concierge service that'll take you from zero to a multisig vault in no time basically what what happens is a 1500 service with that you get two hardware wallets video conferences with the unchained team to get comfortable with multisig with the vault product and to answer any questions you may have and then you set up your multisig vault in which you hold two or three keys and unchained holds one and you dump a thousand dollars worth of bitcoin into the vault so it's 1500 packets if you tell them that tftc sent you you're going to get $50 off that package. It'll be $14.50 for you.

On top of that, their collateralized loan program, they're building their OTC desk. If you're a high net worth individual looking to stack sats in bulk, Unchained's OTC desk can do that for you. Check to see if it is available in your state. And go check out all their incredible content. Parker Lewis is gradually and suddenly Drew Bonsall's content on HODL waves and Bitcoin in space.

Buck Purley writing about the products being built at Unchained and in the Bitcoin space, what you can do with Lightning, a bunch of other stuff, www.unchained-capital.com. Check it all out. We're going to have a link to the concierge service to go from zero to multi-sig vault in the show notes. This rip was also brought to you by good friends at the motherfucking Cash App. Woo! Cash app, easiest place to stack sats. You can stack sats, send sats, sell sats, receive sats.

We're saying sats, sats, sats, sats, sats, because you can make sats the standard within the cash app. There's no longer stacking fractions of Bitcoin. We're stacking whole sats, hundreds, thousands, tens of thousands, hundreds of thousands, millions, tens of millions if you're a baller, hundreds of millions if you're a god. Getting more expensive. One sat is less than $6,000.

Excuse me. Ha, I wish. Well, it is less than $6,000, way less than that. $1 worth of sats is less than 6,000 sats. That's what I wanted to say. And you can stack those sats on the Cash App. On top of that, you can stack delivers of stonks via Cash App investing. If your favorite stonk's a little too expensive, you can buy as little as $1.

They've got the boost program. The 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 want to. Cut out the dirty banks. And when you download the app, if you haven't already, make sure you use the code STACKINGSATS. That's S-T-A-C-K-I-N-G-S-A-T-S. That's one word, S-T-A-C-K-I-N-G-S-A-T-S, STACKINGSATS.

You're going to get $10, and $10 is going to go to our good friends at Owls Lacrosse. And I actually have a Caribbean owl here for this owl call down in the Caribbean right now. Woo-woo! Woo-woo! Woo-woo! Woo-woo! Use the code STACKINGSATS. download the cash app and enjoy this rip of rabbit hole recap i know matt and i certainly did

love you freaks rate subscribe share enjoy live love procreate eat drink enjoy matthew i'm sorry for rushing you today early morning rip early morning rip trying to get an afternoon beach rip in you got some time with the wife and child hard to blame you hard to blame you got to get the priorities straight she she made some plans we got to follow through with them you know it's one of those thursdays dude we got a lot to talk about it's a bullish week you're drinking before noon well i'm drinking before noon because it's a bullish fucking week

and you having us record before noon so i feel i feel compelled to at least i'm having i'm being responsible i'm having a beer because i feel like a whiskey before noon is uh not the best course of action degenerate i'm having an island beer which is like an ode to you oh thank you i'm having a red stripe myself island beer day there's a there's a there's a few good things coming out of island beer day i'm gonna throw the ads in the beginning you freaks already know that if you're listening to that uh we've got one good shout out that i'm happy about and you freaks are gonna get this episode early a little thursday afternoon early surprise i hope you guys like it we got a lot to talk about a lot going on we're gonna start with clark's dashboard

going to my bookmarks did not have it up like a complete amateur current price is eight thousand 24 sats per dollars dropping fast freaks currently at 5 548 market market cap all-time high i don't know about right now but we've hit it in the last few days currently sitting at 334.3 billion we're at block height 655 wow 657 678 excuse me we are currently 1554 blocks away from the next difficulty adjustment which is estimated to be on november 29th 10 days from today at this point uh an upwards difficulty adjustment of 7.37 as estimated right now blocks are currently coming in at 9 minutes 20 seconds um so we had a difficulty adjustment between the last time we met i believe 4.8 upwards is that correct

I don't think so. No. We're only... Difficulty. We're less than 500 blocks away. If it's 1,500... Oh, maybe you're right. Yeah.

That was a quiet one. Yeah. Yeah, it was a quiet one. Upwards of 4.8%, around 5%. Unspec capacity on Samurai. World pool is currently at 1,542.35. Bitcoin down to static. correct um yeah but i i think like we're quietly at the largest value in terms of dollar value we're

almost at 28 million dollars just like quietly sitting in the world pool liquidity pool is like kind of this nice like low-key bullish fundamental to me i like that i like that a lot of low-key bullish fundamentals a lot going on from all aspects man like today i wrote about a thread I happened upon on my tweet deck. I believe I saw Nick Carter, quote, tweeting it, talking about GBTC. There's a guy by the name of Cuppy, I believe, describing the GBTC arbitrage play

that is probably playing out between institutional investors right now, looking to get access to Bitcoin and then also looking to profit from a trading arbitrage opportunity. GBTC premium right now is currently at about 18%. And I think BlockFi has been fucking with that shit too. Yeah, we announced it, right?

They bought like a 5% share or something like that? Indeed. Well, they had to. It's because it's a publicly traded stock, so they have to disclose once they hit a certain threshold. So they didn't disclose it because they wanted to. They did it because they had just hit that point that they had to. And I think the total assets under management passed over $10 billion this week,

which includes a bunch of their shitcoin funds, but the overwhelming majority is the Bitcoin fund. I'm not sure what the exact breakdown is, but that's a pretty big threshold for Barry Shilbert. Kind of hate to see it, but it is what it is. At least it's not a proof-of-stake network. That is true. it is that it's an insane amount so this guy copy was tweeting out a couple days

ago on the 17th GBTC scoops 3,800 Bitcoin off the market selling another 4 billion shares of that particular offering so if you equate that's like a five-day week it's like 19,000 Bitcoin a week if that's consistent value of the full that gpt assets under management for gbtc and not at the tip of my fingertips right now now imagine imagine a proof of state network with with gbtc gobbling that much fucking supply just like growing and growing like the biggest validator is just a regulated regulated publicly traded entity yeah like how do they think that's a good idea like there's no like it's going to happen

well it's not going to happen because crazy pills man maybe to an hey uh naivety it exists but i guess like one thing we could talk about is if you get to the bottom of the quote tweet rabbit hole i wrote about today from this guy cuppy he wrote a piece a few days ago called my favorite ponzi scheme he's basically trying to equate the fact that uh there's large institutional investors uh playing this gbtc arb game to profit and the fact that MicroStrategy has taken a lot of supply off the market and GBTC will continue to as institutional investors take advantage of this arbitrage opportunity.

And on top of that, actually use GBTC just to get exposure to Bitcoin because they believe in the fundamentals and the underlying investment thesis. But he seems to believe that Bitcoin is a Ponzi scheme because price is being driven heavily by this institutional gobbling of Bitcoin. GBTC is a Ponzi maybe, but Bitcoin would be more of a pyramid scheme, right? Because to be a Ponzi scheme, you need, I think Charles Ponzi was his name. You need the dude, the central entity that handles it. Bitcoin can't be a Ponzi because it's distributed.

It'd be more pyramid scheme-esque. Can you define the difference between a pyramid scheme and a Ponzi scheme? you know there's no charles ponzi involved right it's more distributed but anyway so there is something interesting there i mean like i wonder like that gbtc arbitrage opportunity because it trades at a premium because there's no etf it kind of becomes like a self-fulfilling prophecy that just creates this upward buy pressure yeah but yeah because then you just buy bitcoin spot then also buy shares of that illiquid gbtc product which some people use as a leading indicator for institutional adoption of bitcoin that premium goes higher due to the illiquid

nature of the product itself which may be able to drive the spot price higher but if bitcoin's a pyramid scheme then you know all financial products are pyramid schemes and gold is a pyramid scheme and maybe that's true but either way it's just irrelevant um well i think i think there's good arguments to be made strongly to strongly prove that it is not a pyramid scheme parker lewis shut up parker uh ungradually then suddenly does have a piece bitcoin is not a pyramid scheme i recommend reading that if you do not but it has fundamental properties i give it utility like a pyramid screen like you buy shares in a pyramid scheme like you're usually not able to get utility out of those shares at all

pretty illiquid right or unless you have like the nutrisystem like um pyramid schemes and like timeshare pyramid schemes i guess there's some asset tied to those particular schemes but i think the the utility provided by the assets of those underlying schemes i mean compare i think at all it's just a semantic distinction that doesn't really matter in any kind of real sense of it um like good money should like go like hold its value and increase in value over time as more people store their wealth in it like that's just how good money should work uh so if you can call whatever you want to call it yeah yeah maybe it's okay if it's a pyramid scheme exactly that's what

i'm saying even if it is if it's yeah yeah like it well now i've got my head running like is is it a pyramid scheme or is it a protocol with a network effect um that benefits late adopters as that network effect grows that's what i'm saying like um where you could whereas a pyramid scheme later adopters do not benefit as the network grows they actually have less of a chance of being able to use their shares or liquidate their shares. Well, I mean, a pyramid scheme is operating under the idea that there's always someone else that's next,

that you're never the last one in, right? Don't be the last one in for years. No, but network effect, I mean, look, like I said, if you want to argue it one way or the other, you could argue network effect is like a non-financial pyramid scheme. like if you wanted to you know like the when you when you join a network um i'm thinking like something like signal you join signal and it's like invite your contacts right it's like a pyramid advertisement like you you you invite your 10 contacts and those 10

contacts invite their 10 contacts and make sure they use the code stacking stats when you they do oh we have a signal sponsorship now yeah um yeah and it's crazy to think about no but i did shout out to copy new follow on twitter put him on my finance and economics list seems like he's putting out good data interesting insights did disagree with that characterization of bitcoin as a ponzi scheme but did appreciate the data that he pulled really highlighting the amount of supply that's being gobbled up by a lot of these institutional products and corporate treasuries.

I always... It's going to be like the liquidity crunch if this trend continues of institutions following in and corporate treasuries, even though it's small trends right now, a few data points, if it does continue,

the liquidity crunch is going to be disgusting. I mean, look, we hear these arguments every time Bitcoin pumps. The last cycle, it was Bitfinex saying that it was the tether guys pumping right um and i always go back to the same thing you know if it's true if a few people are able to pump the price of bitcoin um through concerted efforts of trying to push the price up then that's bullish as fuck because there's going to be more people in the future that are doing it right and so every cycle so like to me even if it is true even if there's

like a small concerted effort to you know increase the price of bitcoin if they're able to successfully do that like imagine what the world's billionaires can do and that's what we're seeing right now right yeah yeah it's crazy hovering at 18 000 right now the price trip this week was felt good man what was it last week when i was reading your clock what was it at 16 was it at 16 yet $10,000 feels so long ago. Remember the days? People forget in March, you could have bought under $4,000. Could have.

I know I got to buy in under $4,000. That feels good. Sorry for doxing my under $4,000 buy here. Honey, she's looking at me. I mean, if you stacked early March, that's going to pay for the kids' school, just those stacks alone. You're welcome, kid. uh no it was a fun way to start start this rip i was thinking about that a lot today

um thinking about mining a lot this morning there's gonna be some interesting content coming out in the mining world very excited and speaking of the mining world good segue to our first topic here taproot activation as signaled by mining pools hit a 50 a threshold at 55 earlier today uh taprootactivation.com which was launched by pooling which is the second largest bitcoin mining pool in the world and we discussed it last week they have this initiative did we discuss no we didn't it happened right after us and also a hat tip should go to aaron van weirdem who is a major proponent with pooling to get this get this together shout out to aaron og legend of the game best technical writer and just journalist that i've come across in this

space and so yeah pull in and now i'm sorry i i assume that we talked about it last week because it did happen last thursday uh pull in wants to take initiative there's a lot of conversation going on about how to activate taproot we've talked about on this podcast many of times we've discussed the fact that developers have have presented activation routes most popular popularly bip 8 and what is it modern soft fork activation well there's bip 8 bip 9 and then there's modern which is the combination right yeah yes yes bip 9 has been used in the past it was used for segwit i guess that's why people outside the mining community are are wary of using it this time around though even before segwip and i was used to get soft

forks activated without any controversy pool and again announced last week that they want to lead i guess from the mining industry perspective and let users know that they're going to be prepared and they're going to activate taproot and validate transactions that they use taproot in the future and they created taprootactivation.com explaining what's going on leading everybody to the github page describing the activation routes and since this has happened uh like i said 55% of the pools or 55% pools representing 55% of the network hash rate it's the correct way to phrase that have signals that they will activate taproot pool and interestingly interestingly enough uh is partial towards bit nine which is just like a versions but no so i mean of course

they are i mean if i was a miner i'd be uh i'd be pro bip9 uh because bip9 just relies purely on miner signaling and hitting a certain hash rate support while bip8 um has a you know an override function where we kind of just force it through if the miners aren't signaling um what's what i think is more interesting is that that slush and ant pool are saying bip 8 and btc.com is saying modern software activation which is the the law which is weird also too because there's like some there's like a little bit of incest there be like btc.com is owned by bitmain pretty sure and ant pool is their other pool so one of their pools is signaling bip8 and the other one is modern so actually none first of all none of them are signaling except for pooling the other ones

are just on this chart they like they like hit them up on wechat or whatever and they're on the chart they haven't actually signaled anything except for pooling interesting but it's good to see all this conversation happening this is what we want we want the ball rolling so um definitely definitely appreciate that and one thing that everyone needs to realize is even when they are signaling there's nothing to like lock them into it it's more of a goodwill measure to signal your your support one way or the other yeah yeah it's i mean the coinbase signaling has no actual influence on the code

you're literally just putting a message in the coinbase I mean it does activate socially signal once a threshold is reached yes but you have to have yeah but the coinbase message itself doesn't mean anything

like f2pool played around with the coinbase transaction message a bunch during the second they made a lot of money right right um so we'll be following this apparently 55 of minor support is there again this shouldn't be as controversial segue but nothing should surprise you uh this was pretty surprising this week second richest man in mexico uh came out as a bitcoiner and a fan of our good friend safe

safety to moose is the bitcoin standard i love billionaire the name in the name of the bitcoin standard in spanish is so much better el patron bitcoin good i love it ricardo salinas plego um he said what was it 10 of his liquid assets and he's worth 13.8 billion dollars yes so we don't know if that full 13.8 billion doubt it we heavily doubt right yeah so i'd say in the 100 to 500 million dollar range you know we're all we're all fucking plebs i've come to the conclusion these last couple of months that no matter what happens we're always going to be fucking plebs these guys are just all leapfrogging us it's going to happen it's inevitable right especially at these prices

no you say these guys like how many of these guys can leapfrog us is the question which circles back to what started the conversation of tonight's rip it's like what does this liquidity crunch look like at what point does it rear its head well I mean there's

an important distinction that you know to all the billionaires all the billionaire freaks listening to the podcast like not your keys not your coins you don't really leapfrog us until you take custody that's that's very true that's actually where my mind was going is like maybe the price won't rip because a lot of this is being re-hypothecated

one of these billionaires are getting ious not only until the billionaires just own the same coins and they don't even fucking realize right wouldn't be surprised wouldn't be the worst time what do you think this is uh so we had this guy we had ricardo announced this week that he owned bitcoin big fan of the bitcoin standard uh we had aria stark who has a billionaire not a billionaire but famous actress she was asking if she should invest in bitcoin poll got a lot of interaction i think the nose one but she tweeted out later that she bought it one but elon responded he did what'd he say i don't know he was like trolling her but he's

Dude definitely has a big-ass Bitcoin bag. Yeah, so she bought anyway, which is interesting. Good to see, I guess. The blue checks are coming. I got a DM from a blue check mark today asking me if I saw Lil Yachty's coin offering. Wait, whose? Lil Yachty.

Was it a shit coin? Oh, yeah. Wait, a blue check reached out about it? I think also... Is that Doc? Don't talk to the blue check. Is he a big blue check? No.

It's like an account that's been dormant since 2014. So it's a little blue check. Some of these blue checks have like 12,000 followers or something. I don't even know. Yeah, this guy has less than me. Peasant. Never blue check. Fundamentally disagree with the premise.

Yeah. um yeah it's interesting um it seemed it's just from a heuristics standpoint hit your hit your bingo board there it seems that very rich people and famous people are starting to pay attention to bitcoin and crypto again uh this is huge crypto they're paying attention to bitcoin Not Lil Yachty Lil Yachty's lunch is in Chicago Fuck him Don't buy it

On the Fias app Never heard of it Never heard of it We are social money Don't look it up freaks Don't look it up But go look up this Our girl Cynthia Lummis

TFTC alum Our queen our queen is a good way to put it senator elect lummis out of wyoming she's been on media trail lately talking about her talking about her intention to educate uh her fellow members in in the senate about bitcoin and particularly its superiority as a store of value particularly in uh in the the context of a treasury asset which is fascinating she's been she's been killing it dude she's been going on these interviews and they haven't even been asking her about bitcoin she's been bringing it up you know that's how you know she's a bitcoiner like

anyone brings up any topic and we just always just pivot to bitcoin it's it's it's the tragedy of every bitcoiner the fox news interview question was what are your priorities when you get to send a very very vague open-ended question you could go anywhere i could say hey just want to get stuff done give a very uh political politician like trope back something we're just going to help help workers lower taxes and something like that but no she went straight to like we're going to get bitcoin as a store of value in the u.s and like states are gonna be able to use it i'm going to educate my fellow senators about it shout out to cynthia our queen the crazy thing is we have a senator now who controls their own keys like that that distinction

should not be understated like we have all these billionaires rich people coming in the next step is i want to see these powerful people these rich people control their own keys use their own node you know become a proper bitcoiner right and i i see i see some similarities here with you know the 2013 push where there was all this push to get merchant adoption but they were all just market selling for fiat on the other side while now we actually see merchants running the full btc pay stack using their own node huddling the coins and that's you know kind of what i want to see here and it's amazing that she's so far ahead yeah it's incredible to see and i wrote about it in the bent a couple days ago i think this takes

the geopolitical game theory baked into bitcoin i think we were taking it to another level we're entering a new level we're up to this point there's been a few representatives and members of the senate who have defended bitcoin in terms of saying it should be allowed to exist and u.s citizens should be allowed to access and use it uh particularly emmer and douglas and sure sherman's my favorite bitcoin proponent because he's he hates it but for the right reasons right he understands that the the power that bitcoin wields against uh the bureaucratic bullshit that that happens in our political system but cynthia arriving and taking it from a point of

hey uh americans should just be able to access this and just defending the right to use bitcoin i think cynthia takes it to another another level where she's outright advocating for it and advocating that that state should get involved with it and think about adding it to portfolios particularly pension portfolios social security things like that which is a whole nother level of discussion which what brings with it we're yet to find out i'm sure there'll be a lot of pushback and heated discussions but we have somebody not only defending bitcoin and the right to access it in congress uh in the senate now but we have somebody

actually actively advocating for it which i think is huge um it's a it's a big signal having one of 100 uh senators in the u.s one percent of the senate or excuse me two percent it's 50 all right now now i'm getting my uh it's massive it doesn't matter what the number is yeah um i mean i feel like i feel like nation state fomo is we're close we're we're really close in the the first the first few countries that start actually accumulating bitcoin hard are going to reap massive benefits here and i you have the billionaires come in and once you have these billionaires start talking about it like let's be honest they pull a ton of fucking strings behind the scenes and and i think it's only a matter of time before we start hearing

about the nation states and the thing is you won't hear about it right away while they they first begin accumulating you'll hear about it afterwards um i was talking with someone the other day and it's like very interesting like stanley drunken miller when he was i don't know if i pronounce his name right when he was talking about it on on cnbc it was almost like he wished it hadn't come up it was like he was he was trying to quietly accumulate and then it came up and he had to he didn't want to you know not be honest about his position there yeah he begrudgingly was like yeah i like bitcoin i think you're an idiot if you don't yeah and this is actually something we should bring up i saw that you commented under one of

cynthia's tweets this week it started a bit of a back and forth between you and mr hodl uh whether or not the u.s government should hodl the confiscated bitcoins from the hacker that stole them from the silk road oh yeah i mean i actually i just tweeted straight at her i didn't even comment on one of her tweets um i i think you know we have the u.s government we the u.s government sees this one billion dollars worth of coins there's actually probably more now it's like 69 000 coins um so the freaks can do the math but it was it was 1 billion at the time of seizure and they plan on auctioning it like they've auctioned the last batches and i this might be the last chance for them to have like a very easy way to you know have a stack without having

to go on the open market now some people did mention so i actually go back and forth right Because I think that it creates like this perverse incentive for governments to seize Bitcoin, right? And I made a comment there that a government without a Bitcoin accumulation strategy is a government that is going to take your fucking coins when nation state FOMO kicks in. And I wholeheartedly believe that. And I think that that's one of the reasons why you have to be very careful about these custodians. because if they do need liquidity in some kind of FOMO event, that's who they're going to knock on the door of. Right.

Take custody of your coins, freaks. It's just leading me down a hole. I feel like we're having an interview podcast here, but I'm thinking of a point that Lynn Alden brought up. I believe it was last week, talking about the prospects of Executive Order 6102 happening or something like that happening to Bitcoin. She brought up a good point that it's probably less likely that Bitcoin would get 6102'd because gold, when that executive order was written, was pegged to the dollar.

The dollar was pegged to gold, excuse me, the other way around, which created a different dynamic than currently exists between Bitcoin and the dollar. I think it's not the dollar and the Bitcoin are not conjoined in any way other than that people value Bitcoins and dollars today. um they'll value it in goods in the future but i thought that was interesting of a an interesting variable and a threat of potential uh seizure by the government of bitcoin under the guise that it needs to to write the currency well i mean i think well first of all it depends which country you live in but i think like at different points over the you know next five years ten years uh we're going to see government scrambling to try and seize assets and seize Bitcoin specifically, just governments scrambling to get their hands on Bitcoin and everyone scrambling to get their

hands on Bitcoin. This is part of the thesis. This is part of what we expect. The second thing is like you don't need a full on 61 or two, right? Like probably the more realistic scenario in the Western world, at least, is some of these tax proposals we see floating around, not even bitcoin specific right now to just tax unrealized capital gains right and you could imagine a situation where there's a bitcoin specific tax because they just like trash us in the media and then they hit you with a bitcoin specific tax and the easiest people to collect that from is everyone who's holding a custodian right like there's no yeah resistance there whatsoever um so you know i wouldn't be surprised to see something like that a full-on 6102 is a little

bit more aggressive but that might happen in certain countries and won't happen in others right and it'll be hard to enforce if you custody your own claims yeah i just thought that was an interesting nuanced perspective on the 6102 thing yeah i mean you just front loaded with bullish headlines i mean like yeah but like that's the thing right it's like we pay right now in america we pay the highest taxes we've ever paid in history. So to say like a 61 or two is less likely today when really we're just getting 61 or two every year, just not fully 100%.

I'm like all of our assets. Yeah. It's getting worse. Could you imagine if they taxed unrealized gains? It'd be a fucking accounting nightmare alone. Just that, let alone any kind of moral justification. I think you'd see like the first tax protests quite a while, if ever. I don't know if there's been a tax protest here in the U.S.

You should probably know that. The Mooch, he's considering getting into Bitcoin. The market became aware of the SkyBridge, which is the hedge fund that the Mooch, Scaramucci, what's his first name? i just know him as the mooch now i forget his first name uh my wife came in anthony scaramucci tony scaramucci skybridge is filing the move to the sec uh letting them know that that they're gonna they plan on buying bitcoin and other digital assets uh which is interesting i think it's particularly interesting because these institutions

basically have to beg to buy bitcoin i just find that beautifully poetic agreed but also one of the interesting things here is that they mention actually investing in bitcoin companies which i think like we're going to see that play out again with all these billionaires and these hedge fund guys um where they make the mistake of thinking that the investment in the companies is the safer investment than actually bitcoin it's going to take them like a couple years to realize they fuck that up haha have fun learning that lesson guys but we'll be here on the sidelines not the sidelines but we'll be here just to laugh about about the lessons we learned along the way especially like there's gonna be so much investment in shit coin companies

that they should have just stacked that instead they're gonna regret it so hard do you think consensus is foaming at the mouth right now or drooling yeah i mean i wouldn't be surprised if they're i mean i don't know but i wouldn't i i think a lot of companies right now are um looking for investment because it's so frothy and a lot of these guys are looking to invest in places uh but if you look back you know historically very very few companies um had investment rounds that that have returned higher than bitcoin has yeah it's gonna be very hard to do that but we shall see the bullish news rolls on city one of their top analysts wrote a report uh i don't want to say projecting saying the possibility

of bitcoin hitting six figures not only six figures above three hundred thousand dollars is possible bitcoin twitter went pretty crazy with that this week i'm pretty sure the report is confirmed too a lot of people are like oh we haven't actually seen it but apparently it was going around um to private clients of city and he's a city bank executive he's not just some like pleb no no it's uh it's pretty crazy this is like last cycle these were like mcafee numbers you know and now it's like city bank executive like if i if i walked into thanksgiving dinner and i was like to my family i expect bitcoin to hit 318 000 they would laugh me out of the fucking room i would never even say that i would just be like i think it's gonna go up as more

people buy it'll go up you know but but meanwhile the city bank guy's just fucking throwing it out there yeah thomas is patrick to be clear he's a global head of the company city fx technicals market insight product um so yeah he determined using technical analysis which we're not a fan here at tftc other than to laugh at sometimes i determined a target of 318 000 by december 2021 here's the hoping he's got the best ta out there because that would be pretty cool with it i'm cool if he's short a little bit if we only hit like 200k by then i'd be fine with that yeah you'll be off by 50 or it'll be off by 100 but like off by target would be 50 lower than what it is fine by me and still be very still be very bullish um all right rolling into software

updates here but before we do that we've got a shout out from a very dear friend of the podcast and i don't know why he's thanking us we should be thanking him for giving us the opportunity uh to do what we do once a semester thank you to pierre rochard marty bent at matt odell at philjbanello at vandrew cpa excuse me at vandrew atty cpa for teaching baruch college students about bitcoin you guys are all super generous well charles who wrote the shout out i assume it's charles maybe it was one of the students i was going to assume it was charles thank you for inviting us it's always a pleasure and uh you're selfless you take the paycheck you get from teaching that class you donate it to charity um it's speaking one hour a semester at peru

college is uh is is quite the pleasure shout out to you for putting together the curriculum and getting these great minds in that room yeah no it is it is i second that 100 truly a pleasure uh we love you charles yeah and that is pretty cool i just found out that thing about him donating his salary to charity. Right. He's a true man of people. In hindsight, you know,

maybe he should have put his salary into Bitcoin and then donated it like after five years. But, you know, it can't be perfect. Charles,

if you're listening, think about it. It's still early. It's still early. We can lock it up. We can time lock it. Time lock it to block 840,000.

We'll go to the next tabbing. Just time lock it to the next tabbing. Software updates. Whirlpool CLI version 0.10.9 has been released, if you're running that. Think about upgrading. Go check out the release notes in the show notes. Electrum version 4.0.5 has been released. Anything major here?

Yeah, the new Mac OS update, Big Sur, broke Electrum, so you need this update if you're a Mac user. lovely thank you apple um should we just break there to talk about what's going on with apple we can i put it at the end but yeah just a bit fuck them it's a pretty big it's a pretty big issue that we should talk about how do you feel about this as a lifelong mac user i feel cheated i feel betrayed i feel like i need to find an alternative and get used to using a new computer system and operating system because this is pretty much did you run into the issue where they got where they got caught like that day where like you

couldn't open apps because their server was down i don't think so so this all got exposed because so it turns out that apple with recent updates have has started um everything you do on your computer every program you run it just it has it pings one of their servers before um before it runs and uh because because mac is closed source like no one i mean people speculated but no one knew for sure that this was happening and then the server went down and like millions of people around the world couldn't open you know regular offline apps or whatnot because the server wasn't responding so this is like obviously a major privacy risk um we have a write-up in the show notes that does a really good job of explaining um the repercussions here i mean there's just

massive tracking holes uh where they can track you they say apple says that it's for users own safety which is what you hear a lot of times with these things um but you know at the end of the day like no one should be really that surprised about this stuff and and this is why free open source software is so important does purism fix this uh purism helps i mean the freaks know i like graphing os on the pixel on the pixel series um i haven't tried on the 4a yet but that's probably the best way to go right now on the phone side and on computers i i really am liking pop os which is a linux distro from system 76 which you can install on any computer but what's really cool is system 76

actually makes like pretty nice machines so like if you have a macbook and you're looking for something like an upgrade that doesn't spy on you by design then you should consider that system76.com i have two of their machines they're fucking dope tim cook you're fucking up tim apple you dumb bitch ruining Apple such a great company who knows if it was him alone

it was some external pressure seems like they've been getting pressured by the intelligence agencies pretty hard I mean to be fair like I wouldn't be completely like I wouldn't be surprised if they had good intentions with this even though it does add all this

personal information on their servers but once that information is there you know even if they don't plan on using it maliciously it can get hacked it can get leaked they might get compelled to provide it so it doesn't even matter really what their intentions are if if there is that data blob available then it can be exploited and it probably will be you have to assume it will be well this blog's making it seem like they were sending data to the cia nsa fbi i mean they definitely are when they get requests and whatnot and with snowden we saw these companies had a bend the knee with a non-disclosure agreement but i'm saying this particular so-called feature might not have originated for malicious

reasons even if it does end up getting exploited for malicious reasons and at the end of the day it doesn't matter because we can't verify their motives uh so you just have to go with what the reality is on on the ground yeah but it's coming out part of the blog says it sucks that they've let the nsa cia your isp at all slurp up the uncrypted pattern of life data off the wire for the last two plus years and they're still going to transmit the data in parentheses encrypted to apple in real time on by default in every single mac it's fucked up so that make yeah they've been setting pattern of life met metadata health statistics i imagine to these agencies to follow you maybe uh covid tracking was used as an excuse to get a push through behind the scenes

i mean like 100 this is one of the reasons why we made our graphene push at the beginning of the covid situation um look this all this is all old snowden news and in my opinion you know Snowden was the one who pulled the covers off, and at the end of the day, we can't trust closed-source software and closed hardware. You can't. They'll tell us whatever they want to tell us, but behind the scenes,

it's all just extensions of the governments. This is true, and this is why we get back to our software update section. ThunderHub version 0.10.3 has been released. If you're running ThunderHub, go check that out. Sphinx Chat, if you're running that, We've been releasing the test pilot version throughout the week. I joined the tribe.

You joined the tribe. Welcome to the tribe. How does it feel? It feels good. I'm loving the Sphinx app. Sphinx, Sphinx, Sphinx, not Sphinx. It's not a Sphincter. It's a Sphinx.

I said last episode that I was going to use my own node. there's privacy concern if you use an existing node that's not tied to your identity and Sphinx is going to be tied to your identity so consider launching using a dedicated node for it you know just a Sphinx only

node is the best practice which is what I'm doing it's really cool what they're building though I love the boosting, I love the conversation going on shout out to our tribe shout out to the Sphinx team shout out Graham from Voltage

shout out Ryan Gentry shout out Adam Adam Curry's in the in the Tales from the Crypt Sphinx tribe that's pretty cool I'm in his tribe as well so it's a little bit incestuous

it's an honor you know what it's a nice little community feels like we're onto something really cool there one thing that got introduced to that we downloaded in our tribe this week was the bots

and the bots are run on the Lightning Network too like the person feeding the data on the other side could potentially charge sats for making a call on the bot I didn't know that that's pretty cool well I mean I knew it was being broadcast through the lightning network

yeah join our tribe chat bro I'm in there I know but like join the chat I know I mean I saw the price bot I called the price bot I'm upset that the price bot doesn't do sats per dollar I've already made a suggestion

they already you were not looking yesterday they already made it yes there we go there we go you can go in our tribe and go slash sats and you'll get how many sets i love it i love it right now it's below which is pretty crazy uh this is pretty massive tales version 4.13 is out updated the tour browser updated thunderbird it's not really massive but if you're running tails version 4.13 is out officially released two days ago on to some product announcements uh hodl hodl we had max keydon on a few weeks ago to discuss

their new lending product is now available in the u.s so u.s citizens can use it uh and they can use it because it's non-custodial all the way through if you want to understand how that product works specifically go listen to that episode recorded with max uh very interesting applications that huddle huddle is building using bitcoin and stable coins particularly to allow these lending markets to develop without any third parties just people making meeting excuse me at a marketplace and no kyc no kyc very important to mention uh you know yeah if you do use a product like that make sure you over collateralize a lot just in case especially in these these bill runs we see large price

movements so you don't want to get liquidated in those large price movements yeah that's one thing you should be aware if you're relatively due to bitcoin and you you're probably at that stage where you're following the charge trying to trade you mentioned that you're not going to be able to trade you're gonna get your dick pushed in you're gonna lose your sats but some of you're gonna do it anyway just know that there are there are multiple 20 to 40 percent drops in the price on the way up to the all-time high usually typically yeah so very volatile i didn't i didn't miss the launch of of the sat spot it wasn't discussed in the in the tribe bro you in a side chat where you you're you're yeah you just got it i mean i just i just i just

tested it but i just scrolled up i didn't and did i did i miss it getting added we talked about it last night the night before how weird i don't have those messages product uh feedback has a dominance too you can do slash ptc dominance yeah yesterday around 3 30 your time i've been from the sphinx team updated the bot i'm just scrolling well anyway glad to see it it's fucking awesome maybe i'm missing messages we'll find out this is all happening on the messages maybe i had a routing error with some of the messages interesting that would be interesting if you miss messages because

of routing duly noted to report back to the sphinx team uh this is also good to see sphinx not sphinx swan uh has added xpub support uh our boy gg getting to work pretty quickly if you are a swan uh user client you can now uh upload you're actually not uploading your xpub you're uploading your addresses at least some of the addresses associated with that xpub so that you can preserve privacy by by sending your coins to two different addresses each time and just make that process more seamless on on swan so if you're a swan user you can now dca and then get your coins sent directly to addresses that you control and separate your utxs pretty big yes i mean i think this is a pretty big deal i've been looking forward to it for a while um you know up until

this point swan allowed you to auto withdraw but it would auto withdraw to a fixed address so you're reusing the same address over and over again um obviously this is bad for your privacy because someone watching the chain could link all of those payments together um and it has like a certain profile right it's like okay that's a swan user and that's how much they've accumulated and they've been accumulating for this long so now it'll be able to use a fresh address every time they have implemented it basically like xpubs weren't really designed for this but they implemented it in a way that's the most privacy conscious probably the best way to do it which is locally it's deriving the addresses and doesn't actually send the xpub to the server

in practice though just to be really safe i think best practice is really you like dedicate a wallet to swan and you just that's your swan wallet whether that's a hardware wallet whether that's samurai um you just dedicate it to swan that's your swan wallet and then after that you go into whirlpool before you you know you move the bitcoin anywhere else you like segregate the wallets and with that in mind and with in mind you know kyc just being dangerous in general and people should avoid it um i kind of feel like this is the ideal kyc stack to me where you auto stack and you auto withdraw and ideally to me that that stack looks like samurai wallet you have a samurai wallet a cheap android phone running samurai wallet connected to your dojo you give them your

premix z pub you're auto stacking directly into the premix and then you go into whirlpool and then you have your your world your post mix whirlpool utxos that are a different x pub by design and then you can send them wherever you want to send them and i think like the only thing that makes that better is if they add paynim support which they're planning on doing and if samurai adds auto tx zero support where it just automatically whirlpools if it hits a certain amount like it'd be cool if you they had like a special z pub where any address that went there just like automatically went through whirlpool well that's what i was gonna ask is swan set up in a way where you can send it to your address but only after you hit a sats threshold

yeah like a million cents you pick the threshold and then so it auto stacks once it hits the thresholded auto withdraws to a fresh address and then you go into whirlpool and then you have whirlpool utxos like as far as kyc stack goes like that seems like the ideal uh to me it seems like the ideal setup yeah i agree shout to swan um for getting that out there innovative very privacy conscious i love that simplicity of just not sending the expo but only a few addresses i mean By a few, I imagine they mean like a hundred or something, but yeah. Yeah, I would imagine. And then they just ask you if they need more addresses.

Yes. But like, if you're going to go like the hardware wallet approach, like I say, like you just, you know, you buy a cold card, you buy a ledger or whatever, and you just dedicated it to Swan. It's just like, this is my Swan wallet. And I think it's worth that, you know, whatever, like a cold card is like 130 dollars or i think like a ledger is like a little bit cheaper like that's nothing in the scheme of things and you just dedicate that as your swan wallet

and your stack just goes there keep it segregated just super easy to do get on it swan users the stack improves stack improves it is kyc but try to preserve your privacy and give you the ability to do it yourself efficiently after after you use their services commendable interesting going interesting development in china around okex apparently they're gonna reopen withdrawals um starting soon there's been rumors that originally there was rumors that they were hacked that they lost funds but then

became apparent that potentially the chinese government was um was holding them up and forcing them to freeze their funds uh the mining hash rate fell coinbase was was announcing that um hash rate fell because of okex having to withdraw theirs um so there's something interesting going on there's some more china fud basically at the end of the day what's your take on on the okex situation never like speaking with any authority on these topics as they always change on a whim and yeah i mean it does kind of feel like uh china 5 4.0 or whatever um yeah you know it seems like the most concrete rumor is that star zoo the founder and ceo of okex got arrested and they just paused everything while he was um you know bending the knee to the ccp presumably

um a couple things to take from here is first of all they had their own mining pool hash rate completely evaporated and and they actually hadn't suspended withdrawals on the mining pool suspended rewards on the mining pool they only suspended withdrawals on the actual exchange but that was enough to scare miners into other pools which is bullish if um it's bullish in a pre uh a pre better hash world right where you're where you're relying on miners to actually switch if a if a mining pool operator becomes malicious and so that's good to see in practice the second thing is um the okx has an exchange token and this token absolutely tanked on the news that they were suspending withdrawals and then over the last two days it spiked and then today the press

release comes out from okay x that uh they're opening withdrawals again they plan on opening withdrawals again they're completely solvent everything's good you know and their personnel who was arrested has been returned to them which is presumably star zoo but they never said a name and there's just a lot of fuckery here that can go on with these exchange tokens that people have to be aware of right like if they know that the arrest the the withdrawals are going to tank it they can preemptively short it or sell it they control the exchange they they control the supply you know a lot of it is held on their exchange to begin with and they can preemptively buy it at the bottom before they announce anything so there's a lot just a lot of fuckery in general

and it it really amplifies third-party risk like uh over just a regular custodian and over just a regular shit token it's like a combination it's like you there's no way to self-custody a exchange token there's no way to verify any of this shit and they can just you know run it up and down at their at their leisure yeah it's crazy it's a recurring theme will we ever shake the china fud who knows probably not it's fun just expect it like expect these waves to come Bitfinex is hopping out of the woodwork. Pointing at Tether. China FUD's coming out of the woodwork.

Blue check marks are tweeting about Bitcoin. Some vibes. Are we getting too hot too quick? Nah, impossible. What is your thoughts on the hashrate thing? Because I think that's kind of interesting. It's not every day. I don't remember ever really seeing a pool go to zero that quickly.

GHash was probably the last example. G-Hash was at 51, and they got hit, but then they fell to like 25 or something. And then they slowly bled. And then they originally withered and died. But they slowly bled after that, right? Stakes are a lot higher now. Yeah, this was like hard and fast. This was just, they fucking got hit.

Yeah, I was actually on a podcast talking about Great American Mining earlier this week, and that question came up. so like the china fud talking like brad brad garlinghouse that motherfucker likes to go and spread china fud uh the comptroller controller the yeah the dude from coinbase he was spreading china fud saying that china controls bitcoin you can 51 attack it it's just simply not true so you go through the continuum of the potential attacks via mining that would be employed uh in the first you think of is just actually having a collective 51 of hash rate and being able to 51 the network which at this point seems pretty hard you can get a few pools

to team up uh but that seems unlikely to me uh so that scenario of just having a raw hash rate 51 percent attack um doesn't seem likely then you have the scenario which the ccp can make mining farms in china unplug which is a bit scary but the network would self-correct eventually um and i believe hash rate has become more distributed outside of china over the last five years particularly so that attack may even be less effective than it could have in the past uh and so that seems unlikely to me and even if it were to happen i think the network would survive it would take a lump and then beyond that is the scenario which we're talking about right now is that the ccp goes to individual mining pool operators and forces them

to either construct blocks a certain way or just not mine blocks at all and that's the beauty of mining pools that the individuals within those pools have free will and the free ability to to move freedom of labor in the mining world is very fluid you can move from one pool to another in minutes to the likelihood of attacking bitcoin mining from the pool operator perspective even though most of a great majority of pool operators are in china i still think the risk is low because the individual miners within the pool have a very high profit incentive to make sure they're getting bitcoin for the hashes they produce so they will move as quickly as possible and on top of that you know uh we want to see better hash which has now been folded into stratum v2 get released which

kind of cures the main issue here which the main issue is is that the mining pool operators have the power to construct the blocks um according to how they want to construct them so if there's like a blacklist or something, or if they want to double spend someone, they have that unilateral power because they're the mining pool operator. In a stratum v2 world, the individual miners that are directing their hash rate to the pool operators are actually, they get to construct the blocks. So it distributes that power and makes it way, way, way less likely. I would just like to add that I intentionally didn't talk about it when it happened, but I did post a hash commitment on twitter and told people to remind me two weeks later which of course eight in the morning two

weeks later gg dm me was like what is this about uh so hat tip to uh to their gg for reminding me um i think like if you were to see some type of state chinese attack or whatever that's kind of what you would you know i don't think it would be effective long term but i think what you would see first is you would see like the rug pull of the hash rate that we kind of saw at the middle of the difficulty adjustment last time um and and i guess like the main way to you so you basically you rug pull the the hash and then when the difficulty adjusts down and this is one of the reasons why the difficulty adjustment period is such a long period so you can't like game it this easily which because we saw this kind of thing happen in bcash land because they changed

your difficulty adjustment to super short uh periods um so that's one of the reasons why you want it to be a longer period because you can't game it that easily but you rug pull the hash rate and then when the difficulty adjusts down then you start you know fucking around on the mining layer um you know doing empty blocks reorgs you know chains that you're not broadcasting you you hold on to them block withholding until you release them and stuff just to like fuck around and try and cause chaos and in that situation i think like the mitigation is if you see like a large hash rate pull you should just be a little bit wary and if you're a major economic actor like require more confirmations like don't you know add a little bit of a buffer on your confirmations

and then you should just be golden yeah no it's interesting playing these scenarios out that becomes an expensive attack it'd be super expensive attack and i don't think it'd be effective long term but there's something there yeah yeah no gotta flesh out adversarial thinking from matt odell type of thinking i'd like to see yeah there's so much god can we can we destroy brad garlinghouse can we like reputationally ruin him not me and you personally but just the freaks i mean if we could we would Severity. Collectively.

But it's so disingenuous. So, like, do we talk about that at the NYDFS? No. Maybe eventually, right, it'll catch up to them. But it just feels like they've lasted so much longer than I expected. They're just so good at the, you know, at the regulatory capture play and just, like, the revolving door of, like, bringing in lobbyists and shit. They're just so good at it.

They're pros. It's just, I find it hard to believe that they've lasted this long. It's amazing to me. Did you see Brad's latest virtue signal about the environment? No, what's this new one? And this is, dude, you might have to move out of New York State soon. See the NYDFS mandate for climate conscious lending and investment. in any company, bank, institution

that's under the purview of the NYDFS. What do they have to do? They're bringing climate wokeness to investment. You have to invest. Not just Bitcoin companies? No, all companies, but cryptocurrency exchanges were singled out in basically a roundabout way of saying,

hey, think about Proof of Work's impact on the environment which is it's positive but these people don't understand that and i have a feeling they'll refuse to understand it too to a certain extent yeah i mean i i don't think i'm gonna be here for that much longer but i just don't uh the bigger concern with the ny dfs is is not necessarily just new york centric right is that they are so powerful that it it ends up making waves everywhere else as well um and that's what we saw with the bid license woke Well, capital's leaking into state governance. It's fucking crazy, man.

It's astonishing how ignorant these regulators can be, too. I think that's one thing that you've been on top of this whole time that you're probably absolutely correct about. We're going to get hit so hard about the climate fud. It's just coming. We have not gotten hit yet. it is we get it occasionally from some like random blue check on twitter um or some like random talking point on like a random interview but it's gonna get hard and fast like they're

just gonna start hitting us about it that's why man the walls freaks step up get the content ready get the facts ready we're doing our best here at rhr tftc marty's been at great american mining we're gonna work hard to get in front of this narrative too but it is coming like a freight train the screeching is only going to get louder from here and so is the clamping down on your ability to use bitcoin in any sovereign non-custodial fashion especially if you are in the netherlands where a dutch exchange is now making you verify addresses and they're doing this because they're being told to by the government so you have to uh basically verify that you own uh an external address that you send your bitcoin

to from uh the exchange so just basically a creeping of the travel rule so this is actually not even a travel rule yet this is amld5 uh which basically yeah i mean the way europe handled it amd5 is like it's a your eu law um but each individual member country can enforce it how they choose to enforce it um and they can choose which organization in their country does it so for some reason the netherlands chose the central bank which i it's just an interesting distinction that they chose them to to handle it um and the central bank ruled that you have to verify these addresses um and this is something that we have talked about in the past per the travel rule and other regulations is that this is the natural progression that we see it going in um where like

these companies are able to basically take the liability off of themselves by making you promise them that this is your address um and then that way they can just put all the blame on you whatever happens after that they know that's your address and then anything that happens after that um is on you instead of like you having some like quasi plausible deniability when you withdraw and this seems like the natural precursor before you just completely block out self-custody altogether one interesting thing to keep in mind is that the cool part about bitcoin is that you can trustlessly verify ownership of an address um by signing a message it's a super cool feature that allows you to without a third party prove ownership of funds um that wasn't

possible before uh but they're not using that they just want you to take a screenshot so no the blog post says or by signing but they actually they they'll just take a screenshot right yeah they will take a screenshot by requesting you to upload a screenshot from your wallet or signing a message hilarious we understand that these additional measures cause nuisance for our customers and we do not agree with the measures involved measures ourselves so this is uh bitonic.nl um therefore we offer the opportunity to formally object to these additional measures in registration of this data we will soon release a custom for intended specifically for this purpose for the time being you are invited to send complaints

to privacy at bitonic.nl so go to bitonic for pushing back at least they don't like this either none of these i mean look as this happens like in the beginning there'll be some companies that on the knee and think it's for their greater good to just comply but ultimately it's going to kill all these guys businesses like it's just it's just hurting them and helping the bad people just let the good entrepreneurs build good products and law-abiding citizens use those products and you know what let them preserve their privacy and their freedom to interact with others along the way how about that how about that matt can we just get that is that possible in 2020 or are we getting the great reset in 2020 are we getting the great reset you ready

reset and damn right we're getting it you had justin trudeau mentioned the great reset by name today or this week excuse me uh you had laurie lightfoot whatever her name is in chicago mentioned the new world order are these people better marty build back better we're building back better with bitcoin freaks look around i mean if you're listening to this podcast i'm pretty sure your uh your antennas are tuned to what's going on with this overt power grab by the kleptocratic elite that like to think they run the world um but yeah the new world order wants to build back better uh to initiate their great reset or see the great reset through so be aware it's a communist view of the future where you won't own any property but you'll be happy

you'll be eating bugs what the fuck is with that man that is crazy what did that come that came out from 2016 the world economic forum or whatever

posted that yeah they're the the big perpetrators of the great reset just accept it freaks you know what get your COVID-19

flu shot whatever it is smoke your vape pen just close your fucking eyes go to sleep so they're gonna start the vaccination passports are coming.

Yeah. When I said that we had a very short time to travel like a year ago didn't mean this short. You weren't joking. You didn't think it would happen this quickly? I'm glad I traveled as much as I did but I did not travel enough.

Yeah. And guess what? We're just on to the section of news that makes us angry. Chainalysis is double dipping in contracts. They launched an asset liberalization program for government agencies and insolvency practitioners do you stop because of me just basically help this is just like i'm just trying to gauge what this product is oh okay so fine stolen bitcoin well the hand movements i was making is because

my dog is like growling at me from outside of the door um the chain analysis basically is at first they help the government seize the assets and then they will help them manage their seized assets and sell them for them and do that whole process. So, you know, we were talking about earlier about perverse incentives, um, which happened all throughout our government. We have tons of perverse incentives is one of the reasons why our governments are so broken. Um, but now you have this perverse incentive here for chain analysis, just another one. So first the perverse incentive was chain analysis, uh, lobbied governments to, to get them to, to make exchanges and services, uh, use their service to begin with. Then they got gave contracts directly to the governments

to help them seize assets and now once they seize the assets they will take a VIG to help them unload those assets for the greater good of Bitcoin I'll tell you too fuck them yeah yeah right and I've met with some

employees at Chainalysis and I like them personally but from a company mission perspective again what the fuck like you're just you're just sucking teat these governments are not good either like they don't bring good to the world they just subjugate their citizens and let the criminals get away fuck these people chain analysis you're working there what are you guys doing come on

binance is suing forbes by the way you gotta be careful what we say about binance yeah what if forbes released apparently what was an internal doc that described how they evaded international regulators and were able to um which in my book i call that innovation yeah right and say they're distributed so basically the blueprints that allow them to geographically and jurisdictionally position themselves to remain somewhat inoculated by regulators around the world yeah i mean yeah it's about using like holding companies and shell companies and shit which is what we know about all of these businesses and especially in the bitcoin world you know if you want to innovate that's kind of how you have to handle it

um if you're a centralized company um so i mean it's kind of fucked up on on the on the part of the forbes writers for not only did they expose all this but they were kind of like asking for regulators to get involved you know they were kind of like being tattletales like they're like ratting them out so that's kind of fucked up in my mind but also like fuck you binance for suing them right snitches get legal stitches they just get sued like just does not have the same kind of ring to it it does not um u.s military is buying precise location data from from third-party apps so be aware one of the it's a muslim prayer app with over 98 million this article is mostly muslim anti-muslim focused um yeah like quran apps and shit and like an app that shows you which

which direction is mecca because you need to pray in that direction um and this is just another example why you know free open source software that's not designed to just track everything you do um and just on the simple note you know don't install as many apps on your phone um be careful what permissions you give to apps turn off location they might not actually turn it off but you can at least click the button and it's better than not clicking it be directionally aware so you know where mecca is and you don't need an app to help you find it you know like the good old days right yeah you think your grandfathers are using apps to find mecca but i don't think one is usually the weather apps because the weather apps you know ask for location

so they can tell you what the weather is in your current location so like really people even if you don't want to go full tilt like i recommend to go graphene at least just disable location on your phone disable location you can just toggle it off if you need to use like a gps or something then i guess toggle it on for that moment in time when you do it and then toggle it off just usually have location disabled it's like the single easiest improvement you can make and does have a significant improvement there yes do not get tracked by these third parties they're Tracking. You will still get tracked.

We've warned you. You've been warned. You'll reduce the tracking by doing that. Yes. Yes. Speaking of open source and to a part where we mentioned Purism earlier in the episode, but we did not talk about Librem 5 begin shipping, did we? Right.

Yeah. So Purism makes, my two favorite Linux computer manufacturers, boutique computer manufacturers are System76 and Purism. Purism is more expensive, but they go more hardcore on the privacy side. Um, I don't think you can go wrong with either. Uh, but so, but now Purism is also releasing a phone, which has been hyped for a while, um, that they built from the ground up to be privacy conscious and includes their own Linux based OS on it. Um, so you're not going to be able to use any Android apps or anything like that. Um, I, you know, I think these are nice things to see,

but at the end of the day, like you, you, unless if you buy it, buy it as a, like a fuck around thing like don't buy it expecting to have like a really usable phone i think it's it's still too early there um and and they're basically just beta testing on customers and they're like alpha testing like even pre-beta and it's going to be very wonky but regardless good to see their shipping yeah i like that it's um i might get a purism computer after all this apple news get a system 76 bro all right maybe i'll get both test them out it's the closest it's a good rip the closest like consumer experience i've ever seen on a linux computer really yeah because you know especially with what we do on the bitcoin side of things when you're like trying to stream live and

and and you need like reliable communication tools and stuff like with linux it's like every day you wake up and there's like another issue that you have to that you have to solve before you can get to work um and the battery life usually it fucking sucks but with with system 76 like it legit feels it feels like a proper consumer product like it feels like something that someone can move from osx from mac over to it reasonably and and actually there's a bunch of ux pros that they might might enjoy more than mac so it's nice they don't just feel like they're giving up convenience completely in in the sake of privacy and security and the hardware is nice it's just like good quality hardware you're convincing me you're

convincing me very happy with it i like i said i have two machines you're very convincing this is a quality rep this is an early rip thank you for getting up early matthew i was already up I just I wanted I didn't wake up specifically for an 1130 rip Marty but you know if it was a happy hour time grip like usually then you know the freaks would have had more of a whiskey induced Matt than they that they did for this episode but it was a good rip I think this I think the cerveza induced Matt is a good one freaks thank you for listening thank you for joining us a lot going on bull market may be here probably fucking here marty it's already hard to think it's only going to get worse from a thinking perspective the ability to think perspective

as the price gets more volatile stay safe out there don't make any rash decisions thank you guys for listening thank you for the shout out shout out to charles and the students at baruch college if you guys are liking this please subscribe at your local podcasting platform leave a review tell your friends trying to get that quality information out tell them to sign up for the bent the sat standard we got more content on the way love you love you all bullish as fuck we're just getting started don't pull your fucking foot off the pedal keep stacking definitely keep stacking peace and love freaks