TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Week of 2020.11.23

Episode Date: November 26, 2020

This week Marty and Matt discuss: - Coldcard testnet attack - John Newbery and Mike Schmidt launch new bitcoin development initiative - Chainalysis raising $100M at $1B valuation - Microstrategy exploring bitcoin "data products" - Gold funds falling while bitcoin pumps - Bisq v1.5.0 - Bitcoin Wallet Tracker v0.2.0 - Autoloop lightning liquidity - PTLC Proof of Concept from Suredbits - Leo Zhang's The Intelligent Bitcoin Miner 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.

What's up, freaks? It's your boy Marty here to introduce this rip of Rabbit Hole Recap. Early Wednesday rip for you freaks this week as we head into Thanksgiving weekend. I hope you guys thoroughly enjoy your weekend if you're celebrating Thanksgiving. If you're outside the United States, you know what? Enjoy your day, too. You guys exist as well. Just kidding. Yeah, I'm thankful for you freaks. Thank you for tuning in and listening to us week in and week out and contributing for the shout-outs for everything. From the bottom of my heart

From my family to yours I'm thankful for you freaks This rip of Rabbit Hole Recap Is brought to you by our good friends At the motherfucking Cash App You freaks should know about them But if you don't know about them

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that's owls lacrosse this rip is also brought to you by our very very good friends at unchained capital they're doing incredible things to bring a security and sovereignty first mindset to collaborative custody in the bitcoin world if you want to go from zero to multi-sig a unchained multi-sig vault to be specific there is a special package for you freaks originally fifteen hundred dollars if you tell them tftc sent you you're going to get fifty dollars off this package and the package includes a wake love concierge service that takes you from zero to a multi-sig vault in no time the way it works is you purchase the package you have

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go to www.unchained-capital.com we're actually going to link specifically to the white glove concierge service in the show notes so check it out there last but not least this rip is brought to you by good friends at bitcoinblackfriday.com all right the day the weekend is upon us bitcoin black friday is happening this week the day after tomorrow the day after thanksgiving there's hundreds of merchants accepting bitcoin that will be running deals of up to 50 off go to bitcoinblackfriday.com to check them all out on top of that the team from Bitcoin Black Friday, which is also a team from BGC Media, which is a team from Bitcoin Magazine, which is the team from Bitcoin Conference 2021. They also will have a list of dozens of charities

that you can donate to as well if you're looking to do that. And last but not least, if you are looking to get the Fold Stats Back card and you want to get on the early list for that, go to BitcoinBlackFriday.com and get on the Fold Stats Back card list there to enter yourself into a raffle in which you can win 100 million sats a whole bitcoin fold and the bitcoin black friday team have teamed up to give out one whole bitcoin to one lucky individual who signs up for the early access to the fold sats back card via bitcoin black friday.com so go to bitcoin black friday.com sign up that way to make sure that you're entered to win that whole 100 million that potential prize so go check it out again i hope you guys enjoy your thanksgiving weekend if

you're celebrating here in the united states if you're somewhere else in the world i just hope you're enjoying your day you know and uh enjoy this life all things considered in 2020 i'm thankful to be here breathing living and taking in life in 2020 enjoy freaks you've had a dynamic where money's become freer than free if you talk about a fed just gone nuts all all the central banks going nuts so it's all acting like safe haven i believe that in a world where central bankers are tripping over themselves to devalue their currency bitcoin wins in the world of fiat currencies bitcoin is the victor i mean that's part of the bull case for bitcoin if you're not paying attention you probably should be

well hey there freaks i'm sitting here in u.s virgin island still haven't left yet i'm actually looking at pedo island right now matthew how are you doing right now what what a view um i mean we're doing this early rip half for the freaks and half for marty uh no all for the freaks we talked about this yesterday we realize a lot of you freaks are from the united states most of you actually you may be heading home for thanksgiving today i hope you are some of you may not matt and i were just discussing uh the the thanksgiving and what's the word i'm looking for etiquette this year or what's going what's going to be having

a proper thanksgiving yes matt's going to be having a proper thanksgiving which is important because you need to be able to dunk on the family members that that ever that ever talked down about bitcoin yes this is unlike uh the thanksgiving of 2019 2018 we get a good thanksgiving this year as bitcoiners we get some gloating at the table if you will and so that's actually why we wanted to record early we recognize that a lot of people are commuting home hopefully many of you freaks are having proper thanksgivings as well and we thought we'd just be like the last little piece of content in your ear before you go home and chill bitcoin to your families so we wanted to get it out for the car ride commutes it's all for the freaks i may go to the beach show later but

we'll see the price of bitcoin a year ago was what like 7 000 i'm trying to look that up right now well you look that up the price of bitcoin right now is 19 254 according to clark moody's dashboard your sats are not going as far as they used to The price just ticked up a little bit, and you're only getting 5,193 sets for $1. Again, expensive. What's today? November 20th. 25th.

25th. Whoa. Looks like the price was about $7,000 last Thanksgiving. and then the thanksgiving before that um it was we had just dumped and we were near our low we were at like four thousand dollars so if you've shilled bitcoin to your family on the last two thanksgivings hopefully you shilled it lightly but not too lightly um they have some really nice returns to thank you for yeah they're buying a thanksgiving 2018 those stats are are going much further now these days they're almost a 5x from thanksgiving 2018 yes i wonder what block we were

at there then because right now we're at block 658,611 18,553,744.15 bitcoin have been distributed to the market that's 88.35 percent of the total supply that'll ever hit the market has been mined and distributed to the network throughout the network utxo set size is 68.2 million right now we're going to go to the next retarget which is in 621 blocks blocks are coming in fast a lot of hash rate coming on the network apparently since the last difficulty adjustment blocks coming in on average at nine minutes and nine seconds and 621 block blocks the difficulty adjustment is estimated to uh adjust by 9.1 upwards 31 184 transactions in the mem pool uh if you're willing to wait a week one set per bite

can get through matthew let's see what happens this weekend you see our boy steve's uh ambitious take on twitter steve barber yeah uh which one he's got a lot of ambitious takes he said well specifically about one separate bite he said that he's under the belief he is so bullish on bitcoin that one sat per bite will always confirm eventually forever really i mean his insinuation where do you have that take i'm looking for it right now his insinuation i what i took from it his insinuation is that like one sat becomes worth so much right that fees are going up but oh i see it personally i don't believe one set per bite will ever be permanently priced out that the blockchain that's how ultra bullish

i am i like that yes one saddle i mean i strongly disagree with you steve um i think bitcoin's fucked if that's the case why do you say that because because that means that the mempool is clearing in like let's say five years ten years down the line that means the mempool is clearing which means there's no transaction backlog which means there's no consistency in minor revenue because the block reward will be going down at the same time right so transaction fees have to be a bigger aspect of the block reward so if there's no consistent minor revenue then like what the fuck like the hash rate is going to be craziness it's going to be fluctuating on and off but you know with with how with how much transactions there are just in my head it

just seems like there's all these i feel like you need a transaction backlog in that situation i guess it all hinges on how many transactions not transactions how many payments can be stuffed into transactions that could potentially be stuffed into a block but like imagine you had like a two-week period or a month period where like miners made like no money and then you had the next month like miners made like a shit ton of money i think you need to have like some kind of consistency there and like a backlog solves that yeah but what if you have consistent usage via like opening and closing of channels on the lightning network just happening at all times based on business functions that are set on cruise control i think that's what you'll have

yeah but i i think that's why you won't be able to confirm what you won't be able to confirm one set per byte because of that yeah that's a good point because you'll have this reserve demand right you'll have basically what i'm thinking is like lightning and coin joins are like these like reserve demands that like constantly have to happen yeah and to be clear i think steve is being a little tongue-in-cheek with this tweet as well yeah it's classic twitter but i thought it was a cool thought experiment right yeah we just played through it and i think you're right but did you see is zender in the comments or whatever he's like i agree like the mempool clear once every 10 epochs someone said that in the comments which i thought was funny let me see

i'm not seeing that one somebody getting shadow banned uh-oh um yeah yeah the demand for block spaces well we'll lift it off the one side floor but right now If you want to send a one-sat per byte transaction, it will clear within a week, according to Clark's dashboard. Let's go over to mempool.space, though, and see what they're saying right now in terms of mempool congestion and suggested fees. High priority, they're recommending 66 sats per byte. It's around $1.76 right now, medium priority 56 sats per byte, around $1.50, and low priority 40 sats per byte, around $1.10. So if you're looking to send a transaction, that is what's being recommended by mempool.space.

Matthew, how's your coffee this morning? Are you awake? I'm trying. I'm not a huge fan of these morning grips. Why not, dude? um but anything for the love of the freaks you don't get the mental juices flowing early in the morning yeah yeah i my my peak bullishness is about 1 45 p.m it's like i've just eaten lunch you know i'm getting going i'm ready to go maybe i'll crack a beer pour some whiskey like i feel like that's like peak bullishness i'm like more in the mornings i'm more pragmatic and reserved which doesn't i don't think translates as well to a podcast format well snap out of it take a

sip of coffee the podcast doesn't wait for you matthew it needs it needs high intensity at all times what's going on with this cold card test net attack i saw it the guys from shift crypto are the ones who disclosed it as well they're obsessed with the cold card man right and it's not a big deal yeah wouldn't you have one of the cold card user be a suit or trying to use an altcoin or something like that now if you're so it's similar to the altcoin attack that happened to ledger right where you thought you were spending an altcoin but in reality you're signing a bitcoin transaction and the attacker could take your bitcoin but cold card doesn't doesn't you know offer altcoin

support so what this attack is is if you are in testnet mode and you think you're spending a testnet transaction you could also be signing a bitcoin transaction in the background so this only affects cold card users that are using testnet which are pretty much only advanced users if you've been listening to this podcast i don't even believe in testnet so um if you don't use testnet you're not affected only users who are using testnet could be affected here and if you are using testnet you should be extra careful that's and really i think if you if you are using testnet you should probably use it on a separate device um you know your test device and your real devices matt's a testnet truther he doesn't believe in it you don't believe it's real

that's not a shit coin that's how you're going up half back testnet doesn't even exist to sigh up uh they're working on a new testnet though signet believe i haven't been following the developments of that too closely recently have you no no but what's frustrating here is that shift crypto labeled it a critical vulnerability which is like i think you're just you're needlessly scaring people and if every vulnerability is a critical vulnerability then no vulnerability is a critical vulnerability you know and it just

creates this this shitty ass climate and really what happens is you just scare people out of hardware wallets in general you know you it's not even and and and there's you know there's all these different trade-offs at play but at the end of the day for 99 of people um they're they're increasing their security guarantees by by using a hardware wallet specifically using the cold card but using one of these one of like the top three hardware wallets yeah i mean we say this all the time about the the hardware flame wars and the coin join flame wars at a certain point they the flame wars and this isn't the disclosure isn't necessarily part of a flame war or anything but the uh announcing it as a critical vulnerability is uh is leading to that like can we trust hardware

while it's at all and with that being said like maybe probably be remiss of us not to mention the fact that greg maxwell came out recently with a couple comments about hardware wallets saying he wouldn't recommend them to to friends and family that he teaches about bitcoin which is an interesting comment coming from a very uh respected developer in the bitcoin space well i mean historically he's always felt this way um i mean i think that there's a couple things here to keep in mind is you know greg maxwell is a wizard um and he he might be you know a little bit out of touch of what the average user is capable of doing um i don't think you know expecting an average user to secure an air-gapped linux laptop is is really a um reasonable

expectation i i'm just trying to get them to store their own keys and use their own node here in a practical environment. And I think complexity really usually is what fucks over people, right? A lot of times it's user error is what ends up getting you. So you want to keep it simple. The other thing is it seems like a lot of his complaints are based on the early generation hardware wallets, like the Trezor One, that doesn't have a secure element,

that doesn't allow you to easily enter your secrets directly on the device, that doesn't have a proper air gap using an SD card. So a lot of the concerns are mitigated in the cold card that I don't think he's really truly aware of yet. Another thing is just being able to add dice entropy to the device so you add your own randomness with dice so you're not trusting the random number generator as much on the device, and you can verify those dice rolls.

So all these things, you know, mitigate it, you know, but there's no such thing as a perfect key storage method. Everything has trade-offs. You have to balance these trade-offs, and I think for the overwhelming majority of people, using Core plus Spectre plus Coldcard to start is probably the best setup. You're using your own node. It's a relatively private and secure setup, pretty easy to set up, relatively cheap.

And then you can easily upgrade to multisig in the future. And once you introduce these without changing your software stack, and once you introduce multisig with multiple hardware, then you're really removing a lot of his complaints that he has listed there because you're reducing single hardware manufacturer risk and supply chain risk. on a positive note right now we're in the middle of bitcoin black friday which i think marty probably already read you an ad about this at the beginning of this episode but cold card has a big deal going on we'll throw the ads black friday what i was gonna say we'll throw the ads in the front yeah i figure we were um cold card has a big deal a bunch of deals going on for bitcoin black friday and i got rodolfo to add a uncle jim's bundle which is all the things i fucking like in one bundle so if if you if you've been waiting

to pull the trigger that's the bundle to get go check it out bitcoinblackfriday.com yeah i think greg's main concern was supply chain stuff so the further that can be alleviated but i agree with you like you was that you who tweeted out the fact that you forgot a passphrase on encrypted drives or something like that yeah i have three encrypted hard drives that i don't want to throw out but i can't access because i thought i could memorize a secure password yeah what lesson did we learn do you still have hope that you can retrieve that password from your mind somewhere you should not ever rely on your memory for any kind of of your security setup you should especially for large amounts of money um and

like in this case i actually was a smart you know a smart dude and i i thought i i was a smart dude and i backed it up three times but but all three all three hard drives all have the same pass i can't remember what the fucking pass rate is it doesn't even matter that i backed it up three times um i don't even have access to it and that was because i thought like you know like i i went through like i got super paranoid and i went through all the different security models like i can't have it written down anywhere because someone could access it so just don't rely on your memory because one day you wake up and you're just not going to remember it lesson learned be aware freaks be aware yeah i don't trust my memory at all considering my past head injuries i mean and

If we look at it, the overwhelming majority of people that have lost their Bitcoin, they have lost it because of custodial risk, they have lost it because of user error, or they've lost it by these simple phishing attacks where their software tells them to put in their private keys or seed phrase into a malicious computer app. We haven't even seen a widespread mobile app attack for these mobile wallets. right like none of i don't think that any major non-custodial mobile wallet we've seen an attack so it's it's completely reasonable to have discussions about really advanced threat models and and taking security as seriously as possible and working through all these different scenarios but it's also important to take a step back and be realistic here and be practical and realize what kind of threat models people are talking about and that the average user shouldn't be trying to protect themselves from like an NSA level attacker like trying to protect yourself

from like the NSA takes you a whole nother step up in fucking craziness and paranoia that will probably just end up losing your coins yeah um you just you want to protect yourself from like an average threat you know an average threat model a little above average threat model you don't have to be like against the most sophisticated attacker ever yeah you got to think like not every single one of you bitcoiners is going to be targeted by a special ops crew looking to actually get into your your stash so yeah be aware be aware there's trade-offs some people have very um hardline positions on this depending on your technical abilities um make this decision wisely it's not an easy one start taking uh taking control like we say um a lot like you

want to take care of this stuff before things start to get crazy if we do rip into a bull run like if you're having fun now while bitcoin's at 19.2 um it'll be fun but it'll also get stressful if you haven't taken care of your your custody um sufficiently so be aware of exchange withdrawals limits all that stuff um take control now yeah i mean rodolfo uh likes to say that you should you should prepare for a 10x increase in price um and prepare accordingly because you don't want to do that while the price is ripping when the price is ripping like it's super nerve-wracking yeah all the stakes are risen and it becomes harder to move stuff off exchange, like you said.

Yeah. So be aware, be prepared, think about it. Can we sneak in a Thanksgiving shill lightly tip here, Matt? I think this is going to be the theme of today. I would say don't be the first to bring it up. Let a family member ask you about it. Bite your tongue until a family member asks you about it. That's going to be Uncle Marty's first tip.

Yeah, I mean, I like that idea. I think always show lightly. And, you know, you don't have to, like, maybe if you have, like, one uncle that's been a complete dickhead to you, you can dunk on him, but, like, don't dunk too hard. And if they're asking you about it, you know, I think the key is always that no one's late yet. where it's still very very early um they could front run the majority of the world's billionaires

still um and you know as we always say on this pod i would suggest like if a friend or family member asked me i would say you know you should basically decide how much you're willing to allocate to bitcoin over the next year um and then either divide that by 52 or 365 and set up a daily or a weekly stack accordingly and just set it and forget it and not even you know don't even try and you know speculate on when there'll be a dip and when there won't be i like that tip as well more tips to come throughout the episode um and obviously shield the podcast good news friend of the pod john newberry and should it be in front of the he should be a friend of the pod but has not been on yet mike schmidt um they launched a new bitcoin development initiative

brink uh john newberry for you freaks who are unaware was uh at chain code labs in new york city for quite a while uh co-led the bitcoin the bit devs beat up in new york city and has since moved back to london and he's starting brink uh where they're going to work to to train developers to to contribute to core um they've gotten grant money from uh square crypto uh who else kraken gemini a bunch of others as well hrf hrf yes that's the big one i was forgetting um so kudos to john and mike for attempting to educate developers um it's good to see another shop spin up create some diversity and uh basically development mind share and and development the development of developers if you will what do you think

no i think this is a great uh this is a great development um great crew over there and i'm pretty optimistic to see what happens here i mean i think as steve lee mentioned it uh over at square crypto top dog at square crypto uh mentioned that his goal you know from his position is he wants 10 teams of 10 people uh funding and and participating in bitcoin development which is like this nice way of doing a distributed you know a more distributed funding model right where where there's no centralized control and i think that's like the ideal that we should all be striving for and it's in general I think it's it's pretty amazing how we've seen this that that development space mature and expand over the last what like two years three years

it's been a pretty massive improvement yeah 2020 2019 2020 the two-year period of a bitcoin development funding really getting taken to another level so shout out to john mike i believe david harding uh is on the team there as well some great bitcoiners doing great things they all worked on uh bitcoin optec as well um and still are still are um so if you guys aren't subscribed to bitcoin optec get on it if you want to step to speed with bitcoin core development specifically we're already getting into news that makes us angry you gotta put it this high up on the list chain analysis raised 100 million dollars at a 1 billion dollar valuation according to the block or excuse me this is forbes according to forbes um so it seems like chain analysis

scooping up a bunch of government contracts it's also going out raising money um yeah rodolfo i saw had comments on this as well i saw earlier on twitter and comments that we've made on this podcast before like if you're working at chain analysis working to uh de-anonymize bitcoin users is that really the best use of your skills i mean he called them nazi collaborators he likened them to ibm helping the nazis which he which he called ibm nazi collaborators and then likened them to them um his words not mine i think the freaks know how i feel about it um i i look i look forward to wiping out their one billion dollar valuation with stronger bitcoin

privacy guarantees agreed maybe that's we should we could pop this up to the list because it helps privacy guarantees at least at the lightning uh lightning network layer on the lightning network potentially other things too i'm not sure though if htlcs are are used in any other context currently um but short bits team at short bits yesterday they announced that they released a proof of concept for point time lock contracts which if you listen to the episode we dropped earlier this year with Ndav Cohen and Chris Stewart from ShortBits. We talked a lot about PTLCs and what they mean.

If you haven't listened to that, go check that out. But basically what a point time lock contract would do would replace the hash time lock contracts that are created to enable lightning network channels today. And they would be the way I understand it. They would be more efficient and they would add actually to the privacy of transactions and routing on the Lightning network

because of the amount of information or the type of information that's shared between nodes along a routing path. So it would significantly help with privacy and then enabling escrow-like contracts and stuff like that. So this is something that's been talked about. Team at Shortbit's been talking about it for quite some time, all year. And they finally announced they've released a proof of concept.

a dn bend the car man to get some clarification on this so i don't know for sure but i'm pretty sure it's live on mainnet for eclair nodes if they want to download short bits implementation they can and they can flag that they're ptlc friendly and they can interact with other ptlc friendly nodes and open up point time like contracts and start experimenting with that and they're doing that with ecdsa adapter signatures right now i believe it'll be done with Schnorr once that's activated in core. Pretty cool. Shurdbits is just

on the front lines here and I kind of fucking love it. I wonder why they chose Eclair. Yeah, I thought that was interesting as well. Not positive. Waiting on clarification from the team. But yeah, they do.

They've done a bunch of work with DLCs. They do this very important grunt work to little fanfare actually. I think this PTLC thing will be pretty big if implemented in mass across

the Lightning Network. So interesting to see a proof of concept hit the market and if Schnoor does get activated, if it's widely adopted, hopefully that adds to privacy and we can start chipping away at that $1 billion valuation.

On top of that, our boy ben uh the car man is he's been he's taken the taproot flag and running with it on uh on twitter and uh providing a lot of insight for the freaks on twitter on on the benefits we see from taproot and why it should be activated uh which is pretty great to see yeah hashtag taproot week on twitter if you want to get a download on those threads shout out to ben for pushing that initiative i like the uh like the vibes around taproot right now we've got pools starting to signal activation preparedness or um the uh what's the word i'm looking for here how they would prefer to to activate preferred activation paths we've got ben doing the taproot

education and feel like momentum is strong hopefully we can start to activate some process before price gets too crazy if it keeps going down this path so the the you know we've talked about on this podcast previously that it reminds it kind of reminds me of 2016 in the previous cycle but you know bigger numbers and it feels more bullish but it's kind of crazy like all these different uh similarities that keep popping up right so like we have the taproot activation right instead of segwit um which in 2016 we were fighting over segwit uh i was drinking with a buddy yesterday who i who was one of the only guys who listened to me about bitcoin you know and early on um and he

told me he bought $60 worth of xrp i was like fuck are you fucking kidding me and uh the tether truthers came back it's like oh what is old is new again it's all uh it's all happening yeah then amy castor whatever right right uh an article saying that tether was driving this market i have a buddy who should know better um i'm not gonna call him out by name but he's been in bitcoin for a fucking minute and he texted me the other day he's like what's this deal with tether pumping the price of bitcoin i was like fuck i was like really guys this is a good time to break for more thanksgiving shilling tips what happens if your uncle tries to tell you that ripple is the future matt what do you do um if anyone tells you that ripple is cheap xrp is cheap just remind them

that sats are cheaper uh and you could buy about 2400 sats for one xrp that's cheap cheap af uh yeah i would tell them i would just look your uncle dead in the eyes and say you're fucking stupid i'm not i'm not i'm not continuing this conversation with you and then flip the table and walk away yeah i mean it's centralized it doesn't have censorship resistance without censorship resistance there's no value prop there uh is the tldr i mean i think the tether truther thing is more maybe a little bit more infuriating and like the general premise there is that tether is is has fake tether and then they're buying bitcoin with it which increases the price of bitcoin which it's important to realize here that that kind of accusation could

be leveled at any exchange like coinbase is just buying bitcoin with with money they don't have or uh bitstamp is buying bitcoin with money they don't have inflating the price with tether it's actually more transparent than those exchanges because you actually see the amount of fiat balance that they're saying they have and it's traded on multiple exchanges so if there really isn't something backing it theoretically people should be selling their tether for bitcoin and the price should uh leave that one dollar range that one dollar peg range because it's just not backed so there's actually more transparency with tether than with regular fiat balances on exchanges and to go back what we said on an earlier

episode i think or two weeks ago or last week like if four guys who run tether are able to pump the price of bitcoin this high like imagine what the world's billionaires can do right like that it's like uh the most bullish thing ever if that's the case yeah and then you'd also have to deny up front that the fact that micro like public we traded companies uh adding bitcoin to their treasuries more billionaires talking about bitcoin is having no effect on the price as well um to be so lazy to to say that tether some u.s dollar stable coin is driving is the sole reason behind bitcoin price action is lazy it's lazy it just it logically inconsistent does not make any fucking sense and so yeah you look at that and the eye talks about tether driving the

price of bitcoin you say shut up bitch uh this isn't true and tether might collapse i mean it's a central third party that is breaking a lot of u.s laws for a long time um so it could go to zero at any point i don't think anyone should hold tether this is not a defensive tether um i think if tether does collapse though it's actually probably bullish for bitcoin because people try and escape tether into bitcoin yes there's an argument to be made that yeah i'm trying to think this through that less people would have access to bitcoin that create a liquidity crunch well tether basically facilitates um being short on bitcoin without kyc yes because you can you can sell your bitcoin for tether and not go through kyc which is what bitmex facilitated

to and i think bitmex adding kyc um and falling from grace is probably part of the reason uh why we've had this very strong healthy upward momentum because it's harder for traders to go short without kyc but tether also has an element there so i think if if if we saw tether get shut down or collapse um there'd obviously be less avenues for people to go short without like regulated exchanges that's a very good point actually naturally leads us to to something we have on the list which is the fact that coinbase uh is going to be uh moonlighting their margin trading products due to the fact that the cftc reached out to him said hey um you guys can't be doing this anymore they cited the cftc's actual delivery guidance from march so uh i didn't even

know coinbase had margin trading is that via coinbase pro yeah i guess i mean some of the freaks on twitter wanted us to talk about it so they like tagged us in it like this is irrelevant to the freaks because the freaks shouldn't be using coinbase and they definitely shouldn't be margin trading so um i like i guess it's i i don't think the cftc should be stepping in here and stopping exchanges from offering these products uh personally i think users should have the option to use them if they want to uh but i think you're an idiot if you use them and i think what people don't realize um or they intentionally misinterpret what i say when i say stay humble is i don't necessarily like when i say stay humble i don't mean don't dunk on no

coiners or people who have talked shit to you over the years as bitcoin is mooning what i mean is don't fucking use like lending product margin products and and leverage and try and time the dips like don't don't fucking do that shit like if if if you when i say stay humble i mean just you know don't don't overexpose yourself and do a nice long-term accumulation strategy exactly get a plan and stick to it don't let your head get so big that you stray away from that plan to the point where there's actually a detriment to the long-term long-term size and security of your sat stack i mean we saw otherwise smart bitcoiners this summer expecting another bitcoin downturn uh from 10k and they have way less bitcoin right now because of that

they overthought it they thought they were smarter um they thought they were smarter than everyone else and they thought they could time a bitcoin dip and now they're caught with less sats and uh in hindsight they should have stayed humble and if you look if you look back at the bitcoiners we've lost along the way almost like the the constant is that they all lacked humility they all let the they let the ego get to them um and it bit them in the ass like in bitcoin you either stay humble or you get humbled damn it's true though it's true just it's like uh submitting yourself to the ocean uh when you eat shit on a wave you just gotta ragdoll and just submit yourself to the forces of of the bitcoin market you're not gonna be able to outsmart it you're

not gonna be able to out brute mother nature which is the the monetization of of bitcoin in real time i guess we can go to shout out so we have four shout outs today and i like them all um oh awesome this one's pretty hilarious yo i fuck with y'all both heavy love the show bring back tftc guides uh stat sats not in that order i had a great time meeting y'all at pit block boom trying to get on stage next year hashtag uh best rapper on ct with the remaining time i'd like to shout out king colby musical chairs world champ and 14 and 15 it was his birthday a couple days ago and i feel like he needs the extra love happy birthday colby colby hope you're hope you're living well in this new year of your life

i wonder how old you are how old do you think this colby person is matthew i mean he doxed himself a little bit he's like early 30s Um, you know, King Kobe, right? On, on Twitter. Oh, it's for Kobe or Colby. Oh, I think he spelled it wrong. King Kobe, right? Kurt Cobain.

Yeah. If it's, I mean, if it's crypto Cobain. And yeah, you spelled Kobe wrong. It's C-O-B-I-E, not C-O-L-B-I-E. But he didn't sign who this, who this freak is who sent the shout out, right? He didn't sign his name. No, he didn't. Well, anyway, cheers freak.

It was also a good meeting. You had BitBlockBoom, presumably. Yes. I thoroughly enjoyed it You know that was the real 100k party Few understand Few understand is right Matt was a

Was a auctioning hero that night That was just such a It was such a great conference Shout out to Gary Looking forward to next year Love you Gary Next shout out If you are able to share

How are the podcast metrics Looking during this bull run what can we do to help spread the good word of tftc like this shout out uh i am able to share podcast metrics are doing very well i've i've said this publicly on twitter we've had the best download uh we've had like the top four best download weeks over the last i think this is six weeks we've had is it peter mccormick trying to get insight into our numbers maybe i don't know uh things are good uh again at tftc download numbers may be a leading indicator of a bitcoin bull run downloads are up but we can always use more so what can you do to help spread the good

word i guess just tell family and friends like we say often rate review uh subscribe that helps us give visibility on the platforms uh just take their phone subscribe them to tftc and set up auto download they don't even have to listen well we hope they listen we don't want fake numbers we want real engagement this is uh yeah so actually something adam carey said he said he doesn't even look at the stats it never has they just know what a boss the engagement that people are listening i like to think we have that that peace of mind too thank you freaks for engaging with us uh in many mediums the the tftc tribe is growing we're above 60 and officially say dozens there's dozens of us in there uh and i've been saying it's a sticky app i like listening

to podcasts and contributing to podcasters via that have you have you made it your podcasting uh app yet sphinx no i don't like i don't like that you can't download in it what was that it's only streaming yeah you can only stream it it's true like i like i like pre-downloading my podcasts on wi-fi and then listening but i i used it for one episode i actually listened to the adam curry episode through it because i thought it was it was like offensive not to um and that was a great episode and i i think i think the interface is slick as fuck like it's it's there i really like how in the sphinx tribe um you can link to the direct part of the of of the pod that you liked and then share it in

the tribe so everyone can get that native clip out like right away yeah and get that clip have a discussion about it i really like the interactive like freaks adding to the conversation of the podcast as they're listening to it and then having a side fractal conversation off of that it's pretty cool yeah i dig it um last shout out of the week marty and matt have a marty and matt have a cuck mentality love vick well vick fuck you that's all i gotta say love you vick cheers i love you too kevin happy thanksgiving to all the freaks happy thanksgiving there's a lot to be thankful for 2020 has been a very uh trying year very hectic year it's all that though there's still many things to be thankful for you're alive

you're breathing you're able to listen to this podcast bitcoin exists the corn's pumping bitcoin is pumping, but more importantly it exists and it is providing hope for a better future and I am thankful that the protocol exists because without it there would be little hope for

an alternative to the crazy world that is barreling towards dystopia and digital panopticon exported to the whole world. Extremely grateful for Bitcoiners fighting the good fight.

Yes. there's more than that was like the one i mean i always knew based off of having observed him talk about and interact with bitcoin over the years but it was extremely impressive to see just how thorough of an understanding adam curry has of bitcoin the technology exactly what's happening under the hood and the fact that he's extremely optimistic because of bitcoin somebody he was a pioneer in the podcasting world which is matt and i talk about a lot like one of the last truly open content mediums that enables free speech and to have adam who is a pioneer in that industry uh see a lot of parallels between what's going on in bitcoin now

in the early days of podcasting is extremely encouraging to say the least yeah bullish as fuck yeah what do you think about micro strategy trying to add data products uh you know i uh hopefully he does not intend to create a chain analysis competitor we'll see i mean there's two ways you can go with the bitcoin data products right you can go the surveillance route which is what chain analysis and elliptic went where you can go the open analytics route which is like what coin metrics and glass node went and i think the major difference between the two is targeting individual users versus looking at trends as a whole and also open access to the platform so with both coin metrics and glass node a regular user can have

access to it and they both have free products available um with chain analysis and elliptic it costs like two hundred thousand dollars and you have to be like manually approved uh to be part of the the cuck army so like uh that that's the two major distinctions and we'll see where he goes with this but people should be um vigilant in general i know it's somewhat blasphemous to talk bad about giga chad michael saylor but i think he's his comments about bitcoin not being used as a currency doesn't really make sense to me. Trying to pigeonhole Bitcoin

as the treasury asset that sits on the balance sheet. Especially considering what we're seeing going on with the podcasting world lightning just seems a bit I don't want to say out of touch but not appreciating

the whole utility that Bitcoin provides. yeah i mean bitcoin is different things to different people and that's okay like uh like it doesn't have to be the same thing for everybody um i just think you know like no one you know no no one should be held to a standard that is that no one's critical of right in the bitcoin world in just general not even just in bitcoin um no no one is is beyond criticism us included um so like you know people

to just uh just be vigilant be aware and and use your own judgment uh when analyzing these types of things um but i think overall he's a major net benefit to the space oh completely agreed if you compare him to someone like like a novogratz or like some of these other big players or like the winkle bosses or raoul paul uh his he's he's on the he's on the on the right track uh he's he's closer he's closer to the right track than we've seen historically from a lot of these big guys agreed agreed um so yeah if you're interested in bitcoin data specifically i'm pretty sure microstrategy is looking for people engineers specifically you can help them build out bitcoin data products hopefully it is for uh highlighting and illustrating

trending data instead of uh attempting to identify and snitch on individual bitcoin users but we shall see we shall see um gold seems to be uh gold funds at least are are seeing outflows as bitcoin is pumping gold and bitcoin seem to be diverging in price this week particularly it's only a one week time frame don't want to draw too many long-term trends towards that but A lot of people are highlighting this this week. Specifically, is Bitcoin demonetizing gold in real time? Matt, what are your thoughts? Gold is a shitcoin.

The world's waking up. A lot of gold bugs get really pissed. Especially a lot of the gold bugs who are also Bitcoiners. Josh Crum. Shout out to Josh. Friend of the program. specifically it was uh defending gold and a lot of people were highlighting that that thread i forget the dude's name travis something i believe who was trying to describe bitcoin as

a negative yielding bond um a negative yielding asset due to the fact i just ignored that thread yeah i mean i think it was wrong i think an individual had a uh misunderstanding of how mining operations actually work and the decisions miners make and how they decide to sell Bitcoin and when. I mean, I think one of the single most bullish metrics

of Bitcoin is that it's only 3% of the market cap of gold. So you don't even have to believe that it's better than gold, which it is. What if it gets like 20% of the market cap of gold? It doesn't have to be better to have massive upside in comparison to gold's current valuation.

Obviously, I think that it's better than gold. So then you're talking over 100% should be the actual number eventually. Because it's not going to just gobble up gold's valuation. It's going to gobble up other store value assets as well, like real estate. um so yeah so i mean i think at the end of the day that's like the not the final boss but it's it's up there one of the higher level bosses i would say hmm yeah i'm trying to think of what what first like if people start

ditching houses for bitcoin first or gold for bitcoin james o'burn fellow beefy bitcoin boy friend of the pod he had a thread this week talking about liquidating some of his gold holdings for bitcoin described the process which he needed to to uh move his bullion and liquidate that and get the funds wired to his account weeks long at this point still going on from what i understand that's just one anecdotal data point of of an individual dumping gold for bitcoin specifically yeah i mean it's significantly easier than significantly more liquid than real estate though um right and i so i i imagine you know it's it's easier like it's easier to to to go from gold to bitcoin uh and if you have paper products of either then obviously it's it's you

get additional liquidity it's significantly easier if you have a paper gold product uh you know not your bars not your gold but if you have a paper gold product or a paper real estate like reit or something um i mean you can liquidate that with a couple presses of the button yeah yeah no i agree with that i think gold will go first and then we'll start showing up real estate art markets a bunch of other things yeah try selling art like that's not liquid at all yeah no it's crazy because that store of value market in the form of gold real estate and art is something that bitcoin could take over but then like you have the whole base money and money stock addressable market as well from

the currency perspective um just consolidating all that into one total addressable market massive massive um multiple multitudes multiples excuse me of many multiples of gold's current market cap at the moment if it is to be successful we shall see if it will be but yeah um i feel for the gold bug bitcoiners who get butt hurt about bitcoiners saying that the bitcoin is going to take over gold but it does seem inevitable when you compare the two um a lot will fall back on the jewelry and historical lindy argument but when you have a step function an improvement in the utility that that good is supposed to provide in the form

of Bitcoin. It's hard to deny that the market's not going to choose that as the way in which it decides to store and move value. 100%. I don't think it's priced in yet. Right. A few

software updates this week. Very light. It was a short week and a holiday week. Short week, holiday week. BISC version 1.5.0 has been released and since it's a short software update week we'll read some of the release notes. Segwit

is finally implemented so BEC32 addresses you can now send and receive to them which is beautiful thank you for being good custodians of on-chain

data usage BISC they want to give a special thanks to you they traded some excuse me they traded some improvements uh they made some improvements to their trading uh new payment methods a bunch of stuff so version 1.5.0 if you're using bisque you can upgrade that start using segwit addresses bitcoin wallet tracker version 0.2.0 from shessic has been released for you freaks uh if you do not recall what bitcoin wallet tracker is it is an electrum plugin that allows you to connect to core um so that you can use your own full node to track addresses and pull

addresses and transactions from your full node instead of depending on an electrum server i think this is probably the best way to use electrum in connecting to to a full node instead of a server yeah a complete game changer i mean running a dedicated electrum server is a major hurdle for most people um which is one of the reasons why i like specter because you just skip it completely but bitcoin wallet tracker is a is a is a nice option there if you're already comfortable with electrum um or if you need you know some of those those few features that electrum has that that uh specter does not have um on to just to go back to bisque for a second they added amazon gift cards as a payment method on the fiat side which i thought was interesting

i don't like i i don't really have a take i just you know thought thought that was interesting yeah i saw the discussion about that on twitter people trying to think of ways to make that extremely private potentially buying them on bit refill first but then you're using Bitcoin or using fold to buy them getting sets back

I mean I think you could buy Amazon gift cards like for cash at Target right yeah I'm pretty sure have them make a check out I don't know there's something there I thought it was interesting I think it's just funny like

it just goes to show like how shitty our fiat transfer methods are that like using like a private company's gift card is like a reasonable option yeah if you freaks want to go learn more about that i would go read matt alborg's uh some of matt alborg's work around that specifically in the p2p exchange world in lat am uh in africa the i think africa more specifically the uh gift cards are used as a The medium of exchange, I believe it's Amazon, Steam, the gaming site, and a couple others are the most liquid. It's a pretty big drop-off.

I think iTunes is on there as well. It's pretty fascinating to see how humans adapt to illiquid or hyperinflated monetary regimes. lightning labs announced auto loop uh lightning liquidity so i believe this is just a way to automate loop and challenge uh channel rebalancing excuse me which is pretty cool set it forget it yeah it seems like a pretty big feature um because you know I mean channel rebalancing should be easier and I think

these are like the type of tools that we need to see implemented in order to have like a healthy independent routing node environment you know we don't want to we've talked about this on the pod previously we don't want just like these professional routing nodes that are regulated

dominating the entire network I mean they're going to probably dominate the network but we need to have like these independent Tor only nodes that are parallel to them and a major aspect of the network. And we won't see that unless there's easy tools, easy open source tools for these node operators

to be able to balance their channels and manage your liquidity without having business relationships with people. Yeah. just operationally like eliminating the friction around actually having to think about channel rebalancing and act on it by clicking some buttons and putting some numbers in the more you can obfuscate that automate it the better for utility and then as a result liquidity because more people will use it if it's more useful and easier to use importantly so this is great to see lightning

labs on fire recently um shout out to the yeah so i mean like what i but when i try and like visualize this right like what am i thinking i'm thinking like you you create a tour only routing node maybe you have like five or six big channels going outbound um then you then you use uh the the the pool their liquidity pool market uh lightning pool uh to get some inbound liquidity from a major routing node. So you start off with some inbound liquidity and then you set up this auto loop to just keep your channels balanced at all times.

Yeah. It seems reasonable enough. Like if you had that all like integrated into something like RTL or Thunderhub or something. Yeah, it seems massive too from a usability perspective. So I need to get my hands dirty with all this stuff more. I haven't fucked with Lightning Pool yet

for as much as I've been talking about it. Not interacting. Well, it's still command line only. That's why Lightning Labs has been shipping so quickly that RTL and Thunderhub and these nice GUIs we have for node operators just haven't integrated any of these new features yet. In time.

In time. It will get out there. Last thing we have on the list, something I wrote about yesterday. good friend of the podcast leo zhang from anita research he released another part in his hash power anatomy of hash power series uh called the intelligent bitcoin miner part one and basically just attempted to explain that miners should view the handling of hash rate hash power as leo likes to refer to it as like a portfolio so using your machines and taking into consideration

what generation machine it is the the price of your power production the hash rate on the network at the given point in time the price at the given point in time so basically helping miners develop a mindset to treat their hash rate like a portfolio and then this paper attempts to would highlight the the actual fair value of the individual mining machines um and the average price to see which machines are overpriced and underpriced and attempting to teach miners or tell miners that hey maybe you should look at these trends and try to time this out and run your operations accordingly i thought it was very insightful um some of the best mining material

put out in quite a while in terms of trying to visualize the dynamics of the market and how individual operators can view a path towards profitability. Yeah, I mean, Leo and the whole team over there are fucking legends.

So everyone should definitely be following their blog. Do they have rss i'm not positive it might um they have a newsletter i believe they do yeah they do so if you if you want to follow it you can sign up for their newsletter they probably have rss hidden somewhere there um if a freak finds it post a link in the comments for us um in terms of hash rate in terms of mining um our boy storms uh officially announced that he's he's joined you

guys at gam um which i think is like a was a poorly kept secret i i i didn't even have any inside information and i was pretty sure he was already with you guys over there yeah i mean he's he's had it in his profile yeah right okay sometime no i mean he's so i'm not crazy he's officially on full time now um um so that's extremely awesome news uh both for you guys and for storms and for bitcoin uh i think everyone there's benefits from that that relationship he's fucking boss um he had a tweet thread about i guess he has like this gas to hash calculator um and basically like the idea is like these these gas producers like you can calculate how much you know mining revenue you'd get compared just selling it like on the market

based on the spot market price yes and it's four and a half times what the normal revenue would be for most of these producers even for non-waste like you talk about waste all the time but even for non-waste it'd be four and a half times is that correct yes yeah it's pretty insane um when you compare it to henry hub prices particularly which is a pipeline in the southeast section of the united states and is one of the benchmarks used for natural gas pricing um and yeah so the opportunity cost that's the reason we released the gas to hash calculators to help producers illustrate and visualize the opportunity cost of either flaring, venting, or selling that gas to a pipeline.

It depends. Every producer has a different situation, different prices they really get gas for within a certain range. But yeah, we back-tested that data using S9s and during the 2017 bull run at the height of that, the multiple was like 12 to 13 x or something like that it's insane it's fucking insane yeah i mean the abundance of natural is massive yeah um so austin's been working on that calculator for a few weeks we've been riffing back and forth um and we were pumped to launch it yesterday

uh with the new website and so we're hoping like yeah if you're in the oil and gas industry or you know somebody that is uh thanksgiving tip if you're home and you got family members in the oil gas industry and they're shitting on bitcoin just be like hey how much how much mcfd are you are you flaring on site and they'll be like hey look look how much money that would make you if you would actually just use that to mine bitcoin but but this is crazy to me because like the flaring makes sense right the flaring is is is literally negative revenue they they cost them money they're making nothing from it and they have to go out of their way to flare it right and they're only doing it because of regulation so that's like pure profit that makes complete

sense to me but this idea that it it's four and a half times uh actually selling it or even if it was like two times like even you know let's say it's a you want to be conservative with it and let's say your numbers are a little bit aggressive um and it's like double the amount you can make mining bitcoin versus selling it on the open market like that's fucking massive that's crazy and to all our efficient market hypothesis freaks out there like why the fuck is that not priced in yet like that's supposed to be it should it should be the exact same revenue if if this market was actually efficient right and we've uh we've had conversations with middle rights owners basically the dynamics of the oil markets are such particularly in texas

where mineral rights owners, they own the land, but they let operators come in and extract the oil and put it through a pipeline, sell it to market, and the mineral rights owner gets a royalty, typically like 12.5%, just in a royalty check straight off the revenue of the oil and gas that's pulled out the ground under them and sold to market.

You can get that in the form of a royalty check at 12.5%, or you can take that gas in kind. so instead of having the operator sell it to a pipeline you can say hey once you get that gas out of the ground like actually give it to us we want to consume it and we've had conversations with mineral rights owners that are thinking about doing that instead of selling that gas to to the grid which is people are starting to make a move on what you just described it is i mean it's crazy how profitable it is and yeah we'll see adam carrie and i talked about this as well like that's it's just a stepping stone towards nuclear once you become as efficient as possible with all

the the waste gas and mispriced undervalued energy in the world you're going to move towards nuclear and more cleaner forms of energy after the oil markets but yeah if you're a producer want to to see how much hash your gas can produce and how much bitcoin that will mine you and uh how much u.s dollar that could potentially be liquidated in into if you don't want to hold the bitcoin uh gam.ai gas to hash cap it's also the uh you said nuclear it's also the first time we've ever had a direct financial incentive for someone to figure out fusion yeah um it's there you know so if it's gonna happen it'll happen because of bitcoin yeah we get a dog in the room yeah my my dog wants to walk so we should wrap it up here

all right let's get some good final tips out there to the freaks for thanksgiving i think you just say bitcoin is inevitable right don't argue you know i don't argue just be like bitcoin's inevitable you either believe me you don't i'm gonna go count my sats upstairs enjoy your dinner heathens bitcoin bitcoin is the best money we've ever had um you know people will naturally go for good money over bad money um as people realize that the price should rise and regardless if the price rises or not global access to good money is a worthy fight that people should want to be a part of i agree i agree i've been a little tongue-in-cheek with my tips today do we also on a more practical

point of view it seems like this run so far has been dominated by by u.s markets um so for whatever it is like we probably will be flattish over the holiday weekend um between thursday and sunday because markets u.s markets will be closed and those traders haven't realized yet that you could trade bitcoin uh 24 7 um and then the run will continue most likely next week um but who knows you know maybe maybe we see a blast through 20k this weekend i think is probably more likely next week but either way i think one of the things that few people really understand is that bitcoin's already broken all-time highs like this we've never in 2017 when we were at this price level we weren't really at this price level it was just a you know flash in the pan um i think someone

posted on twitter that's the first time ever in bitcoin history that we've spent five days over eighteen thousand dollars so for all intents and purposes we're at all-time high we broke all-time high and we've been breaking it for the last couple of weeks yeah block heights at all-time high too right now always um yeah stay the path things are happening i'm very bullish right now i'm actually very surprised to see the the amount of quality development getting done right now the quality of products being launched considering the price run the last few months uh that's usually one thing happens you rip into a bear market or excuse me a bull market is people can't concentrate that's one thing i'm going to work on hard this run is concentrating better so that

we produce good quality content here at tftc i'm really excited to see how it plays out week by week having having this going during the bull market uh it should be a fun one um you know i love all the freaks grateful for all of you grateful for all the bitcoiners um stay humble show lightly do not you do not need to convince uncle you know uncle joe or or uncle jim or whatever uh that that bitcoin's not a ponzi like if he still believes it's a ponzi like let him believe it it's fine just enjoy your time with your family and be grateful for yes do not take any of my advice from this podcast do not curse at your aunts and uncles do not flip tables do not run upstairs and count sats just enjoy your time with your family thank you guys for joining

this rip uh like matt said i want to echo we're very grateful for whatever the hell it is we're doing here uh and and the engagement we have with you freaks it really does bring joy to our lives and uh it's a pleasure being able to speak uh to you freaks week in and week out and have you come back and and interact with us so thank you uh no matter where you are in the world i hope you enjoy uh your thursday tomorrow your thanksgiving or in the u.s your thanksgiving but enjoy your day um be a good person peace and love