TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Week of 2020.11.30

Episode Date: December 4, 2020

This week Marty and Matt discuss: - fresh set of ledger phishing scams sent out - shilling the corn is the cool thing to do now - Our boy paul - Blackrock - Bloomberg - potential rushed self custody restrictions via brian armstrong - CCP was the Plus Token Whale - NYTimes hit piece on coinbase and bitcoin - Bitcoin Beach balls out - BTCPay Server v1.0.6.0 - JoinMarket v0.8.0 - JoininBox v0.1.15 - RaspiBlitz v1.6.2 - MyNode v0.2.19 - Sparrow Wallet v0.9.8 - Nunchuk v0.9.3 - Samourai Wallet v0.99.96 - BlueWallet v5.6.7 - PSBT Toolkit v0.1.2 - New version of nthKey - Specter DIY now offered prebuilt - Guggenheim fund may invest in bitcoin - AllianceBernstein like bitcoin now - BitMEX hires heavy hitter German CEO - OTC volumes hit new records - This Month in Bitcoin Privacy - Brink announces first fellow, Gloria Zhao - Gemini announces bitcoin development "Opportunity Fund" much more Shoutout to this week's sponsors: Unchained Capital Cash App

So freaks, it's your boy Barty here to introduce this rip of Rabbit Hole Recap. Matt and I just had a very good rip. I don't want to overshoot it. I don't want to overpromise anything. I'm just going to say that. We had a very good rip brought to you by your good friends at the motherfucking Cash App. That was Cash App for those of you who couldn't hear my enunciation at the end of that motherfucking Cash App.

there'll be stack sets send sets receive sets and sell sets if you so please don't recommend selling sets it's not investment advice it's just life advice

and you can make stats the standard of the app we're saying stats stats stats stats stats because we're not buying

fractions of bitcoins anymore we're buying whole stats tens of sets hundreds of sets thousands of sets tens of thousands hundreds of thousands millions

tens of millions hundreds of millions if you're balling out on top of that you can DCA into sets you don't have to just like buy like randomly like hey i want to buy sats right now you can set and forget it you can buy daily weekly bi-weekly set it and forget it dca into sats for those of you don't know what dca is

it's dollar cost average the cash app is allowing you to do that on top of that you can stack slivers of stonks if you so please you don't have to but if you want to you can buy as little as one dollar of a stonk via cash app investing because all this is connected to your bank account there's no four to five day waiting periods you start stacking sats today cash app may even be your bank account it's a new bank of the future bitches all right they're offering account numbers and routing numbers so you get paychecks direct deposited into the app use the code stacking sats if you haven't downloaded the cash app yet what are you waiting for you're going to get ten dollars so again if you use the code stacking cat

stacking cats you're not stacking cats here we're stacking sats if you use the code stacking sats you're going to get ten dollars and ten dollars is going to go to our good friends at owls lacrosse that's owls across use the code stacking stats and download the cash app today this episode was also brought to you by our good friends at unchained capital unchained capital is doing incredible things one of my favorite companies in the space you're building financial services for bitcoiners with a security first mindset all right and this is uh imbued in their product their multi-sig volt product and they're going to help you go from zero to having your your coins held in a multi-sig volt uh with

their concierge white glove service so if you're out there you want to get your bitcoin secure you haven't done so yet you're a little bit nervous unchained capital is here for you for you with their white glove concierge service they're going to take you from zero to having your coins in a multi-sig vault here's the package right uh for you freaks it's 1450 dollars if you tell them the tftc sent you it's usually 1500 but what's going to happen is they're going to have multiple video calls with you you're going to get comfortable with multi-sig we're going to get you comfortable with the the multi-sig vault that unchained offers and what comes with that vault is you hold two keys unchain holds one you always have the ability to move your sets in and out of

multi-sig wallet without unchained but they have one key just in case you need them again with this white glove concierge service they are going to have multiple video calls but you get comfortable multi-sig you're comfortable with their vault product particularly and then at the end of the day after you set up the vault they're going to dump a thousand dollars into your vault on top of that they're going to hook you up with the hardware wallets that you need to set up that vault as well. So usually $1,500. If you tell them TFTC sent you $1,450, they're going to give you hardware wallets, walk you through the process, set you up, and then dump $1,000 worth of Bitcoin in your vault. So go check it out at www.unchained-capital.com. We're also going to

link directly to that concierge service in the show notes. So go check it out there. um again matt and i had an incredible rip thank you to cash app and unchained and i hope you guys enjoy your weekend 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 oh my gosh it's good to be back i mean i'm seeing your face i've seen your face like over the course of the month but it's back in uh back in my normal studio and we're gonna be meeting in person next week not for rhr unfortunately but for a bit unfortunately it's gonna be for even better reason arbed out we haven't even told him yet arbed out if you're listening you haven't confirmed with him okay well we should probably you should probably do that and then we'll put on the calendar i hope you have nothing going on next tuesday arbed out because we're coming for that ass yeah we would like to record with you next tuesday if you're available yes if not let us know we'll reschedule for a different day oh likely illegal interesting interesting a lot of

stuff going on this week freaks dude this week has been fucking ridiculous i didn't realize how much shit fucking went down until we made the list yeah i was heated today i'm sorry i was mad online on twitter if you freaks couldn't tell if you're following me on twitter a lot of uh infuriating things going on we'll talk about it when we get to the things that make us angry section we're gonna throw the ads on the beginning this list is epically long maybe the longest list we've ever had no it isn't are you sure i mean it's up there but yeah and if you're in the uh tftc tribe on sphinx you're getting early access to this list so you know what we're going to talk about you don't know exactly what we're going to say how are you liking the sphinx experience so

far the desktop app is fantastic um i was a mobile only so i mean last rhr you told me that i should pay attention more uh to the to the tribe the mobile app had dropped a bunch of messages that were that was in the desktop app that's like that's weird because there's like a little bit of reliability they're working on there still yeah so i've been i've been using it mobile only i haven't used desktop yet but i'm on ios and i i don't think i've been missing anything pretty sure i'm an android yeah that was a cool hour-long conversation with paul from sphinx on the noddle conference call earlier this week yeah i love those calls i wish i want more projects in the space to do those uh marty's referring to a the second noddle public uh

I guess the idea is a monthly call where we discuss the state of Noddle and Paul from Sphinx was on because Noddle is doing the back end. If you use one of the hosted nodes, it's Noddle Cloud. Really good discussion. Really impressed by Paul and the Sphinx team.

Their vision. If you go, escuedo should have that call up on youtube i'm not positive i know they had to i think it's already back up is it back up yeah so it was live and now now it should be on the youtube yeah but anyone could listen in which is really cool yeah and also like if you're freaking you haven't listened to the adam curry episode yet like go back and listen to that the pod father been emailing with him back and forth he's a big fan of you freaks very uh very impressed with the response that was that he received after that episode was published supposedly we're not allowed

to use the term pod anymore why not uh why he like set out a decree saying that we're not allowed to use the term pod anymore it's just supposed to say podcast so does that make does that mean we can't call him pod father like he's supposed to be is he the podcast father now i don't know adam I'm too, this is going to be too much rewiring. It's in my vernacular already. Someone CC'd me on the clip out of him saying that we're not allowed to use the term pod anymore. And I responded, we'll discuss it on the pod this week. Here we are.

Adam, I love you. I thank you for pioneering the way to allow us to do this. Allow us to reach the 32nd most popular technology podcast in the USA, according to Spotify. Fucking hyped. Thank you, freaks. Yes. Congratulations to all the freaks out there. Couldn't have done it without you.

Couldn't have done any of this without you. You are the reason we come back to these mics day in and day out. Your engagement, your encouragement, and your downloads. It's insane. Right? Yeah. 32 in tech podcast. Tech's a big sector, too.

You know? Tech sector is a big, pretty popular sector. We haven't even had, like, a proper bull run yet. with with tftc existing no we've been tftc started in october i believe the first episode was october 1st of 2017 you had like two months of bull market and rhr didn't happen until a year later yeah rhr started in the depths of the bear market and i've been ripping it it's been beautiful again thank you freaks adam is singing the praises of you freaks as well uh very impressed with the the warm reception he's gotten from you guys since that episode

was published and yeah very excited for the future of podcasting and the podcast and you freaks make it all possible and i think just so we don't get it lost we're going to start out today with clark moody's dashboard then we're going to go right into the one shout out we have this week which is actually a good topic uh that i don't believe is on the list either uh beautiful so it'll be good good job freak yes og freak too you'll see um so we're pulling up clark's dashboard uh by the way got back from my trip i have my block clock mini and it is addicting i was gonna say that you move yours there it is i got i got mine right behind me i got my little

rocket ship and i have my bowl oh oh and i have my two whiskey bottles this is like a good i spy setup behind you we can make this turn into a children's book um all right according to clark moody's dashboard the price of bitcoin right now is 19 452 dollars you're gonna get 5 141 sets per dollar and the market cap of bitcoin is above 350 million currently standing at 361.1 billion dollars uh bitcoin priced in gold going up bitcoin versus the gold market cap right now is 3.03 broke that three percent threshold uh bitcoin price to gold you're going to be able to get 10.5 ounces of gold we hit per bitcoin we hit all-time high in shitty money um turkish november 30th um but we we have not hit all-time high in gold yet no we're still short of that

Yes. Hopefully we can get there soon. I'm confident we will. I don't know if we have this on the list either. Do you? The gold and Bitcoin markets are diverging right now. A lot of outflows from gold ETFs and gold-focused hedge funds. We talked about that last week. But we could talk about that every week forever because that's what's going to happen. But Bitcoin is only 3% of gold's market cap right now. So that's 97% just for parity.

But let's be honest, we're going to fucking blow past that. Yeah, $9 trillion is not the top of the Bitcoin market cap. Nice conservative $9 trillion price call. I mean, we're going to hit a trillion this run at least, do you think, right? I don't know. Let's finish the dashboard. All right, we're at block 659,822. There are currently 18,561,312.9 Bitcoin on the market.

88.39% of every Bitcoin that will ever exist have been distributed to the market. Less than 12% left to go. So you better stack those stats while you can, freaks. UTXO is currently standing at 68,469,638. Where am I going next? Mining economics. uh there are 1426 blocks till the next difficulty retarget and is estimated to be a downward difficulty adjustment of 5.2 percent currently uh over this difficulty epoch since the last

adjustment blocks are coming in at roughly 10 minutes and 35 seconds on average did we have an adjustment between now and the last time we met uh we're 600 blocks away so yes probably yeah we must have yeah uh the last adjustment was a uh 8.9 upward difficulty adjustment i don't believe we're at a difficulty all-time high right now i think we're hovering around it uh there are 26,768 transactions in clark's mempool 20.3 percent of those transactions are replaced by fee uh there are 2.52 bitcoin worth of fees in that mempool uh fees versus reward i've actually been watching this on my block clock mini that number has been going up consistently over the average of the last 2016 blocks uh last i looked this morning was sitting at like 0.5

two two bit btc uh predict the next block is uh right around there or below there uh the fees versus reward are about to be 5.85 samurai unspent capacities up uh 1626.31 btc unspent value of 31.7 million all-time i think that's an all-time high all-time high it's definitely an rhr all-time high it's almost 32 million dollars yeah almost it's getting up there according to clark's dashboard you can still get a one sat per bite fee and if you're willing to wait a week uh we're going to go check mempool.space though to see what they're recommending uh currently if you have a high priority transaction fees are pretty low uh compared to when i checked them yesterday yesterday in the bed the high priority transaction

I forget what the sats per byte was, but it was about $2.75. Currently, if you want to get your transaction included in the next block, according to mempool.space, it's 38 sats per byte or $1.03. If you're willing to wait a little bit, you have a medium priority of 32 sats per byte, which is about $0.87. And if you have a low priority, if you have low time preference, you're willing to wait quite a bit, a few days, 26 sats per byte or $0.71 cents uh is the current uh fee that will that will allow you to do that um so it seems like

fee pressure is subsiding a bit yeah but you know it can just turn on you in a heartbeat it can it can be aware freaks be aware um i think that's all we got for the dashboard right now unless there's anything else you want to you're curious about no no you you killed it marty All right. So let's get into the shout out. Friends, please help me in our endeavor to gain consensus for Taproot. At the time of writing, 82% of Bitcoin mining pools have disclosed Taproot activation. According to taprootactivation.com, the one current large pool holdout is Binance pool. Considering Binance currently has 9.5% of hash rate, their inclusion could bring minor consensus to a total of 91% for Taproot activation.

please join me in using all available means to badger and pester binance until they respond also check out the most up-to-date numbers on your taproot activation at taprootactivation.com thank you for your time a non-maximalist who has been here for over a decade shout out to this og pushing taproot i'm gonna go to taproot activation and see where we are right now uh last i checked we were hovering around that number i think he tweeted at us telling us to expect the shout out right possibly i'm not sure um i remember liking the tweet currently total hash rate the one month average at least in support of taproot is 82.05 percent so binance at 9.6 percent if they're still hovering there would bring that to 91 uh over 91 and a half

percent and i think so i've been in some mining conversation i think binance pool may be a whitelisted btc.com user i think that's how a white label you mean a white label excuse me not whitelisted um we don't want whitelists yeah so i don't know how that works if they're piggybacking on btc anyway it looks like this is a pretty non-contentious uh very non-contentious and that actually brings up a good point because our boy ben the car man from short bits shout out ben ben carman he's been on the podcast before go check that out he had taproot week last week incredible educational week of content he uh brought up a good point due to the fact that it seems like it's not very contentious just to mitigate any

potential headaches it probably makes sense to use bip 9 as the activation method because bip 8 you'd have to have minor activation yeah um and if that doesn't work then we'll play it by ear i like that i'm down to do that super clean i mean to be to play devil's advocate here uh this isn't even proper minor signaling uh but because it's just through this like this website like this guy who works for pooling which is one of the pools shout out alejandro alejandro if you want to come on the invite's up and we got to coordinate that we've been talking in the back channels right just not next tuesday um but uh but even even like so-called proper signaling isn't like a commitment there's nothing that says that they actually have to

follow through with with what they say but it does seem non-contentious one thing i do want to mention and it's kind of ironic mentioning it um i won't mention him by name but i do feel like it's a little bit ridiculous we we've said like i would like to see some taproot criticisms and there was a criticism that was leveled. Such a weak one. One second. Yeah, but by a B-cacher, by someone who's a known B-cacher

and it was a bullshit fucking thing and I feel like it was kind of annoying that everyone felt like they had to respond to it. You know, like I don't think you necessarily have to respond to a clearly bullshit criticism. Should we describe the criticism and explain why it's bullshit? I feel like after saying

you shouldn't respond to it necessarily to actually explain it and then respond to it would be kind of ironic but you're welcome to if you'd like to I'll do it then the criticism is basically that moving to Taproot is going to there's going to be

identifiable address types once you do that you're going to be able to distinguish between Taproot addresses and legacy address and wrapped segment it adds a new address type Yeah, exactly. We already have multiple address types, and Taproot is being implemented to sort of take care of this problem right now, right?

So if you get Taproot activation and a majority of the network adopts it, hopefully that won't be a problem going forward. That's all I'll say about that. I mean, the criticism is that every time you add an address type, it splits up the transaction, so it creates more fingerprints. privacy wise but look the the end goal is that this is a better address type so people will ultimately move towards it in the future based on just simple incentives of it of it being better both from a cost perspective and a privacy perspective and it's basically a similar incentive as segwit was so you know in the beginning we didn't see segwit get adopted and and it's been adopted slowly over time and that it is what it is like um yeah and this it

is it is definitely it's a concern troll criticism very hundred percent very big concern troll and actually brings up a good topic that's not on the list either um i don't want to butcher his name works a block stream nickler he's got uh one of those oh gosh i gotta find it um ben i know you were tweeting about this i'm gonna go to your profile to find the tweets i know it's buried talking to ben carman um give me a second here freaks waiting scrolling happens when marty goes off list scrolling yeah i'm sorry off list i'm jacked up today freaks again should i go to the first list topic while you're looking for this no i'm gonna find this uh real quick three to all right i'm not finding it go for the first list topic millions of dollars worth of bitcoin

transactions have gone through while marty's looking for this thing the uh value transacted per second is about five hundred thousand dollars right now so that's correct there you go i was right um so we had a fresh set of ledger phishing scams that went out um pretending to be ledger wallet with a link um that would then ask you to put in your secret backup words your seed phrase to steal your funds this is based off of that same compromise of their web shop that happened a bunch of months ago so now the you know the attackers have your name your email address and your phone number these have gone up by text and by email I have had a bunch of people send them to me they look pretty legit they are not legit they'll actually it actually says your name in

the text message or the email uh which makes it seem more legit it'll say like um unauthorized access to your account or your account has a new transaction has been sent or whatever click this link um so yeah it should never i mean the the very simple thing is you should never enter your secret back reports into the computer um the only time you should ever be entering it into a device should be into the ledger or your hardware, any of the hardware wallets, the main hardware wallets directly into the device when you're restoring a backup. Otherwise, it should be kept offline, ideally in steel, but even if you just write it on a piece of paper and store it somewhere securely. But you always have to remember that if anyone gets access to those words,

they can steal your funds. The second thing is, obviously, this shows a weakness of these companies having your personal information so you should try whenever you order these devices to obscure your personal information as much as possible um you know you use a po box or remail or address instead of your home address use an email address that's dedicated for that purpose use a phone number a burner phone number that's dedicated for that purpose that's isolated from your normal accounts um ideally if you could buy it in person with bitcoin or cash at a conference or a meetup, that is even better. And then just last but not least,

ColdCard has a policy, Coinkite has a policy that if you reach out to them to delete your data, they will delete your data. So if Coinkite has any data on you that's the maker of ColdCard, you should reach out to them and request data deletion. Obviously, you can't prove they deleted the data, but you should still probably do it anyway.

It can't hurt. Just in case, Hayward Dalfo, delete my data, please. I found... I know you're listening. It doesn't work, Marty. You have to email me. I know you're listening. You know my email.

I found what I was looking for. So, Nickler on Twitter. Pretty sure he works for Blockstream. Bitcoin Core contributor. Yeah, Bitcoin Research at Blockstream. N1CKLER on Twitter. He is messing around with Taproot on Cignet, which is a testnet.

and he tweeted out a really cool thing. We talked to Ben Carman about it and had him explain it to us in the Sphinx tribe. So he basically signed a message in a Taproot ring signature that makes use of bare pub keys and Taproot and Libsec P256K1ZKP ring signatures. So he basically proved that he owns one of five outputs, I believe, on the testnet.

But you don't know which output he owns. And if and when Taproot gets activated on mainnet, this could be a huge boon for CoinJoin implementations. Where you could prove that you do own a certain input in an implementation, but you don't have to reveal exactly which one. Exactly. Yeah. So just an example of how Taproot can enhance Bitcoin's privacy at the protocol level and particularly in coin joint implementation. So that was exciting to see. Yeah, I mean, that's why the complaint is a massive concern troll. Because, you know, Taproot sets up all these heuristic breaking things that will help Bitcoin privacy.

And we should not stifle ourselves with no new address types. it's just a concern troll from a bcash here bcash like a known bcash bsv loss and he wrote should we just name him nikita from blockchair like he runs a good no i mean okay yeah he runs a good he runs a good block explorer yeah i'm blockchair is a good block explorer yeah i like it a lot i just disagree with with you i like blockstream.info and mempool.space and oxt.me better though i like them as well i like all of them as well um i just feel yeah yeah we just did it though we just responded to his fucking concern troll it's just a fucking ddos on fucking time well i'm sure there may be freaks out there because

i got asked this somewhere else i forget exactly where maybe it was on another podcast or something that somebody asked me about it and i'd answer it and people are curious about there maybe the fuzz out there maybe some freaks are listening right now they um they do not know about this so this ties back taproot we're talking about taproot here ties back to our shout out i just want to thank you freaks for the shout out if you do want to give a shout out that is read on air go to tftc.io slash contribute we love reading them we love interacting with you freaks um something that gives us much joy and another thing that gives us much joy oh sorry you can also troll us in the tribe and maybe we'll mention it yes that's true that's true um

another thing that gives us joy is shilling the corn and that's the cool thing to do now everyone's fucking shilling the corn i feel like i i much preferred when it was the contrarian take and i got to be the you know contrarian now it's just like the normal the normal move are we going to cnbc and shit are we going to shift to fiat bulls now we're we just become dollar bulls bullish on the dollar stock in dollars stacking stacking second sense so who are we going to start with who is the first show we're going to start with we got to start with our boy paul i mean he's been the most consistent this year my eye outside of giga

chad michael saylor but uh the best part about paul tudor jones's recent show is that he said that bitcoin's market cap is 500 billion dollars when it's about 350 and he said it would overtake golds and he mentioned the market cap of fiat currencies around the world and stock markets around the world and sort of alluded that bitcoin may achieve that that market cap as well i think he's still learning though if you listen to the interview pom posted it uh it was on yahoo finance and no yahoo finance posted it and pom just did he just took their video that's that's i mean that's right that's where i watched it shout out pom thank you for your shilling um somebody else been shilling with us but i think our boy paul's getting there i do think he is

under appreciating bitcoin's potential to be more than a store value did you get that feeling as well too you sort of boxed it into i mean these guys you know i mean look like paul is he's buying on cme you know he's he's not he doesn't actually own any bitcoin he just doesn't even realize that yet um but uh you know one step at a time paul i love your enthusiasm i'd love to have you on the podcast if you're listening i know you're listening but the nonchalant uh bitcoin price being up like what like 15 percent higher than than what it currently is um is kind of just is it that's what the mental thing it's closer to 50 it's like 160 million dollars off it's like 330 right now 160 billion dollars off yeah yes it's like 50 off that's pretty crazy yeah i mean

and it's what it's it's what the mind does right it's like a mental math thing like i now i do all my math at twenty thousand dollars yeah we're not there yet though but all my math is going to be there no matter what like i remember when we fell down to 3500 for a while my number was stuck at 10 and then on the way up my number was stuck at 10 too which was more dangerous right when we at like $16,000 or whatever, I was treating like a million sats as $100. Yeah, it is weird. That's why it gets harder.

And you got to check Block Explorer's price index. Check out Clark's dashboard. No, it's fine. It is what it is. I mean, look, if you ask Pierre, it's just like I don't know why we're trying to price it in shitty money. It's just one sat equals one sat.

Agreed. agreed yeah and then we had black rock we had larry fink from black rock show the club i love this show particularly because he was shilling to mark carney is a disgusting despicable human being that hates bitcoin he's not despicable because he hates bitcoin he just so happens to hate bitcoin and be a despicable human being but i love why is he a despicable human being he's just been part of so much scummy shit he was head of the bank of canada at one point the bank of england to bank of england as well again i shield this i've shield this documentary in the past but it's called all the plenaries men p-l-e-n-a-r-y apostrophe s 56 minutes long actually we watched

it today because i wanted to reignite my hatred for mark carney and he's just one of many uh anyway his body language his body language while uh while while laurence fink was uh well so let's let's talk about the shill it was actually it's mind-blowing because the the main and i wrote about it today's ben the main point that stuck out to me particularly was that he is being forced to look into this because his clients are demanding it and the way he knows that is because he can look at blackrock's website and see what people are searching yes he's tracking clicks right he's tracking searches like people going on blackrock and like searching so i believe you said covid uh monetary policy and it was like

nothing bitcoin was negligible in comparison to bitcoin 30 000 for covid 30 000 for monetary policy and 600 000 for bitcoin yeah so it's negligible 20x 20x the closest thing which is crazy so that means his clients are demanding it and they're being forced to look into this And just to be clear here, Fink is the CEO of BlackRock, which is the largest asset manager in the world. Trillions of dollars. Yeah. And when he mentioned it, too, he mentioned he was like, it kind of sounded like our boy Brad Sherman. He was like, you start to question why you need the dollar as a reserve currency if you're a non-American. Well, yes, exactly.

He specifically said that, which is a more based version than the store of value thesis in my mind. That's a step above saying like, oh, it's a gold 2.0. It's not only gold 2.0, but it's disrupting this dollar hegemony, right? Yeah, I think he particularly said like, why would any foreign country, foreign government hold dollars in reserve when they could hold Bitcoin or a digital currency? and that is again our boy paul we love you paul uh it seems like larry is getting a little closer to you but even he is not far enough he's just seeing like they should just use bitcoin for international trade uh in each currency should still have their sovereign currency that has its use case but is not either fully there where it's like hey it's a reserve currency and guess what

you can use it as a transactional currency as well if either of you guys want to learn how to use your own node and coin join and provide lightning liquidity i'm happy to help you out no charge me as well and if you want to learn how to donate to bitcoin core not bitcoin core development only but bitcoin protocol development at large whether it be libitcoin bitcoin core not uh we're here to help you as well uh give back to to this asset that your clients are demanding it everybody's demanding it people know something is wrong dude people are making the next show came out of bloomberg he actually was before both of well ptj paul was already like before but uh he was before larry fink nile ferguson yeah in bloomberg yes and now

ferguson is pretty based i've been nile ferguson fan for a while he's actually a really good monetary historian has written uh i believe he didn't like bitcoin right he didn't but he's he's coming around to it i think uh this is a bullish fuck it is insanely bullish besides the mining fud and that's that's the beautiful thing about it is that that's the only negative that he sees and he doesn't realize so for you freaks aren't aware of the article that came out blue i believe it's saturday morning it was a saturday morning article the 29th yeah it was a incredible shill i actually had people text me that i've been like lately shilling to for um for years now and they were like hey this convinced me i got two particular texts were like hey this

this article convinced me and i think what did it well is like nile is a good storyteller um and he basically told the story of where he explained or described a book about scotland glasgow in the 80s and the dirty money that people were using uh and even though it was dirty money and they were using it for uh pretty illicit activities it did allow these individuals to live and he said in the year of covid when cash is uh being being victimized and not victimized uh it's the wrong word villainized is the word i was looking for and people are going to a cashless society bitcoin actually makes sense because it helps preserve some sovereignty for for individuals and his only negative was that bitcoin mining consumes too much energy but when he realizes

that bitcoin mining consumes otherwise wasted stranded or underutilized energy and bitcoin mining makes us more energy efficient i can't imagine how bullish he's going to be i mean when he says dirty he literally means like they were it was like filthy like like like the like the money like the the money wasn't clean but that's another term like not financially dirty it was it was just fucking dirty germy yeah yeah so that no yeah this was a super bullish article it was just and and the the fucking title in bloomberg it was an opinion piece in bloomberg but still bitcoin is winning the coven 19 monetary revolution the virtual currency is scarce sovereign and a great place for the rich to store their wealth is like a fucking insane headline to see

in bloomberg yeah like what the fuck shout out to you i mean it's not even the biggest story of the week like how the fuck like this week has been fucking ridiculous it's bitcoin forces people to bend the knee people are bending the knee left and right are you gonna know this is why i'm stacking sense now mini mini pause here uh meme of the week shout out to our boy american hodl uh the knights of the round table uh everybody everybody around number go up it's like wall street plebes uh i forget what else the third one is and then corporations corporations then you in the background matt odell ready to cut somebody if they try to go on bitcoin i laughed out loud when that when i saw that i think i was the first retweet on that you guys

can go poach that how's that feel to be known as the guy who's going to cut people if they try to go on bitcoin there's there's there's thousands of us in there they're called freaks and you better be you better be careful out there you couldn't see it but i'm behind matt too with like a bigger You're not afraid to cut people as well. And me. If I step out of line. It is. I mean.

Are we getting ahead of ourselves here? Should we? Is this too much good news? Well, like the next. So the way I set up the lineup was that we got super bullish and then I bring us back into. I like that. Into check. Bring us back to be humble.

and uh so this scared the shit out of me um our favorite naked mole rat brian armstrong uh did a tweet thread basically right after rhr was released last week i think it was intentional he wanted to wait until after we published um so we couldn't cover it for a week but he was concerned uh that the trump administration specifically mnuchin was going to rush a bunch of butts. Um, exactly. It was going to rush self custody restrictions out before, um, the transition happens to the Biden administration. And this is particularly notable because first of all, the beginning of the tweet thread basically sounded like something I would tweet until he went into like all the defy bullshit. And then the second thing is like,

this is coming from the guy who's selling fucking surveillance software to the IRS and the DEA and has like a team of lawyers that tells him not to talk about anything and doesn't want to upset regulators. And if he's sounding the alarm over something like this, I feel like it must be pretty bad. Like he must be really actually concerned. And some people like targeted him and said like, oh, you're trying to dump the price of Bitcoin.

Like that's, I think that's ridiculous. Like the shit coin is dumped worse. you know he he has he wants to see all this shit go up in value so i i i think that's a fucking ridiculous premise that someone like brian armstrong is trying to tank the price of bitcoin and shit coins i and and i am concerned that if he feels that the need to come out with something like that then then maybe it's even worse than you know we've been very vocal about concerns about self-custody and if he's saying it that really worries me yeah so there's some theories around this first of which is that he dropped that thread

right before a big holiday in the u.s thanksgiving uh to sort of scare people and take them take them off the scent of a new york times article by nathaniel popper that that he Ed Wynn that was going to come out. We're going to talk about that as well. A hit piece. That was a fucking hit piece. I have that on the list too. It was pretty terrible. But he also had a thread on that hit piece

that they jumped ahead of the thread. They had a thread and a blog post on the hit piece. Yeah, so if he's trying to not have attention on that hit piece, then why did he fucking have a blog post and a thread about the hit piece before the hit piece got long? That's a good point.

And we said on this pod Wednesday morning without Brian Armstrong tweeting that we thought the price was going to either go sideways or down over the holiday weekend because a lot of this has been driven by U.S. markets. And like those traders still haven't realized that they can trade Bitcoin 24-7. So they like go home and stop trading on holidays and weekends. Yeah. He's worried. He's concerned. I know he's concerned. but another another take i heard is that this actually affects

dm now i guess they're calling it formerly libra horrible name everyone there should get fired right dm me dm me like what are you going to message me like you you know the name is bad when you have to say it and then spell it yeah when you say oh oh yeah they changed the name from libra to dm d-i-e-m and you have to like spell it out for people like that's when you know it's a bad name latin for day like yeah and then the one thing they did make sense with libra dm or whatever is that it is something we have said on the pod before instead of their basket of currencies the idea is just a straight usd stable coin which makes sense to me you get it to the market and then you can after it's in in consumers

hands you can start playing games and regulators probably won't stop you that's probably the way for them to do it but really like they're missing you know the forest for the trees here right like like the the key is is they should integrate a bitcoin wallet they can integrate a dm wallet whatever with bitcoin into whatsapp and facebook messenger and all of their messaging platforms they would be the number one fucking bitcoin wallet and they would have so much transaction history and fucking user information they could be the number one chain surveillance company um that would fucking suck but that's the fucking business model right there you know that creating a centralized stable coin does not give them any kind of benefit over

whatsapp pay or facebook pay or whatever fucking centralized payment method without a blockchain they already fucking have well the way i understand it they rebranded as a dm to get away from libra because they want to distance themselves from facebook i think this is like a a rogue group breaking away from the facebook oh no i think it's because the regulators just hate the name libra so they they hate they hate the original libra concept so they want it to be distinct okay but facebook it's still very much a facebook-led initiative it's not separating from facebook okay um it's like european regulators and stuff already like put the kibosh on the idea of a, of a basket of currencies operated by Libra, operated by Facebook. But

anyway, let's get back to fucking Naked Mole Rat. This is not good. This is not good. If he's concerned enough to fucking tweet it out publicly, and to the point where in the list, I put the archive link of his tweet thread, because I feel like it's one of those threads that could disappear you know like that's the kind of thread it is i'm you don't see that you don't see that from the largest bitcoin exchange ceo i know i know but i go back and forth like actually yeah it's it's scary but what so if it is implemented basically what they're saying is hey you need individuals to identify that and confirm that they have custody of the address that they send it to off exchange correct so it's similar you lose plausible

deniability of the withdrawal yes and then presumably and this is something that we've speculated on on the podcast right many times in the past but then that's the first step towards a full self-custody ban you do that step first yeah fuck and and if you if you're already self custody your coins which every freak should and if you probably and if you aren't start doing it now like that should be a shot across the bow of like hey maybe like withdraw we've been very critical coinbase brian armstrong particularly but if this was him like hey if this is his paul revere moment the british are coming the british are coming like uh i i respect that so what i was saying was you know i don't it's it's harder for them to claw back coins that have already in self

custody it's way easier for them and they might i'm not saying they're not going to and they might you know make examples out of people using you know the surveillance data they already have the ownership kyc data they already have but it's a way more severe step them trying to claw back already self-custodied coins than just blocking off the on-ramps like they could it's way easier and more tenable for them to just stop self-custody stop letting you from self-custody and if you mix that with the fact that glass node and other open analytics platforms are showing uh massive net outflows from exchanges you know all the guys who say the halving is priced in like right now people are pricing in the risk of self-custody being banned like that's what's happening

so you mix that in with the largest bitcoin fucking exchange ceo tweeting out publicly that he's concerned about this shit with that at the same time and i have just like a shit ton of alarm bells ringing like that does not that does not sound good to the point where like every morning since that threat has gone out i wake up i'm like i wonder if they blocked all the on-ramps you know like i wonder if you're able to withdraw or not what steel madness like what is the viability that they can do this constitutionally from a legal perspective who can problem with relying on the constitution is that it's going to take time well well so I guess that's a distinction we have to define here.

Is it going to take time to implement this rule or take time to roll it back once implemented? The second. The change can get implemented right away, right? Because any of these big brokers and exchanges, they don't want the liability, right? So the second they see this liability overhead, they're going to cut themselves off themselves.

They're not going to put their fucking neck on the line. Put your fucking necks on the line. stand up for something what happened to bravery what happened to standing up for principles what are there any men left in this world matt odell are there is there anybody willing to stand up for something in today's day and age sack the fuck up please everybody maybe that's what brian armstrong's doing yeah no exactly that's why we again like i said we talk a lot of shit on coinbase and brian armstrong particularly but you have to give kudos where kudos are due if this is a paul revere moment thank you brian i respect you and you're trending back towards

positive territory i respect this move at least yes big props for props and please ah the whiskey's hit all right i haven't drank in like six days so i'm like like where are all the men where is the principle where are is the courage like are you just going to give in because somebody on a piece of paper says you have to do something like but you realize marty we've been scared not scared but concerned justifiably about all this backdoor talk about the travel rule bullshit right and we kept saying um we want people to stand up and fucking talk about it publicly because all this back channel thing is is scaring the shit out of me and the fact that like no one wants to talk about on the

record is scaring the shit out of me and then all of a sudden the fucking ceo of the largest bitcoin exchange in the world comes out with a fucking full-on thread about self-custody restrictions and people are like he's just trying to fud the price down like no like that's exactly what we want we want them to talk about this publicly what is his incentive to talk the price down what is brian armstrong that's what i'm saying money both ways shit coins dumped farther anyway i mean no the theory is the theory is that he makes money on trading fees so volatility is like the best thing ever for him but let's be honest like this guy's got a fucking massive bag of shit coins like he probably has some bitcoin too but he has a massive bag of shit

coins he's not trying to tank the price yeah i don't think so yeah i highly doubt that tweet thread was intended to like why number one if it was like if that was his intention and it comes out that it was like the dude's going to jail like that risk is not worth it he might like that thread is going to get him in hot water regardless like his lawyers are fucking furious at him right now over that thread there's no way they they signed off on that well again gotta get props for props are due we called you a naked roll rat we've shat on you a bunch but brian armstrong because you're ringing the alarm bell thank you and and it's true he's right though that defy is way more vulnerable than bitcoin well so because it's not actually decentralized finance like you

said like i i think that that may be the intention is he's more worried about that 100 yeah and bitcoin um we shall see oh i'm all fired up we got a long dose of humility we got a long list coming too so let's talk about the i think i think the price spite well can we just for a second let's pretend it happens right let's pretend there's a self-custody ban um or like heavily restricted so like the flow of self-custody becomes like way more restricted like the price in the short-term pumps on it right you won't be able to get any bitcoin i mean if you want to talk about bitcoin shortages that's a bitcoin shortage right there but people i'm trying to i'm trying well the price for me pumps if i can get my hands on bitcoin i'll pay more

i'm trying to think i'm trying to game the real price the price on bisque and hodl hodl pumps right yes more demand if they're like imagine every coin that's held in cash app held in coin base held in kraken held in bid stamp all becomes off the market that you can't you can't actually take it custody of it do you have what like four million five million coins off like like off the market matthew this harkens back to the point i was getting passionate about earlier like i'm not confident there's enough strong men out there to seek out Bitcoin on these exchanges. I think

that would spook at least a considerable amount of people who are just trading this shit to dump it right away. Yeah, but there would be two prices. The real price and the cuck price. Is this the bifurcation of the

network? That would be a clean bifurcation. No, it wouldn't. It would just, for short term it would be, but not long term. long term it works itself out I don't know I can't speak with any certainty on this topic it is

very uncertain who knows if it comes true like nothing's happened didn't you say it was imminent like supposed to happen like beginning of this week yeah I mean it's been two it's been three days since Monday

it's not four days now market's closed we have four market days in it hasn't been it hasn't been that long doesn't the trump administration have bigger things to worry about aren't they like what did you see that iranian scientist they killed i mean was it us well it was it was like

it was probably mostly israel but it was like with the backing probably of us yeah no yeah we had to give the all right we know you're doing this yeah no i did hear about that they're scrambling to like finish things up this is why like part of my theory with bitcoin but what i don't think the trump administration wants to kill the iranians i think they want peace i think oh i mean i mean the trump administration the first thing they did was tore up the the nuclear deal agreement yeah and they know biden will take it back okay but anyway my point is like i feel like the best thing that could happen to bitcoin is that all these people get changed every four years that just like they they don't have enough time to to implement their shit because if you looked

at the end like they were getting ready to fuck bitcoin towards the end there right like they had the doj 84 page thing they had the attack on encryption weren't you a big weren't you a big believer that hillary would have been terrible for bitcoin and isn't yeah 100 by an extension of that though yeah but that's what i'm saying and then but you know hopefully he just focuses on trying to attack like the trump administration and then by the time they like focus on bitcoin again they get replaced and then the next one gets replaced like like maybe the best thing for bitcoin is just that that no one gets eight years big churn you know what i mean it's just like like the do like the like uh the ag gets replaced the treasury secretary gets replaced who's getting

replaced with with it with our buy bitcoin lady yeah you think she's gonna you think she has bitcoin sign guy in the back for mine like that little fucker 100 that little fucker like she probably she probably wants to kill bitcoin just because of bitcoin side guy you think i like like if i was if i was one of janet yellen's friends like i would troll her all the time about that right yeah you have to shout out to zero edge and our boy bitcoin sign guy best tweet bsg best tweet of the week the real bsg i think that zero edge tweeted out that picture of poetic it's poetic you got to go listen to episode 35 i didn't realize it was that early on in tftc's history that was uh the episode with bitcoin sign guy and i was there for that one poetic you were there for

the second one oh so what was that episode that was like it was the actually we've recorded it on the one year anniversary of him holding up the buy bitcoin sign yeah yeah whatever do we know what number that was july 12th zero hedge point uh the tweet had the picture it was like if you listen to this guy's advice i think it was up over three thousand percent since but yeah janet's sitting there like that little fucker i fucking hate that guy and you know what i'm gonna kill bitcoin when i get in the office like i honestly would not be surprised well anyway well i think mnuchin hated bitcoin very much and he was very clear about hating yeah well they're all entrenched incumbents they all hate bitcoin because it makes them irrelevant let them just

change you know if if the change the chaos is good it's accelerationism yeah the chaos is good for bitcoin yeah yeah but don't let them get their feet you know don't let them ever get balanced and ready to to to make moves and this is so i've been i gotta work on my i don't have anger issues i I get too heated. I get easily triggered. Don't get triggered. Triggered is weakness. I'll concede that.

I concede that. I'm going to work to be better and get triggered less. But it's hard not to these days. Would you agree with that? I agree 100%. But with that being said, if we're focusing on this. I get triggered all the time, to be quite honest. I'm not saying I'm trigger-proof.

I'm just saying every time I do get triggered, I say to myself, Matt, weakness. Yes. I need that Marty voice in the back of my head, like whispering. It could be my voice if you want it to be just Marty. Will you record something for me? Stop it. But if we're focusing on this transition, I think it's becoming abundantly clear that Joe Biden,

his administration, by extension Janet Yellen, who he would like to get nominated as the Secretary of the Treasury, wants to bring... She's going to be the Treasury Secretary. they want to bring woke capitalism to the white house and the fed and bitcoin is proper woke capitalism not according to the new york times article about brian armstrong which is the bunch how good was the title though we'll give him that can we give him the title at least like i mean like like popper can go fuck himself he's he's salty that he didn't buy bitcoin instead of

writing a book he should have bought some bitcoin so um but but but the the title of the hit piece was tokenized and it was it was about inside black worker struggles at the king of crypto startups but tokenized is such a good fucking right because that's like that's coinbase's mission right is to like tokenize all the like all this bullshit token yes and if you've seen south park you'll understand token in the context of yes it's uh it's a it's a very good title it is but fuck popper like how so can we do some can we can we do some uh character assassination of popper yeah i mean no we don't like to talk about people but like i think it's i think it's uh so he wrote the digital gold book incredible book in 2014 and it was released in 2015 so that's

the bottom of the last bear cycle so bitcoin was trading at about 150 at the bottom in 2015 and he wrote this book and it was a pretty fucking good book um but because of he was a new york times journalist he didn't want to have bias so he didn't buy any he wasn't allowed to let's give him this the new york times like says you're not allowed bitcoin doesn't care about your editorial standards you can buy bitcoin but these these journals like they're like they could have bought bitcoin he could have bought very well he very well could have but he didn't but he definitely didn't based on his articles so the result is the same way they wrote that together the result is he says he doesn't want to buy bitcoin because he doesn't want to be biased so instead he keeps all

of his fucking money in the fiat system and then when bitcoin explodes he becomes super biased right in the opposite direction which is like this ridiculous idea that you can that that not owning an asset like bitcoin makes you not biased it does the opposite it makes you biased against bitcoin yeah and this is something we've parroted on this podcast many many many times in the past like the new wave of media the new like i don't consider us journalism at all but we are obviously putting out content that people read and try to educate people about bitcoin definitely media media yeah a media format i don't consider myself a journalist but as long as you're open about your bias you wear it on your sleeve and you make it apparent we're definitely biased yeah

but we make that but at least we're not fiat shills no we're bitcoin bulls like we will be up front with you about that we're sat shills we shill sats we shill sats we stack sats in this house we show sats but like how sad is that though it's people it's people it's a sad story yeah it's people stuck in a traditional mindset not understanding the nature of the transition we're in particularly in the media world media is getting blown media has been fucking blown up by the internet and social media and the ability to blog and stats are going to save them and they're they're not even accept your salvation via stats nathaniel if you're listening he's not listening he might someone might send it to him

if you're listening just come out and be like all right like i'm i think bitcoin maybe have some potential i wrote this dope book digital gold it's actually interesting going i'd be interested i haven't read it in years but going back like gavin anderson was a huge character in that book charlie shrem a bunch of the weird under four he's roger ver or like the heroes of that book so i actually met popper in early 2016 late 2015 i love this um we were both invited to ibm to shill uh the corn in their like uh executive they had like an executive uh it wasn't a retreat because it was in their headquarters but it was like an executive education seminar um where they got like uh like fintech people to come in and speak to them and

me and popper were the bitcoin guys um and i was a young bitcoiner and i didn't know my audience so i showed them like the proper cypherpunk fucking thing i was like i was like iran's gonna use this shit like venezuela is gonna use this shit north korea is gonna use this shit true that's money you've ever had no one can stop it true and they all looked at me like i was like fucking crazy um and then popper like shilled his book he didn't chill bitcoin um and that'll always i'll i'll just never forget it like it'll always be like in the back of my mind and i wonder like what those i mean one of the beauties of bitcoin shilling which which all the freaks should show lightly is that even if your shill wasn't effective the first time these people remember it and and

when bitcoin pumps and they see bitcoin pump in the future they remember that shill that they dismissed and it has an extra effect on them it's like it's like it's the gift that keeps on giving and you know i personally i've shilled bitcoin lightly to multiple billionaires people that are worth hundreds of millions of dollars and they laughed me out of the room and right now they're watching paul tudor jones talk about it they're watching larry fink talk about it and they're like oh my god that little white kid that was saying it doesn't matter if you buy bitcoin at 14 000 or 3 000 or 5 000 because we're gonna fucking go to the moon and it's all fucking negligible maybe there was something there like maybe he was fucking right uh it's that time in

the market right i've been getting blown up like all right maybe you're right the phones have been like the last two weeks week and a half it started to pick up right like randos are starting to reach out again again particularly that niall ferguson article i got three two two texts and then like somebody else mentioned it later in the weekend like ah did you see this so like yeah uh yeah no i mean it's that and that's crazy to think back like so this is the exact environment in which the bent was started like i started the bent i've told the story many times because i literally couldn't answer everybody's texts and emails i was like all right all of you just subscribe to this newsletter i'll tell you about it no i don't like i can just steal that

today but it feels very much like that and we're not even at that part of the market that was like may june 2017 we're probably still around november 2016 if we're comparing pest runs which probably isn't wise and it's just going to be a little bit different but um that is the cycle the psychology of it all is very very interesting same but different but exactly exactly um what is it there are too many the havings being priced uh you're gonna trigger people i can't believe like this shit goes to your head so easily freaks like stay humble man

we gotta stay humble well we barely touched this list by the way marty we haven't touched we're blowing through the software we're not reading any release notes there's one that I want to hype the fuck out of when we get there hype the fuck out of it but I want to stay on this topic

okay should we be humble? yes fuck you I agree you don't have to be a fucking monk no but i think we should be as humble i think we should be as vasaferas as possible where i popped a bottle yesterday no i'm not talking about like celebrating but i mean i

popped a bottle yes i mean standing up and defending why we believe what we believe vehemently and not being naive don't be naive about it don't fucking lever up no no remember the people we lost on march 12th no i'm not i'm not saying get any crazy with trading or anything like that but i'm saying develop a confidence to say hey this is here this is here to stay it's becoming more evident and it is better for the world i truly believe that you should believe that too i'm not going to sit here we're in it for the tech here at the yeah we're a 30 second top tech podcast in the u.s of course we're in it for the tech it's but obviously stay humble don't go trading don't go levering up but also stand up for what you believe in and be vocal about it and be confident

about it you can humbly stand up this is or i guess that's what i'm trying is confidence and humbleness or do they conflict can they be parallel george washington was fucking humble but he wasn't a pussy exactly right i agree so imbue that confidence i i think you should be confident right now not boasting trying to rub it in anybody's face but you're like yeah i'm a bitcoiner i believe in this i think it's going to succeed into the future i think it is going to be the reserve currency of the world and you're going to be using bitcoin i truly believe that i want the freaks to be fucking role models i want them to stand the fuck up i want them to be confident i want them to be fucking humble and i want them to be fucking role models and

i want us to be right i agree but i think and and and i'm not saying we can't dunk on people we can absolutely fucking dunk on people but watch our six oh keep your head on a swivel constantly watch your fucking six keep your head on a swivel lax lax talk here look into the hole look at the net talk to the goalie then look out number one owl podcast on spotify but all right i guess that's what i'm trying to get to is like what is the balance of You know, you got to find the balance. So you mentioned Washington. I'll mention another one of my favorite presidents, Teddy Roosevelt.

Walk quietly or speak softly and carry a big stick. Bitcoiners have a big stick they're carrying around right now. That is like, that sounds like an American huddle quote. It could be. You know, he may have said it. Like if Twitter existed, he would have got great engagement on that tweet. It would have got incredible. um we got a big stick in terms of bitcoin uh being being up and running for 12 years the

price appreciating in the face of massive fud but you have the famous teddy story right where he went hunting right and like his people like captured a bear i think it was a bear it was like some large game animal and and they were holding it basically for him to shoot it to take as his prize and he's like no i'm not gonna do that right like that's the humility i'm talking about i agree i like that i think we're meeting i think we're getting to where i'm trying to take us right now to describe how the freaks you're an individual act how you want to this is something i want to um we're working through this ourselves if you couldn't tell working through with you guys yes that is the plan so that is what's going on this whole thing is just us working through it with you

guys yeah we're brainstorming here this is raw it's new approaching all-time highs uncharted territory if you will so did you see this fucking party that was thrown at fucking bitcoin beach like they fucking balled the fuck out shout out to bitcoin beach um they had what 8 000 lightning transactions within a span of 12 hours or something like that no i think it was 3 000 3 000 so they are boy or boy miles shooters down there i don't know if he ever comes back to america right i didn't know i was i wanted to mention i didn't know if we're allowed to mention that he's down there we're allowed to they have pictures of him like buying coffee and shit shirtless yeah but lightning has he did he put i haven't seen his twitter has he been

he's tagged in them and shit okay good hey i'm just i'm not trying to dox people he's fucking having the time of his life down there i don't think he's coming back he's fucking enjoying it he's fucking loving it um cheers to all of them down there they're fucking killing it i they were giving out so they had a surfing competition um and and the checks were denominated in fucking sats you hear that freaks they were denominated in fucking sats yeah like there we fucking go sats the standard so michael from bitcoin beach has been on the pod before if you haven't listened to that episode go back extremely admirable not admirable i don't want to sound like i'm like being like oh good effort it's extremely it's extremely incredible better word no i use it a

Bitcoin Beach is it's a small town on the coast of El Salvador El Zante they're trying to create a Bitcoin circular economy predominantly revolving around lightning introducing Bitcoin to the local community getting merchants

some Bitcoin whale donated a bunch of Bitcoin and said you're not allowed to sell it for fiat and so they're introducing the community to Bitcoin getting everybody to download Bitcoin wallets, use Bitcoin and everyday transactions educating people about bitcoin they're building like a little citadel if you will down there they they've got uh a building they're selling land to potential

bitcoiners i want to join they have a co-working space that's being built by locals that are getting paid in fucking sats like this is fucking real yeah like it's happening and i'm pretty sure this event over the weekend was like government sanctioned or something like that or at least um i think everything down there has to be yeah and so yeah they had like swimming contests surfing contests all the merchants had to accept bitcoin everybody had to pay in bitcoin and they were worried because we were talking to miles before he was a little sketched out that like it's like a live demo like ah is this even gonna work and it apparently went flawlessly people interacting sending receiving sats over the lightning network

pretty flawlessly for so they have their own app the wallet of satoshi was what they were using right no no so they were using wallet of satoshi originally and then they had their own app developed which i believe is a custodial lightning wallet but it's like if your little local diaspora or whatever has their own custodial wallet like that's distributed in itself right yeah and go listen and then obviously you can also spend with a regular lightning wallet if you wanted to but just for ease of use they have their own local custodial wallet yes and if you go to the app store and you search bitcoin beach it's right there yeah their wallet their custodian you can use their custodial wallet if you want to and i trust these guys i like them and i think

it's incredible what they're doing a lot of people like to shit on the circular economy and spending bitcoin i think what they're doing down in el zante particularly really highlights bitcoin is actually useful provides utility even though most people in the west where we are us in particular hodlers we're in it for the the long term but there's other individuals outside of our western little bubble that actually need to use it as a transactional currency and are using it and yeah they have a video of our boy miles buying bbq shrimp with bitcoin using their bitcoin beach wallet he's a big beautiful and he's shirtless boss shout out beautiful i've said i've tweeted this out before probably one of the more humble guys i've ever met i mean so he's

humble as fuck we talk about being humble here a lot but miles honestly is one of the most underrated individuals in bitcoin he embodies everything that we stand for he does i know he's crushing this makes me crushing at the cash app he's an advocate for the true bitcoin ethos in places where it's not popular to to posture that way and we're lucky to have miles on the front lines we're so fucking lucky yeah shout out to you miles love you brother we miss you we'll come visit you since i don't think you're coming back to america anytime soon and elzonte's got a a sweet long left of a break too which is i'm goofy footed so that's right up my alley you just rip a half a mile long left

you mentioned bitcoin circular economy i do not have it on the list but Our boy Ragnar released a great fucking, basically a manifesto, to be honest, on Bitcoin Magazine about the Bitcoin Circular Economy. So people should go check that out. Just type in Bitcoin Circular Economy, Bitcoin Magazine, and it'll just fucking pop right up there. Ragnar, I love you, brother. Can you chill out a little bit? Like calling everybody LARPers and all that shit? Like we're working here.

And you're going to, it's going to be a mixture of both. i love the circular economy too we here at tftc uh reached out to developer to build a way to implement btc pay server with shopify so that you can implement that circular economy and contribute to that the corners are working on it i know you're not satisfied with all the kyca metal shit that's going on we're going to meet in the middle though like this is an open source system an open source protocol i know many people may not use bitcoin in the way that you see fit and advantageous but i think we're gonna i think good things are gonna happen i think the circular economy that you

envision is going to come to fruition matt niner stare off right now no i mean i look i i love the passion i i i think sometimes it's counterproductive i would i would say you know and and bitcoiners are very guilty of this just in general you know we were surrounded by like people should not get triggered as often we've already talked about this on the pod already today yes um i think um the the thing that i you know i i fucking hate kyc and the thing that i think is not often mentioned is that our whole life is fucking kyc so the one spot where i kind of tolerate it is the on-ramp and that's because if you have kyc funds in your bank

account there's two ways that you can withdraw those kyc funds from that kyc system you can withdraw them as cash or you can withdraw them as bitcoin and put them through coin join and for me and now i would and now i know the software update you want to talk about i would prefer to come out uh it's just it's just a very it's a very clean process for me to come out through coin join and if they block that then they can go fuck themselves you know but as long as you can come through a kyc entity and have whirlpool utxos on the other side um i'll make do with that and and that that's my way of exiting the fiat system exiting the kyc system and fiat system at the same time okay so let's start our software update section with that

samurai i think i think that this is a massive i think that's the update you want to talk about massive yes few understand i understand i understand so they integrate so this update is something that we've been testing for a while behind the scenes they're calling it sorban and um what this is is it's a it's a tor p2p layer so me and marty can do a two-person coin join without any third party involved on demand through Tor very easily, super cleanly. They have this PayNym system, which is like the stealth address system, which is like a username. The easiest way to visualize it is this randomly generated username. So once I have Marty's PayNym and we're connected, we can just easily, through Tor,

not next to each other, do two-person coin joins. um it's not just limited to two people you can do multiple people um this is a fucking game changer like i want this in every fucking wallet i want the ability that we can just do this and it's a heuristic breaker because in samurai the default payment method is a fake two-person coin joint so we don't even need everyone to do them if a lot of people are doing them you don't know if they're being done or not it it looks the same on chain so this is fucking massive and when people talk about so we're coordinating coin joint scheme expand on expand on that you don't know that people are so on samurai when you make a spend it defaults to a stowaway oh no they call it stonewall stonewalk

which is a fake two-person coin join. So it looks like a coin join on-chain, but it's just you're coin joining with yourself, right? But a Stonewall x2 you can do through Soroban, which is this Tor P2P layer, and it's actually a two-person coin join. And they already had this Stonewall x2, but you had to use QR codes,

or you were pasting things back and forth in a Messenger app. It was more complicated. but now it just all goes through Tor so the idea is that anytime you make a spend on Samurai now if you're a chain surveillance company you can't tell if that's actually a two person coin join or if that's

a one person fake two person coin join that heuristic is completely broken you have no fucking idea what the fuck's going on there if we get like a decent amount of people using this and the thing about Sorban is it's completely open source so we could have this

in multiple wallets you don't have to necessarily be a samurai wallet user to to participate in this right now you do yes but in the future you don't have to be and last but not least this is like the completion it's setting up the completion of the samurai whirlpool stack because it sets up multi-party transaction zeros so when you go into whirlpool to begin with every utxo that goes into a transaction zero the original whirlpool transaction when you're entering whirlpool is presumed to be the same person but using sorban in the future it's not it's not there yet but in the future me and you can join into whirlpool together and split the

fees so it breaks that heuristic which basically destroys toxic change this idea that you have the change that you don't want to combine if we have multiple people and and it doesn't have to be limited to two people if we have like four people entering whirlpool together you don't know that all that change is linked together so all of a sudden you completely destroy the toxic chain heuristic and you reduce the trust in the coordinator because after you go through a coordinated whirlpool rounds you can do uncoordinated coin joins seamlessly and easily and and and and all of a sudden we're in a situation where make every spend a coin joint isn't a meme any longer it's the fucking reality and we're super fucking close we're very very

fucking close to this are we confirming that samurai wallet devs are not are not spooks now even the beauty of this is even if they were spooks it wouldn't fucking matter but they're they're not i know i know i'll put i'll put my credibility on that one this is huge it's massive i have put my credibility on that one everyone who's listened knows i have yeah no i mean shout out to you particularly i'm not gonna take any credit for putting my neck out there um i'm less involved with the coin join space than you are but this is massive it's undeniably massive too if it works like and it does it's open source you can check it you think greg maxwell it works you think greg maxwell releases the uh coin join bounty no no

who else is it doesn't matter i don't care that's a multi-sig bounty who else is involved in that i don't know it doesn't matter they don't need a bounty because they have a financial incentive set up yeah they get paid um this is massive but they don't get paid for the sorban coin joins yeah that's just me and you coin joining exactly so that's so also if i pay you i could do a pay join through sorban right where i just put in your pay name and i can pay you and you give me an input and we do a coin join to pay you so it's like pdp at the end of the day almost right on steroids yeah because we can also do a two-person coin join where i pay someone else so i don't even need the recipient to be on board with pay join i can just do a coin join with you

and I can pay Mulvad. Spaghetti change. You have no idea whose change is who. It's gorgeous. It's fucking massive. Super underappreciated. I'm very excited about it. I'm appreciating it right now.

I'm getting a tinkly feeling. My ball sack feels good. Matt's wearing his blue steel Joe Dirt hat tonight and I think it's very appropriate for the news that you just dropped. I mean, it's been public, but I don't think people are appreciating it. a lot of people are having to eat crow on this too because

a lot of people have been calling the samurai team spooks not gonna lie like it lingered in the back of my mind like oh damn are these guys spooks but this i mean as to play devil's advocate the samurai guys have called a lot of other people spooks that i don't think are spooks either that's true that's true i think spooks are among us but they're not the obvious one who who's your number one spook in your mind i mean i would be a fantastic spook i know people trust me you shouldn't trust me don't trust me don't send me things that that i shouldn't know about i don't tell me there's been a couple mad i'm not gonna lie it's been a couple nights where i've stayed up staring at the ceiling like am i co-hosting with

the spook i'm i'm too dumb to be a spook i think that's what the spook wants you to think yeah yeah i'm not a spook that is yeah assume everybody's a spook i'm not gonna lie matt i've stared at the ceiling one am i co-hosting with a spook i got you once i tricked marty it was easy to co-opt you all right we're kidding but it doesn't matter if we're kidding or not you shouldn't fucking trust us do your own fucking research do not trust us you fucking freaks i will say i think this is a pretty massive sorbonne it's a big deal yeah it's a very big deal it's really a big deal like no one realizes how big of a deal it is yeah and shout out to the samurai team

um i know you guys been working hard obviously been taking a lot of shit uh just grinding behind the scenes and just delivering the software so huge kudos shout out to you guys um it's imperative too you tweeted out i just retweeted you i think the next big battle is privacy right yeah well i mean we've had multiple prominent bitcoiners um we started the episode down about privacy recently it's quote unquote illegal um yeah i mean so we might as well just call it out by name right like we had dan held do it do a like a block fi lending promo thread where just like midway through he just decided to just take a fucking snipe at big at coin join just to parentheses likely illegal and then we had

before that we had raul cock paul uh do uh a kyc complete owner like we're just gonna just kyc the whole fucking system um which is awfully ironic coming from someone who lives in the fucking cayman island that was like it was like no come on you're in the cayman saying all this stuff like it's it's it's not like what are you doing yeah exactly it's like come on dude um i did appreciate that he responded did block me or anything he's like he responded to my tweet calling him a cuck money proponent so i i appreciated that so shout out to you for that and let's be clear we're just being we're just talking keeping it real we're being intellectually honest we're trying to like and i would sit down i love dan held he's been on this podcast many times we may disagree on

some things but i would still give him a hug sit at the table have drinks ralph paul same thing we may disagree on a lot of things i think we have similar intentions may may have different routes of of meeting the ends that we we want to see uh i'm a little bit worried that these people are preparing to throw me and the good freaks under the bus. No. And if you are preparing to do that, prepare for a fight. And if you're

not preparing to do that, then you should comfort my fears a little bit. You're scaring Raoul Pal. Matt's going to cut you. I'm not going to cut anybody legitimately with a knife. You could cut people with words.

Words cut deep, Matt. Words cut deep. I will metaphorically do it. let's be clear it's all love we're in the battle of ideas we're in the arena we're in the fucking arena and if you're in the arena and you're willing to put your ideas at the floor and have them battle tested this is what happens like at the end of the day we'll have a beer with each other and just agree to disagree on some aspects potentially potentially but you have to try like this is the beauty of it all it's literally meritocracy and i would argue that we are winning the meritocracy i don't think not me and you personally but people on the side of

liberty and the ability to use bitcoin in the self-sovereign hopefully private completely private way at one point in the future look there's no such thing as completely private i i think i think at the end of the day you got to be able to look your grandkids in the fucking eyes and be like i was in a fucking piece of shit i tried my hardest you know yeah and uh i'm not worried about that right now because i ask myself that every day and i think other people should ask themselves that more often yeah like i i like american hodl the other day he tweeted out as long as you don't disappoint matt you're on the right track and i responded the person who disappoints my disappoints me the most is myself always and that's true because i'm constantly

holding myself to a higher standard than i hold everyone else to it's my favorite conversation i have in my head is because the only way you can hold people to a high standard if you hold yourself to a higher standard and that's how we all should fucking live that's the whole fucking point here i think in my mind it's a personal responsibility continuously have conversations with yourself your past self and your future self what would my future self think am i being true to what my past self was preaching in with my present self think this through like always think of your future self i love instances where past marty has thought of future marty and you realize that like Okay, recent example, past Marty, maybe I'll smoke a joint every once in a while, and maybe you hide a little joint around and be like, hey, past Marty was thinking of future Marty, knew that future Marty would want to take a little hit, and he rolled a little J for him.

it's not the context of bitcoin this is an example outside of it that's the metaphor yeah yeah think of like it's a poor metaphor i don't know i think it's a good one i mean you think about like joints are good the future marty will be very happy that past marty is coin joining and as present marty as well i believe at some point in the future the overwhelming majority of the time is current matt being upset with past Matt. It's overwhelming. That's usually what it is. Well, current Matt has to think of future Matt

to right the wrongs that past Matt made, right? Right. Current Matt usually fails. But you can always strive to be better. We are striving to be better here. Let's just rip through the rest of the software updates. Yeah, just hit them with all the software updates. BTC Pay Server version 1.0.6.0 has been released.

join market version 0.8.0 has been released and therefore join box version 0.1.15 has been released raspi blitz version 1.62 has been released my node version 0.2.19 has been released sparrow wallet version 0.9.8 has been released nunchuck version 0.9.3 has been released we already talked about samurai but if you don't know the version number that's version 0.99.96 has been released this is pretty big blue wallet version 5.6.7 has been released they added is a big one yeah they added uh coin selection it's pretty coin control yeah yeah pretty huge with labeling yeah um it's a big one shout out to blue wall team psbt toolkit version 0.1.2 has been released and there is a new version of nth key out there and is nth key on your radar

Yeah, it has been. So this is... It's part of the fully noted, right? This is Sojour's Provost? Sure. Shores. Shores Provost. I apologize for butchering your name that I've only read online.

This is like a watch only. No. Oh, multi-sig, multi-sig. My bad. You can use your iPhone as a multi-sig key in Spectre. Yes. It's only testnet only right now. But this is a cool idea to me, right?

like i like the idea of being able to use an old android phone or well right now it doesn't support android um but i i like the idea of being able to use an old android phone or an old iphone as one of your keys inspector like that's kind of a cool idea i like that a lot too ensures that you shouldn't trust it as your single sig key like that's not cold storage by any means but if it's one of a three of five you know like fucking three-year-old iphone or a three-year-old fucking android like that's this only connects to wi-fi like that seems like a pretty nice key addition and i'm pretty sure it's psbt only too correct yeah i mean all this all the good shit is psbt yeah psbt is is what enabled all this shit so shout out to shore nice standard

shores provost member of the tribe thank you for joining the tribe thank you for working on nthkey you joined the tribe he's been a part of the tribe I apologize for butchering your name I could be butchering it too I've never had Marty butchers lots of them I do

usually Marty butchers more than me I'm pretty sure it's short though for the record I butcher names more than you I don't know I'm pretty terrible with names it's like something I inherited from my father and then we have our boys at Spectre

came out with their their do-it-yourself hardware wallet um pre-built version that you can buy from their shop it's pretty sexy too i think they're about to run out though yeah i think they're only selling 50 so they're probably about done but the beauty of it really is not to buy it from them the case is fucking 3d printed you're supposed to make it yourself um but you combine that with something like n key right where you use an old phone as a key and then you have cold cart and then all of a sudden you have a very secure multi-sig setup where you're not trusting the vendor um that you can move yourself into

over time which is really cool to me right which is why i mean i i cannot the the crazy thing to me is like i've had people reach out they're like matt i know you're bullish specter what do you think about nunchuck what do you think about what do you think about sparrow wallet right what do you think do you still like lily um what about caravan first of all that's bullish as fuck like that is crazy a year ago when i said three to five months for easy multisig that wasn't a year of them existed you may be dude your prediction may have come that wasn't a year ago that was like six months ago it like it was pretty much on point right i think we have to roll back the tapes freaks if you remember the exact date it was this year i don't let's roll

back the tapes yeah but none of them existed okay maybe caravan existed when i said six months when i said six months caravan existed and maybe lily existed and key existed too it's still in fully noted right now yeah i didn't even say fully noted fully noted yes did exist yeah but anyway the point is this is fucking bullish as fuck that all these fucking things exists that said like i love that we have all these options that said i'm still a specter maximalist i think specter is fucking insanely good hand up really really good guys hand up really good i need to fuck with specter still it's so good and and i think you're missing you're missing the beauty if you think you you you your wallet should require electrum server

I want you to just be like the beauty of Spectre is you just install Bitcoin Core and you install Spectre and you're good to go and that's the beauty of Fully Noted too Stefan's beating us in the Spectre content

when you get Ben, Sergey Mortiz on the episode on a pod yeah we would love to have you guys on and I will join for those episodes no you i mean yo ben love you bro legend i love i love all those guys they're great they're fucking but ben is just like he doesn't hold anything back on twitter either it's like a fucking talented

kid and he's just fucking based as fuck right um but you know i i appreciate the fuck out of you guys yeah appreciate the fuck out of stefan too you're what's what's the term in the media world and no we're not journalists scooping scoop you scoop us sometimes Stefan but if I'm going to be

scooped by anybody I'd rather be you I was confused because Stefan scooped us with Stepon Stepon yes that's pretty good

right I know I mean I as far as I'm concerned the Stefan Levera podcast is part of our network yeah our unofficial

Bitcoin education network the unofficial Bitcoin I was talking to Stefan earlier today too he's got a few fire episodes on the way I'm not gonna I'm not gonna spoil anything but

subscribe to Stefan's podcast if you haven't already this next seven days particularly he's got some hot podcasts coming out and subscribe to TFTC too if you haven't already obviously why are you listening if you haven't subscribed where are we at

all right we're past huh we've got a lot to go we're like not even halfway down this list hour to 40 minutes so bullish what is going on right all right so duganheim this is this is pretty massive actually duganheim fund is they're not made like you have it in the list like they may invest in bitcoin like they have literally worked as permission they worked out a charter within their fund perspective prospectus was like hey we're gonna invest in in cryptocurrency and we may so their five billion dollar macro hedge fund was at ten percent so five hundred billion dollars up to up to that they're going to be able to invest in the space they may invest as much as micro strategy did they may i just love that they have to ask permission and just like

broadcast it around the world before they can do it well this goes back to the point earlier in the podcast where we're front-running all these or you've been tweeting about it we're still front-running all these institutional investors i feel like my whole life is just front-running these motherfuckers how does it feel stay stay on the map i'm glad we were both on the same page there and then let's go again we've got another bullish one alliance bernstein another huge massive fund uh they i don't know if they announced that they're going to particularly invest in bitcoin outright but they said they conceded they bent the knee and said that bitcoin definitely does have a place in an investor's portfolio and their fund that manages 631 billion

in assets so they actually did a parentheses likely illegal thing here right so they're quoted as saying cryptos which by the way anyone who uses the word crypto is a signaling mechanism to let us know that we still have our edge and we're front running those motherfuckers cryptos do have a place in asset allocation for as long as they are legal yeah and guess what you're not gonna fucking shut pandora's box bitches it's been running for 12 years it is a better technology it is a better money the idea is out there there's no closing the door on this lions bernstein don't just give it some it's um what's the word i'm looking for from god what's the word i'm gonna think of it i'm gonna think of it lip service lip service don't

just give it lip service get in so you know they kind of did so so their comment is like a little bit milquetoast which is why i did it last um listen to this quote the resulting allocation to bitcoin is low but then within this simple optimization framework the allocation to some other asset classes is zero so in that context bitcoin seems to empirically be potentially significant all right all right i'll take that that's more than lip service i'll take that it's like a little bit they're like they're like fine we will buy some bitcoin you motherfuckers like you made us do it but we're not happy about it we're doing it begrudgingly but again going back to uh larry fink blackrock and get props for proper

he was more on board than they were well get proper props for props are due well yes obviously but he is responding to his clients it's like hey my if i have 300 000 clients like asking me about this maybe maybe i'm wrong about something where alliance bergenstein's like nose in the air like we're gonna do it begrudgingly this is unreal are we getting too far ahead of ourselves do we need to pinch ourselves i wish we were in person so we could pinch each other yeah next week hopefully with armed out yes um what's going on with bitmex what do we think about this is so this is kind of love it so they've always been hustlers right so this is technically a hire for their what's the the name of their parent umbrella company 100x group yes

which is hilarious for a parent company right um they like took like the most uh controversial feature they have and they named their whole parent company off of it um but uh i mean they've been making moves to basically save their fucking ass over and over again for the last five weeks ten weeks and it's just impressive so so they just hired this heavy hitter german ceo alexander hoppner that sounds like a good pronunciation better than me um and he was the ceo of two german exchanges and and one of them was i think the second largest german uh exchange and the other one was the first regulated trading venue for for bitcoin specifically in germany so like this guy's like like they just hired ronaldo or

something you know like they didn't they they hired like the creme de la creme uh no expenses uh spared to to to protect their fucking asses here and you know that's exactly what we expect from them well this is one thing i've been thinking behind the scenes and i really hope doesn't happen but is it inevitable like do you think bitmex like it's my favorite so following the bitmex which isn't officially affiliated with bitmex i'm pretty sure the bitmex wrecked bot on twitter it's not affiliated no not at all but it's actually like if i'm using tweet deck that's how i follow the bitcoin price it's the bitcoin the bitmex wrecked bot like you can just see when things are moving see when people get short fucking calls yeah exactly

like oh price is about to pump exactly and do you think they like with all the kyc they think bitmex just like like i hope it does but like does it sustain itself like they're putting out incredible research they're contributing to core developers the bitmex non-kyc potential 100x derivatives exchange is a truly innovative financial product in the digital age just shame that they're getting the long dick of the law thrown at them right now even with all these hires do you think they survive with kyc yeah i mean i think they survive but they'll never be we we the the the bitmex glory days are gone it's over um as a regulated exchange they cannot compete with the cme you know like that's the fucking chicago mercantile exchange like they're

legit they're going to always have more regulated volume than any other regulated partner and i think and we don't really have it yet it looks kind of like binance is the new ish bitmex in terms of futures exchange that are not regulated i've been hearing bite but yeah it's like a little bit it's right now we're in like a nice little wild west kind of they're all fighting for that position right and to be honest like binance is a little bit too big they can't pull it off but but when i when i've been watching crypto watch um it's it's it's crypto watch but dot ch so it's crypto watt dot ch um if you watch the volumes their finance tends

to their future tends to be the most volume for the most time but it switches back and forth well that's actually another thing that happened last week that we don't have on the list is

didn't Coinbase have to shut down their margin trading product yeah it's like oh poo poo I didn't even know they had one of course they didn't no one should use it but they had one um they did have to shut down look i i think like there's always going to be

a leading bucket shop and usually it'll be the smaller guys usually it'll be the guys who are feisty and they're smaller and they don't they don't want to deal with it like if you're if you're like a binance um or even like now like an ftx or a coinbase like you're making so much money on fees and you're so big that you don't want to fucking fuck with regulators right you You don't want to deal with that shit. And you're going to end up shotgun KYC-ing people, which is always wrong, as a reminder. Why still respect the fuck out of BitMEX?

I know you're shotgun KYC-ing people. BitMEX has never shotgun KYC-ed people that I'm aware of. No, they've warned people well in advance. Yeah, even when their fucking founders are put in jail. Literally behind cages, in cages. They don't fucking shotgun KYC-ed people, but most people do shotgun kyc and that's always fucked up and i i think there'll always be a trading platform that doesn't have kyc and that will be the leading one for a little bit until

they get fucking pushed into it you know and then the next one comes up so the for the freaks who are relatively new to this game let's go on a trip down memory lane and talk about our favorite at bucket shops from years past. Hit us up, Marty. All right, I'll start. Poloniacs at one point was a bucket shop. Bittrex. Bittrex.

Mint Pal. Mint Pal. Rest in peace to anybody who traded on Mint Pal. What was the one with Big Al or whatever? Cryptex. No. It wasn't Big Al. You know who I'm talking about.

Big Vern. Big Vern. Big Vern. What was that? not cryptopia not cryptopia what what cryptopia that was out of new zealand btce i don't think they had margin but they were out of russia big vern bzz was legit for a while what did he run you got to look that up because i mean he's for any of you freaks are relatively you just type in big vern it just comes up right yeah it has to so did some dude in florida was

running a bucket shop cripsy cripsy that's what it was yeah and he stole everyone's money yeah nobody nobody knows where he is like he moved to china yeah he's gone um obviously mount cox they weren't trading margin though it was fucked up yeah i that that's where i i mean if anyone's listening that's where i lost all my bitcoin i mean i've just been trying to recoup you know accumulate back since then yeah big burn what did he do what did he try to raise for was it mining i thought it was mining or something like that and he just like exit scanned everybody no i mean i mean his exchange was just a piece of shit exchange he he like tried to list every single shit coin that ever existed and and a bunch of them had vulnerabilities and then he got fucked

and then he was running fractional reserve for a while and then he disappeared um that actually reminds me there was this so-called bitcoin podcaster that i've never heard before who was like uh i clicked a link that said it was a ups tracking information and then my crypto account got wiped out extrapolate on that what are we talking about here your crypto account or like his crypto account his this is what he said his crypto account which by the way oh what the fuck is a crypto account yeah i remember seeing this i remember seeing this yeah i was this week right yeah he is either full of shit and it's a boating accident and he's just trying to pretend that he lost his bitcoin um or he had no fucking business being a quote-unquote bitcoin podcaster like come

on people put your fucking mask on before you help other people yeah no i don't know like fucking figure out what the fuck you're doing what the fuck is a crypto account anyone who says the words crypto or blockchain non-sarcastically to talk about anything is like fucking full of shit and i've got some heuristics for you freaks to look out for they're gonna have a guy fieri haircut usually they have a soul patch they're wearing like a flannel shirt buttoned up may have like a watch that is intended to look flashy but it's probably cheap infuriating they're they're trying to imbue that they know what they're talking about and understand what i don't even know what i'm talking about to be honest i don't know but we're up front with that and

are you ready for themselves experts they almost always call themselves experts are you ready for that are you ready for that they're blockchain experts dude we may we may drop from the 32nd to like the 112th technology podcast because all these experts who are good at seo are going to lightly shilling tales from the crypt to all their friends and family and we're we're gonna be freaks freaks just to let you know we're not good at seo we're not good at marketing the name was tales from the crypt like didn't even have crypto in the name matt made me people give you shit about cease and desist like marty knows that he stole the name from an hbo show like no one needs to explain that to marty like he understands a hundred percent that he fucking

took that name from the hbo show that's actually i mean we've said it in this pot like so i'm not shy to say it now we know we will know we have made it when the original tales in the crypt cease and desist us i love when people explain that to you they're like no but tales from the crypt was already an hbo show what we're aware we're very aware never heard of it never heard of it i actually used to watch it and it was and i the hand up i didn't even come up with the name i was forced into this podcast shout out lewis lewis lewis is gonna come on the pod when we reach a new all-time high like a considerable all-time I want to be there for that one.

We're going to do it. I need you freaks. I know. Let's do that one person. I have half a montage written. I need to finish it. You're never going to finish it. I'm going to finish it.

No, I'm going to finish it. Price it in. I haven't read. I haven't read. Price it in. It's never going to be done. I had the background music in my mind. It's got to happen.

It's got to happen. It's got to happen. Cease and desist. We got to get back to our roots. We got to get back to this list. We have some shit to talk about. uh particularly our girl janine shout out janine this lady our lady our woman our queen our queen i like i like that the best so good our queen uh this month of bitcoin privacy is out at e-n-e-g-n-e-i

dot github.io we're gonna link to it obviously uh 12 topics this month music 2 which is pretty massive i haven't written about it yet because frankly i don't understand it too too well to be confident enough to write about it but i do plan on writing music too uh a bunch of things we're gonna link to it i'm not gonna explain what janine's writing about but yeah just fucking read read her shit it's good yes um and so now we got bitcoin developers shout out to gloria zhal uh and john newberry and mike schmitty all right so we gotta we already shouted we already spoke about Brink. The freaks know about Brink. We spoke about it last week.

Alright, so Brink's first grant is going to Gloria Zell. No, they're doing grants and fellowships. This is their first fellowship. Oh, I thought it was like a co-grant. The difference is it's not just money. They're like taking her under

their wing and they're going to make her the best Bitcoin developer they can make her. I like that. Which is why hrf and square crypto and on the hrf side it went through gemini actually donated to hrf which donated to brink it's like a nice little russian doll thing uh to to to create this fellowship because brink is ready to take them take her under the wing right otherwise they would have just given the grant directly like square crypto could have given her the grant

hrf could have given her the grant gemini could have given her the grant but they do it through brink because she's now a fellow the first fellow thank you does that make sense yes it makes a lot of sense and gloria a young buck too she's like 21 right she's awesome she was on stefan our fellow networked podcast and she should go listen to gloria if you're listening we'd love to have you on here too um again shout out to john mike schmitty we need to get you two on as well john newberry they've never been on john newberry is one of the most tenured guests on tftc i think he's been on three or four times okay yeah we need an update but like this is one thing about like the whole covid shutdown is like particularly with john i love meeting there are people and

having like uh john and i are known to drink a lot of old fashions when we get together and john explained to me one of my favorite like heady out there theories about bitcoin where bitcoin like isn't even like a monetary system it's just a quantum computing alarm system that's that's what it is i i prescribe to that theory actually do you explain it makes a lot of sense it makes on satoshi's satoshi's uh coins are in a a pay-to-pub key um it's not a pay-to-pub key hash so it's it's not quantum resistant so if a quantum computer exists that person could brute force satoshi's private key they could also brute force pretty much all encrypted communication so if you rely on encryption bitcoin price is such that satoshi's stash is so huge

that's like a huge monetary incentive to crack that the fear the fear is let's say the chinese government develops quantum a real quantum capability and they're able to break every single u.s government encrypted communication that's a major advantage for them they can they they know every single fucking thing we talk about that is supposed to be secret and we don't know that they know about it but meanwhile you have this random chinese researcher or whatever that's part of the team and he's like we could steal hundreds of billions of dollars or whatever fucking satoshi's coins are worth at that time if we fucking do it so there's like this temptation there's like this bounty to basically docks that they know that they they have this quantum

capability it's like it's fucking fantastic i mean it really it does make a lot of fucking sense right that was when he i'll never forget where i was when john explained that theory to me the first of that the smith across from barstool's offices on was that 28th and broadway that's where we met yeah that's where we met well we met at the ace hotel around the corner all right yeah can we tell how we met am i allowed to die from austin yeah tell the story tell the goddamn story for the freaks no i was visiting from austin yeah but i was really working like two blocks away and i just pretended i was visiting from austin matt told me he was from texas yeah you set up my cover because you said on the podcast everyone's like well marty wouldn't lie to me

ah look how far we've come but it's been it's been a good it's been a good fucking couple years man i remember exactly where i was sitting across from john newberry we're having some old fashions and describe that Satoshi's stash as a quantum alarm system theory. It makes so much sense. Yeah. Even if that's not the reason, it is an alarm system.

To this day, it is legit. It's not a conspiracy theory. It's a fucking legit alarm system. It's a bounty for quantum computing. Yeah. And there's no way we can move it to pay to Pupky Hash. No, unless Satoshi moves it.

And if Satoshi moves it, he's going to take our price. We're kind of stuck. Yeah. hopefully we never hopefully bob mackerel that's right we'll never get to quantum computing well we know we haven't hit it yet because satoshi's coins haven't moved yeah um so beware freaks beware it's fucking cool it's super cool um but also i i also like the so the real conspiracy is that a time traveler wanted

us to get to quantum quicker so bitcoin is the incentive to get to quantum in the first place because any random ass researcher who figures it out could presumably monetize it through Satoshi's coins. There's like this global bounty that's happening. But could you monetize it through Satoshi's coins? Not really, because it's just going to tank the price. Well, that's another thing. What if Satoshi does come back and wants to move his coins?

Does it tank the price temporarily? Everyone's going to think quantum exists. right well so this is another theory which may be a little controversial to move it all into whirlpool i i met andrew desantis in person at one point and he he has a theory this is where all the bitcoiners go crazy yeah i haven't talked to this dude quite a while stay humble there was a theory that like satoshi wanted to let his dash get i have no idea let his stash get to a certain monetary value and then start like mechanical turking the

citizens of China to break them free of the Chinese Communist Party which would be like pretty heady if that's true too but it would tank the price of drinks but you could like sign a message like hey we've just been waiting for this moment yeah and so that's heady

Bitcoin it's quantum computing security talk there we've still got a list here this is an australian exchange correct btc markets before we go there gemini in general has announced a bitcoin development opportunity fund after peter mccormick completely shamed the wink of eye twins so now they've dedicated two hundred thousand dollars to bitcoin development fifty thousand dollars if it went through hrf to brink for gloria zhao for that that fellowship but they have another 150 000 that's going to go to bitcoin

core development um so props to them uh that that's fantastic that's what we want to see i want to give a shout out to a good friend who i actually work with at barstool who's at gemini now pretty sure he's like ahead of their corporate finance marshall beard who i've been talking to behind the scenes about this too i've been like dude you guys need to invest in bitcoin so actually the so the remaining 150 goes to bring directly and and they're just gonna let John decide to where that goes. I trust that. I mean,

I think that's probably better than the Winklevoss deciding to be honest, but we appreciate you guys for throwing money at the, the cause, even though I trust that. And just shout out to Peter McCormick for making that his fucking mission to just shame fucking people. He shamed, he shamed Brian Armstrong first.

And I'm pretty sure Brian still hasn't contributed anything, but he mentioned that he's going to though. you got you got you got Gemini to fucking write the check so there we go I want to give a shout out to Peter too um episode with Eric Wall and Udi uh no that was on Stefan's oh that was Stefan's excuse me sorry it was a great episode it was a great episode Udi's good Udi's good man he really is he's off Twitter now but we can still give you want to give a shout out to Peter for shilling the bent all the time that as well i would like to but it's just like any bitcoin podcast whether it be stefan peter uh colin at bitcoin echo chamber swan anybody trying to get information

about bitcoin out there i know everybody disagree not everybody but some people disagree with the way content is distributed to individuals guess what different individuals like to consume different types of content and i love that there is a variety of content reaching individuals who are more respective receptive to certain types of content you started this podcast and even when i joined the podcast which wasn't that much later but it was it was still later um we didn't really have much bitcoin only content so um it is just really amazing to see how much that sphere has blossomed um that that we really have a plethora of a bitcoin only content where there's actually like competition shit and like who who are you gonna listen to and and who is your favorite

chad sailor podcast with you know because he was on like seven fucking podcasts not ours that didn't exist that didn't exist two years ago um guy swan that's bullish that's not priced in no like and people like oh like oh you're like are you worried about all these no i'm not worried about anybody i love it it's all additive it's additive it's not span the pie yeah exactly it's it's beautiful we're all part of the same bitcoin only network yeah honestly like if you want to practice what you preach we should just do better and we love you but you do better i think i'm gonna be a little more forgiving of pump i love pump he just had fucking brad garlinghouse on for the second time i didn't do better pump was he i know you're listening was he critical at

least i don't know i didn't listen i'm not gonna listen i'm not gonna give you a click all right let's let's let's do a two minute shit on brad garlinghouse session here you this dude all i know is ripple pumped right afterwards ripple is a unregistered security i don't care about that was launched by jen mccaleb who was involved with mount gox stellar ripple like jen mccaleb is he created mount gox he created mount gox he sold it to uh mark carpellus knowing already fractional reserve that it was fractional reserve and that it was getting hacked like he was down in costa he's like yeah mark capella's take this mark but then he's now he's dumping ripple he's allowed to dump like 50 50 million ripple a day or something like this he founded stellar and stellar is a

shit coin i can't believe a clone shit coin which is even worse i think i don't even know all right so i will be critical of pop here fucking pop why you haven't brad garringhouse on but like at the same time he convinced kevin o'leary to be pro bitcoin fuck kevin o'leary that is a douche doing like the... Kevin O'Leary's a fucking douche I won't give a fuck about. Pomp is like really good on CNBC and shit. He's like good at He's good at getting the celebrities and the clips and shit. I agree.

He was like, I'm not gonna lie, I'm a little jealous. He interviewed Prez. He married a fantastic woman. Paulina's fantastic. She's beautiful. She's incredible. She's intelligent. Intelligent. Strong woman. Bill Burr, my favorite comedian. Pomp's been on there.

Yeah, Bill Burr. He got Bill Burr. Yeah. But at the same time too much shit coins yeah what the fuck's going on pump so is that like the way it works like you have like the pump umbrella at the end they're like you just like enclose everybody in slowly but surely to the core of bitcoin maximalism that's the key right yeah i think he's pulling a lot of people in these are like mainstream entrance into the bitcoin only network but like He needs to work a little bit on some of his selections. I think he's doing a good job.

I love you, Pomp. Well, there you go on our frank discussion of Pomp on air. And all the podcasters, frankly. What? And all the podcasters. But look, I love our Bitcoin podcasters. I think it's fucking amazing what has happened. To the point where I honestly feel like I could just walk away.

daniel prince once bitten oh my god he's so good and fucking his daughter best podcaster is lauren yeah she's the best love all y'all it's all love baby if you're in you're in it to spread bitcoin love max kaiser i mean he's crazy uh i like crazy i'm a big fan in a good way he's crazy in a good way i think he he hears that he's like oh such a compliment he's probably honestly like one of the people that pushed me towards bitcoin like early early on he's been he's been around for a while max we will buy max coin we do not like max coin we will forgive you you have repented your your rage against the machine has been much appreciated uh throughout the years and honestly opened up my eyes to the corruption

that is inherent and widespread across the banking industry. And honestly, regardless, fuck you, Stacy's amazing. Yes. She's fucking fantastic. They're an incredible duo. Good duo. That was a little divergence there. I don't know, whatever.

cheers to the bitcoin network man appreciate you all we're all part of it um the venezuelan military released a beautiful propaganda bitcoin mining video how um that would put gam to shame how like great american mining is just they're sitting there they're like i can't believe the venezuelans are just dunking on us like this they got they got guys with the masks they're all in uniform they're like loading asics up and they're like clicking things on computers and like what are we doing how hot do you think that one guy was sitting next to like 10 a6 like buzzing it hit gam hard gam is just like we gotta fucking attack them we're just fucking we're angry that's actually our our main mission at cam is to attack yeah but it's how good's that video though it's

hilarious it's like everybody in like full on like ghillie gear they're wearing their like full khakis they're like but they're sitting indoors like with a bunch of asics on like the ventilation in the space is not ideal like i hope they're testing i hope they're just testing for the i mean i hope the the individual venezuelans are benefiting more from bitcoin mining than madora regime if uh if the pictures that were shared by the madora regime are true like i don't think they're actually mining profitably or efficiently which is a bunch of it doesn't matter they don't care no they have cheap oil they have cheap energy they have the cheapest oil on the planet i'm pretty sure too they're ruining it though they don't have any petro

engineers they like literally ruin the infrastructure that allows them to pull their oil to ground process it and actually use it like if you're a sanctioned if you're a sanctioned country and you have a ton of cheap energy like bitcoin is the most obvious fucking thing ever yeah i mean yeah i mean no brainer speaking of bitcoin mining north american mining pool announced titan yeah what's so what's your take on this it came out of nowhere uh there are two miners in the u.s that are a part of it uh the new york miners and the bitcoin sv guys the greenwich um i'm pretty sure it's the greenwich uh power plant they're directing their their hash hash right it's the upstate new york guys yeah greenwich greenwich greenage greenage

green ridge right yeah and then core scientific which is bsv yeah um i think it's just i think honestly even though it's bullshit even though it's a bitcoin magazine it's a publication where respect i think it's just a pr stunt we're not gonna and it feels like know your hash kind of bullshit too yeah it's not anything we would seriously consider it great american mining okay next next next topic uh this is pretty huge like how the fuck did this happen the ios remote exploit oh my god dude this is really bad this was like one dude who just worked on this during quarantine the home and board and he was like he was like i want to troll my kids and he just like figured out how to just completely own any ios device one click download all your pictures all

your messages all your emails completely own it run any code he wanted to remotely on your device if he was within range yeah so you're you are a security guru here let's break it down i'm not a guru i know this is not good yeah it's fucked so i looked at my iphone i was fucking threw in the toilet the other day i was like well no if you've updated since march or whatever like it's patched like you've patched it the issue really i think is and and something that iphone has been dealing with lately is is the negative of android is that there's so many different phones from so many different manufacturers so like you don't get like the latest and greatest on each device right like if you have like some random huawei phone or some random samsung phone like you might not have like

the latest and greatest android and and it's super fragmented right and and they have all these issues with like apps might not work as good on different phones it works against you on the security side right because with iphone because they're all so similar if you get an iphone vulnerability like you own all apple iphone users right and if you talk about america what's like 50 60 percent of people are carrying iphones it is such a good target right and and the key thing that they are favored people the efficient market hypothesis people should be considering here is that if you look at vulnerability pricing on these dark net markets um the iphone pricing is down and the android pricing is up it's it's cheaper to buy a vulnerability for iphone because they're all the

same code base um so so this guy just like straight up fucking owned iphones and ipads just straight up own them if you're in range he owns your device he was some bored dad too it was just like oh yeah like the u.s government already owned you on that on this vulnerability and they were hiding it and this guy figured it out he reported it responsibly it was fixed and then he he responsibly disclosed it like this week um but it's fucked up so just i mean operate under the assumption that all these devices are compromised like that's what you should operate under but at the same time like install graphene os and try and make it a little bit more difficult yes speaking on this hacking giving out information aclu is suing the u.s

government over buying location data for immigrants right it's apartment homeless it's not just immigrants they're like they're suing everybody in the u.s government and they're suing them because they're buying our location data from marketers to get around the constitution um they don't need warrants they can just buy our data so the aclu is suing them the aclu in the past has been very good recently they've kind of lost their way so it's good to see them do this this is exactly what we want them to do this is the type of fight we want to see aclu is becoming woke woker yeah they're becoming a little bit too political but like in the past they would just they would defend neo-nazis they didn't care they would defend

everybody and that was the beauty of them um and it kind of feels like they're getting back into it a little bit and i'm like a little bit excited you know so like this is good to see uh this is exactly what we want them to do um the u.s government should not be buying location data from marketers yes um marketers should not be harvesting our location data exactly all those things together you know and here we are yeah before anybody tries to run with a with a blurb from the end of this podcast matt is not supporting nazis here he's saying if you wanted to defend freedom liberty when yeah the aclu got shit because they would like uh if if neo-nazis wanted to do a protest or something or march they would defend the neo-nazis yeah which is we did

like they they didn't care about politics no like politics weren't the thing they just cared about civil liberties it was the number one thing they cared about and they got a little bit too woke recently but i feel like a little i feel like this this case is like the tip of the iceberg of them hopefully coming back to their roots yeah we're just civil liberties is all the only thing that matters it doesn't matter what the political leanings of the individuals in question are exactly so for any of you new freaks we're not supporting nazis here you're supporting if you're going to defend free speech exactly you're going to defend free speech believe in free speech freedom of association you have to defend it for the people you most loathe as well

yeah i mean it's gonna be it's exactly how they're gonna level well how governments are gonna level arguments against private bitcoin usage it's gonna be like oh well nazis are using it you know yeah it's exactly 100 what they're gonna say nazis are isis they've already used isis as a crotch vanilla vanilla ice vanilla ice is dangerous you guys got to watch out that song is detrimental to your your mental health and he copped david bowie and queen and so you should never listen to that song ever i added the ch i added the ch last topic of our insane list is just Matt laughing at ETH 2.0

because his beautiful prediction of the fact that all these proof-of-the-state networks would centralize. It was on the day they launched. It's absurd. And Hasu, I know a lot of Bitcoiners don't like Hasu.

I love Hasu. I consider him a good friend. He's our boy. I don't agree with everything. No, he's an idiot for a lot of things. And like, he'll learn. But he got a lot of shit. He'll figure it out.

He got a lot of shit for calling the beacon Ethereum 2.0 chain Beth from vitalik particularly right and what did he get shit about calling it beth like vitalik is like why would you call it beth it's e2 and oh i didn't see that yeah and anyway binance comes out games win shitty prizes exactly whatever binance comes out it's like yeah beth you're gonna get higher interest rates okay that's not the funny part the funny part is december 2017 i was like the problem with proof of stake is that most people are going to stake with exchanges exchanges already have too much power over the ecosystem they're going to have even more power over your

chain and that those exchanges will offer incentives for users to to uh stake with them and they will give them they will give them rewards that are larger than if they if they that they staked self-custody wise right and then meanwhile the eth2 test chain launches and the day it launches finance the largest fucking um i mean besides by besides coinbase the second largest fucking exchange they say not only will we stake your eth2 but we will give you rewards larger than if you stake self custody they literally just it was it was exactly what i fucking predicted in december 2017 it's like they crafted a blog post and a tweet to add to your thread yeah and it's like why do you want fucking ck binance like fucking

major validator of your chain like that is you're just adding this huge liability it's so you're not even learning a lesson you're about to see the incentives are such that it's natural like you can't get away from it well you can pow fixes this pow it's like pow doesn't have to pow already worked they're trying to fix pow and pow proof of work does not need to be fixed it works they're giving double rewards users who have completed kyc prior to the end of the activity period will receive an additional reward in bnb equivalent to the average bnb f value this is like everything that is wrong right why why is that fucking industry i'm telling you guys like this is gonna blow up in their fucking faces and i i almost am like why am i talking about it

because i just want to see it blow up so i can say told you so like why am i setting them up to figure it out but here you go you know you've been warning them for literally three years on this at this point yeah and i'll send you the bill guys like you owe me money you owe me lots of money preferably paid in sats yes not gay or gay whatever it's called but yeah it's i mean you've been calling this for years and it's just poetic unreal that it's naturally progression yeah it's literally predictable the incentives of the system it happened day one but everybody put your hands up cheer get the beacon chain 2.0 is here it's going to revolutionize the world if you see uh vitalik's new roadmap he's got like nice little progress bars and

everything too literally looks like the pepe sylvia charlie uh board from it's always sunny in philadelphia we will see how this plays out i'm excited for it matthew we have to post this episode we do it's been two hours and 20 minutes and we love you all this is a good rip i'm very content after this rip very cathartic rip love all you freaks again i was astonished when i checked the the spotify stats and they're like 30 second unreal most popular technology podcast in the united states not in the world only on spotify but oh it's only in the u.s yes oh come on freaks i expect at least 30 second in the in the world i've been quoting world no no us us you gotta read you gotta read shame shame freaks we love you thank you for coming back if you guys

are liking this if you're new to the podcast welcome uh we're gonna be doing this every thursday unless there's a holiday that falls on a thursday and then we'll do it on wednesday or friday yes and because we haven't skipped a fucking week since two years we skipped that one week and that was bad now what was that like christmas week year we skipped a single week there's a single week we skipped and we just felt horrible about it and we'll never do that to you freaks again we love you all stay humble stack sats keep it real peace and love Thank you.