TFTC: A Bitcoin Podcast - Rabbit Hole Recap: Week of 2020.12.06

Episode Date: December 11, 2020

This week Marty and Matt discuss: - Ledger Phishing scams continue and get more sophisticated - Our boy Justin gets funded by Square Crypto - Brian Brooks non answer when asked about potential self custody restrictions - G7 Finance Ministers discuss the need for more bitcoin regulations - Our boy Jake sends out 'canary' tweet - Four Republican Congressmen send letter to Mnunchin defending self custody - French Finance Ministry to enact stricter bitcoin regs - Elliptic releases press release associating bitcoin privacy wallets with criminal intent - Mass Mutual buys $100M worth of bitcoin - Microstrategy borrowing money to buy more bitcoin - c-lightning v0.9.2 - RoninDojo v1.8.0 - Specter v0.10.4 - Zap Android v0.3.6 - Sparrow Wallet v0.9.9 - Ledger Live adds easy bitcoin core full node support - Bullish yearly survey from Blockchain Capital - First multi-transaction CoinSwap test by Chris Belcher - Lightning Network deanonymization paper - BTC-e Operator sentenced to 5 years - The Battle for P2SH - Bitcoin Dissidents Editorial - BTC Mag drops Top 21 in 2020 list: - Moxie on Rogan then mobilecoin launch - Tutanota ordered to break encryption Shoutout to this week's sponsors: Unchained Capital. Check out their white glove vault concierge service. Use the code TFTC and receive $50 off that package. Cash App. Use the promo code: "stackingsats" to receive $10 and contribute $10 to OWLS Lacrosse when you download the app.

Sup freaks, it's your boy Marty here to introduce this rip of rabbit hole recap, another very high quality rip, if I do say so myself, and jump right into it, you'll find out I have a hot date, so I got to get these ads up, this episode up, get this episode to you freaks before I leave. This episode is brought to you by our good friends at Unchained Capital. Unchained Capital is providing financial services for Bitcoiners with a security first mindset. This is exemplified in their vault product, which allows you to engage into its free multi-sig wallet with Unchained. You hold two keys, they hold one.

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it out at www.unchained-capital.com. I'm going to put the specific link to the concierge service in the show notes so you can click on that link instead of having to type it in. Go check them out. Love you guys at Unchained. This episode is also brought to you by our good friends at the motherfucking Cash App. Cash App. Cash Apps help you stack stats, send stats, receive stats, and sell sats if you so please you freaks know it say it with me say it with me we're saying sats sats sats sats because sats are the standard you can make sats the standard in the cash app if you freaks don't know sats are also known as satoshis are the smallest unit of bitcoin you can break one bitcoin down into 100 million sats 100 million sats equals one bitcoin okay you can stack

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owls lacrosse enjoy this for it freaks love all y'all 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 i have a hot dinner date tonight so we're just like i gotta leave here at seven it's currently

4 23 we've got a long list does your wife know about it yes she does know about it she uh she actually set the hot dinner date eating indoors oh how reckless exciting reckless reckless um this is 424 should probably wrap up around 6 6 15 so then gets live before that hot dinner date uh and guess what freak sorry uncle marty messes up every once in a while okay he fucks up last week i fucked up i forgot to read two shout outs uh so these shout outs are a little dated forgive me for that uh but matt and i were just discussing uh due to the the backlog of shout outs we got a lot between last age rhr and this rhr um we are we're going to read the ones that we forgot and then jump into them so

i actually don't think we have seven because we did read two last week correct we read one last well you read one last week yes all right hey you gotta yeah okay so we may have like six we'll see how do you not know how many we have it's like well just looking at btz pay we're just going through it and so we'll start here here we are again freaks heading into thanksgiving day with family and friends it's another bitcoin bull run chat around your table let's keep the news focused on not on the price but on why we bitcoin tell them that bitcoin is a rough and tumble all-out war bitcoiners debate block get blocked and sometimes unblock but mostly we all fight this battle together every fucking day and night to own our money to own our own

money it's goddamn serious our freedom is at stake there's still a long bumpy road ahead so along the way let's stay humble y'all know the pain by some sly roundabout way we introduce something that they can't stop at our table this thursday i'll be thankful for satoshi and for all the devs that build on this gift happy thanksgiving freaks from at oh three jan oh nine zero three j a n zero nine i love that handle uh then we have a private message which i'll read to you off the record because it's a private note um but yeah we're just gonna we're gonna take that shout out to write that down otherwise you'll probably forget thanksgiving and uh we're gonna direct that towards uh hanukkah dinners and christmas and we're gonna we're gonna move that to those holidays

hanukkah started this week didn't it i don't know cheers freak uh appreciate happy thanksgiving yeah love your handle oh three jan oh nine pretty based all right next one this is a shout out to all the bitcoiners who refuse to use cuck money fuck yeah this week we heard from a cuck money proponent whose name isn't even worth mentioning he's a run-of-the-mill elitist asshole who will be forgotten and irrelevant very soon as uncle marty keeps reminding us they do not give a fuck about you we are sovereign and we will win we will win because we will never abdicate our responsibility to create the world our children will inherit how about that pronunciation motherfuckers we will win

because the alternative is bending the knee to the worst parts of our society ultimately we will win because we have the most powerful tool for human flourishing ever invented. If you are a Bitcoiner who refuses to use cuck money, you inspire me and I look forward to meeting you at the Citadel someday. Happy Dirtbag Friday from a good friend, Skeef. So, Skeef! Cheers, Skeef, to you. Fucking love the term cuck money proponent.

I love it too. I'm glad that's one that stuck. so those were the two we forgot last week and here we go yeah we read that one last week we didn't forget shit hey no you um you're you're responsible too personal responsibility marty yes i don't think we read this one as touched on last rhr similar peter mccormack i've been on a mission to shame people into supporting open source bitcoin development in my mind if you have the means to do so and are not you aren't a true bitcoiner check out brink at brink.dev or bitcoindevelist.com shout out matt uh for ways to contribute brink will likely be tax deductible

if you're responsibly if you're responsibly long bitcoin not irresponsibly responsibly long supporting devs is extremely high roi way to spend your fiat and it's just the right thing to do from a good good friend at bitcoin rothbard cheers love that dude um love that dude also another option is hrf's bitcoin dev fund which is tax deductible brink is hoping to be tax deductible they don't have that status yet but if they do get the status then retroactively it will apply and that's that is 501 c yeah 501 c3 so that's only for americans and you should use bitcoin dev list um love to see it especially we're seeing more and more people using it which is fantastic and just to tease the freaks a little bit i may or may not be working on something

behind the scenes to to further increase our capabilities over there so you you probably are working on something behind the scenes i'm gonna say you you are i'm just teasing us not yeah yep yeah more info to come about it i don't even know about this so i can't wait to hear this info uh just a reminder this next shout out just a reminder that with the carrot bull run people may not consider appropriate year-end donations there's a lot of great options with and without bitcoin on a related note how about following weekly metric percentage of devs on bitcoin devlist.com who accept bitcoin donations surprisingly a large number are exclusively excuse me a large number exclusively accept fiat via github sponsorship only anonymous freak

what's the metric you guys high do you guys highlight who uh yeah weekly metric percentage of devs on bitcoin dev list who accept bitcoin donations we we highlight if they accept lightning but we don't necessarily if they only accept on-chain bitcoin and there's no indicator there but yeah a lot of people are on github sponsors i mean i think there's um there's there's obviously clearly a demand for reoccurring uh shitty money option you know i know me me personally i donate bitcoin all the time but cuck bucks yeah exactly but i also have you know i don't even know i don't even really want to know how much money i have going through the github sponsors every month it's just reoccurring it's just my my way of giving back to this to this fantastic community

and i don't even have to think about it it's just automatically deducted yeah we we dca into our bitcoin exactly donations uh pays off in a different way stacking commits uh next shout out three more to go every freak is on the nice list this year if anyone feels like joining the naughty drag queen trash pop list for like three minutes or so please blast freaky money by rupaul feature big freedia and go off congratulations on an incredible year marty matt looking forward to many more love you guys so much cheers and love from our friend patricia patricia i think you may be the first woman shout out we've got on the podcast so thank you freak at uh freak at no she's a freak it's it's we don't assume gender males but i mean man maybe

patricia pat maybe it's a pat you don't know i'm assuming it's a girl though patricia uh go off Okay, we're going to go off here. Patricia, thank you for your shout-out. Thank you for listening. I'm glad you're enjoying it. I like being on the nice list. I don't know if I want to be on the naughty list. Marty is always on the naughty list.

I am. I cursed a lot in the newsletter today. I'm sorry, freaks, if you're reading it aloud to your children. I love that Keith Levine likes that I curse. What a legend. A punk rock Britishman. Englishman is the correct word there. they like to fucking curse freak uh yeah i mean we promised armed out on tuesday he's coming next

week he he had to push you got confused yeah you got confused um so this the shout out may seem a little weird but happy arbed out yeah weak boys cheers to that and to your continued success i'd like to shout out tftc for pumping out consistent content that digs deeper than most liberty bitcoin privacy memes all the above i'd like to also give a shout out to the minneapolis bitcoiners and mush quote unquote mush thanks to our organizer brandon quittem you've got a solid crew up here you're welcome to come hang anytime i'm honored that you still get to use the cnbc intro snippet i look forward to making a new one in the coming months we'll probably be sorkin whining about a hundred thousand dollars it was awesome to meet you both at bit block boom in

august keep on keeping on much love from our boy at clockwork underscore prior it's clockwork underscore prior clockwork underscore prior thank you it was a pleasure meeting you too thank you for the intro music uh it adds a lot of uh that's a great vibe to the show it's a great way to start the show you know where to skip the ads up until yeah don't skip the ads listen to ads i'm making the ads funny freaks you're missing jokes you're missing good jokes anyway cheers freak uh we appreciate you it was a pleasure to meet you at bit block boom the the true 100k party uh if you understand um and i i just want to reiterate my favorite brandon quittem story is will always be in my heart is is when i first met him and he walked up to me and he introduced

himself he's like man i'm brandon you know blah blah and i go oh you're the mushroom guy uh he is the mushroom guy brandon love it or hate it you are the mushroom guy i love it i love you it's uh it's a it's a great crew they got up there in minneapolis minnesota's got some high quality bitcoiners um so keep crushing guys last but not least my friends uncle marty and young humble matthew our time has come we're starting our moon mission take off as imminent wave the of the world goodbye for his quad four has been destroyed it's time to shove it in the face of the no coiners enjoy this next fellow next year fellow bitcoiners you deserve it your good friend matt not so humble odell so this is your parody account stay humble matt is this is you have like

an alter ego do you have split personality disorder is that you not that i'm aware of but you know no promises okay all right um got the little type behind oh wife's just grabbing her purse while we're recording well sorry isn't gonna cut it all right you watch your mother down there son how's it going matt knows my wife's name he just doesn't want to dox her on air so disciplined you are very disciplined um yeah we we have we have a pair of uh of new novelty accounts uh we have not so humble matt and we have evil marty bent whose first tweet was one of the best tweets i've ever seen on twitter what is i'm specifically in bitcoin mining to boil the oceans yes that is our intention at great american money the oceans

are not hot enough that bastard evil marty bent oh my god i fucking lost it i fucking lost it when I saw that tweet. You even, like, Photoshopped my smile to make it look all weird and crooked. I like the eye patch, though. The eye patch is fantastic. That's all it takes. You add an eye patch and just automatically you're evil. Yeah.

You know what, Evil Marty? Go fuck yourself. Guys, thank you for the shout-outs. As you can tell, we thoroughly enjoy them. it's a great way to interact with you freaks uh if you guys want to buy a shout out tftc.io slash contribute uh we get a you get a huge kick out of it and it brings us a good smile we love the interaction and the conversation that we're able to have with you freaks through through this particular medium it uh adds a nice little spice to the podcast spice too spicy oh um all right

Let's get on Clark's dashboard. I wrote my journal this morning. The price was $17,996. It's currently standing at $18,362. It would be incredible if it was $8,000. What a dumb. Right now, you're going to get 5,446 sats per dollar. There are currently 18,567,494.15 Bitcoin on the market.

there have been 88.42% of all Bitcoin that will ever be mined have been mined already at this point. There's only 11.58% left. That was good math. We're currently at block hype 660,811. We're getting close to a difficulty adjustment. I believe my block clock mini said it was three days from now but according to clark's dashboard the next free target is 437 blocks as of right now it is estimated to be on december 13 2020 days from now and uh it is estimated to be a negative 3.1 percent difficulty adjustment uh right now blocks are coming in about 20 seconds above the block target at 10 block target block target of 10 minutes they're coming into 10 minutes and 20 seconds um matt you're gonna be able to get one sap per bite to real

if you're willing to wait a week allegedly men pull cleared last weekend i'm i'm very aware everyone lets me know marty um where are we at for the samurai like every sunday for the last two months everyone lets me know on twitter so thank you men pull clear uh by the way i got i got dual monitors now i'm not like looking through my laptop i've got finally i brought my monitor that i had in brooklyn into the new office it took me way too long i should have done this in march but um so my screen's much bigger than it usually is congrats marty thank you i get your face is bigger which is like whoa this is awesome uh the unspent capacity in whirlpool right now is 1632.9 bitcoin which is pretty static from where we were last week correct a little bit down

the overall value is 30 million dollars on the dot i'll tell you i got a lot of people reaching out like panicking trying to get into whirlpool as soon as possible like guys been talking about this for fucking years now told you to get prepared yeah yeah and now we'll get to that topic you want to start with the phishing attacks yeah i think so yeah i mean do you want to talk about what we talked about the other day um so so we have these ledger phishing scams that are going out um we've been talking about it a lot on the podcast um and they're getting more sophisticated they they look very realistic super realistic to the point

where like there's scam there's scam emails going out now that says your name uses your email address or text message and and says it's a it's an email warning you that your information has been compromised pretending to be from ledger uh as like a warning and it's like you're gonna have your funds stolen unless you click this link and then you click the link and they ask you for your seed phrase and they steal your money and specifically i was on a call with a buddy and his friend who just got fished his whole life savings got taken over the weekend and it was we were scrambling to double spend it you know they didn't use rbf the scammer uh it was a 43 sat provide transaction um and we were like rushing to try and double spend it in time and

and we didn't get it and we we basically watched his life savings get confirmed and it was it wasn't good you know like that it was a real kick in the fucking balls um and i i think no matter how many times we talk about on this podcast no matter how many times we tweet about it um there's a whole group of bitcoiners that are just not aware that this is happening and i you know we talk a lot about being the bitcoin guy and being the uncle jim of your group of friends and you need to reach out to these people um you know even if you haven't talked to them in a while reach out to them and warn them because they're getting these text messages they're getting these emails and they look very believable and i think one of the issues here for people is

that you know they they set up these wallets and then they just hodl and they never use them so they're not comfortable with them it's like this foreign thing that they have that they set up in 2017 or whatever and they just never touch it and they get they get these emails and they they just fucking fall for it so so you really need to reach out to your crew i think and and just make sure that they're aware especially if you know that they have a ledger um you know this particular guy looks like super tragic like he bought ledgers for the whole office um with his information so the scammers only had his information he like took the bullet for the rest of the office um so i i just

like it really kills me to see this uh and and the other thing i've noticed well i found out from this experience is that you know there is no real easy way you know we talk about all the time about double spend attacks and stuff there's no easy way to double spend if you're not planning on doing it ahead of time and you don't rbf and shit so i kind of want to create like a fork client that's like uh you know in these situations that we can like easily double spend um so if you're interested in participating in that uh please reach out because it's not as easy as you'd expect it to be especially when you're like racing against the block yeah i mean when you told me the story i

was heartbroken don't know your buddy at all but it's just life savings just gone like that is a real kick in the dick like you said it's fucking i mean it gives you pause it's like ah fuck and that's like like you said i started texting everybody i've ever gotten to bitcoin like don't click on any links and i guess obviously if some of you freaks are new to rabbit hole recap we give this advice out a lot but it can never be repeated enough don't ever type your seed phrase into a computer those are your secret backup words yeah your 12 or 24 backup phrase don't type it into a computer unless you absolutely have to and you are intentionally recovering from seed that's the only time you should ever

touch your seed and type it it should be on device like directly into the hardware wallet yes but the only time you should ever have to do this is when you're recovering yourself like it should be something that's initiated by yourself never via prompt from an email or text message or a phone call uh you should know that if you're going to use your seed phrase it should be something that you're initiating no company no wallet provider should be asking you to enter that stuff that is your information you have that control and you should be deciding when to do that you shouldn't be prompted to enter your seat phrase anywhere unless you're recovering a wallet or yeah recovering from backup what really fucking pisses me off is is like when their

webshop was compromised when ledger found out their webshop was compromised it was february right yeah yeah i would you say february yeah i don't know it was a while ago maybe i think maybe it was like june or something but regardless when it got compromised they tried to i think it got i think they they announced it first in june but they knew they found out it was compromised in february and then announced it okay so either way that's extra fucked up but either way like when they found out it was compromised they only contacted the people that they thought were compromised and it turns out in hindsight that it was pretty much everyone it seems like got compromised um and and what you what you really want to see is you want to see the opposite

you know if first of all these companies should be trying to warn people not to put um detailed personal information and you know use burner email addresses don't use real phone numbers use po boxes and remail our addresses and stuff but besides that they should be taking very like that personal data is almost you know as a case in point here it's irrelevant no no case in point here it's almost as valuable as bitcoin itself right because it can be used to steal the bitcoin and they should go out of their fucking way like as soon as they think it's just compromised at all you should notify every single fucking customer you should tell them from this point forward do not trust a single email or text message you get from us

if we do want to send you an information information we'll send it to you through this secure channel and you can verify it this way and just fucking get out ahead of it like that's what needs to happen and this we saw this exact fucking same thing happen with block five where they where they just tried to downplay the fucking information as much as possible they they they're like we notified the people that were affected they didn't release a public statement about it they didn't contact all their customers it should be the exact fucking opposite it should be every single fucking customer that's ever used you that you have information on still should be contacted about this fucking thing if it happens

completely agreed when i was saying it was irrelevant i mean like they're collecting irrelevant data that harms individuals at the end of the day you should we should be demanding i mean even though we've talked about it before you can't really confirm but you should have data erasure protocols as a company in this space particularly due to the nature of the the products that you're selling and the attention that owning bitcoin brings to individuals it's yeah it sucks to see it's going on it's going on it's going to continue to go on again you never enter your seed phrase unless you you are initiating it you should never be prompted to enter it if you are you're 100 being scammed and and just on top of this like if you

if you have purchased a cold card you can email coin kite they will remove your data for you that's their policy because of whatever the tax laws are in canada they can't delete it unless you email them so do send them an email um hey rodolfo you know my email okay he doesn't know your email i'm asking you directly um and then the other thing is there's there's an example here right because like even though he has even though coin kite has this information they don't use it for marketing purposes they keep it as secure as possible and they don't constantly hit their customers with emails they don't send out marketing emails right they treat this data as the valuable data that it is and trying to secure it as as as well as they fucking possibly can

and that's what i want to see from bitcoin companies i want to see bitcoin companies go above and beyond in terms of personal data privacy and and and valuing their customers fucking data because we you know we we preach low time preference all the time well let's see it from the companies you know i don't want i you shouldn't be telling me about your your latest and greatest branded fucking hardware device um or the new shitcoin support that came out like that don't prioritize that prior to prioritize your fucking customers you know vulnerable private information i completely agree it's fucked man be aware of freaks and i actually had a freak email me like forward me one of the phishing emails like

hey like should i do this and i'd be like no it's so real looking right it's uh be aware be aware and if anybody has been has fallen prey to one of these attacks uh i feel for you it sucks be careful some good news our boy justin moon has been awarded a a grant by square crypto uh particularly to to work on the bitcoin development kit with our good friend uh steve myers and ricardo casada uh so shout out to justin been on the podcast many times he hopped on stage with us a bit block boom this year uh incredible bitcoiner did incredible things with mooniverse the educating individuals yeah um created the BitBoy, he's working on

basically hardware that is not... You can take off-the-shelf hardware and make a Bitcoin wallet. Specifically with Square Crypto, he's going to be joining Steve and Ricardo to do

Bitcoin Development Kit. BDK, which should make it easier for people to make secure Bitcoin wallets without having to deal with the core security elements of it, like the important shit. They can just deal with UX and shit. And I just want to say, like, cheers to Justin. Like, there's very few people that deserve it more than you.

So I'm very excited for you. Yeah, we're pumped for you, dude. And the announcement to you was pretty fucking hilarious. Square Crypto threw a wrench and confused a lot of people by saying that they granted the grant to Justin's son from Tron. Prolific Bitcoin scammer. Yeah, but he reached out. He's like, I want to give back to Bitcoin development now.

Thanks for making fun of me. And I thought Justin Moon's response to that was hilarious. Damn it, Gary, you're off your meds again. For you freaks that don't remember, Gary is the intern that runs the Square Crypto Twitter account, and he's a bit kooky, a bit kooky. More dev grants going out. So many people were confused by that shit.

Right. Like, what? Why are you crazy? I saw that there was people giving flipping shits. Like, are you fucking kidding me? Yeah, like fucking shit-coiner. Why are you going to give this shit-coiner fucking money? Finally, Square Crypto showed their true colors, you know?

Like classic Twitter, just fucking flipping shit. Gary got them. Gary got them. You got to watch out for Gary, freaks. He'll get you. You got like a nice mixture of news that makes us angry and good news here. Brian Brooks, the comptroller of the, what is it, comptroller of the U.S.? Comptroller of the currency.

The U.S. comptroller of the currency. yes uh it's a made-up position very very important formerly uh i believe he was the council he was the main lawyer guy at coinbase yeah uh he had i think you described it this way perfectly a non-answer people were like oh he's like like they're not going to attack yeah pom pretended it was bullish you know because you always get better you always get better engagement when you say it's bullish beat around the bush um and so this the next topic and we'll just bump the rumors no so all these the next four are just the same topic it's it's everything that's gone down over the last week that

that concerns me and i as you as well about self-custody restrictions yes so it started with brian first who got who got interviewed on cnbc and was asked point blank your former boss brian armstrong said he's worried about self-custody restrictions or should he be worried and he just fucking gave the most blase non-answer ever and he was like bitcoin won't get banned and we're just gonna it's gonna be the best thing it's gonna be clean it's gonna have everything we're not you know we can't have terrorism and shit and does he gave like the biggest double speak fucking bullshit answer ever we can't have terrorism and shit we can't have terrorism just to be clear we don't support terrorism and shit either but

most terrorists are using the u.s dollar yeah like maybe this is off base but like is terrorism even that bad anymore like when's the last terrorist attack you even heard of don't jinx them marty i know that's true yeah they're just gonna be like oh yeah the plebs usually when they do this shit they they time it with a terrorist attack as well yeah um yeah my bad i'm sorry if i jinx there but it's like it's so disingenuous it's so fucking all right let's just get into it so we got that uh munition came out said earlier this week the g7 leaders the g7 uh had a video conference meeting at which they talked about many things one of which being the need to regulate cryptocurrencies um and uh there's been rumors swirling behind the scenes and not even behind the scenes that

Brian Armstrong obviously came out with his thread warning about it. And then our boy Jake Stravinsky sent a tweet out this week, which is pretty obviously like a canary in the coal mine tweet. It seemed like such a canary tweet from him. He was even responding underneath. People were like, proof of keys, which is January 3rd. And he's like, do not wait until proof of keys. Yeah.

No, I quote tweeted it. I was like, this is the canary in the coal mine. And it's one thing if we're saying it, right? But Jake is like a reserve lottery type of person. you know like he he doesn't say these kind of things these are the kind of things that usually matt and marty say yes and so here's here's what he said the best time to withdraw crypto from an exchange to your own wallet was when you bought it the second best time is now seriously in capitals yes uh all capitals now and so he seems to be worried about being able to withdraw from an

exchange um and then last night for patriots warren davidson being one of them thanks for following me on twitter warren love you brother oh you got the warren follow got the warren follow he sent out a um a letter to newton and the treasury department basically urging that they don't enact the regulations that they believe are going to be enacted mainly that individuals are not going to be able to self-custody cryptocurrency. I hate this term, self-hosted, that they've been using. Self-hosted wallet. Yeah, it's bullshit.

But so it was Warren Davidson, Tom Emmer, Ted Budd, and Scott Perry. Poor Republican congressman. Sent this letter. It was in Minnesota, Pennsylvania, Ohio, and North Carolina. Yes. And so they're basically saying, hey, don't do this. You're going to push innovation overseas. make americans have the right to private property and so let's just i think we're

going to spend a lot of time on this uh let's just dive into it uh wait before we do this french the french uh ministry of finance is also doing at the same time they're making moves to enhance the kyc requirements and they specifically called out uh bitcoin to bitcoin transactions yeah p2p transactions yeah that aren't that aren't sent via custodial custodian they want they're banning them and and then we had elliptic the chain surveillance company sent out a press release that tried to associate uh privacy wallet mixing with yeah um marty we can't use the term mixing anymore privacy wallets with criminal intent um coin join wallets not mixing wallets yeah coined your privacy wallets fuck you tom you piece of shit you might have the warren

follow but i got the tom follow yeah you got well he has to follow you after you're on like a fireside chat together he followed me before the the fireside chat yeah tell him i said fuck you he listens i think he's a freak yeah well fuck you tom go listen to somebody else's podcast are going to be doing this shit. So this is it. We've been talking about this for a while. Brian Armstrong sent the first warning shot. He was our Paul Revere.

Oh my god, how good was the meme of his face on Paul Revere? On the horse. Brian, giving you props. Jake sent another shot, warning shot earlier this week. And now this letter from the four representatives

that were... The four horsemen that were described earlier. It's scary, right? So now there's a debate going on. Is it going to be a complete ban of self-custody, or is it going to be basically a check that you say that you possess the wallet that you send, the address that you send your Bitcoin to from an exchange? You have to check a box, sign a message, take a screenshot.

There's a debate on which way this is going to go. We don't know yet. I don't think anything official has been announced by the Treasury, unless it's happened since we hit record. I wouldn't be surprised if fucking Mnuchin doesn't even know. Right. So let's talk about it. I got really passionate in the newsletter today.

That's rare. This is freaks, especially you American freaks. Are we free anymore? No, Marty. Do we have free? We haven't been for a while. I know. I know.

I forget who I was talking to. I was talking to someone about this. It was like every single time Marty just hits me on the podcast. He's like, do we live in a free country? I'm like, no, Marty. like where the fuck have you been well this really drives it home where it's like so bitcoin is at the end like so and jimmy song and i recorded a podcast last night and we we got really deep into positivism versus natural law theory positivism basically is is when you

have to ask the government for rights or the government grants you rights you don't have natural rights you don't have your god-given rights you start with a ruler you have a ruler that lets you that decides what you can and cannot do natural rights or god-given rights were just the fact that you were a free-thinking free-willed human being that was born into this world you have natural rights that are inalienable and and and god-given and inherent in your in your life we don't have natural rights in the system that we live we live in a positivism system where steve mnuchin and crew are basically saying hey you're too fucking dumb you cannot control yourself you cannot protect yourself we are here to tell you what you can do what you can do with

your private property bitcoin is your private property at the end of the day especially if you hold your own keys and your own address and we have gotten so far away from the principles of the founding principles of this country that is fucking insane. So at the end of the newsletter this morning, I just went, let me read these quotes from Thomas Jefferson and just think about where we are.

Listen to these quotes and then look around at the world today and we live in an authoritarian country. When tyranny becomes law, rebellion becomes duty. We need to rebel. The issue today is the same as it's been throughout all history,

whether man shall be allowed to govern himself or ruled by a small elite. happening when you abandon freedom to achieve security you lose both and deserve neither a true patriot will defend his country from its government we need the patriots to start standing up and last but not least which is this was the scary one was like holy shit this happened decades ago uh the end of democracy the end of democracy and the defeat of the american revolution will occur when government falls into the hands of lending institutions and moneyed in corporations like oh yeah decades we're fucked we're fucked um i mean this country

was founded on natural rights which is we are unique in that regard i mean i didn't listen to your podcast yet but uh i didn't drop you um but but the samurai guys for instance will always correct you if you if you say that privacy is a human right which is kind of signifying that it's a natural right um that privacy is a human fight which i think is like kind of the british perspective because they don't have a constitution um so but but regardless i i do agree like now like no matter what like wherever you are like privacy is being infringed on on a constant basis that's one of the reasons why we speak up so much here on the podcast um but let's let's i think most of the freaks agree that that we need to fight back that this is wrong um that that we we are

being wrong, that we have been wronged and that we continue to be wronged. Um, but let's, let's talk a little bit about a practical, like what, what do we practically expect here? Um, what I practically expect is withdrawal limits and restrictions. Um, I, I, I think that includes enhanced KYC. Um, you thought it couldn't get any worse than it currently is. Well, it's about to, and the limits being even worse than they currently are, right? Where like on the regulated institutions and stuff, you can only pull out $200 a day or $300 a day or something like that. And then at the same exact time,

they're going to have the institutions use this as, and I've been called a fudster. This is not fudster. This is FOMO. Like I think that at the same time they do this, we're going to have like an epic fucking pump. It's going to be like a Bitcoin Tina style rip your nads off. green candles um from the larry finks of the world um while they limit our self-custody capabilities

and they're gonna say it's gonna be you know oh we cleaned up bitcoin we we we regulated it we reduced the risk we're preventing terrorism it's legitimate digital gold now and and and it's going to be this massive ass fucking buy signal while all the plebs we can't withdraw and and and take proper custody of our bitcoin and some people might say that creates a bifurcation of the price i don't think so because if you can't withdraw that's not a bitcoin exchange that's a fucking iou exchange and that's not a real price completely agree that's why if you're listening to this right now and this shit hasn't been announced while we're on air just go if you're comfortable get your coins off exchange luckily there's a lot of coins off exchange already there's a lot of coins

on exchange but you mentioned bitcoin tina and him and i have had these conversations behind the scenes he's under the purview that like hey this is probably going to happen and we're just going to wait it out like a like at some point like the the black or gray market bitcoin market is just going to be i mean it's not going to stop people from sending p2p bitcoin transactions let's just make that clear like i'm i'm not taking down our btc pay server and not accepting bitcoin for shout outs that's the weird thing right so like i'm not really sure where we go from here uh do they just reduce the capability to withdraw do they try and criminalize bitcoin usage which is a very easy thing to do uh it's not easy to enforce but it's easy to criminalize so so a key

a key case a key case study would be weed right you have a non-violent um crime that they call it a crime they're not necessarily good at enforcing it um but anyone who consumes weed or purchases weed or holds weed um is inherently a criminal if they're doing some random thing they're speeding and they're holding weed then they have this additional criminal offense on top of them right um so they could inherently criminalize it the second question to me is um i think like in in in in western in the western world and places like america like we do have a lot of we do have a lot of rights we're fortunate to have a lot of rights i wouldn't want to live anywhere else in the world um i i don't think that you know it becomes kind of untenable for

them to go house to house and like try and like compel us to to to give up our bitcoin if we're self-custody do they make an example of some people using chain surveillance data and catch and lies after requiring full disclosures maybe that's a possibility the third thing that's on my mind is i wonder what happens to you know we obviously know like custodial wallet stuff like that that are serving u.s customers things like wallet of satoshi things like these exchanges could have enhanced uh regulations on top of them what happens to the non-custodial things that aren't using your own node um you know we have unchained capital who's a sponsor they don't custody your your coins um but they do have one key they do have a they they run the node um what

happens to like a blue wallet they have no keys but they run the node like how does how are those treated do they have to get criminal do they end up getting criminalized do are they not available on the app stores like does does do like people like does the whole iphone generation of the united states not have access they could easily make it so the whole iphone generation the united states does not have access to to bitcoin wallets right where you have to go and you have to manually download an apk if you're an android phone android user or you have to you know use it like a desktop wallet use a bitcoin core or something where you're you're verifying the download and you're downloading it yourself yeah i mean all these possibilities seem to be on the

table there's a lot of uncertainty right now floating around and i think the scenario that you just described wouldn't surprise me in the least bit but it would be hard like so the unchained scenario though you could recover from caravan and connect caravan to your own node right but they could destroy the business yeah the user would be fine but they could destroy the business yeah that's like what are we doing here what are we doing like why like what is this going to do this is just going to force innovation somewhere i mean it's it doesn't make any sense and like same with blue wallet right like a blue wallet situation right like you could restore your seed in electrum but they could destroy the business i mean they're not based in the united states but

blue wallets based in where right but if they're got if they got i know they're not i don't think so but if they got cut off i'm not going to say where i think they're based if they got cut off um from the u.s customer base they got cut off from the app store or whatever american app stores like they can they could inch by with the business but like they're you're significantly diminishing their their possible bottom line i mean it's already hard enough to have a profitable wallet um yeah to to just cut off the u.s customers could fucking completely wreck them yeah and and i i just ultimately though the number one thing is now more than ever you should not have funds on a custodial fucking exchange broker that includes our sponsor cash app you know you

should not you should not have it in like a block fi or any of these lenders lending or any of these fucking things like all these custodial services while of satoshi tipping not me you know like they're super vulnerable like in this type of situation they're super vulnerable we already brought a blue wallet blue wallets lightning wallet it defaults to custodial like the lightning portion do not have funds in there you know we you have to be prepared like any moment like the last week two weeks every morning i wake up i'm like is today the day did it happen today right and with all that being said make sure you're comfortable okay it is extreme responsibility make sure you know what you're doing if you have questions our dms are open i've been answering a

lot of questions this week i know some of you freaks are relatively new and it is daunting for you it's a personal decision is this a risk you want to take i'm willing to be a criminal i don't give a fuck i think this is this is imperative for human freedom and liberty moving forward if we don't have bitcoin succeed in the fashion that it needs to which is enabling peer-to-peer distributed cash transactions uh like it's it's not worth it and it is imperative for for human freedom moving forward so i'm willing to be a criminal i've got a 10 month old son it's pretty hairy for him i i am willing to put my neck out there because guess what it's right it's it shouldn't be illegal and just because some asshole tries to regulate it and make it

illegal doesn't mean it should be that way when when laws are unjust that is when you need to rebel and i'm willing to rebel against this as i assume you are too matthew cody's speech bitcoin is speech bitcoin values are american values no privacy no fucking freedom right that's the other thing i mean so that's why i got a lot of shit like months ago so we adopt bitcoin there's nothing more american than bitcoin when i said that i don't mean like like america like america built it or anything like that what i mean is like the principles that america was founded

on we didn't like i said earlier in the newsletter today and on this episode like we've gotten so far away like i don't even think america is america it's some skeleton of its former self it's hollowed out bullshit banana republic that is run by a select few elites that do not give a fuck about you they don't give a fuck about you they don't care about terrorism either they're not really trying to protect you from terrorism and drug dealers they don't give a fuck about that shit they use that as an excuse so they can control you and have power over you they don't give a fuck about terrorism i mean it's come out that a lot of these governments have funded some of this terrorism the

cia has funded terrorism the fbi has funded terrorism like they don't give a fuck about you they just want to control you and they'll use these boogeymen as an excuse to push through their laws that increase their control over you it's time to fight back like more people have to speak up stand up that's why i said in the newsletter today i know i know some of you freaks listening right now work at these exchanges where these regulations are going to be targeting like the exchanges need to be talking to each other behind the scenes and if you have any fucking balls if you actually care about bitcoin why it was created uh and what satoshi wanted bitcoin to be and you're not just here to profit you guys should stand in unison against this and

actively disobey civil disobedience needs to come back and if the exchanges make a stand and allow individuals their clients to send bitcoin off exchange and that one action just saying hey no we've been doing this for over a decade we're not going to stop now this is right this is the way it should be and we're going to stand up against this that would be a very powerful message and anybody working at the exchanges right now i hope you take that message to heart fuck yes stand up for something jesus fucking god sorry jesus should we get on to something else um consider using coin join as well yes uh the more people who use coin join the stronger the privacy

guarantees are and the stronger bitcoin is in general um so i think now more than ever it's important to do that uh coin join is speech as far as i'm concerned it's completely legal under u.s law uh so don't let people convince you that privacy in itself is a crime don't let people convince you that coin join is a suspicious activity these same people will be telling you is that using Bitcoin in a sovereign way is a suspicious activity itself. You know it not to be true. You know that you don't use Bitcoin

in a suspicious, criminal way. Most 99% of people don't. Using Bitcoin is a suspicious activity. Using CoinJoin is not a suspicious activity. You know this to be true. Stand up for it. And I just want the freaks to be prepared because it does feel like we're about to enter a fight.

I do want to say I've been very critical of our government here as an American. I've never been more bullish on Americans, though. It's the individual Americans that continuously impress me every day. I think there's a lot of fight out there, and we've seen that with the coronavirus. I mean, we've seen both sides. uh we've seen people roll over and allow their businesses to be destroyed and allow their neighbors businesses to be destroyed but we've also seen people stand up in ways that far exceed most other places in the world um and i want to see more of that and i want to see more of that

globally not just in america but um i i just want all the freaks to realize here that just because i'm critical of the small few that you know run our fucking system based on their fucking high time preference uh that they're not the ones who make up america and same goes with bitcoin as far as i'm concerned you know the that that average bitcoiner who's using his own node um is is i'm bullish on that i'm bullish on on that that that guy that lady and we're going to get through this together it's it's literally that meme where you have the person at the podium standing out like on a diving board over a cliff and they're like and there's a crowd standing on the other side of the the piece of wood that's holding that person up and again i'm still talking to the people at

the exchanges this is the scenario you have steve mnuchin standing behind his podium and then all the exchanges and the people that work for them on the other side of the plank walk off the plank and tell steve mnuchin to go fuck himself like that's all you have to do make a stand it's literally action if you make an action and and stand up for something people will rally behind you like like that's all you have to do there's nothing he doesn't wave a wand and just makes it impossible for exchanges to allow customers to to send bitcoin to personal wallets like it is technically feasible obviously you could do it today like there's nothing that happens when he signs a piece of paper that changes the code in your systems that disallows you to do that

i know you may be like oh like we'll regular like no stand up for something it's kind of big news hey mass mutual bought 100 million dollars worth of bitcoin today i'm telling you man they're gonna pump this shit with one hand while they try and fuck us with the other i love that tweet it's true well no you can't let them we're gonna roll over i said while they tried to fuck us yes that's true so that was pretty big news today mass mutuals is is you look they're not going to defend sovereign bitcoin usage but they're going to pump the price and you pump the price it's good for bitcoin liquidity it's good for bitcoin security in terms of hash rate you know more money for the miners yeah i think um for this particular

story so yeah announced today around 2 p.m mass mutual huge insurance company here in the united states bought 100 million dollars in their investment funds so not their treasury like micro strategy what's the difference in their investment funds used to pay out claims so they have to invest conservatively so they can have confidence that they'll be able to oh shit but it's a two point like something billion fund right 235 billion i'm pretty sure or something like that oh shit okay so it's like really like a drop in the bucket yeah but i mean 100 million dollars nothing there's like some sats here some sats there you know it's like no big no big deal just just 100 million dollars yeah but i think our good friend alex leishman from river shout

to our friends at river stand the fuck up stand up yeah i mean i have confidence i know they're great continue um he had something like so one thing he said particularly is like being by investing in bitcoin mass mutual has effectively signaled that bitcoin is considered safe and liquid enough for the largest most conservative institutions in the world to make an allocation so from a fundamentalist perspective again we've been talking about institutional money coming in they see him they see him yeah it's like feels dirty talking about i don't know i was like we were like we're super revolutionary and then we're just like oh but this like insurance company mutual bought a hundred million dollars so much legitimacy

right well that's like the weird that's the weird dynamic like the yin and yang i guess right the liquidity for the utility i would say i this does feel bigger than the news that fucking sailor decided he's gonna fucking borrow 550 million dollars to buy bitcoin with yeah mass mutual is a fortune 100 company maybe they can sell us some like i fucking hate insurance companies can i just put that on the record like insurance companies should go fuck themselves like in a world of personal responsibility like insurance companies should just die why do you hate insurance because it's like their job is to just fuck you when you need them like you have to have them because of regulations

like if you don't have them you're fucked and then if you do have them when you need them they fuck you it's just like the worst fucking thing ever it's the worst relationship ever i have a lot of insurance relationships that i you know i love my claim officer please do me well if you're listening but fuck they fuck you all the time it's just like literally just fuck you oh yeah you paid for that no we're not gonna be able to look none of them are paying out any covid shit you know they're not i mean i'm not talking about medical insurance i'm like all the other business insurance and shit income loss and stuff they're like oh this is act of god you know like what this is not this is not covered you know oh the the one thing that destroyed your

small business after 30 years of being profitable oh yeah that's not covered even though you've been paying us this whole fucking time like i don't know if mass mutual is in that business so I'm sorry to drag you through the fucking mud on this but you know that's how I feel Matt does not like insurance companies we're gonna get like there's gonna be like one freak on twitter who's like Matt you were wrong

about insurance companies like this is why and that's why I appreciate you freaks we need them to hedge risk but Matt's trying to make the point that when the risk happens they don't they're not there where the hell are the insurance companies i'm trying i went too far down the list it's a big list bigger than last week and i thought

last week was like the longest so i like i gave i gave just the tip on the micro strategy thing like i think that is a big deal um it's basically like sailor realized he can weaponize his company to pump the price of bitcoin and then no one can stop him and he's just going to borrow money and pump the price of bitcoin like that that that is the that that's the move we're calling that a speculative attack this is something that pierre uh richard our boy uh explained in 2014 if you go back to his nakamoto institute uh blog post he literally just explained it straight up like the strategy is just right there at low interest rates you can just borrow money you have so much that you just fucking put it into bitcoin at the same time you announce it so it's just

self-fulfilling prophecy just like pump the fucking price and somewhere i don't know where he lives and i don't want to know where he lives bid for next is just smacking himself in the face because he's just like fuck you know now tether's not pumping the price now fucking michael saylor's pumping the price yeah an actual u.s dollars loaned out of thin air i think i think the interest rate he's offering or he's able to lock in for this is like 75 bips over five years it's nothing it's absolutely nothing and just announcing it pumps the price of their already they already own bitcoin so it's like it's it's it's he figured out the cheat code um i am not you know i i have this clip out that i keep sharing on twitter from october where i said

like i don't expect them to defend sovereign bitcoin usage but that's besides the point um uh it it does increase the price of bitcoin which does benefit bitcoiners you know and it just in general yeah more liquidity provides more utility yeah i i don't and i i think it's interesting that like bitcoiners are you know they're they go from michael saylor's going to defend us to michael saylor's going to attack us um the really the nuance is he's not going to defend us and he can't attack us uh like that's you know what sega 2x proved right so i i i think his ability to attack us is minimized um if this was a proof of stake network he could fucking wreck us so thankfully it's not a proof of stake network uh but at the same time he's he's he's not going to

defend us and it and it is it is what it is like bitcoin is for enemies yes i want to consider necessarily neutral is where i would stand he's not going to defend like unless he launches a chain surveillance company out of micro strategy where then he's just like actively attacking us But I think that's our own fault. Like, we should increase Bitcoin's privacy guarantees so their business model doesn't exist. Yeah. And in terms of the speculative attack nature of this,

like, I wrote about this back in August when MicroStrategy first announced this. Shout out to me for being the first to hop on the MicroStrategy news out of anything. Stay humble, Marty. Scoop. Scoop. Stay humble.

Everybody, fuck that. Like, I'm doing a podcast with evil Marty over here. No, at that point in August, like, in my mind that big micro strategy uh by was the transition from in pierre's thesis of speculative tech you start with a slow bleed of early adopters like ourselves and other enthusiasts to full-on currency crisis where you start attacking it and i think all these whether they realize it or not all these corporations putting hundreds of millions of dollars into bitcoin is is a speculative attack that so we're we're moving up the the ladder of the speculative attack phase

all right we got software updates not that much this week exciting shit um you stop me when you want to talk about a particular update i don't see anything that pops out to me off the bat sea lightning version 0.9.2 has been released we're running sea lightning upgrade that ronin dojo version 1.8.0 has been released for running that use that uh specter version 0.10.4 has been released uh zap for android version 0.3.6 has been released and sparrow wallet version 0.9.9 has been released and even though we were shitting on ledger in the beginning of the episode probably wouldn't recommend it due to their faulty data practices one props for props are due we get props for props are due on this podcast ledger live added the

ability to connect to your bitcoin full node so you're not depending on ledger servers to pull addresses to increase your privacy might be just in the nick of time you know if regulation does not allow them to host their their nodes for their users uh shitcoin users are obviously shit out of luck because there's no way they're going to be able to integrate an eth node capability into uh and and the millions of shitcoins that they support into ledger but but i i i love i just want to point out here with this ledger live support the freaks probably know that i'm no big fan of electrum server and electrum server as a requirement i think it's a major ass fucking hurdle for the average user to be able to use their own node. This is the reason I fucking

love Spectre because you're able to just run Spectre with Bitcoin Core. With Spectre, you can actually run it in pruned mode, which is even better because you don't have to have the massive storage requirement. You can have less than 10 gigs of storage. But even in this case, which you can't run in pruned, you just simply install Bitcoin Core. You install the most recent version ledger live hopefully it's not a phishing email that you're installing um and then and it just automatically integrates you just go into settings and it automatically will pull from it but you can't do it in prune so then you just go buy an ssd for cheap an external ssd you plug it in and you're good to go and you can connect it to like umbral or something like that as well like if it's

like on your local network it's super easy oh man um off off record here um so you freaks you know we have advertisers i try i've actually made that in uh an effort to to get advertisers outside of the bitcoin space because i just don't like the friction 100 one day we'll get where's mccallan what are they fucking doing mccallan all right well i had one just reach out to me here's the first sentence marty i'm a fan of crypto i'm currently holding some might have to just give them the auto like hey maybe we're not meant for each other no no i think uh you know we can just educate let's show them the way we'll show them the way i don't know what this sponsor is or whatever but you know we shouldn't probably why do we always talk about

business on air we're the only podcast that does this yeah you know it's part of the part of the shtick here you know and i literally laughed uh it just like popped up on my notification like you literally got the email notification or whatever yeah it was like oh i love crypt i'm holding eath and xrp okay well sorry you can tell him sorry for your loss you can tell him or her that you know until we fix that like they're they're not they're not going to be a possible it's not possible that they could be a sponsor um yeah uh that's fucking hilarious i it's i think it was last episode where i was like crypto's a signaling mechanism that you don't know what the fuck you're talking about right um here we are um blockchain capital they've been doing this

every 18 months you said yearly in the show notes it's uh every year and a half who does that who does things eight every 18 months that's ridiculous uh spencer bogart and crew at blockchain capital it's a great survey though how actionable do you think it is these numbers are pretty high i like it i was having a discussion i was having a discussion about this earlier this week like how many people respond to the survey like oh i should own bitcoin so i'm just gonna say i do well i mean first of all i like that the sample size is a very large sample size for a survey over 2 000 adults um the negative of the sample size is that it's only online it's an online survey so presumably it disregards all the people that can't use the internet

which is probably still like a sizable amount of americans there's like probably like boomers 30 of americans that just can't use the internet bitcoin tina can use the internet i think that's true i think most people would use the internet you know we love you we love you bitcoin tina um i mean i think this is like it seems like very the results jive with what my gut would tell me so so that's kind of why i think it's reasonable um mixed with the sample size and also besides the name blockchain capital and besides the fact that they i think we're there they have some ripple investment which is questionable um they so does our new advertiser they do have well they're not our new advertiser yet um they they they do have uh good heads on their shoulders over there like

i respect the shit out of spencer huge fan of spencer um and yeah so i mean this this survey is very interesting to me and and it's very interesting that the big thing that that i've noticed is is is numbers going up on on pretty much every every single thing my favorite number going up is conviction yeah i conviction is the big one to me um the ownership rates is like why are you admitting it to this randomized online survey i didn't but propensity to purchase bitcoin so likely to purchase bitcoin 1834 range is now at 55 it was at 42 18 months ago 18 months before that it was at 32 which sounds like about right right like you know half the population is like i would probably buy bitcoin um in the in the next five years is the question will you buy

bitcoin in the next five years 55 in the 18 to 34 range which let's be honest sorry bitcoin tina it's the only range that matters um they're like 55 are like we're gonna buy it 35 to 44 is 48 that sounds about right to me right like that it's confirming my bias but i think it's like about your bias but your inclination yeah yeah my bias would be like 98 yeah and just personal anecdotally here would be family friends indicators were going off like crazy a lot of new sat stackers in my my circle of trust which is good to see a lot of people have been hitting me up in the last two weeks yeah and not just people our age uh actually mostly people older my parents yeah i had i had a parents age person hit me up a single one yeah

it's a it's a weekly anecdote on what's going on in the bitcoin world from from matt marty i had one guy who i i taught him how to bet on sports he's like a prolific sports better uh like he's been betting on sports for like the last 30 years right and like three years ago i told him how to bet on sports with bitcoin or whatever he called he called me last week he's like dude what the fuck is happening he's like he's like my my sports betting account has just fucking exploded i don't even know yeah dude stop betting and start stacking don't gamble gamble i mean dude yeah the percentage of people but the percentage of people who are good at gambling sports betting particularly it's gotta be pretty low right i mean it's one but it's priced that's

one bug i'm happy one bug i'm happy i never caught it i love so much bitcoin i'm fuck i lost like if the government's list i've lost the majority of my bitcoin on sports gambling to be honest i went surfing today i lost lost my private keys i hit my head they were in my head Boating accidents are so 2019. The new thing is surfing accidents. Yeah. Act athletic, too, while you're a loser. Are you a real bighorn if you don't bring your keys with you while you surf?

Like, I don't even think you are. I don't think so. No. Rodolfo, when waterproof open dime, you know? Tomorrow, please make it happen. Dude, I don't want to fud. They're probably pretty waterproof, to be honest. Like, I know they go through washing machines successfully in the past.

Like, don't do it. That's open dime, right? not cold card yeah cold card is probably pretty don't be sending the freaks to put their cold cards ridolfo send me a cold card i'll put it through the laundry i'll blend it if you want me to blend it you uh what explain were you just trying to confirm that it definitely bricks after 13 failed pins or were you did you forget your pin okay so that was puppy sale which is my famous cold card from the i i love the freak the freaks are like the freaks were like after i bricked it the freaks were like was this puppy sale uh what's puppy because cold card how do i not know this

cold card has the fishing words where you enter the first part of the pin and then um it gives you the fishing words do you recognize yeah do you recognize this and and and my words uh my fishing words for the wasabi uh tfdc guides cold card video was puppy sale uh so that cold card became known as the puppy sale cold card um and the issue was i couldn't i i discovered so actually psa to the freaks and there's there's like a legitimate security reason why you can't do this if you set there's multiple pins you can set on the cold card so you have your main pin which is obviously like the most important one which i've shown on the video so i didn't forget that pin then you also have the duress pin and you have the brick me pin and if you don't know either of

those pins um oh i guess the duress pin is the brick me pin uh you you have like passphrase pins and you also have um the brick me pin if you don't know that pin you can't destroy the seed and put a new seed on it um so it became dead to me as a device for tutorial videos this is my tutorial occult card and i wanted what's puppy sale puppy sale i couldn't i couldn't i couldn't wipe it i couldn't wipe it to uh i i couldn't wipe it to do a new tutorial video i want to do a specter uh core video because i have the text guide at we run bitcoin.com i have a text guide for using specter plus core uh plus cold card but i wanted to do a tftc guide video for it and i couldn't wipe the seed because i there's no reason to do a guide with a initialized cold

card like i did i gotta start from fresh right like the whole point is like i'm supposed to walk you through the whole fucking process that that's why i do the guides like i i don't believe in guides well why don't you just do the setup in one guide and just go hey go watch that i still need a new cold card for that right um so rodolfo we're accepting gifts so what happened was first of all i was in a live stream where i was bored and i had it within reach and a gold sharpie within reach so i painted the whole thing with a gold sharpie first what the hell's going on there and then i was like okay it's time to throw it out and like in proper bitcoin fashion like i should brick this fucking thing so i entered the pin wrong 13 times and i got the

bricked and then here we are i just wanted to test it rest in peace puppy sale it's the third cold card i've bricked for what it's worth it works and i love the brick message i am i am a rick that's why i posted it is because it's such a funny like you can totally imagine rodolfo typing out that message he's like that's just funny right uh i think uh if you have like uh a 10 by 10 bingo card with just rodolfo across it i think you got congratulations yeah that's cheating you can't have a bingo card that has multiple the same word over and over again wait you have to each each square is one utterance of of the word no that's true fair uh bingo bingo this is pretty huge uh in may chris belcher came out with

a design of an implementation of coin swap and started a conversation around that he sent he started raising funds to start developing it got a grant as well from the human rights foundation correct he got he got two square crypto um and so earlier this week and he's taking individual donations as well through bitcoin yeah um two days ago he uh shared a tweet thread in which he he announced to the world that he uh completed the first multi-transaction coin swap on bitcoin's testnet so which isn't real obviously yeah i mean it's not it's not real it's not real it doesn't exist just like birds aren't really they're all drones neither is bitcoin's testnet so maybe maybe this coin swap didn't happen no but this is pretty cool not to diminish it chris

i'm sorry yes that's a running joke but yeah no pretty massive uh seems that the design implementation is actually implemented at least on testnet and it seems to have worked so chris has a nice thread explaining that i had a bent i believe i read about it yesterday walking through that so to see him create the design implementation and or release that the design of the implementation in may and have some code written and able and workable by december is pretty pretty significant i mean i'm gonna be a debbie downer here i'm just push back on the hype a little bit uh i i i first of all i want to push back on this idea like i'm gonna wait for coin swap like you're gonna be waiting forever don't do that like when when when there's a coin swap

implementation in practice you're gonna be like i'm gonna be waiting for a blah blah like don't do that and and this is a perfect case right where where i've noticed this last week last two weeks people reaching out to me i'm scared i'm concerned uh mnuchin's gonna do this he's gonna do that like what do i do with coin join now i need it now you know big corners can't wait for privacy we need privacy now um i that doesn't mean i don't want privacy improvements obviously we need privacy improvements you know and i want to see those come but don't don't do this bullshit where you're like i'm waiting for this i'm waiting for that because you're going to be waiting forever um the second thing is you know maybe this is like also bullish like i never had doubt that he can

pull off this implementation i think the hard part is making it user-friendly and i think this is what we saw with join market right which i got super hyped with join market i mean never became user-friendly like to this day it's still not user-friendly um so so i think that's the real hurdle the real hurdle is getting this implemented into wallets getting this like actually to the point where we're like the average uncle jim can can recommend this to his nephews and his nieces and get them using it uh so i i'm waiting for that like i'm waiting for that i'm not waiting for shit i'm using coin join today and i'm hoping for that and that that's what i'm kind of looking for um but regardless it is very good to see this um i'm bullish on chris i'm glad to see this and

i but i i also want to push back on this idea that it's going to replace coin join i think basically what's going to happen is it's a perfect complement to coin join and we're going to see this in partnership with coin join and i think things like sorban which we we talked about last last week the p2p tour layer that samurai introduced make it super easy to implement something like coin swap into it so you can have your coordinated coin join rounds that are happening and then you just easily swap and one of the things here is is if you do have this equal output coin join before you do the coin swap it does make it way cleaner like a lot of these edge cases where you're like we need multiple transactions we need to do all these things

like get destroyed because if you can just swap an equal output then you just swap an equal output like that's that yeah no i think chris is i think he stated that when we had him on the podcast earlier this year too yeah said he would he would best use a conjunction with something like quayjor i'm more pushing back about you know like the crowd not chris yeah just bitcoiners you know like bitcoin is in general like we have a tendency to hype shit you know and i i not what no and what worries me what worries me is when we hype shit that degrades from adoption now right like i don't want like you can easily get yourself into a situation where you're just constantly every two years you're like i'm waiting two more years we're close i'm waiting two more years

fuck that shit do it now get ready now prepare now if better things happen in the future then prepare for better things in the future one of the things i keep hearing is um you know uh equal output coin join or whatever uh isn't isn't tenable it's too obvious on chain coin swap isn't obvious on chain so coin swap i'm bullish on coin swap but i'm bearish on on equal output coin join that's ridiculous because if coin swap is successful then you shouldn't have any concern about your equal output coin join because you can just push it through coin swap in the future there's there's literally no you know you you you can just always use coin swap in the future if if it's successful there's there's no reason to wait for it if you have coin joint today

that's my point that that's all i'm saying don't be sitting on your hands waiting i think oh the next best thing will come the next best thing will come it'll come you can do that forever we can literally just do that for fucking ever there's going to be constant improvement um next topic wasn't aware of this haven't seen it till literally just clicked on the link but cross-layered de-anonymization methods in the lightning protocol this wasn't on my radar thank you for bringing it up um so here's the last half of the abstract it seems that this research team matteo ramidi friedhelm victor pedro marina sanchez bernard hasselhofer and mateo mefe um they're using i guess ip and network routing

to try to de-anonymize on the lightning network and they're claiming that they present a cross layer linking heuristic that can with our data set link 43.7 of all lightning network nodes to 26.3% of Bitcoin addresses interacting with the Lightning Network. These cross-layer links allow us to attribute information, for example, aliases, IP addresses, to 17% of Bitcoin addresses contributing to their de-anonymization. Further, we find the security and privacy of the Lightning Network are at the mercy of as few as five actors that control 34 nodes with over 44% of the total capacity. Overall, we present the first quantitative analysis of the security and privacy issues open up by cross-layer interactions

demonstrating their impact proposing suitable mitigation strategies did you read this paper yeah a bit first of all this was led by our boys in Austria and Germany have you been to Berlin

I have not Berlin's a dope city you should go post-covid Vienna is like it's a cool city but the people like they hate you they just like just hate you for being there they just don't want you to be there um which is wine is is vienna in austria so they there's they don't write vienna they write wine but anyway um the you know this is one of my issues with lightning right is that it does improve privacy compared to a regular on-chain bitcoin transaction because on-chain bitcoin transactions by default just have horrible privacy guarantees so like obviously they help right but

the problem is we don't really know all the different facts there's like so much nuance to every single lightning transaction that it's very unclear to the individual what they're giving up at any given fucking time um things like their results you know we know right now and we've talked about this on this pod many times that ellen big controls you know like half the capacity of light the public capacity of lightning network and it's all run out of the same virginia data center right who is that person i don't know who that person is we still don't know who that person is we've speculated for years on this podcast cia headquarters right and we we it's also close to micro strategies you know headquarters maybe it's my michael saylor we we we don't know we

don't know who this person is and we've speculated about it for years so why hasn't a freak come forward and it's like i know who that person is i thought he's come forward i thought ellen big is like giving interviews we have no idea who ellen big is i think it's a russian person but it's weird because it's virginia data center so i don't really know um but yeah i the the point is is and this is not even taking into account things like ellen strike you know i love jack but it's a bedtime bedtime kisses you're gonna give bedtime kisses when you become a dad so we oh my god this is so cute this is so cute can you say what's up to the freaks just heavy breathing oh my god he just grabbed the mic i thought he was gonna say something awesome

yeah not yet he can't really speak words but we're getting there that's extremely cute that's some low time preference shit right there i don't think i don't think this kid can hear me it's going through marty's microphone that's why i'm cursing you can't hear matt but he's saying you're very good with the mic son he's just happy no he just went to grab the mic again he got pulled away i love you yeah i mean so so i mean they're not even combining information from stuff like you know i love jack but like ellen strike has like tons of fucking information right not only do they have public keys that are fixed right now still um they have your memos you know like i played poker the other day

i don't know if i said this on the pod yet so i'm just gonna say it now i i played poker the other day and i did a memo they were like do you want to be the banker i was like no and they were like but matt it's your turn to be the banker i was like okay fine i'll be the banker so i i sent an invoice uh from the note from my node and i sent the invoice and said poker and it said the guy's nim because that's how i know him by and he paid it with ellen strike without telling me so ellen strike now knows that we played poker uh they have that memo they know my public key and they know this guy's nim because he fucking because i put it in the memo and he paid it with his like legit name right and was that like a what the fuck moment like what the fuck yeah it

was a what the fuck but but but this is like this is like new territory right so like we're hitting this new territory and that does worry me a little bit um so we just we need to be diligent about it like as bitcoin is like people need to like we're gonna learn here um i i prefer not to learn the hard way like we could we're gonna have to learn here yeah like many people like oh my god this is terrible news but this is great news people are actually finding this stuff out and they this research team presented strategies to prevent this stuff so you you discover the pain points you highlight them and you figure out how to work around them so this is overall beneficial for the network in general i think like we just have not had nearly enough adversarial

uh uh adversarial participation in lightning network like it's just it's mostly been enthusiasts that are pro bitcoin and we just we were i i think what we really need is we need like those really resourceful evil marty like hacker can you do this to come in and just like fucking start fucking people shit up you know like steal money steal this steal that um don't don't steal our shit though my shit's there it's ready to be stolen the only reason i'm bullish on lightning still to this day is because it just i put it all out it hasn't been stolen yet it's like a ridiculous premise but you know skin in the game you know i'm not going to put my shit in some random ass custodial lending platform but i'll put my shit in a experimental payment channel network

and to test it out that's that's what i do that's that's why i'm here well again this is a plus they discovered these pain points and hopefully we'll fix them before that potential vector is attacked. Security increased a little bit. I would say so. Maybe not. I'm an idiot, so take that

with a grain of salt. Speaking of idiots, the dude who was running BGCE in exchange for... I mean, he got caught. Do you remember how he got caught? Belgium? Yeah, he was on a vacation. He was in Greece on vacation.

and they drove an unmarked Toyota Camry through his fucking gate and then he ran out in his underwear screaming at them and then they arrested him and he was still signed into his computer. That's how they got Ross too.

Well, Ross was a little bit less exciting. It was like they hid him in a library while he was signed in. The concept of just seeing him on vacation like a Russian national on vacation in Greece and just running a fucking cam read through his fucking gate and just having him come out in his underwear is just like in my

mind is a crazy thing like you just see it happening right yeah no i shouldn't say this guy's stupid he's not stupid at all and it's like actually incredible he doesn't even have a last name it's like he's like seal his name is just vinik they don't have a last name no vinik is his last name alexander vinik oh it's literally the first line in the headline yeah damn i thought that was going to be like a seal moment there alexander madonna or something so what's happening here he um was sentenced to five years in prison for money laundering um btce we talked about it on rhr many times in the past for any of you new freaks that uh are new to the podcast btce was a russian exchange i got shut down like two or three years ago uh notoriously non-kyc and i was

responsible for laundering a lot of the mount gox funds that got stolen from that exchange they didn't necessarily actively know they were laundering no no people were laundering it and they weren't doing kyc they were they were like the based exchange that didn't do kyc well they did know because you had like whiz like highlighted all those addresses immediately didn't you know they're the base non-kyc exchange like i i want to push back a little bit like you know no one wants to ever say like oh you don't want to defend money launderers but you like money laundering is a thing that you can just push on people it's like the it's like the low-hanging fruit uh thing like if you want to hit a bitcoiner with something you hit them with

money laundering money laundering means like you did things with money that you weren't allowed to do which is can be very broad let me put it that way okay yeah so btce saga coming to an end i mean he shouldn't have vacationed if you're a bitcoiner and someone you know runs a camera through your gate on while you're on vacation shut off your computer in your underwear yeah shut off your computer before you go to yell at them and run the other direction it was pretty ball i mean yeah base russian like just running towards i could just i just imagine him running out screaming in russian in his boxers like that's what i'm imagining right and then literally like oh fuck yeah it's like interpol just like dropping on you and and the u.s government

tried to extradite him and failed which is interesting right uh they were like fighting over him what is it france got him instead yeah france got him but the u.s and france were fighting over him and and france was able to get him it was so weird how they um the u.s russia and france fought for his extradition which kind of points to like the russian government a lot of a lot of people think the russian government was involved in btc like there was a blessing there so they like tried to get their man back home yeah um nothing would surprise me at this point let's just pretend uh vinik doesn't have a first name he's like he's madonna yeah it's much better that way uh we've got to wrap up here so i can get this live before my hot date this was really

cool pete rizzo in conjunction with aaron van weirdom wrote um uh the battle for p2sh the untold story of the first bitcoin war uh peter is actually gonna be on the podcast next monday reached out to him to go through this if you want to hop on that we can talk about early bitcoin history um he's he for those who freaks pete rizzo was editor at coindesk for a while yeah i say editor-in-chief just doing like basically like day-to-day announcements which we try to like i shouldn't say we try to stay away from that we do all those things yeah but like we like i didn't talk about mass mutual i mean the difference between us and coindesk is we don't talk about shit coins that's true anyway this isn't about us or coindesk is about pete

rizzo airman weird i mean their story very in-depth um story about the first bitcoin war over p2sh i'm not gonna explain the story because it's very long go read it so he did a really good job uh and and he spoke about this uh with pierre richard and bitstein on their podcast um just like this idea that he he wanted to get into like real proper you know i'm not trying to offend journalists but like proper journalism where like he he like did like a like a real in-depth story that that had meat to it you know that that felt like it was something that could last over years instead of just something that was irrelevant the next week um you should try to offend journalists at every opportunity you get um so i i think this is like a really cool story

um and i i think he did a really good job with it and it you know it's it's it's just it's as a bitcoin it's just really interesting like people should just go read it just go read it and then like once you read this like follow the links go to like bitcointalk.org like it's all there just go back and read yeah it's crazy it's uh the history is there on the internet it's great like that's the one thing you will find because i remember i haven't done it recently but i'm sure you did too like you had your bitcointalk.org rabbit hole where you just went back and read a bunch of forum threads and stuff like that.

The best is just Hal Finney. All the FUD you guys think of. You've been in Bitcoin for six months. Hal talked about it in 2011. There's nothing like Keith Levine said. If you listen to that podcast,

there's nothing new under the sun. Especially with these FUD and trying to think. Smartest people were in this early and thinking about it. Bitcoin dissidents editorial from coindesk this is so good this is this is what bitcoin's about yeah so just basically a bunch of dissidents describing how they view bitcoin apparently bitcoin's headquarters is in lagos now this is why we're in minsk or hong kong

this is why i bitcoin i mean also to get really fucking rich but also for that reason it's like i morally broke free i love that from a belarusian um obviously not gonna we're gonna link to this go read that really good article another one not on the list i haven't read it yet but i'm very excited to read it tomorrow morning with a cup of coffee friend of the pod disclaimer unchained sponsor of the pod drew bensal uh as part two of his uh bitcoin astronomy piece i haven't read it yet we'll we'll talk about that next next week last time he was talking about how mars are going be shit corners so yeah drew if you're listening we'd love to have you back on the pod to to extrapolate on that i'm not going to just give you uh on on revoked uh promotion there you know i i

don't think we should be right you know proactively uh justifying mars shit coin behavior like i feel like they should well they should be proper big corners i think we're getting away from the shit coins if i read the comments we'll see we'll see i have not read it i agree that i have not read it yet so i'm one thing that does prove that is that proof of stake can't go interstellar like proof of stakes fucked once you get beyond the atmosphere so at least they'll be like proper shit coins they'll be running their own nodes using proof of work we know that much so far we'll talk about next week but you can go check it out uh it is on unchained capital's blog right yes yes um why do you have this on the list like i saw this like friends of the pod bitcoin magazine

btc media they dropped their top 21 what what what i liked about this is that like it's a good fucking list like how how rare is that in bitcoin that we have like a list that's like good shit bisque is number one blue wallet no there's not it's alphabetical it's the top 21 and it's just alphabetical yeah no i like this list too the list is fucking fantastic fucking and the the funniest one is micro strategy but besides that uh you know bisque blue wallet btc pay coin kite fold hodl hodl lightning labs like it's human rights foundation samurai wallet specter slush sphinx chat like it's fucking badass shout out to all you bitcoin companies out there it's just it's not only companies that's what's cool about it yeah maybe she had some podcasts to listen yeah

right tells from the crypt let's go uh did not see moxie's appearance on rogan is he launching a shit coin yeah he had the mobile coin launch which is using sgx which is his shit coin it seems like he's doing like a pr push recently uh moxie marlin spike who's the founder of signal signal i have not listened to him on rogan yet uh but i wanted to bring this up because i was just i don't know like i plan to listen to him on rogan i'm curious how that went and i just wanted to know what the freaks thought about it uh but it i it's like it's something that like i feel like we should all listen to even though i completely disagree with the shit coin and i think his shit coin doesn't have any kind of value um i think if your shit coin relies on trust in intel then

And you've just completely lost the fucking plot, which is what MobileCoin has done. Yeah. Die hero. Live long enough to see yourself become the villain. A shit corner. Moxie. And then the last one on the list. This is really sad.

Is my email provider. No, it's not sad because they're fighting it like a motherfucker. Tutanota was ordered. Well, the headline makes it seem like their fight was in vain. Okay, so. so so so they had a specific extortionist email account germany the german government hit tuta nota because they're a german company and said they have to decrypt future communications for this specific user so it's not for all users it's for the specific user and it's not even his

past emails it's only his future emails and they're still fighting it but it's it's so so so it's important for people to realize like not to freak the fuck out right like that they i mean you should i when you use these providers you should assume like all of it will leak eventually right like you're just trying to use a provider that cares about you right but you assume that if anything's hosted obviously they could fuck you in the future i do appreciate that they're fighting it i don't appreciate that the german government is basically trying to push back doors into encryption because once you push back doors into encryption no one's secure um so i thought it i thought it was very valid in terms of the war on encryption i think it's very valid in terms of

two to no to actually realizing low time preference that their business model depends on on them providing encryption for all their users right but then at the same time i think it's important for people to realize that there's some nuance here that it isn't affecting all their users. It's affecting a single user, and it's only affecting his emails going forward, not his past emails, which is a big difference, right?

Past versus future. Because if you're the extortionist, you just stop using Tutanota. Yeah. Does the extortionist know he's being signaled out? I mean, if you're one of the thousand extortionists using Tutanota, you should probably stop using Tutanota right now.

they're not going to let you know that you're the guy you're the dude who's being targeted we're coming after you but it's just interesting it's a very interesting development to be honest I was kind of

I felt behind the scenes both Proton and Tutanota had been compromised so the fact that they're fighting them in court makes me feel a little bit more confident to be honest that they weren't compromised to begin with. Maybe it's a horse and pony show. It could be.

Like I said, you should just use PGP. If it's important, if any information is important to be secured, you should use an encrypted channel to begin with, and then you should also additionally encrypt it with PGP. And then not only do they have to compromise the first encrypted channel, they also have to compromise your PGP.

Very hard to do. unfortunate for you extortionists out there I don't think anybody you're extorting is going to open up you can't really extort people with PGP encrypted emails those poor extortionists imagine like a ledger phishing email just comes in through

like PGP what the fuck is this what a rip we're going to see each other in person For real this time On Tuesday On Tuesday The Arbed Out episode is coming freaks

He's gonna cook a steak Yes He's gonna have the grill hot for us when we arrive Bitcoin stereotype The Yeah that's it I wanna get this up I got 55 minutes

Before my hot date starts So I gotta record the ads Throw them in front Throw on the intro music for from our good friend Clockwork Pryor and thank you freaks for showing showing up for another week

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