The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #157 (Bitcoin Stories) - SWIFT Goes Digital, Google Address Browser, Three Years of CBP

Episode Date: April 2, 2024

FRIENDS AND ENEMIES Join us for some QUALITY Bitcoin and economics talk, with a Canadian focus, every Monday at 7 PM EST. This week: -Umbrel join the filter club-Coinbase legal troubles-Penny stock pump and dump-C YA SBF-Google wants your Bitcoin addresses-S21 Pro-Swift Digital Currency-印钞机走了BRRRRR-Canada’s productivity concerns-Renting your way to a better credit score And much more From a couple of Canucks who like to talk about how Bitcoin will impact Canada. As always, none of the info is financial advice. Website: ⁠www.CanadianBitcoiners.com⁠Discord: ⁠https://discord.gg/ESRCZWpb A part of the CBP Media Network: ⁠www.twitter.com/CBPMediaNetwork This show is sponsored by: easyDNS - ⁠⁠https://easydns.com/⁠⁠EasyDNS is the best spot for Anycast DNS, domain name registrations, web and email services. They are fast, reliable and privacy focused. You can even pay for your services with Bitcoin! Apply coupon code 'CBPMEDIA' for 50% off initial purchase Bull Bitcoin - ⁠⁠https://mission.bullbitcoin.com/cbp⁠⁠The CBP recommends Bull Bitcoin for all your BTC needs. With their new kyc-free options, there's never been a quicker, simpler, more private and (most importantly) cheaper way to acquire private Bitcoin. Use the link above for $20 bones and take advantage of all Bull Bitcoin has to offer.

The Canadian Bitcoiners podcast is just two guys and maybe a guest or two discussing Bitcoin, Bitcoin equities, and the related macroeconomic space. It's not meant to be financial advice, so please, if you're doing any investing, after listening to our program, do your own research, do your own due diligence, and understand that any money you invest can be lost. The show is meant for entertainment purposes only, and we hope you enjoy the program. Friends and enemies, welcome to the three-year anniversary episode of the Canadian Bitcoiners podcast here on the CBP Media Network. Glenn, I got to be honest with you. I forgot until I saw it in the thumbnail that we had done three years. So just before we went on, I said, happy three years.

I'll say it again. You know, we've done a good job. You are now, you got to be close to my second longest, you know, serious relationship here. I'm pretty sure. I mean, I'm married now. So I don't think anyone else is going to pass you. Do you feel any kind of way about that?

I don't know. What do you think? Why am I number two? i thought it was number one i'll be happy to play okay only in terms of length i won't talk about that no in this case i'll be happy to be second fiddle it's very good that somebody else is ahead of me and somebody that's very near and dear to your heart but yeah three years this has been phenomenal and you know that i'll be honest i'm sorry to say this I kind of forgot until a message came in. It's like, oh, yeah, you're right. So, yeah.

So it's going to be a regular old episode. Three years of doing this. It's going to be a lot of fun. This one, a lot of talk about both on the home front and what's going on globally. Bitcoin and notable news. Tons. Lots of notable news tonight. Yeah. globally bitcoin and uh notable news tons lots of notable news tonight yeah it's i think it's time to talk about well we have the scheduling first i think is it before we even go anywhere

sure quick yeah before we go to the sponsors bob burnett because people that are unaware is going to be coming in this wednesday i'll be chatting with him there's lots of lots that happened since he's last been on the show and i'll be happy to catch up with him we'll talk also about classic green bay cat packers games as well and maybe some classic uh what was happened joey at last time we chatted we went off the air and we spent maybe 30 to 40 minutes just chatting about like the 80s and 90s football um baseball i don't know what else. So who was his favorite? Like, does he think, okay, so I, you should ask him tomorrow. I always, yeah, I thought it was tomorrow. Oh yeah. I guess today's Monday. Oh, I asked him if he thinks, I don't know if he cares about like the sort of more recent Packers teams,

but I always thought that the Packers wasted Javon Walker behind Donald driver, instead of just cutting ties with driver as he got into his late twenties, early thirties. And Javon Walker was Donald Driver instead of just cutting ties with Driver as he got into his late 20s early 30s and Javon Walker was the better receiver all along you should ask him about that see what he says I'll see what he says yeah franchise you get rid of Driver if you take the Packers and just let Javon Walker run with it that's a name I haven't heard of uh Donald Driver for quite a while so yeah we'll go into that also joey i think it's a good time to talk sponsors let's do it this is the time so okay so we'll do easy dns and then we obviously have some

news to not share but amplify um from bull camp so mark jeff to vic he's dns he's the proprietor friendly neighborhood hosting service domain name registrar all the stuff you need me and len use them posting on the website more and more I know some of you guys reached out and said you have been enjoying the research reports. I know you guys read Len's week to come on CBP every Sunday. It's a good place for you to catch up with us and see what's coming on Monday night so you can get ready to talk smack in the chat with all your friends and some enemies. Also over at EasyDNS, if you want to do anything with a virtual private server so you set up your website and you maybe want to do more you want to do btc pay server

you want to do bitcoin node you want to build your own nostre relay which we have actually i think we have canadianbitcoiners.com on nostre i'm pretty sure um no i think we do i'm pretty sure i'm verified on nostre with canadianbitcoiners.com i wouldn't know because i haven't relayed oh i don't know what it is what is that that's simply what the nip oh five it's like it's been a while since i looked into that that's just getting your name verified nostr relay like you'd have to connect a bunch of relays and they're the ones that are sending and receiving the messages for you there's not one central entity you have to selectively choose which ones you want to connect to and i do have this thing i have i definitely have the check mark so I don't know how I got that.

But we just don't know what that's called, verification. I think it's a Nipple 5. Whatever it is, Mark did it. He did it for us. He took care of it. And if you want to do any of that stuff or know this implementation, now that that service is deceased, at least in part, Mark will help you. Head over to his DNS.

Take care of whatever you need to take care of. Do the same stuff we're doing. Do your own thing. Whatever the it is you want to do, Mark and his team will help you do it. CBP Media is the code. Or catch him in the chat Monday night. Or just tweet at him. Or I don't know, carrier pigeon, smoke signal. The Vatican still uses that. A lot of

people care about that smoke signal, so maybe Mark will care about yours. Anyway, great sponsor. We're happy to be working with him. But he's not the one we're talking about tonight is it uh maybe we should talk about the other sponsor what's going on uh with that sponsor well very briefly let's talk about what they offer which is quite a bit especially right now and you could buy and sell your bitcoin look the price of bitcoin has been hovering around this is bull bitcoin by the way len skip the name bull bitcoin because i'm looking at the price, $69,000. How long have we been stuck in this high 60s, low 70s?

It's been three weeks, two weeks. Yeah, almost. That's a long time to just be stuck here. So it's stable coin territory, maybe. But bull Bitcoin, you could buy, you could sell your Bitcoin. There's lots you could do over there. On-chain lightning. So if the fees are going up, last time I checked, they weren't all that high.

So you may want to do your on-chain buys moving forward until things change but who knows ruins may change everything and you might have to start buying on lightning anyways so with both bitcoins other different options you could do you could pay your bills with your bitcoin so if you have a bitcoin stack that you want to start using and start spending it out in the real world you can with a couple of different ways number one as i mentioned you could pay your bills so if you have like your electrical bill your gas bill whatever the heck you got to pay through bull bitcoin you can start spending your bitcoin and start paying those bills the second thing you could do with your bitcoin and spend it is buying gift cards through bull

bitcoin so you can use those gift cards in the real world and indirectly use your bitcoin to pay for your purchases your goods and services and live on the bitcoin standard just the way satoshi wanted you to but the best thing they have and april 15th it looks like it may be coming to an end is the kyc free buys where you can go to canada post load up your bull bitcoin account with canadian dollars and there's no identification right now and just no kyc so you're good to go and the spread is really cheap the cheapest in can, it could be cheapest in the world, I can't say I don't travel that much. But still, either way, it's cheap, it's easy to do. But keep in mind,

April 15, they are going to start asking you for identification at the post office. And that means that there's going to be a little bit of information or to ask for you. And that's all I know at this particular moment, I can't share anything more because I don't have anything more to share except for April 15th is a deadline where they're going to start asking for identification to the post office. Could be more to come on that front from Bull. I'll just say this. Okay. Me and you make a big deal about the KYC free and I'll be honest. I use it a lot.

I'm sure you do too. I don't use it exclusively. I still do easy e-transfer buys or whatever if I'm in the mood for a quick dopamine hit in the stack. I think a lot of people still do that. I'll just say this, okay? I can see in the chat there's discussion around, well, we got to find an alternative. I'm not going to say that there's not a place for KYC-free Bitcoin. There is.

Of course there is. We've been talking about it for months. We've been with Bull almost a year now, it feels like. And in the near year we've been with them, we've gotten to know the team a little bit. There may be alternatives for KYC-free Bitcoin, but I will tell you right now, there is no alternative for the kind of people working at a company like Bull anywhere else in the space. Okay. I'm not going to name other companies. I'm not going to name other people, but I will tell you, and it's not like I'm breaking news here. The Bull team is as mission focused and as anti-fiat as any group of men I've

ever met in my life. And if that's the kind of thing you want to support, you know how to support it. If you want to go somewhere else, you go somewhere else. But for me, and I think for a lot of other people, that really matters. And I plan on continuing to use them for the vast majority of my buys. Again, there's other options. But for me, I don't know. I have a hard time now saying to myself what are we gonna do we're gonna not support guys who i know are extremely mission focused not worried about anything else not

worried about you know outside pressure and uh you know it's it's so long maybe and uh not goodbye what is that saying maybe see you later don't say goodbye say so long or whatever i can't remember but uh you know, who knows? These guys are innovators, man. I wouldn't be surprised if there was another Avenue for KYC free in the works.

Yeah. And like people are saying in the chat, you could use RoboSats for non KYC Bitcoin. If you really have to buy KYC free BISC, BISC two, hodl, hodl, probably aC2, HODL HODL. Probably a few others too. There's options.

There's options. And yeah. All right. So that's out of the way. If anybody has any questions, feel free to throw it at us and hopefully we'll be able to answer it. But I also have some boosts. I got to get it out of the way. Let's do it. And then I want to talk a bit about the next few weeks on the show because we have a bunch of double interview weeks coming up let's just prime people for that too

doom doom asm 521 sats thank you for your time he always did the same thing 521 sats and he's thank you for your time so it's becoming a regular i love the fact he's doing you're welcome he was on the verge of getting cut because he was fifth lowest in terms of stats because wedge social sent in a thousand. Hold on a minute. Wedge Dan wedge from chips down with great. I haven't heard Dan wedge in a year. Probably. I haven't heard from him.

He's a noster. He engages with me quite a bit. Wow. What's up, man. That's a throwback. Awesome to hear from him. Okay,

go ahead. And he's listening to us all the time because he, when he engages me on nostrils, listening to the show and quoting what we've done. Love it. So he's a loyal listener. Thousand Sats, he writes in Larga Vida, E-S-S-D-R. Larga Vida means like long life. Got it.

It means something life, right? E-S-S-D-R. I don't know what that stands for. El Salvador, but E-S-S-D-R. I don't know. I stands for el salvador but essdr i don't know i wish i knew the answer to that maybe somebody could answer or maybe wedge could let me know in the future but either way thanks for the sats the bird 1000 sats he writes in madex equals principles over preference strong work legend doug and rupe thousand. He writes in Medics, phrased it so well when he said, when it comes to yourself,

selling out is something that you'll never buy back. Combine that with the Joker. Sometimes it's not about the money. It's about sending a message. It says, rest of ankle made X and look forward to adding some more stickers to my Fiat mining desk. Great rip, JNL.

Love it. Thank you. Love it. And the last, we have Jordab, 24,000 sats. Thank you very much. He says, happy birthday, CBP, for real this time. Crazy to think that you guys have been putting out quality content for the past 156 weeks.

Joey, thanks for talking about it all those years ago this truly changed my life also thanks to plp plate licking pleb for the rest of the sats so i just want to mention that all the stats we received to date on i mean for the past while on our fountain it's going to go to madex and also our referral code our referral uh missionary stuff from bull bitcoin for the next week and for the past few weeks we've collected it's going to go to Madex and also our referral code, our referral missionary stuff from Bull Bitcoin for the next week and for the past few weeks we've collected, it's going to go to Madex as well. So please keep buying, buying, buying. Yeah, man, use your, like, you know, really,

we're giving away what's probably going to wind up being a fairly lucrative week of referral fees. So pump it up, man. It's all going to a good cause. Hope that guy's ankle heal up or whatever. Len, at the conference in May, I'm doing a panel with madex and francis that i think is going to be really really good uh on the main stage i can't

remember what time i think it's this the friday at noon or 12 10 i forget what time but um really looking forward to talking with those guys that's the first day yeah yeah first day very cool very cool very cool um okay so next week if I'm looking at this calendar, right, we are absolutely slammed. So tomorrow, nothing. Wednesday, Bob Burnett, right? April 3rd. The ninth, nuclear Bitcoin or Ryan McLeod. I'll do that one. The 10th, it looks like Floyd Marinowski wants to do April 10th. I thought he was in May. We could move him to May. No, no. I'll do it. I'll do two. I don't care. It's fine with me. I owe you. It's no big deal.

So Ryan McLeod, nuclear Bitcoiner. We'll talk about all things nuclear going on in the world. He's always sending me messages about stuff that we talk about on the show. So I'm looking forward to talking with him in a longer format. He's always been a fan favorite. And then Floyd Marinescu is a guy who is a UBI and land value tax proponent in Canada. And you're laughing. I think there's going to be more that you agree with him on than not, honestly. Maybe the solution, there may be some granular disagreement, but I think broadly, you will agree that we've done a lot of things wrong along the way in terms of the incentive structure. So I'll be talking to him. And then the week after that,

Plate Liquor, I think, is coming to my house. So I have to find out what his plans are. Len, if I can figure it out, we're going to do that episode from the weight room. I'm going to move all the cameras and stuff into the weight room and get the two wireless mics going. And we'll rip while I spot him

as he benches 95 pounds on the barbell. I think that's probably all he can do. So we'll do that. No, he's... Nah, man, he's way higher than that. Who is Taris Kulik on the 17th? He's a Bitcoin mining. He's related with Bitcoin, my Sunnyside Inc.

So this is a referral from Boomer. So he's been moving around a little bit he's rescheduled a few times so hopefully he'll stick for this one yeah okay that sounds good and then the week after that the carazzos will be at my house tuesday at 11 a.m the 23rd so i'll be streaming that one live early in the day so watch that one looking at you listener, listener viewer. Crystal Woody and Jeff Lucas, the 24th. And then Len, on the 30th, I will be talking to David Bailey and Mark Goodwin about all things Bitcoin Magazine, the conference, etc., etc. So packed. How many interviews we got?

One, two, three, four, five, six, seven, eight interview episodes plus five flagships and in response to that uh the 29th of april before for that because i don't want to be anywhere near those motherfuckers i have somebody replacing me who somebody coming in and he goes then aka bitcoin scribe you know him oh scribe yeah yeah okay okay he's coming in we've made arrangements that he could take over for me that day so the 29th he's coming in and that week i am not touching anything to do with that because those guys they are they're radioactive i don't want to wear my radioactive suit that day i'll try and ask some good questions anyway yeah it's gonna be it's gonna busy month and then probably um as we usually do in the summer,

although I do see still a bunch of interviews already scheduled. The summer, maybe we won't slow down like we usually do, but we might. We might do a few more nooners and stuff like that. Try and keep the Wednesday's episodes a bit shorter for your sanity and for ours here at CBP. So, Len, where do you want to start? We got lots of heat to discuss tonight. I'll leave it up to you. Let's start with something a little bit non-controversial,

like give us an opportunity to smile on things because there's going to be more filtering options moving forward for NodeRunners out there because Umbrell, this is the OS that is popular amongst NodeRunners. They have announced they're going to be offering Bitcoin knots as an option for people and from what i understand bitcoin core is or was the default node software available on umbral i don't know if they have offered anything else

aside from that but they also they are now offering knots so with knots they're giving the users the ability to filter out trash that they don't want on their mempools, namely the JPEGs. And if you read through the comments on X, because I never ran Umbrell, it looks like it's not possible to edit the Bitcoin.conf in the UI through Umbrell. And the file that you are able to edit, the Umbrell-Bitcoin.conf, didn't seem too effective with respect to filtering out stuff out of your mempool. So now with this option, with knots, you're going to have the option in the UI to just go ahead and do it, and you're good to go. And further comments show that it's live and people are doing it and it's working fine. I'm not sure exactly if you have to edit, like I mentioned, a UI or a config file, but either way, the option exists somehow that you could filter this out. And I know a number of people out there run Umbrell, right?

It's an easy rendition to run it. And this might encourage them to also run knots. And the way I understand it is, if you are running right now, umbrella and you want to move over to knots, I believe you have to start from scratch and resync everything. I don't think you just download knots and move over from there. From what I see people are re syncing, they're doing initial block down when it's starting from scratch, but

either way. So on top of this, we have like, umbrella, I just mentioned, and there's another OS out there called Bitcoin, another OS that allows for people to run a Bitcoin node called Citadel. I never heard of Citadel before, but they also announced they're going to allow for Bitcoin knots as an option starting in Citadel version 0.3.5. So there you go. Citadel, just an FYI, this is also not just a Bitcoin node that you could run on that OS, but also a Lightning node that you could run on that, and it could be done on Raspberry Pi 5s. So the movement for more filters continues. But I would suggest for people out there, Umbrell, it isn't really, in my opinion, the best option. If you recall not too long ago, the Clearnet fiasco where they were pinging the server through Clearnet,

even though you were running on Tor, still they were calling the mothership through clear net to find out if there were any updates and through that you never know if they were harvesting ips they said they weren't but still the question remains so there's some questions with everything that's going on with umbrella i always suggest look at other options if you just want to run a node you could do that on your windows your mac os or even linux which is my my preference and you can run core you can run knots strictly on those and do it simply and do it easily without dealing with these other os's but still for people out there that want to run them the umbrellas of the world the option exists knots is available and you can now start

filtering this is good news should mention that you did a somewhat deep dive into nodes on the Karadza show on Your Life, Your Terms came out last week. So if you're looking for a little more on nodes, you can definitely get it there. So I guess, Len, you're mentioning there that there's like a sync, I shouldn't say an issue, but you do have to resync your blockchain there.

You have to download all the Bitcoin transactions. I mean, that's not that big a deal, is it? It's not like you have to sit there and watch it you hook it up you start it and come back in a week or whatever and it's done right so it's like uh a process that you have to go through when you set up a node i mean i'm saying this like i know i don't actually have a node as many people have pointed out to me so i know um do you expect this to continue? That all these people are going to release new options and provide a feature set that lets you get rid of spam, I guess is what you would say? Probably, right? It seems like the goings- I think so. People like it. People are asking for it. And the developers of these operating systems are now enabling the users to take advantage of it.

So why wouldn't they? So give people an option. If they want to take advantage of it, go ahead. It's not like Notch is very old or outdated. It continually gets updated just alongside Core. So it just gives you more functionality, easier ways to filter. You can still filter with core don't that's not dense around this core you could do the exact same thing just go into

bitcoin.com file actually i did a video on that not too long ago and i cited the uh the resource that pointed me to all that which is bitcoin all caps and he outlined what three or yeah three different lines i believe it is you have to put in or two or three different lines you put in your Bitcoin.com. And that's enough to filter out your trash. But yeah, to answer your question, that was long-winded. I think more of these software developers are going to be offering it because people want it. Options are good. And people like to filter out this trash.

Let's keep doing it. This is the way to go. I do think that the people, regardless of my feelings or your feelings or anyone's feelings on ordinals and inscriptions, it does seem to me like the population of people who run nodes, there's a lot of overlap with the, I don't want any junk on the blockchain crowd. It's really the people who don't run nodes that don't really care. But the people who are deep enough that they have a node running, I think, want that optionality. I would expect that. I mean, I don't know if you can even measure this. You might be able to, you might not. I'm not sure. Maybe you can tell me, but I would expect that the number of nodes that have some kind of filter running is going to be more than 65%. That's like by the time this is all said and done, right? I think it's gotta be right. It seems to me like that's the

right group of people to ask if they want the optionality. And most of them would just turn it on because they are kind of, what's the phrase? They're more committed. They care more about what's going on on the network, let's say, than maybe someone who doesn't have a node. So I would expect that population is going to run pretty hot when it comes to whether they turn that on or not. Do I have that right? I think I do. Actually, I'm on the opposite end of the spectrum i i'm if i had to hazard a guess i would say a very low number of

people are actually engaging with the filtering of their nose a lot of people i would imagine are running stuff like umbrella and up until now you didn't have the option to do that so they were doing that so i think now with the option available yeah when the dust when the dust settles like 65 is that the right number or is it too high? Probably rather high, but it's going to be creeping up every month. Just because of through education and the options available, I think that number is going to be creeping up. We'll probably be in the 20s, maybe 30s, and that's even very high at that. That's okay, yeah.

I could be wrong, and I hope I'm wrong. Yeah, I'd be surprised honestly but i it's look what the whole point of bitcoin is everyone gets to do you know the any ordinals crowd would make this case too i'm i'm using everything i'm doing is in the rules and network well so it's filtering out the transactions so we're all going to play by the same set of rules and may the best man win right yeah let's move on, Joey. We want to talk about Coinbase. I think it's a good opportunity to talk about that. We may as well. Yeah, sure.

Let's dunk on me some more here. I got the ordinals on at first, filtering it out. Now we got the Coinbase. Go ahead. There's no fucking talking about it. Because they're going through their own set of headaches with US regulators out there because Coinbase. The question is, are they operating as an unregistered broker exchange? Okay bring house yeah give the summary and then i got a lot to say about this honestly i

think it's ridiculous but go ahead well so this is it's all part of the sec that they leave charges against coinbase and binance not too long ago and on the binance i believe that is more let's not even talk about this but coinbase has tried unsuccessfully to get this lawsuit dismissed. And the judge who oversaw the dismissal request said that the regulatory agency, the SEC, had a plausible cause against the exchange. So the judge is of the opinion that, yeah, maybe there is something here that needs to be heard.

And as I mentioned, it's all part of a lawsuit, which the SEC claims that Coinbase is violating federal security laws. there is something here that needs to be heard. And as I mentioned, it's all part of a lawsuit, which the SEC claims that Coinbase is violating federal security laws. And they might have made trading and staking available to just about anybody out there with a pulse and identification. And that is part of the sticking point that the SEC has. So the trading and staking purposes just about anybody. And the judge believes that coinbase Didn't seem to be acting as a brokerage. So with respect to that that part of the lawsuit has been dismissed. So the other parts though the Exchange and clearinghouse that may still well that looks like it's going to be heard and if it is indeed true that they are Then they're going to be wrapped pretty damn hard

but we'll see what happens with the coin the the court case because i'm wondering how successful the sec will be with this one with this they won't hear because given their track record the recent track record and you know look at what happened with ripple for example i don't know maybe they're they may not have anything to stand on here but since coinbase is the holder of choice for a lot of ETFs, so the ETFs are utilizing Coinbase as the custodian for Bitcoin, it makes me wonder what's going to happen moving forward with Bitcoin. Because there is a strong connection right now, at least, for people that like to talk about price, between the price of Bitcoin and what's going on with Coinbase. If something were to come out that is going to be really bad damage against Coinbase, i think that's going to impact the price of bitcoin negatively for a short period of time and it'll catch up but still we can't overlook that there is a connection right now at least between the etfs and coinbase and yeah this lawsuit is still going on and let remains be

seen what's going to happen but i want to hear your thoughts it looks like you have some some opinions here you want to share well because again like i'm not i'm not saying anything new here i've said it on this show and other appearances i've done including your life your terms including you know mike campbell's money talks when coinbase filed their s1 okay four years ago at this point or for three years ago at this point, whatever year it was, they went public, 20 or 21, I forget now. 21 March. Okay, so there you go. They get the S-1 approved.

So the SEC lets an unregistered securities dealer, their words, not mine, go public. Okay, that's number one. Then the SEC's unregistered securities dealer is the avenue through which the US government buys, or sorry, I shouldn't say buys, although they could be, I guess, but sells Bitcoin that they've confiscated over the years. They could go anywhere to sell the Bitcoin. Kraken, for example, which is not an unregistered securities dealer, though has similarly been in the crosshairs in the last few years. They go to Coinbase to sell it. So this entity is operating illegally that you just approved to go public.

You're also using it to sell your bags to the public. Okay. So you got two there. Then you approve after so much debate and disrepute these ETF products, including, by the way, changing the Grayscale Bitcoin Trust, which has existed for a long time, to an ETF. Never had a problem with Grayscale,

by the way. Grayscale has been operating in this fucking gray zone when it comes to the bankruptcy. Let's story for another time. You approve all these ETF products where Coinbase is the custodian. Your illegal securities dealer is the custodian for public facing ETF products for which there is demand unprecedented anywhere in the modern market economy.

Okay. Now you're telling me that you're going to continue to go down this road saying that they're running some kind of illegal operation. What leg do they have to stand on? Gensler at this point is just submitting himself to these public humiliation rituals on a regular basis. He's losing everywhere. As much as I don't want to talk about Ethereum, I'm even looking at the way he talks about the Ethereum ETF. Is this guy for real?

There's going to be an ETF for Ethereum, whether I want it or whether I don't want it, whether he wants it or doesn't want it, there's going to be an ETF for Ethereum. Because the guys who are walking the dog and giving the dog biscuits, guys like Fink and others, want the product. He's going down this road where he just doesn't seem to care about how legitimate he looks. He only wants to sort of feign this power over markets and over entities that are operating in the US market. Is Coinbase running a securities exchange? I don't know. I don't even think it matters, honestly, Len. To me, it doesn't matter at all. You've given implicit approval to this company over the last three years vis-a-vis all these

other actions that you've taken and the actions that you haven't taken during the same period. And now this is when you're going to try and run... I don't get it. I really don't. And I'm looking forward to seeing what happens because it seems to me like Coinbase is just so much better equipped to handle this stuff. On another note, in the past, you've seen Bitcoin companies, Coinbase included, take on former SEC and other regulator, legal support, attorneys, whatnot, people who you would imagine know the inner workings of some of these institutions and agencies.

There's been a recent push. I don't remember where I saw this, but there was a semi-prominent person on prominent person on twitter i say semi-prominent sure shit more prominent than me and you but he's talking on twitter about how these companies now are basically saying behind closed doors do not hire anyone from the sec anymore let these guys rot in obscurity once their regime turns over uh no more revolving door into crypto we don't want them we don't need them they're complicit They're architecting the problem. They're not just being fooled by Gensler. And so I think there's been a real shift in the power dynamic between the SEC and the

crypto companies. Mostly, I will admit that this mostly comes as a result of traditional finance entities grabbing the bull by the horns here in a major way when it comes to DTF products. And I expect Coinbase to win because it's in everyone's interest now, as far as where the money is, that Coinbase continues to win and dunk on the SEC. And Gensler just looks like a sad little man at this point, honestly. He gets on TV and Joe Kernan fucking 360 windmills on him. He gets on Twitter and people fucking dunk on him. His agency can't keep the

fucking twitter password secure like what is he doing to protect anybody the answer is nothing he the agency has lost all its teeth it's lost its legitimacy like so much of the u.s government at this point and uh i expect it to continue it's only going one way and it's just it's not going to get better for this guy i don't think before november well look at the way the winds are blowing because it's going to be a piece we'll go to the next story it's going to give an idea because this one either flew under the radar or nobody gives a shit about it you hear what's going on with kucoin no no i haven't heard about what's going on with kucoin tell me well kucoin and two of its founders they've've been charged with Bank Secrecy Act and money laundering violations.

Cool. I suspect this is rather large because this was spearheaded by Damian Williams. This is the United States attorney for the Southern District of New York. So that's the person that's involved there. So KuCoin and its two founders, Chun Gan and Kay Tang, I hope I pronounced it right. They're accused of operating without proper anti-money laundering protocols. And the U.S. is arguing that KuCoin has a responsibility to act accordingly to help identify and drive out crime and corrupt financing schemes, aka money laundering.

Sure. And KuCoin not reporting certain data. Well, this has put them in hot water. And what I find odd is that this is one of the world's largest exchanges, but this news isn't even making a ripple. And I'm not talking about that shitcoin xrp this nobody's really talking about this which is kind of odd at least from what i gather and so they only introduced a kyc program who coined it back as late as july 2023 so up until last year in the

middle last year they didn't have a kyc program and this only applies to new customers so if you're an old customer you still could fly under the radar. So it seems rather late in the game to be offering this. But the U.S. investigators revealed that KuCoin's operations, purportedly, they allowed over $5 billion of suspicious and criminal funds to flow through their exchange. And this was all before KYC became a requirement, at least for the new customers.

And some of these funds are being tied into tornado cash remember them so you know there's some things here that just seems very fishy at least with respect to at least the way that the u.s is looking at things and these charges were laid by the department of justice these are similar to the ones that were done against binance and looks like they're slowly going through all the files that they have on their desk to get through each exchange and make sure that they're doing everything what the U.S. thinks they should be doing. So this is an interesting story. Not many people are talking about this for whatever reason, but here we are.

KuCoin is under the eyes of the radar for the U.S. government. Interesting. Narwhal's in the chat saying that KuCoin was one of the last sort of OFAC resistant exchanges out there. So probably it's not top of mind for many of us, but something to keep an eye on. There is no bad data point when it comes to these stories. It's good to see where everyone is coming down on these things. And this is just another example of why you should be careful of where you spend your money in terms of buying Bitcoin, because now, you know,

presumably some of the names and addresses associated with that exchange are going to be under the microscope a little bit more than maybe they want it to be. So one thing that I'm just, again, I just reiterate, I'm shocked that not many people are talking about it. It just seems that,

you know, when finance was fucked over by the, there's so much other stuff going on though, that I mean, i mean there's just i guess maybe i don't know maybe or maybe we're just numb to this at this particular moment yeah we've gone through this enough time i actually didn't see this story once on twitter like not even a single time where did you see it i don't yeah twitter then i dug deep and i found the coin desk article i found others and help me you know formulate my opinion here. But anyways, very odd.

Either way, another one that's odd. Neelam. I hope I pronounced it right. Neelam Resources. You ever heard? Neelam. Sorry, Neelam. Yeah, the gold miners, right?

Yeah. The gold and copper guys. Apparently, they're based out of Quebec. So they're Canadian at that. This is a classic pump and dump. This is going to be good, Joey. There's some interesting stuff I learned along the way. So rumors are floating around not too long ago,

just last week, that this gold mining company, Neelam Resources, was going to buy 24,800 Bitcoin. And this was reported by some websites like Global Newswire, Seeking Alpha, and a few others. And the news, you know, this was entered, it's going to be a letter of intent with something called CyberData. And they were going to acquire a special purpose entity to establish under the name of Mindwave. They're going to be, Mindwave was going to hold a 24,800 Bitcoin.

And through this, Neelam was going to acquire 100% capital stock of Mindwave. And they're going to be selling some newly authorized uh series c stock in exchange for that this is just a lot of you know shifting of the chairs on the titanic but really in the end so nilam resources was nilam resources was going to buy a bunch of bitcoin and the problem is they didn't have the capital to execute this type of buy the market cap of Neelam before this all took place was around five-ish million US dollars. And the Bitcoin value at the time they announced it was around $1.7 billion. So you do the math, $5 million company trying to buy $1.7 billion worth of Bitcoin. If they could

do that to CBP, we should be doing the same thing. So the numbers obviously don't add up, but still, even if they don't add up so people out there they jumped on board because it raised a whole bunch of uh speculators you know this is going to go up and the stock price did jump up started from around 1.6 cents a share to as high as 30 cents a share in just one day and this jump even happened after the news was debunked. And furthermore, the CEO, Ron McIntyre, resigned as he was reported as saying, just look at this chart. It's a classic pump and dump. This is right from their former CFO. Now, he says his co-workers have indicated there was going to be a transaction forthcoming.

But they never gave him the details of the deal and issued a press release without letting him review it or telling him about the announcement so basically a bunch of guys in it at least according to him this is all legend a bunch of guys within the team they went around the ceo released this information increased the stock price and i guess they made bank as a result of this somebody's going to jail here len someone's going to somebody has to right this is a classic you know pump and dump this is the trad five version of inscriptions it's purely trash shady moves and here we are remember brie x it's not quite on those side of things but on that level but man oh man it's always a canadian gold mining company that seems to be involved but on on the flip side, once another company does announce they're going to buy Bitcoin,

and as long as it's within their means to buy it, obviously you see investors are happy with that. So maybe this might encourage another company out there to actually do the purchase. But these guys, they're not. I don't know if you saw that. And there's another announcement that shipping containers full of gold foil found at Neyland Mines' most recent gold discovery too. Gold foil, gold confetti, gold spray paint. Yeah, you got to look into that.

That's interesting. Do you remember Pre-X? No. I'm too young for that. That's like the late 80s, early 90s, right? I'm pretty sure. Late 90s. They were the company who said they found a mine in Africa and nobody ever went to check it out.

Is that them? And then finally when somebody went. It was like Indonesia or somewhere in that vicinity. Yeah, yeah, yeah. And it turned out that they salted the testing, the soil that they did. Oh, man. Somebody ended up getting pushed outside of a helicopter, I think. No, he just fell.

Yeah, well well they found his remains like weeks later ravaged by animals but yeah it was a sad situation this reminds me this you know this reminds me of remember like in 2017 or 18 it was during the ico craze i'm pretty sure i can't remember now but remember long island ice tea or whatever changed their name to long island blockchain or something like that no it just feels like this is the same kind of move like i gotta get i gotta get my stock my options up and i gotta exercise so i gotta do something what am i gonna do i gotta tell everyone that i'm gonna buy a billion in bitcoin or whatever the number was i think that's it's like

the same thing it's like the same thing you should look that up people are listening long island blockchain if you if you came in in 2020 you don't remember that but uh it's a story worth telling if you think that anything you see today is crazy 2017 was fucking nuts so much stuff that was going on it's an iq they changed the blockchain kodak i, changed to a blockchain company too for like a hot minute. Did they not? It was a total psycho mess. What did Kodak... Polaroid?

Was it Polaroid or Kodak? One of them was like... Kodak shifted away from... I can't remember now. I can't remember. But one of those companies moved to blockchain. Yeah, yeah, yeah. I just...

Oh my God. This kind of is like the same strategy, it feels like. I think. Anyway, I don't know. Maybe you have a different opinion, but pretty wild that that went on then. And now you have, you know, gold mining companies saying, no, don't abandon us.

We'll buy Bitcoin. This is the only way they're going to make me relevant moving forward. That's crazy, man. Just crazy. A few more stories. Three more, in fact. This would be perfect. We'll get us up close to the hour.

SBF. Hey, 25 fact. This would be perfect. We'll get us up close to the hour. SBF. Hey, 25 years. What do you think? Well, let's just do the rundown first. So he was sentenced to 25 years in prison for his involvement with Alameda Research and FTX. And from what I'm reading, it's not going to be the maximum security facility. I'm not sure what level it is, but they're saying it's not going to be at a maximum security facility i'm not sure what level it is but they're saying it's not going to be at a maximum a maximum security also coindesk is writing that he will be placed as close as

possible to his family so they're going to try to accommodate his family and him as much as possible to have him at least located in a close proximity to his family cool the department of probation was recommending 105 year sentence and well that is actually much less than what prosecutors were pushing at around the 40 to 50 year range so he's given 25 years in the end and remember he was living a good life for a while and this was on the dime of customers you know parties league of legends orgies and god knows whatever else and perhaps all three at the same time i don't really know but this closes the door on this chapter at least for now because we talked about it you and i briefly on axis of easy last week for people that have not subscribed i suggest you do so and i know

you're of the opinion that he's not going to be serving the full 25 years am i correct on that yeah there's no way there's no way yeah in fact didn't we make a comparison who's going to be coming out first him or ross was it you that asked no we're saying if you if you had to pick between ross assange and spf when the dust settles who's going to serve the longest sentence it's no one's taking spf in that no one i'm going with ross for the longest sentence i don't know why i think that he they're going to just see that through it could be wrong but yeah anything else you want to add to this story because it was a big thing a couple of years ago a year and a half ago um i don't know not really it's you know not it's not enough he bankrupted a ton of people the guys from all in uh did a segment

on this this week or last week i forget and they honestly those four guys don't know fuck all about this spf operation ftx nothing they're like oh it was a profitable business i don't know why he did the stuff he did like well guys let me tell you it wasn't a profitable business the only time that he was able to like you know make money was when he stole it from people so um just be careful you listen to i guess just listen to me and instead. We know what we're talking about. But anyway, the sentence, I mean, I can't imagine the guy serves more than, I don't know, 10, 15 years. Why do you think he's going to serve more than that? He's a huge Democratic donor, huge Republican donor.

He's grease to the palms. It's like that woke bespoke thing like you know woke or sorry broke is he's going to serve the whole sentence woke is only going to serve 10 or 15 years and uh bespoke is he wasn't greasing palms to stay out of jail he was greasing palms to get out of jail early because he knew he was going uh when he was given all those donations that's my guess and so i would say i don't know it looks like boomer and julian can i finance have a bet at 15 years would you take the over or under on 15 years way way under i'm wearing a tinfoil hat for this one okay i suspect his involvement with who he's dealt with probably information he knows maybe something's gonna happen oh you think he's going to die

i never said that you're reading between the lines perhaps oh okay like that's you know okay sure who's going to serve a longer who's going to serve a longer jail sentence bankman sam bankman freed or p diddy is p diddy in jail oh no you don't know okay no well we're not gonna talk about it on there people in the chat who's who you got longer sentence p diddy or uh or sam bankman freed anyway next story i don't even know what he did yeah well look it up don't look it up now and definitely if you to Google it, maybe do it incognito. All right. So yeah, users on X, they're reporting that Google has integrated blockchain explorer into their search engine.

And all you need to do is type in the search field Bitcoin, followed by the Bitcoin address, and it should show you the balance for that particular address. But when I tried it out using a generic address that I've been looking at, I tried to find on Google, it didn't work for me. And maybe because I wasn't logged into Google or maybe, I don't know, but for whatever reason, it didn't work for me. But others are reporting that you're able to do this.

But either way, if this does work for you, I would strongly suggest not plugging in any addresses that are associated with your Bitcoin transactions. Doing so, you're going to be tying your identification, your IP, and potentially your Google account to a search which you're doing, which is presumably your Bitcoin address. That's why when I did a search, I just used some generic address I found. I just typed in generic address Bitcoin, and I got that and tried searching that. So it's this is also a good reminder out there for people out there. Don't rely on a third party block explorer.

There's, you know, if you're running your own node, and you have the ability then to perform searches locally, you could control the data, and you could limit what information gets sent out, which is very key. But in the end, it just goes to show you there's some interesting things moving going on here. Because if you're looking at this story, this Google blockchain search story, it's very interesting because Google not too long ago didn't want even advertising about Bitcoin at all. The times are changing so if you read between the lines it looks like they're getting more cozy with bitcoin but they're doing this also i guess to try to who's google what are they known for getting information exactly this is another way

to get information so i would strongly suggest people out there if you're going to use this just do it for fun never use any of your transactions try to find a transaction that is publicly known like anything and just i don't want to say what just anything and search those for fun don't use your own search on your node you'll be good look up the uh coinbase wallets that's it yeah i just think that like the there's a huge maybe not a huge but there's some subsection of people like the engagement farmers on Twitter who are always like, oh man, look at this. Google's actually donating, giving resources to Bitcoin related stuff. What they probably did is just copy some kind of open API. Does mempool.space have an API you can use? Can you just pull their API and use it on your website

or whatever? I wonder if you can or not. Because maybe you can, maybe you can't. But at the end of the day, like Google could have just done something like that and just worked into the search. It wouldn't take much to do that. They give you the source code for free. But Memful gives you the source code for free. And with terms of, I forget the term, but in terms of getting everything and putting it on a database, you have different options.

You could use ElectRS, Electrum Rust. Electrum, yeah. So there's lots have different options you could use elect rs uh right from rust yeah so there's lots of different options and it's all freely available open source so anybody so wasn't that hard for them to do it basically is what i'm saying right right they could do and they can just manipulate it for how they want absolutely so yeah this is not something special the information is there and they have the people in house to do whatever they want for sure yeah an army of people yeah you're 100 right sorry i didn't want to derail this too much no no that's all that's all i wanted to add there's not much to say about that except to your point um i'm glad you said it don't search

for addresses that belong to you or transactions that are related to you in google search bar don't don't search for them at all like don't look at them if you're looking for a transaction like use something else. Go to Tor or whatever. But I wouldn't be doing it on anything clear net because over time, much like every Instagram ad you see, you're like, damn, I wouldn't mind actually buying that. You're going to be tied to a lot of Bitcoin stuff

before you know it too. So you have to assume that everything you type in is recorded and pinned to you. And I think that's probably the case. Like you mentioned, that's their business model almost at this point. I don't think that's up for debate. So don't play the game, man.

Don't be tempted. It's just a stupid little feature. It's nothing special. It's nothing you haven't seen before. There's no need for you to try it. Yeah, you are the product, right? When you're offering something for free and all you have to do is just sign up

and give nothing else, how are they making money? How are they able to provide the surveys? Certainly through ads, but also it's the gathering of information and selling of that information. And if they're gathering this information related to your transactions, I don't want to go too much into this. We talked about it. But anyways, Antminer, it's the last story I have. They announced the new S21 Pro and they did this at the global digital mining summit 2024 i think that was held in oman if i recall correctly the s21 pro pretty good specs here out of the box 234 terahash 15 joules per terahash

so you only need four of these bad boys to get to one terahash. This is incredible. This is two times the hash rate of the S19 Pro. And it's a great piece of equipment to deal with with the upcoming halving, right? If you think about it, this is an

absolutely just perfect plug and play. Now there's going to be a lot of electricity that comes along with it, but still, just goes to show you that there is more that they could squeeze out of this and as for comparison the s20 so s21 the non-pro version has a hash rate of 200 terahash per second and a power consumption ratio of 17.5 joules per terahash so comparing it to the s21 and s21 pro 17 more hash rate from the pro 14 more efficient and this the seven the s21 was only launched seven months ago seven months later we have something now is 17 more efficient faster yeah lots of rnd went into this let's be honest they probably put a crap load into this but also on top of everything

i've mentioned here bitmain is claiming that these rigs could handle ambient temperatures up to 45 celsius so this may be a perfect contender and a fit for those energy rich middle east countries that have can you name one do you have any in mind come man. They were just in no mind to do this. So like, why not them? Like Qatar, sorry. Pretty wild, man. That's like, I mean, I don't know if you've done the roundup, but just the speed that these guys are coming out with new tech in mining. And I know that these are quote unquote industrial units,

but Len, like, you know, you're like three years away from being able to put this in your home basically for, I don't know, what, $3,000 probably? What will these things go for in three years? Before the end of the next epoch. You're talking seven months unit to unit here.

It's wild. It is wild. It's happening. It's not like this is unexpected. You see this everywhere, whether it's computers or cell phones or you and I play video games land. The PlayStation 5 now, Sony says it's in its end of life cycle. The thing's been out for what? Four years maybe?

The PS4 was a decade. This thing's four years. They say it's getting near its end of life. But they're going to do the Pro next. Yeah, but it's only going to be the pros only a two-year thing that's not it's so even if they go three more years it's still only 65 or 66 percent right of what it was the previous cycle and quicker and quicker and quicker you're seeing it everywhere mining is going to be no different now here's the question for you What's this mean for the industrial guys? Do they start to, and this is a favorite topic of Bitcoiners, right? If you know that something is going to be cheaper in the future, do you delay the purchase? I don't know

what you do now because you can't get enough rigs for industrial operation and then have the manufacturer say to you in seven months, by the way, these are a generation old now. I don't know what you do. I'm not sure what the fix is for that or what the outcomes are going to be here as far as those operations. It's interesting because you got to get financing. You got to find power. You got to do all these things. It's a huge ask.

You would like to have the things running for a year, 18 months. I don't know what the cycle is but i it can't be seven months seven months is like nothing so i i don't know what they're gonna do but this is it's cool news all the same like i love seeing this kind of firepower come online it's good for the network it's good for the price but for miners industrial miners like it's a it's a tough game it's cutthroat cutthroat i don't think they're going to be in a process if they ordered a bunch of s21s to start upgrading them and replacing them with the pros because they knew full well once they get s21s there's going to be another edition coming out look at the s19 how many different versions i know i know so on and on and on so the same is probably going to happen with the s21s

just there's going to be a number of different options available for consumers and for those that are in industrial mining man i don't know how they're going to be able to move forward they got the halving coming up the price of bitcoin is really high but also another thing is debt if they have to take on debt to buy stuff that ain't cheap they might be able to get some favorable terms like but it's hard but it's hard to take debt now because in the last cycle i mean you and me talked about this when we were doing more minor content and you were especially doing minor content. What were they using to get the debt?

They collateralized their equipment. The rigs. The rigs. Exactly. And no one is giving debt on that now. No one's going to give you debt on rigs anymore. That ship has sailed. So I don't know how they're even going to raise that now besides issuing equity.

But that's not great either. Or just going out and saying i need x amount of dollars okay to give you these terms but again like because everything is more expensive so that is especially yeah these guys are tough and on top of all that now and i've been theorizing this for a while i think we've been theorizing this for a while the oil and gas getting involved yeah they have a lot of capital they could draw upon and they don't have to seek energy for the most part is if they have energy, that's just being wasted. Just. Yeah.

Is that right? That's just one checkbox that you'd only have to deal with. It's, it's something. And the other thing too, I wrote this in the research roundup for people who didn't read it, but this week and for the rest of the quarter, it's actually this week and 45 days following today, you start to see 13 Fs come out and you find out who's been buying the Bitcoin ETFs.

And this is important because of the point you just made. One of the things we've heard over and over and over again from guys who are in the mining space, from guys who are in the finance space, SB comes to mind, and everyone we've talked to about publicly traded miners and why energy companies don't get in. What's the thing we always hear? Career risk. It's too much to ask somebody who's sitting pretty in the C-suite to say, we should be going into mining and spend $10 billion on a huge swarm of S19J pros or whatever, or whatever ones you just said, S21s, and have the board kick you back and then start a group chat without you and eliminate you from your C-suite spot. But as the 13Fs come out, you're going to find out which kind of big money operations and entities are buying these ETS. And that lowers the career risk.

For the first time now, you're going to have a lot of financials that weren't available to you as recently as a week ago. And you're going to be able to see who's buying. And so now guys at Exxon can take this to their board and say, look, look at the companies that are buying this thing. It's not going away. Here's what the miners are doing. They're going to have trouble getting debt. This is the time to strike before everyone realizes this. And I think you're going to start seeing vertical integration.

And it's going to be fucking wild, man. Now, the other question, Len, is, and you and me have a, I think we have a sweet spot for this and an agreement on this. How does this infect, infect, how does this affect industrial mining operations that exist today? And is it better to have centralized mining operations like hut or riot or marathon that can be a target of governments? Or is it better to have companies who really like, like Exxon is damn near an arm of the government already. Do you want them, excuse me, doing mining and oil and gas and energy? And like, do you want them doing mining and oil and gas and energy? Do you

want them doing all this stuff and to have everything in one place if the government says, no more? We want to see all the transactions. You got to censor certain blocks. You got to censor certain transactions, certain addresses we don't want. We want to know who's pointing hash toward you guys. We want, we want, we want. What's better? The industrial miners or having oil and gas in there? I don't know. The best solution is to have more people mining in their garage. But for now, we're so far away from that. It feels like it's not good.

And it's like kind of a devil you know situation. I think I'd rather have the little industrial miners, like the huts and marathons, than I would Suncor firing up 5 billion in Alberta the little industrial miners uh like the huts and marathons then i would uh you know suncor firing up five billion in alberta for a fucking bitcoin mine i think anyway i don't know it's just a weird thing to consider it's there's going to be a lot of transition moving forward on the mining side of things and yeah if you could do some garage mining or even heat your home in the winter time consider doing so but of course

it may be more cost effective for you just to simply buy bitcoin and so it's really depending on how you want to move forward but either way that's it for the bitcoin related stuff so i'm not sure if you have any stories that i missed that you want to talk about but now's the chance to bring it up no nothing comes to mind uh i'm sure we'll hit some fun notables if i had to guess so we may as well hop over there. So if you're on video with us on YouTube, or I guess if you're on Twitter spaces, you can hang in here and we're going to keep going.

And if you're listening on the podcast release on Tuesday morning, you will get the rest of this tomorrow, Wednesday morning. So thanks for tuning in. We'll see that. Yeah. Take care and don't be a cock. Are you a fan of the old school NHL 94 game on the Genesis or SNES?

Why not check out my show, the NHL 94 podcast, from tournaments and tactics to the people who make up this community. Check it out wherever you listen to podcasts or find it on YouTube.