Latest / Simply Bitcoin / Michael Saylor Exposes His True Bitcoin End Game | EP 1103

Transcript

Michael Saylor Exposes His True Bitcoin End Game | EP 1103 · Simply Bitcoin

0:00
Yo, welcome to Simply Bitcoin. Did Michael Saylor change his
0:04
mind? Well, we're going to talk about
0:06
that today. There is a viral video that went
0:09
around where Michael Saylor joined a great content creator.
0:13
Her name is Madison Reidy, and she asked him a question
0:17
regarding the dangers, the potential dangers of the
0:22
centralization of the custody of Bitcoin.
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And what's really interesting to me is the change in answers and
0:29
we have all the receipts for you guys.
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So we have the clip lined up, we're going to play it and then
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we're going to talk about it. Let's check it out.
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Here we go for Bitcoin, bitcoins held with these third party
0:41
custodians. What risk does that pose having
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greater supply held by fewer large institutions?
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Does that increase the risk of seizure and confiscation like
0:53
we've seen with gold? And is that not exactly what
0:56
Bitcoiners don't want to happen? No, I think it's the opposite.
0:59
I think that when the Bitcoin is held by a bunch of crypto
1:04
anarchists who aren't regulated entities, who don't acknowledge
1:09
government or don't acknowledge taxes or don't acknowledge
1:12
reporting requirements, that increases the risk of seizure.
1:16
You have An OG crypto community is very hardcore about it, but
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if you look at where all the money is, 99.9% of the money is
1:25
actually in the traditional economy.
1:27
If you consider the Great Depression, I mean, people
1:29
thought that their gold was safe and banks until the executive
1:32
order of 1933. So we're not entirely safe.
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I mean, I know that's kind of a wild thing to suggest may happen
1:37
again, but history does repeat itself.
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So it was Bitcoin wouldn't be entirely safe.
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People say that, but mostly it's mostly it's paranoid crypto
1:45
anarchists that say that. OK, because it's it's a it's a
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myth and a trope that goes on over and over again.
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But first of all, he didn't really seize the goal.
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People voluntarily turned in the goal.
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They didn't go and kick in everybody's door, arrest them,
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shoot them and take their goal. That never happened.
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Is the United States on the Bitcoin standard?
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Maybe we will be. Soon, but the point, but the
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point really is we're not right. It's totally not a reasonable
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comparison. You know, people have these
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inflammatory, you know, tropes or inflammatory memes that they
2:18
they use. And it's like, I say that
2:20
because I want you to give me your money, OK?
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Like I want if if you don't trust the bank, then you'll buy
2:29
my hardware wallet. If you don't trust this
2:32
government, you'll move to my country and you'll buy a
2:34
passport from me. That's the kind of fear
2:37
mongering to get you to give me your money, right?
2:41
And I use it to sell you a gun, to sell you a hardware wallet,
2:45
to sell you an account, to sell you a financial advisor, to sell
2:49
you an insurance policy, to sell you a, you know, fill in the
2:52
blank. OK, All right.
2:55
So you know, first of all, I want to say this about Sailor.
2:59
I'm a huge Sailor fan. I think he's contributed so much
3:02
to the industry, but it's a little interesting because he
3:06
was actually saying, and this particular topic, he was
3:10
actually saying something very different on the Patrick Bette
3:14
Davis podcast. Let's check it out.
3:16
Churchill seized the gold. Roosevelt seized the gold.
3:19
If you'd lived in Germany, you would have had your gold seized
3:21
multiple times. In Japan, they lost it two or
3:23
three times. And Russia, you know, count the
3:26
number of times. So there's nowhere on earth
3:28
where you could have kept your your gold, Churchill seized.
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I mean, that's in stark contrast to what he's saying, right?
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He was saying like, oh, like, you know, these are paranoid
3:41
bitcoiners. Here's a a video of him about,
3:45
you know, a couple years ago. He's talking about self custody.
3:49
Very, very different perspective.
3:50
Let's check it out. Well, if something you can own
3:52
$100 million of, where you can take personal custody of it and
3:57
where you can actually move it anywhere on earth, and where
4:00
even if I hold a gun to your head, I can't take it from you.
4:03
And the only thing we've ever figured out that you can do that
4:06
with is Bitcoin. And so Bitcoin is like it.
4:10
It keeps everybody honest. The optionality to do this means
4:15
that all you got to do is find one bank in Singapore that'll
4:18
treat you better than the bank in New York or London or Tokyo.
4:21
And then you can move it in 1/2 an hour for 5 bucks.
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And what happens next? The bank in New York thinks,
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well, I guess we can't screw these guys over because in
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they'll just move to Singapore. And the guys in California say,
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well, I can't, I can't just tax all the Bitcoin in California.
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It'll move to Wyoming, it'll move to Singapore, it'll move to
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Malta. And at the end of the day, you
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can tell everybody to go fuck themselves.
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You can put it in your head, memorize the freaking key,
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right? And it's here.
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And then, you know, the classic Bitcoiner response is, Oh yeah,
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my Bitcoin. I lost it in a boating accident.
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You ever heard that phrase? It's it's kind of a trope.
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But what it means is at the end of the day, if you push me too
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far, I lost it, it's gone. Sorry, tax that.
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So again, radically, radically different perspectives here.
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I I radically different, radically different.
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He's bringing up examples of gold seizures in the past.
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He's bringing up the power of self custody.
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And then he goes on this recent podcast and he's downplaying the
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importance of self custody. He's basically making the case
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that only paranoid bitcoiners should want self custody.
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Now a lot of people have a lot of people have, you know,
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thoughts about this and I, I want to get them before I share
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my thoughts about this recent Sailor podcast.
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Here's Max Keiser. Max Keiser's a legend.
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My road map for Bitcoin differs from sailor.
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I believe money existed before the state.
6:06
Bitcoin separates money from state.
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Bitcoin ends the state. Sailor's Road Map is very
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provincial, US centered and reactionary.
6:16
It fails to consider the imminent and much needed
6:19
collapse of central banking and Fiat money and El Salvador.
6:23
We are not so naive. We understand a Bitcoin
6:26
renaissance is upon us and El Salvador is leading the way.
6:30
Sailors trying to fix an irreparable and more immoral
6:34
broken system. We are building a new system, a
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new economy on top of that, on top of Bitcoin.
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Come here and you'll see what I mean.
6:44
Here is Jameson law Bitcoin self custody isn't just about being a
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paranoid mountain man. There are many long term
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negative ramifications to convincing people to trust third
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parties. One, centralizing coins into a
6:59
few hands increases systemic risk of loss and seizure. 2
7:04
Bitcoin get disenfranchised from participating in governments,
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the governance activities like running nodes or trading forks.
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3 Ossification arguments are strengthened because
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institutions don't care about more advanced cryptographic
7:20
features. 4 Permissionless scaling gets de prioritized
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because we can just scale via trusted third party IO.
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US self custody is not merely important to individual Bitcoin
7:32
holders, it's important to the continued strengthening and
7:36
improvement of the entire network.
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Moving on, Jameson Lomp once again says the folks who are
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focused on Triadfi adoption of Bitcoin don't care about
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improving the protocol and scaling the network because they
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don't care about self custody. The next battle for the future
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of Bitcoin is brewing. Completely agree.
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Anyways here is NVK he says the problem that sailor and the
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content creator whose clip we posted her name again is Madison
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Righty. You can find the entire
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interview on her YouTube channel so go definitely check it out.
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Missed here is not 61O2. He is correct on that the issue
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is large large holder choosing which fork to follow.
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Say Coinbase held 25% of the supply and decided to follow a
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20 gigabyte block fork. That would pose a huge problem,
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could make strategy go to zero in a way that Triadfi's shorter
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or government's capture never could.
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Here's Jack Mahler's reacting to all this.
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Calling self custody crypto anarchism oversimplifies what
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Bitcoin accomplishes. It's about freedom, freedom of
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speech, property rights, and protecting your right to own
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what's yours. We must not dismiss it because
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freedom isn't promised. It must be fight for, fought
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for, and protected. As I said at the end of the
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clip, I love Sailor. He's a friend.
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This is the only free market in the world.
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Being free. In any free market, especially
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something as revolutionary as Bitcoin, people are going to
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have different views. That's not just normal, it's
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necessary. It's all love for me.
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My goal is simply to defend the principles that I believe make
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Bitcoin powerful. Freedom and the ability for
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anyone to engage with it however they see fit.
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And I echo what Jack Mahler says.
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I'm a huge fan of Michael Saylor and forever grateful for what
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he's done for our movement and for the Bitcoin movement
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overall. I think he's fundamentally wrong
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on self custody though. I think self custody is the
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revolution. Self custody is what is going to
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fundamentally, radically change the world into a much better
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world. A a world where everyone has the
9:54
opportunity to get ahead. If history has shown time and
9:59
time again if the state and if the government has the ability
10:04
to confiscate everyone's wealth in order to bail themselves out,
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they will do it. Do you think that six months or
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a year before the 6102 order in a country like the United States
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with the constitutional protections that it has, do you
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think people envisioned that here?
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No, there is a bunch of lawsuits after it happened, specifically
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citing the Constitution. And remember, when FDR did this,
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he initially did it with an executive order.
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The, the legislation through Congress came after the fact.
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And again, at that time, the Democrats had a super majority
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in Congress and also the Supreme Court.
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So like, again, it, it, you know, you can say that you can
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make a very strong argument that FDR was as close as the US would
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ever get to a, a, a, a dictator of some sorts.
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He was one of the only American presidents that ran for three
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terms, even though that, you know, they they made that part
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of the they ratified that into an amendment after the fact.
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But, you know, it was like long standing culture in American
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history since George Washington that presidents would only run
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for two terms because the United States didn't want to have a
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king, right. So again, you know, it was
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different times. There was the Great Depression
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that happened, right? You know, the world wars were
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mixed in there as well. But it it, it, it, you know, it
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not learning from the past and expecting things not to repeat
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in a way, maybe it doesn't repeat exactly.
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But rhyming, I think is a bit naive.
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So I'm sticking to what we advocate for on simply Bitcoin,
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spot Bitcoin and put that Bitcoin into self custody in
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your cold storage Bitcoin wallet.
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Even if you're an institution or a company, do it.
12:06
Do it. Don't trust a third party,
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especially now that we have a technology where you don't have
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to anymore. With gold, you needed to.
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With stocks, you needed to. With Bitcoin, you don't need to.
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So I understand why he's saying that.
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I get why he's saying that. No one is better than their
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incentives, and I understand Michael Saylor's incentives.
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However, I disagree with him and what Jack Mahler says.
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It comes from a place of love. This is a free market.
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Everyone has different opinions, but make no mistake, self
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custody is the revolution. Self custody is what is going to
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free you. And self custody isn't just for
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a paranoid few self custody. I believe that if enough of the
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world population takes their wealth into self custody, it
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will dramatically change the world for the better.
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Anyways, that's my two sats. Opti, what's your take on this?
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It was a bit surprising. I'm not going to lie.
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When I when I initially heard that, I was a little bit
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disappointed. But at the same time, I get
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where sailors coming from sailors trying to sell his
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stock, right? Sailor is trying to get people
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to buy the ETFSI understand that that's traditional finance.
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But at the same time, like there's nothing like spot
13:34
Bitcoin and cold storage. You can't replace that, right?
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So Opti, what's your take? Yeah.
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Well, obviously, fundamentally, just on the surface, I do
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disagree. I mean, I, I would when that
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when this news came out, I, I pretty much just tweeted like
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only the paranoid survive, obviously kind of trolling it.
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And I think it's important to be paranoid and get your keep your
13:54
head on a swivel. But like, if you just kind of
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take his words and you kind of realize the game he's playing
14:02
now, Saylor does have a huge target on his back.
14:05
We know that some of his comments and podcasts were used
14:08
against him in court. And so this is probably why he's
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trying to shift his rhetoric a little bit and play the game a
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little differently than us, you know, average retail everyday
14:17
bitcoiners that don't have billions of dollars in the
14:19
system. But when you really kind of
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think about what he said in that clip in particular, I think he
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does kind of have a point. And this is not saying like self
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custody is bad. I mean, he didn't really even
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say that in particular, but what he said is essentially like all
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the money coming from Tradfi isn't going to go into self
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custody. And I think anyone that isn't
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Naive knows that that's the case.
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These billionaires out here or even, you know, wealthy people,
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they don't like to hold their assets.
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And of course, they want some trusted third parties, though us
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Bitcoiners do always reference the classic article by Nick Zabo
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of, you know, trusted third parties are security holes.
14:54
And so This is why we are so skeptical and hear things like
14:57
this, especially coming someone that is as big as sailor saying
15:01
like, oh, you don't need to take Bitcoin into self custody.
15:04
That makes you a, you know, paranoid crypto anarchist or, or
15:07
whatever the phrasing was. And so obviously here I
15:12
completely disagree. I think it's very important that
15:14
people do take Bitcoin into custody.
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I think that is probably the most important aspect of this is
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that people hold their own Bitcoin because we know like
15:23
what was that lop, that lop quote?
15:24
We were saying like the biggest threat necessarily is not just a
15:28
six one O 2 order. It's more that Bitcoin does get
15:31
centralized. And we know, especially since
15:33
we've been covering choke .2 point O the whole year that if
15:36
they can centralized the money, then it makes it that much
15:39
easier for them to cut off the on and off ramps of Bitcoin.
15:43
And I think this is kind of the battle that we've been seeing
15:46
and we're seeing play out in real time is that now, you know,
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politics and Wall Street is on our door and they are doing, I
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mean, not necessarily saying that sailor is a part of this,
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but there is a concerted effort to kind of centralized Bitcoin
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and make it not become the digital money or digital
16:05
currency that we all believe, believe it will be, especially
16:07
with the rhetoric of, oh, it's just a digital asset.
16:10
It's just a store of value, whereas we fundamentally think
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it's different. We think it's the best money in
16:15
the world because it's permissionless, because it's
16:17
censorship resistant and because you can take it into custody.
16:21
And so, you know, on those fronts, obviously, I think self
16:24
custody is super important. But talking on the six 102 part,
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I did see a really good note from Lynn Alden and I and I want
16:31
to pull it up right now. So reading kind of what Lynn
16:35
Alden said, she's going here. This is again on primal.
16:38
She goes one-on-one on how gold was confiscated.
16:40
You had to turn it in for dollars by a deadline prior to
16:43
dollar devaluation. And there were massive prison
16:46
consequences for not turning it in, but little resources in term
16:49
of investigating who didn't turn it in.
16:51
That would be expensive. So it was fear based, focusing
16:54
on illegality and tail risk on edge cases more than enforcement
16:58
on average. Institutions had to comply
17:01
immediately, which is interesting considering what he
17:03
said in that clip since it's all visible.
17:05
So the government broke liquidity in the domestic gold
17:07
market, which was enough for their purposes.
17:09
Gold became a hard to trade illegal illegal relic for those
17:13
that held it. If a small family huddled some
17:15
extra bars for 40 years until it became legal again, then they
17:18
did OK. But can the government track
17:20
Bitcoin in the twenty 20s better or worse than gold in 1930s for
17:24
enforcement purposes? That's the right question.
17:26
And don't just think of confiscation, think of 70%
17:29
selective taxes and things like that.
17:31
Far more within the current rule law.
17:33
That's the sophisticated approach.
17:35
Don't take it selectively tax it by a lot.
17:38
Those are the politics to push against from a Bitcoin
17:40
perspective. And we've been seeing this kind
17:42
of narrative also get pushed recently, of course, in Italy
17:45
about the, you know, raising the capital gains tax on Bitcoin.
17:49
And you know, even Elizabeth Warren with the anti crypto army
17:54
that she was building and some of the rhetoric that she was
17:56
saying. And of course, let's not forget.
17:58
Is it a coincidence that right after the ECB articles or
18:02
reports were dropped up that we get this clip?
18:04
So kind of backtracking on some of those those comments that
18:07
sailors made in the past. And then of course, a lot of the
18:11
more cynical bit corners on Twitter are saying like he used
18:14
the plebs and the Bitcoin rhetoric to build a huge
18:17
platform and now he's kind of rolling it back.
18:19
Of course, we've constantly seen from Sailor that he is for
18:24
better or worse a dollar maxi. He thinks that the dollar and
18:27
Bitcoin will survive together. A lot of his Bitcoiners kind of
18:30
have a different take that Bitcoin will win eventually and
18:33
all roads lead to Bitcoin. So it is a very interesting and
18:37
kind of like head scratching take here and of course not
18:42
trying to mind read here 'cause I don't really know what's going
18:44
on in Sailor's mind here. It does seem like he is trying
18:48
to protect his neck now that there is, you know, the forces
18:51
that be kind of attacking Bitcoin.
18:53
What do you got here? Dude, not your keys, not your
18:55
coins, yeah. Exactly, and also also let's not
19:00
forget that he is also working towards building a Bitcoin bank.
19:04
So this is, you know what this is guys?
19:07
It's it. Look, the Elon was super pro
19:11
Bitcoin and Tesla was accepting Bitcoin on their website and
19:15
then all of a sudden Elon did a 180 and he never brought up
19:18
Bitcoin again. So I think that if you have a
19:22
public company in the United States and you are prone to
19:27
government regulatory pressure, I think in a way you have
19:34
tremendous amount of pressure not to talk about something that
19:39
could potentially threaten the US dollar and specifically US
19:45
sanction policy. That's my two sides.
19:48
I think this is what's going on here and this is what I was
19:52
talking about with when it comes down to incentives and no one's
19:56
better than their incentives. I think, I think Sailor knows
20:01
the benefits of self custody, but now his incentives aren't
20:06
aren't necessarily aligned with saying listen, you should take
20:11
self custody. Because again, you know, it's,
20:14
it's someone saying in the comment, MicroStrategy is very
20:17
Wall Street dependent. Something to keep in mind,
20:19
right? So again, I don't blame him.
20:22
This is a free market. Everyone is entitled to their
20:24
opinions. I personally love Saylor, love
20:27
what he's done. I've I've had.
20:29
Great interactions with him and experiences with him in person.
20:33
So, you know, I'm not trying to, you know, shit on, on his
20:38
opinion or anything. Everyone's entitled to it.
20:40
And that's what makes Bitcoin beautiful, right?
20:43
Everyone has different approaches to it, after all.
20:46
So anyways, guys, let's jump in straight into the show.
20:48
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All right everybody, let's start the show.
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Let's get into the numbers. We have a ton to talk about
22:30
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At the time of recording, the Bitcoin price is $65,890.00 sats
23:59
per Dollar 1518 Block height 867,029 Realized monetary
24:07
inflation 1.28% market cap 1.3 Trillion Bitcoin versus Gold
24:14
market cap 6.79% money supply 19,771,749 BTC percentage issued
24:27
94.15%. In the grand scheme of things,
24:32
things are just getting started. Anyways, interesting observation
24:37
from Alex Thorn. Alex Thorn is the head of
24:40
research at Galaxy. Let's check it out.
24:43
When you adjust for inflation, the Bitcoin bull market hasn't
24:47
even started yet. That's a really good point.
24:50
Here is the data itself November 21st Bitcoin all time high it's
24:56
at 6767 thousand 734 but if you adjust for inflation the March
25:03
2024 BTC all time high is 73 is was which was 73,157.
25:13
But if you adjust for inflation it's actually $60,738 in terms
25:18
of purchasing power. What about the the October 21st
25:24
2024 BTC? The nominal was 67,419.
25:30
If you adjust for inflation, that's actually the equivalent
25:33
of 55,325 worth of purchasing power.
25:38
And again BTCTUSD to break prior all time high, it would actually
25:44
require a $77,000 all time high to break the previous all time
25:51
high if you adjust for inflation.
25:53
So a little it's quite interesting and it, it just
25:57
shows you the, the loss of purchasing power.
26:00
Anyways, I have a clip for you guys of, of potentially the
26:03
future president of the United States.
26:05
Here's Donald Trump. And here he is saying that he
26:10
would put 100% tariffs on countries abandoning the US
26:14
dollar as a world reserve currency.
26:16
Let's check it out. If a country tells me, Sarah, we
26:19
like you very much, but we're going to no longer adhere to
26:22
being in the reserve currency. We're not going to salute the
26:25
dollar anymore. I'll say that's OK.
26:28
And you're going to pay a 100% tariff on everything you sell
26:31
into the United States. And we love your product.
26:34
I hope you sell a lot of it into the United States, but you're
26:36
going to pay 100% tariff. He will then follow it up by
26:39
saying, Sir, it would be an honor to stay with the reserve
26:42
currency. I will be.
26:43
That will be like just playing. That's not even chess.
26:45
That's checkers. But you don't have other listen
26:48
to this. You don't.
26:49
You don't have other people that can talk that way.
26:51
If so, again, like it, it's it. That's quite strange to me,
26:56
right? It it and the reason it's quite
26:59
strange to me and kind of connecting this with it, kind of
27:04
connecting this with, with, with, with, with Michael Saylor
27:10
in his bit. Look, guys, you know, the US
27:14
government gets a tremendous amount of, of raw power being
27:20
able to issue its own money. So if you are the CEO of a
27:25
publicly traded company, you can't come out and be against
27:29
the dollar. You can't do that.
27:32
You can't do that, right? Like look at that, that and
27:35
again, this is someone who is pro Bitcoin, pro crypto, right?
27:40
And look, and he's basically saying like, look, if a country
27:44
drops the dollar as a world reserve currency, I'm basically
27:47
going to punish them with tariffs and taxes.
27:51
So it just shows you how protective he is.
27:55
And the question that I have for you guys is like it it, you
28:00
know, is the dollar really benefiting you?
28:04
Like, and again, like this is like a very tough, I love
28:09
America and I know that Opti does too.
28:10
I'm a first generation, first generation American.
28:14
So is Opti and I believe in the idea of America.
28:18
But like Ron Paul said yesterday, you can love America
28:25
and not be a dollar maxi like the the Federal Reserve
28:29
Frankenstein the dollar, right? You know, Fiat money.
28:36
Those things don't equate and don't let them manipulate you
28:39
into thinking that you hate your country because you dislike
28:45
Fiat. Both things can be true is what
28:50
I'm trying to tell you. So I'm going to leave it at that
28:53
and I'm going to pass it on to Opti.
28:56
I mean, Opti, it's, it's it it again, it's, it's, it's
29:02
troubling, right? It's troubling, like, and then
29:05
it kind of explains a little bit of where sailors coming from,
29:10
right? Yeah, 100% and someone just hit
29:14
me to this in the chat, so I'm going to pull it up before I
29:18
give my thoughts on this. Sailor just tweeted about
29:21
supporting self custody, so let's read this for the audio
29:23
listeners. It's a Sailor on Twitter
29:25
literally a minute ago. I support self custody for those
29:29
willing and able, the right to self custody for all and freedom
29:32
to choose the form of custody and custodian for individuals
29:35
and institutions globally. Bitcoin benefits from all forms
29:38
of investment by all types of entities and should welcome
29:41
everyone, which I think it's kind of what Nico and I were
29:44
saying. So I'm glad we got a
29:46
clarification on this literally as maybe he's listening maybe.
29:52
OK, first of all, I do want to kind of talk on the Bitcoin
29:58
hasn't hit all time high if you adjust for inflation.
30:01
I think, you know, again, without having that data, I
30:05
think a lot of us kind of feel that same sentiment right now in
30:08
regards to the Bitcoin price. I know we're all kind of bored
30:11
right now and we're like, man, we're literally the meme like
30:13
poking Bitcoin, can you do something?
30:14
This is boring. It's been such a long bear
30:16
market. And I think when you look at the
30:19
numbers, not only is a sentiment like that, of course, you know,
30:22
we just brought the numbers to you, but now we have the the
30:26
numbers to back it up that if you adjust for inflation,
30:28
Bitcoin hasn't hit an all time high.
30:30
And one thing I noticed yesterday is like, there's so
30:33
many bullish indicators of where we are in Bitcoin, and yet no
30:38
one is paying attention to Bitcoin right now, which I think
30:40
is such a bullish like development happening right now
30:44
that once Bitcoin does break out of this all time high range.
30:47
What was the number there, Nico? I think it's 73.
30:49
Is 77. 77 so OK, now the new number I've been kind of looking
30:54
at like once we actually break all time high on the chart,
30:57
which was around like what 71 ish 73 K, depending on how much
31:01
shorting is going on up there. Now we have that range from like
31:05
you know 71 to 77 K that once we actually break out of that
31:08
range, then we can all really kind of get excited and and
31:12
start to start to really claim that the bull run is here and
31:16
the bears have no control over Bitcoin.
31:18
So now we got some new some new numbers to kind of go check.
31:22
So hey, draw your lines at 77 K. Now I know it's kind of floating
31:26
in mid in mid air if you are doing your TA charting.
31:30
But now, now we have an idea of what the all time high was when
31:33
you adjust for inflation. So love to see it.
31:35
The second part is that Trump clip.
31:37
I have been referencing this clip for a minute and I think
31:41
this is the growing trend. Obviously we've been talking.
31:43
Yesterday we played the clip of Paul Tudor Jones basically
31:46
saying like, I'm not going to hold bond, I'm holding, you
31:49
know, hard money. I'm holding gold and Bitcoin and
31:53
no fixed income investment. Maybe the NASDAQ, if I have some
31:57
cash, it's going to be for short term, you know, like bills or
32:00
whatever. And I think that's the growing
32:03
trend that we've noticed this year.
32:05
Is that what we've covered here on the show for a long time?
32:07
The dollar has been weaponized and people are looking for
32:11
alternatives. The dollar has been used as a
32:14
way to control people and I think this is just kind of the
32:20
the laid out playbook for what happens when you have a world
32:23
reserve currencies. Obviously part of the Elizabeth
32:26
Warren anti crypto army attack was essentially the same thing.
32:31
It's to keep people in the dollar.
32:32
We know that the politicians and the bankers out there want to
32:36
ensure that you don't find the escape route referencing what's
32:40
the Christina Lagarde's. We don't want people going to
32:43
the exit route because we all know that now with digital
32:47
money, with everything on a digital Ledger, bank runs can
32:50
happen very quickly. And if you're looking at all the
32:53
stuff going on in macro land like it seems, of course, I
32:56
don't want to be a dollar doomer here because I think they can
32:59
kick the can down the road for a lot longer than we expect.
33:02
But the Tratify system globally, not just in the US, but globally
33:07
at large, is on a very, very, very precarious ledge right now.
33:12
It's becoming very obvious that something might be happening,
33:16
something might be brewing. Can the Fed control the markets?
33:19
I just saw a tweet by the Kobayashi letter asking, or
33:23
rather giving the question of, did the Fed break the markets
33:27
right now because of that 50 basis rate cut?
33:30
And now, you know, things aren't going according to plan.
33:34
And so obviously we're seeing a trend that people are looking to
33:37
drop U.S. debt, they're looking to drop U.S.
33:40
Treasury and people are finding alternatives.
33:43
And I did see a clip this morning go around Twitter about
33:46
Putin basically saying the same thing that the US dollar has
33:49
been weaponized and it wasn't them that wanted to get off the
33:52
dollar. They were forced off the dollar
33:54
and hence why they're looking for alternatives.
33:56
So this trend has been happening all year long.
33:59
Again, I think there is a lot of tricks up the US government, you
34:03
know, world reserve currency status sleeve to control people
34:07
using the dollar. Obviously, all of what Trump was
34:11
saying, we're seeing that they're doing very similar stuff
34:14
in regards to Bitcoin, whether it's capital gains or
34:16
regulations or choke .2 point O of trying to control capital
34:22
from flowing into Bitcoin. And you know, like, like you
34:26
were saying, I, I think this is kind of the trend we're seeing
34:29
even with Sailor coming out and saying the same thing.
34:31
It's like, look, institutional capital is having a hard time
34:34
find its way into Bitcoin. And he just clarified that,
34:37
yeah, I believe in self custody, but I also believe that if
34:41
Bitcoin is going to go where we think it's going to go, then
34:44
there will need to be some good custodians out there.
34:47
You know how Finney even said it what, like a week after Bitcoin
34:50
was was released that in the future there will be Bitcoin
34:53
banks. And I know a lot of Bitcoiners
34:55
are like, oh, banks are going away and banks are never going
34:58
to happen. And, you know, they're, they're
35:00
on a, a time limit. But I kind of disagree with
35:04
that. I think there will always be
35:05
banks. I think there will always be
35:06
need for banks. But as we are clarifying, I
35:10
think it's very important that we do kind of ensure that self
35:13
custody does happen and people are able to take self custody.
35:16
But the growing trend's the same.
35:18
People are wanting to drop the US dollar because it has been
35:21
weaponized and people are tired of losing their purchasing
35:24
power. And that's the game we're at
35:25
right now. They have to continue to print
35:27
money to ensure that the dollar looks strong to people and that
35:31
they're incentivized to use the dollar.
35:33
But now we have many options. You can go into your local
35:36
currency if you want, but we obviously will argue that the
35:40
best bet is to go into Bitcoin. And that's why we think Bitcoin
35:43
is going to win, and that's why we think everyone should be
35:46
holding some Bitcoin. Amen to that all right
35:48
everybody, let's get to the news.
35:50
We have a lot to talk about today.
35:51
Let's check it out. If you guys are enjoying the
35:54
show so far, make sure to smash that like button.
35:57
Help us break 100 likes within the 1st 45 minutes of the show.
36:02
All you got to do is smash the like button.
36:04
Of course, shout out to everybody watching us on Rumble
36:07
X Noster, your platform or protocol of choice.
36:12
And also shout out to Sailor for clarifying, coming out and
36:15
clarifying his stance on and self custody.
36:19
Again, I love, love this is a free market and love everything
36:24
that Sailor has done for the movement.
36:26
Personally, I'm a Sailor fan, but again, incentives are
36:30
incentives, ladies and gentlemen, and what Jack Mahler
36:33
said, you know, this comes from a place of love.
36:35
Anyways, everybody, let's speech, let's get to the news.
36:40
We have lots to talk about today.
36:41
Let's check it out. Here we go, shout out to our
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39:04
This is the one we recommend. It does not come with Opti
39:07
though, even though we were did ask, someone did ask anyways, so
39:13
this is what I want to talk about today.
39:16
We we kind of ended yesterday's show regarding this topic and I
39:20
just wanted to add a little bit to it.
39:22
Bitcoin is the what do we want as Bitcoiners?
39:26
We want the separation of money and state, right?
39:28
We believe that's going to make the world a better place.
39:30
By definition, the separation of money and state is highly
39:33
political. And what's going to happen,
39:36
inevitably going to happen, is Bitcoin.
39:40
The Bitcoin industry and Bitcoiners are going to become
39:44
part of the donor class in DC and that's exactly what is
39:50
happening. I just want to read the headline
39:52
of this article. A wave of crypto friendly
39:55
lawmakers is about to crash Congress.
39:58
Brace yourself for the crypto Congress. $160 million political
40:03
spending spree by cryptocurrency firms and executives is poised
40:07
to usher in a new bipartisan army of industry friendly
40:12
lawmakers across the House and Senate.
40:15
Who are they? As many as 13 new pro crypto
40:19
candidates could ascend to seats in the House next year with
40:22
backing from the industry's network of super PACs, which
40:26
have spent big to promote allies and block critics and races
40:29
across the country. The potential House members
40:32
range from progressive Democrats who tout digital assets as a
40:36
tool for financial inclusion, to Republicans who bashed the Biden
40:40
administration's crypto policy and say the technology can,
40:43
quote, create an economic freedom.
40:46
The Senate is expected to gain several pro crypto members,
40:50
including Representatives Adam Schiff and John Curtis, who are
40:54
all but guaranteed to win races in their respective states.
40:58
Republicans in nearly every key battleground state contest are
41:03
crypto proponents, meaning that any seats the GOP flips will
41:07
deliver a new ally. Regardless of who wins the
41:10
presidency, the result of the 2024 election is likely to be
41:15
the most pro crypto Congress ever and one that could deliver
41:19
the industry's long held lobbying priority of removing
41:22
regulatory roadblocks. It's a stunning rise with crypto
41:26
products being used by only a fraction of the US population.
41:30
But executives willingness to dump money into the political
41:34
system from their company's bank accounts and their own has
41:37
helped make politicians pay outsize attention to their
41:40
'cause that is not true. The last 3 1/2 years, the Biden
41:46
administration has metaphorically attacked the
41:50
industry with A2 by 4A3 by 4 and that is what has caused this
41:57
reaction by industry executives and people that are part of the
42:02
industry to react to it. This was a response to the
42:07
attack. This was not.
42:08
This just didn't come out of nowhere.
42:11
This is, this came out because of Elizabeth Warren, because of
42:14
the current administration. That's why Trump is mentioning
42:18
he's going to protect the right to self custody.
42:21
That would have never have happened in a million years if
42:24
there wasn't an incentive for that to happen in the 1st place.
42:29
They created that incentives when they attacked the industry.
42:33
And ladies and gentlemen, This is why we're going to win.
42:36
This is a bottom up movement that involves all political
42:41
parties and our movement has better incentives.
42:47
So you're going to see the continuation of this and what is
42:51
the House of Representatives, but not representing the
42:56
interest of the American people. So I disagree with you,
43:00
Politico. I've been paying attention to
43:03
what has been happening the last 3 1/2 years and we've been
43:06
getting attacked, which is why you're seeing this immune system
43:10
response of cyber Hornets sticking up for the Bitcoin
43:15
industry. It goes on to say, quote, when
43:18
it comes to new players on the scene, there has not been
43:21
something to just expose like this, to go from an industry
43:25
that spent very little to being arguably the biggest spender of
43:28
the election cycle, said John Lebowitz, vice president for
43:32
communications at the Citizens for Responsibility and Ethics in
43:36
Washington, an ethics watchdog that tracks campaign finance
43:39
issues. Here's a look at the crypto
43:41
industry's likely class of 2025 and how much it's super PAC has
43:46
spent to support preferred candidates.
43:49
Excuse me. So for the Democrats, they've
43:54
spent $31.5 million. Crypto has flexed its influence
43:59
in more than four dozen House races this year.
44:03
The crypto super PAC Protects Progress, has spent 2.6 million
44:08
boosting figures who won a crowded Democratic primary in
44:12
March and now hopes to represent a redrawn district around
44:16
Montgomery, AL. All right, you guys get the
44:19
general gist of this. And what I got to say about this
44:23
is, yeah, good riddance. Isn't it nice to get a taste of
44:26
your own medicine? Isn't it nice?
44:28
Isn't it nice? We are now part of the donor
44:32
class baby and we're in DC and we want our, we want our, our,
44:39
we want our industry protected. We want what we want.
44:43
We want our we want, you know, our future secured.
44:49
We don't want our future attacked.
44:51
And that sucks that it contradicts, you know, certain
44:57
policies of the current administration.
45:00
They always talk about democracy.
45:02
Bouyakasha, here's a taste of democracy for you.
45:05
And it's coming in hot. And we got a lot of Bitcoiners
45:09
that are back in this. Yeah, exactly.
45:11
Someone in the IT just reminds me of the of the, of the of the
45:15
meme from that movie of the Somalian pirates, Tom Hanks and
45:19
whatever. It's like we are the captain
45:21
now. And it's going to continue.
45:24
Our our industry is just going to continue to get bigger.
45:27
As it gets bigger, our lobbying effort will continue to get
45:30
bigger. Our donor class will continue to
45:33
get bigger. And at the end of the day, you
45:36
know, Washington, DC politics is controlled by the donor base.
45:40
We are now part of the donor base, baby.
45:42
And that's not going away. Like welcome to democracy.
45:46
Like, I don't know what else to tell you.
45:48
You know, so, and again, we didn't ask for this.
45:53
I I think that Bitcoiners and inherently anyone that's part of
45:56
the Bitcoin and crypto industry inherently distrusts the
46:01
political system because of how connected it is with the Fiat
46:05
money system. But I think that if you attack
46:09
us for 3 1/2 years, if you try to kill our industry the way
46:14
that Elizabeth Warren tried to kill our industry, this is the
46:18
end result. Like we fight back, we bite back
46:22
that like it's, it's like, did you expect us to roll over and
46:26
say, hey, you know what? You guys are right?
46:29
We're just going to go away, forget about it.
46:32
This is what happens. Yeah, well, Politico has been
46:36
cooked for a while. They've been pretty anti Bitcoin
46:39
for a long time and it's just interesting.
46:42
You know, I think in this article they tried to kind of
46:45
lay it out like they're unbiased.
46:47
But if you really read. It they they spend it like.
46:49
Yeah, they, yeah, exactly. They tried to come off as
46:52
unbiased, but it's definitely biased.
46:54
And, and essentially if you read between the lines, they're
46:57
saying like this is a bad thing. And we've heard this trend come
46:59
out the last couple of weeks as well.
47:01
I forget who it was last week or like 2 weeks ago, but basically
47:05
saying that we have to watch the, the crypto donation super
47:10
PACs because they are, you know, messing with democracy or
47:13
whatever. And what I forget what the
47:15
actual quote was, but and, and who it was exactly.
47:18
But they're freaking out about this because now Bitcoiners are
47:22
playing the game. And I know a lot of bitcoiners
47:24
kind of take the opposite view of like, oh, you know, just like
47:27
build a parallel system and no need for us to play the game
47:31
because bitcoins going to win. And we, we talked about this
47:33
yesterday and I'm glad that this article drop today or actually
47:36
after the show yesterday on Politico because it's making our
47:40
point for us. And really when you look at the
47:42
numbers, 160 million for super PAC, like, yeah, it's not like
47:48
too much money in the grand scheme of things, obviously, but
47:51
as one donation base, like that's a pretty big, big
47:56
donation. Like that's a lot of spending
47:58
going on for our industry. And you just love to see it
48:00
though again, you know, being more of a Bitcoin maxi, I did
48:04
read the that article and kind of look at some of the wording
48:07
from some of these politicians. And I haven't had enough time to
48:10
like deep dive every single one of those politicians, but I did
48:14
catch a trend of a lot of conversations about, you know,
48:17
blockchain and digital asset innovations.
48:20
So until they just go hard on, we are here to protect Bitcoin.
48:24
I will obviously be a little skeptical about what their
48:28
incentives are and how educated they are, but I think this is a
48:32
good first step. And obviously this is our first
48:34
basically Bitcoin election. And I think moving forward,
48:37
Bitcoiners are going to get more involved.
48:39
And Nico, when you were referencing the quote of I'm the
48:42
captain now, I, I thought you were going to reference the, the
48:45
Max Keiser quote of it was like 2017.
48:47
And it's like he who has the money, makes the rules and we
48:50
have the best money. And now we can get involved in
48:53
the political system and try to influence what's going on.
48:56
And let's not forget that Howard Lutnick is one of is on the
49:00
board for the Trump transition team.
49:01
Of course, Cantor Fitzgerald, yes, you can say that, you know,
49:05
there's some iffy stuff going on with Tether, but I think that is
49:09
growing trend that Bitcoin and you know, for lack of better
49:13
terms, quote the crypto industry is being taken legitimate and
49:17
now we are maturing and hopefully soon we will get some
49:20
favorable regulations in the US. Hopefully they're, they're a
49:23
little more hands off and they don't try to embark some weird
49:27
taxes on us and, you know, force us not to hold custody Bitcoin
49:33
and all that stuff. Like there's still a lot of work
49:35
to be done, but I think this is a good first step on the road
49:39
where we all know what's going to happen.
49:40
Bitcoin is going to take over not only the financial sector,
49:43
but the political sector. And hey, $160 million super PAC
49:48
donations for being pro Bitcoin. Like it's, it's going towards
49:52
the trend and the narrative that I've been and Nico have been
49:55
saying on the show for a long time that if you fight Bitcoin,
49:58
you're no longer going to be a politician.
50:00
And I just love to see it, you know, this, this is how America
50:03
works. This is how democracy works, is
50:05
those who lobby, they get their favorite.
50:08
Yeah, it isn't it, isn't it crazy, right?
50:10
We're using their system, right? We're playing by their rules and
50:14
this is how it, you know, this is how it comes it's just it's
50:17
just interesting watching them see then and you, you, you feel
50:21
the bias in that political article.
50:23
They're not being sincere. They're not being honest.
50:25
Bitcoin, without a shadow of a doubt, has been attacked for the
50:30
last 3 1/2 years and we've covered it, it like we've
50:33
covered it in depth in this show on on a Monday through Friday
50:38
basis. So yeah, I mean, there you go.
50:41
Like did you expect us to roll over and go away?
50:44
It like, no, like this is what happens.
50:47
Like you, you fight and then you get a reaction back and you get
50:50
a taste of democracy anyways. Everybody hold on.
50:53
It is funny though, Nico, you just reminded me.
50:55
We were talking about it yesterday, but the, the, the
50:58
meme of like rules for thee, but not for me.
51:01
It it's like it's playing out again in this regard.
51:04
They're like, oh, this is bad. You know, they're they're
51:07
spending way too much money to lobby our politicians.
51:10
Like we should fight this. And then when you really
51:13
understand how politics works, like, hey, we're just playing
51:16
the game. Like this, it's like we're doing
51:18
exactly what you did, you just don't like the fact that we
51:21
figured it out. Anyways, everybody, let's get to
51:22
the culture. All right everybody, I do want
51:36
to give a shout out to our sponsor, the orange pull up
51:39
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51:51
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And it gives you the capability to send them a message directly
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sparking up that conversation and hopefully starting up that
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today. Stack friends who stacks sats
52:31
Anyways, so we are going to talk about self custody today and the
52:36
importance of taking self custody.
52:38
Opti where are we? How are we going to get started?
52:41
It was fitting, it was fitting we had to do it for today.
52:43
I haven't done it in a while and we are getting new viewers here
52:48
and considering that we are talking about self custody all
52:50
day, I figured I'd give you guys, you know, just the, the
52:53
elementary, the first steps on what you should be doing if you
52:57
are only buying Bitcoin and you're leaving it on an
52:59
exchange. And so I do again, I, I do the
53:02
just the little TLDR, the framework that I like to use.
53:05
If this is your first time taking your Bitcoin off in
53:07
exchange so that you are secure. And then of course, I got some
53:10
hardware wallets and, and mobile wallets that I like and desktop
53:13
wallets that I like. So First off, First things first
53:17
guys, if this is your first Bitcoin wallet, first of all,
53:19
you need to take your Bitcoin off in exchange.
53:22
As we said on the show, not your keys, not your cheese.
53:26
If it's on in exchange, you could argue it's not really your
53:29
Bitcoin. Yes, you have claimed to that
53:31
Bitcoin, but until you take it off the exchange, it's not your
53:34
Bitcoin. But once you do that, like, what
53:37
are the first steps? Like what are the steps for you
53:39
guys that are new that haven't done this before?
53:41
How should you set up your Bitcoin wallets?
53:44
So first of all, you know, you guys could throw tomatoes.
53:46
Usually the best move forward for most people is just
53:49
downloading a mobile wallet on your phone.
53:50
You know, there's, there's a progression here, but First
53:54
things first, download a mobile wallet.
53:55
I'm going to give you some of my favourites that that are
53:57
endorsed by and then this is the process.
54:01
First, you're going to create a seed phrase.
54:02
Your phone will do it for you. Of course, we've come on the
54:05
show multiple times and and explain to you different ways
54:07
that you can create a seed phrase.
54:09
Then of course, you got to write your seed phrase down.
54:11
Of course, double check that it's correct.
54:13
Make sure you're writing clearly.
54:15
Of course, there's next steps after that, but First things
54:17
first, just write down your seed phrase.
54:19
Double check it, make sure it's clear and and legible so that
54:23
you can gain access back into your Bitcoin wallet.
54:26
The second thing is don't send all, all of your Bitcoin from
54:29
the exchange all at once yet. I would do a test transaction, a
54:32
small transaction that could be whatever it means to you, you
54:36
know, 5 dollars, $10 what whatever that means to you.
54:40
Just make that decision for yourself.
54:41
But you want to do a small test transaction to that new formed
54:45
Bitcoin wallet. Now, once the transaction
54:48
confirmed, you know, you can feel that that feeling that I
54:51
first felt when I did my Bitcoin transaction where you're like,
54:53
wait, what did I do? Did I mess it up?
54:55
And then you see it confirm. And once you see your Bitcoin
54:58
confirm into your new wallet, I always say you should wipe that
55:02
Bitcoin wallet. I know scary.
55:03
Oh my God, you're wiping your Bitcoin wallet.
55:05
What if I can't get in? This is why we tell you to do a
55:08
small Bitcoin transaction in the 1st place.
55:10
So if you lose a couple of dollars, it's like whatever.
55:12
But if you do this correctly, you're going to be fine.
55:16
So once you wipe that wallet again, clear the seed phrase,
55:19
basically restart the wallet, re enter your your Bitcoin seed
55:23
phrase from the piece of paper that you got and voila, your
55:26
Bitcoin should be there if it's done correctly.
55:29
And once you do that, now you have the Peace of Mind knowing
55:32
that you can get access back into your Bitcoin and then you
55:35
can send the rest of your Bitcoin.
55:36
Of course, you can complicate this.
55:38
You can add passphrases on it, etcetera, etcetera, and move
55:41
towards hardware wallets eventually.
55:43
But for most people, to start off what you want to do, just
55:46
send a little Bitcoin to a new wallet, make sure you can get
55:49
back into that wallet with your seed phrase or get access to
55:52
those signing devices. And then you know for sure that
55:55
if you send all of your Bitcoin to it, you're not going to wreck
55:58
yourself. OK, that's the basic TLDR our
56:01
screenshot that last this scene right here and you know, follow
56:04
that process it it shouldn't take long, but I I think that's
56:08
kind of like an initiation, right?
56:09
That most people should do. Once you become more
56:11
experienced, you're probably like OK with it and you may not
56:15
do these steps again, but for you beginners here, for people
56:18
just taking their Bitcoin off in exchange and that's what you
56:20
should be doing. OK, next thing is the question
56:23
that everyone always asks. What about this Bitcoin wallet?
56:25
Is this wallet good? What about this hardware wallet?
56:28
Again, I am not the authority figure here on Bitcoin wallets
56:32
and you know what are the best. You may think differently, but
56:35
these are the wallets that I cosigned.
56:37
These are the ones that I used and have used and they have very
56:41
good reputations amongst the Bitcoin community.
56:44
Again, there is a factor of trust when it comes to the
56:47
Bitcoin wallets. That's why a lot of Bitcoiners
56:50
say that you should use open source wallets, etcetera,
56:52
etcetera. But then if that's over your
56:53
head, this is the list that I've compiled that I constantly
56:56
compile and I do update this when new wallets come out.
56:59
There is one on here that I haven't got my hands on yet, but
57:01
heard a lot of good things of and I'll point that out
57:04
particularly. But again, usually you start
57:06
with a mobile wallet. So First things first look, my
57:10
favorite at this point is just cause I've been using it for so
57:13
long and I'm such a lud eye and I don't like to change things is
57:17
a blue wallet. I've been using it for years.
57:18
It's it's my go to, it's my utility, it's my day-to-day
57:22
wallet on my phone. It's blue wallet.
57:25
But with that said, I also really like envoy wallet from
57:28
our sponsor passport or sorry, foundation.
57:31
And then there's another great 1, you know, green wallet from
57:34
Blockstream or nunchuck. If you want to kind of get a
57:37
little more serious about your custody and do multi sig, you
57:40
should use an unchecked. And then there's some lightning
57:42
wallets. Again, if I have to
57:44
differentiate between on chain and lightning, maybe that's for
57:47
another conversation, but for the sake of keeping this short,
57:50
you know, lightning is so you can send Bitcoin quicker.
57:53
Technically it's considered off considered off chain.
57:56
My favorite is shouts out to the team over at Zeus.
57:59
Zeus. They're the goats.
58:00
They're, you know, keeping their lightning wallet open source.
58:05
You can run a note on your computer.
58:06
They're staying in America. Love them.
58:08
Always push. Zeus shouts out to our boys over
58:11
at Zeus. And then Aqua wallet.
58:12
You know Aqua from Jan 3, I believe you know Samsung Mao,
58:16
they're doing really cool stuff. Considering that wallet Satoshi
58:19
left the US, they've kind of filled that void of just quick,
58:22
easy to use Bitcoin lightning wallet.
58:25
They are using tether as a part of their lightning swap.
58:28
So if that's something you're concerned with, then there's
58:31
other options. Bit kit is one of the new recent
58:34
wallet. Shouts out to John Carvalho for,
58:36
you know, his work over at Synonym.
58:38
They're killing it love bit Kip. And then of course, if you're
58:41
not in the US wallet of Satoshi, yes, it's custodial and again, a
58:45
whole other conversation, whole other kind of worms here.
58:48
But it just works and for small transactions, I think it's good
58:52
enough for most people's needs here.
58:54
But next is desktop. That means, you know,
58:58
downloading a wallet on your laptop or your computer and
59:01
using a desktop wallet. Of course, Niko and I are kind
59:05
of well I I've I've slowly but surely became more of Electra
59:08
Maxi because it's on my start 9 and I just love it Electra it's
59:13
tried and true it's one of the OG desktop wallets.
59:15
It's you know it's very very stable.
59:18
The new ones on the block Sparrow.
59:20
I really like Sparrow because of all the advanced features you
59:23
can use on it. Sparrow just works.
59:24
It's great. Highly recommend Sparrow and
59:26
then Spectre similar to Sparrow, newer kid on the block, but a
59:30
great desktop wallet. Now here where it gets to the
59:34
fun part, of course, the hardware wallet and this is you
59:38
know, there's some others maybe and you know you guys can tell
59:41
and yell at me which ones you like the most.
59:43
But of course, our sponsor for you and you guys, I think pass
59:48
forward by foundation is like to go just because of easy use.
59:51
It is open source cold wall cold storage.
59:54
Your seed phrase never hits the Internet.
59:56
The OG one for a lot of the bitcoiners out there is a cold
1:00:00
cold card. I have two of them here, you
1:00:02
know, the Q and the MK series. Those are great.
1:00:06
And then this next one. Bit key, I haven't personally
1:00:09
used this one yet guys, but I've been hearing a lot of good
1:00:12
things from bit key and I'm actually I think I'm going to
1:00:14
purchase one for myself this Christmas so that I can, you
1:00:17
know, test it out and see what's good with it.
1:00:20
Shouts out to Adam from Bitcoin. Well, he's keeps telling me they
1:00:24
did the bit key. It's just it's so simple.
1:00:26
It works. I love it.
1:00:27
It's my day-to-day and then you know, there is a lot of
1:00:29
contention in regards to the last one seed signer, but DIY, I
1:00:35
love it. It's really good.
1:00:36
If you want to, you know, they're a hardware wallet,
1:00:40
hardware signing device for your friends and your family and
1:00:42
uncle Jim them. It's a really fun, fun project
1:00:45
to build a seed signer. It you know, you, it makes you
1:00:47
feel kind of cool and technical and all that stuff.
1:00:50
So again, these are the ones that I endorse.
1:00:53
These are the wallets that I use for most people out there.
1:00:56
Like if I know last time I did this, I believe it was Elaine
1:00:59
who who was like yelling. I mean, she's like, well, just
1:01:01
tell me which ones to use. Again, I recommend that you use
1:01:05
them all. Maybe there's some trade-offs
1:01:07
that you like. On some it's.
1:01:08
Passport. It's great.
1:01:10
You should get a passport. I was.
1:01:11
Going to say that. So like, like I said, I've been
1:01:15
using blue wallet on my phone for a long time, but the Envoy
1:01:17
app is really, really great. And I'm not just saying that
1:01:20
because they pay us. I'm saying that because it's
1:01:22
just ease of use, it's great. So to simplify it, you know, for
1:01:26
you new people here, and of course we're paid by by
1:01:29
passport, but download the Envoy app, get yourself a passport.
1:01:32
And if you're your newer ease of use, you don't want to
1:01:35
complicate things. That's that's more than good
1:01:38
enough for you guys out there and it's going to be secure.
1:01:41
You know, you don't have to trust us.
1:01:42
You can look at the code, you can you can do your own
1:01:44
research. It's it's open, it's open
1:01:46
source, it's easily used, it has a secure element.
1:01:50
It's it's completely air gapped. It's incredibly easy to use.
1:01:54
I recommend the passport. The passport has all the
1:01:58
convenience of someone that is just getting into self custody
1:02:02
and perhaps they feel a little bit intimidated by the
1:02:05
complexities of the other hardware wallets, but it also
1:02:08
gives you all the Security benefits of someone who someone
1:02:14
who you know does. It is a cold storage a a maxi
1:02:20
and and an OG bitcoiner right? So I would recommend the
1:02:22
passport. Of course, you know they are a
1:02:25
partner of simply Bitcoin, but we do not partner with products
1:02:30
or Bitcoin companies that we don't use personally.
1:02:33
So highly recommend the passport.
1:02:35
Definitely check it out. You can use promo code simply
1:02:39
and it will definitely give you a discount.
1:02:41
But yes, take self custody of your Bitcoin.
1:02:44
You can connect it with the Envoy app.
1:02:46
So you download the Envoy app for your Android or your or your
1:02:49
iOS, the Apple device and you can even connect the app to your
1:02:54
personal node. So you don't even have to use
1:02:56
their node, right. So it's it's really, really
1:03:00
built with Bitcoiners in mind. So definitely go check out
1:03:04
passport by foundation devices. The links in the video
1:03:07
description. Not your keys, not your cheese
1:03:09
guys. This one.
1:03:10
Last thing, last thing, Nico, I do have one last PSA here just
1:03:15
just to know for you guys out there, it doesn't just stop with
1:03:18
that guys. There is some next steps here
1:03:20
for most people that I highly recommend.
1:03:22
Of course, run a note. Don't just trust the companies
1:03:25
that you're hooking up your Bitcoin wallets to make sure you
1:03:27
are verifying your own transactions.
1:03:29
This is how we ensure the Bitcoin network stays true to
1:03:32
what Bitcoin is. Of course, continue to save in
1:03:35
Bitcoin and then as you start to build your Bitcoin stack, when
1:03:39
the mempools start to clear out, consolidate your UTX OS.
1:03:43
I've done episodes on that before in the past.
1:03:45
And then, of course, like I said, you know, back up your
1:03:47
seed phrase. Of course, we do have the
1:03:49
sponsor stamp seed out here. Make sure you're putting it on
1:03:52
something that won't just get destroyed if some kind of
1:03:57
catastrophe or emergency happens and you don't want to leave your
1:04:00
seed phrase on a piece of paper. Sure.
1:04:02
So there's extra steps to this guys.
1:04:03
It is a journey. You don't have to do this all at
1:04:06
once. Of course, you know, you got to
1:04:09
look at your Bitcoin today. Think of it like it's 10X the
1:04:13
price it is today and with that in mind, how do you want to
1:04:16
secure your Bitcoin? If you just want to put it on a
1:04:18
Bitcoin wallet, by all means do or a mobile Bitcoin wallet, by
1:04:22
all means do that. But you should think of the
1:04:25
wealth you have in Bitcoin going up by 10X.
1:04:28
And then that's how you should consider how, you know,
1:04:32
complicated and secure that you want that Bitcoin in cold
1:04:37
storage backed up, all that stuff.
1:04:39
But you should think of it like say, if you have $1000 in
1:04:42
Bitcoin right now, does that change in your mind if it was
1:04:46
$10,000, you know, say you have 10,000, does that change how
1:04:49
your security view on your Bitcoin is if it's $100,000?
1:04:53
These are the things you should be talking about and thinking
1:04:55
about right now. But first on 1st, make sure you
1:04:58
get your Bitcoin off in exchange.
1:04:59
Self custody is the revolution and we'll, you know, we'll do
1:05:02
our best to kind of guide your hand throughout the process, but
1:05:05
you need to take your Bitcoin off the exchanges.
1:05:08
Not your keys, not your cheese. All right everybody, if you guys
1:05:10
enjoyed the show, you know to do Smash that like button, consider
1:05:13
subscribing. And of course, share this
1:05:14
episode. Opti will be taking over for me
1:05:17
tomorrow and Friday while I'm in Lugano for the Plan B forum and
1:05:22
then I'll be back in Miami next week.
1:05:24
Guys love you all. If you guys enjoyed the show
1:05:26
smash the like button, consider subscribing describing this was
1:05:28
simply Bitcoin live for October 23rd, 2024.
1:05:31
I'm your host Nico. This is my Co host Optimus
1:05:33
Fields and we'll be back tomorrow for a brand new
1:05:36
episode. Peace out everybody.
1:05:39
Buy bitcoinwell.com, a Bitcoin only platform on a mission to
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