Latest / Simply Bitcoin / The Media Calls El Salvador's Bitcoin Law a Failure, is it? | EP 537

Transcript

The Media Calls El Salvador's Bitcoin Law a Failure, is it? | EP 537 · Simply Bitcoin

0:20
Yo welcome to the first simply Bitcoin live.
0:28
We usually pre-recorded the episodes and we would edit it
0:32
with whatever we want to change it up.
0:34
We want to make it special for you guys because it is live.
0:37
I'm definitely not going to be able to edit out any mistake so
0:40
you guys are going to have to bear with us.
0:42
We have been doing this for quite a while so it's not going
0:45
to be as bad as if we started doing it live about a year ago.
0:48
So anyways Thanks, really special.
0:51
I think depending on how you guys like it, this is how we
0:55
will probably do simply Bitcoin in the future, depending on how
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you guys, you know, how you guys receive this?
1:02
If you're new to the show, Welcome to Simply Bitcoin.
1:04
We recover, the Bitcoin, use the catastrophic fails by the
1:08
central Bankers as shit, Corners government's, everybody, and, of
1:12
course, meme culture, Bitcoin culture, all of it, we are your
1:16
One-Stop Shop. Your Number One, Source, Source
1:20
for the Bitcoin Revolution and of course my co-host legendary
1:25
Optimist Fields. How you doing, buddy?
1:27
What's up, Nico? I am doing well.
1:30
I'm excited for this. We've been busy already this
1:33
morning, so this is going to be a good show.
1:36
Let's just get into it. Let's just get into it.
1:38
All right, guys, so here we go. Never Town brought to you by not
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Alright guys so Very interesting.
2:12
We're at that point in the movie where they're starting to
2:16
redefine things, I don't play you a clip and a little bit, but
2:19
first I'm going to read you a quote from 1984.
2:23
War is peace. Freedom is slavery, ignorance is
2:28
strength and we're at that. Part of the movie where they're
2:31
already redefining things. Check out this clip from MSNBC
2:37
Is that not the first sign of a coming recession?
2:41
Even if it's a mild one, Well, you know, I would say that we're
2:48
seeing a Slowdown, we're likely to see some slowing of job
2:54
creation but I do I don't think that that's a recession
3:00
recession is broad-based weakness in the economy.
3:04
We're not seeing that now and I absolutely don't think that's
3:07
necessary. So what is the definition of is
3:12
a recession or said it recession?
3:14
Is negative GDP growth for two, quarters in a row and now you
3:19
have to read the definition of things.
3:22
We're at that, part of the movie, of course, if you don't
3:25
like, clown world, if you're sick of this BS opt out by
3:29
yourself some Bitcoin, and let me read a tweet by Greg Faust,
3:34
I'll pull it up for you guys so you guys could check it out as
3:37
well. White House Economist working on
3:40
changing, the goal. Post recession, will now be
3:43
defined as a Six consecutive quarters of growth just because
3:48
and this is, this is Fiat for you.
3:50
This, this is this is what you have to deal with, when your
3:54
wealth isn't Fiat money. You have to deal with total
3:58
fucking clown. World de lys, I tweeted this out
4:01
and I'm surprised. This did this tweet said, so
4:04
good and the Space Cat, even retweeted it.
4:07
And I said, look, I'm just sick of the lies and like this is
4:11
what I've been experiencing for the last, you know.
4:15
Couple of months years in clown world, it's just lie after lie.
4:18
After lie after lie, they have the mainstream media machine
4:22
behind them, man, I'm sick of it and the only truth that I see
4:28
the thing that I could hang on, the thing that doesn't change
4:32
Tick Tock, next block is Bitcoin Bitcoin stays true.
4:36
While the world continues to be full of fucking lies.
4:39
Anyways Opti, what are your thoughts, brother?
4:42
I love this. I love what you said.
4:44
Said ma'am. Bitcoin is truth.
4:45
Just give me truth or give me death the gaslighting by these
4:49
bureaucrats and government officials.
4:51
And the small cabal that rules the world.
4:54
They really just think we're absolutely a lot stupider than
4:57
we are. And I don't know about you, but
5:00
that makes me mad. And that makes me want to Stack
5:03
more Bitcoin and that makes me want to spread the sound money
5:05
gospel even more. So, give me all your hate.
5:10
I will turn it into orange love and spread the big.
5:14
An adoption to whoever will listen Chef's out to all you
5:18
plebs out there. Oh yeah.
5:20
Alright, so let's get to the news shall we?
5:26
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6:00
Alright guys. So we had simply Bitcoin, we
6:04
pride ourselves at being the counter narrative to the Legacy
6:08
mainstream media propaganda machine.
6:11
And of course, right, take advantage of the fact that
6:14
Bitcoin is down 70% from all-time highs, beat up, nine
6:20
buchelli, and of course keep re keep releasing these mainstream
6:25
media hit piece. Isis.
6:27
So anyways, let's check this out.
6:28
This is by a mainstream Outlet. This is by the telegraph
6:32
anymore. Article is El Salvador Force its
6:35
citizens to use Bitcoin. Here's what happened and of
6:40
course they nitpick, right? Rosa Melena a 27 year old
6:44
waitress from lausanne T en El Salvador's.
6:47
The coast has vowed never to use Bitcoin again.
6:52
Last September, the country's populace, president named
6:55
buchelli promise to make this Central, American Nation, the
7:00
Bitcoin capital of the world ordering that it be can't become
7:03
official tender and forcing all businesses to accept the
7:07
cryptocurrency, right? So again, the fair you read that
7:10
you're like, wow, nice. Bouquet Lee must be be
7:14
unpopular. He must be Tarrant to his people
7:17
mind. You, George Joe Biden's approval
7:20
rating is in the 30s. Let's take a look at nine, boo,
7:24
Kelly's. This is one of the highest in
7:26
South America, approval, rating 91% 84 percent, 85 percent,
7:30
eighty four percent eighty, seven percent, ninety four
7:33
percent eighty, six percent, ninety six percent, you get the
7:36
picture. This is one of the most popular
7:40
politicians in South America right now, but of course, if
7:44
you're reading this article, he is a tyrant, he is a villain.
7:47
Anyways, a the 40 year, olds Elon Musk disciple offered every
7:52
In the equivalent of 30 dollars in a national wallet and has
7:55
spent 107 million dollars of public money on digital coin on
8:00
digital coins in an effort to springboard, the country out of
8:03
poverty and into unimaginable wealth.
8:06
It was a Bitcoin Bonanza. Some 3 million people around
8:10
half the population, created a chivo wallet and many including
8:14
Miss Molina and her husband invested their savings
8:17
believing. They would get rich quick now,
8:19
what do we always tell you on simply because Point Bitcoin is
8:23
not a get-rich-quick scheme. It takes proof of work.
8:26
It takes commitment. It takes a belief, right.
8:29
Most people in their first year in Bitcoin unless they time it.
8:33
Absolutely right. Get absolutely wrecked.
8:36
Bitcoin is a savings technology. It shines over a period of two,
8:41
three, four years the longer you hold it.
8:43
The more you benefit from it. Instead the value of Bitcoin has
8:48
plummeted 60% wiping away tens of millions of dollars.
8:52
Worth of hopes dreams and taxpayer money.
8:55
Again, this article is trying to portray a certain message during
9:00
the virus. We bought a plot of land for
9:03
five thousand dollars, not far from here.
9:06
She said, looking up towards The Verdant Hillside, we had seven
9:10
thousand dollars in savings to build a house, but my husband
9:13
became obsessed with Bitcoin. He put a thousand dollars in the
9:17
account, but it went down to 400.
9:19
I told him to withdraw but he put We're in because the
9:22
president kept saying it would go up.
9:25
It never did we lost thousands? And now can't afford a roof.
9:29
We have a plot of land with just walls.
9:31
Miss Molina, who has a six-year-old daughter earns just
9:34
$10 a day inflation. El Salvador was 7.5% in May but
9:39
food prices are up by 13.5%. Whose fault is that?
9:44
Is it El? Salvador's fault that inflation
9:47
is a 7.5%. No El Salvador uses the US
9:50
dollar meaning Every time the US government prints El Salvador's,
9:56
the one that suffers the consequences of people of El
9:59
Salvador. Now she said something about how
10:01
she couldn't afford a house. Well unfortunately for the
10:05
Legacy Media simply Bitcoin pulls up the receipts here is
10:09
priced in Bitcoin. It's something that we've
10:10
referenced all the time. Why?
10:12
Because Bitcoin is a deflationary currency, meaning
10:17
your purchasing power and Bitcoin goes up over time.
10:22
But you have to be able to zoom out, Miss Molina was absolutely
10:27
right on a year basis that house that she wanted got eighty
10:32
percent more expensive but Bitcoins shines when you start
10:37
to zoom out and remember there's a supply shock insured and
10:42
Bitcoin, right? There's a having every four
10:45
years, right? So, You're three.
10:50
A house, a medium new house gets 34 percent cheaper.
10:56
If you take, if you zoom out, five years, even at Bitcoin, 70
11:00
percent down from all-time high, a house is 83 percent cheaper
11:04
and you car on a five-year time. Scales, 84 percent cheaper,
11:09
chicken is 86 percent cheaper. I know this, the bitcoiners love
11:13
this one. Steak is 81 percent cheaper on a
11:17
three years time. Scale steak is still Three
11:21
percent cheaper. So, this media article, write
11:26
this this Legacy muted. Did you just like you believe?
11:28
Oh no, everything's going to shit.
11:30
Even on spit coin, being 70 percent down.
11:35
It is still cheaper. If you've been saving and big
11:38
point the longer you save in Bitcoin, the more you feel those
11:43
benefits. The article goes on to say
11:45
Ricardo kiss Enda Del Salvador leads Central American Institute
11:51
for fiscal studies, right? It sounds like they they're
11:54
they're they believe in the Church of Fiat, right?
11:57
I'm on that name, right? Central American Institute for
12:01
fiscal studies but Kelly has spent 107 million dollars on
12:05
bitcoin. It is now worth 55 million
12:08
dollars that may not sound like a lot to those for bigger
12:11
countries, but in El Salvador, that is the entire annual budget
12:14
for the Department of Agriculture, mr.
12:17
Boo It denies negotiating but there has been a dramatic
12:21
decrease in murders. In a remarkable show of force
12:25
more than 43,000. Suspected gang members have been
12:29
rounded up and imprisoned with many of their rights suspended,
12:32
right? You got to worry about the
12:33
rights of gang members with the threat of further violence,
12:37
Rising prices and looming. Risk of debt, default is worried
12:41
about what lies ahead for his country.
12:44
It reminds me of the scene in Titanic, the music is still
12:47
playing. Aang, but the ship is sinking.
12:50
So again, Record approval rating but not only that.
12:54
Let's take a look at the GDP growth of El Salvador.
13:00
This. This chart goes back all the way
13:02
to 1966 last year, 2021, El Salvador had a ten point, eight
13:10
percent GDP growth. That is the highest in like 50
13:14
years, of course, that isn't mentioned in the article because
13:18
it doesn't fit the narrative. Now, let's take a look at the
13:21
homicide rate, right? This goes back all the way to
13:26
2010. As you can tell, the homicide
13:30
rate has continued to drop down. So let's talk about a couple
13:38
things, shall we? Declining murder rate.
13:43
Increase in GDP. Ability to receive money from
13:50
overseas, without paying up to 30% to Western Union and that
13:55
article only focuses on one thing Bitcoin bad and it picked
14:01
one example in a very short and time scale.
14:05
I let's talk to Miss Molina in three years and see how she
14:09
feels. Instead of being able to build a
14:12
house on a hill side, she'll be able to build three but of
14:16
course Are they going to follow that up?
14:18
No, because it doesn't fit the narrative.
14:21
Our job at simply Bitcoin is to counter this propaganda because
14:27
at the end of the day, that's what this is.
14:29
This isn't sincere. It's not looking at the facts.
14:32
It's not zooming out. It's not highlighting the
14:36
benefits of Bitcoin that has already brought to the people of
14:39
El Salvador. No, let's just focus on this.
14:43
This one example of this one person that got into Bitcoin at
14:47
the wrong time when I got into Bitcoin, right?
14:51
I got a little bit lucky because I got in 2016 but most people
14:54
out of my class got in 2017 and unless they got in at the right
14:59
time, they got absolutely wrecked and that's totally
15:01
normal Bitcoin. Shines when you use it, as a
15:05
savings technology rather than looking at it like an investment
15:09
because it's really savings don't speculate on it.
15:13
Don't try to trade, it don't use Leverage What Odell always says,
15:18
stay humble and stacks at anyways, Opti, what are your
15:22
thoughts on the? You're the master of propaganda
15:24
at simply Bitcoin. Dude, what are your thoughts on
15:26
this shit? It must be making your blood
15:28
boil. Bro.
15:29
You you saw the tactics that they used man.
15:33
Honestly Mica since you gave me access to the Bloomberg and I am
15:39
following all the propaganda daily.
15:42
It doesn't surprise me anymore, but it definitely gets my blood.
15:46
Boiling, but the narrative and the framing of all these
15:48
articles, it's just atrocious guys.
15:52
Like I was in El Salvador, shout out to Rosa.
15:56
She has a really great restaurant, she makes really
15:58
great food. That's besides the point she did
16:01
have the sign down there when I was there that she does not
16:04
accept Bitcoin. Very interesting to see what the
16:07
story was behind that because me and wanna kiss, were we're
16:10
talking about it and we were wondering what was happening.
16:12
But like you said, you know, I bought In 2017, and there is no
16:18
loss in Bitcoin if you don't sell it.
16:20
So zoom out, lower your time preference.
16:25
You need profits to save guys. Like this is a fundamental
16:28
thing, a bitcoiners kind of gloss over.
16:30
You can't just throw in your life savings into Bitcoin and
16:33
expect not to get wrecked as we covered last week.
16:36
You need to have cash flow because you don't want to sell
16:39
the SATs. And then just furthermore, just
16:43
just because I am a proud propagandas.
16:46
I really love how Legacy Media invoke the Titanic right there
16:50
and they are basically the violinist on the Titanic when it
16:54
is. Crashing.
16:55
Just making sure that everyone feels good about the fact that
16:59
the Legacy system is dying around them and just acknowledge
17:03
it with pretty music guys. You know, orange coin, bad,
17:06
don't buy Bitcoin, look at this poor lady.
17:08
She got wrecked. You know, be empathetic Bitcoins
17:12
bad but we know the way continue to Stacks at continue to stay
17:16
humble. Zoom out lower your time.
17:19
Preference. No one loses money on a long
17:22
enough time frame in Bitcoin number goes up.
17:24
In a world of infinite money printing, 21 million hard, cap
17:29
is the way anyways. Nico, keep it rolling.
17:33
That's the signal right there from our master of propaganda,
17:36
Optimus feels. Anyways, I want to talk about
17:38
something interesting and Bitcoin Bitcoin magazine wrote
17:43
an excellent article which were about to get to.
17:45
But look, one of the things that I always hear from people is
17:50
What if the government bans, it? What if, what if the government
17:54
shuts down the internet? What if basically, that what if
17:58
the government shuts down the inner, what happens?
18:00
How Could You transact and Bitcoin?
18:02
And there's many ways to do it. And that's what we're going to
18:05
talk about today. We're going to talk about
18:07
something called mesh Nets and it's a different way of using
18:11
the internet. So anyways, let's check it out.
18:15
Let me pull up the article. Here we go making a Bitcoin.
18:20
Palpable part. One mesh Nets.
18:24
In June 2020, people in Ethiopia Ethiopia face an unpleasant
18:29
surprise following unrest caused by the killing of musician
18:32
activist. Oh God guys, that Nico can't
18:35
read Mr. Hunt inducer. I'm sorry, mr.
18:39
Hindu severed pronounced that incorrectly the Ethiopian
18:41
government. Ethiopian government
18:42
successfully ordered a shutdown of the internet for close to a
18:46
month. Over 100 million people were cut
18:48
off from all internet services in the same year, people of
18:52
Algeria Azerbaijan, Bangladesh, Bella.
18:54
Husband died. Chad Cuba Congo, Ecuador Egypt,
18:59
Guinea India, Iraq Iran, Jordan Kenya face, imposed internet
19:05
access outages in some or all parts of the country in 2021
19:10
Uganda ordered a complete internet shut down for four days
19:13
during its general elections after elections in Nigeria
19:16
Niger, authorities responded to anti-government protests by
19:19
shutting off. Access to the internet for 10
19:21
days as here. It's going shutting down.
19:25
Access to the internet, is a viable solution to control
19:28
social, uprisings, and limit the flow of information, both in and
19:33
out of certain regions. When people cannot communicate
19:36
attempts to organize, become close to Impossible, contrary to
19:40
popular assumption shutting down access to the internet, is a
19:43
fairly simple task for governments to accomplish.
19:46
Do we like to think of the internet as a Global
19:48
decentralized Network of individual computers?
19:50
The reality is that the majority of our internet access is
19:53
handled. Via these inter service
19:56
providers subject to government mandates in times of social,
20:00
unrest and government crackdowns mesh Nets that mesh networks,
20:05
offer a Lifeline to uphold communication during
20:08
pro-democracy protests in Hong Kong, 2014 and 2019 protesters
20:13
turn to mesh Network alternatives to send and receive
20:16
messages with the Android and iOS app firechat and Bridge fi
20:20
to circumvent possible internet shutdowns, building
20:23
communication. As via Bluetooth messages are
20:26
relayed via each participant in the network.
20:29
Meshing via Bluetooth has its issues as most apps, do not
20:33
encrypt traffic. A problem which Oba lap, Breyer
20:36
is aiming to solve. Another issue is battery usage,
20:39
Bluetooth is extremely power-hungry.
20:41
Making usage unfit for Regions. Where electricity is difficult,
20:45
some companies. Such as go Tena, we're going to
20:47
try to get the CO on the show. I've talked to them in the past
20:50
before have focused on designing dedicated devices for Mesh
20:54
networking, the problem here is that in the middle of a
20:57
conflict, one cannot simply go on Amazon and order a dedicated
21:01
Mesh networking device. Dedicated devices are also, are
21:05
often not interoperable with other Mesh.
21:08
Networking devices to build a nation.
21:10
Scale, mesh network with dedicated devices.
21:13
Each citizen would need to be in possession of a dedicated
21:16
device. A scenario that is highly
21:18
unlikely other projects. Such as l'orange mesh, tastic
21:22
can be built via a A off-the-shelf hardware, but
21:26
again are subject to the pain point of needing to access to
21:29
such a metaphorical shelves in a situation of urgent.
21:33
Need in a mesh Network, participants can choose to share
21:37
their access to the broader internet, with other nodes in
21:41
the network. If Alice still has connection to
21:43
the broader internet via her ISP, she can share her internet
21:48
access with Bob Carol, David and so on.
21:50
As long as they all operate, on the same mesh Network together,
21:53
sharing It access via network via mesh, networks is a viable
21:57
solution. If internet access is restricted
22:00
or distributed in certain parts of the country.
22:03
If we want to utilize mesh networks to send and receive
22:07
Bitcoin transactions via the lightning at its best to have
22:10
open channels ahead of internet access outages, but lightning
22:14
channels could even be open by broadcasting transactions via
22:18
radio in 2017 for proposal. Nick Szabo allene.
22:24
Held that this detailed the sending and receiving of Bitcoin
22:27
via shortwave, radio links allowing offline Bitcoin
22:30
transactions to be sent over vast distances by bouncing
22:34
signals off the ionosphere in 2021.
22:37
Brazilian activist group Satoshi radio even took it a step
22:41
further. Bouncing a Bitcoin transaction.
22:43
Containing the message, eilonwy did it first off the moon with
22:48
this Satoshi radio sent their transaction over 600 kilometers
22:52
before it was broadcast to the block In attempting to show that
22:56
you don't have to be some eccentric.
22:58
Billionaire to push the boundaries of Earth in, search
23:01
of Freedom, with a mesh Network. We completely decentralized, our
23:05
communication infrastructure as anyone could become an IAS be in
23:10
there. Individuals may choose to offer
23:12
Mumble or Matrix servers for communication or provide local
23:15
access to Wikipedia while open channels in the lightning
23:18
Network can be used to facilitate Bitcoin transactions
23:22
without Uplink to the brother. Internet mesh networks are also
23:26
cost efficient to deploy as already available Hardware, can
23:29
be used to facilitate communication and provide
23:32
unprecedented benefits for people who live under
23:35
circumstances, susceptible to disruptions of internet access.
23:40
So man, that was fascinating. And again, you don't need the
23:45
internet to send a Bitcoin transaction, but it's not also
23:49
mesh networks guys. Right there is the block stream
23:52
satellite where you can connect a Point node via satellite to
23:56
the Bitcoin Network. And the reason that I wanted to
23:59
talk about this, right? Is something that we always say
24:02
on the show, you can't stop the signal, the signal is
24:07
Unstoppable. It Bitcoin.
24:09
Always finds a way Freedom. Always finds a way.
24:13
If you shut down the internet, there are different Alternatives
24:17
and you as a freedom-loving individual, you should
24:22
understand how to utilize These things.
24:25
So that even if you're in a location, that is prone to
24:29
internet shutdowns or Internet. Censorships, you still have
24:33
access to the Bitcoin Network. The go Tena is an easy is an
24:37
easy solution. You could just buy, you could
24:39
set it up, but the downfall is that you need other people that
24:42
need coats Hanna's, right? Again, none of these Solutions
24:46
are better than having a hard line into a router.
24:51
But there are, they are workarounds, and Now, if you
24:55
have that one Uncle that's like, oh, governments are going to
24:57
shut it down. You could literally be like, but
25:00
nah. Nah, I'm gonna find a way,
25:02
right? So anyways Opti, what are your
25:04
thoughts, brother? Well, if a government shut down
25:09
the internet to block Bitcoin, I don't know about you guys but
25:13
that would make me. So, absolutely bullish.
25:15
I would probably have my head explode, that that would just
25:20
show how afraid they are of Bitcoin.
25:22
And if they Made that big of a play, guys.
25:27
You already know my view. That means Bitcoin is winning.
25:31
And shout out to us but I definitely got or at least went
25:35
down the rabbit hole a little while maybe like a year or so
25:38
ago to look into Goten has and mesh networks and I really
25:42
wanted to buy a go 10:00 or a few of them and I was sleeping
25:45
on it and I just saw in the chat level 99 Slackers say that Goten
25:51
has aren't going to be in stock until next year.
25:53
So if you want to get on the mesh Network, maybe you already
25:57
needed to get some butt. I think it doesn't really matter
26:02
because, as you as Nico is saying, Bitcoin will rot around
26:05
anything and freedom minded individuals will find a way.
26:09
So Bitcoin fixes this Bitcoin is changing the world orange coin.
26:14
Good. Shout out to all you guys trying
26:16
to ban us from Bitcoin. It ain't gonna work.
26:18
I'm with it anyways. Nico, you're muted.
26:22
Yeah, freedom, freedom finds a way and I think that's the
26:25
message that, you know, I really want to portray right in the
26:30
When the Eastern when the Iron Curtain fell over, you know,
26:35
Eastern Europe. One of the things that always
26:38
happened was people, you know, and especially in Berlin, right?
26:42
They would, you know, they would go over the Berlin that Berlin
26:45
wall. They would try to escape in Cuba
26:48
and Miami, right? You'd have Cubans literally
26:51
going on a boat, trying to, you know, cross the street trying to
26:55
go to Miami for freedom, freedom, always finds a way, and
26:59
that's the message that I To say, right?
27:01
They could government's the state could try to stop you but
27:05
with Bitcoin gives you the tools that Bitcoin gives you only.
27:08
If you take self custody is not only the ability to vote with
27:12
your wallet, but also your feet. And if you compare that with the
27:16
Legacy system, right? Dude, if your money is in a bank
27:21
account, you can't take that with.
27:22
You can't just get on a plane, take it with you with Bitcoin.
27:25
If you take it in self custody, you could hide that seed phrase,
27:29
you can memorize that see. The phrase in a tough situation,
27:33
right? And you could literally take all
27:35
of your wealth with you. I heard horror stories of
27:38
Venezuelans try to escape as well as taking their wealth with
27:41
them. And the only thing that could
27:43
tell take with them was their Bitcoin right moving to Brazil
27:46
moving to other South American countries, right?
27:48
That's the benefits of Bitcoin. And I know a lot of people say,
27:51
oh, but what if they shut down the internet?
27:52
Well, here's another solution radios, go tent, the mesh
27:58
networks satellite, And I'm sure as time progresses more and more
28:04
solutions are going to pop up at the end of the day Freedom wins
28:08
and the battle for Bitcoin, separating money from state is
28:12
all about giving freedom to the individual.
28:15
The likes of which he has never seen before.
28:19
But anyways, Opti, let's move on.
28:22
Update. It's time for the daily fail
28:26
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you, no speculation, whatever spread out the risk over a
29:00
number of days. So on.com All right, guys, I'm
29:06
here with the fail. Let me get this screen share.
29:10
I saw this tweet by safe teen and he's Lebanese and he's
29:14
quoting this tweet by Reuters. And he goes when your highest
29:18
denomination bill is worth roughly $3 and the Tweet by
29:23
Reuters are saying, in case you missed it and cash-strapped
29:25
Lebanon people are gifting bouquets made from cash.
29:29
So let's watch this video a little bit and it goes he's
29:32
money. Bouquets are on the alternative
29:33
to high price flower. For Lebanese people living in
29:38
the cash-strapped country. So if you remember, Lebanon is
29:42
getting their currency wrecked and people are trying to find
29:47
profit. So tomorrow Harari makes the
29:49
bouquets out of Lebanese pounds and u.s. dollar bills.
29:53
And so she said, I thought that maybe flowers don't work as much
29:56
anymore due to their high prices.
29:57
So I wanted to do something similar to flowers.
30:01
Of course, there's no substitute for flowers, but maybe it is
30:04
better than offering a flower bouquet, which can cause today
30:08
1.5 or too many million Is pound, people can give money and
30:13
help the person. Be it on their birthday or any
30:16
other occasion. So as you can see, Lebanon has
30:19
been rocked by a full-blown economic crisis.
30:21
Since October, 20, 19 career, she has crashed more than 90%.
30:26
And this is what happened about 80% of Lebanese inhabitants now,
30:30
live below the poverty line. So this made me think I went
30:34
down and started to look into the actual numbers of the
30:37
Lebanon inflation. And as you can see lebanon's,
30:40
annual inflation rate, slowed to 210 point.
30:43
Oh eight percent in June of twenty twenty-two from Maize
30:47
three-month high of 211 Point. 43 percent as inflation, he's
30:53
foremost components and you can see the various Shin rates of
30:56
food, and non-alcoholic beverages transport,
31:00
Furnishings, households, equipment, and various other
31:04
things. And I just wanted to make a note
31:06
right here. Because as we tell you guys all
31:09
the time in regards to CPI, CPI is easily manipulated.
31:14
And so I just wanted to make one little point of that as we move
31:18
on. In this fail, you can see what
31:21
Lebanese CPI is and the various ratio weights that that they use
31:27
to count CPI. So housing water, electricity
31:29
gas, and other fuels, 28 percent food and non-alcoholic
31:32
beverages. 20% transport, 13% and the index.
31:36
Also includes health education, clothing, footwear, etc, etc.
31:42
And there was a point right here where on a monthly basis
31:46
consumer Prices, rose, 9.2, three percent in June the most
31:51
in six months accelerating from a seven point eight five percent
31:55
gain in the Fire month. Hmm.
31:57
Well, that 9.2% sounds eerily familiar to the US's categorize
32:05
inflation. And as you can see, the annual
32:07
inflation rate in the u.s. accelerated to 9.1%.
32:10
Remember what Nika told you about earlier?
32:13
The show about the recession? Yeah, it's not looking too good.
32:16
Anyways, you can see the different ratios of the
32:19
percentages going up. And again, just to make the
32:23
point about how easily manipulatable the CPI is.
32:26
Here we go in the United States, the unadjusted CPI numbers.
32:30
For all Urban consumers is based on the price of a Market Basket
32:34
of food. At fourteen percent energy 9.3%,
32:37
Commodities list food, and energy Commodities, 19% and
32:41
services less Energy Service 57% the last category, / shelter,
32:46
medical care, services and transportation services.
32:49
So this got me thinking to a continuous fail, by the powers
32:55
that be and the unelected bureaucrats out there.
32:58
So remember this fail about Janet Yellen, yelling sees
33:03
recent, Ian is transitory rather than permanent.
33:07
So a year ago guys, June 5th. 2021 treasury secretary, Janet
33:11
Yellen said the recent rise in prices will subside, we're
33:16
seeing some inflation but I don't believe it's permanent.
33:19
We're at least on a year-over-year basis will
33:22
continue. I believe through the rest of
33:23
the year to see higher inflation rates, maybe around three
33:27
percent. Well, she was wrong by three
33:30
times because it's 9% and here's our famous quote.
33:34
I Only believe this represents transitory Factor.
33:38
Well, let's fast forward a little bit to this year and
33:42
treasury secretary Janet Yellen, finally, admit she was wrong
33:45
about inflation June 1st 2022. Of course she will finally admit
33:52
that she was wrong and US inflation isn't transitory and
33:57
to make our Point even further. Remember that it's not just
34:00
Janet Yellen but also Fred Reserve chair Jerome.
34:03
Powell that have all been wrong about inflation and these are
34:07
the people that are supposed to know what's going on in control
34:10
of the money supply. But listen to their cop-out.
34:14
I was wrong then about the path that inflation would tape.
34:16
As I mentioned, there have been unanticipated in large, shocks
34:20
to the economy that have boosted energy, and food prices, and
34:23
Supply bottlenecks that have affected our economy badly that
34:27
I at the time didn't fully understand, but we recognize
34:31
that now, of course, they recognize it now.
34:34
Well, we got this other story. This weekend about a, famous
34:40
famous, famous economist that also got it wrong.
34:44
So look at this headline. New York Times called columnist
34:47
admits to being wrong and series of Mia culpa, so July, 21 2022.
34:54
Look who we have here Paul Krugman and of course as a
34:58
Bitcoin ER I'm not going to miss an opportunity to dunk on Paul
35:01
Krugman. So the New York Times on
35:03
Thursday It's a series of me accomplished from A to B opinion
35:06
columnist about how they were each wrong on a variety of
35:09
topics. The package of apologetic,
35:12
essays included a piece from Paul Krugman, admitting that he
35:16
was wrong about inflation for his part, Krugman admitting to
35:20
getting it wrong, when it came to inflation noting that he
35:23
brushed off any fears. That President Biden's one
35:26
point, nine trillion dollar rescue package could lead to
35:29
inflation. Remember he's an economist.
35:32
So some warned that the package Be dangerously inflationary.
35:36
Others were fairly relaxed. I was team relaxed.
35:40
As it turned out. Of course, that was a very bad
35:42
call. Explaining that.
35:44
In the end. He underestimated the impact of
35:47
the pandemic on the economy. Oh mr.
35:52
Paul Krugman and of course, I'm not going to miss this
35:56
opportunity to dunk on him completely.
35:58
So shout out to Nakamoto institute.org because of their
36:02
famous skeptic page. The Skeptics a tribute to bold
36:06
assertions last updated, July, 24th 2022.
36:10
Well let's just scroll down here guys and see, who is on here.
36:14
Oh yeah. Paul, Krugman September 7. 2011,
36:18
when the Bitcoin price was seven dollars and sixteen cents Nobel
36:22
prize-winning Economist writes an article.
36:25
The New York Times called Golden cyber Fedders where he says.
36:28
So to the extent that the Bitcoin experiment tells us
36:31
anything about monetary regimes, it reinforces the case against
36:35
anything like a new gold standard because it just, it
36:38
shows just how vulnerable such a standard would be to money
36:41
hoarding. Deflation, and depression,
36:45
amazing Krugman, and this is just a nice little, d.c. a
36:50
strategy here that the boys over at Nakamoto Institute put on
36:54
here if you had Boston. In a dollar every single day,
36:57
since Paul Krugman, made this really bad take, you would
37:00
invest it three thousand nine hundred and seventy four dollars
37:03
and your Bitcoin balance would have been 90 4.25 Bitcoin for a
37:08
current value of 2 million one hundred, thirty five hundred
37:12
thousand dollars and the percent change of 53,000 percent,
37:18
amazing. Well as Nico showed you, we also
37:23
got in the news That secretary Janet Yellen is saying, I am not
37:29
seeing evidence of a u.s. recession now and I just want to
37:33
bring in a few things. Remember, Randy burrito, he was
37:35
from Venezuela. We brought these numbers in
37:37
yesterday and I just wanted to make a point about what happens
37:42
when your currency loses, all its value.
37:45
Look at this picture of how much it costs to buy a chicken.
37:48
They aren't counting it in dollars, they just count it in
37:50
weight and size. So just to sum this all up.
37:54
Here's a good tweet by Ben Rickert on Twitter and he goes
37:58
last. Here's quoting.
37:59
Joe Biden. Last quarter consumer spending
38:00
business investment and residential investment increased
38:04
at strong rapes. Joe Biden 2022 and his response
38:08
in reality, personal saving rates are at an all-time low
38:11
while. Consumers are being destroyed by
38:14
inflation and negative, real interest rates, and we got the
38:17
numbers here. Here's the Fred personal saving
38:19
rates. As you can tell, it's going down
38:24
and Slower than numbers from 2001 amazing.
38:28
And furthermore, as you can see, the nominal vers real interest
38:31
rates versus inflation. It's not looking good guys, it
38:35
is not looking good and just for historical account I had to
38:39
bring up this picture from Weimar Republic because it makes
38:43
my point for me, even better what happened when your currency
38:47
is useless You start playing with it, you start stacking it
38:52
and not in the way that we usually tell you to stack SATs
38:56
you do whatever you can so that you can survive this currency
38:59
collapse. And guys, I'm not saying that
39:03
this is where America is in this moment.
39:06
All I'm saying is if you look at the numbers that nine percent
39:09
inflation rate that we have been seeing and how Nico just
39:12
literally stated in the news that they are trying to reframe,
39:17
what recession is You can tell that they are manipulating all
39:22
the statistics so that they can try to push their narratives.
39:25
So as you can tell Janet yellen's been wrong about
39:27
inflation before Nobel, Peace, Prize Economist, Paul Krugman
39:32
wrong about inflation in the past and now they're telling you
39:36
that there is no recession. So who are you going to believe?
39:40
Are you going to believe these people and and fall into the
39:43
narrative that that we are not in a recession?
39:45
And we are not going into a recession, or are you going?
39:48
To prepare accordingly and protect yourself and stacks ads.
39:52
I know what I am doing. I know what most of you are
39:55
doing, but we need to spread this message that people need to
39:59
be aware that Legacy Media is lying to them.
40:03
We are in more hot water than they're willing to tell us and
40:07
it's not looking good. If these numbers continue to go
40:10
down this path, It's not pretty out-there Nica.
40:14
What are your thoughts? Yeah, I'm dude.
40:16
Look, Paul Krugman was also famous for saying that the
40:22
internet was not going to amount to anything.
40:26
These are so-called betters man. And you know, when you say any
40:31
when you contradict what they have to say, you're labeled a
40:36
conspiracy theorist, it was really the Bitcoin community and
40:40
a couple other people from the intellectual.
40:43
That we're saying hey there's going to be inflation because
40:46
they're they're printing a record amount of money and the
40:50
Legacy Media was just the amount of gas lighting and was just two
40:56
other levels, you know, you were you were labeled, you know, you
41:01
were labeled just all these. I don't even want to say them
41:03
but just all these things, all these descriptions of look your
41:08
conspiracy theories. You're an ALT right troll like
41:11
all this crazy stuff. Tough.
41:13
And why did we think there was going to be a record about?
41:17
Look, it's not normal that to plebs on the internet.
41:22
That don't have these fancy degrees were right about
41:27
inflation, or right? About all the consequences of
41:31
all this money Printing, and all these people with fancy degrees
41:35
and all these titles, that work at these Legacy Media
41:38
institutions, that you're supposed to trust.
41:41
We're right about inflation. That is It normal.
41:44
And this is why people's trust in Legacy Media as is at an
41:49
all-time low. Like this is why the gaslighting
41:52
people are sick and tired of the lies.
41:54
And I think that they're looking for other sources, man.
41:57
Because it's just not, it's just not cool.
42:00
And in terms of the redefinition of what a recession is by the
42:06
white like that is more a continuation of the pattern
42:10
instead of acknowledging. Like look, here's the problem.
42:13
Problem. Here's an issue.
42:15
Note they take no responsibility.
42:18
They have apps. There's no absolutely no
42:20
consequences to their actions and if your money is in Fiat,
42:25
that is political money. That is what you're signing up
42:28
for Bitcoin is a silent protest. It's a silent Revolution.
42:32
It's saying, yo, I don't want to participate in this anymore.
42:36
I'm tired of the lies. I'm tired of the gaslighting.
42:39
I'm going to take my work, my time, my energy and I'm going to
42:42
opt Out of your system because I don't want to have my money or
42:47
earn an a money that could be debased.
42:49
It's not, I don't think it's cool that you have to work for
42:54
money that some bureaucrat in. D.c. can work for free like that
43:00
needs to end. I think a lot of the corruption
43:02
stems from that, right? So, yeah, and this is going to
43:06
continue going. Why would they stop?
43:10
Why would they stop if there's no.
43:13
Fences to their actions, why, right?
43:15
And this whole aspect of you know and I'm not necessarily
43:20
just beating up on the Democrats that happen to be in power when
43:23
the Republicans are in power, they do the exact same thing.
43:29
I don't believe that this is a system that is healthy for
43:34
people. I think that it leads to
43:36
desperation, I don't think it's a coincidence that opted to
43:41
you've been living on a Bitcoin standard.
43:42
I've been living on a Bitcoin standard for a while most people
43:46
that live on a Bitcoin standard all of a sudden because they're
43:51
saving and earning in a deflationary currency, all of a
43:54
sudden, they have hope for the future and if you compare and
43:57
contrast that With a Fiat standard where you constantly
44:01
have to work harder and you constantly have to just turn out
44:06
more and more work. It's just not the same look,
44:10
matter of fact, if you're not earning 15% more than you are
44:16
earning last year, you are poor, and the fact that they don't
44:22
take responsibility for it. For example, they talk about
44:25
inflation. Like, it's this, like, I don't
44:28
know where It came from like it's just this occurrence.
44:30
Like no no, no. They decided that they were
44:35
going to print this much money and they believed in the whole
44:39
modern monetary bullshit and none of them.
44:43
It's like Paolo. I didn't know it was going to
44:45
happen. Like Christine Lagarde, oh, I
44:47
had no idea. It's like, look at history, it's
44:50
always happened. You can't just create money out
44:53
of thin air. So yeah, man, I'm just happy I'm
44:56
in Bitcoin because if not, Dude, like it, man.
45:00
It would be depressing. It would be.
45:02
It would be terrible. So anyways, let's move on to my
45:07
favorite section of the show. It's time for the daily meme
45:13
review brought to you by Citadel 21 it's the best Bitcoin culture
45:16
is Enid stories articles Comics by actual bitcoiners is artwork
45:20
for volume 10. This is the artwork for volume
45:22
11 and this is the artwork for volume 2.
45:25
Volume 2 is almost sold out because there's only 1000
45:27
physical copies made per volume. Guys.
45:29
Get your physical prints of Citadel 21 today before they run
45:32
out. All right.
45:35
Plebs. I am here further meme review.
45:38
First one. Shout out to my boy Rd Bitcoin.
45:42
He goes, don't shit coin, bit coin.
45:44
Only we got a girl holding a Mockingbird and she goes what a
45:48
beautiful Mockingbird and the Mockingbird goes you sold your
45:52
Bitcoin and got wrecked on shit coins.
45:54
You moron. Shut up, Hardy.
45:58
Okay next one, bye at Michael 1447 3043 and he got hashtag.
46:04
Profile pic. And it's a picture of Albert
46:06
Einstein with laser eyes and he goes only three, things are
46:09
infinite Universe. Human stupidity, and money
46:12
supply. But anyways, we got one by the
46:18
boys and girls at the Chateau and it's someone holding a bug.
46:24
And they say, let's put you outside little guy and it's a
46:27
girl and she goes, all life is precious.
46:29
And then the bug says Bitcoin uses too much energy and the
46:33
girl Crushes, the bug because she knows that bug is stupid.
46:37
Anyway, shout out to my buddy La me with this tweet.
46:42
I don't know if this one's a little risque for for YouTube
46:45
Nico but I thought this was hilarious and we have a guy in
46:50
bed with his wife or girlfriend and he looks very perturbed
46:54
outside of bed and he goes and our kiss.
46:56
When they discovered that they have a body part called the pro
46:59
State. Okay?
47:03
Max One BTC Kaz has been doing the meme checkpoint for a while
47:07
now and I had to check it out when I saw it over the weekend
47:11
and I found my buddy at Nick can't Minds Meme and I think
47:15
this just perfectly sums up all my toxic Maxi friends out there
47:19
and it's just a XY axis of a chart and he's basically saying
47:25
when you bought the top of Bitcoin and it dumps and then it
47:29
pumps and you're just so stupidly bullish that you go
47:33
left. Cuz you're so excited.
47:36
This is the way. This is what Bitcoin is due.
47:40
Next one, is my at the rottenness and it is quoting a
47:43
headline from some Economist magazine and goes, inflation is
47:48
turned $15. An hour wage has into a setback
47:52
wages, have risen this year, but inflation has made that money
47:55
worthless than before preventing any meaningful Improvement in
47:59
living standard. And then we got this guy's just
48:03
so Oh my God. You don't say imagine that.
48:07
Imagine understanding how inflation actually works.
48:11
And this one, of course, this is for the culture.
48:15
Shout-out, goes to Becca Becca's.
48:17
Been marking me on Twitter, but it's a meme or out there and
48:21
I'll allow it. And she goes, look at what
48:24
you've done yellow and it's yellow.
48:27
As little girl watching the house on fire and house on fire,
48:31
simply Bitcoin and it's yellow. Go.
48:34
Go start a fight. Remember guys, the three-point
48:37
plan of yellows bear Market. Tactics continue to stack SATs
48:43
start fights and tweet about building.
48:46
So I hope you're doing all that guy's or boys and girls plebs,
48:52
because this is a bear market and Bitcoin is build in the bear
48:56
market. So my meme review score today.
48:59
Is this cup of coffee that is finished and it says Let's do
49:05
this laughs, dude. Okay, since this is a live show
49:11
rate the meme right now in the chat and we will literally pop
49:14
it up, right? Let us know.
49:16
What would you give those memes? Pop it up in the chat and we'll
49:20
try to show it. Anyways for those memes Opti,
49:25
Soundboard it what's the second best there is no second pass?
49:29
Yeah that's that's what I'm going to give those memes.
49:32
Anyways guys, we want to know if you agree with you if you agree
49:35
with them scores, you disagree, let us know down in the comment
49:40
section. Becca's going to give it a
49:42
coffee refill. I like it, good score good
49:45
score. Anyways guys we want to know,
49:47
comment rate, the meme you disagree.
49:49
Let us know join our telegram group.
49:51
It's down the link description, it's absolutely free.
49:54
You could rate. The mean yourself and of course,
49:58
make sure to stay until after the show we're Opti and Jacob
50:02
from Swan are going to do a live Q&A.
50:06
Wait, hold on. BTC pins is going to give it a
50:09
crypto cloak scusi anyways. Really cool.
50:13
All right guys. Moving on today we have A
50:21
website by plea. That's right.
50:23
Anyways, let's check it out. Let's check out what we have for
50:27
today. This was sent to us by a plat on
50:31
Twitter and it is physical, Bitcoin art.com.
50:37
Definitely want to go check it out.
50:39
It's awesome. They have coasters have Bitcoin
50:43
thing. It's really, really cool.
50:46
Really awesome, really like it. I also want to give a very
50:50
Special shout-out to our sponsor site for safe.
50:55
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it's really cool guys. That was our show.
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That was our first live show. I know is a little bit messy but
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it's the live show so it kind of makes up for it.
51:49
You can Opting I struggling at the same time.
51:52
Don't worry, we're still going to do the regular shows.
51:55
Like always sometimes we will do live, sometimes will do regular
51:59
and depending on also on your feedback.
52:03
It's really up to you guys, guys.
52:05
Really appreciate it. If you smash that like button,
52:08
if you subscribe to Simply Bitcoin, of course if you like
52:11
the content. And yeah, I'll see opt.
52:14
You will see you guys in spaces. I'll pop my head in as well.
52:17
I will see you guys later. Which one's the best crypto
52:35
asset will Bitcoins the best crypto as okay, what's the
52:38
second best? There is no second best.