Latest / Simply Bitcoin / Binance: $12 Billion Gone in 60 Days | EP 651

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Binance: $12 Billion Gone in 60 Days | EP 651 · Simply Bitcoin

0:13
Yeah. Welcome to Simply Bitcoin live
0:15
your number one, source of the peaceful Bitcoin Revolution
0:18
record, breaking news culture, dramatic Warfare, we will be
0:20
your guide through the separation of money and say
0:22
that's exactly what we're living through.
0:24
Anyways, kind of a kind of big news, huge Forbes, expose on the
0:32
situation that's going on and by Nance right.
0:36
A lot of people got spooked. What happened with with with FTX
0:40
also a Channel reputational damage and there's a massive
0:45
amount of outflows lot of Bitcoin.
0:48
Going out of by Nance. We're going to cover all of the
0:51
details but the theme of this entire episode, right?
0:55
It's going to be one single theme, right?
0:57
Is stop trusting other people with your money whether that is
1:04
Bitcoin, whether that is dollars, problem is like look
1:08
with Fiat currencies, you know, Michael Sailors said this many
1:11
times, right? He when he does his things.
1:12
It's like if you store like it you can if you have a full
1:16
battery at full power right and you put that in a cabinet over
1:21
time, that battery bleeds out it bleeds out and think about cash
1:27
or money in a bank, right? But let's say let's not put
1:31
money in a bank because it does depend on the bank.
1:33
Let's say you you take some cash and you put that cash and you
1:36
buried in the ground right over time.
1:40
That cash is going. Going to lose value, right?
1:44
So think about what is something that if you buy that Bitcoin
1:51
earn that Bitcoin mind that Bitcoin and you take that
1:54
Bitcoin into self custody and you look back and you know you
1:59
don't touch it or 10 or 20 years, right.
2:03
The question that I have for you guys is is that Bitcoin going to
2:06
maintain value that purchasing power is an increase in
2:10
purchasing power and then Think about what other asset could do
2:14
the same thing. Fiat currencies, absolutely not,
2:17
they're designed to lose value. Okay?
2:20
You can make the argument that gold could potentially do that,
2:24
but is it going to hold? Purchasing power like Bitcoin.
2:30
That's, that's a big question. And a number two is How feasible
2:36
is it to get a bunch of gold bars and buried in the ground?
2:40
Like especially if it's a large amount like gold is very, very
2:43
heavy, right? Are you going to do that?
2:46
The storage of that now, compare and contrast how easy it is to
2:50
write down 12 or 24 words, right?
2:53
And then you realize, That Bitcoin, there is nothing like
2:57
Bitcoin and it let's let's sprinkle in the shit coins in
3:00
here because I know there's going to be a lot of people that
3:02
are that are new and be like, hey, you can write down, you
3:05
know, a seed phrase, 444 crap coins, and you could kind of do
3:09
something similar, but it's still dependent on another group
3:13
of people. Like, if you're still dependent
3:14
on developers to not hard for Kate, you're still depending on
3:17
the developers to not blow the thing up and to not change the
3:20
monetary policy to benefit themselves, and historically,
3:24
that they've always done that. That like you can even make the
3:26
case with etherium, etherium had a chain rollback aetherium
3:32
migrated to proof of stake and now it's 60 to 70% of.
3:35
The validators are actively centering for branch of the u.s.
3:38
government. Why the devil is, why the
3:41
etherium developers not talking about this?
3:43
This is what Y is metallic. Not screaming off the rooftops
3:47
of this because I think, I think it's a grift.
3:49
I think, I think he cares about his own bags.
3:52
Right? So that's what really makes
3:55
Bitcoin you. Right.
3:56
It Diageo says it, right? Gold is hard to secure, and
4:00
that's what makes Bitcoin unique.
4:01
Now, that being said, I want you guys to pay attention to that
4:06
throughout this whole episode, because the news bit and the
4:11
numbers bit exactly the same thing happened, don't get
4:16
distracted by the specific circumstances, pay attention to
4:20
the fundamental problem. The fundamental issue and it's
4:23
the same one whether it's, by Nance whether its banks.
4:27
And this problem is stop trusting other people with your
4:30
money. That it's a very simple problem
4:32
that That's the issue, that's the thing.
4:34
If you stop doing that, if you take that personal
4:36
responsibility into your own hands, we will change the world.
4:40
Now if people take Bitcoin into self custody things change and
4:43
there's absolutely nothing they can do about it.
4:45
Anyways, Opti, how you doing this fine, Wednesday morning?
4:50
Well, you know, Another Day in Paradise, another day doing the
4:55
dream job, so, it's just, it's absolutely absolutely awesome to
4:58
be had about, what do you want? It's, it's, you know, if, you
5:03
know, You know, just, you know, you know, I've just being
5:06
mysterious, you know, my friends know, my friends know what's
5:10
going on with the hat, but hey, it's not Bitcoin company.
5:13
But anyways, anyways, Nico Nico. Nico is diverting our attention
5:18
away from the stories today. I think we're on the same.
5:22
Think we're in sync again. As always, we don't even really
5:26
prepare what we're going to say in the news or the culture.
5:29
But we got a comment on a story. We don't prepare with Crispy for
5:32
mean. I'm We don't we don't know we
5:34
don't we yeah we don't coordinate.
5:36
We don't we could coordinate. Sorry, forgive me Opti can't
5:39
speak but we got a comment on our YouTube about self custody.
5:42
So we're going to go into some Hardware signing devices.
5:47
Good choices and options for self custody today.
5:49
So again, why are you trusting people with their money?
5:53
Don't do that anymore. Take your Bitcoin in the South
5:56
custody and I'm going to cover some some of my favorite
5:58
Hardware signing devices today. So that we get that signal out
6:02
there. Awesome, dude.
6:04
I'm really looking forward to this episode.
6:06
It's going to be a rib. Anyways everybody, let's get to
6:08
the news. The Bitcoin numbers brought to
6:13
you by not all at this point. You should be running your own
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Bitcoin note. If you don't use your own
6:18
Bitcoin node, you're trusting someone else's run your own
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version of Bitcoin core. The lightning Network,
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whirlpool, and Dojo all from the comfort of your own home.
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And if your digital Nomad, you have absolutely no excuse
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server. Visit nottle Dottie you today.
6:37
All right, everybody, that's right.
6:38
If you're not Running yellow node, you're trusting someone
6:41
else's. That's that's the theme guys.
6:42
Stop trusting other people what with copy of their blockchain
6:48
stop. Trusting other people with the
6:50
storage of your wealth, keyword there.
6:53
Now that we have the technology where that doesn't need to
6:55
happen anymore and you could do that, obviously, by taking
6:59
Bitcoin itself, custody and by running or using your own copy
7:04
of the blockchain. And you can do that by running
7:06
your own node which is just a very fancy way of saying You're
7:09
running your own Bitcoin software.
7:11
You're not using someone else's the Bitcoin price at the time of
7:15
recording is seventeen thousand three hundred and sixty-four of
7:18
the SATs per dollar five thousand seven hundred fifty
7:21
nine block height 770, 1467 reachable Bitcoin nodes 15,000
7:26
192 blocks of The Happening 68,000 533 having estimate April
7:32
24, 20/25 2024, total lightning. Network capacity 5,180, 7.2, To
7:39
bitcoin capacity value around 90 million.
7:42
U.s. dollars a realized monetary inflation 1.76 percent and the
7:47
market capitalization of Bitcoin is a three hundred and thirty
7:50
four billion dollars. Vidi vidi vidi.
7:53
Nice. Anyways, guys.
7:55
So I saw this video before I'm debating.
7:59
Should I give you guys? Yeah, so I saw this video.
8:03
I want to play it for you guys, and then we'll talk about it,
8:06
then I'll give a little bit of some, some background context.
8:09
But basically is it what it is. It's a man in Lebanon, trying to
8:13
get his money out of the bank. Now pay attention to those
8:17
words, trying to get his money out of the bank.
8:20
Is it really his money? If he can't get, if he can't get
8:23
it out, or is it the bank's money of which he has a claim
8:26
to? And I think about how having
8:29
your money on exchanges works, it's something very similar
8:32
right, anyways, to check it out. So, you would think you would
9:08
think you're like Eco, what are you doing?
9:10
You're showing people shooting and trying to get into Banks.
9:14
Like what does this have to do with anything?
9:17
Put yourself in their shoes for a second, right?
9:20
All the money that you've ever worked for you worked your ass
9:23
off. You spent time and energy your
9:25
family's future independent. Desperate situations call for
9:30
desperate measures, right? I'm not trying to justify it but
9:33
what I'm trying to say is this could all be avoided if people
9:37
just took self custody of their wealth, right, a lot easier
9:40
said, than done. Of course, let's take out the
9:42
inflation rate of Lebanon as well.
9:44
Right. It's sitting right now at a
9:46
hundred and sixty-two percent, a hundred and around a hundred
9:50
fifty two percent right now. And let's take a look at some.
9:53
Let's take a look at the situation in Lebanon.
9:55
So this is a an article by Al Jazeera.
9:57
Well, as let quote, Lebanon has been Lebanon, Lebanese Banks to
10:00
closed indefinitely as holdups. Continue.
10:03
This was dated 7th, October, 22, 20, 22, and that video seems
10:07
like it just came out recently. And it was goes on to say,
10:10
Lebanese banks have decided to close their doors to clients and
10:13
definitely to Bankers, have told Reuters.
10:15
I made an unprecedented wave of hold UPS, by frustrated,
10:18
depositors seeking access to their savings.
10:20
I'm going to read that last part, right Lebanese Banks.
10:24
I've decided to close their doors to close out to clients.
10:27
Definitely, so you trusted me with your money.
10:32
We're going to close a few. And remember this has happened
10:36
in the United States to back in the 1930s.
10:38
There was the infamous Bank ROMs and that actually led the
10:43
government at the time. FDR to implement, the FDIC
10:46
insurance, which was meant to drive up confidence, in an
10:50
American's FDIC insurance. If you walk into an American
10:52
Bank, there's a plaque. Always right, says ensure your
10:56
deposits are Insured up to 250,000 dollars, right?
11:01
And again, it's meant for confidence, right?
11:03
So goes on to say the two sources told the agency and on
11:06
Friday the banks would continue urgent operations for client and
11:10
back office services for businesses, but front office
11:13
services. Would remain suspended banks
11:16
closed for a week for about a week last month in similar
11:18
circumstances. But reopen at the beginning of
11:21
October to allow employees to withdraw salaries in
11:23
mid-september a young Lebanese woman.
11:26
Sadly, Hafiz This was lauded as a national hero after forcing
11:30
staff at abl Amo Bank branch in Beirut, to give her thousands of
11:34
dollars from her own account by waving a replica Khan in order
11:38
to fund her sisters cancer, treatment in the hospital.
11:45
That is. You want to know why we're here?
11:50
Like you don't want to know. Like, when we talk about Bitcoin
11:55
Revolution, we talked about it, right?
11:57
Like to talk about it. We show the memes you.
11:58
Laugh and love, whatever. You want to know why we're here.
12:01
That's why we're here. What I just said like that is
12:04
why we're here. That's what we're fighting for.
12:07
We're fighting to be able to save in a money that doesn't
12:10
steal from us of which we have sole custody of And anybody that
12:16
is against that is against what I just read.
12:19
So when you hear Christine Lagarde when you hear the IMF,
12:22
when you hear that schmuck, that went on The Joe Rogan podcast,
12:27
Bitcoin has no intrinsic value. I'm going to read it again.
12:35
In mid-september a young Lebanese.
12:37
Woman, Sally, Hafeez, was lauded as a national hero after forcing
12:41
staff at abl Mo Bank branch in Beirut, to give her thousands of
12:45
dollars from her own account by waving a replica gun in order to
12:48
fund her sisters cancer treatment.
12:51
So she was pushed to such a desperate level that she had to
12:55
do something drastic for the hope of saving her sister's
13:00
life. like, that's why we're here.
13:06
That's what Bitcoin is all about.
13:08
That's what this revolution is all about.
13:10
That's what self custody is all about.
13:12
Why did this happen? Because unfortunately, a lot of
13:17
people that have lived in the Fiat Matrix for the majority of
13:21
their lives, they they have no alternative, they have no
13:25
alternative, that is the alternative.
13:26
The alternative is you have to use a bank in order to store
13:29
your wealth, right? You're not going to be walking
13:31
around with suitcases of cash, right?
13:34
Right. And nowadays, if you're walking
13:35
around with suitcases of cash and they find you, they steal
13:38
it. And then they think that you're
13:40
you're you're you're committing some type of crime, right?
13:43
So this is why we're here, right?
13:45
Those examples is why we're here and when you hear someone
13:49
talking crap about Bitcoin and how Bitcoin is useless, how
13:52
Bitcoin uses too much energy. There you go.
13:56
There you go, send them that send them that and they won't
13:58
have a response. They don't have an answer to
14:01
you. Their answer to that type of
14:03
problem, is that The IMF needs to get involved.
14:05
Give them a bailout, give them a loan.
14:07
We've been trying that for 50 years in the things keep
14:09
happening. Maybe it's time to try something
14:12
different. Maybe it's time to use a system
14:15
that is decentralized, maybe it's time for individuals to
14:19
take back the custody of their Pro of their money and stop
14:22
relying on centralized institutions that for Central
14:26
literally, dude, it's been a, it's been a century at this
14:29
point at least, you know, in 1900s and 2000.
14:35
Why does this keep happening? If this was a good system, this
14:39
wouldn't happen. Right.
14:42
So and then I know a lot of people are going to say in
14:44
developed countries like hey, you know, like no, it's never
14:46
going to happen in in the United States, it's never gonna happen.
14:49
It's like you have Financial privilege, bro.
14:51
You live in one of the you live in the minority of countries
14:54
that has a stable Financial system and has a stable
14:57
currency. But that isn't the case for the
14:59
majority of the people on this planet.
15:01
What about them? Talk about them.
15:05
Because that Bitcoin there is not what Bitcoin is here in the
15:09
west right Bitcoin. Here we see it, we're like a
15:12
part of, you know, part of the Revolution, you know, say best
15:15
taping technology because whatever it's like we've all
15:17
heard those things before, right?
15:20
You can make an argument, it's a luxury.
15:23
But in the developing world is not a luxury, it is a way to
15:28
live. It is a way to put food on the
15:30
table and if anyone is against Bitcoin, that is what you're
15:34
against. What are the example that I just
15:36
read your against your vocally against Bitcoin?
15:40
You are against that you are against this young lady's
15:46
potentially an ability. To be able to save and pay for
15:53
her sister's, you know, cancer treatment.
15:56
Without fear of confiscation censorship debasement.
16:02
So, not only, does she not have access to her Lebanese bank
16:05
account? She also has to deal with 150
16:08
percent inflation. You can't argue in good faith.
16:13
That Bitcoin is not a better alternative to that system.
16:16
You can't look at me in the face and make that argument.
16:20
It's undefensible. You can't it doesn't make sense.
16:24
The only way it makes sense is your concern is not actually
16:30
people that live in Haifa. Inflationary environment, your
16:33
concern is about keeping the establishment, keeping things,
16:39
the way they are because it benefits you, that's your main
16:42
concern, it's not so much the well-being of other people.
16:46
Now, the beauty of Bitcoin is that the incentives are aligned
16:50
by me saying this acting in my own self-interest, so is Opti we
16:56
could all win. That's the beauty of Bitcoin.
17:00
The incentives are aligned in the Fiat system.
17:04
The incentives are misaligned. There's a few that benefit and
17:09
everybody else. Figuratively gets caught holding
17:13
the bag like a shit coin. It is literally like a shit
17:16
coin. In fact, Fiat is a shit coin.
17:19
Yeah man, incredibly touching story so sad about the people of
17:24
Lebanon but I have hope and that hope is Bitcoin because this is
17:28
going to Ask this going to force more and more people to ask
17:31
questions and seek alternative to that system.
17:34
Imagine if stores in Lebanon, started accepting Bitcoin.
17:38
Imagine if people started bartering in Bitcoin.
17:41
Rather than relying on this archaic system, that's fucking
17:45
them over right now and it's absolutely disgusting.
17:48
Dude, it is disgusting. It's despicable and anyone who
17:52
defends that system is anti-human.
17:55
You don't know what you're like. Use, look.
17:59
A lot of people they care about equality, right?
18:02
You want to talk about equality. Let's let's talk about Bitcoin.
18:06
Let's bring Bitcoin into that conversation because that ain't
18:09
equal that ain't equal. What that is is rules for?
18:13
Do you think the CEO of that bank has to wait in line?
18:17
You think he has to be pushed to that desperate measure where he
18:20
has to shoot the window of this of this Bank.
18:25
Like do you think he has to like buy a replica gun?
18:28
Just so know he has different rules.
18:30
Do you think the politicians of Lebanon play by those rules?
18:33
No, it's just the average everyday person.
18:36
The average everyday person is exactly what Bitcoin is for and
18:40
Bitcoin. Everyone is equal.
18:41
No one gets special treatment. You want more Bitcoin.
18:45
You got a mine it you got to earn it or you gotta buy it like
18:48
everybody else doesn't matter. If you're Michael sailor named
18:50
buchelli you gotta play by the same rules as everybody else.
18:54
What is more? Equitable and equal than that.
18:56
There is nothing. It doesn't exist.
18:58
So yeah man. Absolutely.
19:01
An absolute travesty what is happening but at the same time,
19:07
it fills me full of Hope because I now now I know that there is
19:11
an alternative that really does fix that Bitcoin fixes that it's
19:16
not a matter of does Bitcoin fix that.
19:18
It's a matter of Awakening people to this tool that a lot
19:24
of them. I'm sure are not aware of and
19:27
anybody that is against this tool.
19:31
Man. I don't know II don't want to
19:35
say anything too drastic. I'll say nicely anyone who's
19:39
against that tool is evil, they're evil, they're evil.
19:44
They're acting out of their own self-interest or acting because
19:46
they want more power. That's what it's all about.
19:48
It's about power. It's about controlling people.
19:53
We must Force these people to answer to those examples.
19:57
We must for it, we must bring it up to them and say, hey, what do
20:01
you think of this? What are your thoughts on this
20:03
Christine Lagarde? What are your thoughts on this
20:06
world Bank? What are your thoughts on this
20:07
IMF? Because they're hell-bent on the
20:10
adoption of Bitcoin in developing countries, but they
20:13
never have an answer. They don't have an answer to
20:16
inflation. They do not have an answer.
20:19
So is it really about the well-being of developing
20:22
countries? Adopting something a, you know,
20:24
we're like we must stop them from adopting Bitcoin because
20:27
it's going to Bad for them, is it really about the well-being
20:29
of those countries? Or is it really about
20:31
maintaining the current status quo?
20:33
What's it really about? And the beauty of Bitcoin is
20:35
that it Reveals All incentives and it doesn't matter how big
20:39
the institutions are? It is what it is.
20:42
Anyways, Opti. What are your thoughts?
20:43
I know I went a little bit long but well first and foremost,
20:46
hold on. I think you deserve some of
20:47
these And then I think I also, I think it's also fitting that I
20:56
at first just just Outsource my first response to the sound
21:01
board as well. Remember what Nico said this
21:04
your against Bitcoin? You're against Freedom, it
21:08
seemed fitting today and before I get into my thoughts, shout
21:11
out to Mike Denver he gave us a Super Chat to Canadian Dollars.
21:15
He said one way to get rid of your filthy Fiat.
21:17
Try it. So perfect.
21:19
Perfect, preciate it. Well, my thoughts on first and
21:23
foremost like yo those videos were Next Level you know like
21:27
that that's in. That was insane to see and and
21:32
you know heart-wrenching and absolutely just I don't know man
21:37
as a Bitcoin ER even before Bitcoin, I've always been one of
21:42
those persons that just didn't Trust Banks because I knew that
21:45
like instantly, once I gave them my money, it wasn't my money.
21:49
And like I said before, Bitcoin. Again, I was one of those people
21:52
that metaphorically put their their dollars under their bed
21:56
just because I again Didn't Trust Banks.
21:58
And now I have Bitcoin and I don't have to do that I can opt
22:02
out of the madness. I don't have to ask permission
22:04
to use my money, I don't have to ask permission for someone to
22:07
hold my money. That will abuse that that trust.
22:11
And so this is why we Bitcoin and, you know, I could never do
22:14
justice to the whole Nika Jones rant that we just had, but
22:18
shouts out to the people in Lebanon.
22:19
I really do hope. Up that more people get their
22:22
money out of Banks and into Bitcoin because this is the, the
22:26
feature of Bitcoin. You know, Bitcoin is
22:28
permissionless. I don't have to ask you whether
22:31
I can move my money. I, you know, I can send my money
22:34
where I want to, I can send it anywhere.
22:36
I don't need permission for from any middleman in regards to my
22:40
money. Once it's in Cold Storage, once
22:43
I have the private seeds to my money, it's my money and and you
22:47
guys won't steal from me. I won't have to go through the
22:52
bank runs that are inevitably going to happen on the on Fiat
22:55
standards and and furthermore, the the inevitable
22:58
hyperinflation of that currency. I mean, shout out to the people
23:01
of Lebanon. I'm the inflation rate over.
23:04
There are absolutely insane and you know, like there seems to be
23:07
no end of it because the politicians and the central
23:10
Bankers will continue to print more money and continue to stay
23:14
the on the Fiat standard. So you know, I just hope more
23:17
people are waking up to the message that Bitcoin is A
23:20
solution to this problem. A very real problem, but there
23:23
is a use case to bitcoin. And it is this shining example
23:27
right here, banks are not to be trusted, do not keep your money
23:30
in a bank. You know, hyperinflation is the
23:33
inevitable end of Fiat but we have the solution.
23:36
It is Bitcoin. Umm, anyways, I want to give a
23:39
shout out to some awesome. Super chats.
23:41
Thanks, Mike Denver one. He says, one way to get rid of
23:45
your filthy Fiat, try it, love that next one.
23:49
Thank you. The coin for Father appreciate
23:51
it. Much love.
23:52
He says, put this digital toilet paper into your Bitcoin.
23:55
Wallets you guys. Rog Pioneers, Educators and
23:58
doing a wonderful job peeling. The veil from the eyes of
24:01
everyone that has been blinded by the government for years.
24:03
A very, very kind of you, man. I really, really appreciate it.
24:07
Thank you for all the love. Anyways, guys, this check out,
24:11
let's check out the Daily News. You have a lot to talk about.
24:16
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display QR codes directly on the device to sign, transactions and
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verify addresses. With ease, use your block
24:39
stream. Jade with your favorite wallet
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software such as the block stream green.
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Blue wallet, electrum and Sparrow, get yourself a block
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stream Jay today and take self custody of your Bitcoin.
24:51
All right, all right. Oh, wow, sees he's got you, he's
24:55
looking at. You is looking at you.
24:57
He looks guilty in that picture. They always do that like a
24:59
meteor always does this, right? Like they'll put like some crazy
25:01
topic and then, you know, they put like a picture that kind of
25:04
like match. Is that right now that I've
25:07
pointed out you'll start to notice whenever there's an
25:10
article that talked shit about someone.
25:11
Like, we'll take a look at the picture that they chose.
25:14
So anyways by Nets and all seriousness.
25:17
Though there is a ton of signal in here and and I covered the
25:22
Lebanon news on purpose, right? Connect the dots because they
25:26
are related, okay? They are related and the
25:29
fundamental thing that relates them is the the foundational
25:33
thing that relates them is not your keys, not your Bitcoin.
25:37
If you're Outsourcing the responsibility of your wealth,
25:40
your trusting, someone To be ethical, right?
25:46
You're trusting also on government to at least set up a
25:51
framework in order for these things, not to happen.
25:54
But the inevitable conclusion of that or the consequence of that
25:59
is bigger government bigger regulate more regulation because
26:01
they have to enforce those regulations somehow.
26:03
Right now, what is the alternative?
26:05
The alternative is everyone just takes their money and holds
26:08
their own money. Like that is the alternative
26:10
right there. That's what Bitcoin is.
26:12
Advocate for right. And don't let anyone tell you
26:15
that that somehow is dangerous. These that's bullshit.
26:18
I think it's more dangerous. What just happened?
26:20
In Lebanon. I think that is more dangerous.
26:22
I think that it, that that affects people more than them
26:27
holding their wealth, most people do they just, you know,
26:30
they want to have a family, you want to be able to get food like
26:36
is that bad? Like is that bad?
26:38
Like and of course this is where they're going to try to say
26:41
anyways. There's check out this article
26:43
name of the Articles Forbes. Digital assets is a publication
26:46
by Nance is bleeding assets. 12 billion gone in less than 60
26:49
days goes, on to say, by ants. The world's largest crypto
26:52
currency exchange is struggling to hold on to Assets in the wake
26:55
of the collapse of rival. FTX investors have been pulling
26:58
their crypto in recent weeks, despite Assurance from see of
27:01
from CEOs, easy that the situation has stabilized.
27:05
Outflows are accelerating. Customers were drew a net of 360
27:09
million dollars on Friday. According to data from Krypto
27:13
Dada, firm Thelma, on December 13th, net, non son, a separate
27:19
crypto data firm. Broke, the news that by Nance
27:21
had lost three billion dollars of assets.
27:24
Over the previous week representing four percent of the
27:26
firm's total at the time. A Forbes investigation revealed
27:30
that in fact by Nance lost 15% of its assets since a Twitter
27:34
posting by CZ on the same day he downplayed the non Sun reports
27:39
withdrawals. Still nearly a quarter of bye
27:41
finances assets left the exchange in less than two
27:44
months. That is absolutely wild.
27:46
Orbs reach out to by Nancy can comments for this story, but did
27:49
not receive a response by Publications.
27:51
I'm now, I know what a lot of you guys are thinking, right?
27:55
It's like Nico like they self 75% but you have to understand,
27:58
right? We don't know what by Nance's
28:01
books are actually they are actually they haven't been
28:05
audited a long time because they haven't taken investor money in
28:07
a long time. So you are taking their word.
28:13
That they didn't they aren't selling Bitcoin that they don't
28:18
have. Your also telling taking their
28:20
word that they didn't use a lot of the deposits to speculate
28:26
themselves on the market, because that's what FTX did,
28:29
right? FTX was selling Bitcoin, it
28:31
didn't have and and the bear Market lead to losses.
28:39
And when people started withdrawing that led to a bank
28:42
run, meaning a Ft x was fractionally reserved, so we
28:46
don't know if finances. That Lebanese bank for example,
28:51
clearly. They ran into that.
28:52
That same problem. So it goes on to say, none of
28:56
these asset. We don't know if the by Nance
28:59
assets are back to one to one. You're trusting, someone just
29:03
like the Lebanese, people didn't know, right?
29:06
Just like the people that invent that, that that deposit in FTX
29:10
didn't know, like see the problem here.
29:14
Very, very basic problem. Stop trusting other people with
29:18
your money. Because if you're not, if you're
29:19
going to continue trusting other people with your money like what
29:22
is the definition of insanity, right?
29:24
Trying the same thing and expecting different results.
29:27
This is insane. This is insane.
29:29
And the only thing that is stopping people is because they
29:32
don't want to take a little bit of personal responsibility and
29:35
learn You know, learn how to take self custody.
29:39
Is it really that hard to like, learn how to use a hardware
29:43
wallet? Like the Jade right?
29:45
Our sponsor makes it incredibly easy, right?
29:48
There's other Harbor wallets, that make it easy as well,
29:51
right? Like, it's not that hard, dude.
29:54
It's not that hard, okay, it's not that hard because if not
29:59
like the the, you know, the alternative is you Outsource
30:03
that wealth, which is fine, right?
30:05
Everything is Everything. Nothing works perfectly when
30:08
shit hasn't hit the fan it's when shit hits the fan that
30:11
things start to break. But at that time at that point
30:14
things are way too late, right? Things are too late member.
30:18
What Alex machine ski the CEO of Celsius was saying, right?
30:21
He's like all those Bitcoin Maxis there, they're forcing
30:23
people to take self custody. Remember when he said that like
30:28
and it seemed like at the pot at the time when everyone was
30:31
making money, everything was going up at the time.
30:34
It's like, yeah, these are big or Maxis are assholes.
30:37
Things had to break, we got Vindicated, but in the process
30:40
of being Vindicated is Bittersweet, he's a whole lot of
30:43
people got wrecked in the process.
30:46
Well, we've been banging from the rooftops back then, and now
30:50
is not your keys, not your Bitcoin. ..
30:56
That you can't change that and I would even add to that said, not
30:59
your keys, not your wealth anyways.
31:02
Investors lack of trust is best seen in the performances of BNB
31:06
and be buying it be USD the two tokens bearing.
31:09
The Exchange is named bian be lost 29 percent of its value.
31:13
In the past, two months for was estimated that leaves about 9
31:15
million of the token at Finance 51 percent less than disclosed
31:19
by The Exchange on November 10th.
31:21
Meanwhile, the number of be u.s. DC will coins at the at the
31:24
firm. By 40%, there's also more subtle
31:27
ways in which financed seems to be losing trust and influence
31:30
while net assets drop by 24 percent since November, the
31:32
investors and well-known tokens like Matic ape kala parade.
31:36
Their assets of the exchange by 40 to 50 percent, although it
31:39
Remains the largest cryptocurrency, current the back
31:42
crypto currency exchange by volume - is not unscathed by the
31:45
nearly year-long decline in digital assets.
31:47
It's BMB token is down. Almost 37 percent.
31:50
From 12 months ago, according to Noma demotic I'm X and the
31:55
exchange decision to stop changing fees for spot Bitcoin
31:58
trading at the market faltered cost is about three billion
32:01
dollars a year in Lost Revenue, CC himself contributed to the
32:05
demise of FTX in November. When he announced on Twitter
32:08
that he was planning to sell his Holdings of the Rival of the
32:11
Rival exchange, FTX tokens then worth about 580 million dollars.
32:16
Anyways, goes on to say and I want to read this last part and
32:18
goes through the data. Right of all the all the
32:21
exchange withdraws, the percentages, the numbers, but
32:25
back down here. And I want to connect this with
32:28
what I was just reading just now in terms of the Lebanese case,
32:32
right? At the very bottom it says
32:35
investor takeaways. Right says the bottom line is
32:38
that it growing number of by Nance, investors are leaving the
32:40
exchange or sharply reducing their exposure to it.
32:43
This sharp drop is taking place at a steady Pace without much
32:46
media attention or Market reaction.
32:48
Well, makes this story significant, is that by its own.
32:52
Inertia Finance is getting close to a precipice or this soft run
32:56
on the bank would intensify you hear that last part.
33:00
Called it a run on the bank. How is that?
33:03
Any different fundamentally then?
33:06
What is happening in Lebanon? How is that any different find
33:09
you could say? Nico one is one is Bitcoin and
33:12
shit coins. One is a bank, it's different
33:15
no, but it's not if you look at it, very basically, a Lebanese
33:19
people trusted, those banks with their money and, you know, the
33:23
shit corners and maybe some bitcoiners.
33:25
I have no idea trust, it's easy with, with their money.
33:28
When I'm trying to advocate for is stop trusting other people
33:31
with you money. Now that we have the technology
33:33
that allows you not to have to, but so, how is that any
33:40
different, right? And, and look, here's the thing,
33:42
that's stories. As old as time, it's all this
33:44
time. It literally has happened over
33:47
and over and over again, Bank runs 1930s in the US, the member
33:51
of the, during the pandemic, like everything that was
33:54
happening, people were freaked out.
33:55
We must take out and then the FDIC Insurance lady.
33:58
Has she come out of the video? Your money is safe here.
34:00
It's like, okay, fine, why do you have to endure that?
34:04
Why do you have to trust that lady?
34:07
She's not incentivised to tell you the truth.
34:10
She's incentivised to tell you something so that you don't pull
34:14
out your money out of the system so that you don't blow up out of
34:17
system. The people that are supposed to
34:20
tell like supposed to be the Guardians of your money, are
34:23
also not incentivized to do a good job there, incentivize for
34:28
you to keep your money with them.
34:31
Which is why that Bank in Lebanon, they just closed the
34:33
doors on the guy. This is close the doors and it's
34:36
forcing people to do drastic things like you know use
34:38
violence and you know, use guns and whatnot.
34:43
How about you just be the person that you asked when you access
34:46
your you're the only one it's like oh I need my or what?
34:51
You're crazy case, right? What if you live in a
34:53
totalitarian country? What if you live in a country
34:56
where the government is taking hair cuts off the bank accounts,
35:00
like what happened in Greece during the financial crisis,
35:03
What, what if you live in those countries?
35:07
Because they're the government. The state is going to tell you,
35:10
leave your money in the bank. What about you, what about your
35:14
family? What about all the tummy time
35:17
that you spent the money that you spent the time and energy
35:21
that you spent building up your savings?
35:26
That's never talked about, that's never talked about which
35:30
always talked about the, it's the, the the Bank of Greece.
35:34
The Central Bank of greet the health of the center.
35:36
What about the health of the individuals of the people of
35:39
Greece? What about the health of the
35:40
individuals of the people of Lebanon?
35:42
What about them? And it's talked about like this,
35:45
it's like like, it's some like Nate, like law of nature.
35:48
These things must happen. I disagree, these things are
35:53
happening because the whole fucking system is rotten to the
35:56
Core. The rabbit hole that I've been
36:00
going down the last couple of months, right?
36:02
Is the inflation rabbit hole, right?
36:04
And I might be going my head. I'm like inflation.
36:07
Necessary is if those whatever because I think dude, I don't I
36:09
don't have an economics background, I don't know.
36:11
But like I do have common sense and it's like, I don't think so,
36:16
why do I don't think so? Because I've been on a Bitcoin
36:17
standard for a minute now and like, it's been awesome.
36:23
I really recommend it. Deflationary, life style is
36:26
dope. Um, now I can only imagine
36:29
Imagine what what the rest of the world being on this
36:31
inflation? Deflation are lifestyle is like
36:34
I think a lot of the world's problems are caused by the fact
36:39
that inflation is stealing from everybody. and I have no idea
36:43
how I got down to this rabbit hole, bro, but like Man, CZ,
36:48
Lebanon, all of this stuff. It is history repeating itself
36:54
over and over again. We now have a chance to change
36:57
that like, break that cycle, completely, but it all falls
37:02
down to us us individuals, to wake people up to this
37:08
alternative to this better technology.
37:11
And if you have a family, you have older members in your
37:13
family that you're like, yo, they're not going to get a
37:15
technologically saval. Take responsibility and be that
37:20
Uncle Jim for them. Be that Uncle Jim for them?
37:26
It's time it. So we have an opportunity over
37:30
the next 1020 years to fundamentally change the world
37:34
for the better without coercing. Everybody without forcing people
37:39
without getting people to vote and politics and whatever.
37:42
New, no, no. All you got to do very simple.
37:46
Hey, yo, there's this better. This is better money to make
37:49
life better. Are you gonna do is off doubt?
37:52
Write down 24 words. Put it on a harbor wallet, but I
37:55
think about it. Boom, you win, I win.
37:57
We all win. It's great.
37:58
It's phenomenal. Right?
38:00
When has it? That's never been the case.
38:02
Any other political movement, there's winners and there's
38:05
losers who? Okay, fine.
38:07
You could say oh there's losers here.
38:09
The central Bankers Christine Lagarde like what the fuck does
38:11
it matter, bro? Like she her system hurts
38:15
people, it steals from people via inflation.
38:19
Our system is dope doesn't steal from anyone.
38:22
You want to own my own Bitcoin. Be happy versus Oh, nothing and
38:26
be happy. Like options are clear, man.
38:30
It's very obvious. What where, what direction we
38:33
should go? Anyways, Abdi, what are your
38:36
thoughts, guys? I have to run in about five
38:37
minutes off. These gonna hold it down, but
38:39
opted. You, what are your thoughts on?
38:40
Well, I wanted, I know, I went a bit of red, go on, go on
38:44
emotional, bro, because that that, that thing, that, that
38:47
Lebanese example in the berry, a triggered me, bro.
38:50
Like when I read that, I was like, holy cow.
38:52
This is so sad. You know?
38:54
And and it reminded me, I'm like, this is why we're here.
38:57
This is why we're here. This is why we show up every
38:59
single day. Well, first and foremost, again,
39:03
Outsourcing my responses today. Tomeka Jones rant, get you the
39:08
300 I lose. But yeah, I think I think you
39:12
summed it up pretty well at the end.
39:14
And this is a, this is a Verbatim quote.
39:16
Our system is dope. Nico.
39:20
Let's go. Ha ha ha, but yeah, man is this
39:24
something we say all the time on the show and it's a Bitcoin meme
39:27
it's a Bitcoin Trope at this point you know like don't trust
39:30
verify call The Bluffs. On these exchanges.
39:33
Take your Bitcoin into self custody.
39:35
Under private key that you control to simple as writing
39:38
down toward the 24 words, you know, whether it's on a mobile
39:41
wallet, whether it's on a hardware signing devices, it my
39:45
opinion to very simple process and this is why we do what we do
39:49
as bitcoiners. Like What's The Saying A sly
39:52
roundabout way to opt out of the Fiat system.
39:55
Like, we have this guy's, we say it every single day, or at
39:58
least, I pretty much say. It every single day, we have
40:00
that freedom tool now and it's called Bitcoin, and it's only a
40:04
matter of time. Will everyone wakes up to what
40:06
we know? It's like you can't trust Banks.
40:08
You can't trust crypto Bank. Shit coin banks because they're
40:11
all the same thing, they're recreating the Fiat system on
40:13
the blockchain and you don't have to take your Bitcoin into
40:16
self custody again. If I can do it, I am almost
40:19
positive that anyone can do it. You know, self custody is as
40:22
easy as, you know, sending an email basically.
40:25
Like if you can, if you can remember words, any English
40:30
word, you can remember your seed phrase.
40:32
It's a very simple process, man. I'm reminded of a tweet that
40:38
that we put out there like you can do it little buddy when you
40:40
taking the self custody. And we got a response is like
40:44
imagine saying this about making a phone call, like it's really a
40:47
lot harder in your head than it is to take Bitcoin into self
40:51
custody. Yes, there is a learning curve.
40:53
Yes, you know, like Bitcoin is hard until you realize that it's
40:57
a very easy process and it's like a, it's a, it's a thread
41:01
that I have on my Twitter pinned, it's like Bitcoin is
41:03
hard until you. Stand.
41:05
Why you hot on then it's easy. There is a certain amount of
41:09
mental exercise that you have to do like there's a mental leap
41:13
that you have to do after your first Bitcoin transaction.
41:16
But after that man, it's very simple becomes second nature and
41:19
and you don't have to trust anyone with your money.
41:21
This is, this is why we as bitcoiners continue to repeat
41:26
the same mantras, take your Bitcoin in self custody.
41:28
Not your Bitcoin, not your keys because it doesn't matter
41:31
whether it's it's a Fiat bank or a shit coin Bank.
41:35
They are all the same and you don't have to trust them.
41:37
This is why we Bitcoin. This is why you take your
41:40
Bitcoin and self custody. This is a why you use or you
41:44
write down your seed phrase and you're the only one that
41:47
controls it. Like, you don't have to play
41:49
this game anymore. It's a feature.
41:51
Not a bug, guys. Like we have the tools now and
41:54
it is Bitcoin and more people just need to know that But I
41:58
didn't give me the nikah you needed.
42:00
We have the tools, people just need to know that.
42:02
I 100% agree. Like we we have the winner.
42:06
It's just about educating people getting people to wake up and
42:10
realize that because they're so conditioned to winner, you know,
42:14
the winner takes all we're advocating for is like hey in
42:18
this system, everybody can win, right?
42:20
They everybody can win right. And and that, you know, and
42:23
especially if you've been conditioned in the Fiat system
42:25
for so long, that could be a very hard pill to swallow.
42:28
Swallow. Anyways guys, I will see you
42:31
tomorrow. Opt he's gonna hold it down.
42:33
He's going to absolutely kill it Opti.
42:35
It's all you. My friend.
42:37
Let's get to the review. Let's do it.
42:42
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dollar cost averaging. What do you waiting for visit
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Swan Bitcoin.com today, Well, Nico leaves me and he's already
43:10
trying to cut out the culture today, it's not the main review.
43:13
We're going into the culture. Anyways, on this point, again,
43:21
me and Nico, Nico, and I don't really coordinate our segments.
43:25
Usually, we do have a rough idea.
43:26
What we're going to talk about. But today, it's very fitting.
43:29
I got this comment yesterday on our YouTube and I thought, you
43:34
know, I'll take today on the culture too.
43:37
To to cover it. So shots out the gas he
43:39
commented hello guys sort of new to the channel.
43:42
Any chance you guys can make a video about Bitcoin only
43:45
Hardware wallet. I'm confused as to which is best
43:48
for me. Average American guy here,
43:50
middle-class income, nearly a whole Corner.
43:52
Don't know exactly what to get. Thanks.
43:56
First and foremost shouts out to you Gus, shouts out to you for
44:00
continuing to Stacks at and, and continuing the self custody
44:04
Journey. First caveat try not to tell
44:06
people you're a whole coin. You know, lean into the boating
44:10
accident. I mean, you never know what's
44:12
gonna happen. But anyways, on this point, what
44:16
are my favorite Bitcoin only Hardware wallets as a lot of
44:20
bitcoiners say on Twitter Bitcoin Hardware signing
44:24
devices. And you know, we're doing our
44:28
best over here on simply Bitcoin to when we tell you guys to take
44:32
Bitcoin itself custody to not only give you the mantras in the
44:37
memes but Also give you guys the tools that we like best.
44:40
So, first and foremost, I do have some here.
44:44
The this is not a complete list, but these are the ones that I
44:47
use that. I like that.
44:49
I enjoyed the most and I will cover some of the trade-offs and
44:52
and some of the differences. And of course, there is certain
44:56
trade off to to these Hardware signing device to these Bitcoin
44:59
Hardware wallets and they're they're at different price
45:02
points. And so this is why I gave a few
45:05
options and these are my favorites at the current moment.
45:07
Men, of course, as new Bitcoin Hardware wallets come out,
45:11
Hardware signing devices, whatever nomenclature you want
45:14
to use. I will continue to update this,
45:16
but at the current moment Gus, these are the wallets that I
45:19
love that I'm using, that are part of myself, custody set up.
45:23
So first and foremost, I got the Jade here.
45:26
It is, you can see it's, it's translucent green.
45:30
That's why it looks like. It's an invisible one.
45:33
Absolutely love this. This is the newest one in my
45:36
repertoire. And the reason I'm starting with
45:39
this one is because I think this is the best best price point for
45:43
Bitcoin Hardware. While it Hardware.
45:45
Sign device, it's 50 bucks, bro. Like the the amount of
45:48
engineering that block stream has put into the Jade.
45:52
I think it's absolutely beautiful.
45:53
And for the price point of 50 bucks, I don't think you can
45:55
beat this. This is probably the best way to
46:01
take your Bitcoin into self custody and start that stuff,
46:04
custody journey. I think this is the wallet that
46:06
I'm going to Our to lead most of my Bitcoin newbies friends down
46:11
because of the price point. You know, you said, you are
46:15
close to becoming a whole corner.
46:16
But one thing that I've understood is like, you know,
46:18
most people are stacking a few sets.
46:20
Maybe they have like a thousand dollars maybe that five hundred
46:22
dollars into Bitcoin Fiat dollars in a Bitcoin and then
46:25
you tell them to go buy one of these other wallet that I'm
46:28
going to tell you and it's basically like half their stack
46:31
and you'll it's kind of hard to sell to people.
46:33
It's like, okay, you know, you have $500 $1000 in Bitcoin.
46:36
Now, go by this 300 dollar Hardware wallet and they're like
46:39
man. I'm really that's that's a lot
46:41
of money for most people. So fifty dollar price point for
46:44
the block string, Jade Hardware signing devise absolutely love
46:47
it. You can see it's got a camera on
46:48
it. I guess I could hold on.
46:51
I could hear. Let me let me turn off the green
46:54
screen for a moment and you can see the block stream Jade and
47:00
all its translucent green Glory. Absolutely love the colors.
47:05
Okay? Next One.
47:09
Is one of my favorites. And again, the price point is
47:13
very good for those starting out, but it's also DIY.
47:17
It's off the shelf and you don't have to send your information,
47:22
your address, your name to a Bitcoin company.
47:26
So the next one is deceived signer.
47:29
You can see even got a 3D printed seed, signer case on
47:32
this one. This is all off the shelf.
47:35
I think it's getting very hard to get Raspberry Pi's.
47:38
Zero's right now but this is one of my favorite favorite wallets
47:41
out there. It's stateless it uses the
47:44
camera so that you can scan a QR code to get your seed phrase and
47:49
there's nothing ever on this. You can you can pass this around
47:52
to you know, multiple people in your family, you can Uncle Jim
47:55
everyone. You can just get one device and
47:56
everyone can save their own seed phrase, their own QR code that
48:00
skin. They can scan into it.
48:02
And, you know, you can pass this around to anyone and you don't
48:06
have to be afraid of losing your wallet.
48:08
Are your Bitcoin? And again, this one is a DIY
48:12
wallet, guys. So you have to build it.
48:15
I know there is some companies out there where you can buy them
48:18
pre-made, you can make them look very cool.
48:20
There's a bunch of different ways to make it.
48:22
I don't have any toggle, you know, little toggles on here but
48:25
soon enough, I will get one. So, this is my orange seed
48:29
signer, again, at the price point at least when I made this.
48:32
I think it was like, 60, 70 bucks.
48:34
When I made it, I think the the Raspberry Pi is becoming very
48:37
hard. To get right now.
48:39
But highly recommend this one because, you know, it's
48:42
off-the-shelf parts and who knows where you're living right
48:46
now, I'm guessing you're an American Gus.
48:48
You said your average average American, you know, middle class
48:51
so you know, maybe these aren't your concern.
48:54
But if you are around the world in a country that is not so
48:57
Bitcoin friendly, you can get all these parts sent to you and
49:01
you can build a hardware signing device for yourself.
49:04
So the second one is the seed signer and the third And I think
49:08
for most bitcoiners this is the wallet that we love that that
49:12
most people think is the quintessential Pinnacle of
49:17
Bitcoin Hardware signing devices or Bitcoin Hardware wallet and
49:22
it is the cold card. It is everyone's favorite
49:24
Bitcoin calculator. The, you know it's transparent
49:27
as well. This one is awesome.
49:29
This one looks cypherpunk. It looks like an old calculator
49:34
and I think this is kind of like the industry-standard again at
49:38
the The price point. I forget what, how much these
49:40
cost I think they're around. Like $200 right now for 200 Fiat
49:43
dollars right now. It might be a little more.
49:46
I forget exactly how much they are.
49:48
But I think for most bitcoiners the highly recommend the cold
49:53
card, and I would also highly recommend the cold card.
49:56
And so, this is why I, you know, I brought some options for you
50:00
today because Gus, you're going to have to kind of make the
50:03
choice for yourself. You're going to have to do the
50:07
little bit of research. And and, you know, figure out
50:10
the trade-offs for yourself, understand what price points you
50:13
want to buy for for your Hardware sounding device, how
50:16
much you want to invest in in your self custody.
50:19
But I mean, it sounds like you are, as you said, almost a whole
50:22
corner. So maybe you are thinking of
50:26
getting very serious and yourself custody journey and so
50:30
maybe you want to jump headfirst and get yourself a cold card.
50:34
The beauty of this though is you can get all three And you can go
50:38
heavy and to set up a multisig wallet using.
50:41
I don't want my favorite wallet or signing coordinating devices
50:44
Sparrow out there and you can get them all together and then
50:48
your, your, your Bitcoin self custody journey is as secure as
50:53
possible. But, you know, for most people,
50:56
you can just get one of them at a difficult pass code, pass
51:00
phrase as your 25th, word on it, and you'll be good to go.
51:03
So Gus, I hope that answered your question again.
51:07
We're going to start with the J. $50.
51:09
Absolutely. Love this.
51:10
I'm going to recommend this one to most people out there to take
51:13
their first journey into self custody.
51:15
The next one, is the seed signer.
51:17
I think this is one of the coolest projects out there off
51:19
the shelf Parts DIY and just super cool stateless scanning
51:24
the QR. They're pretty sure they're the
51:25
first one to get the camera up on there and they're starting
51:28
that movement. And then, of course, the cold
51:30
card, there is some other some other honorable mentions like
51:35
the foundation passport is seems pretty cool.
51:37
I think sexy See, you know, the big box bit box. 02.
51:43
That one's pretty cool. There's a few other ones, but
51:46
the three that I'm recommending today is the Jade, the seed
51:49
Center and the cold card, again, at the price points.
51:52
I think these are the best ones. These are what I use and I
51:56
highly suggest this for you guys, guess.
51:58
So, I hope that answers your question.
52:01
If you have more, ask us on the YouTube and I will do my best to
52:04
cover them all. We are getting spammed over
52:06
there. So it's hard to get Get
52:08
everything but I hope this helped you out.
52:10
Gus have a good one and let's get into the main review one
52:14
second. One second I didn't have the
52:16
graphics ready fish. The daily meme review brought to
52:27
you by Kaboom racks. I get this question all the
52:29
time. Nico.
52:30
Where should I buy Bitcoin miners.
52:32
The answer is Kaboom racks. It's the best place to buy
52:35
Bitcoin miners. That's where you're going to
52:36
find the best deals and the best prices start.
52:40
Your mining Utopia today to check out their racks.
52:42
You got to go to T dot me slash Kaboom racks.
52:45
Join their telegram group and start your mining Journey today.
52:49
Kaboom racks. Let's go.
52:51
All right, boys. And girls, while this is your
52:54
favorite portion of the show, the meme review.
52:57
Drop Your Meme review. Score in the chat and I will
52:59
cover it live. As we say, all the time on the
53:02
show, tweets are the bullets. And memes are the artillery, you
53:04
guys are Frontline soldiers and information War, I am fully
53:08
convinced that we are in World War 3.
53:11
It is a psyop war. It is a war of information.
53:13
So we have the truth on our side, continue to mean, continue
53:17
to ridicule the high-level parasites.
53:19
Monetary demons continue to put humor.
53:23
And Truth in art. So that the Normie out there can
53:26
realize why we do what we do, we are in a war to win the hearts
53:30
and minds of the masses. So mean them to death continue
53:35
to meme them to death. Anyways, this first one, shout
53:39
out to Yellow shuts out to your prophecy because it does seem
53:42
like you were correct and maybe we were out of the bear Market,
53:45
but anyways, yellow AKA ICL offender to on Twitter goes.
53:51
Wow, with With the shocked face and he goes hey, Bitcoin hollers
53:55
face before and after a bear market and we have Eminem on the
53:59
left side, the before. And the after a very worn out,
54:03
Ellen DeGeneres, that is a Savage one.
54:10
This next one, shouts out to our boy Morpheus underscore BTC and
54:14
he says, don't be that guy. And on this thread of today's
54:17
show taking your Bitcoin in the South custody.
54:19
I had to add this one on the show.
54:22
I know you guys still don't have girlfriends right now.
54:25
So I'm giving you guys some Alpha here.
54:28
We got a guy on a phone call and it goes can we get back
54:31
together? And we got a girl and she's on
54:33
her cell phone. She goes, I'm no.
54:35
And the guy responds, how come and she respond?
54:38
I told you was going to leave. If you kept shit coining, I'm
54:43
seeing someone now and the guy losing it on the phones.
54:46
There's why are you doing this to me?
54:48
And then the Chad bit Corner over here because he said he's
54:51
Bitcoin. We and those how the self
54:53
custody. This is the way this is the way.
54:57
Okay, this last one, I this next one, sorry it's by at bit plates
55:01
on Twitter and he goes 24 seed words, protect a Bitcoin wallet
55:04
with the complexity of about 10, to the 76 power, different
55:09
possible, word combinations. And to give you some idea of the
55:13
size of that complexity, there are about 10 to the 80th power.
55:17
Adam, in the entire universe, we have a picture of the universe.
55:21
Just math is hard and big numbers are even harder for
55:24
human. So man, just mind-blowing
55:28
actually, here we go, here we go.
55:30
This is the perfect response. Just mind blown mind, blown this
55:34
next one chefs out to my boy. Joe Rogers AKA at underscore.
55:38
Joe Rogers on Twitter and he goes poking around internet
55:43
archive. This week in and found this
55:45
incredible Mad Magazine from 1971 issue 145 was titled the
55:51
inflation. Issue.
55:52
What the fuck happened in 1971? And look at the mad guy as a big
55:58
inflation bubble. In this issue, we deflate Five,
56:02
Easy Pieces and The Owl and the Pussycat, the special inflation
56:06
issue. What the fuck happened in 1971?
56:09
Shouts out to w2f in 1971 the website or wait WTF happened in
56:15
1971.com. Go check it out.
56:18
Go spread that information to all your friends and family this
56:21
next One shouts out to the Bitcoin company.
56:23
One of my favorite companies in the space, literally how I'm
56:26
surviving lately at the BT. Seco on Twitter, Bitcoin is
56:30
beautiful and you can see we got the Bitcoin, you know, the
56:33
infamous Bitcoin, coal gold coin and it's Gotta, it's got some
56:39
stuff in here. There's some Easter eggs here,
56:41
there's like a human and I don't know, maybe like a farmer.
56:44
I know Bitcoin is beautiful and on that note, I don't know if
56:48
you guys caught that Swan Bitcoin documentary that Last
56:52
night. Bitcoin is beautiful.
56:54
Absolutely great job by you guys again.
56:57
Bitcoin is beautiful this next one is by pulling B's media and
57:01
he goes the Federal Reserve achieving price, stability and
57:04
smoothing the business cycle since 1931.
57:07
So again, you guys tell us, we only put six charts on the show.
57:12
I am starting the year strong. I think this is my second or
57:15
third. So I have about three more
57:16
charts that I can add to the show before you guys start me me
57:20
the dad, and you can see two, Hundred years, the dabbled
57:23
ratio. And you can see here right in
57:26
the middle, the 1913 formation of the fed and fractional,
57:29
Reserve Banking. And we talk about this today.
57:33
You know, from the 1802 1930, a relatively stable rise from the
57:40
gold standard era in this ratio. And then, once we created the
57:44
Federal Reserve Bank, the FED, look at all this stability, look
57:48
at much stability. The You the world in the Fiat
57:54
Capital era. Oh my goodness, you can't make
57:57
it up. This is why we bring the memes
57:59
and we bring the receipt. So you can visually make sense
58:03
of what's going on. And again, actually, maybe I'm
58:06
bringing way too many charge. That's two in one show.
58:08
Absolutely wreck. Shouts out to Mad Odell added on
58:12
Twitter and you go major Bitcoin cycles.
58:14
And this is a this is a chart by nine dig and this is just me
58:18
adding some opium for you guys as well.
58:20
So you can see See, all of the Bitcoin Cycles we have cycle
58:24
one, we have cycled to we have cycle 3 in yellow and right now
58:30
we have psycho for in Orange and you can see where we are in the
58:34
market in regards to historical statistics.
58:38
So hey, maybe yellow is correct out there and we are about to
58:44
start that bull run. Starting the bull going into
58:50
2020 for having so so of course, guys, drop your mean review
58:55
score in the chat, and before I do that, I'm going to shout out.
59:02
Our clothing sponsor at represent, I'm wearing the
59:05
trust, no one. Orange pill shirt gets, get your
59:10
guns, looking good up in here. Love the merge, go check out the
59:14
simply Bitcoin merge line over there before it is gone and grab
59:18
yourself some simply Bitcoin merge from represent.
59:23
Anyway, it might mean review score today.
59:25
I think I'm going to do this one.
59:27
I might get roasted because I think it Does have some seed
59:32
oils, but anyways, whatever, you know, got to live a little bit.
59:36
You got to live a little bit. It is some peanut butter and
59:39
dark chocolate trail mix. I am a huge trail.
59:41
Mix Maxi, teach me how to eat. Better trail mix and I will do
59:46
it. Anyways, let me see.
59:48
Let me see. No mean review scores yet.
59:53
Hold on one second. Let me see if there's some mean
59:56
review, scores. Actually I might do.
59:58
I have Jeopardy music in here? No, no Jeopardy, music anymore.
1:00:03
Okay, I guess I got to update my soundboard.
1:00:06
Okay, let me see, let me see what do I got over here.
1:00:10
Here we go, I got one. Rave elevator.
1:00:15
I give the memes one IRS sidearm.
1:00:19
Okay, let's go. All right.
1:00:24
Shouts out the shed boy, and he goes irate.
1:00:27
These the bottle. I just piston stuck in traffic
1:00:30
before you as, uh, fro. Yeah, Savage.
1:00:36
Well, you know, on the mission I'm call we can entertain you
1:00:41
still, okay? There's no Next one, shouts out
1:00:44
the p man van and he goes, I give these memes, op, teesri
1:00:47
hypothecated Peach. Last.
1:00:52
Yeah, y'all are savages. Okay.
1:00:53
All right, there's a next one. Shoves out the Rope, you guys
1:00:57
irate those memes up. These fail, mix.
1:01:00
Which ones that wait? Oh fail mix.
1:01:02
Hey dude, it's delicious, peanut butter and dark chocolate.
1:01:06
Come on, Peanut Butter and Gumball's.
1:01:07
Okay. All right, yellow shots at the
1:01:10
yellow. I give them a new New sound
1:01:13
board. Hold on.
1:01:14
I got you. Okay.
1:01:19
I think this is just a bunch of elves.
1:01:21
I'm not exactly sure what your name is.
1:01:23
LOL, I give these memes to soft kisses on my neck from sto, Ha
1:01:30
ha ha. Okay.
1:01:32
All right. Okay.
1:01:34
All right. Last one, shouts out to diogenes
1:01:36
a great and he goes I give these memes a bag of opt.
1:01:40
He's twigs and leaves. He likes to eat.
1:01:42
Yes. Okay I guess you know I'm
1:01:45
getting roasted over here because I like trauma trail.
1:01:48
Mix is delicious guys. Am I know?
1:01:51
I'm not the only one that thinks trail.
1:01:52
Mix is delicious. Like come on, let's be honest
1:01:55
here. Alright anyways let's get into
1:01:58
the software release. Bitcoin software release brought
1:02:03
to you by Cipher safe, don't be that person that loses their
1:02:07
Bitcoin seed. Due to fire damage water damage
1:02:11
dog. Attacks back up your
1:02:13
generational Bitcoin wealth on steel and there's no better
1:02:17
place to do it then the cipher grid by Cipher safe and now
1:02:22
check out their new Bitcoin art the Bitcoin rule Oaks triangle
1:02:26
only on Cipher safe dot IO. All right boys and girls girls
1:02:32
and boys, mainly boys, today's record shop, where it leaves as
1:02:38
a Bitcoin dev kit version zero point 2, 6 .0, it improves
1:02:42
fulcrum electrum server compatibility enhancements and
1:02:45
Bug fixes. As you guys probably know the
1:02:47
Bitcoin development kick Library aims to be the core building
1:02:50
block for Bitcoin wallets of any kind.
1:02:52
So if you are Developer out there, if you are looking to
1:02:56
dabble in making another Bitcoin wallet, Check out the Bitcoin
1:03:00
development kit, just got updated and you can go check
1:03:04
that out. Of course, of course, guys, we
1:03:08
appreciate everyone. We appreciate all the support,
1:03:10
and if you want to catch us on audio, only channels, we are on
1:03:15
anchor, Spotify, Apple. I think we're on every
1:03:18
podcasting app out there. Whatever you're using.
1:03:21
I'm pretty sure anchor or yeah, anchor gets us there.
1:03:25
So, go check out the audio and then of course we are a part.
1:03:29
Out of the valley for Value economy on Fountain, I told you
1:03:32
guys to upgrade your fountain apps yesterday.
1:03:35
I will read your comment on Friday.
1:03:40
Hopefully, Nico will remind me on that one.
1:03:43
But anyways, man, thank you guys for supporting us.
1:03:46
We appreciate everyone that shows up in the chat, we
1:03:50
appreciate everyone that shares us on Twitter, we appreciate
1:03:54
everyone that goes on Twitter spaces, means a lot to us.
1:03:58
Again, if you Want to help push the Bitcoin movement forward.
1:04:03
Don't just share, simply Bitcoin, share all the Bitcoin
1:04:06
only podcast and content out there.
1:04:08
So more people understand why we ha do why we do what we do.
1:04:13
It's upon you guys to pain every single one of us as an
1:04:16
individual to get this signal out there as far.
1:04:20
And as wide as possible, I think 2023 is going to be a great year
1:04:24
anyways. We'll see you tomorrow.
1:04:27
Same time as always. And I'll see you in two other
1:04:30
spaces right now. Peace out guys.