Latest / Simply Bitcoin / UNDER PRESSURE: Saylor Earning Bitcoin Bear Market Stripes | EP 487

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UNDER PRESSURE: Saylor Earning Bitcoin Bear Market Stripes | EP 487 · Simply Bitcoin

0:04
Welcome back everyone. We're simply Bitcoin.
0:06
We break down the news. The daily fail mean review.
0:09
Software releases Hardware, releases, and the pleb sites.
0:13
Joining us today fellow Bitcoin, ER, and candidate for
0:18
commissioner of Miami-Dade district 10.
0:20
I'm talking about Martha, Wayne. Oh, she is joining us.
0:23
Martha. Thank you very much.
0:25
Thank you guys for having me. Thank you for bringing me on.
0:28
It's an honor. Aw, awesome.
0:30
Alright, we are, she's coming with us down the rabbit hole and
0:33
we're diving into the numbers. Let's do it.
0:34
Nico number time, brought to you by not old, they make some of
0:38
the best Bitcoin notes like the novel Dojo, the one I'm holding
0:41
in my hand, it's in red. That means is faster, run your
0:44
own version of Bitcoin core and the lightning Network, all in
0:48
the comfort of your own home. Get yourself a novel today
0:52
because if not, you're using someone else's node and that's a
0:55
big No-No for privacy. At the time of this recording,
0:57
the block Ida 735,000 Three the Bitcoin price 28,500 75 chain
1:04
rewrite day, 726, total public lightning capacity 3790 8.82
1:11
Moscow time. 3500 blocks to the having 100 4037 and the samurai
1:18
Whirlpool unspent capacity, Samurai Whirlpool is a coin or
1:23
collaborative spend. It is not a mixer and the
1:27
unspent capacity for that is Is 4670 6.35.
1:33
BTC Nico, the numbers numbers. Numbers are looking good.
1:38
I had. So, I was in originally gonna
1:41
bring up an article to talk about key because we covered it
1:44
initially when they had the NBC bit, but Martha.
1:48
And I had a great conversation, Phil was just kind of observing
1:52
before the recording. So I might say, well I'm going
1:54
to save that for the news but and I replaced it with this.
1:58
It was actually going to talk about this there in the news.
2:00
But I will talk about it now. Michael sailor is earning his
2:04
Bitcoin Stripes. Okay, this guy is feeling the
2:08
pressure. Remember at the end of the day,
2:10
Michael Sailors, only been in Bitcoin for a year, right?
2:13
How many times have I told you your first cycle is brutal.
2:17
That's where you earn your stripes.
2:18
Anyways, check it out. Microstrategy has a 205 turned,
2:23
205 million Term Loan and needs to maintain 410 million dollars
2:28
as collateral microstrategy. He has 115,000 Bitcoin that it
2:32
can pledge if the price of Bitcoin Falls below 3500.
2:37
The company could pose some other collateral.
2:39
So he's obviously feeling the pressure.
2:42
He's trying to ensure investors that microstrategy can cover the
2:47
Margin Call. Anyways, moving on, this is a
2:50
John corbello, we've had them on the show.
2:52
Sailor is roughly 220 million dollars underwater right now?
2:57
So don't be complaining about your trade.
3:00
Anis relative, though and Trek. Take a look at the microstrategy
3:04
stock, right? We don't look at at a at stocks
3:08
very often but this is a pretty good visualization of how much
3:12
pain this guy's feeling member. This is a public company, right?
3:16
That means that he has to answer to the board.
3:19
Michael sailor is in big problems right now.
3:22
Take the take a look at the chart last time.
3:25
The company was at this price was in August 5th of 2020.
3:29
Before the Bitcoin bull run. This was, is his stock, price
3:35
was at $116. And today, it's at 168, this
3:39
looks like a shit coin to me. Phil went parabolic, right?
3:42
It peaked. Kind of went sideways and went a
3:44
little bit up and it's down again.
3:46
So, Michael sailor is earning his stripes right now.
3:49
He's definitely feeling the pressure.
3:51
This was a private company. First of all, you wouldn't look
3:53
at the stock price but they were he would have no
3:56
responsibilities to the public, but because the public owns some
4:00
Stock. Right?
4:00
Look at the performance of that stock.
4:02
It's frickin brutal. Anyways, Phil, what are your
4:05
thoughts on this? My friend.
4:07
Wow, I haven't looked at that chart in a long time.
4:10
That is a nasty dump. But I mean, of course, right?
4:13
It's so strongly correlated with the Bitcoin price.
4:15
I don't think we could expect, you know, very much of anything
4:19
different. But to your point about it being
4:21
a shit coin, you know? Technically he can dilute the
4:23
amount of shares, right? They can split the shares, they
4:26
can, you know, they can reverse split the shares.
4:28
So you know, there's There's that central point of failure
4:31
like in every stock, right? Like in every one of these in
4:34
the traditional Finance system. So look at the end of the day,
4:37
this is par for the course. He's it's exactly what it said
4:41
he is definitely earning his stripes.
4:43
And you know what? Welcome to bitcoin.
4:45
Welcome. Miss.
4:46
This is our I think this is our second.
4:48
This is our second time around. So this time I feel like the
4:51
seats I've got better seats and I did and I have more
4:53
convictions, you still get hit in the face by the baseball.
4:57
It's still somewhat. At least you have better seats.
4:59
This is like getting hit in the face by a baseball bat, which is
5:02
the first cycle. Absolutely brutal Marta.
5:06
How do you feel? How has, how has the, how has
5:10
this dip been for you? Actually, it's been fine.
5:14
I don't stress it. I mean, I look at it because it
5:17
for me, this just means that Bitcoin is in on a half off
5:20
sale. You know, I'm female that just
5:22
means buy more. Ha.
5:23
Ha, good answer. You know, I didn't really need
5:29
any more More shoes but honey they were have wrong if I'm
5:32
gonna have to oh man that's so true rights.
5:37
It's like if there's a deal then you have to get it but it's like
5:39
but we don't need it but there's a deal is a deal but you know,
5:44
at 2800 what I was like at 30 a little while ago, I was like,
5:47
oh, I'm gonna buy it's at 30 now.
5:49
You guys are saying, it's funny. What?
5:52
Yes. How's it going to go shopping
5:54
later? How do you, how do you think
5:56
Sailors feeling right now? Oh, that looked painful that.
5:59
Painful. I don't follow his his company
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so I didn't know. So thanks.
6:04
But oh yeah s for sure. Phil you know I do it.
6:10
I want straight to bitcoin. I don't know anything about
6:12
traditional Finance, you know that the things that I've had to
6:15
learn is because I do this show. So I kind of understand how the
6:18
Fed works. But okay, what what is the
6:21
danger from the public with micro sailor because I know that
6:24
if investors start losing a lot of money, they they could sue,
6:28
right? So true.
6:30
Yes, exactly. Right.
6:31
And this is something that that used to not happen as often and
6:35
I feel as time has gone on, it happens more and more.
6:38
So you have stocks which have inherent risk, right?
6:41
Like it's a stock, it's not guaranteed to go up.
6:44
And if it essentially drops too much, usually you'll have a
6:48
bunch of bigger investors that will come together, hire a law
6:51
firm and sue them for, you know, loss of value and stuff like
6:55
that or you know, they were they were misinformed somehow Now
7:00
it's like look you know what at the end of the day you got to do
7:03
your own research and look the other thing that could happen
7:06
even if they don't Sue I mean the shorts, right?
7:09
The shorts could come out and short this thing into the ground
7:12
and make it remember what I said a couple of episodes ago, right
7:15
the assets price doesn't always reflect reality it usually
7:20
reflects emotions. Yeah, okay.
7:23
Or in today's case, emotions and algorithms, this is brutal.
7:27
Do you think that this could happen Which is what most people
7:31
care about. Do you think this is, this will
7:32
affect the price of Bitcoin. You know what, I think it is.
7:37
I think it affects the the perception rights like, I think
7:40
that it affects the perception. But I think, you know what,
7:43
fine, I would say that short term, it may affect the price of
7:46
Bitcoin, because people who, you know, may hold Bitcoin and they
7:49
don't have that much conviction. Maybe they're just gonna dump it
7:52
because they see that microstrategy is going away,
7:54
which really is terrible reasoning.
7:56
But hey look to each their own, right?
7:58
Like, I mean, if you're afraid and You feel safer by dumping,
8:01
all right, well you know no one's going to stop you, but
8:04
look at the end of the day, this is just noise, we're zooming
8:06
out. The lightning network capacity
8:09
is constantly growing. Every the people that are
8:12
developing on bitcoin, haven't flinched.
8:14
They're still all developing on bitcoin.
8:16
All the all the actual fundamentals of the ecosystem
8:19
and the community are all still intact.
8:21
So to me, I'm sorry, not the community the network, okay.
8:24
All of this is still intact. So to me we're doing just fine.
8:29
You said all that At fancy shit but Martha said that she's going
8:33
shopping because there's a 50% of the I like that better and
8:37
then a Bitcoin not of not of Michael Sailors company but
8:43
dropping the truth. But anyways Phil it's time for
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The link is down below. All right, so we all saw what is
9:16
happening with the Terra Luna meltdown.
9:19
We covered it yesterday, the peg, that isn't.
9:22
So right, the 60 Cent, the 66 sent Peg, that is supposed to be
9:27
a dollar that just doesn't exist.
9:30
So today we're starting to see a little bit more stuff come out
9:33
of this because let's face it, it's still unraveling and The
9:39
bitcoiners. We kind of said We Told You So
9:42
and we're not wrong yet. I mean this is this has been an
9:45
absolute shit show and we told you that you should stay away
9:49
from these types of projects. Anyways this is actually a
9:53
pretty pretty nasty. It's a pretty nasty message but
9:56
it teaches everybody a lesson about shit coins.
9:58
This is a tweet from hottel not to pasted the screenshot.
10:01
Let's read the, the screenshot, my brain can't process, this is
10:06
happening for real, I was farming with Moses in the Luna
10:09
UST, pool thinking that the crypto Market was going to be
10:12
garbage for the next year. Ready to buy the dip, di CA
10:15
every month each time. I'd see a 10% drop with nearly
10:18
30 K UST after I began two years ago with barely 1.5 K.
10:22
And now you guys are telling me I lost it all.
10:25
Not even leveraged, not even a shit coin.
10:28
But a top-10 crypto this seems unreal and I can't believe this
10:31
is happening. I basically lost 60k overnight.
10:34
With what could have been considered a risk off asset,
10:37
three days ago And I can't do anything about it.
10:40
Can't sell. Can't buy.
10:41
I can just watch it burn, this is insane.
10:45
Okay, so look when it comes to this type of stuff, okay, you
10:51
see you see the wording that this person ended up using in
10:53
there. And this is how, you know, that
10:55
unfortunately the marketing is working for this garbage because
10:58
this person thought that they were dollar cost averaging into
11:02
an investment that was risk-off. Okay, this is this is this Pure
11:09
nonsense, we've told you time and time again that it's a
11:12
casino we've shown you the wrecked leaderboard.
11:14
There's over three point six billion dollars in people that
11:18
got rug pulled on this type of garbage.
11:20
Anyways, so it's kind of scary when you see accounts like ran
11:26
who has over 600 9,000 followers saying something like this
11:32
today. Buying Luna now is the best
11:35
risk-reward trade. I've seen in a long time.
11:38
There's a chance that it goes to 0 but if it doesn't, you may
11:41
pick up tokens at Crazy Prices. This is an, this is why we tell
11:46
you there's no heroes in Bitcoin.
11:47
This is why we tell you you got to be careful of the end flew
11:50
answers. Okay.
11:51
Because they're not, they're not looking out for your best
11:55
interest. You need to be looking out for
11:57
your best interest and this episode with Luna is only the
12:01
beginning as Bitcoins price continues to find support find a
12:07
floor. You're going to see More and
12:08
more of these quote-unquote secure shit coin projects start
12:13
to fall away because they don't they don't actually have a use
12:17
case besides your liquidity, but when the markets dropping, you
12:21
don't want to put your liquidity in there, so they're not getting
12:24
any new liquidity. So where's the liquidity coming
12:26
from? It's not anyways dude, just
12:30
totally, totally freaking wrecked.
12:33
Totally wrecked. Stay away from shit coins.
12:35
You know what? We definitely a lot of people
12:38
probably. We ignored us on the way up
12:40
right there. Like oh my God, I'm getting
12:42
rich, right, but there's a reason and we emphasize this
12:45
many many times, right? Especially when we were
12:47
beginning to show as before the beginning of the Bull Run.
12:51
Phil and I said specifically it's during the bear markets
12:57
that you understand why only Bitcoin right and the bear
13:01
markets really show you and Dave wreck you and they humble you
13:05
why only Bitcoin? And a lot of people don't make
13:08
the Mistake. And I've seen a lot of people do
13:10
this, right, where they hold on to their shit coin thinking that
13:14
it's going to recover, its a previous all-time highs and
13:16
Bitcoin and it won't. Right, that's the sad part.
13:19
So I know that a lot of people won't listen to me.
13:22
I know that you have to, you know, learn that lesson but
13:25
we'll be here when you do. You'll be here when the light
13:28
switch is and you realize why only Bitcoin anyways, Martha,
13:32
what are your thoughts on on the bloodbath that is just
13:35
beginning. You know?
13:36
Like I said I am Coin, Bit Coin. And then Manero, I actually
13:45
almost oblivious to what was happening because I don't follow
13:51
anything else. Are you saying that's all very
13:54
bad Manero. I'm just getting my room and my
13:57
God at the end of the day, you know, we're hardcore, you know,
14:01
bitcoiners. I think a hardcore Libertarians
14:03
look to each their own. We just as bitcoiners, we just
14:06
don't believe my Narrows a store value if you want to hold it.
14:08
That's it. Say I didn't say it was a store
14:09
value, I've very specifically said that mineiro is a coin that
14:14
I am using for a very specific purpose which is the freedom of
14:17
Cubans on the island. They need a coin that can be
14:21
private and that can help them get away from their shit coins,
14:24
that the Cuban government gives them or makes them use, which
14:28
can't be used anywhere else in the world, so they need an
14:30
on-ramp into Bitcoin and that would be Monaro, which is
14:33
private. So that once we destroy the
14:35
regime, then they can go on to bitcoin that Is not being
14:39
controlled by the Cuban government, which is what was
14:41
going to be presented at the Bitcoin conference but that's a
14:43
whole other story but just a but just a counter-narrative to that
14:46
because I completely understand that perspective of it for the
14:50
Monaro use case, but just a counter-narrative to that they
14:52
could they could use lightning where the, the funds going back
14:56
and forth in the lightning channels actually cannot be
14:58
tracked by except for the part where we have to send it to
15:02
them. So how they don't have any cold
15:04
storage and the wallet that they can download and use.
15:08
Is on the island because it's again, a dictatorial regime is
15:11
whatever the government has, it's very difficult II, know
15:15
what you're going to say. I've had these conversations
15:17
with lots of people because joins they can't they kill you.
15:21
Plus it will save, it will save it to the new segment.
15:24
What is it? What is the next film?
15:26
My friend. Okay, this is exactly why I took
15:28
the Cuban part from the numbers to the news so that we could
15:32
spend a lot of time going back and forth.
15:34
Okay. Okay, here we go.
15:35
All right, moving on. Moving on to that, I know but
15:39
look at the end State we had, we had Jane Addams, she's running
15:43
for congress in Nevada and she you know she said she held shit
15:46
coins. Look at the end of the day.
15:48
You can do whatever you want with Libertarians, right?
15:50
You know, you could hold whatever you want.
15:52
We just believe that it's a waste of time, but again, ever
15:56
to each thrown, right. It's that's a perspective.
15:58
That's our perspective. This is the beautiful free
16:00
markets. Sorry.
16:02
I said free. Cuba is never a waste of time.
16:04
No there. You know what?
16:05
Look this is the whole point of Free market, right?
16:08
You have to have the Clash of ideas so that we can actually
16:10
have the discussions that the key is that we don't censor and
16:13
we have the discussions, it would be hypocritical of us not
16:17
to have that discussion because exactly then you are the people
16:21
that you are criticizing, you become the people that you're
16:23
criticizing. Exactly Phil.
16:25
Okay, what, what is, oh God, I saw this, you know what this is,
16:30
you know what this is, all right?
16:32
But we're gonna we did a little bit of extra diving into this
16:34
because I'm not sure that the reasoning behind it.
16:37
It is so straightforward. Okay, do you want me to 321 it?
16:40
No, no, no. Okay, because I wasn't sure
16:42
because I'm gonna leave that 321 in the video.
16:45
Okay, yeah, of course, why not? Okay, that's a legit, that's a
16:48
legit one. Okay Nica.
16:50
Alright. Anyways, so look, we are talking
16:53
about the disclosure from coinbase, okay?
16:56
So this is a tweet from Sofia, Soler, new disclosure, and
17:00
today's coin, that's their ticker symbol on NASDAQ.
17:04
You know, if you're buying the, the equity, right?
17:05
The stock that is coinbase. Is there 10-q in the event of a
17:10
bankruptcy? Customers could be treated as
17:12
our general unsecured creditors moreover because custodial e
17:18
held crypto assets. May be considered to be the
17:21
property of a bankruptcy estate in the event of a bankruptcy.
17:25
The crypto assets, we hold in custody on behalf of our
17:28
customers could be subject to bankruptcy proceedings and such
17:33
customers could be treated as our general.
17:37
Cured creditors that hurt. Not your keys, not your coin.
17:43
And this is this is why we say that you cannot leave.
17:46
You cannot trust the exchanges. Listen this is a publicly traded
17:49
company. I know it gives you the warm and
17:51
fuzzies like you know, especially if you're a boomer or
17:52
something like that. You understand this hey it's
17:54
publicly traded regulations laws.
17:56
All the red tape that makes nothing work.
17:58
Fantastic makes me happy but guess what?
18:01
This is Bitcoin. Okay this is a completely
18:04
different landscape. This is They can just simply
18:08
take everything away and it's just gone and you really have
18:12
almost no repercussions it. Anyways you need to learn about
18:18
self custody. So let's take a look.
18:21
There was a thread response from Brian Armstrong, okay?
18:25
And we're going to dive into it here.
18:27
Let's see what he had to say about it.
18:29
There's some noise about a disclosure we made in our 10-q
18:32
today about how we hold crypto assets, the tldr your funds are
18:36
safe at coinbase. Just as they've always been.
18:39
In other words, take your shit off the exchanges, learn about
18:43
self custody, so that's what he's telling it.
18:46
Anyways, we have no risk of bankruptcy.
18:48
However, we included a new risk factor based on an SEC
18:53
requirement called sa be 121, which is newly required
18:57
disclosure for public companies that hold crypto assets for
19:01
third parties. Once you two guys, think about
19:04
that for a second because we're gonna go take a look at that
19:06
document after We're done reading this for for our retail
19:10
customers. We're taking further steps to
19:12
update. Our customers terms such that we
19:15
offer the same protections to those customers.
19:18
In a Black Swan event, we should have had these in place
19:22
previously, so let me apologize for that.
19:24
Okay, so what you're thinking here the way the Tweet is formed
19:28
is that they're protecting you the retail customer, okay?
19:33
But when you go and actually take a look at the document and
19:35
we're posting this in the show notes so And go and double check
19:39
what I went through and I got to tell you, I went through this
19:42
whole and entire document nowhere.
19:44
Does it say that under bankruptcy that your assets
19:47
become their assets? Okay, this is a choice that they
19:50
decided to make to protect themselves.
19:53
Okay, anyways, that's my opinion.
19:55
People can look through the document.
19:57
I may have understood zero creds so you know, people should check
20:01
it out. Here we go.
20:03
Let's dive into this piece of the document though that I think
20:05
is relevant to us accounting for obligations to safeguard.
20:07
Crypto assets and entity holds for its plot.
20:10
Its platform users, they're referring to coinbase.
20:13
That is that type of entity entity, a business includes
20:17
operating a platform that allows its users to transact and crypto
20:20
assets. Entity a also provides a service
20:22
where it will safeguard the platform users crypto assets,
20:26
including maintaining the cryptographic key information
20:29
necessary to access the crypto assets and the DEA also
20:32
maintains internal record. Keeping of the amount of the
20:35
crypto assets held for the benefit of Platform user, and to
20:39
the a secures, these crypto assets and protects them from
20:43
loss or theft and any failure to do.
20:46
So exposes entity, a to significant risks, including a
20:51
risk of financial loss. So they're protecting themselves
20:54
from you with your assets so we're running it.
20:59
We're running a little late, my friend.
21:00
Okay. Okay anyways that that was just
21:02
the that was the whole point of that that piece, right?
21:07
Was to show you that not your keys, not your coin, you need to
21:12
be careful. And to me this just means like I
21:15
said they're protecting themselves from us and from you
21:18
so beware. Yeah, dude, it's absolutely
21:22
brutal. Actually had a friend of mine
21:24
real quick that called me and he was freaking out and you know
21:29
what he taught. He said bro, how do I set up a
21:31
hardware? I'm like dude I'm working right
21:32
now. He's like dude I need to come to
21:33
your house. I need you to show me how to set
21:35
up a war room wall today. I swear to God.
21:38
And I was like, dude I don't have time, you know, let's do it
21:40
over a zoom and yeah, and you know how much you know, how long
21:44
I've been telling him that I've been telling them that for about
21:47
a year now, right? But it's only when he's seeing
21:50
the, the stock price of coinbase.
21:52
It's taking a beating right now, write down from like, $342 down
21:57
to like 50. It's getting destroyed and then
22:00
now he's seeing the advantages of what self custody really
22:04
means, right? But anyways, Martha, what are
22:06
your thoughts on this? Bloodbath my thoughts, go back
22:09
to Cuba. I'm sorry guys.
22:11
I'm a one track mind. Kind of girl.
22:13
And you know this is exactly why I'm telling you.
22:17
If it's so hard to train people in the United States where we
22:20
have access to all the information we could possibly
22:23
ever want. If it's hard to train people on
22:25
why you need self custody. Imagine an island of 11 million
22:30
people who have no access to this knowledge, that have very
22:33
little access to the stuff that we do.
22:37
You know. So yeah, it's a tough world out
22:40
there and this is a really hard lesson for a lot of people to
22:42
learn unfortunately. Absolutely.
22:44
And usually, when that lesson, when you, when you have that
22:47
lesson, it's too little too late, right?
22:49
So that's why we always advocate for taking your Bitcoin off
22:54
exchanges. Put it into self custody where
22:57
government forces can't have access to it.
22:59
That's a good thing. As much as they want to demonize
23:02
it and say that you're a criminal because of it, right.
23:06
You know, I think it would Make the world a better place.
23:08
I think a lot of the evil of this world comes from the fact
23:11
of other people holding your gut your money.
23:13
Whether your wealth, whether that's a government, whether
23:15
that it's an institution and self custody and Bitcoin, really
23:19
does fix that. But but only if you do it, and I
23:22
know it feels uncomfortable at first, but once you learn how to
23:25
do it, you won't want to do anything else.
23:28
But anyways, Phil, it's time for the daily meme review, brought
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All right, so this is the more on behind the Luna, and this is
24:03
the power of memes, right? Adam back was originally.
24:07
Telling him, shout out to Cory and Adam, by the way, they
24:11
nailed it. They called this thing.
24:12
A fraud, they knew was a fraud and that to be honest with you
24:17
they did get a lot of good engagement on Twitter but here's
24:20
Adam claiming his victory. Apparently he was right and this
24:24
is the power of the meme. Oh yeah very accurate.
24:28
Moving on to the next one. Thanks mr.
24:31
Robot for tagging us meanwhile Luna another shit coin pump and
24:34
dump scam Bitcoin still doing its thing.
24:37
The background. All right, moving on.
24:39
This is a Bitcoin meme Library bullish, bearish.
24:42
Luna, all right, moving on, this is sit at this has been
24:46
debunked, right? The rumor was that Citadel and
24:50
black walk were behind the Luna dump, but apparently, that's not
24:54
true. But anyways, Citadel BlackRock
24:56
the peg just referring to Luna the stable currency.
24:59
Anyways, Moving On by Rd here is where we keep the Bitcoins if we
25:04
have any left. All right, moving on.
25:06
This is By rally, thanks for tagging us.
25:09
The Pyramid of intellect, people who buy Bitcoin, the PHD masters
25:12
degrees bachelor's degree. So she's our high school, I'm
25:15
going to push back against that I in these days credentialed.
25:20
People are really looking like idiots.
25:23
That's all I gotta say about that.
25:24
Moving on everyone right now. The famous Matthew McConaughey
25:30
meme. Here's GG, when it's career day
25:32
and your dad walk in with his nft collection crying and then
25:37
Then here's Martha's Connor. He was originally responsible
25:39
for the Bitcoin roller coaster guy and now it's the Bitcoin
25:43
McDonald's guy. All the way down awesome memes,
25:46
it just makes the bear markets. So much better learn to enjoy
25:50
these times, guys, this is where you make the best friends of in
25:53
Bitcoin, and because of that, I'm going to give it a Ford.
25:57
Or is it a fork? Anyways Martha, will you give
26:01
those memes? The tough one.
26:04
Those memes are really good. I'm gonna give it a charging
26:07
cell phone. We can't see other.
26:09
You charging cell phone for the memes.
26:12
Phil, what would you give those memes?
26:14
Yeah. Fantastic beams.
26:16
Alright, I am going with. What's left of this frog tape
26:20
yellow frog. Tape yellow frog tape.
26:23
All right, good scores. Anyways guys, want to know if
26:25
you agree with our scores, you disagree, let us know down in
26:27
the comment section, comment. Comment, comment, comment up to
26:29
the mysterious YouTube algorithm as scores, make sure to
26:32
subscribe to us on. Video platforms because, you
26:34
know, YouTube is doing the whole censorship stuff like Rumble.com
26:38
and a personal favorite Bitcoin tv.com and make sure to join our
26:41
telegram group link has some tank tank tank Bitcoin memes to
26:44
review but anyways feel it's time for the Daily News brought
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27:17
All right, I'm gonna read over this real quick.
27:19
Just to kind of give you guys a quick recap, not recap piece of
27:24
news, I guess. And, of course, the bitcoiners
27:27
were right and the credential class was wrong.
27:29
This is their sin temporary inflation.
27:30
This is another Vindication of to it.
27:33
It's on YouTube and the whole Bitcoin Community, it's not
27:36
rocket science. If they print a record amount of
27:38
money, what happens inflation? Anyways, inflation Barrel the
27:41
head at eight point three percent in April, from a year
27:43
ago remaining near 40 year highs the Consumer Price.
27:47
Index accelerates 8.3% April more than 8.1% estimated and the
27:52
near and near the highest level. In more than 40 years.
27:56
Core CPI, which excludes food energy, and energy also was
28:00
higher than expected, Rising 6.2%.
28:03
Expecting this because the people were also expecting no
28:06
inflation. It's just stupid.
28:08
This isn't only the United States suffering.
28:10
This is look, the whole world is experiencing.
28:13
This Argentina is a 55% Ethiopia doesn't Bob way 96%.
28:17
Sorry I didn't mean to laugh. It's just so bad.
28:20
Let's look at Venezuela, Venezuela 280.
28:24
That's not that bad this year to be honest.
28:26
It's much better than it was mesmerized.
28:28
It's much better. So yeah, it look if you want to
28:32
know what Bitcoin, In is necessary.
28:35
Here you go, 52 countries with confirmed double-digit,
28:38
inflation representing 1.8 billion people.
28:41
So whenever when someone gives you shit about Bitcoin and the
28:45
energy use, right? Just remind him, they live in a
28:47
country with financial privilege but not so much.
28:50
Apparently, the us anyways. OK, the thing the Hot Topic that
28:53
I want to talk about today. I'm going to start off with
28:55
this, and I'm going to pass it on to Martha and then hopefully
28:59
feel will have the courage to jump in as well.
29:01
Phil, we're not fighting. This is how we We talked is how
29:04
we discuss in Miami. Okay.
29:06
All right, so, so check out the name of this article, 100,000
29:10
Cubans are using crypto currencies to bypass Financial
29:13
sanction. So when we originally covered
29:16
this and we showed you the clip from the, I think it was either
29:18
NBC or CBS. We said this is the benefit of
29:22
Bitcoin, right? It bypasses, the middleman, the
29:25
middleman, in this case, in the case of Cuba, it's a
29:28
historically and still is a communist country, right?
29:32
You have to have a bank account Bank account.
29:34
Who do you think this? It's a two or three multisig
29:37
with the government, right? With Bitcoin, it allows you to
29:40
have your own keys, right? But what Martha touched upon
29:43
about earlier, she was saying that that mineiro facilitate
29:47
something as bitcoiners, right? We're just very skeptical of
29:51
that. We believe that Bitcoin could do
29:54
everything A to Z. So, what are your thoughts on
29:57
that Martha? So first, let's backtrack a
29:59
little bit. That news article said 100,000
30:01
Cubans on the island are using NG it.
30:03
I'd like to know where they got that number from, because the
30:05
Cuban government doesn't disclose it.
30:07
But yes, Bitcoin is becoming a big thing in Cuba because the
30:10
Cuban government is the one that is pushing for it.
30:13
They made it legal. There's, it's, it's completely
30:16
legal to use Bitcoin. However, you have to be
30:19
sanctioned by the government in order to use it legally.
30:23
So, if you are not sanctioned by the government, if you don't
30:25
belong to the Cuban Communist party, you're not one of those
30:29
sanction people, you're going to go to jail for using it beyond
30:32
that the Cuban. Man has decided that they are
30:34
going to create platforms that when people send Bitcoins to
30:39
Cuba to the Cuban people, because that's really how Cubans
30:42
make money. Those of us on the outside, I
30:45
send money to my family on the island.
30:47
Unfortunately, I have to that's how they eat.
30:49
But when we do, we're basically providing the Cuban government
30:52
with a source of income. So the Cuban government's, not
30:56
stupid, they realize that there's only 21 million coins
30:59
Bitcoins, and that they definitely wanted a piece of
31:02
that pie. So what did They do, they
31:04
figured out that if they open up an exchange where by people who
31:07
send remittances such as myself, we send it out through Bitcoin.
31:11
They keep Bitcoin and they get to give Cuban the shittiest.
31:15
Shit coin be on the face of the Earth and it's called mlc.
31:19
It is a coin that only works in Cuban government stores.
31:23
Basically, it's a gift card with a balance on it.
31:25
I mean, you don't even get a shit coin.
31:27
You get a balance on a card is that they control completely and
31:30
that's how people are using it. Which is why I Constantly said
31:34
that we need something outside of Bitcoin because Bitcoin,
31:37
unfortunately, in Cuba is through the Cuban government.
31:41
So, that's where I'm going with my narrow.
31:44
I know I'm going to get hate, but I hope people understand
31:46
that the point is to on-ramp but on ramp and just hold on a
31:50
second, right? But it's you, but you so the
31:53
whole point of Bitcoin and said it's peer-to-peer.
31:55
Right? So why, and I know that
31:58
nowadays, right? It's not everywhere, but there's
32:00
some form of internet and the internet would allow a Cuban to
32:03
Just download any type of Bitcoin wallet.
32:05
Why would they need to go through a Bitcoin exchange?
32:08
Well, you know, if you can if you can download a Bitcoin
32:10
wallet in Cuban, people can send you money.
32:12
But remember there's no hard wallets in Cuba.
32:16
It's a physical thing that you need to purchase.
32:18
You need to have you need to receive what you could download
32:21
a cell phone app, right, Phil. Right on which on which
32:24
platform, would you be able to download that and bypass the
32:27
Cuban regime so easily? I mean, I I get it.
32:31
I get that it we're outside and we live in.
32:33
But it's a little bit harder when you're on an island where
32:36
the internet and the, I mean, they, they go hours without
32:40
electricity and your Venezuelan. You know what I'm talking about?
32:43
I mean, we spend a lot of time in these countries without
32:47
electricity. It's just, it's the, it's the
32:49
regime that you live under. They spend over eight hours
32:52
every day without electricity. So, you're talking about a very
32:55
difficult situation. Most people don't have internet
32:58
access regularly, most people don't have.
33:00
So, we're trying to work around things.
33:03
Yes. And again the education part is
33:05
a big part of what's going on. It's very hard to educate people
33:09
who don't have access to So what?
33:12
But I mean like really what we're hearing though is also
33:14
like it's an infrastructure issue.
33:16
I mean, don't get me wrong. If there's that many problems
33:18
with the internet with power, a privacy token isn't really going
33:22
to, you know, going to help that.
33:24
But I just from when we were talking about before, the only
33:27
counter point I wanted to make was that it's got to be possible
33:30
that you can people can run their own node.
33:32
They can connect behind a VPN and they can use coin join or
33:36
Whirlpool. So I mean like I think that if
33:40
we can manage that if we Get that message out there.
33:43
They got to fix the infrastructure first.
33:44
Well, that's not going to happen.
33:46
That isn't going to happen, and the education also makes it very
33:49
difficult for me. It doesn't matter what
33:51
cryptocurrency you're using in this case, in, for me in Cuba.
33:55
It's not about making money with Bitcoin or making money with
33:59
manure. It's about getting away from a
34:00
currency that does not work anywhere else in the world.
34:03
If you leave Cuba with a single mlc, what are you gonna do with
34:06
it? Nobody else on the face of the
34:08
Earth. Takes that money people that are
34:10
leaving and we're talking About into the United States every
34:13
month now, starting at the beginning of this year, we've
34:15
had over 20,000 Cubans, crossing the Mexico US border.
34:19
So we're talking about a lot of people leaving Cuba and they're
34:21
leaving with with nothing. So if we can get them on
34:25
anything where they can sell their things and come to,
34:28
whether it's the United States, they're leaving through
34:30
Nicaragua, they're going to Mexico, anywhere they land, they
34:33
will have access to something. Something is better than
34:36
nothing. So to me it's the least of the
34:39
evils, right? And it just seems Mineiro is
34:42
easier for people to get on and not have the issues.
34:45
Now, you know, again we can we can argue back on forth back and
34:48
forth about what's private or it's just you can see every
34:52
transaction if the government gets a hold of your wallet, they
34:55
can tell who you are and what you've received and from who.
34:58
So it's just a matter of. It's 10 years in jail.
35:02
I'm looking out for people. How could they see like are they
35:05
going to subpoena an American Exchange?
35:07
How are they going to see where it came from?
35:09
Like if it's just a Bitcoin address, Right, right?
35:12
But it's about the eat. So in Cuba you don't have the
35:15
protection. Do you have in the United
35:16
States? One of the, so I've been
35:18
sending, I've been sending medicine to Cuba now since the
35:21
July 11th, protests started and one of the people that I send
35:23
medicine to a cystic fibrosis, real great kid, he was just
35:26
arrested over this weekend and what did he do?
35:28
The first thing he did when he realized that it was going to
35:31
happen, is he deleted everything off of his phone everything
35:34
because they will get access to your phone and go through your
35:37
things. So it's just it's a different
35:40
situation. It's really For me to articulate
35:42
when, you know, we live here and it's different, the situation
35:46
that happens in Cuba. They can go through your phone,
35:49
they can see your stuff. We are used to the protections
35:52
of the United States of Apple. Saying no, we're not going.
35:55
Most people are on Android in Cuba.
35:56
They don't have access to iPhones and then the government
36:00
will go through your stuff. Absolutely.
36:02
Okay. So fair enough, so I do believe
36:06
however, that I think Bitcoin fixes all, you know, could do.
36:10
But I think that Could do the things that mineiro does but I
36:14
understand that I'm not in your shoes.
36:15
Okay, so I'm not going to pretend like I know.
36:18
But what I will say is is there, hope is there hope for Freedom.
36:23
Do you see Bitcoin facilitating that freedom?
36:27
We've actually done an episode on this before we actually have
36:30
the Kingo. Also for Miami and we asked them
36:32
the same question but Martha clearly.
36:34
You're a little bit plugged in more, right, you involved.
36:37
Do you see? Because at the end of the day,
36:39
you want to topple a communist government What it is?
36:42
It's free market and religion. Those are the things that are
36:44
known to work best. So what are your thoughts on
36:48
this? Do you see Bitcoin playing a key
36:50
role? Absolutely.
36:52
I see again, I'm just going to bitcoin and or other I do
36:57
absolutely. How can it not, right?
37:00
I mean you see it all around the world you see how having access
37:03
to something that a government can't control is freedom?
37:07
And so in Cuba we need to educate people.
37:10
We need people to And that their government is what is keeping
37:13
them. In that position, they live in
37:15
an island where there's if they're surrounded by water,
37:19
they're surrounded by fish and yet their government doesn't let
37:21
them fish. So, they're starving instead of
37:23
being able to throw, you know, like anybody here in the United
37:26
States. If you were hungry and you lived
37:28
right outside of a beautiful ocean, you'd go fishing.
37:30
So it's just people need that education.
37:33
And I think that crypto plus that education is definitely
37:38
going to be the future. It's going to provide a free.
37:41
Get, it's going to provide people the opportunity to buy
37:45
things, make money on the island, by working remotely,
37:48
which they can't do now because they can't receive payment in
37:51
any currency that, you know, any any easy way.
37:55
So yeah, absolutely. It's it's the future.
37:58
It's going to provide for Freedom not just for Cuba, I
38:00
just hope Cuba is our, is our use case.
38:04
So I know that, I know that there was a huge protest that
38:10
was brought up. By, you know, the virus and the
38:13
medical infrastructure which is non-existent as much as they
38:16
would like you to believe in the media to Medical Marvel of the
38:19
world and that's some. That's some fucking left-wing
38:22
propaganda. That's bullshit.
38:23
You go to the hospital. There's nothing there.
38:25
But thank you Michael Moore, but Canada.
38:31
But okay, so how strong is the government?
38:36
How much power they still possess?
38:38
Do you see that being chipped away in my Right, I haven't been
38:42
to Cuba the last time I when I was like 16, right?
38:46
Half to go, at least, once it's insane, it's I will go.
38:49
Once this regime Falls suck, it's an island so time, please
38:52
don't have people go because every time you travel to Cuba,
38:55
you literally put money in the hands of the Communist Regime.
38:58
Please don't go. Don't listen to me completely,
39:02
hold on, hold on a sec. So but what gives me hope is the
39:05
internet and with the internet comes, the ability for people to
39:09
question things. And then hopefully, Ali it
39:11
brings in a little bit of capitalism.
39:13
Once people get a taste of what it is, to be self dependent and
39:17
be able to sell and receive things, you know, that's when,
39:22
you know, you start asking a little bit of questions, right?
39:25
Of like, why, why are we so poor and why does everyone doing a
39:28
little bit better than us, right?
39:30
So I was corrected on something recently, where I said the same
39:33
thing that once people start trading in Cuba and, you know,
39:36
black market or free-market things are going to change.
39:39
And I was corrected by Cubans that lived in.
39:40
They said, you don't And we have the freest, Black Market
39:44
anywhere, you can get any problem is, you don't have
39:46
money, you don't have access to it unless you have people
39:48
outside. So the Cubans understand that
39:51
the concept of a free market, don't get that part wrong
39:53
because I sure did they totally get that they had get that, they
39:57
don't have access to things. They get that.
39:59
They need special currency to go into these government stores
40:02
where they do. So more things, you know, the
40:04
problem with Cuba is beyond that.
40:06
So, every dollar that comes into Cuba is controlled by the Cuban
40:10
government. Seeing the people who go work
40:12
outside. So we're talking about medicine
40:14
Cuba's known for shipping their doctors around the world.
40:17
There's just recently an episode of Reason magazine naked.
40:20
Very it was a great, you know, they human traffic doctors.
40:24
There's no other way to put it. Basically, the government
40:27
decides that you that you're a doctor and you're going to go
40:29
to, I don't know Venezuela anywhere and the government of
40:33
that country pays q but thousands of dollars per duck
40:36
doctor, but they get less than 100 bucks a month.
40:38
I mean, it's horrible the conditions, so The propaganda
40:42
machine is big. It's just there's just so much
40:45
to cover but there were protests that happened on July 11.
40:48
People talked about how it was about covid, it had nothing to
40:51
do with covid. It was just a situation in Cuba
40:53
is so dire that people are like, you know what?
40:56
That's it. We're just going to go out and
40:58
protest and over those protests over 1,000, people have been
41:02
thrown in jail and or killed or disappeared of which 50 of them
41:06
are children under the age of 17 from 13 to 17 many of those
41:11
children. Have already been sentenced to
41:13
over 10 years. Some are still awaiting sentence
41:16
is. So, it's a horrible problem, you
41:19
know, the Biden Administration just had a meeting with the
41:22
Cuban government recently and their seeming to open up
41:25
relationships. But what people don't understand
41:27
is, if they want to open up relationships, they need to
41:30
demand that the Cuban government release.
41:31
All political prisoners, they need to demand free elections
41:35
and it's need to demand that people have access its
41:39
purposeful. I think America.
41:41
Kind of enduring like a mini cultural revolution, you kind of
41:44
see it and Society. So I, you know, I wouldn't
41:49
surprise me, right? So, I think that a lot of the
41:52
things that's happening right now is on purpose, anyways, just
41:55
going to brush over that Martha. Most important Point, you're
41:59
running for your running for Miami-Dade County.
42:03
Commissioner representing. District 10 years a donate page.
42:06
You guys should donate. Why should people support you
42:09
Martha? Why should the Bitcoin
42:10
community? I vote for Martha Bueno in
42:13
Miami. If you live in Miami, if you're
42:14
Miami live in Miami, if you live in District 10 specifically you
42:18
can't vote all over Miami. But I will be able to represent
42:21
all of the Bitcoin community in Miami because commissioner only
42:24
gets voted in from your area but you do end up representing the
42:28
entire Miami Dade County and why should they support me?
42:31
Well, I'm a firm Bitcoin or I know it sounds like I'm in the
42:35
Monaro Camp to I am I'm but but I am here for freedom and I'm
42:41
here. For a Bitcoin.
42:42
And I think that between mayor Francis horse, he's the mayor of
42:46
the city of Miami. I would be, if I, if I get the
42:49
seat, if I win this race, I will be above him.
42:53
Making sure that we have people who not only understand Bitcoin,
42:58
but who are in favor of Bitcoin, making these decisions.
43:01
Look what he's managed to accomplish.
43:03
We've had two years of the Bitcoin conference here in
43:05
Miami. We've had the Bitcoin Community.
43:08
Moving to Miami Shucks. We got lost.
43:11
Then I'll break who moved to Miami, because she realized
43:13
that, here's where the community is for her, you know, to free
43:17
her son. So, this is what we're doing in
43:19
Miami. We are going to be the Bitcoin
43:21
capital and I want to make sure that that happens.
43:23
Okay, fair enough. Fill any closing thoughts?
43:27
No, not really. Just I learned a lot about Cuba.
43:30
I really appreciate it. Either there was a lot of stuff
43:32
that you mentioned that I really wasn't aware of and now it just
43:35
makes me, you know, really want to dive more into Bitcoins
43:38
privacy tools because yes, you know, we At the end of the day,
43:42
Bitcoin maximalist. And for me all I see is, hey,
43:44
there's possibly a, you know, there's a challenge that, you
43:47
know, we need a solution for so I love it.
43:50
And once you guys have that solution, let me know I'm fully
43:52
onboard for me. This is Liam board to drop.
43:57
Mine are the Monaro shit coin if Bitcoin could present you a
44:00
better solution. Is that fair?
44:02
That's fair what. All right, we're making Cuba
44:06
free, man. I will do anything to free his
44:09
country, so Free cue ball, that's pretty fun as well.
44:13
Let's use Bitcoin to do that, but anyways, photo there was an
44:15
open source software release today.
44:17
Why don't everybody about it software releases brought to you
44:20
by Cipher safe? Check them out.
44:22
Seifer, safe dot IO. The best way to store your
44:26
Bitcoin seed store it in the Cipher wheel or the all new
44:30
Cipher grid paper is dead. Both of these devices come with
44:35
a tamper-resistant wire and the grid comes with a punch tool.
44:39
All right we've got our D version.
44:41
Zero dot 3.0 that was released. That is down below in the show
44:47
notes. Don't forget to check us out on
44:49
our Audio, Only platforms, Apple podcast Spotify, an anchor.
44:54
If you want to stream my SATs you can do it through Fountain
44:57
dot, f, m using Breeze. Awesome!
44:59
Thank you Phil. All right guys before we going
45:01
to give a very special shout-out to our clothing.
45:03
Sponsor represent. LTD.com, I'm wearing the Bitcoin
45:07
merch fills wearing the maximoff merch.
45:10
The he's also making Simply Bitcoin merch and more Bitcoin
45:13
merch. Definitely, go check it out,
45:15
represent, LTD.com, you can take advantage of the promo code down
45:18
below to get 10% off. I also want to give a very
45:20
special shout-out to our awesome.
45:22
Guess you can go give her a follow on Twitter at Bueno for
45:25
Miami, go help out her campaign, Martha Bueno.com, donate, guys,
45:30
that was a show. If you enjoyed the show you what
45:32
to do. Smashed course, you want to
45:34
continue here in the Bitcoin. He's from the plate plate
45:35
perspective. In the catastrophic.
45:37
Fails definitely consider subscribing to Simply Bitcoin.
45:40
And once each of our guests for a friend, New episode.
45:42
Bitcoin is Hope Bitcoin is freedom opt