Latest / Simply Bitcoin / BREAKTHROUGH: Bitcoin Mining is NOW Fully Decentralized | EP 877

Transcript

BREAKTHROUGH: Bitcoin Mining is NOW Fully Decentralized | EP 877 · Simply Bitcoin

• 0:20
  It's all going to zero against Bitcoin.
• 0:24
  It's going up forever. You're against Bitcoin.
• 0:34
  You're against freedom. Good morning everybody.
• 0:39
  We are back. It is Wednesday, November 29th.
• 0:41
  We got another episode of Simply Bitcoin and I would say some
• 0:45
  crazy news is happening. Some huge news just dropped
• 0:48
  yesterday. You know, so many people think
• 0:51
  and seem to believe that there is nothing being built in
• 0:54
  Bitcoin, that there's no advancements to Bitcoin.
• 0:56
  But I would argue that this bear market has been an incredible
• 1:00
  time for bitcoiners. Building and Bitcoin mining is
• 1:03
  one of, I would say, maybe the more mundane topics to be
• 1:06
  talking about. Even even though I would say
• 1:08
  it's like the most important topic, one of the most important
• 1:11
  topics. And it's so few people like to
• 1:15
  devour content on mining because maybe it seems over their head,
• 1:19
  but we'll do our best to make sure you understand the
• 1:22
  importance of what's happening and what is going on.
• 1:25
  So just to get the news out of the way, you know Jack Dorsey
• 1:28
  invests $6.2 million into a company called Ocean.
• 1:32
  To further quote UN quote decentralized Bitcoin mining.
• 1:35
  Ocean is being led by a long time OG bitcoiner in my opinion.
• 1:39
  Luke Dash Junior who set out and of Bitcoin mechanic who set out
• 1:43
  to fix what's wrong with Bitcoin mining in the short term as well
• 1:46
  as laying out some long term goals.
• 1:49
  Plus we didn't cover it last week.
• 1:51
  I believe it was last week, maybe the beginning of this
• 1:53
  week. Who knows, in any more in
• 1:54
  Bitcoin Time Demands announced that they will be dropping a new
• 2:01
  pool that will be using Stratum V2, which allows for greater
• 2:04
  flexibility for individual miners to pick what gets into a
• 2:07
  block. So TLDR guys, this is good for
• 2:10
  Bitcoin mining and very exciting moving forward for Bitcoin
• 2:14
  decentralization at large. And there's always so much fudge
• 2:19
  surrounding Bitcoin mining that it's very good to sometimes
• 2:22
  destroy that FUD. Now we got two new pools helping
• 2:27
  to decentralize Bitcoin mining. You just love to see it, love,
• 2:30
  love to be a part of this. I really do believe this bear
• 2:33
  market has been one of the most bullish bear markets that I've
• 2:37
  been a part of. I haven't been to the first one,
• 2:39
  but it's looking like we are seeing a perfect storm.
• 2:43
  Also guys, in the numbers, I will be covering some updates
• 2:45
  about the Bitcoin ETFs. They haven't been approved, you
• 2:48
  know, just breaking the ice, but we're one step closer to them
• 2:51
  being approved. And again guys, the bull run is
• 2:55
  heating up. It's getting interesting out
• 2:57
  there. The price is getting a little
• 2:58
  frothy. Just love to see it, love to be
• 3:02
  a part of this. And of course, of course, of
• 3:04
  course I am not alone. We have Sophie in the building.
• 3:07
  As you guys can tell, Nico is still was or actually was at the
• 3:12
  Bitcoin mining future of Bitcoin mining conference at this news
• 3:15
  got dropped. He is still, I think either just
• 3:18
  getting home or just getting off the airplane.
• 3:21
  So we'll handle the show until tomorrow.
• 3:24
  But Soph, how you doing this morning?
• 3:26
  I'm doing well. Thank you guys for having me.
• 3:29
  This is 3 days in a row in Nico's life.
• 3:32
  Let's go. I love this, so I'm really happy
• 3:36
  to be here. I'm excited.
• 3:37
  Yeah, it's the the, the dog in the burning house.
• 3:41
  This is fine. This is fine.
• 3:43
  Meme. All right, guys, The the the
• 3:47
  chat. You You guys are the goats.
• 3:49
  Love you guys. All right.
• 3:50
  Anyways, we're not alone. We do have a very cool guest
• 3:53
  today. Shouts out to Daniel.
• 3:55
  He is. I don't.
• 3:57
  Maybe Sophie's better at explaining this considering that
• 4:01
  she is in Miami. But a bitcoiner, part of a
• 4:05
  Bitcoin Miami scene also goes to the Bitcoin dev Some actually.
• 4:09
  Maybe. Daniel, introduce yourself.
• 4:11
  Who are I'm Daniel. Yeah, I I work for Bitcoin,
• 4:16
  right? Don't we all?
• 4:19
  And yeah, I'm originally from New York, but I permanently
• 4:23
  moved to Miami three years ago. And this, you know, the Bitcoin
• 4:27
  Miami scene is just great and growing.
• 4:29
  Although I'm actually coming in from Buenos Aires right now You
• 4:34
  know I'm not going to endorse any political candidates but I
• 4:36
  am growing out my sideburns let's go yeah was was asking you
• 4:43
  why you're down there and and in true Bitcoin fashion you're like
• 4:46
  I did not want to trust I am verifying and you know also one
• 4:50
  of my friends wine he is also a nomadic bitcoiner and he always
• 4:54
  tells me he's like you guys got to get out of the US So Daniel
• 4:57
  is living proof of don't trust verify and maybe nomadic
• 5:01
  bitcoining is the way. Yeah, I mean there's.
• 5:08
  Different people want different things, right?
• 5:10
  So for some people, staying in one place and really building up
• 5:13
  the local community is is important to them.
• 5:16
  And you know, for other people they want to travel and see the
• 5:19
  world. And some people just really do
• 5:21
  like to wander. Sometimes, you know the most
• 5:24
  interesting place in the world moves.
• 5:27
  Love it, love it. All right, guys.
• 5:29
  Well, we got a packed show for you today, so let's just get
• 5:33
  right into it. The Bitcoin numbers.
• 5:41
  Is your Bitcoin in cold storage really secure?
• 5:44
  Is your seed phrase really secure?
• 5:47
  Stamp seeds? Do it yourself.
• 5:48
  Kit has everything you need to hammer your seed words into
• 5:52
  commercial grade titanium plates instead of just writing them on
• 5:56
  paper. Don't store your generational
• 5:59
  wealth on paper. Papers prone to water damage.
• 6:02
  Fire damage. You want to put your
• 6:04
  generational wealth on one of the strongest metals on planet
• 6:07
  earth, Titanium. Your words are actually stamped
• 6:10
  into this metal plate with this hammer and these letter stamps.
• 6:14
  And once your words are in, they aren't going anywhere.
• 6:16
  No risk of the plate breaking apart and pieces falling
• 6:20
  everywhere. Titanium stamp seeds will
• 6:22
  survive nearly triple the heat produced by a house fire.
• 6:25
  They're also crush proof, waterproof, non corrosive, and
• 6:29
  time proof. All things that paper is.
• 6:31
  Not allowing you to huddle your Bitcoin with Peace of Mind for
• 6:34
  the long haul. Stamp your seed on stamp seed.
• 6:38
  Of course, Guys, we made it easy for you.
• 6:40
  Scan the QR code. Don't leave your seed phrase on
• 6:43
  a piece of paper in your soft drawer like everyone else.
• 6:46
  Make sure it's indestructible. All right, guys, Of course we
• 6:50
  are here. Clark Moody's dashboard.
• 6:52
  Let's look at some numbers. In my opinion, probably the most
• 6:56
  important number is the block height and we are currently at a
• 6:59
  block height of 819,000 and 20, I repeat 819020.
• 7:05
  The current Bitcoin price is 37,705 and that means the Moscow
• 7:10
  time, AKA how much Bitcoin you can buy for a single dollar is
• 7:15
  currently at 2652 sets per dollar.
• 7:19
  The total percentage of Bitcoin that will ever be issued is
• 7:21
  93.12%. The market cap of Bitcoin and
• 7:25
  Fiat terms is 737.4 billion are getting closer to that $1
• 7:29
  trillion market cap. The realized monetary inflation
• 7:32
  taking Fiat currencies to school is 1.75%.
• 7:35
  The Bitcoin Brit's gold market cap is 5.39%.
• 7:39
  So much room to run in the hard money gang and you guys are
• 7:43
  still bearish out there. Couldn't be me, you guys are
• 7:44
  still waiting for 33 K like what's going on.
• 7:47
  Anyways, the total public lightning capacity is 5330.8
• 7:52
  BTC, the hash rate going absolutely nuclear the last 90
• 7:56
  days, 441.1 XA hashes and the pending fees.
• 8:00
  Guys, we've been covering this all week.
• 8:01
  It seems to have cleared out a little bit, currently at least
• 8:05
  two. The man pool that Clark Moody is
• 8:07
  connected to is 8.98 BTC. The blocks to halving is 20,980
• 8:13
  blocks until the halving and we are still estimate to not make
• 8:17
  the meme date allegedly right now April 19th, 2024.
• 8:22
  All right guys, so no video today.
• 8:24
  I kind of want to do a little recap and I know ETFs all the
• 8:28
  rage right now and everyone's like, oh macro, macro, macro.
• 8:31
  But this is where we are. And and I did bring up a really
• 8:35
  solid tweet by Dylan Leclair and it's something that I kind of
• 8:38
  point out all the time, you know, as a Bitcoiner, I always
• 8:41
  suggest that you should just buy Bitcoin directly, take Bitcoin
• 8:45
  into self custody. But we will emphasize the
• 8:48
  importance of the ETF or well, rather the legitimacy, quote UN
• 8:52
  quote legitimacy that this will bring to the Bitcoin market.
• 8:56
  But anyways, before we get into that, we got James Seifart here
• 8:59
  and he is a Bloomberg analyst. He's been covering the ETF news
• 9:04
  constantly. Seems like he is waiting for
• 9:07
  this to happen as well. Anyways, we got a tweet here and
• 9:11
  this one's by Phoenix Trades and it just goes.
• 9:13
  SEC delays Franklin spot Bitcoin ETF.
• 9:16
  And then to further add some signal to this update, Wow, SEC
• 9:21
  went super early on Franklin. They weren't due for another
• 9:23
  decision until January the first.
• 9:26
  Notably, Franklin is the only issuer who didn't submit an
• 9:29
  updated S1 yet. Wonder if that has any impact
• 9:32
  here. Any further goes down.
• 9:34
  He's going super early, early on Franklin today and potentially
• 9:37
  hashtags coming to would set things up for a full wave of
• 9:41
  approvals in early January might be the reasoning.
• 9:44
  And then he double s down on this and he goes okay.
• 9:46
  This delay on hashtag all but confirms for me that this was
• 9:49
  likely a move to line every applicant up for potential
• 9:52
  approval by January 10th, 2024 deadline.
• 9:56
  Again he updated it Couple hours later and he goes.
• 9:58
  Franklin has submitted an updated prospectus for the Spot
• 10:02
  Bitcoin ETF. Earlier today I said that
• 10:04
  Franklin was the only filer that had not yet submitted and
• 10:07
  amended S1. It just dropped a minute ago.
• 10:10
  And then continuing on this we got Eric Balkanis I believe
• 10:15
  another analysis for Bloomberg and he goes, people asking me if
• 10:18
  we changed odds. No, we are still holding line at
• 10:21
  90% odds of approval by January 10th, AKA this cycle.
• 10:25
  The same odds we've had for months before it was cool, safe
• 10:29
  what we are watching for now, more amended final filings to
• 10:32
  roll in and clarity on in kind versus cache create.
• 10:35
  So it looks like we probably won't be seeing, you know, an
• 10:39
  ETF in 2023, but if we see in the early weeks of 2024, we can
• 10:44
  pretty much say that it was filed, you know, in this cycle.
• 10:46
  And again getting some more, some more signal here from Joe
• 10:50
  Caller, sorry, he goes, I've gotten about 15 emails about why
• 10:52
  I think January is the earliest date for approval of the spot
• 10:55
  ETF and it's because some of the comment periods don't end until
• 10:59
  January 2nd. It simply wouldn't make sense
• 11:01
  for SEC to approve something while they're still soliciting
• 11:04
  public comment. And you guys can see up here
• 11:07
  some of the dates. We've been covering these dates
• 11:09
  for you guys, the next date was January 1st.
• 11:12
  It looks like they denied that spot ETF.
• 11:14
  So we'll see what happens in the first weeks of January.
• 11:17
  But it's looking like we may get an approval very early in 2024,
• 11:23
  which would most likely set up for a very, very great 2024 in
• 11:27
  regards to Bitcoin. But of course, everyone in the
• 11:30
  chat's probably trolling me right now.
• 11:31
  It's like, oh, he's talking about the ETF again and it's all
• 11:34
  macro, macro, macro. And I've been saying for a while
• 11:37
  on the show, look, I don't and I won't hold an ETF.
• 11:42
  I don't recommend an ETF. I think people should be holding
• 11:45
  spot Bitcoin directly. Of course, taking Bitcoin into
• 11:48
  custody. This is the revolution.
• 11:50
  But Dylan Leclair did a great write up and and he's a lot more
• 11:54
  eloquent than I am on the show. So I'm going to use his words
• 11:57
  and it really just goes to show why I think the ETF is so
• 12:00
  important going forward. So here we go.
• 12:03
  I'm not going to read the whole tweet but you guys can find it
• 12:04
  on his Twitter. He goes talk of ETF approval
• 12:06
  misses the forest for the trees. It's not just about immediate
• 12:10
  reactions or flows, It's about the recognition of BTC as an
• 12:13
  institutional asset. Pensions, endowments, insurance,
• 12:16
  investment portfolios etcetera will soon be entering the arena
• 12:20
  with passive buy side flows for the long term.
• 12:23
  Large institutional investors don't purchase something to flip
• 12:26
  it the next month. They are constructing portfolios
• 12:29
  for multiple decades. The endorsement by the likes of
• 12:32
  Larry Fink isn't a sign that Larry is suddenly a Bitcoin
• 12:36
  bull. It's a sign that clients are
• 12:38
  knocking on black rocks door asking for a vehicle to gain
• 12:41
  exposure and then just adding up and closing this out goes the
• 12:45
  landscape and profile of the asset has shifted.
• 12:48
  It's not about the ETF. It's about the reason why the
• 12:50
  ETF is coming. Institutional exposure has been
• 12:53
  given a green light. It won't happen all at once, but
• 12:55
  understand the shift that is underway.
• 12:57
  Bitcoin has been accumulated by individuals and retail for some
• 13:01
  time now, while institutions mostly watch the madness from
• 13:05
  the sidelines. This is changing.
• 13:06
  Welcome. And on that note, guys, shouts
• 13:09
  out to every single one of you guys out there.
• 13:11
  That front ran the institutions. Of course, as a bitcoiner, A
• 13:15
  layman, Bitcoin, an average everyday bitcoiner.
• 13:18
  I fundamentally think it's it's super important for just every
• 13:22
  everyday people to hold spot Bitcoin, to take Bitcoin into
• 13:24
  custody, to own something that cannot be the base, that cannot
• 13:28
  be taken. Finally having some property
• 13:30
  that cannot be stolen from you because it is what's what sailor
• 13:34
  always say, you know protected by a Hornets of cyber Hornets or
• 13:38
  whatever the meme is. But it just goes to show, look,
• 13:42
  I've been saying this on simply for a while, that the ETF
• 13:46
  approval on the one hand Gibbs retail, that sense of
• 13:50
  legitimacy, like, oh, the big guys want Bitcoin, maybe it's
• 13:53
  safe to invest in Bitcoin. And on the flip side, it just
• 13:57
  goes to show that the biggest asset managers in the world are
• 13:59
  now going to allocate some of their capital to Bitcoin.
• 14:03
  And so on all fronts, Bitcoin is, you know, for better or
• 14:07
  worse, being legitimized in the eyes of institutional investors,
• 14:10
  in the eyes of the Normies out there.
• 14:12
  And look, we knew this was going to happen.
• 14:15
  This is all part of the game. So I know there's a lot of
• 14:18
  crabby bitcoiners that are like, why do we keep talking about the
• 14:21
  ETF? Well, this is where Bitcoin is.
• 14:23
  This is where we are in the story.
• 14:25
  And Bitcoin is growing up. We're at what, 15 years maybe?
• 14:29
  Yeah, 15 years. And soon.
• 14:32
  I saw a tweet by VJ this morning, which which I thought
• 14:34
  was awesome And he goes, look, in about four or five years
• 14:39
  Bitcoin will be 20 years old and there will be people in this
• 14:41
  world that have lived their entire lives with Bitcoin being
• 14:46
  alive, being legitimized, and they won't know a world without
• 14:50
  Bitcoin. And here we're seeing the
• 14:52
  biggest asset managers in the world are starting to get
• 14:54
  bullish in Bitcoin. Yes, we know this will be an
• 14:57
  influx of capital in the Bitcoin and I'm sure the price will
• 15:00
  respond, but this just goes to show that Bitcoin is a viable
• 15:04
  long term investment for everyone out there.
• 15:08
  Whether they're trying to get exposure through institutions or
• 15:11
  just you like you and I just taking Bitcoin into custody.
• 15:15
  Bitcoin is growing up and you just love to see it anyways
• 15:18
  Daniel, and not to Doss you too much, but I know you've been in
• 15:21
  Bitcoin for a while, so what's your thoughts on the ETF news?
• 15:25
  You know, maybe just in general, what's your thoughts hearing
• 15:27
  this stuff? Yeah, So even before I was in
• 15:30
  Bitcoin, I worked in commodities trading and, you know, learned a
• 15:38
  lot about the traditional financial markets.
• 15:40
  And the gold ETF was just a major, major catalyst in pushing
• 15:47
  up the price of gold right when the gold ETF, the first real
• 15:50
  gold ETF, launched in 2005. So it wasn't that the gold price
• 15:54
  immediately went up, it was that it just kicked off this really
• 15:58
  long bull market. For the next five years the
• 16:01
  price of gold was going way up. And again, gold was just a much
• 16:05
  larger market than Bitcoin is right now.
• 16:09
  And again, you know, people already in general understood as
• 16:14
  gold, as being valuable. Right.
• 16:16
  And part of the opportunity in Bitcoin has come from the fact
• 16:20
  that still the, you know, very large number of people don't see
• 16:24
  it as valuable as we do. They don't really understand the
• 16:27
  properties of it. So the ETF is a big deal.
• 16:31
  I I like rappers. An ETF is essentially a rapper
• 16:36
  you're you're taking something and then you're making it behave
• 16:39
  as if it was a stock, even though it's not a an equity in a
• 16:43
  company. Exactly so.
• 16:46
  For for some people, right, they want the they want the exposure
• 16:50
  to the price of Bitcoin without the properties of Bitcoin,
• 16:54
  right? They don't.
• 16:54
  They don't want the self custody, they don't want to
• 16:56
  write down 12 words. They want to see it in their
• 16:59
  portfolio next to their stocks, next to their bonds, next to
• 17:02
  their other holdings. And that was one of the
• 17:04
  catalysts, right, for driving gold.
• 17:07
  Of course, right before the gold ETF, could somebody go out and
• 17:10
  buy a bar of gold or some gold coins and then just.
• 17:13
  Keep it around the house or keep it in a safety deposit box.
• 17:16
  Yeah, they could, but it wouldn't be part of their
• 17:18
  portfolio. So when when products like that
• 17:22
  launched, it just makes it so much easier for people to
• 17:25
  include that. And again, right, for regular
• 17:28
  bitcoiners, you know you, they're going to want to have
• 17:31
  actual Bitcoin because they want the properties of Bitcoin.
• 17:34
  But for people who just want to, you know, get some dollars and,
• 17:38
  you know, come along for the ride.
• 17:41
  They can do that and they end up increasing bitcoins purchasing
• 17:43
  power for the people who have self custody.
• 17:46
  They end up you know it's strengthening the network
• 17:49
  because more miners come on when the price is higher and it
• 17:53
  inspires more people to basically pay attention because
• 17:57
  as we know the waves of adoption have come from Bitcoin going
• 18:00
  well past its previous all time highs.
• 18:06
  So as. So the other interesting thing
• 18:09
  right is. We have, we're starting to see
• 18:12
  some products now with using discrete log contracts where
• 18:16
  people can have the properties of Bitcoin, the the self
• 18:19
  sovereignty self custody but can avoid having exposure to the
• 18:24
  volatility of Bitcoin with respect to the dollar.
• 18:28
  So I think it's it's ultimately good for people who want to be
• 18:32
  able to have exposure to the price to have exposure to the
• 18:35
  price and people who want to have exposure to the properties.
• 18:38
  Have that and then you know for those of us who are you know are
• 18:40
  fine with both you know we can we can have both.
• 18:44
  It's just a it's really a win win for everybody.
• 18:47
  I was just going to have before about Moscow time.
• 18:49
  What I really want to see is I want to see that, you know,
• 18:52
  sats, Sats per dollar go under 2400.
• 18:56
  Because the meme is it makes a lot more sense when it's when
• 18:58
  it's less than 2400. Wow.
• 19:02
  I never even thought about that. But yeah, great, great.
• 19:05
  Definitely. Man, they're really gonna have a
• 19:07
  heyday with that one. Yeah.
• 19:09
  And I like to say, right, It's not a clock.
• 19:11
  It's counting down to 0. So that, that's the, that's the
• 19:16
  number that I'm really excited about when it just shows 0.
• 19:20
  Let's go. Love it.
• 19:21
  All right, guys. Now you guys heard a new meme in
• 19:23
  the chat, guys, so meme it into reality.
• 19:25
  All right, Sophie, let's not talk necessarily about all the
• 19:30
  macro implications of ETFs and all that stuff.
• 19:32
  But you have been doing on the ground interviews with everyday
• 19:37
  people and you've been asking them this question.
• 19:40
  So you actually have some hands on experience talking to people
• 19:44
  outside of Bitcoin, which probably hopefully most people
• 19:46
  don't anymore because all of our friends are Bitcoiners.
• 19:48
  So what's your thoughts on this, Sophie?
• 19:50
  My thoughts on this are that an ETF is one of the best marketing
• 19:56
  like campaigns that we could have.
• 19:59
  As bitcoiners, who cares really? If other people aren't buying
• 20:05
  their own Bitcoin, they can have fun staying poor and getting
• 20:08
  screwed by the government. To be honest with you like that,
• 20:11
  that's none of my business. I'm just happy that I have my
• 20:15
  Bitcoin in self custody. And everybody here, everybody in
• 20:18
  this chat, everybody who actually knows.
• 20:21
  They're they're going to be okay and and and honestly I'm that's
• 20:26
  that's my number one concern. My second concern is number go
• 20:30
  up when this ETF gets approved. There is no telling how high the
• 20:35
  price of Bitcoin is going to go. And that is actually, I mean the
• 20:41
  I call the ETF the best marketing campaign for Bitcoin.
• 20:44
  But really what's the best marketing campaign is number go
• 20:48
  up. When people start seeing the
• 20:49
  price go up, how many of you have gotten that text from your
• 20:52
  friends and family saying, hey, so tell me about that Bitcoin
• 20:55
  thing because their greed is their incentive.
• 20:59
  They just want to make money off of this thing.
• 21:01
  And so if they feel like they're, you know, like not
• 21:05
  having FOMO and their stock broker, money manager, whatever
• 21:09
  is telling them, oh, like we can get this Bitcoin ETF.
• 21:12
  And they make it sound super legit and super comfortable for
• 21:16
  them. And they feel like, yes, I
• 21:18
  bought into Bitcoin. Like, you know what you do?
• 21:23
  You eventually when they start to see the other properties of
• 21:26
  Bitcoin, they'll be like, oh, I remember I bought some Bitcoin,
• 21:29
  I made some money off of it. So now I know that it's not, you
• 21:32
  know, this gamble that everybody made it out to be.
• 21:35
  It's not like every other shit coin that I've been screwed over
• 21:38
  by. It's actually something that I
• 21:41
  can store my value in. Let me look into how I can do
• 21:44
  this and not have to pay my stockbroker an X amount
• 21:49
  percentage of My Portfolio or a monthly fee so that I can
• 21:53
  actually do this myself. Wow, I could have done this
• 21:55
  myself the whole time. It it starts the process of
• 22:00
  falling into the rabbit hole and everybody starts at a different
• 22:04
  place. I started, you know, with with
• 22:07
  Coinbase, you know what I mean? And I didn't know what self
• 22:10
  custody was until I started to learn about it, until I started
• 22:14
  to to see what the other properties of Bitcoin were.
• 22:19
  And so everybody starts somewhere.
• 22:21
  If this is where somebody else's starting point is, I'm not going
• 22:25
  to judge them for that because at the end of the day, it's
• 22:27
  great for my bag and I already have my Bitcoin in self custody.
• 22:31
  So it really is a win win all around, like Daniel said.
• 22:34
  And I'm looking forward to this happening and me telling
• 22:38
  everybody that I know. I told you so.
• 22:41
  This stuff is legit. Yeah, years ago I I told some
• 22:47
  somebody when they were asking me what stock should I buy, I
• 22:49
  said you should buy Bitcoin. And they're like, oh, what's
• 22:52
  the, what's the, what's the symbol, what's the ticker?
• 22:54
  And I'm like it, it doesn't have one.
• 22:56
  You know, by the time there is, you know, something like that,
• 22:59
  the price is going to be a lot higher.
• 23:01
  Love it. That's all I get on the The
• 23:03
  advantage now is that it is It does take a little bit of effort
• 23:06
  to actually think about it, right?
• 23:08
  Bitcoin isn't harder than traditional investments.
• 23:11
  It's just unfamiliar. So there's there's people
• 23:15
  actually have to put in a little bit of effort.
• 23:17
  Love it, love it. Great, great tags Daniel.
• 23:19
  And and before I move on, Sophie, you're so much more
• 23:23
  toxic than Nico. What do you mean?
• 23:26
  How am I more toxic than Nico? I rarely hear Nico say have fun
• 23:33
  staying poor. And yet, I think you've said
• 23:35
  that like 12 times since you've been on the show this week.
• 23:38
  Dude, 'cause it's true. You know what?
• 23:40
  Bring bullying back. Bullying works when you bully
• 23:44
  people. Listen, this is because I'm
• 23:45
  Latina and I come from a Latin household where like, they tell
• 23:49
  you shit how it is. If you tell people some really
• 23:53
  hard truth, they're they're they're gonna be forced to think
• 23:57
  about it. It's like when somebody tells
• 23:59
  you something about your appearance and you never noticed
• 24:02
  it before and you're like, damn, whatever.
• 24:03
  And now you're like fixating on it and you're like, damn, it's
• 24:06
  true and it makes you do something about it.
• 24:09
  This is the same thing. Have fun staying poor.
• 24:12
  I'm gonna make you feel bad because I know that I'm right
• 24:16
  and you're not, and so and I'm and I'm actually doing you a
• 24:20
  favor. I'm causing you some short term
• 24:23
  pain for some long term gain and then you will thank me.
• 24:28
  Love it. Love it.
• 24:29
  As as our friend planet Earth who hangs out in the chat always
• 24:33
  says, Bitcoin is for smart people.
• 24:35
  You probably don't watch them. It's kind of, you know, who is
• 24:40
  it rubbing in the chest? Like it's going to be so hard
• 24:41
  not to be toxic moving forward? Yes, it will be.
• 24:44
  Anyways guys, before we get into today's breaking news.
• 24:48
  Make sure you guys get your tickets to the Bitcoin
• 24:50
  conference in Nashville. We're taking over Nashville July
• 24:53
  25th and 27th and you can get a discount code using simply.
• 24:57
  I know you guys complain about the prices.
• 24:59
  This is why we're telling you to get it Now you will FOMO into
• 25:02
  the conference that happens every single year and we can't
• 25:05
  wait to see you guys. So get yourself a ticket, guys,
• 25:08
  and we will be hanging out in Nashville next year.
• 25:13
  All right, guys, let's get to the news, the Daily News.
• 25:22
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  you. Check out the passport link in
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  the show notes below to learn more.
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  All right, guys, we're going to have to update that ad, because
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  don't think about it. You need to get your Bitcoin off
• 26:23
  exchanges. Get yourself a passport by
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  foundation, scan the QR code. Because you didn't.
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  It's not your Bitcoin if you leave it on exchange.
• 26:32
  We definitely got to update that.
• 26:33
  All right. Anyways, guys, big news, big
• 26:35
  news. But before I get to the big news
• 26:37
  today, let's talk about the context here.
• 26:40
  So. You know I'm going to have to
• 26:42
  kind of this might get a little nitty gritty for you guys.
• 26:44
  We we try to keep it high level as much as possible for you
• 26:47
  guys. So you know don't don't think of
• 26:50
  this. It might get a little technical,
• 26:51
  but it won't be too technical. So there is a lot of fun and
• 26:55
  you've been seeing this reoccur on Twitter about mining
• 26:58
  centralization and it might just be that people don't fully
• 27:01
  understand what's going on. There is, as you can see.
• 27:04
  Here I do. I'm over here on Luxor.
• 27:07
  You can see that we have Bitcoin mining pools and actually before
• 27:10
  I go in, maybe I need to do a breakdown differentiating
• 27:14
  between solo mining, why you would want to use a pool and or
• 27:19
  why you might want to avoid using big pools.
• 27:21
  So of course, guys, you know, hey, you can plug in an ASIC.
• 27:25
  And be a solo miner and you may potentially land yourself a
• 27:29
  block. Land yourself a big block
• 27:30
  subsidy. Currently it's at 6.25, but
• 27:33
  usually if you are mining your you know your S 9, your single S
• 27:39
  19, your chances of getting a block are slim to none.
• 27:43
  There is huge, huge ASIC farms out there and.
• 27:48
  You don't have enough hatch power to necessarily beat them
• 27:52
  out or get lucky to get yourself a blocked subsidy.
• 27:55
  So most people link up to a mining pool, and you usually do
• 27:59
  this because it gives you a consistent payout and if you're
• 28:04
  spending money on electricity. You're going to want to get paid
• 28:07
  and so people link into mining pools so that they can get a
• 28:10
  consistent payout. And as you can see here on this
• 28:13
  chart, this over here on Hash Rate Indexes by Luxor, you can
• 28:16
  see the biggest Bitcoin mining pools, or rather the most
• 28:21
  popular mining pools, and there are a few other ones that aren't
• 28:23
  here. I know there's a few new solo
• 28:25
  mining pools that are part of this, but you can see that the
• 28:28
  two biggest mining pools right here, and Pool and Foundry
• 28:32
  collectively have more than 51% of the hash power.
• 28:36
  And if you know anything, if you know any rudimentary aspect of
• 28:39
  Bitcoin mining, there is a thing called a 51% attack on Bitcoin.
• 28:44
  And people have been saying on Twitter that, you know, maybe
• 28:49
  collectively, Foundry and Ant Pool, maybe they'll just get
• 28:53
  sent a court order. And then they will have to, you
• 28:57
  know, by law, by their regulations, you know, by by the
• 29:00
  powers that be. Sensor Bitcoin and start to
• 29:05
  avoid some transactions and we have seen there's been a lot of
• 29:08
  push push towards OFAT compliant Bitcoin mining blocks, Bitcoin
• 29:13
  mining transactions. And now we just saw that before
• 29:17
  I get into the big news of today of Jack Dorsey leading
• 29:22
  investment into oceans, let's talk about DEMAND.
• 29:26
  So Demand launched the world's first Stratum V2 Bitcoin mining
• 29:29
  pool. We did a whole episode on
• 29:30
  Stratum V2, I think it was like 2-3 months ago.
• 29:33
  So I'm not going to go fully deep into what Stratum V2 does,
• 29:36
  but it does cover this in this article before I get into
• 29:39
  today's news. So this pool, built on the open
• 29:41
  source Stratum reference implementation aims to.
• 29:44
  Usher in a new era for mining by introducing enhanced security,
• 29:47
  flexibility and performance. So Bitcoin mining company Demand
• 29:51
  has announced today, does this have the date November 27th?
• 29:54
  Oh, it was this week, it was Monday.
• 29:55
  All right. Bitcoin mining company Demand
• 29:57
  has announced today the world's inaugural stratum V2 mining
• 30:00
  pool. According to press release sent
• 30:02
  to Bitcoin Mag, this pool built on the open source Stratum
• 30:05
  reference implementation, aims to usher in a new era for
• 30:08
  mining. Introducing enhanced security,
• 30:10
  flexibility and performance, the Stratum V2 protocol marks a
• 30:12
  significant leap forward from its predecessor, according to
• 30:16
  the release, offering a suite of improvements that not only
• 30:18
  elevate mining capabilities but also champion a more
• 30:21
  decentralized mining landscape, Alejandro de la Torre Demands,
• 30:25
  Co founder and CEO, stated. With Stratum V2 and our new solo
• 30:29
  mining pool, we aim to make home mining more attractive, which
• 30:32
  should in effect help decentralize the Bitcoin mining
• 30:35
  ecosystem and improve the health of the Bitcoin network overall.
• 30:39
  The key feature of Stratum V2 is its empowerment of individual
• 30:41
  miners to construct their own block templates.
• 30:44
  Traditionally, mining pool operators related control over
• 30:47
  transaction selection, posing centralized risk vulnerable to
• 30:51
  potential regulatory pressures for transaction censorship,
• 30:54
  which I just briefly covered. Stratum V2 now grants mining
• 30:57
  pool users the autonomy to select transaction for block
• 31:00
  inclusion, fostering a more decentralized network resistance
• 31:04
  to censorship because Bitcoin mining is overwhelming
• 31:07
  overwhelmingly done through mining.
• 31:09
  Pools transaction selection has become relatively centralized.
• 31:12
  Only a few mining pool operators can essentially decide to
• 31:15
  collude and prevent that certain transactions ever confirmed
• 31:19
  Demand Co founder and Sri project lead Felipo Murli
• 31:23
  Apologize Bro said. Strategy two gives the power of
• 31:25
  transaction selection back to the individual miners to make
• 31:28
  the mining ecosystem more decentralized and Bitcoin more
• 31:32
  censorship resistance. Well, this isn't the only news
• 31:35
  that dropped this week in regards to decentralizing
• 31:38
  Bitcoin mining. We got this news yesterday.
• 31:41
  It came out at the Future of Bitcoin Mining conference that
• 31:44
  Nico was actually AT and we got this tweet this morning from
• 31:47
  Luke Dash Junior and he goes as announced at the Future of
• 31:51
  Bitcoin Mining conference. I have relaunched my Allegis
• 31:54
  mining pool to help bring more decentralization in Bitcoin
• 31:57
  mining. I am calling it Ocean.
• 31:59
  And here's the press release. I will cover the press release,
• 32:01
  but the old code has already been updated and tested with
• 32:05
  support for the latest Bitcoin addresses and mining machines.
• 32:08
  As was the case with the legious, Ocean is a non
• 32:11
  custodial pool paying miners directly with generated coins,
• 32:15
  and it provides the highest level of transparency both in
• 32:17
  proof of work contribution and block template construction.
• 32:21
  Absolutely love to see. All right, so let's get into
• 32:24
  this press release. As you can see, we are over here
• 32:26
  on PR Newswire. The I don't know the the the
• 32:30
  industry standard for press releases and it goes.
• 32:32
  Jack Dorsey leads Seed Round in support of Ocean's mission to
• 32:35
  decentralize Bitcoin mining globally, Announces launch at
• 32:39
  Future of Bitcoin Mining conference.
• 32:41
  So the seed funding will support the launch of Ocean, the first
• 32:45
  of many mining decentralization projects for Bitcoin long term.
• 32:49
  Bitcoin Core developer and Mamolin Co founder Luke Dash
• 32:52
  Junior said the role of mining pools must change for Bitcoin to
• 32:56
  exist. As a truly decentralized
• 32:58
  currency. Put differently, Ocean is a new
• 33:00
  type of pool that enables miners to be truly miners again.
• 33:04
  We are launching as the most transparent pool and also the
• 33:07
  only non custodial pool where miners are the recipients of new
• 33:11
  block rewards directly from Bitcoin.
• 33:13
  Traditional Bitcoin mining pools take exclusive custody of block
• 33:16
  rewards and transaction fees before splitting them up amongst
• 33:20
  miners. This gives them the ability to
• 33:22
  withhold payment from individual miners, whether by their own
• 33:25
  choice or by legal requirement. Oceans non custodial payouts
• 33:28
  directly to miners from the block reward removed this risk
• 33:31
  and the pools undue influence over miners.
• 33:35
  Oceans Global head of Sales, the synonymous Bitcoin mechanic,
• 33:38
  said this. The intention is to
• 33:40
  disintermediate to the greatest extent possible.
• 33:43
  Pools have become trusted third parties whose permission we have
• 33:47
  required for activating soft forks and deciding what gets
• 33:50
  into the blockchain, in addition to taking custody of all newly
• 33:54
  generated coins. By offering transparency and a
• 33:56
  mechanism for minors to be paid directly by Bitcoin itself, we
• 34:00
  make the network radically more robust.
• 34:02
  The name Ocean intentionally contrasts with the restrictive
• 34:05
  permission nature of legacy pools.
• 34:08
  Essentially, you know you got to.
• 34:10
  You got to play by the rules when you're in a pool, but when
• 34:12
  you're in the ocean you can do whatever you want.
• 34:14
  So our contribution to ocean comes out of a deep respect for
• 34:17
  their mission, says Jack Dorsey. I think it's a phenomenal team.
• 34:20
  I know Luke, I've interacted with him for some time and I was
• 34:23
  inspired by the vision and most importantly, the execution, Mr.
• 34:26
  Dorsey noted. Ocean is solving a problem for
• 34:29
  bit corners that I think all of us feel further centralization
• 34:32
  of pools and mining pools that can plague Bitcoin and how that
• 34:35
  risk a bunch of Bitcoin attributes that we hold dear as
• 34:39
  part of the. Launch, Mr. Dorsey noted.
• 34:40
  When I see a project that is good for Bitcoin broadly and
• 34:43
  that's also good for me and my companies personally, it becomes
• 34:46
  a simple decision for me and I'm happy to be a part of it,
• 34:49
  Ocean's first customer, Barefoot Mining, said the following via
• 34:52
  its Co founder and CEO, Bob Burnett.
• 34:54
  In my opinion, this is the most significant new Company
• 34:58
  Announcement in the Bitcoin world over the past few years.
• 35:01
  A new pool will bring new features and some badly needed
• 35:04
  diversity to the mining world. And of course, they made their
• 35:08
  announcement at the future. Bitcoin Mining Conference and
• 35:11
  here you guys can go check out all of the you know the nitty
• 35:14
  gritty on ocean dot XYZ. But as you can see Bitcoin
• 35:18
  mining as it was meant to be. Ocean is a new type of mining
• 35:21
  pool on a mission to radically decentralized Bitcoin mining.
• 35:24
  And a quote from Luke. Bitcoin is no longer censorship
• 35:27
  resistant and mining centralization endangers its
• 35:30
  security too. It's time to fix that.
• 35:33
  You can see it is a rebrand of an old mining pool called
• 35:36
  Allegius. I believe it is non custodial.
• 35:39
  It is transparent. It is permissionless.
• 35:42
  And I do have some notes here for you guys.
• 35:44
  So you know, I think this is one of those moments there.
• 35:48
  There is some contention on Twitter right now.
• 35:50
  You know, people are saying maybe this is just some
• 35:52
  marketing like, oh, decentralized mining pool or
• 35:55
  isn't mining pools decentralized in general?
• 35:58
  Well, as you can see, no longer do you have to trust.
• 36:01
  And here let me pull this back up for you guys.
• 36:04
  No longer do you have to trust just these.
• 36:07
  Minings operators of these pools here you can now basically
• 36:12
  construct blocks by yourself and you can see essentially what is
• 36:15
  123-4678 about what 12 to 16 pool.
• 36:20
  Centralized operators are kind of in in in many ways like the
• 36:25
  cantion you know controllers of what gets put into a block.
• 36:29
  Well, now with oceans and also demands in general.
• 36:34
  Now as a as a home miner, as a as a pleb miner, you have a lot
• 36:38
  more flexibility and more control of what transactions get
• 36:40
  put to into a block. And also you know you're you're
• 36:44
  going to get rewarded for every single hash you you put in to
• 36:48
  the network from whatever ASICS you have.
• 36:51
  You will be paid out directly from a Coinbase transaction and
• 36:55
  there's zero fees for now, which is obviously incentive for you
• 36:59
  guys at home. No KYC, you just need to add an
• 37:02
  address and point your ASIC to the ocean.
• 37:04
  Pool. It's pretty much completely
• 37:06
  permissionless. It's literally all you need is
• 37:08
  an address, and you don't have to rely on pool operators being
• 37:12
  honest. Now you can construct a box for
• 37:14
  yourself and also. There will be opportunities for
• 37:18
  small miners to be paid out via Lightning, which I would say is
• 37:21
  also super bullish. So I think this changes the
• 37:24
  landscape for not only smaller miners but larger miners.
• 37:27
  And I think this is huge for just further decentralizing the
• 37:32
  Bitcoin network. There is so much contention out
• 37:34
  there, so much mining flood that like oh, with people that don't
• 37:38
  understand what's going on that oh, Bitcoin mining hash rate has
• 37:40
  been centralized. There's only 12 miners out there
• 37:43
  when they're pointing at these pool operators.
• 37:46
  Which you know, like maybe they're kind of right.
• 37:49
  There is 12 operators that do control these mining pools.
• 37:52
  But hash rate, you know if you have hash rate, it doesn't mean
• 37:58
  that you are controlling the network like first people don't
• 38:01
  control the hash rate if you are the pool operators.
• 38:05
  And now you can pick up and go. That's the beauty of Bitcoin
• 38:08
  miners in general that hey, if you don't like what the pool
• 38:11
  operators are doing, either you just take it or you move to a
• 38:15
  different pool. Well now with oceans you have
• 38:18
  direct access, you have a lot more flexibility on what gets
• 38:21
  put into transactions. And of course I I would just say
• 38:24
  that this is further. Just decentralizing the Bitcoin
• 38:28
  network, making sure that hash rate is decentralized and making
• 38:31
  sure that there isn't just a small group of people that
• 38:34
  control what gets into the Bitcoin network.
• 38:38
  Now of course guys, I'm giving you the high level overview of
• 38:40
  this because there is a lot of nitty gritty.
• 38:42
  I would definitely recommend you go check out Stephan Libero with
• 38:45
  Bitcoin Mechanic. He does a great breakdown of
• 38:47
  this. Go check out Ocean dot XYZ or
• 38:50
  even watch the announcement at the Future of Bitcoin Mining
• 38:53
  conference of Luke Dash and. Jack Dorsey.
• 38:57
  But I would just say that this bear market has been absolutely
• 39:01
  bullish for Bitcoin in general. Bitcoiners are building and you
• 39:04
  just love to see it and it's really setting up for a perfect
• 39:06
  storm moving into 2024 and 2025. All right, there's my ADIQ high
• 39:12
  level view of this. So Daniel, let's get your take
• 39:16
  on this. What was your first thoughts
• 39:18
  when you heard this, and did you get time to get into the nitty
• 39:22
  gritties? Well, yeah, just, yeah, it's all
• 39:26
  good news and I'm happy to hear it again.
• 39:28
  I don't, I don't like to see, you know, two pools over 51%,
• 39:34
  you know, even though, again, if there's there's only so much
• 39:37
  that can be done with a 51% attack, right, They can't, they
• 39:40
  can't steal your bitcoins, but they can cause problems for the
• 39:43
  network overall. And I don't want to, you know,
• 39:46
  think that, you know, one phone call could potentially, you
• 39:49
  know, lead to coordination between pools and cause trouble
• 39:52
  for Bitcoin. So it's always great to see
• 39:54
  anything that means more decentralization, new mining
• 39:57
  pools, stratum V2, giving individual miners more control
• 40:01
  within the pool, but also just hash rate can and can and does
• 40:05
  move very quickly between pools. So even though they're right, a
• 40:09
  pool shows, hey, you know that it's got 2530%.
• 40:13
  The question is right, how much of that hash rate is under their
• 40:15
  own control, and how much of it is external and can move pretty
• 40:20
  much immediately? There was a mining pool that I
• 40:23
  believe ran into some financial issues last year and you could
• 40:27
  see as soon as that was, as soon as that was clear, that the the
• 40:30
  payouts were interrupted to minors, 40% of the hash rate
• 40:34
  evaporated pretty much immediately.
• 40:37
  And actually, yeah, if you see the statistics on ocean dot XYZ,
• 40:41
  you can see that their hash rate since the announcement is just,
• 40:45
  you know, skyrocketing, right. So it's great that miners can
• 40:50
  redirect at hash rate as necessary if they disagree with
• 40:53
  saying a pool is doing or you know, a pool isn't in some way
• 40:57
  you know, malicious or so that that really helps act as a check
• 41:02
  on that. So yeah, I've been excited about
• 41:05
  Stratum V2 for a while. Obviously it's been, it's been
• 41:08
  years of work to build this and not only, right.
• 41:11
  Yeah, there you go. Not only does that help in terms
• 41:16
  of reducing the power of the mining pools but it also means
• 41:20
  more bandwidth efficient. It prevents like man in the
• 41:23
  middle attacks against minors if someone's trying to steal their
• 41:27
  hash rate for example. So there's a whole host of
• 41:30
  benefits in there. So I think that will help you
• 41:32
  know provide incentive for the pools to adopt it And also the
• 41:35
  pools have to compete with each other for external hash rate.
• 41:38
  So staying there in stratum B2, it is, you know, means they're
• 41:42
  on the latest standard and it also is a is a nice
• 41:45
  differentiator and shows that they're I think good actors for
• 41:49
  the network. I also just want to appreciate,
• 41:52
  you know, say say how much I appreciate Luke's contributions.
• 41:56
  You know, there's only a handful of people that that are
• 42:00
  technical that have been contributing a lot since like
• 42:02
  that that time period, you know, that he started like 2010 and a
• 42:07
  lot of other people have you know, burned out or or left or
• 42:10
  rage quit and so on. So to to see someone
• 42:13
  contributing you know for now well over a decade from the
• 42:18
  early days to the present is is quite impressive.
• 42:21
  Also fun fact St. Eligius is the patron St. of
• 42:26
  coins, so it's not a not a random name for the for the
• 42:30
  original name of the pool and the Mummolin however you
• 42:34
  pronounce that is actually a St. that was the successor to
• 42:38
  Eligius in in his role as Bishop.
• 42:41
  So just little Easter egg there. Interesting.
• 42:45
  Luke Dash Junior doesn't disappoint with the naming of
• 42:48
  his company. Very, very true to form.
• 42:51
  And yeah, just to comment on Luke, I I would say he's one of
• 42:54
  the true O GS of Bitcoin and you know he's not one of these guys
• 42:59
  that's more like me that is just always bullet hearted.
• 43:01
  He is very critical of a lot of stuff going on in Bitcoin.
• 43:05
  So to see him be at the helm of this, I think it's absolutely
• 43:08
  not only just bullish, but just like a a beautiful
• 43:12
  synchronicity. Moving forward and and truly
• 43:15
  will be a bulwark for the Bitcoin mining space in general.
• 43:19
  And let me answer one of these questions right quick, Roman,
• 43:21
  yes, the pool is already operational.
• 43:24
  So you can, you can put your hash rate to oceans today if you
• 43:30
  want to, if you have a six out there, All right.
• 43:33
  So I know we're getting technical here today, but Nico
• 43:36
  was a miner, so maybe you do have some, some views on this.
• 43:40
  What's your thoughts on this? So this is definitely more his
• 43:45
  lane than it is mine. I don't know much about hash,
• 43:50
  hashing, hashing, Oh my God, mining.
• 43:53
  But I do know. Obviously the decentralization
• 43:57
  is good. As you were explaining it, I
• 43:59
  understood. I did.
• 44:00
  First of all, I was today, years old when I learned about what a
• 44:04
  mining pool was. I had no idea that different
• 44:07
  miners could band together to censor people's payments.
• 44:12
  I had. Literally no idea that that
• 44:14
  could even happen. So it's it's really good that,
• 44:20
  you know, the base foundation of Bitcoin is decentralization.
• 44:25
  Because if it weren't for that, then solutions like this
• 44:28
  wouldn't be possible. If this was a shit coin where it
• 44:32
  was controlled by a company or an individual or you know, a a a
• 44:36
  couple of people, then you're already starting off wrong.
• 44:40
  But. Bitcoin is established in such a
• 44:43
  way that you can create solutions like this.
• 44:47
  And it seems that no matter which way Bitcoin gets attacked,
• 44:54
  they're they always find a way. And I think it's interesting
• 44:57
  that they named it ocean, because the ocean is very fluid,
• 45:01
  but it also always finds a way to get through rock, so.
• 45:06
  Yeah, I mean, I I don't have many thoughts on it.
• 45:09
  I think decentralization is always good.
• 45:11
  And I and I also, I want to give a a shout out to Bob Burnett,
• 45:17
  'cause I love that man. So anything that he's involved
• 45:20
  in, I love. Let's go love it, love it.
• 45:25
  OK. Guys, before we get into the
• 45:27
  culture, I think we're going to have a good conversation in the
• 45:29
  culture. Shouts out to the boys over at
• 45:31
  Kaboom Racks. Look, we're talking about
• 45:32
  mining. So if you have been thinking
• 45:35
  about getting yourself some a six, go to over to
• 45:37
  kaboomracks.com, get yourself in touch with my boy Alex over
• 45:42
  there. He will probably convince you
• 45:44
  not to buy a six, but if you do want to go to Kaboom Racks, buy
• 45:47
  a six there, sell your A6 to them, and they're also have a a
• 45:53
  hosting program that they have just released a couple of.
• 45:56
  Months ago, So fully endorsed the boys over at Kaboom Racks.
• 46:00
  I think they are one of the best in the business.
• 46:02
  So let's get into the news because I'm super excited for
• 46:05
  this conversation with Daniel. Or rather culture.
• 46:08
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• 46:40
  All right, well, you guys know the culture.
• 46:42
  You know what we like to do with the culture And Daniel.
• 46:45
  Not to put you on the spot and you told me in the IT would be
• 46:48
  the pre show that we don't want to get too into the details of
• 46:52
  your rabbit hole story. But people love.
• 46:55
  So happy to. Yeah.
• 46:55
  Yeah. I know.
• 46:56
  I know. Everyone wants to.
• 46:57
  Everyone wants to ask. Right.
• 46:59
  So. So.
• 47:01
  So I know. You know I go to you know
• 47:03
  Bitcoin conferences Bitcoin meet ups bit devs and people ask oh
• 47:07
  you know how many years ago did you did you first hear about
• 47:10
  Bitcoin And you know, which is a good question but what I started
• 47:16
  asking me was, you know how many years were you waiting for
• 47:19
  Bitcoin before you heard about it.
• 47:21
  Right. So for for me this was something
• 47:23
  that I, you know, I was waiting for somebody to build it for a
• 47:26
  long time and I wasn't entirely sure it was possible.
• 47:29
  And then when I first heard about Bitcoin I was like OK
• 47:31
  that's that's pretty neat you know.
• 47:34
  But who knows, right. It's just it's just a wild
• 47:36
  experiment and you know have to have to see where it goes.
• 47:40
  But I, you know, I immediately liked the idea, especially the
• 47:43
  idea of mining because if you if you've seen the the 19, the
• 47:49
  movie from the 90s, the James Bond movie, Goldeneye, the the
• 47:53
  bad guy has this this lair in the jungle that's just this
• 47:57
  giant like satellite dish basically.
• 47:59
  And that is a that is a real place in Arecibo, Puerto Rico.
• 48:03
  And a number of years ago, I went to to go see it, and they
• 48:07
  built that to try to be able to, you know, get signals from outer
• 48:12
  space. And they were getting all this
• 48:13
  data and they just simply couldn't process it, right?
• 48:17
  They they were getting so much data from outer space, all these
• 48:20
  these radio signals, and they didn't have the supercomputers
• 48:25
  that could actually look to see if they're repeating patterns
• 48:27
  that could suggest aliens trying to communicate with us.
• 48:30
  So in the 1990s, they came up with this idea.
• 48:33
  SETI at home Search for extraterrestrial intelligence at
• 48:36
  home, where they would basically break that these data into
• 48:40
  chunks. And then enthusiasts where their
• 48:43
  computers at home could download each of these chunks and have
• 48:46
  their computer use its processing power to try to find
• 48:49
  aliens. So, you know, I I, when I heard
• 48:51
  about that, I was like, OK, cool.
• 48:53
  You know, I and the computer's not doing anything while I'm
• 48:55
  sleeping. And I can try to.
• 48:57
  I can try to find aliens. And, you know, unfortunately, I
• 48:59
  never found any aliens. Right.
• 49:01
  It would have been exciting, but whatever.
• 49:03
  But then I heard about Bitcoin. It's like, OK, yeah, I can
• 49:05
  actually just try to, you know, turn this, you know, electrical
• 49:09
  power into some kind of, you know, Internet currency and and
• 49:13
  see where this goes. And, you know, one point I had a
• 49:16
  few ASICS, you know, my apartment and I I had them going
• 49:20
  in the kitchen while I was sleeping.
• 49:22
  And then as soon as I woke up, I would unplug them all, move them
• 49:24
  over to the bedroom and plug them back in and close the door.
• 49:28
  And, you know, sounded like a couple hair dryers going.
• 49:31
  And you know I'm lucky there was nobody in the apartment with me
• 49:34
  at the time or they would have been very, very angry and they
• 49:38
  would be like what is this sound You know this is unbearable
• 49:41
  droning. And then they're like that's the
• 49:43
  sound of money being made. You know, so can't complain
• 49:47
  about it And you know, then then over time, you know I, I slowly,
• 49:53
  I slowly learn more And again, you know some of the, you know,
• 49:56
  we don't have Learning about Bitcoin back in the day was was
• 50:00
  definitely harder. There were less people there.
• 50:02
  We didn't have the kind of podcast and educational
• 50:04
  resources we have now and and it was just very, very easy to to
• 50:08
  lose Bitcoin as well. And you know, the the price goes
• 50:11
  down on a bear market and you think, well, that's it, It's
• 50:13
  over, you know. And in this, in this bear market
• 50:18
  it didn't feel like it's over, right.
• 50:20
  You can see some of these exchanges going under, some of
• 50:23
  these other lenders that overextend themselves, some
• 50:27
  miners that overextended themselves.
• 50:28
  And it's like, yeah, they they made a mistake.
• 50:31
  But Bitcoin is is definitely, definitely here to stay at this
• 50:35
  point and really on a pretty amazing trajectory.
• 50:40
  So it's been, it's been a really cool experience, you know,
• 50:43
  meeting all these interesting smart people in Bitcoin as well
• 50:47
  as trying to help regular people just get into Bitcoin, learn
• 50:51
  about it right. Because there's no one place to
• 50:54
  go, there's no company, there's no official website.
• 50:57
  So you kind of have to hope you find somebody to onboard you who
• 51:01
  is a, who is a real bitcoiner and will point you in the right
• 51:05
  direction. So people say to me, do you mind
• 51:09
  repeating yourself and I'm like, no, not to different people,
• 51:12
  only only to the same people, right.
• 51:13
  So it's always really exciting when they get someone new who
• 51:16
  actually wants to learn and and then they just see a click for
• 51:19
  them. Although sometimes we end up
• 51:20
  going down the mining rabbit hole for a long time because it
• 51:23
  is interesting. But you know, right now it is
• 51:26
  not really the best way for the average person to to try to get
• 51:30
  into Bitcoin, simply because it's it's become very, very
• 51:33
  competitive at this point. So unless you have that edge,
• 51:37
  right, unless you're getting free electricity or super cheap
• 51:39
  electricity, unless you actually need that heat already anyway to
• 51:43
  heat your pool or you know, hot tub or something, you know, your
• 51:47
  house or something. I mean, I like projects like Spa
• 51:50
  256, someone's heating their hot tub with a six and think it's
• 51:54
  extra satisfying to to know that that's how it's being warm.
• 51:59
  But generally, for most people, yeah, they're better off, as
• 52:01
  they say, Fiat mining, doing whatever it is they're actually
• 52:04
  good at, and then buying Bitcoin with it.
• 52:07
  Love it, love it. And we did kind of talk about
• 52:10
  earlier before the show you mentioned it kind of here.
• 52:14
  It's very. I I'd hate to say it's very easy
• 52:18
  to lose your Bitcoin, but if you don't do it properly, there is a
• 52:22
  real risk of losing your Bitcoin and someone that's been around
• 52:24
  for a long time. What would you recommend to
• 52:27
  someone new? What do you think is the best
• 52:29
  way for people to store their Bitcoin?
• 52:32
  It does depend on the person. It depends on the amount of
• 52:34
  Bitcoin, It depends on their level of technical proficiency
• 52:37
  and their and their budget, right?
• 52:38
  But, but certainly one good hardware wallet and a steel
• 52:44
  backup is a is a really good option for for a lot of people,
• 52:48
  right. There's it's becoming easier and
• 52:52
  more practical to do multi sig where you can actually have
• 52:56
  these essentially partial keys and then some of those keys
• 52:59
  could be held by you in different locations, could be
• 53:03
  held by friends or family, could be held by companies that are
• 53:06
  specializing in this, right. And as as that becomes more
• 53:09
  practical I think that will eventually become the default
• 53:12
  way to do it as it's both more secure and more forgiving when
• 53:16
  done properly. Right.
• 53:17
  But that's that's the key there And I've I've helped people who
• 53:21
  are new go through this process of just you know, creating their
• 53:25
  twelve seed words, write it down on a piece of paper, write you
• 53:30
  know use set up the hardware wallet And you would think that
• 53:34
  this is people think oh this is very easy.
• 53:36
  Yeah well people write down the words wrong.
• 53:39
  They just write down a different word.
• 53:40
  They misspell it. Their their handwriting's, you
• 53:43
  know, unreadable. Or they they write them out of
• 53:46
  order. Or they write them on a piece of
• 53:49
  paper, then take a picture and then put it on the cloud.
• 53:53
  And without necessarily realizing, you know, instead of
• 53:56
  them, OK, no, you you that you weren't supposed to do that.
• 53:59
  And they said, OK, I deleted it. Like, no, no, it's not enough to
• 54:01
  delete it. You're going to have to do the
• 54:02
  whole thing from the beginning again, right?
• 54:05
  These, these can never be on a general purpose Internet
• 54:08
  connected device. And yeah, so so we're we're
• 54:15
  getting there and the custody is getting better, right?
• 54:18
  Because again years ago there weren't, there wasn't 12 seed
• 54:21
  words you had to back up individual private keys to
• 54:25
  addresses. It was, it was definitely a mess
• 54:28
  and your backup would need to be updated.
• 54:29
  Now it doesn't need to be updated.
• 54:32
  I actually have a video made from a PowerPoint presentation
• 54:36
  I've given called Losing Bitcoin.
• 54:38
  And while I was making this, I kind of scared myself because I
• 54:42
  ended up coming up with over 200 ways people can and have lost
• 54:46
  Bitcoin. And you know, hate to say it,
• 54:48
  but I've done at least five of them and that includes, you
• 54:53
  know, swapping your Bitcoin for the next Bitcoin and then it
• 54:56
  ceases to exist. You know that that includes, you
• 55:01
  know, failing to do the backup properly.
• 55:04
  And you know or or simply you know, you know, the computer,
• 55:10
  computer or phone failing or just using one of the bad
• 55:13
  wallets. Because often the the people who
• 55:16
  are deep into Bitcoin or in culture or Bitcoin development,
• 55:20
  they're not necessarily talking to regular people that much,
• 55:24
  right? And it's it's great if they can,
• 55:25
  because if you look at the wallets that regular people
• 55:28
  actually use, those are the ones that series bitcoiners would
• 55:32
  never recommend to you. So there's there's a big gap
• 55:35
  here, right? And it's great to be able to
• 55:40
  build a great tool, but then you actually have to get people to
• 55:42
  use it to, or it doesn't have the real benefit that it
• 55:46
  potentially could. Yeah, I love it 100%.
• 55:49
  And. And the part where you said most
• 55:51
  bitcoiners don't talk to normal people is that I think that
• 55:54
  might be like the truest statement about the whole thing
• 55:56
  that you just said, but great insight.
• 55:58
  And actually on that point, what is your, you know, standard, I
• 56:03
  don't know, I guess, pitch for Bitcoin to an average everyday
• 56:07
  person. If you just meet someone and
• 56:08
  they're like, what is this Bitcoin thing?
• 56:10
  What do you usually tell them? Yeah, people I've, I've had
• 56:13
  that. I've gone to parties where
• 56:15
  everybody was a normal person and they'll say to me, hey, oh
• 56:19
  you're into Bitcoin. Can you explain that to me in 5
• 56:20
  minutes? And I'm like, no, like I can
• 56:24
  explain to you in 5 minutes why I can't explain it in 5 minutes,
• 56:27
  right? I I have a, you know, 3 hour,
• 56:29
  you know, Bitcoin 101 presentation, right?
• 56:31
  Not only scratches the surface, there's basically Bitcoin is at
• 56:37
  the intersection of a lot of topics that you could major in,
• 56:41
  right? So you you can spend as much
• 56:43
  time as you want learning about it.
• 56:46
  But the most important point I try to get across to people is
• 56:49
  that Bitcoin is worth taking the time to learn about and to
• 56:52
  recognize that there is more to it than that, that they're not
• 56:55
  going to, you know, have all the pieces figured out in 5 minutes
• 56:59
  or in 30 minutes. So, but what I do try to do is I
• 57:05
  don't give a generic pitch for Bitcoin.
• 57:09
  I try to figure out, well, how is this person?
• 57:12
  How do they connect with Bitcoin, right?
• 57:14
  Do they have family in another country that they send money
• 57:17
  back to? Do they travel all over the
• 57:20
  world? Right.
• 57:23
  Do they, you know, trust the Federal Reserve's monetary
• 57:27
  policy? Have they noticed things getting
• 57:29
  more expensive and did why do they think that might be right?
• 57:33
  So for different people, it appeals to them in a different
• 57:36
  way, right? There's people who, you know,
• 57:38
  love open source software. So I explained to them how
• 57:42
  Bitcoin is open source software, right?
• 57:44
  And for other people, they know Bitcoin is like a community.
• 57:47
  It's a fun club. They get to meet other
• 57:50
  Bitcoiners, right? Or again, if somebody you know
• 57:53
  met people, where they, they had a warehouse where they're, you
• 57:57
  know, storing clothing and they realize that they're, they're
• 57:59
  paying a lot of money for the warehouse and that includes all
• 58:02
  this electricity that they aren't using.
• 58:05
  So for some people, it's it's just, it's just simply a tool.
• 58:08
  And for other people, it's a lot more than that.
• 58:10
  I've been working on a a book for quite some time now, which
• 58:14
  is actually getting into that how different people see Bitcoin
• 58:17
  as different things, the the different metaphors for Bitcoin,
• 58:22
  but ultimately the metaphors are, you know what Bitcoin
• 58:25
  really is. Love it.
• 58:27
  I constantly tell people the same thing and I stole it from
• 58:31
  Dale Carnegies book How to Win Friends and or How to What's It
• 58:36
  How? To How to How to make friends
• 58:38
  and influence people. Yeah, yeah.
• 58:39
  And it's a simple meme that I say it all the time, you know,
• 58:42
  it's like bait, the hook for the fish you're trying to catch and
• 58:44
  and people always. Kind of push back.
• 58:46
  They're like oh so you're, you know you're you're doing some
• 58:49
  shit coin marketing. I'm like, no guys.
• 58:51
  It's about you know, asking people certain questions so you
• 58:54
  know where they're coming from. And then obviously Bitcoin fixes
• 58:57
  it all. So you can always angle it into
• 59:00
  a way that people are interested in.
• 59:02
  And and I think few people do that.
• 59:03
  They always have like this, you know, I don't know, verbal
• 59:07
  diarrhea, shill about Bitcoin. And they just bombard people
• 59:10
  with so much stuff that they're just like.
• 59:12
  The person they're talking to, their eyes glazed over, and
• 59:14
  they're like, yeah, that sounds cool, bro.
• 59:16
  Did you hear about the game last night?
• 59:18
  And it's just like guys just work on the pitch a little bit,
• 59:21
  tailor it a little bit to the people you're talking to, and
• 59:24
  it'd be much more effective. Well, that's why the CTF thing
• 59:27
  is so good. It's such a positive move
• 59:30
  because it's doing that heavy lifting for a lot of us, a lot
• 59:34
  of people that are like, oh, Mer stocks, Mer bonds, Mer,
• 59:37
  whatever. Like.
• 59:38
  They're gonna, they're gonna feel like, oh, like Bitcoin, oh,
• 59:42
  somebody else can buy it for me. Somebody can make it
• 59:44
  comfortable. I'm gonna buy this now and and
• 59:48
  that's also why I wanna bring more women into Bitcoin more.
• 59:53
  Like the fun, sexy cool that we're trying to bring into
• 59:55
  Bitcoin. Because it's like Opti said, you
• 59:58
  have to bait the the hook for the fish that you're going to
• 1:00:01
  catch. And if you bring more women,
• 1:00:03
  more men will come. If you make it fun, sexy, cool,
• 1:00:07
  then like all the people who are into the sports ball games and
• 1:00:10
  like going out on weekends and just, you know, doing stuff that
• 1:00:14
  you know, bitcoiners are like, we're not thinking about because
• 1:00:17
  we're thinking like on this level.
• 1:00:20
  They'll they'll come and and do it too.
• 1:00:23
  And yes, don't buy the ETF. Buy actual Bitcoin.
• 1:00:27
  I repeat, buy actual Bitcoin. The ETF is marketing for the
• 1:00:33
  normies. Let the normies do that stuff.
• 1:00:35
  At the end of the day, it's going to benefit your bag too.
• 1:00:38
  But don't do it. Don't do it.
• 1:00:40
  If you're listening to this, buy it and take it into self
• 1:00:43
  custody. Sophie, I think you just bake
• 1:00:45
  the hook for the audience out there and you basically said,
• 1:00:48
  guys, you're going to get girlfriends soon, so you'll be
• 1:00:50
  good to go. All right.
• 1:00:53
  I was interviewing these girls the other day while I was on the
• 1:00:56
  interview. And I was like, how could we
• 1:00:57
  make bitcoiners less annoying? And they're like, just give away
• 1:01:01
  all your Bitcoin. Just give it to sugar Mamas.
• 1:01:03
  Like, literally, like, like you should just give it to ma to to
• 1:01:07
  to women. And because women deserve
• 1:01:09
  everything. And I was like, OK, but will
• 1:01:12
  that make you look into Bitcoin? Yeah, maybe.
• 1:01:15
  Because then how am I going to spend the Bitcoin?
• 1:01:17
  So like, there you know, there you go, everyone.
• 1:01:21
  Everyone has their. You're definitely in Miami, so
• 1:01:24
  let on that point, Daniel, you did mention that you are a part
• 1:01:29
  of the Bitcoin Miami scene. You know Sophie and Nico, have
• 1:01:33
  we, we talked about actually stream live from Bitcoin Grove.
• 1:01:36
  You were mentioning that Miami has a bit devs as well.
• 1:01:40
  So maybe what's your thoughts on the overall scene?
• 1:01:42
  And I know you talk at them and you're a speaker sometime.
• 1:01:45
  So how's it going down there? Oh, I think you're muted.
• 1:01:52
  Yeah, it's incredible to see the the progress that's happened in
• 1:01:55
  the last year and a half because Miami again had had this
• 1:01:59
  reputation of just, well, you know, scammers of people who who
• 1:02:03
  don't really work or, you know, post on Instagram or whatever.
• 1:02:07
  And and then naturally there's a whole, you know, crypto scene
• 1:02:11
  caught on there and it was harder for Bitcoin to really
• 1:02:14
  differentiate itself. And I, I think in the last year
• 1:02:16
  and a half. We've seen that the the Bitcoin
• 1:02:19
  specific community has emerged now and for example, you know,
• 1:02:26
  Pram has been doing a Bitcoin brunch every Sunday for for
• 1:02:32
  basically I want to say maybe two years now, which has been a
• 1:02:36
  great way for people to just come by and just casually chat
• 1:02:39
  with other people about Bitcoin and related topics.
• 1:02:42
  And again, Ross and Liron and others have been.
• 1:02:47
  Building the Bitcoin Grove with like a Co working space as well
• 1:02:52
  as a place to host other Bitcoin events and maybe incubate
• 1:02:56
  Bitcoin businesses and and also Ross started the Miami chapter
• 1:03:03
  of bit devs and I've been helping Co host that that's once
• 1:03:07
  a month where it's it's following the format of the
• 1:03:09
  original the the New York bit devs where.
• 1:03:13
  You know spend like 2 hours going over the technical details
• 1:03:18
  and updates in in the Bitcoin space with sometimes the people
• 1:03:21
  giving presentations on something cool that they're
• 1:03:23
  building or working on. And the unfortunately for that
• 1:03:28
  you know it's hard to promote it because the following the New
• 1:03:31
  York bit desk convention, you're not supposed to take pictures or
• 1:03:35
  record it. So you know, but it has its own
• 1:03:39
  way of attracting the right people to it, right, Because
• 1:03:42
  it's more technical. And you know certainly you know
• 1:03:45
  some people want to come to it and some people don't.
• 1:03:48
  It's been it's been pretty amazing to see how how big devs
• 1:03:51
  is now basically spread all over the world even in some places
• 1:03:54
  that don't have as as big a tech scene there's there's still,
• 1:03:59
  there's still something happening there every month and
• 1:04:01
  there's really really smart people coming together to learn
• 1:04:05
  about that. I think for a for a lot of
• 1:04:08
  people in general, they don't realize.
• 1:04:11
  How much work is happening in Bitcoin how much innovation
• 1:04:14
  there is unless you actually try to keep up with it then it's
• 1:04:18
  it's overwhelming now you know certainly in the last year I've
• 1:04:22
  been trying to edit down the topics to fit into two hours so
• 1:04:28
  that's so so that's that and also yeah the the the city and
• 1:04:33
  and the state has has been really I think supportive of
• 1:04:38
  innovation. In tech in general and support
• 1:04:41
  of a Bitcoin, the Bitcoin white paper is on the city of Miami's
• 1:04:45
  website, so, so things like that.
• 1:04:48
  I think it's on a it's on a really good trajectory.
• 1:04:51
  And again, it's important for people who are new, especially
• 1:04:54
  to have a physical place to go to, to talk to real bitcoiners
• 1:04:57
  and learn that way. Love it.
• 1:05:00
  Couldn't agree more and and shout out to Lauren, a good
• 1:05:02
  friend of not only the show but us personally.
• 1:05:05
  Love Lauren. All right, before we move on to
• 1:05:08
  what everyone's waiting for, the meme review.
• 1:05:10
  Daniel, is there any last two sets you would like to get
• 1:05:13
  across to the audience? Well, yeah, yeah.
• 1:05:22
  I I try to follow the the style of Satoshi that Satoshi had a
• 1:05:26
  way of. Writing that was clear concise
• 1:05:29
  and correct right He he wasn't wasting time with with people
• 1:05:34
  but he also wasn't being rude to them either.
• 1:05:37
  So I I do I do try to be to the point and and not not mean and
• 1:05:46
  and that's all you know and and you know my DMS are open really
• 1:05:49
  so happy to happy to talk to anyone whether they're trying to
• 1:05:54
  learn or you know have a comment or or something else to say.
• 1:05:58
  Love it, love it. Well, it's because of, I would
• 1:06:01
  say, O GS like yourself that any of us even got a Bitcoin message
• 1:06:05
  in the 1st place, so doing Satoshi's work for real.
• 1:06:11
  All right, guys, let's get into the meme review, because that's
• 1:06:13
  the only reason why all you guys are sitting here, The daily meme
• 1:06:22
  review. All right guys, you know the
• 1:06:28
  deal. This is the main review where
• 1:06:30
  you guys tag me on Twitter at simply Bitcoin TV or drop them
• 1:06:34
  in our Telegram group. T dot me slash simply owners
• 1:06:40
  that hang out on Telegram. Make sure you at the very least
• 1:06:43
  give me a noster link. I'll bring those on the show.
• 1:06:47
  Specifically, give me a Twitter so I can give them their credit
• 1:06:50
  for their memes so we're not just, you know, stealing memes.
• 1:06:52
  Even though memes are supposed to be stolen and propagated, you
• 1:06:55
  already know the deal. Tweets are the bullets.
• 1:06:56
  Memes are the artillery. We are in an information war.
• 1:06:59
  It's upon all of us individuals to continue to get the cause of
• 1:07:05
  actions to people. Make sure they understand why we
• 1:07:07
  Bitcoin. Make sure you ridicule the
• 1:07:09
  corporate press. And of course, make some funnies
• 1:07:11
  so your friends. Head stay in the game.
• 1:07:13
  All right this first one I did get tagged on a different plan
• 1:07:16
  Marcus mean but I wanted to put this one on because it just
• 1:07:19
  seems so fitting and and actually after the conversation
• 1:07:22
  with Daniel it's even more fitting.
• 1:07:23
  I I think I'm like the little the little the little cub here
• 1:07:27
  and Daniel is the actual full blown lion here.
• 1:07:29
  But we got plan, Marcus, he goes hashtag Bitcoin makes you
• 1:07:32
  stronger and we got a baby cub. We got Simba over here and it
• 1:07:35
  goes 1 bear market and he's grown up.
• 1:07:37
  He still looks tough. And then three bear markets in a
• 1:07:40
  full blown Lion King over here. It it really does this, you
• 1:07:44
  know, Bitcoin changes you. You don't change Bitcoin and the
• 1:07:47
  more cycles you go on, the more hardened you are.
• 1:07:50
  Can we peep the 2 bear markets? What that one?
• 1:07:53
  That's like the awkward stage. Maybe that's me.
• 1:07:57
  That one is. So good.
• 1:07:59
  Oh, it's literally me. All right.
• 1:08:01
  Next one is by Ben Jeshman. The bands are taking over
• 1:08:04
  Bitcoin. Let's not let it happen.
• 1:08:07
  And he has a totally other conversation.
• 1:08:09
  Ben Jasmine goes and and you know go supporting him.
• 1:08:11
  Penny Lane wine guys. If you want some wine made by
• 1:08:14
  big corners Benz your man. He goes all caps, but who will
• 1:08:17
  build the roads? I.
• 1:08:19
  This one is like the funniest meme to me because I constantly
• 1:08:23
  get the same same response but my roads.
• 1:08:27
  Anyways, we got some founding fathers here and it goes give me
• 1:08:31
  liberty or give me roads. It really feels like this is the
• 1:08:35
  conversation you hear with everyone out there.
• 1:08:37
  It's like wait, do you want freedom or do you want your
• 1:08:40
  roads made? And it's always like guys,
• 1:08:42
  someone will make the roads. Why is it always the roads?
• 1:08:46
  Anyways? Ben, you should have put some
• 1:08:47
  laser eyes on him. That would have made it perfect.
• 1:08:49
  OK, the Bitcoin therapist. He goes, there's no second best.
• 1:08:53
  And he goes hashtag BTC. And this one's hilarious.
• 1:08:57
  This is literally going to be all you guys.
• 1:08:58
  Someone said it's going to be hard not to be toxic.
• 1:09:01
  Yeah, this is probably like the most toxic part about it when
• 1:09:03
  you just start shilling it to everyone and your grandma.
• 1:09:06
  Anyways, we got Leonardo DiCaprio here from Wall Street,
• 1:09:09
  Wolf Wall Street. He goes when the bull market is
• 1:09:11
  near and this is the scene when he's on the phone, you know,
• 1:09:15
  flipping, flipping his penny stocks.
• 1:09:16
  He goes, Listen, Grandma, this has huge upside potential.
• 1:09:19
  You with very little downside risk.
• 1:09:22
  Oh man. I man flashback to me shilling
• 1:09:25
  Bitcoin extremely hard last bull run to my friends and I'm I'm
• 1:09:29
  going to do my best not to come across like Leonardo DiCaprio
• 1:09:33
  flipping penny stocks. OK next one is by Maxi Club
• 1:09:37
  Nicos 591 Pro and we have a a turd in a suit here and it goes
• 1:09:42
  shit corners and you can see here it goes short.
• 1:09:45
  Expert this one all. All coiners are telling me.
• 1:09:53
  Anyways guys, next meme is by sorry I got a text by Nico.
• 1:10:01
  We have RDBTC and it goes Bitcoin having cycles don't
• 1:10:05
  repeat themselves but they often rhyme and you can see the old
• 1:10:09
  cycles 2012, 20/16/2020 and now and it's almost like we are
• 1:10:15
  going. To repeat a cycle here.
• 1:10:19
  So love to see it. Let's go.
• 1:10:23
  All right, guys, that is the meme review.
• 1:10:27
  Hold on. I guess Niko's telling me my mic
• 1:10:29
  isn't using. Let me see.
• 1:10:31
  Sophie, what's your meme review score?
• 1:10:34
  So my meme review score is all of these clips that I have on
• 1:10:38
  Niko's desk. They're little hair clips to
• 1:10:42
  pull your hair back for, you know, and it doesn't create a
• 1:10:44
  crease like these specific ones. So I'm going to give it a score
• 1:10:49
  of all the little clips that I have around the house.
• 1:10:53
  All right, guys, my meme review score is Bitcoin is Venice.
• 1:10:59
  I got all the Bitcoin books here now, so you already know.
• 1:11:03
  All right, Daniel, what's your meme review score?
• 1:11:05
  Yeah, I I got here 500 Argentine pesos, 1000 Argentine pesos and
• 1:11:10
  100 trillion Zimbabwe dollars. Wow.
• 1:11:14
  Love to see it. How much is the Do you know what
• 1:11:18
  What is the What is the exchange rate right now in Argentina?
• 1:11:23
  So so currently this is about $1.00.
• 1:11:26
  And what is it, 1000? Yeah, that's yeah, that's 1000.
• 1:11:30
  But again it it changes, right. So, so you know if you you know,
• 1:11:36
  wait a few days and you may have to may have to check it again.
• 1:11:40
  Incredible. Incredible.
• 1:11:41
  Well guys, drop your mean review store in the chat.
• 1:11:46
  Can I just say shout out to Toxic Sophie for being the the
• 1:11:50
  worst version of me on this chat.
• 1:11:54
  This is amazing. All right guys, you already know
• 1:11:56
  the deal. Stack Sats first.
• 1:11:58
  But we appreciate all your support.
• 1:12:00
  We do have some merch. We have some T-shirts.
• 1:12:01
  We have some hoodies. I'm going to get you guys the
• 1:12:03
  hats. We'll get you the mugs.
• 1:12:04
  We have a special shirt coming out with a Bitcoin artist.
• 1:12:08
  Sophie, we'll get you guys, the women cuts, scan the QR code.
• 1:12:11
  We really appreciate all the support.
• 1:12:13
  And on that note, let's get to the meme review guys, because.
• 1:12:19
  There is some that got through. Hold on, let me see, let me see.
• 1:12:24
  Let me get to the top one. Okay.
• 1:12:26
  First we got Nigel Lowry and he goes meme review Miami Diggers
• 1:12:30
  for everyone until they find your decoy wallet.
• 1:12:34
  Oof. Oof.
• 1:12:35
  Okay, let's never tell him. Is Elaine Lowe when it goes
• 1:12:40
  score? Time to tell your UN corner
• 1:12:43
  Friends. The time is now.
• 1:12:44
  The bull is snorting and scratching the dirt by Bitcoin
• 1:12:47
  today, friends. Let's go, OK?
• 1:12:49
  I call them pre coiners. Pre coin?
• 1:12:51
  Exactly. Toxic selfie score.
• 1:12:54
  Bullying my unborn child by making her listen to safety and
• 1:12:57
  humiliate shit corners just so they know the kind of family
• 1:13:01
  they're joining? Yes, yes.
• 1:13:04
  OK, Tora Paddle Meme Score FOMO. Fuel explosion.
• 1:13:09
  Yes. OK, next one.
• 1:13:11
  Everyday Walking with Christ Meme review score.
• 1:13:13
  All my cipher mining stock. Caitlyn Long is on their board.
• 1:13:18
  Let's go. OK, next one is rape elevator
• 1:13:21
  score for the memes seeing a Bitcoin ATM in front of a mall
• 1:13:26
  Santa Charlotte, NC OK, actually, let's go.
• 1:13:30
  All right. Next one, Phil.
• 1:13:31
  See, I give these memes a little dent on the monger grade.
• 1:13:34
  No, that's don't dance on people's grades.
• 1:13:37
  Don't do it. Don't do it.
• 1:13:38
  OK, over here on Rumble, John Pleb.
• 1:13:42
  My score. A dead fuck a day before 100.
• 1:13:46
  Still waiting on zero. I don't know what that means.
• 1:13:48
  OK, Narwhal tacos mean score equal 5 because those memes were
• 1:13:52
  mid. OK, now I'll do better.
• 1:13:55
  Send me memes and tag me and memes.
• 1:13:57
  OK, more ran score. Congrats to Nico and Sophie's
• 1:14:00
  new expected decentralization. OK.
• 1:14:04
  And last one. Is by UTXO score purple glasses
• 1:14:10
  inspired by Max Keiser. OK, love it.
• 1:14:15
  Love it. All right.
• 1:14:16
  Well Soph, thanks for filling in all week.
• 1:14:19
  Nico should be back tomorrow. Hopefully.
• 1:14:22
  We. I don't know.
• 1:14:23
  I I'm. I'm the last one to know as well
• 1:14:25
  so I think he'd be back tomorrow.
• 1:14:27
  But if not, go check out Sophie on the YouTube and Twitter
• 1:14:31
  timeline. Hell yeah.
• 1:14:32
  Thank you guys for having me. It's been a great.
• 1:14:35
  Week. Let's go.
• 1:14:36
  All right, Daniel, before you go, thank you.
• 1:14:39
  First and foremost, thank you very much for showing up on the
• 1:14:41
  show, spreading that wisdom. I I think it's very insightful
• 1:14:44
  for for newer bitcoiners to get that signal from the OG.
• 1:14:48
  Older bitcoiners that have been around for a while, maybe a
• 1:14:51
  little more wise in the ways they talk about Bitcoin.
• 1:14:54
  But is there anything you want to plug?
• 1:14:56
  Where? Where can people find you?
• 1:14:59
  Yeah, the you can reach me on Twitter, right?
• 1:15:01
  It's right there. DKA 218.
• 1:15:03
  It's the best way. As I said, my DMS are open and
• 1:15:06
  you know I can always point people on the direction of
• 1:15:09
  others other things that I that I may have done or or will do
• 1:15:13
  from that point. And yeah, I I just like to say
• 1:15:17
  right, you can either learn from your own mistakes or from
• 1:15:19
  someone else's. So you know, please, please
• 1:15:21
  learn from my mistakes. And I just want to say again,
• 1:15:24
  you know, recipes to Charlie Munger, right.
• 1:15:27
  There's some bit corners. I think he's he's the enemy
• 1:15:29
  because he was anti Bitcoin, but he he's not right.
• 1:15:32
  And if you actually look at some of the things he said, he said,
• 1:15:35
  you know you're you're looking for a mispriced gamble.
• 1:15:37
  That's what investing is. And he said, you know, the idea
• 1:15:40
  of excessive diversification is madness and the big money is not
• 1:15:44
  in the buying and selling but in the waiting.
• 1:15:46
  So if he was born later, he would have been a bit corner,
• 1:15:48
  right. You have to understand when
• 1:15:50
  people in their 90s, they're not necessarily.
• 1:15:52
  Interested in learning a totally new thing when what they already
• 1:15:55
  know has been working very well for them that that's all.
• 1:15:58
  So I'm sure you know and when we're all in our 90s we'll we'll
• 1:16:01
  be a little perplexed as to what's happening at the time.
• 1:16:05
  That that's it. And you can learn a lot from
• 1:16:07
  people who might, you know, vigorously disagree with you as
• 1:16:10
  well. So so that's it.
• 1:16:12
  Yeah, you can connect me on Twitter and that and I really
• 1:16:16
  appreciate being on the show. This was a lot of fun.
• 1:16:18
  Now I appreciate it, Daniel. Wise words from a bit corner
• 1:16:22
  that's been around, you can tell there is a no longer the, you
• 1:16:27
  know, the the ecstasy of being a new bit corner.
• 1:16:30
  You're like a sober bit corner. It's like I've been around guys
• 1:16:32
  like don't be assholes. It's it's pretty simple, man.
• 1:16:35
  It's way easier. What's the saying?
• 1:16:36
  It's way easier. Catching flies with honey than
• 1:16:39
  shit or something. I don't know, bees with honey.
• 1:16:41
  I forget what the meme is. Yeah, yeah, yeah, exactly.
• 1:16:45
  Catch. Catch with, you know, honey,
• 1:16:47
  then vinegar or something like that.
• 1:16:48
  Yeah, something like that Anyway.
• 1:16:50
  Anyways, thank you for coming on, Daniel.
• 1:16:51
  Really appreciate it. We'll bring you on again, let me
• 1:16:53
  know, let us know, we'll we'll schedule you another time and we
• 1:16:56
  can talk about whatever you want to talk about.
• 1:16:59
  Absolutely. We'll be great all.
• 1:17:00
  Right. Awesome.
• 1:17:01
  All right, guys. Well, you're another deal.
• 1:17:04
  Like subscribe, share, all that good stuff, share all Bitcoin
• 1:17:07
  content. It's about spreading the signal.
• 1:17:10
  It's about making sure more people understand why they
• 1:17:13
  should Bitcoin, why they need Bitcoin.
• 1:17:15
  It's about incepting the ideas of freedom into people.
• 1:17:18
  And at times kind of like what Daniel said, you know, you bait
• 1:17:22
  the hook for the fish you're trying to catch and then don't
• 1:17:24
  just bombard people with everything you know about
• 1:17:27
  Bitcoin. I know we get excited, but
• 1:17:29
  sometimes asking them some pointed questions is the best
• 1:17:32
  way to Orange Pell. Anyways guys, we will be back
• 1:17:35
  tomorrow of course for our Daily Show.
• 1:17:38
  Make sure you're checking out our YouTube.
• 1:17:40
  We we're dropping content constantly and you know signing
• 1:17:44
  off guys, Get outside, cut some grass, eat some good food, hang
• 1:17:48
  out with people you love. This is the way it's all about
• 1:17:51
  becoming a better person. On that note guys, peace out,
• 1:17:53
  it's your boy Opti. I will see you tomorrow.