Latest / Simply Bitcoin / Fidelity: $4.5 Trillion AUM Opens Up to Bitcoin Trading | EP 627

Transcript

Fidelity: $4.5 Trillion AUM Opens Up to Bitcoin Trading | EP 627 · Simply Bitcoin

• 0:15
  Yo today is November 29 2022. Welcome to Simply Bitcoin live
• 0:19
  where your number one source for the peaceful Bitcoin Revolution
• 0:21
  recover, breaking news, culture, me Matic Warfare.
• 0:24
  We are be your guide through the separation of money is taken.
• 0:27
  Very interesting news, yesterday Fidelity announces that they're
• 0:31
  going to finally open Bitcoin trading.
• 0:33
  They have four point five trillion dollars with the T
• 0:37
  assets under management. Huge news.
• 0:39
  We also have a very special guest.
• 0:41
  Today we have Will Reeves. He is the CEO of Fold.
• 0:45
  I'm sure a lot of you guys know them and use them yourselves.
• 0:48
  So, I want to give a shout out to him.
• 0:50
  Well, welcome to the show, happy to have you and we'll have some
• 0:53
  announcements about fold. So that should be interesting.
• 0:57
  It's good to be here. Nico, it's been a while, it has
• 0:59
  been a wild thing. Last time I saw you was in
• 1:01
  Austin and of course, my legendary co-host, the always
• 1:05
  optimistic Optimus Fields, how you doing buddy?
• 1:08
  Well, good morning Miko, good morning everyone, what's up?
• 1:11
  Well good, I'm excited for this one, man.
• 1:14
  Not only do we have will reave CL full but at guys, if you
• 1:18
  don't know, he's got the probably the best style in
• 1:21
  Bitcoin. As you can tell, he's got the,
• 1:23
  the mt.gox you're going over here.
• 1:24
  So this guy's always swag. I'm excited for this.
• 1:29
  Anyways me go, let's get into this, what?
• 1:31
  Yeah, we're also going to talk about very important topic as
• 1:34
  well, right? Is the really like, the not.
• 1:37
  We're all. So we're not only living through
• 1:38
  the disintermediation of money, but we're also living through
• 1:41
  the disintermediation of information, right?
• 1:43
  And we're kind of seeing whatever you want to call it.
• 1:46
  The machine fight back on, on Twitter, the whole Twitter
• 1:50
  debauch, we're going to get into details as why I believe that
• 1:52
  is. We're going to get, will
• 1:53
  thoughts on all that just censorship and all these.
• 1:57
  I all these topics that I think is really important because the
• 1:59
  end of the day, I really believe that freedom of speech is the
• 2:03
  Frontline. It's really if we lose that
• 2:05
  battle, right? What makes you think?
• 2:07
  If you're not able to speak your mind on the internet, you're
• 2:09
  able to transact with anybody on the internet and you can make
• 2:11
  the argument you can't stop Bitcoin but still do you want it
• 2:14
  to get to that point? I don't know.
• 2:15
  This is a very important topic conversations that.
• 2:18
  I feel like we need to have but anyways, let's get to the show,
• 2:21
  let's do this. And then we'll talk about all
• 2:23
  that stuff. The Bitcoin members brought to
• 2:28
  you by not all at this point, you should be running your own
• 2:31
  Bitcoin note. If you don't use your own
• 2:33
  Bitcoin node, you're trusting someone else is run your own
• 2:36
  version of Bitcoin core. The lightning Network,
• 2:39
  whirlpool, and Dojo all from the comfort of your own home.
• 2:43
  And if your digital Nomad, you have absolutely no excuse
• 2:46
  because now you can run a novel through a virtual private
• 2:49
  server. Visit nottle Dottie you today.
• 2:52
  All right, everybody at the time of recording the corn prices 6
• 2:55
  1400. So as per dollar, 6000 98 block
• 2:58
  height, 765,000 201 reachable Bitcoin.
• 3:02
  Nodes were at fourteen thousand. Eight hundred forty.
• 3:03
  Six blocks of The Happening. 74,000 799, having estimate day
• 3:07
  could not come any sooner, April 24, 20 24, total lightning
• 3:11
  network capacity, word, 5113, Bitcoin, capacity value. 83
• 3:15
  million u.s. dollars realized monetary inflation.
• 3:17
  Continuing to take Fiat currencies to Absolute school.
• 3:21
  One point seven, seven percent and market capitalization were
• 3:24
  sitting pretty at and 15 billion dollars in the grand scheme of
• 3:27
  things. Bitcoin is still a tiny baby.
• 3:30
  Anyways, I want to talk about this and I definitely want to
• 3:32
  take advantage of the fact that will is on the show today and it
• 3:35
  was a tweet by been Gammon and here's a very popular YouTube
• 3:40
  show. I think it's called rep, George
• 3:41
  Raymond George. I'm sorry.
• 3:43
  What did I say? Ben Ben, I don't know.
• 3:45
  There's so many bands, there's so many beds getting strike the
• 3:49
  attack of the Ben's bro. So yeah.
• 3:52
  So George yeaman. Thanks Opti.
• 3:55
  He has a very popular, YouTube try, things called Rebel
• 3:58
  capitalist and he had this interesting tweet and we had a
• 4:03
  lot of people in the comment section that replied back to it,
• 4:05
  but I want to see, I want to hear what will thinks of this
• 4:07
  and for audio listeners. It says, any form of money used
• 4:11
  by humans will not have a set amount including Bitcoin and on
• 4:14
  a and ironically, the more Bitcoin is used as money,
• 4:18
  parentheses, if it is, the more paper claims will be created
• 4:21
  that function, that that functionally are the same
• 4:24
  perfect money. Controlled by imperfect humans
• 4:27
  will be in perfect. And then, you know, he did have
• 4:29
  some rebuttals. You have been seen saying there
• 4:32
  are not functioning the same paper.
• 4:34
  Bitcoin could only be accepted by colluding custodial
• 4:37
  institutions. They cannot.
• 4:39
  They cannot be transmitted over the big Corner lightning
• 4:41
  networks. Anyone with a full known will
• 4:43
  always know the true supply of real Bitcoin and reject paper.
• 4:46
  Huge disadvantage, Brandon Clinton says babe paper gift
• 4:49
  paper. Claims are obviously not
• 4:51
  functionally the same. FTX Celsius block fi make this
• 4:55
  Paper Claims can plus will exist on bitcoin and other monetize.
• 4:59
  Good 3, Bitcoin is unique because the monetary policy /
• 5:02
  printer cannot be captured in perfect.
• 5:04
  Humans will try and fail and I think they've definitely been
• 5:07
  trying to Robert Breedlove says as more custom crypto custodian
• 5:11
  exchange and should coin projects collapse.
• 5:13
  There will be more pain and hence information surfaced into
• 5:17
  the minds of Market actors until every holder of Bitcoin is in a
• 5:20
  counterparty risk minimize custody Arrangement, many men
• 5:25
  Essence multisig Yen, because he was, have fun.
• 5:27
  Staying power. Thanks awfully.
• 5:30
  Yes, says where the paper clips on bitcoin at FDX?
• 5:33
  Functionally the same as Bitcoin.
• 5:35
  So will, you know, as the CEO fold it, you know, loved Bitcoin
• 5:40
  company in the space. What are your thoughts on this
• 5:42
  comment? Right.
• 5:43
  Does it make your blood boil? Is he just wrong?
• 5:46
  Do you think he's just not educated on the manor?
• 5:48
  What are your thoughts? I mean, one thing that we know,
• 5:52
  you know, about Bitcoin and the protocol, and the community is
• 5:56
  that, you know, Bitcoins protocol, maybe in itself
• 5:59
  something that cannot be manipulated, but the community
• 6:02
  around, it can and whether that's deposit, your Bitcoin
• 6:05
  here to earn 10% yield and essentially start to create the
• 6:11
  incentive in the Trap around creating paper Bitcoin so I do
• 6:14
  agree with him. We while we have perfect money.
• 6:16
  Imperfect, humans will exist and it's Okay, once we get to that
• 6:21
  fact, what happens? Well, number one Bitcoin has
• 6:24
  this amazing quality about it that if you don't want to
• 6:27
  participate in this world of imperfect humans, you can exist
• 6:30
  with the protocol withdraw to Cold Storage.
• 6:33
  So from that perspective, you can operate on a Bitcoin
• 6:37
  standard withdrawn to your own custody and not have to play the
• 6:41
  manipulation games of imperfect people.
• 6:44
  But it would be silly to say that there won't be paper.
• 6:47
  I owe you money Bitcoin. Toting around because the
• 6:50
  incentives will always be there. And so what you're going to get
• 6:53
  is there will be premiums placed on institutions and custodial
• 7:00
  Arrangements that either make rehypothecation illegal as what
• 7:05
  you've seen in Wyoming, where the activities of block Fi we're
• 7:10
  actually felonious and that's why block I'd to stop operation
• 7:14
  in Wyoming. And so you saw that from a
• 7:15
  regulatory standard but at the end, as a Bitcoin, ER, my bias
• 7:19
  is, hey, let's Not necessarily look to regulation for this
• 7:22
  withdraw to cold storage and let's make some of the best cold
• 7:25
  storage self custodial products out there.
• 7:28
  I think that's the first thing, but the end of the day, the
• 7:31
  incentives are there to play with paper money, when the good
• 7:34
  times are rolling, it's easier to play with paper money and
• 7:37
  print that more and more hide, what?
• 7:39
  Maybe not working under under the hood and what's may be
• 7:42
  unsustainable? So it will exist it.
• 7:45
  Just whether you as an individual want to play that
• 7:47
  game, you know, as we've seen in the last A couple months, it's
• 7:51
  an unwise game to play and it's essentially a game of musical
• 7:53
  chairs and you know will continue to be that way 100% And
• 7:58
  I completely agree with you during the bull market it's all
• 8:00
  party right? It's really during the bear
• 8:02
  Market, you know that all these right and never forget Maan.
• 8:05
  I did not to name any contest specific content creators by
• 8:08
  names. But you know be like block fi,
• 8:10
  you know, this is the best 300 million dollar valuation.
• 8:13
  You know, you guys know what I'm talking about, and So yes.
• 8:21
  And then literally not even a year later, it just total
• 8:25
  collapse and it's exactly what you said.
• 8:27
  It's just rehypothecation is paper Bitcoin it's creating
• 8:30
  claims on bitcoin that don't exist, right?
• 8:32
  And you see this, you saw the same thing with ft x, but let's
• 8:35
  talk about human nature, right? I've been a Bitcoin educator
• 8:38
  concentrate, or whatever you want to call it, for about six
• 8:41
  years now. And one of the things like the
• 8:44
  reality that I've run into will is some people just because
• 8:49
  they're R comfortable, Outsourcing personal
• 8:51
  responsibility, whatever it is, right?
• 8:54
  Which by the way tends to happen, more in the west that in
• 8:57
  developing countries, where it's just like there is no option
• 9:01
  there. You're like, no is about putting
• 9:03
  food on the table. Be able to feed my family, I'm
• 9:05
  not trusting this bank right but I think in the west people have
• 9:08
  not been burnt enough. I think the FTX was definitely a
• 9:11
  giant wake-up call. We're seeing record amount of
• 9:13
  outflows but is that and I think maybe George referred to this a
• 9:19
  little bit. It is the human element,
• 9:22
  something that can't be fixed, right?
• 9:24
  It is that that final thing, where they're just, we have to
• 9:27
  accept that there is a portion of the population that they're
• 9:32
  just maybe they're just, they're never going to learn self
• 9:35
  custody. Maybe that's just a generational
• 9:37
  thing. What are your thoughts on that?
• 9:40
  I mean, I think it's a challenge that we need to solve, but you
• 9:44
  look at this and it's one of the most ridiculous things that you
• 9:46
  put it in in in perspective, especially considering the
• 9:49
  events of the last couple months you're holding Bitcoin which is
• 9:53
  the best performing asset of the last decade.
• 9:57
  And undeniably one of the most important Creations that we have
• 10:02
  seen since the internet and you have the high time preference,
• 10:08
  such high time, preference that you want to give that Bitcoin
• 10:11
  away for an extra six percent yield on that.
• 10:17
  And I think a lot of it comes down to just the imperfect and
• 10:22
  greediness of humans. In the the weird part is if you
• 10:25
  just held onto your Bitcoin, you would be in a much much better
• 10:29
  spot but instead we're scrapping for six percent.
• 10:32
  Three percent, which is essentially just paying you 6%
• 10:37
  for taking the risk of 100% of your Bitcoin.
• 10:40
  And that narrative was just so thrown under the bus from, you
• 10:46
  know, a lot of the very influential content creators in
• 10:49
  the space that was papered over quite literally that that
• 10:54
  narrative just didn't punch out to the mainstream that there
• 10:57
  could be holding one of the most valuable assets than that.
• 10:59
  I don't have to actually do anything yet everything and
• 11:04
  millions of dollars of marketing from you know sports stadiums
• 11:09
  Super Bowl ad. Adds all of the most listened to
• 11:13
  most-watched content, creators were all funneling, this message
• 11:16
  of give us 100% of your Bitcoin, and in return for taking that
• 11:21
  risk will give you six percent back.
• 11:23
  And it's just so backwards. But you know, in these times
• 11:26
  when we have collapses like this it's truly Vindication it's
• 11:29
  something that a lot of us were able to see coming from a long
• 11:33
  time and it's something that we're going to continue on that
• 11:36
  cycle. That I don't think you fix that
• 11:39
  and people Yeah, and I 100% agree.
• 11:42
  I think it's just it's human nature.
• 11:44
  It is what it is but the Silver Lining though is that I think a
• 11:48
  much bigger percentage of people and you are wearing a mount
• 11:51
  Gothic shirt, right? So that's a great example
• 11:53
  because that was the original example of not your keys, not
• 11:57
  your Bitcoin. I think a lot of people
• 11:59
  Unfortunately they had to burn their finger, you know, on the
• 12:02
  stove so to speak. But I think they did learn the
• 12:05
  benefits of not your keys, not your Bitcoin and they learn the
• 12:09
  benefits. Of custody and you could bet
• 12:11
  your bottom dollar a percentage of those people, whatever that
• 12:14
  is, they're going to start taking Bitcoin itself, custody
• 12:17
  and they're not going to Outsource that anymore, right?
• 12:19
  So there is a guess that's all right.
• 12:21
  There is a silver lining in this but anyways guys, I want to talk
• 12:23
  about fold so we're going to do the culture first and then we're
• 12:26
  going to hit the news in a bit. Alright, let's check out the
• 12:28
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• 12:57
  Alright everybody. So today I want to talk about
• 12:59
  and I used them to I'm a customer The of the, the black
• 13:03
  one, the black card. I don't know what the, the
• 13:06
  specific specific name for that is but the the premium one, I
• 13:11
  love fold, it's great, definitely.
• 13:14
  Cashback is the percentage back in Bitcoin.
• 13:17
  The wheel is a lot of fun, I don't know.
• 13:20
  I think it's a great product overall and Will's, the CEO.
• 13:23
  And I've been hounding him, bothering him to get him on
• 13:27
  simply for a minute now and we're really happy that you that
• 13:31
  you join us today, man. So why don't you tell Will from
• 13:33
  your perspective? Why don't you tell everybody?
• 13:35
  What fold is you know why people, you know, could
• 13:38
  potentially be interested in it? What is it do?
• 13:40
  Eccentric cetera. I mean, I think a lot of the
• 13:44
  Bitcoin companies that are that we're seeing now are aligned
• 13:47
  incentives and I think fold was started off with that, not one
• 13:53
  in sight. How can we create an amazing
• 13:55
  business? That stack sets alongside our
• 13:58
  user base and the more stack, the more stats, they stack, the
• 14:01
  more we And there's really nothing more to it.
• 14:05
  We have a debit card that allows you to earn its assets on every
• 14:08
  purchase. We split that with our user
• 14:10
  base. Last week alone our users
• 14:13
  withdrew over a quarter million dollars of Bitcoin into Cold
• 14:16
  Storage itself. Custody we encourage that and so
• 14:20
  we just create a way that unlocks a new source of Bitcoin
• 14:24
  in your everyday life without any of the games that are being
• 14:26
  played. Now we play our own games and
• 14:28
  make sure you're having fun along the way have fun getting
• 14:31
  riches. Something we like to say and
• 14:33
  fold and it's really something about how, can we unlock new
• 14:37
  ways for you to passively stack, Bitcoin in the background?
• 14:41
  And the first thing we did was we created a merchant Network
• 14:44
  allows you to earn no cash back and big Bitcoin when you shop at
• 14:48
  Amazon Uber from there, we launched a debit card and very
• 14:52
  recently over the last couple weeks.
• 14:54
  We launched the ability to actually buy Bitcoin within the
• 14:57
  fold app and that's been in beta right now.
• 15:01
  We're learning. Quite a bit, but personally, one
• 15:03
  of my favorite new features. We shipped, so talk to me about
• 15:07
  your Bitcoin purchases. So these are through the app,
• 15:11
  right? So you're on the fold app, you
• 15:13
  have it pulled up. And let's say, you have we, you
• 15:16
  know, I'm assuming the the 120 that are what that are listening
• 15:21
  on Twitter spaces, plus the 80 plus, or the a, the roughly 80
• 15:24
  people that are watching on YouTube.
• 15:26
  I'm assuming all you guys have had this feeling of impulsivity.
• 15:32
  Passivity smash by. So let's say you're on the fold
• 15:35
  app, right? You know you're loading it with
• 15:37
  cash or that you could use your fold card.
• 15:39
  Is it through the app that you're able to make like how
• 15:43
  does it work will? And then are you able to, are
• 15:47
  you able to really important question, are you able to take
• 15:49
  self custody of that Bitcoin that you purchase?
• 15:51
  Yeah, good question. So when you sign up for the fold
• 15:54
  app you can either just bring your own debit card or credit
• 15:56
  card or lightning wallet. And you can buy essentially gift
• 15:59
  cards at, you know, Amazon Uber You name it and then from there,
• 16:04
  you're going to earn a percentage, cash back at Amazon,
• 16:06
  you can get five percent, you know who Burr, two or three
• 16:09
  percent and all of that goes into your fold wallet rewards,
• 16:12
  which you can withdraw to yourself, custody for zero fees
• 16:16
  again last week alone. Our users, just what they would
• 16:18
  Drew. Now, what they had earned was
• 16:20
  250k and we're seeing that number go up and up and up
• 16:24
  because of the events will last couple months.
• 16:26
  But also because people stack a ton of SATs with fold and there
• 16:31
  are ways to you, use it that you spend on the debit card that we
• 16:35
  give you, you're going to earn it on every single purchase you
• 16:38
  make. But also does things that you
• 16:40
  know your typical cash back credit card.
• 16:42
  Couldn't do we have our community has identified some
• 16:47
  pretty incredible ways to stack SATs that just never existed
• 16:50
  before. So we have people stacking on
• 16:52
  their mortgage payments on their taxes on their bills and you can
• 16:58
  just guess how many SATs you start to stack when you start to
• 17:02
  Include those bills into your into your picture.
• 17:04
  I'd say that's the stacking set sack of the year right there.
• 17:08
  So that's incredible. So, and so, that's really
• 17:11
  interesting. So, you know, if you have a
• 17:12
  mortgage, right, and most people, you know, aren't able to
• 17:15
  outright buy their house, they have a mortgage, you're able to
• 17:19
  use the full product or the things that you offer to be able
• 17:23
  to make those purchases. And then what percentage of of
• 17:27
  your of your loan over your mortgage payment, do you get
• 17:29
  back in Bitcoin? I am sure, a lot of people are
• 17:32
  Listening to, to this right now with their mouth watering.
• 17:35
  Yeah, I mean we you can you can either take a one percent flat.
• 17:40
  So essentially cut your mortgage payment by one percent which is
• 17:44
  pretty incredible these days considering the right Rising
• 17:46
  mortgage rates just using fold alone, can help weather the
• 17:49
  storm that we're currently in. But you choose to spin that's
• 17:53
  been can earn you up to 100% back but you know it's roughly
• 17:57
  going to be between half a percent on the low side up to
• 18:01
  100%. And so it brings in that element
• 18:04
  of chance. Again, the idea is to make
• 18:07
  stacking sets fun. You know, there is definitely
• 18:09
  something about, you know, this this world where Bitcoin is an
• 18:14
  incredibly serious Innovation and has a pretty serious
• 18:19
  implications for society and money and relationships.
• 18:23
  And so fold likes to create an experience with it.
• 18:26
  That is also brings the element of fun lightness that I think
• 18:30
  will come with this. World.
• 18:32
  It's not all going to be totally, totally serious, but
• 18:35
  the revolution will be fun as well.
• 18:37
  I'm percent we always say, right?
• 18:39
  We have to meme it into existence Opti.
• 18:41
  You have any questions for will did not really?
• 18:44
  I mean, there's just one question over here, that people
• 18:46
  are asking in the chat wondering will fold at be available in the
• 18:51
  UK. It's a good question.
• 18:53
  That's something that you asked me a year and a half ago, I
• 18:56
  would have said by now we would have been there but as it stands
• 19:00
  right now, it's taking a little bit longer.
• 19:02
  Part of the reason is every single time you look to a new
• 19:05
  jurisdiction with the traditional banking world and
• 19:08
  makes you love Bitcoin even more this idea of a borderless
• 19:12
  payment system without jurisdictions or or regulations
• 19:15
  to slow the the you know essentially the introduction of
• 19:20
  incredible new Financial tools to every day.
• 19:22
  People. So that has been a pretty
• 19:26
  impressive hurdle. But I will say there are some
• 19:29
  options for you out in in the UK I know that there's a couple
• 19:33
  sets back Services there. I know in Canada they have Shake
• 19:36
  pay and others but trust us we're working on it.
• 19:39
  Whether we move there ourselves or we Empower others, to be able
• 19:44
  to make the provide that service there too.
• 19:46
  So don't throw on the roadmap. So speaking of jurisdictions and
• 19:51
  regulations, right? The The, you know, we had that
• 19:54
  that, you know, Infamous executive order released by The
• 19:56
  White House, right? And the digital assets
• 19:59
  framework, right? The Nick Carter did a great job,
• 20:02
  you know, rebuking rebuttal. And what are your thoughts on
• 20:05
  that? And the reason I asked you, this
• 20:07
  will is because at the end of the day, you know, you are an
• 20:09
  entrepreneur with a Bitcoin business, you're putting your
• 20:11
  hopes and dreams in that business, right?
• 20:13
  You know, we see it more from the perspective of media
• 20:15
  company, but it's kind of the same thing.
• 20:17
  But you guys are actually dealing with a lot of the
• 20:20
  financial infrastructure, right? That could Could potentially be,
• 20:24
  you know, affected by, you know, hostile regulation, whatever you
• 20:27
  want to call it. So is this something that you
• 20:29
  worry about? I know that, you know,
• 20:32
  bitcoiners have been, you know, whether it's the Bitcoin policy
• 20:35
  Institute right there has been some movements to at least
• 20:39
  educate some of the Regulators. But what are your thoughts on
• 20:42
  this? What can people do?
• 20:43
  Specifically if you're living the United States?
• 20:47
  I think, you know what, the first thing is develop a
• 20:51
  business where incentives are aligned with your users, which I
• 20:54
  think we've done pretty well. The next thing is, we're
• 20:58
  definitely at the stage of and then they fight us and that's no
• 21:02
  doubt, that's what we're seeing currently come out of coming
• 21:05
  down from politicians regulators and even just culturally as
• 21:10
  well. I think the tide has definitely
• 21:11
  shifted in some ways and for good reason, you know, the
• 21:15
  Antics in the depot. I spaced absolutely tarnished
• 21:18
  what is considered, you know, our industry overall.
• 21:21
  Even though we are not supportive or support a lot of
• 21:24
  what's going on there. And so I think the most
• 21:26
  important thing to do now is continue to build as fast as
• 21:29
  possible billed as fast as possible scuse me so that we can
• 21:34
  still provide the services that allow people to be stacking SATs
• 21:38
  as much as possible. Allow the most access to the be
• 21:41
  the ability to stack SATs to be investing in privacy-preserving
• 21:45
  Technologies. Investing and non-custodial user
• 21:48
  experiences, all of that will make the network.
• 21:51
  More resilient will allow companies like fold to continue
• 21:55
  to operate but will make Bitcoin itself more anti fragile and
• 22:00
  unfortunately, it is truly now at that time where we need to
• 22:06
  accelerate that building and the stakes are much higher.
• 22:09
  This is not Bull, Run fun and games, gin Jim Cramer and
• 22:12
  everyone's you know grandparents you know cheering you on On this
• 22:16
  is now going to get difficult. And the only option I see the
• 22:21
  stopping this is to continue to build and build the things that
• 22:25
  make Bitcoin more anti fragile, because if we don't, Bitcoin
• 22:29
  will still succeed. It's just going to be a lot
• 22:31
  uglier and take a lot more time and we're going to all have to
• 22:34
  move to El Salvador. So, yeah, I agree with you.
• 22:39
  It's and, and Cory Cory Clips in released, basically, it's a Of
• 22:46
  adoption, right? Like, we need to use to get as
• 22:48
  many people as humanly possible individuals adopting Bitcoin and
• 22:53
  because they're adopting Bitcoin, you're just betting on
• 22:55
  their own self-preservation incentive, right to, you know,
• 22:58
  this thing I have a lot of my net worth in it or I'm earning
• 23:01
  in this thing. And these guys are trying to
• 23:03
  take that away from me when I say these guys you know talking
• 23:05
  about potentially politicians and what not.
• 23:08
  So yeah, I agree. So what do you what are your
• 23:11
  thoughts on that? The idea of the race of adoption
• 23:14
  and where does fold fit Into all that.
• 23:17
  You know, one of the things I've said for a while is that folds
• 23:21
  not just building a way to increase access to bitcoin or,
• 23:24
  you know, make Bitcoin fun or give Bitcoin away.
• 23:27
  It's also a machine that builds a constituency of bitcoiners for
• 23:33
  bitcoiners, you know, one of our mantras that fold is distribute
• 23:38
  as much Bitcoin to as many people as possible, and as
• 23:41
  little amount of time, and that's really about building
• 23:45
  this constituency, the more people that have Coined the more
• 23:48
  people that understand Bitcoin again builds the social and
• 23:52
  antifragile layer of Bitcoin itself.
• 23:55
  And so for us to succeed again, it's not just the building part,
• 24:00
  but as a byproduct of that it's building the constituency, it's
• 24:04
  building the Defenders of this, as well.
• 24:06
  Absolutely 100%. And I think that the incentives
• 24:10
  provided by that, it builds, it builds bitcoiners, right?
• 24:14
  It builds bitcoiners, Everyone likes to spin that wheel, right?
• 24:17
  So, Hell yeah. Anyways, let's get to the news.
• 24:19
  We have a lot to talk about specifically in the censorship
• 24:23
  topic. Anyways, let's check it out.
• 24:27
  The Daily News brought to you by B box to bitcoin, only
• 24:32
  additional Hardware wallet by shift crypto crypto like
• 24:35
  cryptography. It's secure, it's open source
• 24:38
  and it's so easy, your mom can set it up.
• 24:41
  Self custody is the revolution in the bit box.
• 24:44
  Makes it simple, do not leave your Bitcoin on an exchange
• 24:48
  order a bit box today. All right so this really
• 24:53
  interesting specifically, I am a first generation Asian-American
• 24:56
  and you know at the end of the day the First Amendment right?
• 25:01
  Right. Freedom of speech and you know
• 25:03
  supposedly protects you from any type of government intervention
• 25:07
  and speech. But that you know, we're living
• 25:10
  in this weird moment in history where that's not the case and
• 25:14
  check out this clip and it's a reporter asking the White House.
• 25:18
  Press Secretary about what her thoughts are on the ridge, the
• 25:23
  recent acquisition of Elon Musk in Witter.
• 25:26
  And I'm going to make the case as in, why that's becoming
• 25:29
  incredibly. That's becoming a, that's
• 25:31
  becoming a pain in the ass for them because their ability to
• 25:34
  control narrative specifically with someone in charge.
• 25:38
  That's for more. Free speech is becoming
• 25:41
  incredibly difficult and you can see how threatening they are by
• 25:44
  this. But again, living in the u.s.,
• 25:46
  you know what, you're, what you're sold on, what the US is.
• 25:49
  And you know what you're seeing it is, it's extremely alarming
• 25:53
  and it's definitely something to talk.
• 25:55
  Talk about. Anyways, I'm going to play the
• 25:56
  play the clip and then we'll discuss it.
• 25:59
  Critical moment in terms of. I'm stirring that Twitter does
• 26:04
  not become a factor for misinformation.
• 26:07
  I mean, are you concerned about Elon Musk?
• 26:12
  Says there's more and more subscribers coming online.
• 26:17
  Are you concerned about that? And what tools do you have?
• 26:20
  Who is it at the White House? That is really keeping track of
• 26:23
  this. So with this is something that
• 26:25
  we're certainly keeping an eye on and look, we, you know, we
• 26:32
  have always been very clear and that when it comes to social
• 26:37
  media platforms, it is their responsibility to make sure that
• 26:42
  when it comes to misinformation, when we when we come to the hate
• 26:46
  that we're seeing that they take action that they continue to
• 26:50
  take action again. We're all keeping a close eye on
• 26:53
  this. We all monitoring what's
• 26:56
  currently occurring and we see you know, we see it with our own
• 27:01
  eyes of what you all are. And just for ourselves what's
• 27:04
  happening on Twitter, but again, social media companies have a
• 27:08
  responsibility to prevent their platform, so it's absolutely
• 27:13
  super crazy, right? Specifically, you know, we all
• 27:16
  know what the first amendment is, but it's not only, you know,
• 27:19
  the u.s. right the United Nations as well, you know,
• 27:21
  they're coming out with them, you know, this is a meme at the
• 27:23
  end of the day, right? It's a grenade with for audio
• 27:26
  listeners with, you know, the little bumps in the grenade,
• 27:29
  their keyboards, and their keys. And it says, words could be
• 27:32
  words, can be weapons. And, you know, it's all talking
• 27:34
  about hate speech and whatever. But the problem is, right, who
• 27:37
  gets to Define hate speech. And the person that gets to
• 27:39
  Define hate speech is obviously going to going to use that
• 27:44
  definition to protect themselves, right?
• 27:48
  But you know and it's a full court press by the Legacy Media
• 27:51
  Rises Los Angeles Times. Is a headline.
• 27:53
  Elon Musk says Apple has mostly stopped advertising on Twitter,
• 27:57
  right? This is Elon Musk says, this is
• 27:59
  a battle for the future of civilization.
• 28:01
  If free speech is Even in America tyranny is all that lies
• 28:05
  ahead, right? And I actually had a Twitter
• 28:07
  thread that actually blew up pretty pretty well, and I'm
• 28:11
  going to read you the first two parts because a pretty long
• 28:12
  thread. So the reason the Legacy
• 28:14
  corporate media had a meltdown, when Ilan allowed anybody to get
• 28:17
  verified, is because they're losing their credentialed
• 28:19
  privilege. Now, they have to complete with
• 28:20
  millions of Citizen journalists on equal footing that are not
• 28:23
  compromised by special interest, these Gatekeepers of information
• 28:26
  that benefited from an absolute Monopoly or being
• 28:28
  disintermediated in real time. So their ability to control
• 28:31
  narratives is severely. Early weekend by individuals
• 28:34
  that can actually tell the truth.
• 28:35
  And I think that's what's actually going on here, and I
• 28:38
  think that's where they're freaking out so much, you know,
• 28:41
  this is a paradigm shift, right? We've always had these
• 28:44
  Gatekeepers of information and governments have been able to
• 28:48
  capture these these things. Right?
• 28:50
  You know in 2003 they sold the American public on the Iraq War
• 28:55
  right now. We have Twitter and social media
• 28:57
  and allows Millions upon millions of individuals to Talk
• 29:00
  Amongst, you know, directly Lie with each other.
• 29:03
  And the reason that I believe that these types of
• 29:06
  conversations and these topics are important is because if they
• 29:09
  don't allow you to speak your mind online, what makes you
• 29:13
  think? They'll allow you, or the want
• 29:15
  you to have the ability to transact with anybody online,
• 29:19
  right? So I really believe the fight
• 29:21
  for free speech is the Frontline to the fight for Bitcoin, but I
• 29:25
  might be wrong here. Well, what are your thoughts on
• 29:27
  all this? This is definitely a scary
• 29:29
  moment in history. Yeah, I mean, what we're seeing
• 29:33
  here now is old tools, not quite working in, in, in the new
• 29:38
  paradigm, the worst way to fight misinformation, is to try to
• 29:43
  disappear that information to try to hide it because we are
• 29:46
  operating day one in a world of no barriers to that information,
• 29:52
  getting out and and propagating elsewhere.
• 29:55
  And so what you're seeing is very old tools of censorship
• 29:57
  being rising up and really, we're seeing me more fair at the
• 30:02
  level from White House. Government bodies to, you know,
• 30:06
  extrajudicial extra government, bodies weft, down to even Elon
• 30:11
  Musk. Elon Musk is also playing these
• 30:13
  games as well, and all of it in the name of censorship.
• 30:17
  But as you said, it's all about according to who and what is
• 30:22
  censorship. And we are already at a point in
• 30:25
  this world that is now impossible to Define.
• 30:27
  We live in a extremely complex world where on The ex-president
• 30:31
  is not able to have a Twitter presence, but we have actual
• 30:35
  legitimate dictators with to Twitter presence.
• 30:39
  So, none of it makes sense, it's all clown world.
• 30:42
  And to, to call it anything different is that all of these
• 30:46
  parties are now operating in this mean Warfare against each
• 30:49
  other. Knowing that they both want to
• 30:51
  censor certain parts of each other and to essentially take on
• 30:55
  power. So I would say I think overall,
• 30:59
  you know, musk is going on a considerable challenge here to
• 31:05
  take on the likes of Apple. The largest corporation in the
• 31:08
  world, the US government, but let's also understand that he's
• 31:14
  also playing the game. Now, if we believe that, then
• 31:18
  it's like, okay, what's the Lesser evil or what are our
• 31:21
  Alternatives away from this? You know, hellscape anyway and
• 31:24
  so I think that's really where we need to put.
• 31:26
  This question is at the end of the day, we're operating in a
• 31:29
  place where information You cannot be suppressed will be
• 31:32
  propagated elsewhere and at the same time, any effort to
• 31:35
  suppress information is just going to be reflective of that
• 31:40
  person's bias. And so, who is that person going
• 31:43
  to be? Who do we trust it to be well,
• 31:45
  Bitcoin for once has given us a slight, understanding that we
• 31:49
  don't actually need to trust. We can actually create systems
• 31:53
  and tools that remove that human element from it.
• 31:56
  Now, I think this is a little bit more difficult in this way.
• 32:00
  There's a More complexities there.
• 32:02
  But I think what it does is shine a light into what's going
• 32:05
  on here. So at least, it helps us what to
• 32:09
  know what's actually going on, 100%.
• 32:12
  And ISO is another part of the thread?
• 32:15
  I said. And I think we're witnessing
• 32:17
  really is the first battle, right?
• 32:19
  Is, you know, the end, you you hit the, you hit the nail on the
• 32:21
  head will write. As at the internet,
• 32:24
  disintermediated, State's Monopoly on information, right
• 32:27
  there. Ability to control narratives is
• 32:29
  greatly diminished. And you You could, you know, you
• 32:31
  could blame the internet, you could say the internet is
• 32:33
  responsible for that. But I think what's also coming
• 32:36
  and you're starting to see the state respond as well, is the
• 32:39
  disintermediation on the Monopoly of money, right?
• 32:42
  And the reason that I believe that battle is going to be a lot
• 32:45
  more tough is because that is the source that is, that is a,
• 32:49
  that is a huge source of their power, right?
• 32:52
  The sovereign individual talks about this right, you know, a
• 32:54
  lot of other bitcoiners have talked about this as well,
• 32:57
  right? So, if we're seeing this much
• 33:00
  push, Back on trying to keep their Stranglehold on
• 33:04
  information, what is going to be the fight for their for their
• 33:10
  attempt to control or to keep that privilege of money of
• 33:16
  control of money? Well I think you know at the end
• 33:20
  of the day, we talked a lot about Bitcoin and you know, as
• 33:23
  as free speech and you know certain ways Bitcoin absolutely
• 33:27
  is. And it is actually a from a
• 33:31
  protocol level has given us power tools against some of
• 33:34
  these power structures that have just never existed before.
• 33:37
  And now that we see this happening to the kind of the
• 33:40
  information, you know, Town squares that we see like the
• 33:43
  Twitter's and other places we saw this even collections with
• 33:48
  you know on Work with the Russian involvement.
• 33:51
  You know, whether they're attacking Republicans Or
• 33:54
  democrats, whatever. All of this, the
• 33:57
  delegitimization of platforms that Foster open discussion or
• 34:03
  at least create the opportunity for that is also part of the
• 34:07
  game. It is not just purely winning.
• 34:09
  The censorship is delegitimizing platforms.
• 34:12
  That can Foster and welcome open debate.
• 34:16
  Because once that happens, if you can Um, eyes the platform
• 34:20
  itself. If you can make a open Town
• 34:23
  Square impossible, we need to then fall back to rely on Old
• 34:27
  modes of communication. And so, when we look at the
• 34:33
  interesting thing of how censoring on social networks,
• 34:37
  has actually been historically something that the right and the
• 34:41
  left has both done. It's more reflective of, not
• 34:45
  just them, trying to control the conversation in their favorites.
• 34:48
  Also, Just delegitimizing these new platforms of open discourse
• 34:53
  and that alone will help both sides in the both power
• 34:56
  structures. More at the end of the day than
• 34:59
  what we see as this quibbling of guqin, say what and where if you
• 35:02
  can delegitimize this platform that brings back the opportunity
• 35:07
  for them to restore a certain power structure that they may
• 35:09
  have lost a hundred percent. It's almost as if you need to
• 35:13
  take the power which I think Bitcoin has done successfully
• 35:16
  write rules without rulers right?
• 35:17
  Take the human. And out of the equation it's
• 35:20
  almost as if it in I don't know how this is going to come about.
• 35:24
  I have no idea it definitely can't be a central platform.
• 35:27
  Definitely has to be some type of protocol, right?
• 35:30
  But unless the the element of a human being to get involved to
• 35:35
  interact with it to change the rules as they see fit, I think
• 35:39
  you hit the hit, you hit the, you hit the nail on the head
• 35:41
  will. It doesn't matter whether it's a
• 35:43
  right-leaning person, or a, left-leaning person, just their
• 35:45
  own human nature, is going to want to try to intervene And
• 35:49
  dull and from their perspective to give them credit.
• 35:51
  They feel like they're they're fighting the good fight, they
• 35:54
  feel like they're justified in this form of censorship, right?
• 35:59
  And that's why Bitcoin at the end of the day is called the
• 36:01
  money of enemies because you have to be okay with your worst
• 36:04
  enemy using it. And there's really nothing you
• 36:06
  can do about it. Anyways, big news, I want to
• 36:09
  talk to talk about today and I want to get Wills perspective,
• 36:12
  Fidelity begins opening retail Bitcoin, trading accounts and
• 36:15
  also Fidelity just to let you guys know how about 4.5.
• 36:19
  Five trillion dollars under management.
• 36:21
  So absolutely huge goes on to say for Delhi.
• 36:23
  One of the world's largest financial service providers, has
• 36:26
  officially started opening retail Bitcoin trading accounts
• 36:28
  according to a report by the block certain users, presumably
• 36:31
  those on the waitlist received, an email detailing, the release
• 36:34
  which stated the wait, is over Fidelity, has been an active,
• 36:37
  has been active in the Bitcoin industry for some time.
• 36:40
  According to the company website began mining Bitcoin in 2014.
• 36:43
  I don't know if I believe that. Anyways, goes on to say the
• 36:45
  financial services. Giant interest in Bitcoin has
• 36:47
  not come without criticism. Mmm.
• 36:49
  Here's Elizabeth Warren having been the subject of a u.s.
• 36:51
  senator scrutiny for its offering of 401 k plan that
• 36:55
  allows users to allocate to bitcoin and I really believe in,
• 36:58
  we made the case for this, right?
• 37:02
  Really? Trying to stop adoption.
• 37:06
  Cares. But those for one case, Surface
• 37:11
  again, recently from the same group of senators who stated in
• 37:14
  their late and Melodies quote, Fidelity's Investments, have
• 37:17
  opted to expand Beyond traditional Finance until the
• 37:20
  highly unstable and increasingly risky digital assets Market.
• 37:24
  Well that last part I think is insincere.
• 37:26
  They're not doing that they're getting into Bitcoin, right?
• 37:29
  If you hold onto Bitcoin it goes up into the right.
• 37:34
  And what about the what about inflation?
• 37:37
  Why is that never talked about? It's like as if it's Like a law
• 37:41
  of nature inflation is here. You guys all have to deal with
• 37:44
  it. It's not a topic that's, you
• 37:45
  know, that's brought up, right? So what about that?
• 37:47
  Elizabeth Warren that never gets talked about.
• 37:49
  So, we'll from your perspective, right?
• 37:51
  What are your thoughts on Fidelity?
• 37:53
  I didn't see them. Mentioning them, giving the
• 37:56
  ability to their users to take that Bitcoin into self custody,
• 38:00
  right? We know that Robin Hood, added
• 38:02
  Bitcoin purchases as well. But hey, you know, they didn't I
• 38:05
  didn't add that functionality till later, right.
• 38:08
  And I believe that's The revolution is won by
• 38:11
  individuals, taking self custody, if individuals don't
• 38:14
  take self custody, it's more of the same just rebranded with the
• 38:18
  Bitcoin logo. So will what are your thoughts?
• 38:21
  You know, Fidelity has been a sleeping giant in the Bitcoin
• 38:24
  space for a while. Actually, if you look around,
• 38:27
  they, some of the core people involved in mining Venture and
• 38:32
  others that have actually come out of the early early team at
• 38:36
  Bitcoin. All right, Bud elodie around
• 38:38
  Bitcoin. So they've been around very
• 38:41
  quietly building and I think genuinely interested.
• 38:45
  Now you go back to what we were talking about at the top here,
• 38:49
  is that You need to make sure the business is aligned with
• 38:53
  your users and the incentive structure of Bitcoin.
• 38:56
  So, if you are not allowed to withdraw to self custody, if
• 38:59
  they are not making serious attempts at demonstrating or
• 39:04
  being very clear that they are not rehypothecation, their
• 39:06
  Bitcoin, their incentives are fundamentally misaligned with
• 39:09
  Bitcoin, and we should be very skeptical about whatever
• 39:14
  offering they're doing again, the only Bitcoin that's real
• 39:16
  Bitcoin. Is that in your own Cold
• 39:18
  Storage. So, I'm frankly, I'm bullish,
• 39:24
  but at the end of the day, I think when you have a player
• 39:27
  like big Fidelity, this big, it does start to portend the Future
• 39:32
  where there is a world, it's very likely where the majority
• 39:36
  of people buying Bitcoin will be doing it directly from their
• 39:39
  traditional banks that they have done in the past, all of which
• 39:43
  are not used to selling an asset that has a fundamental limited
• 39:48
  scarcity. That does not work and
• 39:51
  rehypothecation scenarios that they are very used to and that
• 39:55
  they enjoy quite a bit. So I think the the incentive for
• 40:01
  them to to look at Bitcoin in a very Fiat mindset is going to be
• 40:06
  strong and so people who are interacting with this need to be
• 40:10
  very sure and very Scruton. And scrutinize the incentive,
• 40:13
  they have and a lot of that's very easy.
• 40:15
  Do they encourage self custody, do they build in non-custodial?
• 40:19
  Opportunities to withdraw do they have a commitment to not,
• 40:22
  not rehypothecation, their Bitcoin?
• 40:25
  All of these things will help us figure out whether this is
• 40:28
  ultimately a good or bad thing or we just sent the very
• 40:31
  beginning of our next cycle. That in four years, we will
• 40:34
  coming back here and talking about, how do we end up here and
• 40:38
  wow, this problem was way bigger than what we saw in 2022. 100%.
• 40:42
  And it's just going to get magnitudes better bigger.
• 40:45
  I completely agree. All right, last headline, I want
• 40:48
  to talk about out today and I will I feel like you're going to
• 40:51
  really enjoy this one before that Opti soundboard, to that
• 40:55
  specific content creator, please One second.
• 40:59
  One second. I got you, I got you.
• 41:00
  I got you. So alright, perfectly suited
• 41:09
  crypto. Firm block five files for
• 41:11
  bankruptcy. As FTX Fallout spreads goes on
• 41:15
  to say just stretched. Can you play it again?
• 41:17
  Update one more time? One more.
• 41:23
  Oh Jesus. Okay, this transcript over and
• 41:25
  block fight has filed for chapter 11.
• 41:27
  Bankruptcy protection. In the United States Bankruptcy
• 41:29
  Court for the District of New Jersey following the implosion
• 41:32
  of putative acquire FTX in the filing, the company indicated
• 41:35
  dated that had more than 100,000 creditors.
• 41:38
  Oh my god, with liabilities and assets ranging from 1 billion to
• 41:42
  10 billion. The company also listed in
• 41:44
  outstanding 275 million dollar loan to FDX.
• 41:47
  Us the American armed of Sam Venkman fried now.
• 41:52
  Bankrupt Empire, both the Bahamas with FTX bankruptcy and
• 41:57
  now Bermuda with block phi's faces, significant legal test of
• 42:01
  their crypto regulations, block phi's bankruptcy, filing, show
• 42:03
  that the company's largest disclosed.
• 42:05
  Client has a balance of nearly twenty eight million dollars.
• 42:10
  Hashtag absolutely wrecked. Will you said it earlier, man,
• 42:16
  this is a Bittersweet Vindication of all the
• 42:19
  bitcoiners. I've been screaming from the
• 42:21
  rooftops. Not your keys, not your Bitcoin,
• 42:24
  and holy cow. Did we get a lot of crap during
• 42:28
  that bull market, man. So what are your thoughts on the
• 42:30
  FTX bankruptcy? So, someone tweeted this, I'd
• 42:37
  just, I think this is what the other day.
• 42:39
  That so block fires a creditor to FDX that lent to Alameda that
• 42:44
  lent to emergent, which is a shell company owned by SPF that
• 42:49
  bought Robin Hood shares that were pledged as collateral to
• 42:52
  guarantee to block by the loan to FTX that was used to bail out
• 42:57
  block Phi itself. This is a you could not get a
• 43:04
  more extreme example coming out of what were the absolute
• 43:10
  Darlings of the crypto industry and a of how things can go far
• 43:15
  out of control when you are dealing with Bitcoin and asset
• 43:20
  fundamentally, that is not compatible with rehypothecation
• 43:27
  in a world that also meets Dream levels of venture capital money
• 43:31
  in Bull markets. This is what happens when those
• 43:34
  two forces come to come, come to Bear the absolute bare realities
• 43:39
  of Bitcoin, and its monetary properties with an absolute
• 43:42
  out-of-control Fiat system. That was drowning in capital and
• 43:47
  we saw it all come to bear in this mind.
• 43:49
  That's how you get that clown World scenario.
• 43:51
  So again, this is what has been spoken about.
• 43:56
  You can there's no lack of bitcoiners talking about this
• 43:59
  from Early as 2018 2019, when this first one block by was
• 44:04
  first, you know, founded and you know being an entrepreneur in
• 44:09
  this space that you know, had been raising money and those
• 44:12
  periods. It was exceptionally difficult
• 44:15
  to have our signal reach through the noise that we knew was noise
• 44:20
  to the most prominent VC's in the space who were very, very
• 44:25
  focused on saying well, how can you match X or Y company?
• 44:29
  And it's very difficult to go into then why their business
• 44:33
  model will lead to a problem and you know, at the any sign of a
• 44:37
  breakdown in the market but the return on their Capital was way
• 44:42
  too strong and it couldn't have been a more spectacular.
• 44:45
  Example of everything that we have been warning about for many
• 44:49
  years so will will they be able to raise money?
• 44:54
  A lot of these you know instance your projects, these projects
• 44:57
  Ivory hypothecate. Do you believe that?
• 44:59
  They'll be able to raise money, the next, you know, the next
• 45:03
  cycle, right? 2017 was the aim, the infamous
• 45:07
  Ico, boom. Right.
• 45:08
  You could say that this this cycle was the rehypothecation /
• 45:14
  10 ft / yields on your Bitcoin type of thing.
• 45:19
  Well that business model work. Next time around will investors
• 45:23
  kind of be weary and be skeptical about it.
• 45:26
  It's going to shift. I mean what's primarily going to
• 45:29
  happen? Now is undoubtedly regulation is
• 45:32
  going to come down hard and it's going to come down hard on what
• 45:35
  it can do can it stop self custody of Bitcoin that's
• 45:39
  extremely difficult to do but can it really come down on
• 45:42
  custodians Bitcoin and limit what they can do?
• 45:45
  Absolutely. But at the end of the day, the
• 45:47
  largest market we're all this is just borderless International
• 45:53
  markets and I think a lot of this is you're going to see Move
• 45:58
  elsewhere in ways that make it harder for jurisdictions to
• 46:00
  actually have a have a foothold on this.
• 46:04
  Now this is going to put a lot of push, a lot of things off
• 46:06
  shore and I don't think it's going to look the same.
• 46:10
  I think you're going to see immediate skepticism towards.
• 46:14
  If you know if anyone presented some of the same models that we
• 46:16
  just saw with another name but it is going to start to look
• 46:20
  it's going to Ryan rather than is going to be a carbon copy and
• 46:24
  so yes the money's going to be there because the Financial
• 46:27
  incentive is way too strong and way too powerful and at the end
• 46:32
  of the day, what was cultivated here in the US with some of
• 46:38
  these models is now going to be made even more powerful, going
• 46:43
  International and going abroad and operating in similar ways
• 46:46
  that you know FTX Bahamas did or Finance Global does.
• 46:51
  That's where all of this is going to go and the money will
• 46:54
  follow it and it's going to be an order of magnitude.
• 46:57
  Attitudes larger 100% every cycle.
• 47:00
  It just gets a little bit bigger.
• 47:02
  I FTX, man, I don't know. Sorry, would Mount gox when that
• 47:05
  happened? It was the end of the world at
• 47:07
  the time, and who could have known that?
• 47:10
  It happened later with mr. Wonderful ad.
• 47:13
  Tom Brady as the spokespeople sponsored Arenas Miami Heat
• 47:18
  arena. Shame on.
• 47:19
  Oh man, Miami Miami. We're gonna hopefully make it a
• 47:22
  Bitcoin City again. But yeah, man.
• 47:25
  It was, it was a giant blow-up. It's gonna happen the next
• 47:28
  cycle. It's going to be that much
• 47:29
  bigger is our. We are going to see countries
• 47:32
  starting to tank sponsorships with their name like Spain.
• 47:35
  Sponsored by a certain certain shit, coin exchange.
• 47:39
  I don't know. Who knows, let's see Opti.
• 47:42
  Why don't you try Min and then we'll move on to the meme
• 47:44
  review. Well, I mean I'm glad I get to
• 47:47
  sit back and just listen because there's so much signal on
• 47:49
  today's show but man this block by goes bankrupt is just more
• 47:53
  Bitcoin Maxi Vindication and also just a cherry on top.
• 47:57
  Of everything we've been saying on today's show.
• 47:59
  It's like, don't chase yield, you'll become the yield.
• 48:01
  Don't give 100% of your Bitcoin chasing that a percent yield
• 48:04
  because you'll never get that Bitcoin back.
• 48:07
  We say it every single day, take Bitcoin in the self custody, I'm
• 48:09
  like the broken record on the show, you know, stay humble
• 48:11
  stack SATs. And it's just like, man, you
• 48:14
  could have avoided all of this. If you just listen to people
• 48:17
  like us that tell you this every single day, it's like we
• 48:21
  literally have to beat the same memes and the same stuff over
• 48:25
  and over and over into people's heads.
• 48:27
  Until morale improves. And so in till that time I guess
• 48:30
  I will just be the broken record on the show.
• 48:32
  Self custody is the Revolution, take your Bitcoin into South
• 48:35
  custody. This is all you got to do.
• 48:37
  Stay humble Stacks, ads. Do not chase the yield because
• 48:40
  you will get absolutely wrecked guys.
• 48:42
  Like these memes have truth behind them for a reason.
• 48:45
  We have all put our hand on the stove and this is why, you know,
• 48:49
  big Corners are so toxic. It's because I feel your pain,
• 48:52
  man. I remember getting wrecked and
• 48:54
  now I guess we are just going into The next cycle where we
• 48:59
  will have more bitcoiners being made and you could have avoided
• 49:01
  all these lessons. If you just stayed how much tax
• 49:04
  that's and took your Bitcoin in the South custody but like, man,
• 49:07
  so much signal on today's show. This was a, hopefully, the new
• 49:11
  people out there that are learning, this lesson can learn
• 49:14
  it a lot quicker than we did and not get wrecked but hey, it
• 49:18
  looks like, you know, too well shirt the amount gawk shirt.
• 49:22
  I know we're talking about this and we said this before on the
• 49:24
  show and I know this seems like a huge, huge deal.
• 49:27
  Everyone here, but I'm almost positive like will mention in
• 49:30
  the next four years. We will probably be talking
• 49:33
  about the same thing happening again, just in a new iteration.
• 49:36
  And we'll be like, how did we get here?
• 49:38
  And it's like, guys, it's the same old story happening again.
• 49:41
  So, man, let's just hope that people do actually learn from
• 49:44
  this. But hey, you know, humans like
• 49:47
  to play stupid games when stupid prizes up hopefully next time,
• 49:53
  it's not absolutely worse. But hey, you know, We going to
• 49:59
  be, but whatever, right? But if you're if you're staying
• 50:01
  humble, stacking sad. So use Odell's famous line.
• 50:04
  You're just walked, you're watching all this with popcorns
• 50:07
  spinning your fold wheel, you know, just just watching on the
• 50:10
  sidelines, you know, with the with, no, no, bad advice.
• 50:15
  Bad advice. Oh man.
• 50:18
  All right, everybody. Let's get to the review.
• 50:22
  The daily meme review brought to you by Kaboom racks.
• 50:26
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• 50:49
  All right. Guys, you already know this to
• 50:52
  me and review, tweet to the bullets, memes are the artillery
• 50:56
  you guys are on the front lines of this information War
• 50:58
  continued to spread the means continue to get the cause of
• 51:01
  action continue to spread that Bitcoin signal.
• 51:04
  But of course, drop your mean review score in the chat before.
• 51:07
  This is over, so that we can cover it.
• 51:10
  And you guys, you know, us men, we love the Bitcoin companies
• 51:14
  out there that continue to meme. So, shouts out the fold because
• 51:18
  they're still dropping hot memes.
• 51:19
  And It's almost the cherry on top of this whole conversation
• 51:23
  today. And this is, you know, the, the
• 51:25
  soy. The soy boy, getting wrecked by
• 51:27
  block fi getting wrecked by Voyager, getting ranked by FTX
• 51:30
  and Luna getting wrecked by dog money and Celsius.
• 51:34
  And then we got the chat, Bitcoin were just stacking
• 51:36
  stats. Like an absolute Savage on fold,
• 51:38
  guys. Stay humble Stacks?
• 51:40
  That's again, I didn't even know anything was going to cover all
• 51:43
  this stuff today. But man, it's almost like we
• 51:45
  have the fitting memes for this all today.
• 51:47
  Shouts out to Adele and he goes every year product every yield
• 51:50
  Product in this space is predatory and promoter.
• 51:53
  There's do not make clear to users the true and we have
• 51:56
  Bitcoin is chasing that 6% interest about to get rug pulled
• 52:00
  income the Box. Guys, if you don't want to lose
• 52:02
  your Bitcoin, don't give your Bitcoin out to someone.
• 52:04
  It's a very simple idea but apparently his wisdom.
• 52:08
  This next one, shouts out to our boy chair force and he goes, big
• 52:11
  Corners are built different stock market down 5%, and the
• 52:14
  stock Trader is absolutely wrecked Bitcoin down. 70%, we
• 52:19
  got the Leo DiCaprio, A prio Chiefs at yes, big horn has
• 52:23
  built different, this next one, you know, this one, this one
• 52:26
  hits a little different, it goes hashtag free Ross and we go Sam
• 52:29
  bakeman. Freed stole ten billion.
• 52:31
  Still free. Ross ulbricht created a website.
• 52:34
  Two life sentences. Is this Justice Chef's out to
• 52:37
  the freethought project that one, you know, hits a little
• 52:40
  different on today, but shout out to our boy rabbit.
• 52:43
  And he's back, he's back. Yeah, he's back.
• 52:45
  He's right. He's dropping hot memes, bro.
• 52:47
  He's back. And just say, the line Bart talk
• 52:49
  to me, big Hunters. Again, we've been using this
• 52:52
  meme consistently over here, because it just it makes our
• 52:55
  point for us guys. Stay toxic out their friends.
• 52:59
  This next one, shouts out to our DB DC and he goes the battle
• 53:02
  field of art ideas, hashtag Bitcoin, hashtag Twitter.
• 53:06
  And again bitcoiners with the 300 me my God I got it for you
• 53:11
  over here already with the laser eyes and then got to know
• 53:17
  Corners even know what are these clothes.
• 53:20
  Clouds clouds, man. Amazing amazing.
• 53:24
  Alright, and this last one, this one is by Rare scrilla and he
• 53:27
  goes Modern Art. No.
• 53:29
  CB D c-- choose Freedom, choose Bitcoin at no CBD.
• 53:33
  See guys, this is the way this is why we show up every single
• 53:36
  day to give you the sauce to educate you to entertain you so
• 53:41
  that you guys could stay on the mission and continue to spread
• 53:44
  that Bitcoin signal. So of course, guys, drop your
• 53:47
  mean review score in the chat and we will cover some of them.
• 53:50
  But my mean review score today, guys is this fold?
• 53:55
  Pin of pleb are the taco, you already know like.
• 53:59
  And he's even got that grumpy Bitcoin nerd, jaded Bitcoin, or
• 54:03
  face on there. Like all you guys out there,
• 54:05
  I'll grumpy and freaking, you know, Bitcoin grouches out
• 54:10
  there. Shouts out to you guys.
• 54:11
  Awesome. Awesome pin.
• 54:14
  I'm gonna give it My black v card.
• 54:19
  Okay. Well, would you give those memes
• 54:22
  as a score? I was just doing some housework
• 54:25
  today, so I'm going to give it this a strong fire alarm where
• 54:28
  there's smoke. There's most likely fire and
• 54:30
  bitcoiners will be the first to smoke it out.
• 54:32
  Oh. Alright guys, this is simply
• 54:36
  Bitcoin live. Drop your scores in the chat and
• 54:39
  we will try to get to them. Aha do coin says I give the
• 54:42
  memes a Sam bank, man. A chicken sandwich.
• 54:46
  Mmmm you self custody very good. You very good Leroy Euphrates as
• 54:52
  my friend, spare house key which I have not his key.
• 54:55
  Not his ha. Ha ha ha.
• 54:59
  Alright Andres. Romero says, I give the memes 15
• 55:03
  daily spins don't we can 5% back.
• 55:05
  Oh, that was a very nice. Very nice Bitcoin, Becca.
• 55:25
  Oh, well. All right.
• 55:29
  And do you have any more scores? We're at it.
• 55:33
  We had salty, I ever had triggered them.
• 55:35
  Everyone's all T. All right guys, check out
• 55:37
  something Bitcoin telegram group, it's absolutely free.
• 55:39
  You gotta go, www. T dot me slash simply Bitcoin
• 55:43
  TV. That's how you link us.
• 55:44
  Bitcoin memes review also check out the blog simply Bitcoin.
• 55:47
  Unfiltered go to www.simpleandsensational.com
• 55:51
  update. We do have an open source
• 55:53
  software release today. Let's check it out and then we
• 55:56
  will wrap it up. Let's do it.
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  All right guys we have a new version A bit of BTC pay version
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  chain and lightning store branding and white labeling.
• 56:39
  And more, that's actually pretty big release.
• 56:41
  That's awesome. That's really, really cool.
• 56:44
  BTC pay is one of my favorite open source projects in the
• 56:47
  space. Also guys, check out the audio
• 56:49
  version of the show, you can subscribe to us on anchor,
• 56:52
  Spotify apple. And if you're a fan of the value
• 56:54
  for Value economy, check us out on Fountain and we will read are
• 56:58
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• 57:01
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• 57:03
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• 57:06
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  LTD.com. I also want to I think I want to
• 57:30
  thank our awesome guests will. Thank you so much for coming on
• 57:33
  today joining us. Why do you tell everybody where
• 57:36
  they could find you and where they could find out more about
• 57:38
  fold? You know, just another collab on
• 57:42
  Twitter. So shout-out on there.
• 57:44
  Let me know what you want to see unfold.
• 57:48
  Definitely try out the product, try out any of the good Bitcoin
• 57:51
  products out there because this is the moment that all those
• 57:53
  that were building, good businesses, get the shine.
• 57:56
  A lot of the noise gets to fall away so you can get full
• 57:58
  that.com. Follow us there and yeah, I
• 58:02
  Nico. It's been a pleasure man.
• 58:04
  It's been a pleasure man. Thank you so much for joining
• 58:06
  us. I'm gonna put you back stage in
• 58:07
  the second. There is a there is a fee. 15
• 58:09
  second delay. So hold strong, guys.
• 58:12
  Thank you so much for joining us today on simply Bitcoin live.
• 58:15
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• 58:17
  Smash that like button. If you feel like we provided you
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• 58:32
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  Anyways guys we love you all we will see you tomorrow for
• 58:50
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