Latest / Simply Bitcoin / Is Your Bitcoin ACTUALLY Secure Without Multisig? | EP 599

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Is Your Bitcoin ACTUALLY Secure Without Multisig? | EP 599 · Simply Bitcoin

• 0:18
  Yo today is October, 12 2022. Welcome to Simply Bitcoin live.
• 0:22
  We are number one source for the peaceful Bitcoin Revolution
• 0:24
  recover, breaking news culture, romantic Warfare.
• 0:26
  We will show you why only Bitcoin only Bitcoin and give
• 0:28
  you true Financial sovereignty. And when we say that, we
• 0:31
  obviously mean Freedom. Today we have a very special
• 0:33
  show. We're going to talk about all
• 0:35
  things. Multisig, during the culture
• 0:37
  we're going to talk about Bitcoin back loans, the pros the
• 0:39
  cons and we have very special people to talk about that with
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  today. We have Tyler, Tyler works.
• 0:47
  Change how you doing, Tyler? Excellent.
• 0:50
  Nico. How you doing today?
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  Good and we have Kevin Kevin also works at Unchained.
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  How you doing? Kevin?
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  Dan, great Nico. Thanks for having me.
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  Happy to have you. And of course, the legendary,
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  always optimistic Optimus fields.
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  Are you doing bro? Oh well, good morning everyone.
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  Good morning. Excited for this one.
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  I think it's going to be a good one.
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  I don't have to say much on my culture segment.
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  I'm just excited to talk multisig today so this is going
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  to be awesome. Yeah, so for anyone who doesn't
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  know multi, see guys, it is In my opinion, is the best way to
• 1:22
  store your Bitcoin in Cold Storage.
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  We're going to talk a little bit about the intricacies and opt.
• 1:29
  He's going to play a really important role today is he he's
• 1:33
  gonna approach it from from the pleb perspective.
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  He's going to approach it from somebody that, you know, I don't
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  know Opti, how would you approach it?
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  Hi functional dumb. I wouldn't say like that.
• 1:46
  But anyways, I'm really excited for this.
• 1:48
  And what do we have during the? Purrs.
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  Oh, some crazy data. From El Salvador.
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  We're going to get to an extremely bullish and it makes
• 1:57
  sense why they're scared it actually.
• 1:59
  It is the reason why they're scared in the first place.
• 2:02
  So anyways, let's start the show, everybody.
• 2:07
  Brought to you by novel. At this point, you should be
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  running your own Bitcoin note. If you don't use your own
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  whirlpool, and Dojo all from the comfort of your own home.
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  And if your digital Nomad, you have absolutely no excuse
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  because now you can run a novel through a virtual private
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  server, visit not L.A you today. All right, all right, all right,
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  at the time of recording, the Bitcoin price is 130 SATs per
• 2:36
  dollar 5200, 27 block height 758 seven.
• 2:40
  Hundred fifty eight thousand, three hundred sixty-five
• 2:42
  reachable Bitcoin nodes, fifteen thousand two hundred thirty two
• 2:45
  blocks to The Happening. That date could not that block
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  could not come any sooner. 80 1635, having estimate April
• 2:52
  20th, 2024 total lightning network capacity, 5,000 for
• 2:56
  Bitcoin capacity value, 95 million USD realized monetary
• 3:02
  inflation, one point seventy percent Market.
• 3:04
  Capitalization 366 billion dollars Bitcoin is still baby.
• 3:10
  I just want you guys to remember that last number 366 billion.
• 3:14
  And here is this infographic for audio listeners from documenting
• 3:18
  Bitcoin, awesome, Twitter account, definitely recommend
• 3:20
  the follow. And basically, it's a screenshot
• 3:23
  from blockwork Solutions and it says, market cap of different
• 3:26
  asset classes. Right.
• 3:29
  As you can see, it is so small for all you listeners.
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  It's a pie chart Bitcoin. You can't.
• 3:34
  See it with your eyes really is this tiny little blip and right
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  next to it is 303 trillion dollars of debt.
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  There is 56 trillion dollars of equities.
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  There's twelve trillion dollars of gold and there's 360 326
• 3:52
  trillion of real estate and remember in a Fiat world people
• 3:56
  are just trying to maintain their wealth of which Real
• 3:59
  Estate is one of the most preferable choices.
• 4:02
  So I suspect Bitcoins going to take a much larger portion of
• 4:06
  this pie. Just if Bitcoin reaches the
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  market cap of gold of twelve trillion and 9 10 9 to 10
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  trillion that puts Bitcoin at half a million dollars, a coin
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  and that makes me incredibly bullish.
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  But enough of me, I want to talk to the unchain guys.
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  Are you seeing what I'm seeing? Are we just incredibly biased
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  because we're we're crazy? Bitcoiners Definitely seeing
• 4:31
  what you're seeing. I think, especially, you know,
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  Kevin coming from, you know, from from the, the Fiat banking
• 4:37
  world and, you know, being young professionals early adults,
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  going through all this, you know, formidable years shaped by
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  the 2008 financial crisis now, jumping right into this.
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  It's like, I mean to me, I'm just excited that pie chart that
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  you showed also cosine the documentary Bitcoin Twitter
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  account follow, but that graphic was pretty stunning.
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  I don't know how you could be somebody.
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  Has it really taken Bitcoin seriously.
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  Look at a chart like that and not have just your interest
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  piqued a little. Absolutely I think it was it was
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  Greg Faust when we had the show with him that said if Bitcoin
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  takes I think like it was like two or three percent of that
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  that puts Bitcoin at like 22 million dollar Bitcoin.
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  Right. And I think that's bearish in my
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  opinion specific especially in the long term, in my opinion, is
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  the best savings technology the world has ever seen.
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  And it would and it was actually one of you guys a Parker Lewis.
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  Right? Wrote an article called the
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  Great defines D financialization, and he was
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  making the argument that, you know, now that Bitcoins around,
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  right, it's going to just suck value.
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  A lot of out of a lot of these other assets because before
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  people had no choice but to perhaps by some real estate,
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  just a Montaine, their wealth. So Kevin, what are your thoughts
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  on? I don't know if you read that
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  article but but yeah, what are your thoughts on the pie chart?
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  Yeah. Actually I read that article.
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  I think that was maybe Full days before my interview with Parker.
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  So I got to bring that up a little bit and mispronounced D
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  financialization in from has quite a mouthful of a word but I
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  agree, we are still very early people just don't know enough
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  about Bitcoin. A lot of people view it as very
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  speculative and they have no idea of, you know, any of the
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  fundamental characteristics of the network or the protocol how
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  it works. Speaking of when I left my old
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  Fiat, banking job told people what I was going to go.
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  Oh, do and I expected some kind of a conversation from them.
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  I really just got a Blank Stare. So we are still very early, I
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  have gone back and visited some of my old colleagues from the
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  time. And and it's kind of funny
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  shortly after I left, people started clients started asking
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  about Bitcoin. And even, they've sort of
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  engineered some Financial products, to sort of get people
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  closer to bitcoin exposure. So it's really interesting to
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  see how how slow it is. But at the same, Same time.
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  We're, you know, we are still very early.
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  I 100% agree. You know, you talked to, anyone
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  have one of my good friends that I grew up with went to high
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  school together. He works at Goldman, right?
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  He's in the wealth management, he's in wealth management and
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  whatever that is or I don't know the exact term and Did he hates
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  Bitcoin? He absolutely hates Bitcoin.
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  And yeah, that, you know, for you to even have that privilege
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  to hate Bitcoin, tells me that we're freakin early.
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  I think hating Bitcoin is going to cost a lot of those guys.
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  A lot of businessman, in the long term, right?
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  Anyways, moving on to this and I'll get Opti.
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  I want to get your thoughts. This is some data posted from by
• 7:43
  Willie. Whoo, don't worry son, no,
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  trading stuff. But anyways the source is from
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  coin Telegraph. So we know it's legit I guess.
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  Anyways Willie will Salvador Bitcoin adoption nearly matched.
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  Its banking adoption and its first eight months since launch
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  of the total population, 40% downloaded chivo wallet. 20%,
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  continue to use it, 25% have bank accounts.
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  The Bitcoin launch was September 20 21, dude, for all the crap
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  talking that they say about Bitcoin.
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  Otto, it's not adopted. It was a, it was a failure,
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  banking had a 35 year, Head Start, and Bitcoin is only
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  lagging behind by 5%. And this explains why, you know,
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  our friends at the United Nations that's funny because
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  they have the the slogan prosperity for all.
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  We've gone over this. I've gone over this on BBC
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  Sessions during the simply sessions bitcoin news Roundup
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  during with with Ben. And this is an article that
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  we've gone over a hundreds of times, right?
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  Which is the United Nations spells out actions to curb,
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  cryptocurrencies and developing countries.
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  Well, you want to know why? They're so petrified.
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  Here you go. Here's your answer, right?
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  If you cut out all the red tape and you make having access to
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  the to the world, having access to the financial world, as
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  simple as downloading an app. It's incredible how popular it
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  is. I don't think it's rocket
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  science from their perspective. They would like you to believe
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  that without them without the disintermediate aires.
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  I mean, without the Intermediaries the world will
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  burn down. It's crazy in a world where we
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  have money that has rules without rulers.
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  Its awesome watching the old rulers trying to justify their
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  old exhibit their existence and we're just kind of watching them
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  like yeah that's not maybe I don't want to Central Bank.
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  Digital currency that's going to stop me from buying steak five
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  times a month you know maybe I don't want that right?
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  So anyways Opti the in-house truth-teller.
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  What are your thoughts on? This brother.
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  Well, this is what I love to see.
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  I think I say it on every single show seeing individuals using
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  Bitcoin. To me is the most inspiring
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  aspect of all this stuff and and to see the hard data to have the
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  receipts of people once they take the orange pill there's no
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  going back. And furthermore just like
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  fulfilling the meme of banking the unbanked and like we have
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  the data here. So like adoption is happening
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  everywhere. And furthermore, if we connect
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  this dot with buchelli article of don't drink the elite school
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  aid, that we cover, A week or two ago man.
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  It's very interesting to see the Legacy Media continue to try to
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  dunk on El Salvador. When like adoption is happening
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  at such a fast pace because the cats out of the bag and you know
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  people aren't going back. They understand that Bitcoin is
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  a better Financial system and furthermore free or financial
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  system. And so hey man, this is just
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  bullish stuff and also another dot connect that with what's
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  happening over Down in Africa as well and other parts of the
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  third world. It's like, It's hard to stay
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  bearish right now and furthermore with the documenting
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  Bitcoin meme the like point three six trillion dollar market
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  cap. It's so it's incredible that
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  people are bearish out there. It's never been a better time to
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  buy and save and Bitcoin and here are the receipts.
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  Oh it's just beautiful to see that.
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  We have hard facts and it's not just us suppose you on Twitter
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  about it I think to that point real quickly just to go back to
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  Parker Lewis has essays, right? It's like you're we're seeing in
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  real time. Different areas of the world,
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  hit that suddenly phase a little bit faster than other areas,
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  right? Sonique, oh your friend at work
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  at Goldman, you know, he's still stuck in the gradually phase,
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  right? And he has that privilege of
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  being able to hate Bitcoin because doesn't really yet need
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  it. Meanwhile down in El, Salvador,
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  the global south over, Nigeria, like they're starting to ramp up
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  to that suddenly faced, it's a pretty cool thing to see.
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  Yeah, it's really amazing. What happens when you plug into
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  the open monetary Network and You're not beholden to the whims
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  of a central bank or inflation and and things, you know, within
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  one year essentially have done a complete 180 degrees in El
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  Salvador. And all of the important things
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  that people care about are heading in the right direction,
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  like, crimes reduced economic activities up.
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  People are happier and it's just a great place to live 100%.
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  It's incredible. And now I want to get your guys
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  thoughts on this because from my understanding right, Unchained
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  is leveraging the tools and the technology Bitcoin provides and
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  in my opinion and maybe I'm completely wrong on this.
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  I think you guys are The financial type of firm or
• 12:28
  service of the future with Bitcoin in mind.
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  Yeah, I would say so. I mean really at that Foundation
• 12:36
  of security, and we'll dive into that and Opti happy to like,
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  answer questions that you might be had playing the club role,
• 12:44
  but that Foundation of multisig, and holding your own keys to
• 12:48
  your Bitcoin wealth. And then, you know, in
• 12:51
  interacting with Bitcoin Financial Services in a way
• 12:53
  where self sovereignty is still put Kind of at the Forefront you
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  said Nico. It's like when we're moving into
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  this suddenly phase of the gradually then suddenly here in
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  the US or in the west companies like Unchained, you know what
• 13:08
  we're trying to do on the foundation, not only Bitcoin but
• 13:11
  key ownership and security like that is going to be the way to
• 13:14
  go, right? As we saw over the events of the
• 13:16
  past couple months, I guess, maybe a couple quarters.
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  Now. Everything that happened at the
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  beginning of the summer like you don't want to be caught.
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  Not holding your own Keys basically.
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  So, Yeah. Couldn't under underscore that
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  point more. Yeah, not even, just not even
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  just from like, a Bitcoin perspective, but your wealth in
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  general, you don't want to be trusting.
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  These Banks who can. If you actually look at the
• 13:37
  terms and conditions like hand up, I've read them working in a
• 13:41
  bank. You can see that they have the
• 13:43
  right to shut down your account at any time and you agree to
• 13:46
  that when you open the account, but not a lot of people read
• 13:49
  that stuff and think about it a lot until it happens to them.
• 13:52
  As we saw even earlier in the year with the Canadian truckers
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  and the And people just being completely cut out of their own
• 13:59
  bank account. Yeah, I mean, it's the, it's the
• 14:02
  part of the Fiat Matrix, right? It's, you know, people the idea
• 14:05
  of self custody is just absolutely radical at least to
• 14:09
  most people, when you tell them, hey, there is no support line
• 14:13
  that you can call if you lose your keys.
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  I think that in, from my experience doing this for a
• 14:19
  while. And I'm not trying to be ages or
• 14:22
  anything. But what I've noticed is that
• 14:24
  the older generation that has spent the most amount of time in
• 14:27
  the Fiat Matrix, right? Using the traditional banking
• 14:30
  system is kind of the most you don't react well to self
• 14:35
  custody, it's a crazy idea, but it's never talked about the
• 14:39
  downsides of, you know, a full custody model, which is bank's,
• 14:43
  right. It's exactly what you say, they
• 14:45
  can freeze your transactions, you have to ask permission every
• 14:48
  single time you use your money, right?
• 14:51
  And watching, you know, the example in Canada, you know, in
• 14:57
  Europe, I've heard also right. It's becoming incredibly obvious
• 15:02
  that Bitcoin is the answer. And banking, isn't what banking
• 15:07
  was 20 30 years from now? I'm sorry, 20, 30 years ago, you
• 15:12
  know? So anyways, crazy crazy times,
• 15:14
  but let's get to the news. Let's do it.
• 15:21
  The Daily News brought to you by bit box to bitcoin only
• 15:25
  additional Hardware wallet by shift crypto crypto like
• 15:28
  cryptography. It's secure, it's open source
• 15:31
  and it's so easy, your mom can set it up.
• 15:34
  Self custody is the revolution in the bit box.
• 15:37
  Makes it simple, do not leave your Bitcoin on an exchange
• 15:40
  order. A bit box today.
• 15:44
  All right, all right, all right. Opti opt is the best salesman
• 15:48
  then that is ever was not. Best producer.
• 15:50
  He's the best salesman Opti. You've upgraded, Bro, you've
• 15:53
  evolved like a Super Saiyan. I keep changing.
• 15:56
  It rolls over here. But okay, we play all the roles.
• 16:01
  Okay, guys, I want to talk about multisig if you don't know what
• 16:05
  that is, let's kind of back it up.
• 16:08
  Sorry about the five dollar wrench attack, right.
• 16:11
  Why is it called five dollar wrench attack?
• 16:12
  Because we all think holy crap. If I put a really complicated
• 16:16
  password and I save it and it's super yummy.
• 16:19
  Super long and it's random and I put it someplace safe, my
• 16:22
  Bitcoin is safe, right? But the reason they call it a
• 16:25
  five dollar wrench attack is because that's not what they're
• 16:28
  going to do. What they're gonna do is they're
• 16:29
  going to buy a five dollar wrench show show up to where you
• 16:32
  are in meatspace and they're going to say, I'm going to hit
• 16:35
  you over the head with this five dollar wrench, if you don't give
• 16:38
  up your Bitcoin. So this is where multisig plays
• 16:41
  in right? Multisig uses different
• 16:44
  signatures. So if it's a two or three,
• 16:47
  right? It requires two signatures from
• 16:49
  You separate seeds, right to spend that Bitcoin right and
• 16:54
  there's three seeds in total, there's three keys in total
• 16:56
  three separate seeds. So you should technically use
• 16:59
  three separate seeds, you can use those two signatures and it
• 17:02
  goes up, you could do a three of five, right?
• 17:04
  The lnd thing. The thing that broke lnd was
• 17:07
  like nine hundred ninety eight out of nine hundred ninety nine
• 17:11
  so you can rock it up obviously I don't suggest that I think two
• 17:14
  or three is more than enough and if you're really really freaking
• 17:17
  paranoid you could do 3 of 5. So yeah, that's multisig.
• 17:21
  The problem is though, with different wallets as that there
• 17:27
  is a complexity to it as well. Write, it took me like trial and
• 17:30
  error 6th six months of just messing around.
• 17:34
  Where I can get comfortable. I got comfortable building my
• 17:37
  own multisig wallet. I am in electrum junkie, I love
• 17:40
  electrum, so that's what I used, right?
• 17:42
  It was not an easy, it's not an easy user interface to do that
• 17:46
  stuff, right? I kind of just kind of learned
• 17:48
  it on my own because I I came to this very like, very natural
• 17:51
  question that a lot of you guys will get to right?
• 17:54
  Which is, you're looking at your Ledger, your treasure your colds
• 17:58
  card and you're looking at it and you're like, how can I
• 18:01
  really trust? How do I know that they didn't,
• 18:04
  you know, kind of put some backroom kind of soft or even
• 18:07
  though it's open source, but how do I know I could really trust
• 18:10
  the random number generator on this device?
• 18:12
  How do I know I could really trust this device?
• 18:14
  Well, that's where multisig comes in, right?
• 18:17
  So it's a different thing. If you're storing your need one
• 18:20
  on a ledger, one on a bit box and one on a cold card, right?
• 18:23
  You're not trusting a single, maybe a seed signer, you're not
• 18:26
  trusting a single manufacturer, right?
• 18:29
  And I think that this is an inevitable question, that all
• 18:33
  bitcoiners will start to run into, especially if the relative
• 18:39
  value because money is relative to everybody starts to become a
• 18:42
  significant amount depending on your life, right?
• 18:46
  And if you're saving a Bitcoin for 5-10 years, I'm not going to
• 18:50
  say 100% promise you. But I 110% promise you that is
• 18:54
  most likely going to happen, right?
• 18:57
  And you're going to look at it, especially if you're staying
• 18:59
  humble and you're stacking SATs and your dollar cost averaging,
• 19:02
  like what we advocate for on this show.
• 19:03
  Don't trade. Don't be a Degen.
• 19:07
  Most likely this is going to happen to you.
• 19:10
  So that all that being said, I know that you guys have, you
• 19:15
  guys make it easier for people to multisig a ton?
• 19:19
  Unchained. So why don't you guys tell us a
• 19:21
  little bit about that. Yeah, definitely.
• 19:25
  I can take a lead on that one. I'm on the concierge team at
• 19:28
  Unchained, so we really take people from, you know, zero to
• 19:33
  full two of three, multisig and collaborative custody.
• 19:36
  We engage an hour long video call to start and multiple calls
• 19:40
  afterwards, if needed really helping people through setting
• 19:44
  up these Hardware devices, you uploading X pubs, and public
• 19:49
  keys, and we go through kind of like, you know, the details as
• 19:51
  to what we're actually constructing what we're making.
• 19:53
  King with a multi signature of V.
• 19:56
  Is that the name of the product and throughout those
• 19:58
  discussions? I think it's really, it's really
• 20:00
  powerful to see from our perspective on the concierge
• 20:03
  team, you know, we were talking Nico about the little bit older
• 20:08
  Generations. Maybe, you know, just being so
• 20:09
  used to the Fiat system and taking that extreme ownership
• 20:12
  extreme responsibility. Oh, you know, where we're now,
• 20:15
  it's with great power. Comes great responsibility.
• 20:19
  It becomes a little bit scary, but we talked about, you know,
• 20:21
  from our vantage point, at the, on the concierge team.
• 20:23
  We see see, maybe a good bell curve of individuals, right?
• 20:26
  There's folks, just out of college.
• 20:28
  It might be computer software Engineers.
• 20:29
  But there's also, you know, 75 year old men and women, who just
• 20:32
  really or maybe in the gold or traditional Libertarians and
• 20:37
  hold Bitcoin and want to do it the right way.
• 20:39
  And when we engage in these discussions, we say, hey here's
• 20:42
  what we're going to do what we're building here today is
• 20:45
  really like a treasure chest for your Bitcoin.
• 20:47
  And in order to open up that Treasure Chest, you're going to
• 20:50
  need two keys out of a set of three total.
• 20:53
  It could be Both of your keys or could be one of your keys and
• 20:57
  one that on chain holds is your collaborative custody partner
• 21:01
  and that's what's used to unlock Bitcoin from your treasure
• 21:03
  chest. And that's really what we're
• 21:04
  doing when we frame it like that.
• 21:06
  And we take the time to explain what these devices are.
• 21:09
  The fact that Bitcoin doesn't live in your treasure or Ledger
• 21:13
  cold card, but that these devices just or your keys, it
• 21:16
  really does kind of build this foundational knowledge of like,
• 21:19
  okay? I kind of understand what I'm
• 21:20
  doing and then broader goal of our team.
• 21:23
  You know, Unchained writ large. Not just the concierge team is
• 21:26
  educating people after the fact, right?
• 21:29
  Blog articles content, Financial Services, you know, Kevin and
• 21:32
  his team are working on a foundation of multisig as well.
• 21:35
  And in my mind it's really the most powerful way to secure your
• 21:39
  Bitcoin. It's the most secure way to
• 21:42
  secure your Bitcoin, right? I had a tweet right before we
• 21:45
  all jumped on. We are single point of failure
• 21:48
  disrespect errs. So that seven dollar wrench
• 21:50
  attack, I saw in the comments adjusted for inflation.
• 21:54
  Yeah, that could be a single point of failure.
• 21:55
  If somebody, you know, wants to do a physical attack on you and
• 21:58
  you have one seed phrase backup, right?
• 22:01
  One set of 24 words, securing your Bitcoin wealth.
• 22:05
  Well, that that's a single point of failure and you're holding
• 22:07
  your own keys, right? Not your keys, not your coins,
• 22:10
  but you don't have that fault tolerance, right?
• 22:12
  You don't have the additional support of something like multi
• 22:16
  sake, something like two or three multi sake.
• 22:18
  So, you know, not to get into the full Spiel right away, but
• 22:22
  that's really what we try to instill.
• 22:23
  Dill and the minds of our clients in the ankle Kate, is
• 22:25
  this idea of get rid of your single points of failure?
• 22:28
  Hold your own keys and Foster, this kind of culture of learning
• 22:31
  along the way when you join the call with us.
• 22:34
  You might not know it in X Pub is first. 30 seconds in, but you
• 22:38
  know, a six months down the road.
• 22:40
  After being a nun chain client, you're going to know what a next
• 22:42
  Pub is. You're going to know what a
• 22:43
  wallet configuration file is and you know, you might just even
• 22:46
  know what Caravan is, right? So it's kind of that that
• 22:49
  constant Evolution towards learning the more that you get
• 22:52
  your hands dirty with. So let's talk a little bit.
• 22:53
  It about. So the differences, right?
• 22:56
  So, if I were to set up a two or three by myself, right, you
• 23:00
  know, I would either rely on the random number generators on my
• 23:03
  devices, I would roll the dice, you know, and then I would plug
• 23:07
  in those devices on to the specific wallet or maybe just
• 23:11
  plug in the X pubs by themselves.
• 23:13
  Right? And then, you know, you would
• 23:15
  set up two or three or three or five?
• 23:18
  Let's, let's make it simple. Let's stick to two or three, not
• 23:20
  to overcomplicate things, right? So that's how you do.
• 23:23
  It yourself, right? And then what is the advantage
• 23:25
  of that? One of my opinion one of the
• 23:28
  advantages of multisig is something called geographically.
• 23:31
  Separating your seats. What does that mean?
• 23:33
  That means that if this theoretical five dollar wrench
• 23:35
  attacker, knocked on your door where you showed up at your
• 23:39
  house, even he had that Five Dollar Rent attack above your
• 23:42
  head. You wouldn't have the keys in
• 23:45
  the same geographical location, so, even if he held you hostage,
• 23:49
  with the threat of violence, you couldn't give it to him, even if
• 23:53
  you want. To right?
• 23:54
  And again, is this a perfect solution, he might get upset
• 23:57
  right? No, it's not.
• 23:58
  There is no perfect solution. It's a trade-off, right?
• 24:00
  But at least, it lets you plan to do certain things, right?
• 24:05
  So in the setup that I was, describing the responsibility of
• 24:10
  the storage of those three keys would be completely your
• 24:14
  responsibility. Now the pros to that system,
• 24:16
  right is Privacy right here. You're only you're the only ones
• 24:22
  that are going to know about your ex pubs, the downsides to
• 24:26
  that system, right? Also the key you're going to be
• 24:30
  in complete control of, you know, the seed creation as well,
• 24:33
  right? The downsides to that, however,
• 24:35
  though is you have to take complete responsibility of those
• 24:39
  three keys, not to mention the, especially if you're just
• 24:42
  starting out, it is very inconvenient and the ux is not
• 24:46
  friendly and it's not easy to create A two or three multisig
• 24:51
  and especially if you're older, right?
• 24:53
  It's very daunting now Vault. And I know Caravan makes that
• 25:00
  100% easier that process and if I believe, correct me if I'm
• 25:03
  wrong, it's 2 of 3, right? Yeah, it's two or three, and
• 25:08
  really the advantage of having that collaborative custodian
• 25:11
  would be, you know, kind of on multiple fronts.
• 25:14
  One, like you said, the complexity does kind of
• 25:17
  heightened a little bit. When you're doing everything by
• 25:19
  yourself, you don't want to be securing your generational
• 25:22
  wealth, and then be stuck wondering why your treasure
• 25:25
  doesn't connect to Brave browser like it should or something like
• 25:28
  that. If you're using a web-based,
• 25:31
  multisig coordinator, like Caravan there's just a lot to
• 25:34
  learn but I'm always for Education, go.
• 25:36
  Go and learn those tools but having that collaborative
• 25:39
  custodian, there also comes with this benefit of no Bitcoin
• 25:44
  bitcoiners, Bitcoin individuals, Kevin myself, our team members
• 25:47
  that are there to help you, you know, navigate kind of the Sea
• 25:50
  of information that you're always exposed to in Bitcoin, so
• 25:53
  that's one advantage. And then to it's going to be,
• 25:57
  you really want to think about the collaborative nature of it.
• 25:59
  The fact that we hold the key, you still can engage in
• 26:02
  geographically, separating your items.
• 26:04
  And we do encourage our clients to do so.
• 26:06
  But you also want to be thinking about, you know, these things
• 26:09
  that you might not think about right away, when it comes to
• 26:12
  your wealth, write something like inheritance, right?
• 26:15
  What were to happen? If you were to something
• 26:17
  unfortunate were to happen and you were to pass on, right?
• 26:19
  Is there someone with institutional grade Bitcoin
• 26:23
  knowledge that could help a loved one recover funds, right,
• 26:26
  all of those roles are played with a collaborative.
• 26:28
  Custodian who really engages in, you know, wants you to abide by
• 26:32
  Best Practices but also engages in your learning and is kind of
• 26:36
  there for you. Those crazy scenarios arise but
• 26:39
  it is 2 of 32 your point Nico. And when you think about a two
• 26:42
  or three, let's just say self Sovereign setup.
• 26:45
  You have three keys total, right?
• 26:46
  So you're probably going to have your three signing devices,
• 26:50
  right? Your three Hardware wallets then
• 26:52
  you're going to have your three seed phrase backups, right?
• 26:54
  So right there that's six items that you're going to want to
• 26:58
  geographically dispersed. Keep track of make sure that
• 27:01
  your firmware is up to date. Make sure that, you know, your
• 27:04
  seed phrases were written down correctly in our Are intact at
• 27:07
  every, you know, maybe once a year, you check on your seat
• 27:10
  phrases. So, right there, that's that's
• 27:12
  six total items. That's kind of a lot.
• 27:14
  And then you start thinking about, okay, a 3 of 5 all on
• 27:17
  your own. Well now you have five total
• 27:19
  keys so that six items now multiplies or I guess, you know,
• 27:23
  grows to 10 total items and unless you're really on top of
• 27:28
  your, you know, on top of recent developments on top of your
• 27:31
  wallet tooling that. Ted those ten items can kind of
• 27:34
  become unruly, right? So when it, when it comes to to
• 27:36
  Three multisig with the collaborative custodian like
• 27:39
  Unchained you have four items right?
• 27:41
  You have your to signing devices, your two-seat phrase
• 27:43
  backups. We have your third key is a
• 27:46
  backup and you have those four items.
• 27:48
  You can start to think more strategically about where you're
• 27:51
  going to separate and securely store, those four items of your
• 27:53
  setup. So I'm just wanted to point that
• 27:56
  out there about two or three versus three or five and how we
• 27:58
  really think of it for a majority of our parking.
• 28:01
  Yeah. So I'm a big fan of two or three
• 28:03
  you could always just make copies of the individual seeds.
• 28:06
  As well. So you can kind of, you know,
• 28:09
  play into your kind of your storage strategy, better said or
• 28:15
  however, which you say it. I think we're making up words,
• 28:18
  there's no words for the things. We're talking about, are just
• 28:20
  kind of making it up on the way. Anyways, look so so yeah.
• 28:24
  So in my opinion, from from how I've used it, right?
• 28:27
  It makes the two of three experienced, very easy.
• 28:32
  It puts it behind a very nice user interface.
• 28:35
  So if a high net worth Worth older person, right?
• 28:39
  That is so used to being in the Fiat system.
• 28:43
  Perhaps you know, a person that is in a Bitcoin is in a Bitcoin
• 28:46
  junkie, right? Perhaps it's your wife or your
• 28:50
  husband who you know isn't perhaps a Bitcoin term at
• 28:53
  perhaps they're you know, they have a regular job.
• 28:56
  A Fiat job from what I've used. Right is that the Vault product
• 29:00
  makes it easier for them to interact with multisig, but
• 29:05
  still getting the benefits of This egg as well.
• 29:07
  But one of the things I wanted to talk about before I move on
• 29:10
  is so hold on. We have a question from the
• 29:13
  audience. So Michael Morrison says is that
• 29:16
  they know. Yeah.
• 29:17
  Sorry. Wrong one.
• 29:18
  This is the one. How does this company?
• 29:20
  Make money though? So that I think that's a good
• 29:22
  question. So before we get to the loan
• 29:23
  aspect, how do you guys make money from your V product?
• 29:29
  Yeah, so the Vault product itself is free for personal V.
• 29:33
  You can go create and Unchained account, upload your own X pubs.
• 29:37
  If you feel like you're, you know, a Bitcoin Pro in that
• 29:39
  respect, our V product is free. Now, what myself and my
• 29:44
  concierge team members do is we have concierge onboarding
• 29:47
  sessions on this. Just a one-time payment to our
• 29:49
  team starts at $250 up until October 31st.
• 29:54
  We have a drain, the exchanges promo running and that's 250 As
• 29:58
  if you already have some Hardware wallets, you want to
• 30:00
  use otherwise we will provide you devices as well.
• 30:03
  We really just engage with you for that.
• 30:05
  Our make sure you're all set up and ready to go.
• 30:07
  That's a one-time fee and then we do make money from business
• 30:10
  accounts. If you're using a business Vault
• 30:13
  I'm a vault for your trust or your business or organization
• 30:16
  that does have a yearly subscription fee and then for
• 30:19
  our lending product we do have interest payments.
• 30:21
  We have a trading desk that we do take basis points off of as
• 30:25
  well for trades and then our Bitcoin IRA.
• 30:28
  Ra has setup fees as well. So there's other Financial
• 30:30
  Services that's really how we monetize as a company, when it
• 30:33
  comes to bitcoin security and Security First for your personal
• 30:36
  Bitcoin, that ball product is. So let's talk about privacy,
• 30:39
  right? Because that's one of the things
• 30:41
  that, that I believe is the biggest trade off to this,
• 30:45
  right? Because at the end of the day V,
• 30:48
  you know, unchain Capital does have access to your
• 30:51
  transactions, does have access to your pubs, and this have
• 30:54
  access to your balance specific to that multisig.
• 30:58
  It. How do you guys deal with that?
• 31:01
  Have you been approached by law enforcement to specific things,
• 31:05
  etc? Etc.
• 31:08
  Yes, we have not to my knowledge, been approached by
• 31:11
  law enforcement. Now, when it comes to the
• 31:13
  Privacy trade-off, that's an excellent question, right?
• 31:16
  And it's something, we're first, and foremost want to state that
• 31:19
  there are certain individuals within the company that have
• 31:21
  access to certain information about our clients, you know,
• 31:24
  Kevin and I work intimately with clients engaging in activities.
• 31:27
  So we might be able to, you know, access @x pubs or balance
• 31:31
  or transactions things like that in order to help our clients
• 31:35
  when it comes to the Privacy. Trade-offs.
• 31:37
  Excellent. Point.
• 31:38
  And like I think a broader point in Bitcoin or just generally
• 31:41
  when we're talking about services and products in this
• 31:43
  space, everything has trade-offs, you know, there's
• 31:47
  privacy trade-offs with any company you engage into given X
• 31:49
  Pub to whether that's Swan Bitcoin, you connect the next
• 31:53
  Pub or a single address, whether that's another multisig
• 31:55
  provider, right? If you're engaging with
• 31:57
  collaborative help and or engaging with an exchange, there
• 32:01
  is privacy. Trade-offs to consider.
• 32:03
  I think the trade off there and how you should weigh that then
• 32:05
  is the convenience of having You know those experts on hand to
• 32:09
  help you with your setup for the security of your Bitcoin versus,
• 32:12
  you know, the the Privacy trade-off of us being able to
• 32:15
  see transaction history data, right?
• 32:17
  If you value or than the other and you know you're thinking
• 32:19
  about your generational wealth and maybe the inheritance side
• 32:21
  of things that might take the cake over, you know, making sure
• 32:24
  that that all of your information is kept to your
• 32:27
  eyes. Only, you know, privacy is the
• 32:29
  ability to selectively reveal oneself to the world and we
• 32:33
  really treat privacy with high regarded on chain capital.
• 32:36
  We have strict data, controls are rigorously, trained on on
• 32:40
  what to do and what not to do in specific situations.
• 32:42
  So I'm really comfortable and confident with the way that our
• 32:45
  company approaches privacy, but it's something that our client
• 32:47
  should be aware of two if they want to engage with us.
• 32:50
  But I'd love to hear like Kevin's perspective as well just
• 32:52
  being, you know, on the more financial services side of thing
• 32:54
  in this respect to, I know privacy is a question that kind
• 32:58
  of pops up and all areas of the business.
• 33:00
  Yeah, just been to Echo what you said ty'.
• 33:02
  We do take the, you know, the most strict approach, in terms
• 33:04
  of keeping personal data secure. Don't share your most personal
• 33:09
  information with other third-party service.
• 33:13
  So things like your social security number, and your, you
• 33:16
  know, things other things that are required by a regulated
• 33:19
  financial services company, like sources of wealth and employer,
• 33:22
  and things like that, or employment data information in
• 33:25
  there, as well, we keep that inside, a lot of companies will
• 33:30
  use Third party service providers for these kyc AML
• 33:34
  requirements that they have to comply with.
• 33:36
  We don't do that, we don't want to be sharing that type of
• 33:39
  information. Outside of our walls, we keep
• 33:41
  that inside because privacy of our clients is of the utmost
• 33:44
  importance to us. Awesome.
• 33:46
  So another thing in case it hasn't been incredibly obvious.
• 33:50
  Maybe I haven't explained it. Well, if Unchained disappeared
• 33:53
  off the face of the Earth because you have two of the
• 33:56
  three keys, you could still spend it, you could something
• 33:59
  called sovereign And recover a wallet with any open source,
• 34:03
  Bitcoin wallet, that supports multisig, whether that's Sparrow
• 34:06
  electrum, you know, it's really up to you.
• 34:09
  So this is more so out of convenience and I believe this
• 34:13
  is also to be helpful to family members, just in case, anything
• 34:17
  happens to you, v v platform provides very slick.
• 34:22
  Very nice user interface to allow users to potentially
• 34:26
  access your multisig Bitcoin. Is that correct?
• 34:30
  That's I mean, that's an excellent point.
• 34:31
  In actually, I'm a, this isn't my lovely apartment.
• 34:34
  I am down in Atlanta for tab Kampf.
• 34:37
  I'm going to be optim-r oh, alongside tray Sellers, and
• 34:40
  Justine Harper on our team to do an introduction of multisig.
• 34:45
  But also to touch on Sovereign recovery, right?
• 34:48
  And and the fact that, you know, if when we something we go over
• 34:52
  on concierge calls, right. Let's play out that doomsday
• 34:55
  scenario. Yeah, right, let's say you're
• 34:57
  securing your health and multisig and you have a vault
• 34:59
  all set up. And Unchained disappears, right?
• 35:02
  We get your were wiped off the face of the Earth.
• 35:04
  You go to access our website and and it's down.
• 35:07
  What do you do? Well, when you hold your own
• 35:09
  keys to your Bitcoin wealth, in multisig, there's this concept
• 35:13
  called a wallet configuration file, right?
• 35:16
  That contains important information about while it was
• 35:19
  set up contains your public Keys, the derivation paths, kind
• 35:22
  of some other technical information and what this file
• 35:25
  does is wallet, configuration file.
• 35:27
  We really treat it as like the blueprints to your Walter it's
• 35:31
  often times referred to as the treasure map to your Bitcoin
• 35:33
  treasure chest and like Nico is men chanting.
• 35:37
  If you do have this backup file for your Vault, you could load
• 35:40
  this file into a sparrow wallet. A caravan which is our open
• 35:45
  source tool that our team has worked on quite quite hard over
• 35:49
  the past few years and it's something I love to show off to
• 35:51
  clients. There's electrum as well.
• 35:53
  Right? There's these interoperability
• 35:55
  practices and play where you are sovereign over your wealth.
• 35:59
  And if Unchained as Your designated coordinator, right?
• 36:02
  Where you log in to see your balances and make deposits.
• 36:04
  If we disappear, you can still access your Bitcoin, if you hold
• 36:08
  two of your keys, you can load up that file into another
• 36:11
  multisig coordinator, and completely access your funds.
• 36:15
  I think that is really, really important for all of our clients
• 36:18
  to be in the know on, right? So outside of just concierge on
• 36:22
  boardings its blog post. It's workshops it's talking
• 36:25
  about this because it's something that's kind of unique
• 36:27
  to bitcoin to, right? You can't just go in them.
• 36:30
  Of, you know, s really recover your Wells Fargo account over at
• 36:34
  US bank, right? It just doesn't work that way.
• 36:37
  So, you know, not having to trust us in turn builds more
• 36:41
  trust, and I think it's a really angry.
• 36:43
  And I think that's the, that's the key here, right?
• 36:45
  Is that, even though you're using a company to potentially,
• 36:49
  you know, hold a third key, for whatever reason, you know, for
• 36:53
  your family member, maybe for convenience for you, maybe
• 36:56
  because you don't trust yourself holding all the keys guys, our
• 36:59
  job. Is to show you all the tools,
• 37:02
  right? You could do it yourself or
• 37:03
  always transparent with that. You could use a, you know, an
• 37:06
  awesome Bitcoin company like Unchained.
• 37:08
  But our job is to show you all the tools.
• 37:10
  There is no perfect solution to any of this.
• 37:13
  There's just trade-offs, right? So you have to weigh your own
• 37:16
  technical capabilities and you have to weigh.
• 37:19
  Also convenience, convenience is very important, right?
• 37:21
  Because if you have a 45 of 50, multisig, right?
• 37:25
  And you're in a pickle and you need some Bitcoin man, that's
• 37:28
  going to be complicated, right? So you kind of have to The pros
• 37:31
  and cons of, you know, every solution and it's really up to
• 37:35
  you, the individual to make his or her, or they Choice.
• 37:39
  Among what they want to do based on their situation, their
• 37:43
  situation in life or maybe their country is unsafe, maybe their
• 37:47
  country is safe. Maybe you could lacks it a
• 37:49
  little bit. It's really dependent on your
• 37:51
  particular situation. And I think Unchained
• 37:55
  specifically the V service. We're going to talk about the
• 37:57
  loans in a second is is a great tool.
• 38:00
  All that potentially. Some of you guys could consider
• 38:03
  in arming yourself and taking back your financial sovereignty.
• 38:08
  If two of three is too daunting for you because you don't have
• 38:12
  the technical capability of setting it up for yourself.
• 38:15
  It's what it's what Tyler said, right?
• 38:18
  They have an onboarding service that could potentially be useful
• 38:22
  to you Opti. We got some time from the pleb
• 38:25
  perspective, brother. What are your thoughts on all
• 38:28
  this? Well obviously, The making me
• 38:31
  extremely bullish on multisig but I just got a question.
• 38:34
  I mean Tyler gave us a great meme of a single point of
• 38:38
  failure disrespect ER and I'm always an advocate of just
• 38:41
  keeping it simple stupid. So what's the difference in your
• 38:45
  opinion between just a multisig and a Bitcoin wallet secured
• 38:48
  with the password? Yeah, so excellent question and
• 38:53
  I got to give credit to this single point of failure,
• 38:56
  disrespect her to fill Geiger the concierge service and
• 38:59
  unchain. But, you know, when you add a
• 39:02
  passphrase to a seed phrase, right?
• 39:06
  If you you, let's say for all, intents and purposes, were
• 39:09
  working with a treasure device, you use your treasure to
• 39:11
  generate a 24 word seed. Phrase, what you can do is then
• 39:17
  there's the option to lll pass phrase on top of that 24.
• 39:21
  Seed phrase, you can think about this fundamentally like a 25th
• 39:25
  word although it does include the ability for you to add
• 39:28
  special characters. You can you know there it's case
• 39:32
  sensitive so you can set capital letters It's really like setting
• 39:35
  an additional password to your phrase.
• 39:38
  Now what that does though is that fundamentally changes your
• 39:42
  master private key. So if you accidentally Miss type
• 39:47
  your passphrase when you're first setting it, or if you
• 39:50
  thought Thought you wrote it down but you really didn't and
• 39:53
  it was hard to find. All of a sudden, you might have
• 39:56
  your 24 word seed phrase, but if you don't have your passphrase,
• 39:59
  that's a single point of failure.
• 40:01
  It could be a single point of failure for your Bitcoin.
• 40:03
  So you compare that to multisig. Where if you lose a passphrase
• 40:07
  from your, you know, from let's say you're doing a two or three
• 40:10
  if you lose a seed phrase, rather.
• 40:12
  Sorry from your two or three setup, that's okay.
• 40:15
  There's redundancy and play, you have that fault, talu losing one
• 40:18
  seed. Phrase entirely is not going to
• 40:20
  be a single point of failure. Years, so Opti.
• 40:22
  Hopefully that helped. But let me know if I could
• 40:24
  repeat anything or terrifying. Beautiful.
• 40:26
  Beautiful to me. And then why my last question
• 40:28
  and we can move on to the culture after this is when air
• 40:32
  is their planned for Unchained to expand the Bitcoin Hardware
• 40:35
  wallets that you guys are going to be able to use in the
• 40:37
  multisig setup. Yeah, excellent.
• 40:41
  Excellent question. So as a recap, both trip models
• 40:45
  of treasure, treasure one. Treasure Model T Ledger, Nano X
• 40:49
  90s 90s Plus Cold card and Mark two, three and four all
• 40:54
  supported but we know that and we just saw the bit box add that
• 40:58
  Opti so eloquently. Put there's other Bitcoin
• 41:01
  signing devices coming to Market that are really really exciting.
• 41:04
  And so we are trying our best to you know as we as we work
• 41:07
  towards an interoperability future.
• 41:09
  That also comes with offering support for other signing
• 41:12
  devices, that might be more, PS BT native.
• 41:14
  So be on the lookout in the coming quarters for some pretty
• 41:17
  cool advancements in that area. So to answer your question
• 41:19
  often, it is something that we're very Thinking about, we
• 41:22
  want to be able to service all individuals who are holding
• 41:25
  their own Keys. Awesome.
• 41:27
  All right guys, let's move on to the culture.
• 41:29
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  All right guys before we get to the culture, I want to give a
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• 42:24
  All right, ladies and Gentlemen, let's talk about Bitcoin loans
• 42:27
  or Bitcoin back loans, okay. So what if your credit is shit
• 42:32
  and all of a sudden, Sudden a meteor falls out of the sky,
• 42:34
  blows a fucking gaping hole in your house, you're like holy
• 42:38
  crap Bitcoins at 19k. I don't want to sell it.
• 42:41
  What do you do? Okay, so what you can do, one of
• 42:44
  the options. However, we're going to talk
• 42:46
  about the cons because this is new at this and get very
• 42:49
  slippery, very quickly. What you could do is you could
• 42:53
  post your Bitcoin, you could use your Bitcoin as collateral and
• 42:59
  our friends. At Unchained.
• 43:01
  Give you a lump sum of cash. Now obviously you have to pay
• 43:05
  interest on that cash because it functions as a loan and also
• 43:09
  right there is a requirement there's a percentage requirement
• 43:12
  on that collateral. I think it's between 250 to 200
• 43:16
  percent on Unchained, it goes below that amount you have to
• 43:19
  post up more collateral, right? So you can get in a very sticky
• 43:23
  situation very fast. Why would I, why am I saying
• 43:26
  that? Because let's say you take out
• 43:29
  ten thousand dollar loan, you have to put up 2.5 Bitcoin Let's
• 43:33
  say Bitcoin falls down to 10 K. You have to put a lot more
• 43:37
  Bitcoin now, right? I think you have to put like
• 43:39
  four or five more, you have to put four or five Bitcoin in
• 43:42
  total for that ten thousand dollar loan, right?
• 43:44
  And again, why, why is that happening?
• 43:47
  Because that's the volatility of big, that's the volatility of
• 43:50
  Bitcoin and also unchanged wants to protect themselves, right?
• 43:54
  They also they don't want to go bankrupt either.
• 43:56
  So again, if you do it safely, if you're not a degenerate, like
• 44:02
  I said, Eyes during the new segment.
• 44:05
  This could potentially be a tool that you use not to sell your
• 44:10
  Bitcoin. However, like I said, it can get
• 44:13
  very sticky very fast specially if you're irresponsible.
• 44:17
  And I know some people go full D Jen and they use some of that
• 44:20
  Unchained cash to buy more Bitcoin which is also called
• 44:24
  Leverage, right? So which is something that we do
• 44:28
  not advocate for on simply Bitcoin.
• 44:30
  We are only dollar cost. Average has Jurors on this
• 44:33
  channel. So that being said, Kevin did I
• 44:38
  how'd I do for the most part you got you got pretty good
• 44:43
  explanation there, but I would say, you know, there's a lot to
• 44:46
  unpack in everything, you kind of just touched on.
• 44:48
  So I'll try to try to address everything here.
• 44:51
  I would say, you know, the best thing that you can do is just be
• 44:55
  prepared and you really need to look ahead just because you have
• 44:59
  enough enough Bitcoin to take out the coin alone with Dad.
• 45:03
  As you mentioned you know our minimum loan amount is 10
• 45:05
  thousand dollars and there's a 250%, you know, Bitcoin
• 45:09
  requirement to originate a loan. So that means for that ten
• 45:12
  thousand dollar loan you have to put up twenty five thousand
• 45:15
  dollars worth of bitcoin as collateral now.
• 45:18
  One area that that is a little bit off there that I wanted to
• 45:22
  kind of correct on was your the Margin Call threshold that you
• 45:26
  mentioned. We can actually go lower than
• 45:29
  two hundred percent before your you need to add more although we
• 45:32
  do recommend Amend that everyone maintains above two hundred
• 45:35
  percent at all times. And what that does is it
• 45:37
  insulates you more from the volatility of Bitcoin insulates
• 45:41
  you from the risk of a margin, call more than than others.
• 45:46
  So essentially you can, you can survive from that. 250 percent
• 45:51
  level. You can survive a 40% price
• 45:53
  decline before you're prompted to add additional collateral and
• 45:57
  we're very proactive in communicating with our clients.
• 46:01
  When that does happen. We are there to help and you
• 46:05
  know, if there's questions about how to deposit or how to make a
• 46:08
  principal payment to their loan, because those are two ways to
• 46:11
  improve the collateral to principal ratio.
• 46:13
  You can make a deposit of Bitcoin that additional
• 46:15
  collateral to clear your Margin Call or you can send in a
• 46:18
  principal payment to clear that Margin Call couch.
• 46:22
  Okay? So, let's talk about, let's talk
• 46:25
  about because we saw it not to name any names.
• 46:29
  I am totally going to name names the Celsius, fucking Disaster.
• 46:33
  Okay, and a lot of people, I think they took out loans,
• 46:38
  right? So I know what a lot of people
• 46:40
  are thinking. Hey man, if I send my Bitcoin as
• 46:43
  collateral fine, I have this cash loan.
• 46:46
  But what if unchain goes under, what the hell's going to happen?
• 46:49
  My Bitcoin, Exactly. So the great thing is, we were
• 46:53
  talking earlier, you know, our services are based off of multi
• 46:56
  sake and so it's the same two of three multi-state configuration.
• 47:00
  However, the way that these keys are this key core and setup is
• 47:04
  Unchained will hold one key, the client will hold one key and
• 47:08
  then we do have a third party key agent that holds the other
• 47:11
  key. So if Unchained is out of the
• 47:13
  mix, there's still two keys available for signing.
• 47:16
  We also recommend that our clients store and back up there.
• 47:20
  It config file which would allow them through, you know, survey
• 47:25
  open source software like Caravan to rebuild that
• 47:28
  multi-state configuration and spend the Bitcoin out of it, we
• 47:31
  do have, you know, backup plans in place in the event that, you
• 47:34
  know, when you're in the middle of repaying, the loan there's
• 47:36
  backup loan. Servicer to take over the
• 47:39
  servicing of the loan and then there's the third party key
• 47:42
  agent that can get together with you to spend the Bitcoin out of
• 47:47
  there. Once the loan is repaid, if
• 47:48
  necessary. So let's talk Talk about the
• 47:51
  third party key agent, right? How third party is he what is
• 47:55
  the association is this completely an independent
• 47:58
  country called companies of the law firm, etc, etc.
• 48:02
  Yeah. Are our key agent or third-party
• 48:04
  key agent now is Citadel SPV. We've had a great relationship
• 48:08
  with them for several years and so they are a completely
• 48:11
  different entity but they do, you know, sign at our directions
• 48:16
  sometimes our clients don't have the ability to get to their key
• 48:20
  For a necessary signing. We do allow clients to request a
• 48:24
  sale of their collateral, so if they're on vacation or something
• 48:27
  like that and they're not near their key, we would still need a
• 48:30
  signature to settle up that sale.
• 48:32
  And so that's where we would direct that third-party key
• 48:34
  agent to come in and sign in the unfortunate event.
• 48:38
  That that clients don't meet a margin call obligation.
• 48:41
  There is a, you know, the aspect of a forced liquidation that
• 48:45
  would occur. And if clients not able to sign
• 48:47
  at that time, we would also direct the third party.
• 48:50
  Key agents assigned. Sign.
• 48:51
  Okay, let's talk about examples as to why people would use this
• 48:57
  service. Yeah that's a real
• 49:02
  professionals. Yeah definitely I see them every
• 49:05
  day. Some some great, real life
• 49:06
  examples. Like you said the meteor comes
• 49:09
  hits your house, wipes out your bathroom, you're gonna need a
• 49:11
  new bathroom, you got, you got to use a toilet.
• 49:13
  So, you know, a lot of people will take out loans for
• 49:18
  remodeling their home. As you mentioned.
• 49:21
  You know, people may not have credit, the credit system, the
• 49:25
  FICO score, it's a very exclusionary system.
• 49:28
  It leaves a lot of people out on the cold Be really surprised how
• 49:31
  many wealthy people have terrible credit scores and
• 49:34
  that's another thing that I witnessed a lot in my old Fiat
• 49:37
  Bank job was, you know, some of our wealthiest clients would
• 49:40
  would have, you know, 500 credit scores or they'd be they
• 49:42
  wouldn't even register. We don't involve credit bureaus
• 49:46
  in any aspect of our loan origination process.
• 49:49
  So that's a real nice easy side step.
• 49:51
  It also really speeds up the origination process to be able
• 49:55
  to be completed within a few business days versus waiting a
• 49:58
  month for an approval or something like that.
• 50:00
  For For a mortgage and that's another actual real life, use
• 50:04
  case that people use it for is purchasing real estate.
• 50:07
  I've seen people take out loans to purchase an engagement rings,
• 50:11
  you know, starting a family. Maybe they're going to expand on
• 50:14
  their house, not just repair it or something, or even buy a car.
• 50:19
  So it's a really great Advantage is, you don't have to worry
• 50:21
  about that whole credit score nonsense.
• 50:25
  Yeah. The the only and again we always
• 50:27
  transparent about the downsides. The only downside is Bitcoins,
• 50:30
  volatility, it goes down and you are going to be put in a
• 50:34
  position. And then again, like this is all
• 50:37
  about, we always tell you guys that the revolution is personal
• 50:40
  responsibility, right? So you know again off the top of
• 50:44
  my head example, let's say you have five Bitcoin and you take a
• 50:49
  ten thousand dollar loan, that's a big percentage of your Bitcoin
• 50:52
  that you might have to put up as collateral meaning.
• 50:55
  If that Bitcoin if the price of Bitcoin goes down, you're going
• 50:59
  to be, you're going to have to. You might be put in a position
• 51:01
  where you have to put a half of your stack.
• 51:04
  And I definitely don't recommend that, right?
• 51:07
  So again, it has to do with knowing yourself knowing in the
• 51:10
  position that you're in and, you know, I guess understanding, but
• 51:17
  that point. Yeah, you know, just like I
• 51:19
  said, be prepared, you know, think about, you know, what
• 51:21
  Bitcoins done over its term. We've seen so many charts.
• 51:25
  It's highlighting the draw Downs of Bitcoins 8090 percent from
• 51:29
  Peak to trough. So if you're taking out a loan,
• 51:31
  you need to really ask yourself and think, you know, am I
• 51:34
  prepared to add three to four times the amount that I'm
• 51:36
  initially adding as collateral? You know, maybe instead of you
• 51:41
  know, leveraging up completely and dumping it all into Bitcoin,
• 51:44
  you save a portion of that that lump sum of USD to make a
• 51:48
  principal payment in the event, that you need to distance
• 51:51
  yourself from the potential for a margin call or that you
• 51:54
  actually Have some some additional collateral that
• 51:57
  you're comfortable, depositing, in the event that you need to.
• 52:00
  Another case that we've seen is people will contact us when the
• 52:04
  price gets volatile. Now say, hey I'm going on
• 52:05
  vacation, what do I do? Well one thing you can do is,
• 52:09
  you can act early, you can deposit that Bitcoin ahead of
• 52:11
  time you can make a payment ahead of time and boost your
• 52:13
  collateral to principal ratio, well above 250 percent, you know
• 52:18
  400 500 percent whatever makes you feel comfortable and helps
• 52:21
  you sleep at night. Again the key here is being
• 52:24
  prepared and Acting early. Yeah, so I think one of the key
• 52:28
  differences and from your guys's service and from the other
• 52:32
  services which is why I felt comfortable inviting you guys on
• 52:36
  in the first place is the self custody aspect of this, right?
• 52:42
  The fact that it's a two or three multisig, we talked about
• 52:44
  multisig on the first part of the show, The segment, the first
• 52:46
  segment, the new segment. And the way that the collateral
• 52:51
  setup works in the loan agreement, is that you still
• 52:54
  have one. Keys.
• 52:56
  Right? And then a third party has a
• 52:58
  second key and then Unchained has the third key, right?
• 53:03
  So, and again, from my perspective, theoretically, you
• 53:07
  can check the deposit address that you deposit your collateral
• 53:11
  to, and you'll see if it moves. It should stay in the same
• 53:15
  place, right? So that's one of the biggest
• 53:19
  differences and the reason I mention this is most other
• 53:22
  people, they re hypothecated. So you send your Bitcoin in as
• 53:26
  collateral and then they put it in a very big lump sum and most
• 53:31
  often than not, it's not the necessarily, the Celsius guys
• 53:34
  were bad people. Is that they thought, holy crap,
• 53:37
  I have this lump sum of Bitcoin. Maybe I could use it to grow my
• 53:41
  own Bitcoin and of course, you know, always pay back the little
• 53:44
  guy, the problem is that when you see a crash then those types
• 53:49
  of moves aren't so smart. So could you talk a little bit
• 53:52
  about that? Absolutely, you know, if Are
• 53:55
  partnering with a company that did similar things as Celsius,
• 53:59
  you're exposing yourself to counterparty risk.
• 54:02
  So you may make all of your payment's maintain your margins,
• 54:05
  stay out of Margin Call and you pay up and everything's great
• 54:09
  but because of, you know, poor decision-making from your
• 54:13
  counterparty now, your Bitcoins no longer there.
• 54:16
  It's been lent out, it's been gambled away and that's just
• 54:20
  something that we're not comfortable with as a business
• 54:22
  model. So as you said, you can you see
• 54:25
  the address that the Bitcoin is sitting in or sometimes multiple
• 54:28
  dresses, in the case of you making multiple deposits,
• 54:31
  because we generate a new deposit, address with each
• 54:33
  additional deposit for your loan, you can verify every
• 54:37
  single day that it's sitting there.
• 54:39
  You can, if your device supports confirming on device, you can
• 54:42
  validate that address is actually you know, appropriate
• 54:46
  for that Quorum. And not and really have
• 54:48
  assurance that you're not exposed to some kind of a
• 54:50
  man-in-the-middle attack. There's a lot of really great
• 54:53
  assurances that come with Loans because we use the foundation of
• 54:56
  multisig. Interesting, very interesting.
• 55:00
  I think it's one of the unique things that you guys do,
• 55:03
  leveraging the technology of Bitcoin, not to make the
• 55:06
  mistakes of the past. And I think that multisig is a
• 55:10
  great tool and not using it. It's like the Celsius thing.
• 55:15
  It's like people don't understand that that has
• 55:17
  happened so many times throughout history, it's just,
• 55:19
  just change the names, right? So, what's that fate?
• 55:22
  Very famous saying, right? It's like trying the same thing.
• 55:25
  And expecting different results is like the definition of a
• 55:28
  crazy person. It's like, we have the chance.
• 55:31
  If we leverage, if we leverage, you know, the technology that
• 55:35
  Bitcoin provides us to kind of change it, and what that does is
• 55:38
  it changes the incentives, right?
• 55:41
  Because if you're a company and usually, okay, listen, we use
• 55:43
  multisig then Tech theoretically, you could spend
• 55:47
  it, right? Because you do have access to
• 55:48
  two of the three kids. It's through the three keys.
• 55:51
  You're closer to the third party.
• 55:53
  Of course, you know, if you're kosher You do everything by
• 55:55
  paper. You're not going to do that but
• 55:57
  theoretically you could right? But at least that puts you on
• 56:00
  the hook right? Versus what these other
• 56:02
  companies do is, man, they say very clear block, fi has this
• 56:07
  very famous posts and they try to make the case as to why
• 56:10
  rehypothecation, it's a good thing and then their valuation
• 56:15
  got absolutely screwed again and it goes back to trying the same
• 56:20
  things and expecting different results and it ends up in
• 56:24
  exactly where we started. Absolute clown world.
• 56:27
  So yeah, really appreciate you guys coming on and talking about
• 56:32
  the awesome products that you have it Unchained guys you know
• 56:36
  what I did just want to mention is you know in the whole topic
• 56:39
  of margin calls and avoiding them and keeping your Bitcoin
• 56:43
  safe is that we do provide tools to help clients know exactly
• 56:47
  where they are relative to their Price thresholds.
• 56:51
  So you can log into your account and we have a collateral
• 56:54
  management card. It's a nice little health bar
• 56:56
  changes colors as it goes up and down.
• 56:59
  And it really, it gives you a real-time identifier in terms of
• 57:03
  the health of the collateral on your loan and whether an
• 57:05
  additional deposit is recommended or an additional
• 57:08
  principal payment is recommended to get you in that you know 200
• 57:11
  plus percent range. Awesome.
• 57:13
  Yeah, and you guys know the deal, we do not have people or
• 57:18
  companies or products. Jean simply Bitcoin that we have
• 57:20
  not tried personally ourselves and something that I am careful
• 57:26
  to say I advocate just because I don't want to fucking get
• 57:29
  people. Not the Vault product of all
• 57:31
  products fine. You know that's more of a
• 57:32
  privacy issue but the specifically the loan product
• 57:36
  you can get yourself in a lot of trouble very quickly.
• 57:39
  So just be careful with that. But I will say this because you
• 57:42
  guys leverage the two of three multisig, it is much safer in my
• 57:46
  opinion than using a loan. Fighter, that doesn't Leverage
• 57:51
  The Power of 2 of 3. So yeah, man, I love what you
• 57:55
  guys do. You're an awesome Bitcoin
• 57:56
  company and you guys keep the Bitcoin principles in the
• 57:59
  company, which we need more of now.
• 58:02
  These days. Anyways, Opti you want to hit it
• 58:05
  from the plant perspective. Well, I was gonna ask the
• 58:09
  question about if you get margin called.
• 58:11
  Do you lose? Not saying I'm going to become a
• 58:13
  DJ in here but I was going to say if you get my PhD, I already
• 58:16
  regret it. This is why I said this is what
• 58:21
  Kevin already kind of answered, I was just going to ask, you
• 58:23
  know, but he pretty much answered like.
• 58:25
  But just to be clear, if you get margin called, do you lose all
• 58:27
  your Bitcoin on collateral or just enough to cover the
• 58:30
  volatility? Yeah, we, it's short answer is
• 58:35
  that. It's only ever going to be like
• 58:38
  the maximum amount of collateral that that's ever going to be
• 58:40
  liquid, is just enough to cover the outstanding loan obligation
• 58:43
  from there. There's also partial amounts
• 58:46
  that can be liquid if you don't respond to your All just to get
• 58:50
  you into a better position. Our current practice is to, if
• 58:54
  we have to forcefully, liquidate our current practice is to go
• 58:57
  and liquidate enough to get up to the 200%, collateral to
• 59:01
  principal ratio. Mark in some cases that is not
• 59:05
  really appropriate and we end up liquidating enough to fully
• 59:08
  close out the loan. But again, we provide those
• 59:11
  tools, make it really transparent, easy to see where
• 59:14
  you're at. Also, one thing that's really
• 59:16
  unlike other I say crypto companies because there's really
• 59:21
  not a lot of Bitcoin financial services.
• 59:23
  Companies out there, is that you can call us and talk to a real
• 59:27
  person on the phone. And that is really unlike a lot
• 59:31
  of our competition. We we have high standards for
• 59:34
  ourselves for responding to our support tickets via email so you
• 59:39
  will get in touch with someone if you try.
• 59:41
  So, a lot of, you know, sometimes people will be really
• 59:44
  scared and not know what to do. And just kind of freeze up reach
• 59:46
  out to us call us if there's any questions that you have it.
• 59:49
  Even just on any of our services, you don't have to be
• 59:51
  in margin called reach out to us.
• 59:53
  You can just call and say, hey, what's up?
• 59:56
  So, I just want to be getting calls from off to her.
• 59:58
  She could we talk about the Unchained trading desk for a
• 1:00:09
  little bit. Maybe you guys could, you know,
• 1:00:11
  do a little show on that one and just what makes it different
• 1:00:14
  than buying Bitcoins somewhere else?
• 1:00:15
  Because I saw the announcement at a bit block.
• 1:00:18
  Boom. And it Seem like big news but
• 1:00:20
  again I'm the Hai functional dumb on the show.
• 1:00:22
  So explain this to me. Well, the benefits I I could
• 1:00:27
  take a stab at that one, you know, trading desk.
• 1:00:30
  And our Unchained Ira holding the keys to your retirement,
• 1:00:33
  Bitcoin some Financial Services, as an addition, to loans that we
• 1:00:37
  have. But trading desk being kind of
• 1:00:39
  the recent release for us. That's, that's pretty awesome.
• 1:00:42
  It's General availability. Which is what the big splash.
• 1:00:45
  A bit block. Boom is about.
• 1:00:46
  We're in a belief. 34 states in climbing.
• 1:00:49
  States and US Territories really what the trading desk is.
• 1:00:54
  It Unchained it allows you to buy Bitcoin and have it
• 1:00:56
  deposited right to sing vaults, right?
• 1:00:59
  So no more Cold Storage sweats of buying it on some exchange
• 1:01:02
  and then sending it to your Vault and copying and pasting
• 1:01:05
  addresses. And kind of squinting and making
• 1:01:07
  sure everything is correct. If you buy Bitcoin through are
• 1:01:10
  unchanged trading desk, if you're in a state, we approve
• 1:01:12
  that's approved we send it right to your Vault.
• 1:01:16
  So, privacy there, as kind of improved, you don't have to
• 1:01:19
  share Share your information with multiple different
• 1:01:21
  companies, just in order to stack Bitcoin you can buy
• 1:01:24
  Bitcoin directly through Unchained.
• 1:01:26
  So right now we do have a five thousand dollar minimum as we're
• 1:01:29
  kind of a honing in that product, getting two more States
• 1:01:31
  eventually lowering minimums. It's going to be really powerful
• 1:01:34
  way to, to stack things. I think so.
• 1:01:36
  Encourage you. Yeah, go for it.
• 1:01:39
  The convenience, the convenience, the convenience of
• 1:01:43
  making the Back end of buying Bitcoin and taking it directly
• 1:01:49
  into self custody. And not only, is it self
• 1:01:52
  custody, it's multisig. Self custody and you guys are
• 1:01:57
  doing it, I know Swan is going to do it as well which is why
• 1:02:00
  they bought Spector. And at the end of the day,
• 1:02:03
  right? This is good because it's
• 1:02:05
  putting the complexity of multisig in the background and
• 1:02:11
  the user has just everything to benefit, right?
• 1:02:15
  We've all been there to the cold storage sweats of it's on your
• 1:02:18
  exchange and then you got to do the transfer and also it's on
• 1:02:21
  your exchange and then, you know, the an exchange moment,
• 1:02:24
  we'll call them happens and you can't withdraw, you know, that's
• 1:02:27
  what we want to eliminate, right?
• 1:02:28
  So depositing right to your own Keys, nothing bad, I'm a multi,
• 1:02:31
  I'm a degenerate tinfoil hat Bitcoin, ER, make your own Keys
• 1:02:37
  everywhere. But but I look the, what I feel
• 1:02:43
  this product is for its it. My opinion it's useful for
• 1:02:46
  family members. We're like you don't want to
• 1:02:50
  have it on a single Sig but let's say something happens to
• 1:02:53
  you and it's like look mom you know, looked at look you know
• 1:02:57
  wife look husband you know here look here's my you know here's
• 1:03:00
  my password to my Unchained your my wallets.
• 1:03:05
  You know, if anything happens to me, here you go.
• 1:03:08
  Right? And I think that is what it's
• 1:03:09
  useful for. And again guys you don't have to
• 1:03:12
  totally just use V. You could use V for some of your
• 1:03:15
  George, you could use your own multisig or you can use your own
• 1:03:18
  single Sig, right? But the point here of all, this
• 1:03:21
  is the tools at hand that gives you.
• 1:03:24
  It gives you tremendous amount of power.
• 1:03:26
  We're before you had none before.
• 1:03:28
  You're just beholden to in the case of the loans, the Credit
• 1:03:32
  Agencies right? You have bad credit, you're
• 1:03:35
  fucked, you're blacklisted your black sheep right?
• 1:03:39
  Or in the case of if you have your money in a bank and first
• 1:03:42
  whatever reason you say something political that the you
• 1:03:45
  know the powers that be don't like you know snip you know so
• 1:03:49
  this is awesome. This is the power of Bitcoin and
• 1:03:51
  I'm glad that there's Services being built around Bitcoin
• 1:03:55
  around Bitcoin itself and leveraging the power of Bitcoin
• 1:03:58
  and just want to say one last thing before we move on to the
• 1:04:01
  mean review and then we wrap up is this right?
• 1:04:04
  He's I know that there's a lot of Hardcore bitcoiners watching
• 1:04:07
  this show and perhaps these things aren't for you, right?
• 1:04:10
  But if we want Bitcoin to go mainstream, right, you
• 1:04:14
  definitely want bit. When companies building out
• 1:04:16
  these surfaces rather than the traditional Financial companies
• 1:04:20
  that aren't going to use the tools that Bitcoin provides and
• 1:04:24
  leveraged those tools properly, right?
• 1:04:26
  And then you're going to have scenarios like Celsius,
• 1:04:29
  scenarios like block 5, just keep repeating over and over and
• 1:04:33
  over again, right there, just going to change the branding,
• 1:04:35
  change the words, maybe change vocabulary, but the same thing
• 1:04:38
  happens and it's very simple man, the incentive, right?
• 1:04:42
  The human incentive when you're holding a big, Pile of Bitcoin
• 1:04:46
  not to use that Bitcoin to benefit yourself specifically if
• 1:04:49
  you have total control over its two great man.
• 1:04:52
  So, I like how you guys are using multisig to, at least
• 1:04:57
  better the incentives a little bit and at least making it
• 1:05:01
  better for your customer, right? I'll leave it at that.
• 1:05:04
  Anyways, we're going to go one. Last question, is, this is
• 1:05:07
  unchain available? It's in the chat for
• 1:05:09
  international. Customers are just us customers.
• 1:05:13
  Our vault product is available for for most people in most
• 1:05:18
  countries. And unfortunately, we do have to
• 1:05:20
  comply with those ofac restrictions.
• 1:05:22
  So there, you know, there are some countries where we cannot
• 1:05:25
  support but and then loans at this time are really just mainly
• 1:05:31
  the United States. Yeah, fine.
• 1:05:34
  It perfect great trading desk is us only at the moment and then
• 1:05:39
  our Ira product is American retirement accounts.
• 1:05:42
  But the vaults though, we do serve and I just want to say you
• 1:05:45
  guys all the kyc, these criticisms and all the lack of
• 1:05:48
  international Services, whatever that is blamed the fucking
• 1:05:51
  Regulators, right? Because they're the ones that
• 1:05:54
  they're making business difficult, but anyways, let's
• 1:05:57
  get them in review. The daily meme review, brought
• 1:06:03
  to you by Cipher safe, don't be that person that loses their
• 1:06:07
  Bitcoin seed. Due to fire damage water damage
• 1:06:10
  dog. Attacks back up your
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  generational Bitcoin wealth on steel and there's no better
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  place to do it than the cipher grid by Cipher safe and now
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  check out their new Bitcoin art the Bitcoin rulebooks triangle
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  only on Cipher safe dot IO. All right, guys.
• 1:06:30
  Well you all know the deal. This is De meme review and
• 1:06:32
  Tweeter. The bullet foot memes are the
• 1:06:34
  artillery in this information Warfare and you guys are on the
• 1:06:37
  front line. So continue to memes, even
• 1:06:39
  though Rusty thought I was telling him not to me many more
• 1:06:43
  continue to get the calls of action out there because people
• 1:06:45
  got to know the signal. And everyone is lazy and they're
• 1:06:48
  not going to read all those great articles on the Unchained
• 1:06:50
  Capital blog unless they're incentivized to do it.
• 1:06:53
  But on that nose, go read gradually then suddenly series
• 1:06:56
  that series is boss. Anyways, this first one it is
• 1:06:59
  Simply Bitcoin me my try not to put our memes in the show but
• 1:07:03
  this one, this one, hit a nerve with everyone.
• 1:07:06
  So I just put it on top, it do be facts, do hashtag Bitcoin and
• 1:07:10
  we got season hard lers. They're all buff and it goes.
• 1:07:12
  Wipe them out. Cheap sad.
• 1:07:14
  Slower, please, lifestyle, unaffected and all are, you
• 1:07:18
  know, new bitcoiners in the first bear Market.
• 1:07:20
  The macro looks terrible, institution soon Sailors, still
• 1:07:23
  buying and Mercury's in retrograde.
• 1:07:27
  The last one was apparently the hit that guy.
• 1:07:29
  And everyone. This next one is by our friend
• 1:07:31
  TC, and he goes, another influencer getting carried away
• 1:07:35
  with crypto and it looks like the devil carrying away Jesus
• 1:07:38
  into the woods God. All right.
• 1:07:42
  There's next one is by relay a band because these Psychopaths
• 1:07:46
  exist and we got to go see goes boo because blue again because
• 1:07:50
  bull again, no and and nothing no response and because I send
• 1:07:53
  Bitcoin without a test transaction.
• 1:07:55
  He goes uh Sometimes you live Reckless out there.
• 1:08:01
  This next one I had to add this one Nico considering that we are
• 1:08:04
  simply Bitcoin. This isn't Elon Musk tweet but
• 1:08:07
  we say it all the time about Legacy Media and you know when
• 1:08:11
  Elon Musk drops a good meme, I will I will give him his credit
• 1:08:14
  and he goes you know we got the Bronco, the infamous, Bronco
• 1:08:17
  here, getting chased by the police and because me trying to
• 1:08:21
  escape mainstream media. We got propaganda, we got bias
• 1:08:23
  without fabrication time. Balanced coverage euphemism lies
• 1:08:26
  of omission diversion, staged events have Through straw man,
• 1:08:30
  Anonymous sources and only two ideas, y'all know exactly what
• 1:08:33
  we're talking about. There's an excellent by our
• 1:08:38
  friend corn DeLorean and we covered the PayPal news last
• 1:08:41
  week and he goes hashtag PayPal was a warning shot.
• 1:08:44
  We need Bitcoin now more than ever and we gotta Paul Revere
• 1:08:48
  upgrade a reiteration of a Paul Revere Meme and got PayPal users
• 1:08:52
  and a bitcoiners on the horse going the cbc's are coming.
• 1:08:55
  The CBD Caesar coming. Yes, this is what we've been
• 1:08:58
  telling you guys. Consistently on the show, watch
• 1:09:01
  out, we need Bitcoin more than ever, take your Bitcoin in the
• 1:09:04
  self custody. And this last one, this isn't by
• 1:09:06
  a Bitcoin or, but this is Liberty copy, and it has laser
• 1:09:11
  eyes on it. So, maybe it is a Bitcoin Meme
• 1:09:13
  and it goes, they wouldn't need to censor us if we were wrong,
• 1:09:17
  think I'll give him some horns on that one.
• 1:09:19
  Anyways, Nico for my mean review score today.
• 1:09:23
  Considering Nico has been mean review.
• 1:09:25
  Shaming me lately, I brought something sweet in here.
• 1:09:29
  I got a Blow Pop Blow Pop. Alright guys this is the simply
• 1:09:34
  Bitcoin meme review. So Drop Your Meme scores in the
• 1:09:37
  live chat make Opti and I feel uncomfortable while we were
• 1:09:40
  forced to read them. I'm going to give it to see
• 1:09:43
  through Xbox One, controller thing.
• 1:09:47
  Yeah, boom. Boom.
• 1:09:50
  That's right Opti. Feels like I'm a nerd because I
• 1:09:52
  play FIFA before jump on, simply it's true.
• 1:09:55
  And on Spaces, you'll hear the look.
• 1:09:58
  Dude, I'm at my desk and bored as fuck and I have an Xbox here.
• 1:10:02
  It's great. Oh man.
• 1:10:04
  All right, Kevin, what would you give those memes?
• 1:10:08
  I give it three naive, but Kelly's, because there was so
• 1:10:11
  much focus on, you know, we talked about the Fudd that is
• 1:10:14
  being spread about El Salvador and warning about the Legacy
• 1:10:18
  systems. So that's why that's why I give
• 1:10:21
  my rating. Tyler.
• 1:10:24
  Wow, Niko's soundboard on fleek. And what would you give those?
• 1:10:28
  Wow, I give those memes. A, I don't want to say a two out
• 1:10:33
  of three keys because I think there are better than 66%.
• 1:10:38
  So we'll say three out of three key all piecing.
• 1:10:41
  For those memes that they were great love.
• 1:10:43
  The the, that's a terrible idea. Yeah.
• 1:10:47
  It is a terrible idea. Is a terrible idea.
• 1:10:49
  Don't do it, but I love the love.
• 1:10:53
  The mimetic props where mimetic props are due with Elon Musk.
• 1:10:58
  You just put out some funny means every yes, yes I agree.
• 1:11:00
  Okay, I've got one in here. Already Nico.
• 1:11:03
  All right, that first. One by Hammer saw I give the
• 1:11:05
  memes, three thumbs, very nice. Next one, I give the memes one
• 1:11:13
  of my, one of my three multi, six.
• 1:11:17
  Next one. Oh, he's any reason.
• 1:11:18
  He's abusing the soundboard but wait, I got one more me review
• 1:11:23
  score for the boys on the show an Unchained friends.
• 1:11:26
  Don't let friends sell Bitcoin shirt.
• 1:11:28
  Those are very kind of shirts by the way cheese sandwich.
• 1:11:42
  I don't know if you can say this one, but I brought it up.
• 1:11:46
  What one key on the head and one Co-op?
• 1:11:50
  These two of two, multisig, best handle in the game.
• 1:11:56
  The legendary Optimus Prime is that Opti is that Opti?
• 1:11:58
  Is that his new nickname? I give these memes 5 Christine
• 1:12:02
  Lagarde, that's right, five of opt, he's ex-girlfriends.
• 1:12:07
  Oh man oh man oh man. Alright guys also check out
• 1:12:11
  Simply Bitcoin unfiltered it's the written version of this show
• 1:12:14
  you gotta go to www.simpleandsensational.com out
• 1:12:17
  our awesome Riders rushed and Paul Zak drop wine and kiss drop
• 1:12:21
  in the sauce it's the written version, it's simply Bitcoin but
• 1:12:24
  in Inform and also check out Simply Bitcoins awesome telegram
• 1:12:27
  chat group that's where you can link us.
• 1:12:29
  Bitcoin memes to review. It's absolutely free.
• 1:12:31
  You gotta go to www.ah.mil me / the simply Bitcoin channel.
• 1:12:37
  It's a party in there. It's awesome.
• 1:12:39
  Anyways, Opti there's a website by playing now.
• 1:12:42
  We're running. I will save it for tomorrow.
• 1:12:44
  Yeah, let's save it for tomorrow.
• 1:12:45
  Why do you tell everybody where to find us?
• 1:12:47
  The audio version of the show? Yes, yes, guys.
• 1:12:49
  We are on anchor. We on Spotify and we are on
• 1:12:53
  Apple podcast and if you really love what Are doing, we are on
• 1:12:56
  Fountain app. I still haven't logged in on the
• 1:12:58
  fountain out, but I will read your comments and your Clips
• 1:13:00
  soon. We appreciate all the SATs
• 1:13:02
  you're streaming us as a part of the valley for Valerie economy.
• 1:13:05
  Anyways, think this is a great episode.
• 1:13:07
  Let's, let's throw this one out. Nico, we're running a little
• 1:13:09
  late on time. Yeah, I also want to give a very
• 1:13:11
  special shout-out to our awesome clothing sponsor Opti, get up,
• 1:13:15
  show the back, show, the back of that, a modest piece of meat.
• 1:13:18
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• 1:13:37
  Only on representing tv.com, you could take advantage of the
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  promo code down below to get a 10% discount represent LTD.com.
• 1:13:46
  I also want to give a very special shout-out to our awesome
• 1:13:49
  guests. Kevin, Tyler, thank you.
• 1:13:52
  So For joining us today. Where can people find out more
• 1:13:55
  about you guys like give you guys as handles?
• 1:13:58
  And if people are curious about Unchained, what do they do?
• 1:14:03
  So you can go to unchain.com. It's a see our wonderful blog
• 1:14:08
  learn about all of the different products and services that we
• 1:14:11
  talked about today. My Twitter handle is at Kevin
• 1:14:15
  underscore Stoneham sto Neha M my last name.
• 1:14:20
  Yeah that always loved to Hype up Unchained.com concierge for
• 1:14:25
  the concierge service checking out our site and our blog
• 1:14:28
  content is fantastic. Mostly on Twitter at clockwerk
• 1:14:33
  Or prior on Twitter. Yeah happy to anybody in the
• 1:14:38
  audience. Might be having thank you both
• 1:14:39
  for having us. This was a really awesome,
• 1:14:41
  really appreciate it. Alright, ladies and gentlemen,
• 1:14:44
  that was another episode of Simply Bitcoin.
• 1:14:45
  I know it was running a little late today but it's our job to
• 1:14:50
  keep you in tune with the Bitcoin Revolution whether
• 1:14:54
  that's giving you the tools highlighting the tools for you
• 1:14:56
  to use or not to use whether that's covering the news.
• 1:14:59
  We try to cover it all, we try to do our best, we love you all.
• 1:15:03
  All we will see you tomorrow for a brand new episode of Simply
• 1:15:07
  Bitcoin. So you guys later Oh yeah that
• 1:15:16
  make sure to go to our Twitter spaces.
• 1:15:18
  We're going to continue to do a hangout, some be awesome.
• 1:15:22
  All right, now is the one.