Latest / Simply Bitcoin / Samson Mow Predicts $1M Bitcoin! | EP 1152

Transcript

Samson Mow Predicts $1M Bitcoin! | EP 1152 · Simply Bitcoin

0:00
Yo, in a recent interview that I had with Samson Mao, he
0:04
predicted that we will see $1 million Bitcoin faster than most
0:09
people are expecting. And some of Samson's reasoning
0:13
for Y has to do with the recent interview of Anthony Scaramucci
0:17
where he dropped some bombshell information.
0:20
But before we get into what Scaramucci exactly said, let's
0:25
play the clip from the Samsung interview.
0:28
Let's check it out. You are saying $1 million
0:32
Bitcoin. What, what's the logic behind
0:34
that? Like what?
0:35
And and not only $1 million Bitcoin, which we all know is
0:38
going to come eventually, but $1 million Bitcoin in a very, very
0:41
short amount of time. Right.
0:44
So I think the key message I'm trying to get across is that the
0:47
macro environment has fundamentally changed.
0:50
And then I did some analysis and other people like Macronaut and
0:54
Bit Pain and others have also done the math too.
0:57
And Bitcoin going up 20X is not a difficult thing.
1:00
It's done it sometimes in the past.
1:02
So the key here is that everything is different now with
1:06
the ETFs, with the amount of money able to flow into the
1:10
Bitcoin ecosystem and we can very rapidly go up to 1,000,000.
1:14
Whether we stay there or not, it's a different question, but
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just the lack of supply because we are constrained, there's
1:21
about 1.4, maybe 1.6 million BTC on exchanges right now.
1:27
That's not a lot, and at some point it's going to dry up,
1:30
especially at the rate at which the ETS are hoovering up all the
1:33
coins at the moment. I'm assuming you don't believe
1:36
in the diminishing returns. Theory, not really.
1:38
I mean, we talk often about hyper bitcoinization and if you
1:43
believe in hyper bitcoinization, then it's impossible to believe
1:47
in diminishing returns because there should be no cycles to
1:52
Bitcoin. If you're going to reach the
1:54
point of hyper bitcoinization whereby we replace all Fiat
1:57
money, then there is nothing to go back to.
2:00
So what are you measuring the returns in, right.
2:03
If the US dollar no longer exists, then how can you have
2:06
diminishing returns? So I guess there's two parts
2:10
there. 1 is will there be another cycle?
2:13
And I'm not really sure. Like just because we had three
2:16
similar looking cycles in the past does not mean that we're
2:19
always going to have this cycle, right?
2:21
Because it's like flipping a coin, you get heads three times
2:25
doesn't mean the next time it's more likely you're going to get
2:28
tails. It's a different, it's a
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different equation every single time.
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And the other part is, well, if Bitcoin does replace Fiat, then
2:39
there is no diminishing returns. You just Bitcoin now.
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So it's not really possible to measure returns.
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So I mean, there you have it from Samsung Mao himself.
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I'm here joined by Chris Alamo and of course, our special guest
2:56
today, Jack from Thunder Games. Welcome, boys.
2:59
Welcome. Happy to have you guys on the
3:01
show. And look, I have more of more
3:05
from Samsung recently from the Michael Saylor 100K party.
3:10
I was there. It was absolutely awesome.
3:11
We're going to talk a little bit more about it in the culture
3:14
segment. You can drop questions in the
3:16
chat. I'll, I'll try to answer them,
3:19
but here is a more recent interview with Samson, now with
3:22
Issa Los Santos from the 100K party at Michael Saylor's house
3:27
for New Year's. Let's check it out.
3:30
Speaking of, you know, politicians and everything, do
3:33
you think Bitcoin, well, Trump would do his conquest and keep
3:39
his promise of reaching, you know, and having a Bitcoin
3:42
reserve? I think so.
3:44
It's really that they have no choice.
3:46
They have to create the Bitcoin reserve.
3:50
They need to buy Bitcoin simply because they need to shore up
3:53
the US dollar and strengthen it. And I think they view it more as
3:56
a measure to boost the dollar. But ultimately I think it ends
4:00
up killing the dollar and it. So again, a couple reasons here.
4:08
Let's unpack them. First, the ETF, right?
4:11
And then of course, the incoming Trump administration.
4:15
And they made the announcement in Nashville about potentially
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introducing a Bitcoin strategic reserve.
4:22
And this started a domino effect all over the world.
4:25
We have politicians coming out of Brazil.
4:28
We have politicians coming out of Russia.
4:30
We have politicians coming out of the individual states like
4:33
the state of Pennsylvania, the state of Ohio, the state of
4:36
Texas. Of course, a lot of that works
4:38
being done by the Satoshi Action Fund and Dennis Porter.
4:41
So this talk of a strategic Bitcoin reserve is not just a
4:45
phenomenon in the United States. It's a phenomenon happening
4:48
worldwide. the United States could be the catalyst.
4:52
However, and I just want to remind everybody, the United
4:54
States is not first to do this. El Salvador already has a
4:58
reserve. In fact, when they got that loan
5:01
from the IMF, it seems like they use some of that loan money to
5:05
buy even more Bitcoin, which is absolutely badass by Naimbu
5:09
Kelly. But I know what a lot of you
5:10
guys are thinking. You know, a lot of politicians,
5:13
they talk a lot, you know, they say things, they pander to
5:16
voters. And then with it, when they get
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into office, they don't really come true.
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Well, here's Anthony Scaramucci essentially talking about how
5:26
Trump actually might have the votes in the legislative branch
5:29
of the United States was as the House of Representatives, as the
5:32
lower house and then the Senate, which is the upper house, he
5:35
actually might have the votes to get this bill passed.
5:40
And if you look at the Poly market ads and I like the
5:43
betting odds markets, they're a lot more accurate at predicting
5:47
events. It, it's, it's around 30-4.
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It was at an all time high like 48%.
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So I mean, that's pretty, pretty significant.
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And I agree with with Samson, I think that if a law gets passed
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and, or even if Trump does it by executive order, anything
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related to Bitcoin, I would not be surprised.
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And again, this is a big statement, but I would not be
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surprised if we saw a half $1,000,000 Bitcoin next year.
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I mean, this year it's already 2025 and the inauguration is
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literally 18 days from now. So anyways, I'm going to play
6:20
you guys the clip by Anthony Scaramucci, and then we're going
6:22
to open it up to the panel and have a discussion.
6:25
Let's check it out. You think we'll get a strategic
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Bitcoin reserve? You think that's?
6:29
What I do actually? What does that look like, TJ?
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They've got the votes. Haggerty wants it, McCormick
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wants it. They have the.
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Votes in the Senate, do you think?
6:38
I think so, yeah. There's really.
6:40
I do think so. Yes, for like to to her bill to
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get a million Bitcoin, right. That was her full bill, right.
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So keep it to 20,000 then. This stuff gets horse traded, so
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you'll you'll probably have 200 won't get sold.
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They'll probably buy another 4 or 500,000 Bitcoin over the
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next. Oh, you don't think this can
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happen? Senator Talk.
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Let me tell you why I think it will happen.
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OK, Trump wants it to happen and he's got the Senate Banking
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Committee. Tim Scott wants it to happen.
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He's going to be the chair of the Senate Banking Committee,
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but sent wants it to happen. If you're telling me there are
7:19
no Democrats, and I don't believe this because a lot of
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Democrats voted for the Saab 121 bill.
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If you looked at the dispersion of vote, it was a bipartisan
7:29
approval of that bill. And by the way, Ryan, it was if
7:33
you were 40 or 50, let's say you were below the age of 60, you
7:38
voted for the bill. If you were a Democrat, if you
7:40
were a fossil like Elizabeth Warren, Oregon, Sherrod Brown,
7:44
you voted against it. So if you're telling me there
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are no Democrats that are going to vote for that, then I'll say,
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OK, then we're not going to get it.
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But I don't see that. I think Roe, Connor would vote
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for it. I think there's a lot of
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Democrats that look at it and say if Bitcoin is digital gold
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and we have $600 billion of gold on reserve at our bank in the
8:10
Federal Reserve Bank, you're telling me we couldn't put 75 to
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100? So let's summarize this is wee
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bit back in because there's a lot of components here, right?
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You have Samsung Mao basically saying Nico, you know what, I
8:25
think diminishing returns is BS. You have Samsung now essentially
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saying, you know what? And he was saying it when
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Bitcoin was at 50K bitcoins at 100K it's only or roughly 100K,
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it's only at 10X to $1,000,000. Like that's not that crazy in
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Bitcoin terms. But if you take into account the
8:45
approval of the spot Bitcoin ETF allowing massive institutional
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inflows and then you have of course micro sailors,
8:53
MicroStrategy like a corporate, a corporate treasury strategy
8:59
being vindicated in 2024. And then of course, the United
9:03
States going in and other nation states that have the power of
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money printers going in there and not only buying Bitcoin, but
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also basically giving it a rubber stamp of approval saying,
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you know what, this thing is legit in the eyes of countries.
9:18
You know, all the stars and planets are aligning for this
9:22
year. 2025. I have to get used to in my
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head, we're already in 2025 to be a very, very explosive year
9:28
for Bitcoin. And again, like I said, if this
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strategic Bitcoin reserve thing comes to fruition, I would not
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be surprised whatsoever if we hit half $1,000,000 per Bitcoin
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by the end of the year. We shall see. 18 days until the
9:44
inaugural. We also have to hold Trump
9:48
accountable for his promise to Bitcoiners for freeing Ross
9:52
Ulbricht. But man, it's really, really
9:54
exciting. One last thing I'll say is
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historically, Bitcoin tends to have the parabola year, the year
10:01
after the halving. If you look at throughout all of
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Bitcoin's history, the halving year is pretty good, but it's
10:07
the year after the halving that you get the vast majority of the
10:10
returns, and that is 2025. That is this year, so very
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exciting stuff. Overall, I agree with Samsung.
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I think we're going to see $1,000,000 Bitcoin a lot sooner
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than people anticipated. Anyways, I want to pass it on to
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my Co host today, the legendary Chris Alamo in the house.
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Chris, what are your takes on Samsung?
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Is he being too bullish? What's your take?
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How's it going guys? How's it going, gentlemen?
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Happy new year, happy 2025. Excited to be here with you guys
10:37
as always. Yeah, I think he's being a
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little too bullish. I maybe, I hate to say that I'm
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the bear, but I do think while we are ecstatic about the
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Bitcoin reserve, you know, the Bitcoin strategic reserve, I do
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think, you know, I trust Polymarket.
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They were a reliable source of heading into the elections.
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They kind of only give it a 30% chance of it happening.
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You know, I guess we're still pre Trump taking office, but
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right now they're still pricing a 30% chance that it actually
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occurs. That being aside, I know Eric
11:04
Trump spoke at Bitcoin Mana and was talking about that they're
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really excited to make a Bitcoin strategic reserve.
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The one thing that I'll I'll caveat with Trump and his family
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is their real estate guys. And while we're excited that
11:15
they're happy about Bitcoin, I wouldn't call them Bitcoin
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Maxis. I mean, you've kind of seen
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their, they, they've kind of dabbled in shit coins.
11:21
They have shit coins on their balance sheet with their
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disclosures and stuff. And that's not anything to take
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anything against for them. But I do think that let's just
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play it out game theory wise, let's just say we start buying
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strategic reserve. The dollar strengthens.
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The dollar has already been strengthening over the last year
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and a half, two years basically since the the Russia, Ukraine
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conflict. It has a slight dip.
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But I follow answer Lidner, avid bitcoiner and great macro
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economist. He basically says that the
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dollar was going to keep strengthening and a lot of
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people didn't think it was going to weaken.
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We were going to a recession. I don't think that's the case.
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But if the dollar strengthens too much, that becomes a problem
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in terms of an international stage.
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What that means is basically the amount of dollars can buy more
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and more goods from external nations or externally.
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So that means that we can buy things and basically consume
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resources of other countries. I do think that if it
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strengthens too much, then the, you know, the H1B visa that's
12:13
been kind of the talk of the town that's more incentivizes
12:16
companies to look and paying people outside of the United
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States. So basically, in summary, I do
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think that there will have to be a relief valve and I do think
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Bitcoin will be that relief valve, meaning that whether
12:25
Trump sells off or maybe even holds off buying even more than
12:28
they were planning to buy in order to allow it to to fall
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down down slightly. Otherwise, if the dollar
12:33
strengthens too much, you can see a recession in the sense
12:35
that things are getting too expensive.
12:37
You know, real estate, real estate starts taking a plunge,
12:40
stock market starts taking a plunge, as we've seen in
12:42
history's past. And only Bitcoin's the first
12:44
thing to move down. It's also the first thing to
12:46
recover and move up. So I do think it is a little too
12:48
bullish right now, but I'd love to be proven.
12:50
Wrong. Absolutely.
12:51
I think it's incredible points, good points by the legendary
12:54
Chris Alamo. Of course we have our special
12:55
guest for today. We have Jack from Thunder Games
12:59
in the house. Of course, you guys know we're
13:01
big fans of Thunder games here at Simply Bitcoin.
13:03
Jack, thank you so much for joining us on the show today.
13:08
Cheers guys, happy to be here. Excited so.
13:11
Do you have any thoughts on Samsung Mao's predictions $1
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million Bitcoin? Do you have any thoughts about
13:16
the the talk of the Strategic Bitcoin Reserve?
13:20
What are your takes on everything?
13:22
Yeah, I think the talk's cheap. So that's my first.
13:27
Like take away is like politicians can say whatever
13:29
they want and they'll talk more and more about something that
13:32
is, you know, like they don't have to do anything if they're
13:37
just talking about it. So I believe it when I see it.
13:39
I think you you hit the nail on the head with the first promise
13:42
was to free Ross on day one. Like then I'll start getting
13:45
excited. If some like he actually does
13:49
what he says he's going to do, then we can talk about strategic
13:52
preserve like a bit more bullishly.
13:55
But I'm confident that, you know, the game theory is going
13:58
to work out. And that's the direction that
14:01
the government's going to have to go is start back in back,
14:04
back in their governments with with Bitcoin as a savings
14:09
vehicle, because I want my government to do it like in
14:12
this. It's going to be the will of the
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people eventually. Yeah, absolutely.
14:15
I think it's a good point, right?
14:16
Talk is cheap, actions are expensive.
14:19
We shall see 18 days until inauguration.
14:22
The first bit pro Bitcoin administration is going to be
14:28
sworn into office. It's going to be a historic year
14:31
for Bitcoin like last year. Last year was absolutely
14:34
historic. We we got the ETF approval.
14:36
We have Michael Saylor's vindication on the public
14:39
company front and of course the first pro Bitcoin administration
14:43
sworn into office. Let's see if they keep their
14:47
they keep their promise in freeing Ross.
14:50
We shall see. Anyways, ladies and gentlemen,
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At the time of recording, the Bitcoin price is $96,400.
18:34
Block height 877,524 SAT's per dollar 1037 market cap 1.91
18:41
trillion Bitcoin versus gold market cap 10.35% Percentage
18:47
issued 94.3% decline from all time high -10.9% Realized
18:53
monetary inflation continues to go down 1.1%.
18:59
Taking Fiat currencies to absolute schools.
19:02
Speaking of Fiat currencies, we got Opti's ex-girlfriend in the
19:05
house, Christine Lagarde. Wishing all of us a Happy New
19:10
Year. Let's check it out.
19:12
I think she does drop something about the digital euro, which I
19:15
find interesting. Let's check it out and then
19:17
we'll talk about it. You a happy New Year, happy
19:21
healthy, prosperous 2025. So we have a big heavy agenda at
19:29
the ECB. We have made significant
19:31
progress in 24 in bringing down inflation and hopefully 25 is
19:38
the year when we are on target as expected and as planned in
19:43
our strategy. Of course, we will continue our
19:47
efforts to ensure that that inflation stabilizes sustainably
19:52
at that 2% medium term target. We will also be reviewing our
19:58
monetary policy strategy. Why do we do that?
20:01
We just did that in 21. Well, we're doing it to ensure
20:06
that it still fits the changing world in which we live and that
20:11
we are fit for 25 and following. Another significant development
20:18
on the horizon is our digital euro.
20:23
We are in the preparation phase and we are expecting, we are
20:28
expecting European legislation. Once that is done, we will
20:33
decide whether we move forward with developing a digital form
20:38
of cash, your digital euro. And you know, we are also
20:45
working on banknotes. We are in the process of
20:48
redesigning our banknotes. It's a long standing exercise
20:52
that will not be completed in 25, but significant moves will
20:57
take place with the design phase.
21:00
It reflects a commitment to innovation while also preserving
21:04
the trust and security that our currency represents, both in
21:10
banknote form and in digital form.
21:13
So we have a lot on the agenda for the ECB.
21:17
And as that work begins, let me once again wish all of you from
21:22
within or of course, outside the ECBA.
21:25
Very, very great start to 25 and a happy New Year.
21:31
OK, so much to unpack. Really glad that we're covering
21:34
this. I love.
21:38
I love the live comment. Too.
21:39
I love how, you know, she starts in the beginning and she's like,
21:42
wishing you a prosperous 2025. And then we want to get back to
21:47
that 2% number. You know, right now Bitcoin's
21:51
inflation rate is 1.1%, and this is going to go down forever,
21:56
right? I think when we started covering
21:57
this, it was like 1.83. And then, of course, the halving
22:02
and, you know, Bitcoin's absolute scarcity is going to
22:05
ensure this eventually goes to 0.
22:07
And, you know, like, what is this 2% number?
22:11
They don't even have an answer for the 2% number.
22:13
And then, you know, kind of dystopian sneak it in there
22:16
because they had a marketing problem with the central bank
22:19
digital currency. People weren't receptive to
22:22
that. So they did a bait and switch
22:24
and now they're calling it the digital euro.
22:26
And, you know, we're so excited this legislation, it's going to
22:29
fix things. And it's very insidious when she
22:32
says your digital cash. Listen, anyone could make
22:36
Bitcoin. You plug in a miner, you pay for
22:39
electricity, you can make Bitcoin.
22:40
You can run Bitcoin software and have a copy of the entire
22:44
Bitcoin blockchain in your home, verify transactions.
22:48
You can take self custody of your Bitcoin.
22:51
Can you audit the ECB? No.
22:53
Can you make more EUR? No.
22:55
You go to jail for counterfeiting.
22:59
So like again, this is narrative trench warfare in the
23:02
battleground of the Internet. She's trying to mean something
23:05
into existence she's trying to play on the fact that people are
23:10
not informed on Fiat money and trying to convince you that she
23:14
is working for you that she is there to help you.
23:17
But if you look at the raw data you know and and this kind of
23:21
explains why they hate Bitcoin so much I I would too if I was a
23:24
central banker. It ends the racket.
23:27
On A5 year time scale, if you've been saving in Bitcoin, EUR have
23:31
lost 88% of their value. On a three-year time scale,
23:35
they've lost 51% of their value. On a one year time scale,
23:38
they've lost 72% of their value. Like on a monthly time scale,
23:42
they've lost 35% of their value and let's say all goods and
23:47
services because that's one of the things that central bankers
23:49
are always talking about and politicians, they're always
23:52
framing it as if, you know, like this is all for you.
23:56
We're trying to help you. We're trying to save you.
23:58
We're trying to bring everything under control.
24:00
And what bitcoiners are basically saying like, look,
24:03
dude, like, you know, you don't, we don't need you to to help us.
24:07
If you start opting out of the system today and you start
24:13
saving and earning in Bitcoin, you can start taking advantage
24:18
of a unit of account of a currency that actually values
24:21
your time and your energy and your work, right?
24:26
So a house even with housing prices, prices in the United
24:30
States doubling due to all the money printing that occurred
24:33
during the pandemic. If you've been saving a Bitcoin
24:36
on A5 year time scale, housing has gotten 90% cheaper, the
24:42
stock market 77% cheaper, gold 94% cheaper, oil 94% cheaper,
24:48
the dollar 87% cheaper and it just goes on like food.
24:52
You know, this is one of the major reasons as to why Trump
24:54
got elected. People were so frustrated with
24:57
inflation, right? On A5 year time scale,
24:59
everything has gotten cheaper compared to Bitcoin.
25:03
This is what happens when you know, you know, something has
25:06
absolute scarcity. It's Infinity divided by 21
25:09
million. So like, you know, as much as
25:11
she wants to meme this into existence that, you know, the
25:16
European Central Bank is your friend and it's a public good
25:19
and it's here to help you. I would say, you know, Bitcoin
25:23
actually has the proof of work behind it.
25:25
It actually has the results behind it.
25:28
I think they just make things work and make things worse.
25:32
And you have a choice as an individual to choose when you
25:35
don't have to wait for an election to choose which unit of
25:39
account you choose to live on. And I promise you, I promise
25:42
you, I've seen this happen so many times.
25:44
It's my ninth year in Bitcoin, OK?
25:47
Have had seen this happen so many times.
25:49
If you choose to, if you choose to move to a Bitcoin standard,
25:53
your life will get progressively cheaper over time.
25:56
The things around you, whether that's housing, whether that's
25:58
food, whether that's anything, will get progressively cheaper,
26:01
allowing you to save for the future, allowing you to plan for
26:04
the future. And that gives you back hope,
26:07
that gives you back optimism. People like Christine Lagarde,
26:10
people like the institutions like the European Central Bank,
26:13
they steal that from you through inflation, through monetary
26:18
debasement. So she can have a nice curtain
26:21
behind her. She can be dressed up very
26:23
pretty. She could put the captions on
26:25
there and basically try to connect with the younger
26:27
generations. But at the end of the day, you
26:29
know, that 2% number is 2% because it's not big enough for
26:35
people to realize that they're getting stolen from because
26:38
that's essentially what it what it is.
26:40
Every single day that Bitcoin exists, it continues to prove
26:44
that money can exist without inflation, not only can exist
26:48
without inflation, people that use the money that doesn't have
26:52
inflation actually live better lives.
26:55
So don't let them gaslight you. Get informed so that you can
26:59
spread Bitcoin. All right, I'm going to pass it
27:01
on to Chris. Chris, what are your thoughts on
27:04
Opti's ex-girlfriend, Christine Lagarde?
27:06
She's trying to spread it out there.
27:07
She's trying to get people to use this ECB, this, you know,
27:12
this, this digital euro. It's not called a central bank
27:15
digital currency anymore. You know it.
27:17
They're changing the name they're making, hoping that
27:19
people won't notice. What's your take?
27:24
No, yeah, No, I I think there was a lot in that short clip.
27:27
I mean, she says we're targeting 2% inflation.
27:30
Nico, you know, that they obviously artificially
27:33
manipulate CPI numbers to be lower.
27:35
So it looks like things aren't getting more expensive, when in
27:37
actuality, they're getting way more expensive.
27:39
When you compare it to like the Chapwood index or shadow stats
27:42
or any of the other metrics. When you like, keep their own
27:45
inflation numbers from the 70s or 80s, things are way worse.
27:48
And those were their own numbers back then, but they adjusted
27:51
instead of getting, you know, the great replace it with
27:54
chicken instead of chicken. You get like they're always
27:56
adjusting it. So they're saying she's
27:58
basically saying we're targeting 2% of theft of you and your
28:01
family and your loved ones if you don't save in Bitcoin.
28:04
And that's only we're targeting it.
28:05
If it's higher, they don't care. They'll lie and gaslight you
28:08
into saying, oh, we didn't steal as much or hey, inflation's
28:11
actually gone down yet. Maybe the inflation change has
28:14
gone down, but it's still compounds on itself.
28:16
You know, if last year was 7% inflation and this year's only
28:19
2% inflation, it's not just a nine percent increase, it's a
28:22
not a 2% increase on the adjusted increase of of 7%.
28:26
So it's even worse. It compounds with inflation,
28:29
which is horrible. The digital euro there, there's
28:31
nothing to add there. It's basically just the CBDC.
28:33
They want to get rid of cash and they want to pigeonhole you into
28:36
their own central bank digital currency.
28:38
And then the irony at the very end, she's like, yeah, we're
28:40
trying to make it even more like trust us even more and like
28:44
guarantee you more trust than privacy.
28:45
It's like we don't trust you. You're inflating our dollars
28:47
away, our Fiat currencies away. You're lying to us.
28:50
You're gaslighting us. You're not trying to make it
28:52
more private with the CBD. And she was even like, oh, we're
28:55
trying to insecure security for who?
28:58
For us or for them. So it's all control game.
29:01
They're trying to pitch, you know, their own products for
29:04
their own benefit and their benefactors and friends. 100
29:07
percent, 100%. I think you hit the nail on the
29:09
head, guys. We're at 171 likes.
29:12
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29:18
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29:24
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29:28
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29:38
Jack, what's your take? You know, on Christine Lagarde,
29:42
wishing everybody such a you know, she, she cares about you.
29:46
She, she really wants to wish you a happy new year.
29:50
She's there to serve you. The euro is there to serve you.
29:54
It's there to make your life better.
29:57
Jack, what's your take? OK.
30:00
Yeah, My take is slightly different is that I never see
30:04
those things as like competitive to Bitcoin because of the
30:07
obvious reasons. But really there's like an arms
30:12
race for who's going to who's digital currency, what
30:15
countries. Digital currency will be the
30:17
most like widely used, the most popular, because if your country
30:21
can control the digital space with your own currency, you can
30:25
export your inflation to other countries and other people
30:27
around the world. So that's the game they're
30:31
playing. And I think that America needs
30:35
to it's almost like America have to do exactly the same.
30:39
Otherwise they're tool of exporting inflation from the US
30:43
dollar is going to be eroded away as well.
30:46
So I think there's going to be a massive boom in in it.
30:49
And the fact that the EU are so they're actually the one
30:56
continent or group of countries that are actually ahead in
31:00
trying to steal this kind of like space, I think.
31:05
So I'm kind of worried I'm from, I'll be worried about it from an
31:08
American perspective, if I was an American, but I'm not worried
31:12
about it from I'm from Britain. So I'm not.
31:14
We have no, our currency is not used to be the, the currency
31:18
used around the world. And we were playing this game of
31:20
exporting inflation around the world and then we lost that.
31:23
America now has it. And perhaps Europe has finally
31:28
found a way to make their currency useful to them.
31:34
So you said that Americans should be worried.
31:36
How so? How?
31:37
Why should? 50 years like on a, on a big
31:40
time frame because, you know, the whole world uses the US
31:45
dollar as like the reserve currency.
31:48
And if someone in some countries using their dollars to save them
31:52
that money, then if the US government prints more money to
31:55
give to their own citizens, they're basically taxing.
31:58
They're taxing all these other people around the world.
32:00
And that is what the UK did, I don't know, 2400 years ago.
32:04
I'm not very good at history. And if whoever has the digital
32:10
currency that the world uses, the most world uses, can like
32:13
inflate their own currency, like you said.
32:16
And America should want to keep that as the number one currency
32:22
to export inflation from, in my opinion.
32:26
Yeah, I mean, I, I agree. I, I agree.
32:28
I, I think. But you know, what I, what I
32:30
would say is like the Samsung, you know, point was really,
32:34
really, excuse me, was really, really interesting because, you
32:40
know, he's basically making the case that by the virtue of, of
32:46
the United States adopting Bitcoin, it actually
32:49
strengthens, it strengthens the dollar.
32:52
And I don't see how a digital euro like, I, I feel like a
32:57
digital euro is, is just a step in the right, like step in the
33:00
wrong direction. And I think a lot of people are
33:02
just not, if you, you see this like, for example, like in, in
33:06
Nigeria, they rolled out the, a digital, the digital CBDC
33:11
equivalent of their Fiat currency is called the Naira.
33:13
And you know, adoption was, was like people did just didn't want
33:18
it, right. I, I see CBD CS as like, you
33:21
know, it's, it's, it's a, it's something that's trying to solve
33:25
a problem that doesn't need to be fixed.
33:28
It's kind of like a justification by central bankers
33:31
to, you know, justification and an attempt by central bankers
33:36
for them to maintain their control, monopoly over money.
33:41
I don't see how it particularly would help the European Union
33:47
going down this path. I would say that what would help
33:50
the European Union, specifically their citizens would be adopting
33:53
a Bitcoin standard and actually giving their citizens more
33:57
freedom to choose the currency they want to use, rather than
34:01
this bureaucracy in Brussels that's essentially dictating the
34:06
lives of, you know, millions of millions of, of, of Europeans
34:10
like that. That's my perspective.
34:12
Maybe, you know, I'm I'm I'm too American.
34:17
And you know, governments are the most evil corporation that
34:20
exist. They must have killed millions
34:22
and millions of people at this point.
34:23
The the government as if you think of it as a business.
34:26
And they're like just so evil. So just assume they're going to
34:29
do the most evilest thing, which is try to get everyone to use
34:32
their currency so they can inflate it.
34:34
And you don't, you don't have to limit it to your own country.
34:37
You've got to try and get it, export that product to everyone
34:40
else. And I think the, the Bitcoin
34:43
reserve is decoupled from that. So America are doing that with
34:48
the dollar and they want to keep that and they want everything
34:50
priced in the dollar. And then they use the use big
34:53
use Bitcoin as a way to like, say, oh, you know, like the
34:56
dollar is strong because we've got the military.
34:57
The dollar is strong because we've got all of this Bitcoin.
35:00
So maybe that's what Europe needs to do as well is back up
35:07
their their economy with good assets like gold, Bitcoin,
35:11
whatever to give military and then they'll have a chance.
35:16
But if, if they whoever get like you can see the stable coins are
35:20
like the number one use case in the moment and for better or
35:25
worse, that like whoever could like tether, they're like
35:28
absolutely insanely, like probably could buy America or at
35:31
this point, like they're huge. And if my government was just
35:36
had that business, then I don't. To be honest.
35:38
I don't know what your opinion is, but why hasn't it happened
35:40
soon though? It seems like such an obvious
35:43
what's taking them so long to build it?
35:46
Yeah, yeah, yeah. No, I agree with you.
35:48
I think you make some really, really good points.
35:50
Guys. We're going to hit the news.
35:53
We're going to, we're going to talk about the, we were talking
35:56
about this last, last week, essentially how the IRS wanted
36:01
to introduce these reporting requirements for Bitcoin and the
36:06
deadline was December 31st. Well, some news broke today on
36:11
January 2nd that they actually postponed, you know, those new
36:16
reporting requirements. Again, total coincidence, two
36:21
days after the supposed December 31st deadline.
36:26
So, you know, I find that interesting.
36:28
And again, I don't think that all of this is happening
36:32
coincidentally. I think that this is happening
36:34
because elections have consequences and we know how the
36:37
incoming Trump administration supposedly feels about the
36:41
industry. Again, Inauguration Day is
36:44
coming up, January 18th, historic moment in Bitcoin's
36:48
history. The first pro Bitcoin
36:51
administration is going to be sworn into office.
36:54
We also, we also might have special content for you guys in
36:58
regards to some special interviews with some people in
37:01
Washington DC and I think I will be in DC for the inauguration.
37:05
So looking forward to that as well.
37:06
Hopefully we can get you guys some on the ground footage of
37:10
that historic day. All right, everybody, we're
37:12
going to get to the news. We have tons to talk about.
37:14
Stay tuned. And then during the culture
37:16
segment, we're going to talk about Thunder games and we're
37:19
also going to do a little bit of a recap of the Michael Saylor
37:23
100K party. I was there.
37:25
You guys just drop any questions in the live chat.
37:27
I'll make sure to answer some of them if you guys have any
37:30
curiosities about what was happening about.
37:32
What was it like on the floor? But stay tuned guys, we'll be
37:35
right back. We're going to hit the news.
37:37
I want to give a very special shout out to our sponsor,
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39:27
remember, not your keys, not your cheese.
39:31
You want to take self custody of your Bitcoin.
39:33
If it's not in self custody, then it's really not your
39:37
Bitcoin. Anyways, let's get to today's
39:40
news. We have lots to talk about.
39:42
So last week we covered the IRS reporting requirements.
39:47
So essentially what that was was was they were changing some of
39:52
the ways that you were reporting and what they were recommending
39:56
was taking screenshots of your wallets, taking screenshots of
40:01
your balances, taking screenshots of your exchange
40:05
balances and all this, you know. Paperwork that I think that the
40:10
vast majority of people did not have the expertise and it was
40:14
really, really scary. Also the FinCEN was requiring
40:18
small businesses to register with them, right?
40:23
Luckily, both those things, the FinCEN ruling right now is in
40:28
limbo. It's still in the apparently a
40:31
lower court put a stop to that. Yeah.
40:35
The the the 5th Circuit of appeals it's currently in right
40:38
now for the reporting requirement for small businesses
40:41
and LLCS. Appreciate it.
40:42
And again, you know, I, I'm going to you, I'm going to
40:45
borrow Elon's, you know what he's been saying these last
40:51
couple weeks on X. Do we live in a democracy or do
40:55
we live in a bureaucracy? You know, is, is this really
40:58
helping everyday Americans if people, perhaps people don't
41:03
know this about the economy, but the economy is run by small
41:07
businesses. Yes, the big businesses, you
41:09
know, they contribute a lot, but the, the bulk of the economy are
41:13
small businesses. And if you overburden them with
41:17
requirements, with bureaucracy, with paperwork, it takes time
41:21
away from them to focus on their business, to focus on
41:26
bureaucratic paperwork, right? And it makes the economy less
41:29
efficient. I I believe part of the victory
41:32
of Donald Trump comes down to this.
41:34
I think we have an overburdening bureaucracy in the United
41:38
States. Some people call it the deep
41:40
state. I call it the administrative
41:42
state. I don't think it's this grand
41:43
conspiracy. It just, it just boils down to
41:46
this. The money printer inevitably
41:49
makes government bigger. It makes bureaucracy bigger.
41:52
And because government is nonproductive by nature, the
41:57
only way the a government can raise revenue is through
42:01
taxation. And they tax through a very
42:03
different two different two different ways.
42:05
Primarily number one is income tax, direct taxation.
42:09
That's not enough. the US government spend $1.7 trillion
42:13
more than it collected in tax revenue in 2023.
42:16
And #2 is taxation via monetary debasement, taxation via
42:21
debasement. So again, you know, the question
42:24
I believe isn't what is money, the question is what is
42:29
government. So, but now I'm going to weave
42:31
it back into this specifically, you know, the fin cen bit small
42:35
business registration requirement.
42:38
Chris gave you a little bit of an update on this.
42:40
And then as it relates to Bitcoin, this was crazy.
42:44
This was nuts. Essentially, you had a deadline
42:47
until December 31st to, you know, to get all your paperwork
42:53
in order. They were requesting people take
42:56
screenshots of their wallet balances, of their addresses, of
43:00
their exchange balances. Like, let's, let's throw privacy
43:03
completely out the window. You know, you had to do all of
43:07
that to make sure that you were compliant.
43:09
And then coincidentally, they delay the ruling two days after
43:16
the reporting requirement. That's a total coincidence, I
43:19
might add. And again, I don't think they
43:20
would have delayed anything if it wasn't for the incoming
43:24
administration that is going to be sworn in January 20th of
43:28
2025. We hit, we hear Trump talking
43:30
about how he doesn't believe it's fair.
43:33
There's a truth post on truth Truth Social post on this.
43:37
He doesn't make it doesn't make sense to him that you have to
43:40
pay capital gains tax on Bitcoin because Bitcoin is money, right?
43:44
But again, he's not in office yet.
43:47
They're not in power. Trump is not in control of the
43:50
executive branch until January 20th.
43:53
So these shenanigans that they're doing right up until the
43:58
day that he gets inaugurated is absolutely hilarious.
44:01
I mean, this is this is Lawfare, this is political games.
44:05
And another thing too, before I pass it on to Chris and we'll
44:07
read some of the article, is Gary Gensler isn't resigning
44:11
until the day of the inauguration, which I think is
44:13
very symbolic. Anyways, Chris, do you want to
44:15
add to any of this before we check out the article?
44:18
Yeah, Yeah, definitely. I mean, obviously I, I think
44:23
this ruling actually passed back in August, but it was very
44:25
quiet. It was end of August, You know,
44:27
it was kind of the summertime was coming to a close.
44:29
I think it was prior to the September like Congress getting
44:34
together, but it kind of slipped under the radar.
44:36
And then within the last two to three weeks, everyone was like,
44:38
holy shit, we have until December 31st to do this whole
44:41
time stamping thing for our wallets.
44:42
They were basically changing from a universal cost basis to a
44:46
per wallet method. So then even a lot of people
44:48
that were looking into this, it's like, yo, you should
44:50
probably consolidate even wallets and stuff.
44:52
And you know that like it's, it's kind of one of those things
44:55
that's like, you know, take a breath and don't do things very
44:58
quickly. But a lot of people are kind of
44:59
panicked and like you were saying, they're like using
45:01
timestamps and taking screenshots and all these
45:04
different things. And then they were recommending,
45:06
like a lot of influencers were recommending consolidating your
45:08
wallets. But that's a as people in the
45:09
Bitcoin space know, that's like a huge doxing of your privacy.
45:13
If you're consolidating UTXOSA, lot of times you're showing how
45:16
much Bitcoin you have to previous people that were
45:18
sending you money. So I think this is a whole
45:21
clusterfuck, to say the least. And, you know, I'm glad that
45:24
it's being pushed back. I hope that Trump's
45:26
administration comes in and just kind of like gets rid of this
45:28
all together. I don't think that's going to
45:30
happen. But you know, I'll, I'll be
45:32
hopeful for it. Yeah, absolutely.
45:33
I think that's a very, very, very good summary.
45:36
And and again, like it, it was insane.
45:38
Like it was borderline, I called it last week, I said this is
45:41
borderline tyrannical, like the a bit small business
45:44
registration FinCEN and then the you know, this, this reporting
45:48
requirement. Mind you, this is coming from a
45:50
government. The Pentagon has failed 7 audits
45:53
in a row and they have 60% of their total assets or budget
45:59
completely unaccounted for. If you did that as a private
46:03
citizen, you'd go to jail, right?
46:05
And they just say no, we're going to do better next time.
46:07
Like again, the problem isn't the rules, the problem is the
46:11
double standard Problem is that the politicians that expect us
46:14
peasants I guess, to follow these rules, they don't follow
46:18
it. They don't follow them
46:19
themselves. And again, that's not a
46:21
government by the people for the people.
46:24
That's a government by the government for the government.
46:27
And my theory of the cases is as as much as I like Elon with the
46:30
whole doge thing and Vivac with the, you know, government
46:34
efficiency and like whatever, it doesn't solve the root problem.
46:37
And the root problem is the fact that the government has the
46:40
ability to create money out of thin air, which they use to fund
46:45
themselves. Then politicians use to fund
46:48
crazy ideas. I would even make, I would even
46:50
make the case that this is what politicians use to fund war too,
46:54
right? This is a very, very deep rabbit
46:56
hole. But anyway, so let's get to some
46:58
of the details. IRS delays Bitcoin cost basis
47:01
reporting rules until 2026 The IRS The IRS announced that it
47:07
has delayed new Bitcoin tax reporting rules until early
47:09
2026. The extension provides brokers
47:12
with additional time to adjust the cost basis regulations for
47:16
centralized platforms. The IRS has provided a temporary
47:20
break for Bitcoin and other cryptocurrency investors by
47:23
delaying new reporting rules that would have required a
47:26
default accounting method for trades on centralized exchanges.
47:30
The Treasury Department and the IRS understand that some digital
47:34
asset brokers may not have in place by January 1st, 2025 the
47:38
technology needed to accept specific instructions or
47:41
standing orders communicated by taxpayers.
47:45
These technology limitations may leave some taxpayers unable to
47:49
make adequate identifications in conformity with like just a
47:55
bunch of number regulation. Whatever.
47:57
In July, the IRS and Treasury Department introduced rules to
48:01
determine which cryptocurrency units are sold in brokerage
48:04
accounts using wallet by wallet accounting.
48:07
If no accounting method is chosen, the first in first out
48:10
method will apply, selling the earliest acquired assets first,
48:15
which may lead to higher taxable gains during market upswings.
48:20
The extension will be in effect until December 31st, 2025,
48:25
giving brokers more time to adapt to different accounting
48:28
methods. During the relief period,
48:31
taxpayers can use methods like highest in, first out or
48:35
specific identification to choose assets to sell and
48:39
enhancing flexibility and potentially reducing tax impact.
48:44
So again, listen, I'm calling BS here.
48:49
I scrambled to like again, the, the I scramble to get compliant.
48:53
I make sure to get like my, my accountant, like dude, what's
48:56
going on here? You know, because at the end of
48:58
the day, like, like guys like if you don't do your taxes, like
49:03
bad things happen, you know, like bad things happen from a
49:06
legal perspective. Like, you know, you could see
49:08
this with the case of Roger Ver. You could see this with the case
49:11
of John McAfee. Like, you know, and they will
49:14
make an example out of you specifically too, if you work in
49:16
the Bitcoin industry, right? So it's like you obviously you
49:19
want to stay, you want to do it. Do I agree with it?
49:21
No. I think the American public was
49:24
psyopped into central banking in 1913, which coincidentally
49:28
another coincidence was the first year that they introduced
49:31
the income tax. I think eventually
49:34
democratically and through the legislative process, a lot of
49:37
this stuff will get repealed or taxation will get to a point
49:41
where it kind of makes sense. I think the current like method
49:45
of taxation, I think is completely unreasonable.
49:49
And again, it's not like they are fiscally responsible
49:54
themselves, right? It's like they're sending
49:56
billions of dollars to fund wars that you might not necessarily
50:00
agree with. Not only that, they're spending
50:02
money they don't have by debasing the currency.
50:05
So it's like you have to pay taxes on everything.
50:07
It's absolutely insane. And they're not even using that
50:10
money to better the country. They're using, they're you're
50:13
using that money and they're squandering it, right.
50:16
So, but again, you know, I find it hilarious that you know,
50:20
they, they, they scared the living bejeebas out of everybody
50:24
two or three weeks before the end of the year, basically
50:26
saying you got to kick compliant, you got to make sure
50:29
you're organized. And then two days after the
50:31
so-called deadline, they're like, oh, no, you know what?
50:35
Actually, we're going to delay it another year.
50:36
They did that on purpose. That was 100% on purpose, I have
50:40
no doubt in my mind. And I also think they're taking
50:43
advantage of the fact that they're still technically in
50:46
power for 18 days. The current administration, and
50:49
we know how the current administration feels about the
50:53
Bitcoin industry. So yeah, those are my thoughts
50:55
on that. Chris, what are your thoughts?
50:58
Like it's just like, dude, it, it, it, this is crazy, man.
51:03
This is, this is, this is nuts. It, it feels like a mafia, like,
51:06
I don't know how to say. Like I feel like I'm like, you
51:09
know, like it's like, like if you don't do this, like they're
51:13
going to lock you in a box. Like that's what it feels like,
51:15
you know? And then they make examples out
51:16
of people that, you know, work on our industry.
51:19
Like, dude, it's, it's, it's kind of scary bro, not not going
51:22
to lie. Yeah, definitely.
51:25
You know, I'll speak for myself like I thought this is a load of
51:29
crap. I didn't waste my time doing all
51:31
this stuff because I was like, I, I think it's
51:33
unconstitutional. And if it comes to it, I'd
51:35
rather fight it in the courts than comply with the stupid
51:37
crap. Not saying I don't pay my taxes.
51:39
I do. I'm a law abiding citizen in all
51:41
regards, But it also just shows their complete disregard and
51:44
complete lack of understanding how Bitcoin works.
51:46
They're like they're saying, I mean, Nico, you said in the,
51:49
the, the broadcast, the beginning, this is your 9th year
51:51
in Bitcoin and they're saying, oh, you have to pay based on the
51:54
taxes of the very first Bitcoin you bought 9 years ago.
51:57
And you know, we can look at the charts.
51:58
That's a crazy astronomical difference.
52:00
But Bitcoin's on a UTXO based accounting model, meaning that,
52:04
you know, when you buy a UTXO right now, if I buy Bitcoin, I'm
52:06
buying it at, you know, the price is, let's just say $95,000
52:09
right now. But then they're saying, oh, if
52:11
I were to sell that same lot or that UTXO that I'd have to do
52:14
the cost basis of whenever you got into Bitcoin, that's a load
52:16
of crap. That's not how that works.
52:18
Imagine I'm telling you, Nico, and every, the thing that drives
52:21
me insane is the IRS wants to call it, you know, property.
52:24
You know, the CFTC wants to call it a commodity.
52:27
The SEC wants to call these things securities or like
52:30
whatever they want to all have their own definition so they can
52:32
tax you or fine you or track you in whatever way they won't want.
52:36
Well, so OK, let's go with the FBI or not the FBI.
52:39
The IRS is a definition of Bitcoin being a real estate like
52:44
that. That's the way they define it.
52:46
So does that mean that if you're a real estate investor, that if
52:48
you sell a property that you got last, you have 50 properties?
52:51
We're making up this fictitious example.
52:52
That means that if I sell my 50th property, that I have to
52:55
get taxed on the basis of the first property I bought?
52:57
No, that's asinine. It doesn't make any sense.
52:59
It's stupid, and they're just trying to put their claws and
53:02
teeth into the industry and hamper it.
53:04
That doesn't even that's completely disregarding the
53:06
compliance requirement. I mean, let's look at those
53:08
realistically. OK, so you have to hire someone
53:11
that's a a lawyer that's went to law school to like read through
53:13
these regulations. Let's just assume on a safe side
53:15
that's 150 to $200,000. That doesn't even include any of
53:19
the mechanisms, the brokerages, the exchanges, Bitcoin, Wells,
53:22
Swan River Cash app strike any of these.
53:25
You know, it basically makes it that only the coin bases can
53:27
afford to do compliance regulatory like that.
53:30
So then you're further consolidating it.
53:32
I mean, the the ETFs are an issue by themselves because
53:34
basically Coinbase is the broker dealer or, or the authorized
53:37
participant for the majority of the ETFs.
53:39
I know there are a few that have broken away, but I guess I'll
53:41
end my rent there. That like, they're just trying
53:43
to put their claws in the industry.
53:44
They're trying to pick winners and losers.
53:45
They're trying to dox your privacy, and they're trying to
53:48
make it harder for people to use Bitcoin in a peer-to-peer
53:50
manner, like. 100% I think I think that the the last point
53:54
you're you're 100% spot on it. I think this comes down to their
53:57
heart. They're making it harder for
53:59
they want to make it harder for people to use peer-to-peer
54:02
because they know that their existing system, it's going to
54:05
be very difficult, man. It's going to be very difficult.
54:08
And like, and I'm seeing this and, and I'm just like
54:11
incentivize, like, dude, I'm just going to hold.
54:13
Like, I'm just going to hold. Like, why am I like, this is a
54:17
nightmare. This is crazy.
54:19
So it's like, not only do you work and you know, you have to
54:22
get up every morning, you have to provide for your family, but
54:24
you know, you have to dedicate a big percentage, especially if
54:27
you have a business, if you, you know, if you employ people, you
54:31
know, if you have investments, like you have to like
54:34
essentially invest time and money into just paying your
54:39
taxes. And they still might be wrong,
54:41
right? Like it's, it's, it's, it's a,
54:44
it's, it's crazy. It's, it's, it's really, really
54:46
insane. And specifically, now that
54:48
there's jurisdictions like Dubai, you know, there's there's
54:51
a specific one in the United States where there's
54:54
jurisdictions where you can go there and you can live there a
54:58
percentage of the year there and you don't pay any taxes at all,
55:01
right? And I'm hearing from friends,
55:03
I'm not going to name any specific ones, but they're
55:05
friends of mine that have given up their citizenship altogether
55:10
and have chosen just to leave, right?
55:13
So this is insane, man. This is crazy.
55:15
This wasn't what the United States would like.
55:18
I saw a meme the other day which was like like the founding
55:23
fathers revolt revolted over a 3% like tax T tax and like here
55:28
we are like the highest tax brackets like 40% if you live in
55:32
California it's like 55. It's insane.
55:35
Anyways, Jack what? What's your take on all this,
55:37
brother? Yeah, so we, yeah, I, I, I have
55:44
to do like the accounting for Thunder games and it's almost
55:47
like a massive, you know, we did like 4 million transactions one
55:51
year. So I was like, couldn't even fit
55:53
it on a spreadsheet. You know, it's a field special
55:55
software just to calculate all this stuff because it's not just
55:59
the price you bought it at, it's the price you dispose of it.
56:02
So we had like 4 million disposal.
56:04
So it was a nightmare. But yeah, I think in the UK we
56:08
have different, slightly different rules, which kind of
56:10
makes it a little bit easier. We have shared pool accounting
56:16
where you don't have to go back to like the UTXO of whatever,
56:21
dispose of that one. It's like whatever, it's just
56:23
all in one pole and it just has an average price and we have our
56:28
capital gains tax works that you get like 3000 is tax free.
56:33
So for day-to-day like Bitcoin usage, you don't really have to
56:36
keep track of it because it's just not going to be made that
56:41
33000. So we have slightly different
56:44
rules and maybe so like I don't even like our ones.
56:47
They sound slightly simpler, but it's just a nightmare.
56:50
It should just have no tax, just for simplicity's sake and so we
56:55
don't have to pay tax. But that's my take.
56:59
Yeah, I'll add one thing to that you said Jack, though.
57:02
That's insane that you had 4 million transactions just to
57:04
give people a concept like Microsoft Excel might be one of
57:07
the greatest programs ever made. You know, whatever you say about
57:09
Microsoft, they're a shitty company overall, but their
57:12
product of Excel is probably one of the best that's ever made.
57:14
It just has over about 1,000,000 rows that you can have in a
57:17
single document without like, you know, doing something
57:19
special or creating special software.
57:21
I think Google Sheets is 1000, maybe 100,000.
57:24
So props to you guys for basically doing 4X what a normal
57:27
Excel sheet can fit for transactions.
57:29
Yeah, it's a bit of a yeah, it's, you know, people don't
57:32
really see that like they're right.
57:34
And that that that article that the technology doesn't exist to
57:40
even do some, some of these like things because we had to build
57:43
our own stuff. Like imagine if you know you
57:46
didn't have a developer team to to build special tools to do
57:49
your own accounting as a nightmare.
57:52
Yeah, absolutely, absolutely. All right, ladies and gentlemen,
57:55
stay tuned. We're going to talk about a lot
57:56
of things. We're going to talk about
57:57
Thunder games. We're going to talk about the
57:59
Sailor 100K party. If you guys, you guys have any
58:02
questions about the party, drop it in the chat.
58:05
I'll make sure to answer some of them.
58:08
So stay tuned. We are about to hit the culture
58:11
segment. We will be right back.
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I want to give a shout out to our sponsor Hive Digital
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59:03
All right, everybody, guys, I want to tell you guys about our
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1:00:16
All right, everybody, I do want to open up the conversation to,
1:00:20
you know, some let's do a little bit of a recap of.
1:00:24
Of the sailor 100K party have some footage of it.
1:00:28
Our friends over at Bitcoin magazine and my sister of Zemo
1:00:33
media put together an amazing production covering the event,
1:00:37
doing drone shots and everything.
1:00:39
So I have a have some video of you guys for I have some video
1:00:43
of it for you guys. I'll, I'll Fast forward it.
1:00:45
We can have that in the background playing while we talk
1:00:49
about it. But yeah, it was absolutely
1:00:51
awesome. Sailor had his entire Miami
1:00:54
estate decked out. He had, you know, he had a dance
1:00:58
floor, he had the pools open, he had food, he had his yacht open
1:01:02
at the end. It was a it was a great party.
1:01:04
He had dancers, acrobatic dancers, he had a red carpet.
1:01:09
You know, it was an absolutely phenomenal event.
1:01:11
Also, you know, he had the podcasting station open, he had
1:01:17
some of the biggest Bitcoin Youtubers and and content
1:01:20
creators. I was there on the desk as well
1:01:22
with Russo and Alan of BT of Bitcoin Magazine.
1:01:27
So it was a, it was a wonderful there.
1:01:28
It was a great event. And yeah, it was, it was a great
1:01:31
time. So that's why I was not
1:01:33
available for the last two days. Opti was holding it down.
1:01:38
But no, we didn't hit 100K. You know, we didn't hit 100K
1:01:42
during the party. Anyways, I heard we are close to
1:01:46
we are close to 300 K 300 likes on YouTube.
1:01:51
So if you guys are enjoying the show so far, make sure to smash
1:01:56
that like button. But yes, this is where I've been
1:01:59
the last two days. I've been recovering and and
1:02:02
going to the sailor party. I want to talk about what our
1:02:05
guests why our guest is here today Thunder games Thunder
1:02:10
games is when Bitcoin by playing games.
1:02:14
You could download a lot of these on the App Store like
1:02:17
clinch like tetro tiles club Bitcoin solitaire bounce along
1:02:22
with blockchain. The blockchain classic snake.
1:02:26
Can you reach 100 miles an hour and Bitcoin bubble shooter so
1:02:31
Jack can you give a little bit of a like of a of a low down.
1:02:34
What is Thunder games? That sounds way too good to be
1:02:38
true. You know what do you mean?
1:02:41
Like you can What do you mean you can earn Bitcoin playing
1:02:45
games that That sounds way too good to be true?
1:02:48
What's going on there? Yeah.
1:02:50
So we've got a couple of as you, you point out few categories of
1:02:55
games there. The the main way that you can
1:02:58
earn Bitcoin in our games is we have competitions that free to
1:03:02
enter and prize draws and different tournaments.
1:03:06
So we have a lot of different games like classic solitaire
1:03:09
games or arcade games like racing games.
1:03:14
And basically just by playing the game, you get automatically
1:03:16
entered into a tournament and then depending on how good you
1:03:20
are at the game is how many sats you win.
1:03:23
So everyone always wins at least one SAT entering the tournament.
1:03:26
So everyone wins and yeah, you can just pick a game that you
1:03:30
enjoy and play and earn some Sats.
1:03:33
And then we have different versions of our games which are
1:03:37
skill based wagering games. So after you've earned a few
1:03:40
sacks inside the solitaire game, you can take those and use them
1:03:44
to compete against other people. So you can put your own sacks on
1:03:47
the line and try and win even more sacks if you're brave
1:03:50
enough. So yeah, that's kind of the long
1:03:52
and short bit. That's awesome and and that's
1:03:55
really cool. And and again, like what, how
1:03:57
does it work for you guys? Like it feels like you guys are
1:04:00
just giving up Bitcoin for people to play games.
1:04:04
Like how does that make sense? Yeah.
1:04:06
So that is what we're doing. So we have some partners and we
1:04:12
have advertisers. And So what we do is we share
1:04:15
some of those advertising revenues with the users.
1:04:18
So during the gameplay, you will see, you know, banner ads, just
1:04:22
the normal advertisements you would see in any normal mobile
1:04:26
game. So we share those back with the
1:04:28
users and we also have partners who are like Bitcoin wallets.
1:04:33
So we've worked with Cash App, Speed, Zebedee, Wallace, Toshi
1:04:39
in the past pouch and we try to on board people and teach them
1:04:44
how to use their get their first Bitcoin wallet.
1:04:46
So you can imagine someone who's new to Bitcoin, they come to the
1:04:49
game, they win some Bitcoin and then they need to learn how to
1:04:52
cash it out from our game. So then we onboard them to their
1:04:55
first Bitcoin wallet, which is nearly always a Lightning
1:04:59
wallet. And when we onboard those users,
1:05:02
we that is like an advertising placement.
1:05:05
So we get Commission for that and we obviously give that back
1:05:10
to the users in the tournaments as well.
1:05:13
That's awesome, dude. That's that's pretty cool.
1:05:15
And again, it's, it sounds like aligned incentives, right?
1:05:18
Like you guys benefit from it, but also your users a lot a
1:05:22
benefit from it too. I'm assuming the payouts are
1:05:24
enlightening. Could you talk a little bit
1:05:27
about that? Yeah.
1:05:29
So the payouts are all in Lightning.
1:05:31
That's why I alluded to earlier in the show.
1:05:33
We had like 4 million transactions a year or
1:05:35
something. It might be more of, to be
1:05:37
honest, once you got to the first million, I stopped
1:05:38
counting. But yeah, it's millions.
1:05:41
And yeah, but essentially you can cash out as little as Van
1:05:44
Satoshi, which wasn't possible before with any other types of
1:05:50
Fiat payment in rewarded games. You know, used to have like a
1:05:54
PayPal cash apps in some games and that you'd have to get to
1:05:57
like $5 before you could even withdraw, which would take like
1:06:01
six months of playing, which no one would do.
1:06:03
So it was not a very good solution.
1:06:06
So Bitcoin's great because, well, specifically over the
1:06:09
learning Network, we can cash out once Toshi at a time, so
1:06:13
people can literally download the game and within like 15
1:06:16
minutes win some Bitcoin and then just withdraw it.
1:06:20
Absolutely I mean dude, that that is awesome get playing
1:06:24
games. I mean literally getting paid to
1:06:28
play games like that is incredible.
1:06:31
That is that is that is really cool.
1:06:33
Chris, do you have any questions for Jack?
1:06:35
Well, let's take advantage of him while he's here.
1:06:37
While he's. Yeah, Jack, I was going to ask.
1:06:40
So I mean, obviously many Bitcoiners or you know, I'll
1:06:42
lump myself in with that, have probably heard of Thunder games
1:06:44
or they're like, oh, that's so cool playing games for earning
1:06:47
sats. But I'm assuming like the vast
1:06:49
majority of the people that download your games are just
1:06:51
casual gamers and they've not really heard about Bitcoin or
1:06:53
maybe you've heard about Bitcoin but don't know how it works.
1:06:55
So how's the onboarding or how do you get what's the feedback
1:06:58
back from people that are may not be quintessential Bitcoiners
1:07:00
or Bitcoin? Maxis, yeah, I think they love
1:07:04
it. Is the like we'll start with the
1:07:06
bottom line up front. They love it it's so easy,
1:07:09
especially with like the lightning address that does make
1:07:12
it a lot easier. They just like being able to
1:07:16
cash out immediately. We have about Desiree my Co
1:07:21
founder who knows the numbers at the top of her head, but I think
1:07:23
it's about 80% of users who download our games need don't
1:07:29
have Bitcoin wallet so they have to download 1.
1:07:32
So we are on boarding quite a lot of people and it's about 40%
1:07:37
of those people who download then go on to actually win some
1:07:40
Satoshi's and cash out. So everyday we're, we have like
1:07:45
a North Star metric, which is like how many new Bitcoiners
1:07:48
we've minted. So that was kind of like a
1:07:51
internal goal is like just give as many people Bitcoin as
1:07:54
possible. And I did see someone on your
1:07:56
chat say that thanked me for giving him his first Bitcoin.
1:08:01
I'm pleased that I saw that. What do you mean someone earned
1:08:09
a whole Bitcoin? I was like, damn, what game is
1:08:14
he playing? I'm in the wrong career, bro,
1:08:16
God damn. But but yeah, no, that's that's
1:08:20
incredible. That's really awesome guys.
1:08:22
You can go to Thunder dot GG for audio listeners.
1:08:25
It's spelled THNDR dot GG to visit Thunder games today.
1:08:32
You'll see all the different games and the different
1:08:36
platforms it's for. So some games are for iOS, some
1:08:39
games are for Android, some games are for both.
1:08:42
You can check out all the games there and literally get played
1:08:46
in Bitcoin to play games. It's an actual thing.
1:08:49
It's real. It's really, really cool.
1:08:51
So go check out Thunder games today and I want to thank I want
1:08:55
to thank everyone for tuning in today.
1:08:57
Almost 3000 live viewers across all platforms.
1:09:00
You reach 320 likes on YouTube alone.
1:09:04
We appreciate you all. Thank you guys so much for
1:09:06
tuning in. This is January 22nd, 2024.
1:09:09
I'm your host Nico Moran. It's my legendary Co host Chris
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Alamo and our special guest for today, Jack from Thunder games.
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Again, go visit Thunder games at THNDR dot DG Thunder dot GG.
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Alright everybody smash the like button.
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If you guys enjoyed the show, we will see you tomorrow for a
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brand new episode of Simply Bitcoin Live.
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Today's episode was brought to you by bitcoinwell.com, a
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Bitcoin only platform on a mission to enable financial
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independence.