Latest / Simply Bitcoin / Jack Mallers: $250k Bitcoin this Cycle | EP 978

Transcript

Jack Mallers: $250k Bitcoin this Cycle | EP 978 · Simply Bitcoin

0:02
It's all going to zero against Bitcoin. It's
0:06
going to travel. You're against Bitcoin. You're
0:16
against freedom. Yo, welcome to Simply Bitcoin
0:23
Live. We're number one source for the
0:25
peaceful Bitcoin Revolution, corporate news, culture,
0:27
medical warfare. We will be your guide through
0:30
the separation of money and state. Ladies
0:33
and gentlemen, welcome to Simply Bitcoin, the most
0:34
watched daily Bitcoin only live show on YouTube,
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Rumble and X. Shout out to our Rumble
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community. We are now verified on Rumble
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and we are officially using the channel name Simply
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Space Bitcoin. So shout out to the Rumble
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crew for making that happen. And
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we appreciate you guys. We appreciate all the
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communities, the YouTube community, the Rumble
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community and the Twitter community. If
0:57
you guys are enjoying the show so far, make sure to
0:59
smash that like button. We're
1:00
going to take a more lighthearted approach because
1:02
I feel like yesterday's episode, we had to cover a
1:06
very serious topic. And it was from a historical
1:09
sense. I think it was one of the
1:10
most important episodes we've done in Simply
1:13
Bitcoin's history. You have, I would say, an
1:16
escalation from the state here in the United States
1:20
going after Bitcoiners. It started with Tornado Cash.
1:23
They set the precedent with
1:24
Tornado Cash. Coin Center lost its case. The
1:28
lawsuits got dropped and then they got emboldened
1:30
and they said, okay, now let's go after a bigger
1:32
fish and they went after Samurai. Unfortunately,
1:35
the developers are similar. Currently,
1:36
you know, sitting in a box, sitting in prison,
1:39
right? So this is what the separation
1:41
of money and state is all about. Did
1:42
you really think that they were just going to go
1:44
gently into that good night? Did
1:45
you really think that they were just going to go over
1:48
the keys, right? Yeah, like the next battle to
1:50
come is the fight for self custody. Self
1:54
custody is the revolution. We
1:57
read you this amazing post from Lynn yesterday talking
2:02
about how basically the kind of the tax system is
2:06
built on the built on this financial surveillance system
2:11
that we currently exist that currently exist. But
2:14
that system relies on intermediaries, right? So
2:18
intermediaries holding your money. That's
2:20
why they come up with terms like hosted wallet,
2:23
unhosted wallet, because an unhosted wallet makes it as
2:28
if like you need it an intermediary for it to
2:31
function. But that's not the case. That's
2:34
not how Bitcoin works. You don't need an intermediary,
2:37
right? So that whole system that's
2:40
predicated on being able to surveil to effectively
2:44
enforce taxation, effectively enforce capital controls, it
2:49
kind of goes away, right? When
2:51
you have peer to peer transactions, right? Here
2:53
is Nouraj. He is part of the
2:55
communications for Coin Center. And
2:57
I love his pin tweet, which I think perfectly
2:59
summarizes what I'm talking about. I'm
3:01
sorry that your warrantless surveillance regimes was
3:04
built on the assumption that people would always
3:06
need intermediaries to transact. So
3:09
spot on. And that's exactly what's
3:11
happening right now. So today, what we're going to
3:13
focus on is the next step, right? You
3:16
know, Samurai, we're going to keep updating you guys
3:18
if there's updates, but we're going to focus on
3:21
their next attack, which I really think it's inevitably
3:25
coming is the attack on self custody. So
3:29
we're going to talk about that today. The
3:31
FBI released a public service announcement and the
3:36
wording is pretty interesting how they're
3:39
framing it, how they're wording it. We're
3:41
going to talk about that. Also,
3:43
I love Jack Mahler's. I love his optimism and the
3:46
way that he kind of sees this. He's
3:48
predicting 250 to one million dollar Bitcoin this
3:52
cycle. And it all has to come from
3:55
it all comes from just the absolute crazy, the, the,
4:02
the, the, just the fiscal, you know, the fiscal
4:05
strategies of our politics. You
4:07
can call it a strategy. The
4:09
fiscal decisions of our politicians, right? The
4:11
endless money printing the U .S. bond
4:13
market, which is always, you know, you could say
4:16
it's healthy. People love U .S. bonds.
4:18
Like for the first time in history, people are just
4:20
looking at U .S. bonds and saying, I don't know
4:22
about that. Right. So we're kind of heading
4:24
into uncharted territory. Now,
4:26
of course, we're Bitcoiners. We're
4:27
in the lifeboat, but for governments, they can't have
4:32
that lifeboat that that lifeboat can exist. Like
4:34
it creates a very big problem if they can't take
4:39
you down with the sinking ship for them. It's
4:42
a big issue. So this is why I believe, you
4:44
know, self custody is inevitably on the chopping
4:47
block. That's inevitably where they're
4:48
going to go after. It's not just me saying this.
4:51
You have very, very extremely
4:52
intelligent Bitcoiners like Dylan Leclerre also making
4:55
the case for this as well. So
4:57
we're going to get into all the details of this.
5:00
And then also this is not just
5:01
happening in the United States. This
5:04
is happening in the European Union. This
5:07
is happening in the European Union is passing
5:07
these laws, these surveillance rules that
5:10
would make it illegal for certain amount of cash
5:13
transactions. Also, the Phoenix wallet decided
5:17
to exit the United States as well. Following
5:19
the footsteps of all of Satoshi, you know, I
5:22
thought this was a land of the free home of the
5:23
brave. Wall of Satoshi and Phoenix are
5:27
unavailable in three countries, North Korea,
5:29
China and the United States. Like,
5:31
such a such a hotbed for innovation. You
5:35
know, this is this is nuts. What
5:37
is happening? So bunker down, take self
5:39
custody. This isn't the separation of
5:42
money and state. You know, this isn't called the
5:43
peaceful revolution for no reason. But
5:46
I think we're going to win at the end. And
5:47
the reason I believe we're going to win at the end
5:49
is because Bitcoin has superior incentive is the
5:52
best money the world has ever seen. All
5:54
right, no more delay. I do want my legendary co
5:56
-host. Here's Phil C. You
5:58
can't comply your way out of tyranny. Yes,
6:00
but you can't. You can't comply yourself out
6:02
of tyranny. But you can self custody your
6:05
way out of tyranny. That's for sure. Anyways,
6:07
Opti, how are you doing? It's
6:09
Friday. We survived another week. This
6:12
was a crazy week, bro. This
6:14
was nuts. Like, you had a crazy week and
6:16
only getting crazier like yesterday got pretty dark,
6:19
bro. Like it got pretty dark. You
6:22
know, Bitcoin Twitter was up in arms. I
6:25
think we definitely got hit as a community. Definitely
6:28
a step in the right direction in terms of
6:30
privacy. The villainization and
6:34
criminalization of privacy. And
6:36
we have to keep in mind, right? The
6:37
way that they're phrasing things and they're wording
6:39
things, a very small percentage of samurai users
6:43
and tornado cash users were actually using, you know,
6:47
the mixers for illicit finance, but you can't, you
6:50
know, the government isn't going to let a crisis go
6:52
to waste. And the way that they kind of
6:54
state crafted this, the way that they use law fair was
6:58
fascinating. They set the precedent with
7:01
tornado cash. Everyone that sued the tornado cash
7:06
and no one really cared a lot because no one really
7:08
knew what tornado cash was. But
7:11
they said tornado cash is laundering money for North
7:15
Korea and China. No, North Korea and Russia.
7:19
Russia, North Korea bad. And
7:22
they set the precedent when they won those cases less
7:25
than a year later, they felt emboldened and they
7:27
don't even use boogeyman's anymore. Now
7:29
they're just saying, oh, people are laundering money
7:31
illicitly. That's bad, right? But
7:34
it's interesting how they did that, right? They
7:36
took little incremental steps. And
7:39
the reason I'm highlighting that and bringing that up
7:41
is because they're doing the same thing with self
7:44
custody. The FBI public service
7:47
announcement, the terms hosted wallet, unhosted
7:51
wallet. Also, we had Bitcoin mom, I
7:53
believe she's Jack Mahler's mother and she's talking
7:56
about an experience that she had with the IRS in
7:59
regards to self custody. So it's like it doesn't take
8:03
a rocket science of rocket scientists to really kind
8:06
of, you know, play out in your mind where this is
8:09
going, right? It's so incredibly obvious. But
8:12
this is a line that cannot be crossed. This
8:16
is a line where this is where we win. This
8:19
is where we win. This is where we lose. Self
8:21
custody is the revolution. Millions
8:24
upon millions of individuals taking custody of
8:28
unconfiscatable wealth. That's
8:30
how things actually change, right? So
8:33
this is where we hold the line. We
8:35
cannot bend on this issue. This
8:36
is an issue that we have to stay and say, look,
8:40
like I want to I want to self -cussy my wealth. That
8:43
shouldn't be a crime. And we really want to we
8:47
really got to stay solid on that. Anyways,
8:49
guys, if you're enjoying the show, just make sure
8:51
to smash that like button. Help
8:52
us break 100 likes within the first 30 minutes on
8:55
YouTube. Anyways, I do want to bring our
8:56
very special guest. We got Crown Crown. Thank
8:59
you so much for joining us. Crown
9:01
has an incredible background. It
9:04
look it's it's so pretty. It
9:06
looks like a green screen, but it's real. I
9:09
think crown. How are you doing? Pretty
9:11
good, man. How you guys doing? Thank
9:13
you. Thank you so much for joining
9:14
us. I do want to hit on this
9:17
topic a little bit before we jump on the show.
9:19
Crown, you've been a bit coiner
9:21
for a while now. What's your take, man? Did
9:24
the samurai news catch you off guard as well? Oh,
9:29
I mean, definitely. So I mean, I've had a little
9:32
bit of a history with samurai guys. Of
9:34
course, they're pretty controversial figures
9:35
generally. But regardless how we feel
9:37
about them, what's happening to them isn't right,
9:39
especially the reasons why it's happening to them. I
9:42
mean, nobody. It's pretty scary that developers
9:45
are starting to get, you know, global raids against
9:48
them for essentially just making privacy tools. So
9:52
I mean, who knows how it's going to go out. It's
9:54
kind of coincidental to how it's just a month ago.
9:57
They released plans to
9:58
decentralize the whirlpool for once. You
10:01
know, there was a lot of controversy with how the
10:02
whirlpool was, how they had a lot of control over the
10:04
X pubs. They had a lot of access into
10:06
seeing, you know, kind of who was doing what. And
10:08
now they were finally going to decentralize that it was
10:11
actually like what it was actually starting to look
10:14
like it could be, you know, I just think more
10:16
legitimate. And then all of a sudden now
10:19
they are raided. So that's not good. Yeah,
10:22
100 % Opti. Yeah, I mean, couldn't agree more
10:27
with what JC was saying. And
10:29
I mean, like to be fair, and I was getting some
10:32
some flack on Twitter last night, but I was having
10:35
some conversations with with a bunch of Bitcoin friends
10:37
yesterday. And I think the mood last
10:39
night for all of us was pretty much the same. You
10:41
know, it seemed kind of dark. We're
10:44
like, man, like how what what do we even do here?
10:47
We're definitely in the then they
10:48
fight you stage are coming after us. And
10:51
then I don't know, I woke up this morning. I'm
10:53
like, we're going to win like we're winning so hard.
10:55
This is awesome. This
10:56
is this is what we were born for. So
10:58
I don't know, you know, last night I might have
11:00
been a little bit pessimistic fields after all
11:02
the crazy news. And this morning doesn't feel
11:05
that much better now that Phoenix is leaving. I
11:06
had to close some channels and stuff. But
11:08
man, it just makes me know that we're on the right
11:11
track and no one said it was ever going to be easy.
11:14
So here we are. It's
11:15
Friday. You know, we do have a meme
11:17
review for you guys. So we'll end the week strong.
11:19
We're still here. We'll
11:21
still be here as long as we can be as long as
11:25
we're not criminals on the Internet. We're
11:27
not doing anything. We're just trying to save in
11:29
Bitcoin. It's crazy. It's
11:30
crazy, dude, that like we're kind of heading into
11:33
this world where, you know, writing down 12, 12 words
11:37
is considered, you know, like a crime. Like
11:40
that is doing math is illegal, bro. Like
11:43
that is nuts, right? But I think it really calls
11:46
into question, like, you know, what is government?
11:49
Like what like what like art?
11:51
Like, you know, because they the
11:52
the the justification is always like for your
11:55
safety, for your protection. And
11:57
I think Bitcoin exposes all incentives. And
12:00
I think it's exposing, you know, government in the
12:03
nation state for what it is. Like,
12:05
like they just see us as tax cattle. Like
12:08
it's not a, you know, government by the people
12:10
for the people. I think Bitcoin and really
12:13
like information and the Internet has really just
12:15
exposed this machine to be like it really feels like
12:19
it's a government by the government for the
12:21
government and you're just kind of along for the
12:23
ride. And then they give you an
12:25
election every four, every, you know, every two years
12:27
to make you feel like you have some type of say in
12:30
all this. But, you know, it's just it's
12:33
just nuts. But anyways, one of those
12:35
things that Bitcoin fixes, but it might be a bumpy
12:37
transition to say the least. Anyways,
12:39
guys, let's get to the numbers. We
12:41
have a lot to talk about. But
12:42
before we do that, I do want to give a extremely
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guys, let's get some numbers. We
13:54
have a lot to talk about today. Let's
13:55
check it out. Here we go. The
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All right, everybody, at the
14:59
time of recording, the Bitcoin price is 65 ,250
15:03
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Stamp it on titanium. The
15:22
market cap of Bitcoin is currently at 1 .28 trillion,
15:26
declined from all time high, 11 .5%. The
15:29
block height is currently at 840 ,670, having estimate
15:34
March 16, 2028. Realized monetary inflation 1 .72%.
15:40
Forward monetary inflation 0 .85%.
15:43
You want to know why they hate
15:44
Bitcoin? That is why. Annual
15:46
mining revenue, 14 .2 billion, money supply, 19
15:51
,689 ,377 .37, Bitcoin, Bitcoin pricing gold, 27 .3
15:59
ounces, Bitcoin versus gold market cap, 7 .81%. In
16:05
the grand scheme of things, we are just getting
16:08
started. Anyways, I do want to show this
16:11
video by Jack Mahler's man. He's
16:13
so optimistic, dude. Like his energy. And
16:18
here's the Bitcoin therapist, our friend, the
16:20
Bitcoin therapist. And this is Jack Mahler's,
16:22
expects the equivalent of at least two to three X
16:25
more money printing than the pandemic to bail out
16:28
the US out of the next financial disaster. He
16:31
predicts a 250K to $1 million Bitcoin price. Let's
16:36
check out the video. Okay. Turning back to Bitcoin
16:39
itself. I've heard you say this on a
16:40
few interviews or podcasts and on the media, a
16:44
million dollars for Bitcoin. Walk
16:46
us through your thesis of how it could get there. I
16:49
just don't think that enough people have a big
16:52
enough imagination of this upcoming cycle. I'm
16:55
expecting. I mean, the bond market is
16:57
in trouble for really arguably the first time in
17:01
modern financial history. Bond
17:03
holders are getting absolutely demolished and
17:05
crushed. Now, David, who owns bonds? All
17:08
of our banks. So our bank deposits aren't
17:10
there because the bonds that were purchased with my
17:14
deposit is underwater. And so if central banks and
17:18
government is going to try and save that market, the
17:21
amount of liquidity that's needed is going to send
17:25
assets very high. I mean, you can try and do
17:28
napkin math. And I joke like how many
17:31
COVIDs are we going to get if they try and bail out
17:33
this market that we're in today? You
17:35
may get two, three COVIDs. So
17:37
if that happens, it's impossible to speculate on
17:41
an asset as scarce as Bitcoin. But
17:42
I think 250 ,000 to a million is the imagination
17:46
I have in that range of just how big this can get.
17:49
And that's based on all the
17:50
liquidity that's going to be required to make this
17:53
market solvent. Is that based on a steepening
17:57
of the adoption curve, which we'll talk about in
17:59
just a minute? Or is that just based on
18:01
normal market action, like more liquidity, like you
18:04
mentioned in the natural course of time just
18:07
passing? What is a catalyst is basically
18:09
what I'm asking? I think all the above. Well,
18:12
we're talking about pricing Bitcoin in a piece of
18:15
paper that's being actively debased, right? So
18:18
maybe a more interesting question is, how many
18:20
houses can I get from my Bitcoins in a year? But
18:23
given the fact that it is in dollars, I think that's
18:27
where your imagination has to go insanely high because
18:29
of the predicament that the government is in. On
18:32
the other side of that, though, on the talk of
18:35
adoption and just the notion of it, I think
18:37
price is the most accurate KPI we have into Bitcoin
18:40
adoption. What price tells me is a rather
18:42
accurate measurement of how much of the world is using
18:45
Bitcoin as money. And so I expect more of the
18:48
world to take on Bitcoin as money, whether it be
18:51
for any form of use case or value to them, because
18:55
it is so appealing and solving so many different
18:57
problems. So I expect adoption of
18:59
Bitcoin as a monetary unit to go up. And
19:01
then against the dollar in particular and other fiat
19:03
currencies, I expect it to be violent to the upside.
19:08
So, I mean, love the way that
19:10
Jack articulated it, the way that he put it. And
19:14
I love that kind of saying where that price kind of
19:21
represents the amount of Bitcoin adoption. And
19:24
I think that's a really interesting way of putting
19:26
it. And then he also said something
19:28
that Jeff Booth said when he came on SimplyBitcoin
19:31
.io, which is kind of like people always want to know.
19:34
But the reality is like, it's
19:36
like what, like if you use Bitcoin as your unit of
19:41
account, then the question is not how much is that
19:44
worth in fiat? But how much what is my
19:47
purchasing power? Right. Like, and if you take a
19:50
look at price and Bitcoin, which we always show you
19:52
guys that website, it's one of my favorite. Everything's
19:55
getting progressively cheaper on a Bitcoin standard,
19:58
right? Housing, you know, anything,
20:01
anything, it just gets cheaper and cheaper and
20:03
cheaper. And I don't expect that trend
20:05
to discontinue. I think it's going to
20:07
continue, you know, into the future. And,
20:12
you know, it kind of goes back into what Jeff Booth
20:15
was saying, which I think is fascinating, which is
20:18
like, we should be kind of living in this deflationary
20:21
world because technology is deflationary, but governments
20:25
can't have that because they won't be able to
20:27
repay the debt. So they do everything in their
20:30
power to kind of keep the gig going, like keep the
20:34
racket going, right? Whether that's endless wars, the
20:37
excessive amount of money printing, the capital
20:39
controls and now put connect the dots with
20:43
everything that I'm saying and apply it to these, you
20:46
know, these new hostilities towards the Bitcoin industry
20:51
in the United States, right? It
20:52
was going after Samurai, Phoenix pulling out Wallet
20:56
of Satoshi. You know, this country that is
20:59
built, you know, built upon individualism and built upon
21:03
innovation and built upon entrepreneurship is becoming
21:07
one of the most hostile locations to be a Bitcoin
21:12
entrepreneur. And that's just going to force
21:14
these Bitcoin companies to start developing elsewhere.
21:20
And that means those tax
21:21
dollars go with it, right? So
21:23
it's a losing battle for the U .S. government,
21:26
but I also don't blame them. They
21:27
want to retain the power of being able to create
21:30
money for free that everyone else has to work
21:31
for. That's a tremendous privilege. It's
21:34
a tremendous power. And, you know, these politicians
21:36
don't want to let go of that, right? So
21:38
anyways, I want to get Crown Stots and then we'll
21:40
pass it on to Opti. Yeah, and especially when it
21:44
comes to, like, the whole, all the justification for
21:48
the raid that happened in Samurai, these exchanges
21:50
shutting down, the Wallet shutting down, all of this,
21:53
supposedly, the criminal activity we're talking about
21:56
is not allowing the government to spy enough on
21:59
their customers to see whether or not they're
22:01
paying taxes. Like, there's this massive
22:03
infrastructure built around, not just in terms of, I
22:08
mean, really in terms of enforcement and regulation.
22:11
All this bureaucracy is just to
22:12
make sure, at least the justification is, just to
22:14
make sure that you're paying your taxes. I
22:16
mean, how far are they going to go or how far
22:18
can they go just to say, like, hey, are you letting
22:21
us spy enough? It's really absurd when you
22:24
think about it. It's not like we're talking
22:25
about necessarily people, you know, dealing drugs or
22:29
trafficking or all these other crazy things. It
22:31
really comes down to, we need to know who your
22:33
customers are so we can see whether they're paying
22:35
their taxes or not. And that's nuts. Yeah,
22:39
totally. 100 % Couldn't agree more. Opti,
22:42
what's your take on this, brother? Yeah,
22:44
so going back to just the Jack Mahler's clip in
22:47
general, first and foremost, of course, I got to kind
22:50
of troll a little bit. I think that's my duty here
22:52
as Opti on the show. I'm just a comedic relief here,
22:55
guys, so bear with me, bear with me. But
22:57
I'm starting to get the feeling like $1 million
23:00
Bitcoin price predictions is the new 100K of this
23:03
cycle. And, you know, it sounds great
23:06
and I really love the framing that Jack Mahler's
23:08
kind of framed it. It's like you guys aren't
23:10
thinking big enough. And again, me and Nico kind of
23:13
been saying it for a couple of weeks now. Maybe
23:14
we just have PTSD and we're like, oh my God,
23:17
like, we're not going to get as high as everyone's
23:20
thinking. And again, you know, I've been
23:22
trolling for a minute that, you know, if we expand
23:26
last cycle to our new price prediction, does
23:29
everyone saying $1 million Bitcoin and the last cycle,
23:32
everyone was saying 100K Bitcoin and we only got
23:35
the 70K Bitcoin. So, you know, it's just cut in
23:38
the middle. We're going to 700K Bitcoin. I'm
23:42
trolling. I don't know where this price
23:43
prediction is coming from, guys. But
23:44
I kind of agree with Mahler's low point on
23:48
there. Like I've been saying for a
23:49
while and again, I have no math behind this. It's
23:53
just my oracle is telling me this. But
23:55
I've been saying for a while, probably like a year
23:57
at least, that 250K seems to be a very conservative
24:02
price prediction of where we're going, considering
24:05
everything I always tell you guys on the show and
24:07
everything we cover. Like it does feel like there's
24:09
a perfect storm out there for us, Bitcoins, and an
24:12
incredible price appreciation. You
24:14
know, I've been saying it for a while and if I have
24:16
to run it down, it's like we have institutional demand
24:18
for Bitcoin. We've seen what all the ETFs
24:20
want. They want to take all the
24:21
Bitcoin on the market. We're
24:23
seeing that most of the Bitcoin in cold storage is
24:27
held. It's been held for longer than
24:29
a year. I think the numbers I haven't
24:30
checked recently, but it's like 70 % of all Bitcoin
24:33
is being hodled in cold storage, which is absolutely
24:36
beautiful to see. We're seeing talking heads on the
24:39
corporate legacy media being Bitcoiners. You
24:42
know, shouts out to Charles Payne and Joe Kernan.
24:44
They're the best Bitcoin podcasters
24:45
in the game. And also we're seeing like
24:48
price tickers on all of the corporate press sites
24:51
in regards to Bitcoin. We're
24:52
seeing that the corporate press cannot stop talking
24:56
about Bitcoin, even if they're fighting Bitcoin.
24:58
It's all good for Bitcoin.
24:59
They're still talking about Bitcoin.
25:01
And we have yet to see the
25:03
retail FOMO that I think is on the horizon once the
25:06
price starts moving. Like go outside. We
25:08
don't have the shoeshine boy meme playing out in
25:10
real time where if you go outside and you talk to
25:13
the normies, they're not even talking about Bitcoin.
25:14
I was thinking about this
25:15
yesterday. I went and got some food. I
25:17
got some KBBQ. You know, I did do all I can
25:19
eat and eat last night. It was delicious. Gorge
25:22
myself. But I was sitting there and I
25:24
was even saying this to my boy Joe Rogers from Bitcoin
25:26
Mag. And I like, I had a moment. I
25:29
do this all the time when I go out and, you know,
25:32
go into the normie world. I
25:34
like look around and I'm always thinking the same
25:36
thing. I just look at people and
25:37
it's not me being judgmental, but I'm always
25:39
thinking like, do these people even know what's
25:41
going on right now? And I didn't, I couldn't see
25:45
one person last night that would even acknowledge the,
25:50
the Liberty infringement that we are seeing play
25:54
out at least in the Bitcoin space or the
25:56
privacy space at large last night. And
25:57
I'm like, man, we're still so early. This,
26:00
this thing's going to get crazy. And
26:01
then I want to add on the last thing on the last
26:04
part of my rant. I've been saying for a minute
26:06
and I love how Jack said it. You
26:08
know, I know Bitcoiners say the price doesn't matter.
26:10
It doesn't matter pricing
26:11
dollar or Bitcoin in dollars because dollars are
26:14
wack and, you know, it's literally paper IOUs and
26:16
all that stuff and the dollars going down. And
26:19
so how do you price something when they can
26:21
print more of it and it's losing value and all that.
26:24
But I legitimately just believe
26:26
that the Bitcoin price is a real time metric of
26:28
people's understanding of Bitcoin. Like
26:29
I really love that framing because the Bitcoin time
26:32
chain is literally the only true data left in the
26:35
world. All data has been manipulated.
26:38
If you're believing any of the
26:39
data come out from the corporate legacy press or
26:41
all the institutions, it's all fake news. Like
26:44
it's all manipulated. It's all fake. And
26:47
the only real data left in the world is the Bitcoin
26:49
time chain. So I do believe that the
26:52
Bitcoin price is important, especially to get people
26:55
to, you know, foam loan to Bitcoin for better or
26:57
worse. And so like Bitcoin is a
26:59
metric system for value in the world and we'll see
27:03
what happens in the price. Like
27:04
we don't know where the price is going. All
27:05
we know is infinity divided by 21 million. It's
27:08
going up forever, guys. Like
27:10
continue to stack Bitcoin, continue to accumulate,
27:12
continue to play hungry hippo with Bitcoin. The
27:15
more they attack us, the more I know we are
27:18
correct. So even if they try to stop
27:20
us from saving in Bitcoin, I know I'm never going
27:23
back to the fiat system. I will hold Bitcoin for as
27:26
long as humanly possible. I will acquire Bitcoin however
27:30
way I have to because I know that if they are this
27:34
scared to try to stop privacy software and stop
27:39
us from custodying our Bitcoin, again, it's just
27:42
the standard meme of whatever the government
27:45
tells you not to do is exactly what you should be
27:49
doing, whether it's health, whether it's with your
27:51
finances, whether it's, you know, getting outside and
27:54
getting sun. Like it's very simple. Just
27:56
do the exact opposite. You're
27:58
the opti. You're am I am I going to the
28:01
matrix? Dude, right when I say the
28:03
signal, I go in the matrix. I'll
28:05
pop back in. Look at me. Oh
28:08
man. All right, everybody, let's get
28:11
to the news. We have a lot to talk about
28:13
today. Let's check it out. Here
28:14
we go. The Daily News. I
28:20
want to give a shout out to our sponsor, Foundation
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29:15
learn more. All right, ladies and gentlemen.
29:18
It's never been a more important
29:21
time to take self custody of your Bitcoin, especially
29:26
we're kind of heading into uncharted territory as the
29:30
separation of money in state accelerates. And
29:34
remember, the United States is the world, the United
29:37
States government and the U .S. dollar
29:39
is the world reserve currency. So,
29:42
you know, it's a boy, I don't want to reference a
29:47
sovereign individual, but holy shit that they get it
29:49
right again. Anyways, there's a battle going on.
29:53
Obviously, you know, Samurai wallet.
29:56
Yes, yesterday that stuff
29:58
happened. And the next step is self
30:01
custody. This isn't just me saying this.
30:05
It's just incredibly obvious. And
30:07
this is the hill to die on. This
30:09
is where we hold the line. We
30:12
cannot bend on this issue. That
30:16
is how they co -opt Bitcoin. If
30:19
they convince enough people by the ETF, by this
30:22
captured Bitcoin, you're going to have exposure to
30:25
number go up. You know, self hosted Bitcoin
30:29
is dangerous. That is the next narrative. No,
30:33
it's not. It's not writing down 12 where
30:36
you cannot convince me that somehow that's not true.
30:39
That is a danger to society.
30:41
You cannot convince me that
30:43
somehow individuals being able to hold
30:46
unconfiscatable, undebaseable wealth is somehow dangerous
30:50
to another human being. You know who it is dangerous
30:53
to? Politicians and bureaucrats that benefit
30:58
from debasing the currency that benefit from being
31:02
able to create money for free that everyone else has
31:05
to work for. So there are consequences when
31:09
the FBI and the DOJ start arresting Bitcoin software
31:17
developers. There are consequences to that.
31:20
What are the consequences to
31:21
that? Even if they're unintended, it
31:24
stifles Bitcoin innovation in the United States. It
31:29
scares away Bitcoin companies. They
31:33
want to leave. And yesterday, I don't like to
31:40
get into these conversations, but I
31:42
literally said, I'm like, if this current
31:44
administration wins reelection and they stay in
31:51
power, it would be terrible. It
31:53
would be terrible for the Bitcoin industry. Put
31:56
the politics aside, I just don't care about that. But
31:59
if you go through all the things that they have done,
32:03
they sabotage Caitlyn Long's bank, Operation Chokepoint 2
32:07
.0. They wrote a paper about how
32:10
CBDCs are wonderful, they're the future, and how Bitcoin
32:14
can't be money because it's not a state. They
32:16
not to mention the environmental tax, the
32:18
proposed 30 % tax on Bitcoin miners. Like,
32:23
it's been horrific. And I just want to emphasize
32:26
this with you guys. It's not a left or right issue.
32:29
It's not a Democrat Republican
32:30
issue. It's a party of green versus a
32:33
party of orange. Right? It's just like, it sucks.
32:39
You know, it's just terrible.
32:41
Like, if you want to stay in
32:44
the US, if you don't, you know, and I think a lot
32:46
of the Bitcoin innovation is going to be pushed
32:47
overseas, then this doesn't matter to you. You
32:52
know, but it's just, it's horrific. And
32:54
there are alternatives. Like RFK Jr. has
32:58
gone on record. He even spoke at the Bitcoin
33:00
conference literally saying, you know, that if you
33:03
want, you know, if he's elected into office, he'll
33:05
support the right to self custody. Right?
33:08
So they're all, there are, there are alternative
33:11
candidates, but it's just, it's just nuts, you know,
33:15
that, that this government's supposed to represent you
33:18
is hostile towards people wanting to choose an
33:22
alternative money that can't be debased. That's
33:24
unconfiscatable. It's almost as if they want to
33:26
control you. That's, that's what it seems like.
33:28
Maybe I'm wrong there. But
33:30
it's, it's, it's, it's incredibly unfortunate,
33:33
especially, you know, the US is the land of the,
33:35
what is it? The home of the brave land of
33:37
the free. Like, doesn't, doesn't look like
33:40
it from, from my vantage point. Anyways,
33:44
here's the founder of Zeus. Here's
33:46
Dylan Leclerc. And here are some, some words
33:50
that Zeus put out. It says, we believe that Zeus
33:53
is following the letter of the law right now. If
33:56
the law changes, any judgments are made, we will
33:58
make adjustments accordingly. If
34:00
Zeus falls, all other node operators are next. If
34:03
lightning node operators fall, self custody is next.
34:07
This is the hill to die on.
34:10
Self custody. If
34:12
you don't agree, you were never in Bitcoin for the
34:15
right reasons. So get behind us or go home.
34:18
Future generations are watching and
34:21
depending on us. So why did Zeus say this?
34:25
They said they're staying. That
34:27
hasn't been the case for other lightning wallets in
34:32
the United States. Phoenix wallet said that on May
34:36
3rd, 2024, Phoenix wallet will be removed from US
34:40
app stores. This is following something very
34:43
similar that the wallet of Satoshi did as well. They
34:47
pulled out of the United States. You
34:49
know, it's probably not a good indication when wallet
34:54
of Satoshi isn't available in three countries. Two
34:58
of, two of them being total totalitarian North
35:01
Korea, China. Can you imagine that? Well,
35:04
it's a social not available North Korea, China, the
35:06
United States. Like, what the fuck is that bro?
35:10
Phoenix wallet, same thing. Right.
35:13
Pulling out of the United States. It's
35:16
available in South America, Central America, but the
35:19
United States somehow it's not available. Because
35:23
we're the only country, yeah, we're the only
35:25
country that will send helicopters to you no
35:27
matter where you are in the world and snatch you
35:29
up because you've, you know, let somebody buy some
35:32
Bitcoin on an exchange. It's
35:34
nuts, right? Here's Francis Puglio, the founder
35:36
of, you know, Pull Bitcoin says great decisions. Sorry
35:40
for Americans, but they are just too toxic. Alex
35:42
Thorne, man, it would be great if the US was still
35:44
the land of the free. Mandrick,
35:46
this week keeps getting worse. Mr. Hodel,
35:48
what happens if US users don't empty their wallets?
35:51
Lots of questions, lots of
35:52
questions, but these are tumultuous times. Now,
35:55
this is what I want to get to. And
35:57
I didn't have an opportunity to cover it
35:58
yesterday because this broke after yesterday's show. But
36:02
this was the public service announcement coming
36:05
out of the FBI. Mind you, a lot of things were
36:09
happening. You have to connect the dots,
36:11
everybody, because there's a, there's been multiple
36:14
events, right? Whether that's the Elizabeth Warren
36:16
bill that's currently in Congress, that would be a
36:18
de facto ban on Bitcoin mining and self -custody in
36:21
the United States. Whether that was the press
36:24
conference for CZ, where they were basically, you
36:28
know, you know, indicting CZ, indicting Binance for
36:31
money laundering, all that stuff. And
36:33
I remember I was still working at Swan at the
36:35
time and we were hosting a, a Spaces live streaming
36:39
the conference for CZ. And everyone was very happy,
36:42
you know, because Binance is this shit coin casino
36:44
and all that stuff. When they said and spoke in
36:49
that press conference and they had all the heavy
36:51
hitters, they had Janet Yellen, they had Merrick
36:53
Garland. They mentioned the word terrorism
36:56
34 times. Binance terrorism, Bitcoin terrorism,
37:04
crypto terrorism. Remember the Wall Street Journal
37:05
article that turned out to be totally bogus where they
37:09
tried to connect to Bitcoin with Hamas and they tried
37:12
to take advantage of the crisis happening in
37:14
Palestine and Israel. Like this is nuts, right? And
37:20
again, this is statecraft. This
37:22
is lawfare. Like they've done this
37:24
methodically to get to this point. Tornado
37:27
cash, set the precedent. They
37:29
went after the small fish. They
37:31
got sued. They won those lawsuits. Then
37:35
they up the game. They went after the bigger fish
37:37
and they're getting away with it as well. Right.
37:40
This is horrific because the vast majority of people
37:44
that are using these services are just
37:47
individuals seeking privacy. It's
37:49
a very small percentage of people that are using these
37:52
services that are doing it for illicit finance. I
37:56
mean, are you going to go make cash illegal? I
37:58
mean, they're trying to do that too. Right.
38:00
It's like this surveillance state. And
38:02
again, this is completely against the Fourth
38:04
Amendment, which literally says no unreasonable
38:07
searches and seizures. I think reporting every $600
38:10
transaction, which is what they had proposed last year
38:13
to the government is pretty unreasonable. Right.
38:17
If you ask my opinion, but I think we are in the
38:20
movie where we're in the part of the movie where
38:22
that just that stuff just starts to go out the
38:25
window and stage Fiat. Anyways,
38:27
so here's the quote unquote public service announcement
38:30
from the FBI and the FBI warns Americans against
38:34
using cryptocurrency money transmitting services that
38:37
are not registered as money services businesses,
38:39
according to the United States federal law. The
38:42
FBI has recently conducted law enforcement operations
38:45
against cryptocurrency services, which were not
38:47
licensed in accordance with federal law. People
38:49
who use unlicensed cryptocurrency money
38:51
transmitting services may encounter financial
38:53
disruptions during law enforcement actions,
38:56
especially if their cryptocurrency is
38:57
intermingled with funds obtained through illegal
38:59
means. Cryptocurrency money transmitting services
39:03
that purposely break knowingly facilitate illegal
39:06
transactions will be investigated by law
39:08
enforcement. Using a service that does not
39:10
comply with its legal obligation may put you at
39:13
risk of losing access to funds after law enforcement
39:15
operations target those businesses. Now,
39:18
I think here's the tell tips to protect yourself
39:21
before using a money transmitting service. Check
39:24
whether it is registered as an MSB with the US
39:27
Treasury Department's Financial Crimes Enforcement
39:29
Network. It goes on to say beware of
39:32
financial services that do not ask for KYC
39:35
information, including name, date of birth, address ID
39:38
before allowing you to send and receive money or
39:40
cryptocurrency. Understand that just because an app
39:43
can be found in an app store does not necessarily
39:46
mean it is a legal service and it is complying with
39:50
federal requirements. Avoid using services that
39:52
advertise themselves for illegal purposes. Be
39:56
cautious when using cryptocurrency services known
39:58
to be used by criminals to launder their funds. I
40:01
mean, that last line, that's what Elizabeth Warren
40:05
has been trying to force feed the American public. I
40:09
mean, like as of like one of her literally most
40:13
recent letters dated April 25, 2024. Watch
40:18
your group breaking news. US
40:20
Senator Elizabeth Warren writes letter to the DOJ
40:22
claiming cryptocurrency is the payment of choice for,
40:26
you know, I don't want to say that on YouTube.
40:29
Abusive materials. Yeah,
40:33
I mean, you see where they're going with this,
40:35
right? And that language in that
40:37
letter, I mean, man, beware of financial services that
40:41
do not ask KYC information, including name, date of
40:44
birth, address and ID. I mean, how long until they
40:46
say, hey, sparrow wallet? There's
40:52
no date of birth, address or ID. It's
40:53
a financial service. Technically,
40:55
you know, it's facilitating transactions, bro. How
40:58
long until they say that? Like,
41:01
it's so obvious. Avoid using services that no
41:06
understand that just because an app can be found in an
41:08
app store. Yes, be us, the federal
41:10
government, we have to dictate what apps you can
41:14
download and what apps you can't download. And
41:17
it's tips to protect yourself. How
41:19
about tips to protect yourself from inflation? How
41:23
about tips to protect yourself from irresponsible,
41:26
you know, fiscal spending? How
41:29
about that? How about tips to protect
41:30
yourself from government? How
41:32
about that? This is never talked about. It's
41:35
for your protection, citizen. Like
41:37
this is absolutely absurd. Here's
41:39
Lynn Alden's take on this. She
41:41
says it's increasingly the case that a good, that a
41:44
lot of good Bitcoin apps work in dozens of other
41:47
countries, but not in the United States. The
41:49
US is kind of slowly firewalling itself from the
41:52
rest of the world in terms of financial innovation.
41:56
Completely agree. Here
41:57
is, I believe this is Jack Mahler's mom, Brooke, the
42:01
Bitcoin mom, just we were audited. When
42:04
we were audited, the Iris Crypto Committee told our
42:07
accountant that cold storage was, quote, a huge red
42:10
flag. Mr. Hodel went on to ask her, how
42:13
long ago was this? She responded last year.
42:16
Someone said, what do you mean by
42:18
that? You can't hold your own keys?
42:20
She responded, holding your own
42:21
keys is considered suspicious. We
42:24
argue that is an industry standard to take your coin
42:27
off exchanges. That's right. Self
42:29
-custing your Bitcoin is considered suspicious. Here
42:34
is Brian. Sorry, man. I
42:36
can't say your last name. Head
42:37
of public policy at Riot platforms. Let's
42:40
check out what he has to say about unhosted wallets.
42:43
It is the electronic equivalent
42:45
of a wallet holding the cash in your pocket. That
42:51
is basically what an unhosted wallet is. It's
42:54
a wallet that holds your Bitcoin in a way that your
42:58
physical wallet would hold your US dollars. By
43:05
classifying wallets or wallet providers as brokers,
43:09
you are essentially putting the individual almost, or
43:15
if you are talking about a wallet provider, I guess
43:19
the company who made your leather wallet, like a
43:21
coach, like a coach leather wallet. You
43:24
are saying that they are the same thing as a bank
43:27
or stock exchange, or they are like Coinbase.
43:32
Obviously, that's not true. The
43:36
goal behind the policy, now this is an IRS action, so
43:41
tax collections presumably, is the goal, but the
43:45
ramifications would be very sweeping. You
43:47
could loop it into the Bank Secrecy Act and
43:49
sanctions regime, talking about freezing assets and
43:54
seizing assets and reappropriating assets. Then
43:58
you are subjecting what is in effect people's physical
44:02
cash to those regulatory structures. Why
44:07
is this happening? You have to ask yourself what
44:10
is happening. Again, I can't emphasize this
44:13
enough. It's one of the awesome parts
44:15
that I absolutely love about Bitcoin, is that
44:18
Bitcoin exposes incentives. I
44:20
can't say that enough. Bitcoin
44:22
exposes incentives. If you are a tyrannical
44:26
government, whatever it is, whatever it is that you
44:31
are trying to do, Bitcoin eventually exposes you for
44:34
what you are and what you are trying to do. Now,
44:37
Lynn has this incredible take on why this is
44:40
happening. She posted this yesterday on
44:42
Nostra, and she goes on to say, the entire developed
44:46
world tax apparatus that was built in the 20th
44:49
century and extends into the 21st century depends on
44:52
ubiquitous financial surveillance. They
44:55
are not going to give that up without a fight. I
44:57
have been saying at a number of conferences and
44:59
podcasts that privacy is the main battleground for
45:02
the next decade. Back in the 19th century and
45:04
before, money was mostly private. There
45:07
were plenty of dictators, but there were no major
45:10
method of surveilling all transactions. Therefore,
45:12
things like broad income taxes were untenable to
45:15
enforce. But in the 20th century, as
45:17
money increasingly moved around at the speed of
45:20
light, people needed bank accounts to keep up. It
45:24
wasn't all forced on them. They
45:26
chose it, and those bank accounts were centralized,
45:28
surveillable, and rug -able. This
45:30
allowed authorities to switch to income taxes,
45:33
which required ubiquitous financial surveillance to
45:35
work, and it ultimately allowed them to switch to
45:38
fiat currency altogether. Now,
45:40
in the 21st century, Bitcoin in its various
45:42
layers allows people to hold and move around money
45:45
globally without permission banks. They
45:47
can do so peer -to -peer, or they can do so with
45:50
custodians and open layers, etc. Unlike
45:53
the base layer of fiat, the base layer of Bitcoin
45:55
is permissionless. But this represents a threat to
45:58
the entire current system of taxation and financial
46:01
control. If Bitcoin in particular
46:03
various private methods on top of it were to be
46:07
adopted at a massive scale, the entire tax structure
46:10
and other things would need to be reshaped themselves
46:13
around that reality. So they won't make it easy.
46:16
They will try to criminalize
46:17
financial privacy as much as possible while the
46:20
network is still pretty small. So
46:23
I mean, like, that's what's happening right now. So
46:26
the whole kind of like bait and switch of like,
46:29
this is for your safety citizen. That's
46:32
absolute bullshit. Once again, I'm going to
46:34
reference the sovereign individual. The
46:36
authors of the sovereign individual also predicted
46:38
that the rise of this new cyberspace and consequently
46:41
cyber money will make it harder for a nation state
46:44
to collect taxes from its citizens. They
46:46
compare the state to a farmer keeping cows in a
46:48
field to be milked, but that soon the cows will
46:51
have wings. They predict that for the
46:54
government to collect taxes from its citizens in this
46:56
type of society, it would have to violate human
46:58
rights. Even traditionally civil countries
47:00
would have to resort or have to resort and turn
47:03
nasty lacking their accustomed scope to tax and
47:06
inflate governments. Even in traditionally civil
47:09
countries will turn nasty businesses that offer
47:11
services that facilitate the realization of autonomy by
47:14
individuals will be subject to infiltration, sabotage
47:18
and disruption. You guys get the general gist
47:20
of it, right? So when I also talk about
47:22
taxation, I'm not talking about direct taxation income
47:26
taxation. That's a whole other issue. People
47:29
agree with us and people disagree with that. I'm
47:31
talking about what they need in order to keep this
47:35
going, which is taxation via inflation. The
47:39
US government spent 1 .7 trillion trillion with the
47:42
T that's more than the GDP of most countries, more
47:46
than they collected in tax revenue last year. How
47:49
were they able to afford that spending? They
47:52
printed the difference. It wasn't free. They
47:54
stole the energy and time of people and they gave it
47:59
to themselves. Right? So that's why I found it
48:02
utterly disgusting when they're literally waving
48:05
their Ukrainian flags, right? And
48:07
talking about sending another $60 billion to
48:10
Ukraine and everyone's, and again, fine, you want to
48:12
support that. That's OK. But
48:14
then why don't these politicians go to the
48:17
public and say, hey, guys, we're raising the tax rate
48:19
to be able to pay for this foreign war? I
48:22
bet you most people wouldn't agree with that.
48:25
But the reason that people are
48:26
agreeing with that, the peace, the reason that
48:29
people are going along with that is because they don't
48:31
realize that they're being stolen from. Right?
48:35
Those things cost money. The
48:37
thing is that it's like a cognitive dissidence type of
48:41
occurrence and phenomenon because they don't see the
48:44
actual number value on the dollar going down. So
48:47
like, oh, I still have $100 in my bank account.
48:50
What is the purchasing power of
48:52
those $100? And you'll see that it just
48:55
continues to decrease day after day. And
48:58
what is the sole primary cause of that? Debasing
49:01
the currency, printing money. Right?
49:04
So they're trying to keep people in. This
49:07
isn't only just happening in the United States and
49:10
the European Union as well. Here's
49:12
a no BS Bitcoin article. You,
49:14
you, parliament adopts new financial surveillance rules
49:16
for service providers. Right?
49:19
Here's Dylan LaClaire. Once again, they're going to go
49:21
after self custody because they need capital controls
49:24
to properly execute financial repression. Capital
49:27
is sufficiently captured in the walled garden ETFs.
49:30
Widely adopted self custodial
49:32
Bitcoin used as a MOB with privacy tools present an
49:37
existential threat. So make no mistake when you
49:40
see, you know, these, these, these announcements
49:44
by the FBI, when you see them going on the podium
49:49
talking about Binance and when you see them, you
49:53
know, charging Arthur Hayes, Bitmex, when you see them
49:56
doing all these things. Like,
49:58
like, I'm sorry, man. It has nothing to do with
50:04
protecting the public. It has to do with protecting
50:07
their mo. And you can make an argument
50:09
that, you know, Binance was selling shit coins and that
50:13
hurts people. I agree. I
50:15
agree. But I don't think it's the
50:17
role of government to get to decide what people can
50:21
buy and what people cannot buy. This
50:24
is a very slippery slope. If
50:25
we go down that direction. This
50:26
is a very similar direction of when, when you hear
50:30
them talking about Bitcoin's energy use, like, and then
50:35
they try to basically lie to the public and say, oh,
50:39
you know, like the New York Times article, they
50:41
doctored the image in the sky. And
50:43
they said, oh, this is bad for the environment. This
50:45
is horrific. And then Pierre Richard goes
50:48
there with a meter. It's like, whoa, this Bitcoin
50:50
miner, it's not really emitting any CO2. What's
50:52
going on there? Right. So clearly, because they
50:55
can't really hold up that argument, they can't really
50:58
convince the public, like, you know, toasters and
51:01
video games are OK and washing machines. But
51:04
Bitcoin miners, they're not OK in terms of how we
51:08
look at them. Right. Like, if you add, if you
51:11
cumulative add how much electricity video games use
51:15
in washing machines and all these things, like it's a
51:18
tremendous amount of electricity. So
51:20
why do Bitcoin miners? Why are they proposing a 30
51:24
percent tax on Bitcoin miners? But
51:27
they're not posing a 30 percent tax on video games.
51:30
Well, like, it's obvious. Like,
51:32
they just don't want competition. That's
51:34
what it's all about. They want the privilege. They
51:36
want the ability, the Godlike power, because
51:39
that's what it is, of being able to create money
51:42
for free that the rest of us have to work for.
51:47
Bitcoiners fundamentally believe that
51:49
no one should have that Godlike power, because
51:52
that's what it is. In the Bitcoin world, you
51:54
know, as much as they call it private money, if you
51:58
want to make more Bitcoin, you got to earn it. You
52:01
got to mine it like everyone else or you got
52:03
to buy it. There is no other way. We
52:06
live in a world now where bureaucratic elite in
52:09
Washington, D .C. can make money out of nothing.
52:13
And this, by the way, happens
52:14
worldwide. Bitcoin is a fundamental threat to
52:18
that system, the way it functions, and all this
52:22
lawfare, all this statecraft comes from that. It
52:26
has does not come from protecting the public. And
52:28
it's our responsibility as Bitcoiners to get that
52:32
message out there. Because once people wake up to the
52:35
racket and the scheme that is happening, all these
52:38
divisions, because that's what I believe it is, like
52:40
the left and the right, the conservators, the demo,
52:42
the, the, the. The liberals, whatever, like
52:44
that goes away. Once people realize, holy crap,
52:48
what is really causing my problems is not the person
52:51
in the White House. It's the fact that they're
52:52
stealing from all of us via currency debasement,
52:56
which disproportionately affects the lower and
52:59
middle classes the most because they're the ones
53:01
that are saving and earning and fiat. Right.
53:04
So this is the separation of money and state. This
53:06
is the peaceful revolution. We
53:08
die on the hill of self custody. We
53:11
do not back down. That's where we stand our ground.
53:14
And, you know, I don't know
53:16
what the future holds. I have no idea, but we're
53:19
getting into a territory. We're
53:21
getting into a phase where you're going to have to
53:24
decide like Zeus took a very bold and brave step
53:29
to say we're holding our ground. We
53:32
have to hold our ground because if we lose this,
53:35
you know, our future is just going to be a future
53:37
of slavery. So do you want a future of
53:40
slavery or do you want a future of freedom? You
53:42
want a future of Bitcoin? Anyway,
53:44
Opti, what's your take on all this, brother? Again,
53:47
bro, like, holy shit, dude, holy fuck. It's
53:52
not surprising, but at the same time, like, you know,
53:55
it still gets hurt. It still hurts to get punched,
53:58
bro. It still hurts to get punched.
53:59
Not surprising. We
54:00
knew the punch was coming, but it still took the wind
54:02
out of us, you could say. Yeah,
54:04
man. I like I was saying, you
54:05
know, yesterday after the show, we got all the
54:08
samurai news and then that FBI notice letter came out
54:11
and it was like another blow. And,
54:13
you know, we were, we've been chatting. It's
54:15
like we knew this was coming, but it seems to be
54:17
happening a lot quicker than any of us have
54:20
thought it would. And not only that, it also
54:22
seems like it is going to become a coordinated effort
54:26
across all of the first world nations. So
54:29
it seems like what we've been saying for a while is
54:31
actually playing out and they are doing their best
54:34
to try to stop the escape hatches. And
54:37
man, it does seem like a dire moment as I was
54:40
saying yesterday, it seems like a before and after
54:42
moment, especially for us in America. And
54:45
it just reminds me that this is the most important
54:49
time for us to be spreading the best Bitcoin
54:52
practices, making sure people are taking their
54:55
Bitcoin into custody. Like we're not breaking the law
54:57
by taking our money into custody. I
54:59
really liked that video. I forget who it was, but
55:01
he's basically saying like, look, man, it's like taking
55:04
your cash into your wallet. Like
55:05
is that an illegal movement in the US? Like
55:08
no, it's very interesting that as they try to clamor
55:12
for more control, they are painting literally non
55:15
-nepharius activities like we're all criminals. That's
55:18
why yesterday I tweeted like, hey, Bitcoin and on,
55:21
are you ready to be called a criminal for just taking
55:22
Bitcoin into custody? Like just for holding Bitcoin
55:25
now where criminals is because they're absolutely
55:28
afraid. They know what's going on over
55:29
here. They may not know all the
55:31
technicalities of Bitcoin and all that stuff. They
55:33
may still have the hubris thinking that they can stop
55:36
this, but they know what is at stake and what's at
55:39
stake is the ultimate power. If
55:40
you have the money printer, you have the ultimate power
55:42
and they're trying to ensure that they keep their
55:47
moat, that they keep their power. And
55:49
then on the Phoenix news, you didn't touch on it
55:54
particularly, but Jack Mahler's and Jack Dorsey
55:56
just came out as well as saying like, this seems
55:58
like a completely unnecessary move. But
56:00
hey, you know, businesses are going to make their
56:02
decisions and they're going to do what's best for
56:05
themselves. So shout out to Zeus. I
56:06
even saw Amboss tweet that they're not going anywhere.
56:09
I don't think anything has
56:10
really changed in regards to where some lightning
56:13
companies stand. But again, like their businesses
56:17
have to protect themselves and it sucks to see like
56:19
Phoenix Wallach's a great wallet. I'm
56:21
kind of bummed that I can't recommend that to
56:22
people anymore. But again, like we're not
56:24
surprised. We've been calling this for a
56:26
while. And really with that notice, I
56:30
think they have exposed their hand a lot and it
56:33
shows what they want to come down the pipeline.
56:36
Again, Bitcoin's the escape hatch
56:38
and they got to do whatever they can to
56:40
gaslight the population out there. And
56:42
then, you know, game, game playing this out game
56:45
theory and extent standing this out. It
56:47
really is interesting that they released the Bitcoin
56:50
ETF what two, three months ago and now they're
56:53
clamping down on self custody. And
56:56
as we've been saying, you know, the spot Bitcoin ETFs
56:58
are captured Bitcoin and now it's becoming clearer
57:01
and clearer that that's the case. And
57:03
if you are buying Bitcoin on exchanges now is the
57:06
time to take your Bitcoin into custody. And
57:08
again, just doubling down on that notice, like it's
57:11
really incredible and really circles back to what Lizzie
57:13
Warren has been saying about unhosted wallets. It's
57:16
like, we know where this is going and now is the
57:19
time to put in the time to ensure that your Bitcoin
57:22
is safe, that you don't get wrecked in this in
57:26
this transition period. Like we know that we are in
57:29
the then they fight you stage now and we know what
57:31
happened after the then they fight you stage. It's
57:34
that then we win stage, but we don't know how long
57:36
this stage will be. It could be for a long time,
57:39
but things are really ramping up and it is very
57:43
concerning as an American in the U .S. Considering
57:46
what the federal government is thinking about us. And
57:49
man, like, you know, I know Nico has been saying
57:51
for a while that we might have to move to El
57:53
Salvador and I've been kind of anti that that meme.
57:56
But man, it's really, it's
57:59
really looking like it's leaning that way. So
58:01
absolutely incredible to see and, you know, on the one
58:05
hand, very terrifying and also just like disheartening
58:08
last night. Again, like I was saying, it's on
58:10
the phone with a bunch of friends and we were all
58:12
like, man, like things are heating up and it's just
58:16
really crazy that this is where we are. And
58:18
it's more important than ever to ensure that people
58:21
are taking Bitcoin into custody and that you don't
58:23
absolutely wreck yourself. So,
58:25
hey, crazy times we're in, but as a Bitcoiner, as
58:29
someone that's been around for a while, I wouldn't
58:31
say that we're surprised. It's
58:33
just like it's very disheartening to see, you
58:35
know, the land of the free go this this totalitarian
58:39
so so overtly. And yeah, man, like it that
58:44
the people in power right now, they don't care about
58:46
your personal liberties. We've
58:48
seen that constantly. They don't care about the
58:50
Constitution. And man, it just it's
58:53
definitely a wake up call. Self
58:55
custody is the line we draw in the sand. If
58:59
self custody fails, this Bitcoin revolution fails.
59:01
That's it. We
59:02
do not bend on this issue whatsoever. Self
59:05
custody is a right. If you're going to try to
59:09
convince me that writing down 12 fucking words is
59:12
dangerous and illegal, dude, like, like you you you
59:17
you're definitely doing some shady shit in the
59:19
background. Like, and I think, you know,
59:21
like I said, Bitcoin exposes incentives. Guys,
59:24
there's 1110 of you guys watching live between
59:28
YouTube and and X and about 80 of you guys
59:32
watching live on rumble. So if you guys are enjoying
59:34
the show so far, make sure to smash that like button.
59:37
Help us push the orange signal
59:38
forward. More people need to hear this
59:41
message. More people need to be aware of
59:43
what is going on because I think most people are still
59:46
asleep. Anyways, crown. I
59:47
do want to give you the mic, man. I
59:49
mean, Opti been going ham. We
59:50
apologize. It's like, dude, it's just one
59:52
of those days, one of those episodes where, you
59:54
know, we had this crazy breaking news. So
59:56
what's your take on this? You've
59:57
been in Bitcoin for a while. You
59:59
know, you're American as well. How
1:00:01
do you feel about this, man? Well,
1:00:03
I love what you said about red or orange or green.
1:00:05
That was a really good way to
1:00:06
put it. You know, all the political
1:00:08
stuff really comes down to ultimately for the citizens.
1:00:10
It should come down to freedom
1:00:11
and sovereignty. I mean, and it's good time
1:00:15
to remember, you know, when Bitcoin came out, it wasn't
1:00:17
taken for granted that the government was going to
1:00:18
accept it. In fact, it came out at a
1:00:20
time when the government was already shutting down
1:00:22
things like Liberty Reserve and other centralized
1:00:25
attempts to digitize money. So
1:00:26
Bitcoin was a technology that was supposed to not
1:00:30
give a fuck about what the government thinks. It
1:00:32
was supposed to be a technology that gives you,
1:00:34
and it is a technology that gives you the freedom
1:00:36
to use it. If you want to use it, nobody
1:00:38
can stop you. No reliance on third parties.
1:00:40
That's also why the real layer
1:00:42
two is like lightning are so important because when
1:00:44
you use lightning, a lot of people take this for
1:00:45
granted, especially when they complain about UX,
1:00:48
etc., etc. And they compare it to far
1:00:50
less sovereigns, L2 or L2s. Lightning
1:00:55
allows you to use it yourself with your own
1:00:58
node. You can use it on tour so
1:00:59
nobody can come and, you know, find out who you
1:01:01
are, whatever you can do it totally anonymously,
1:01:03
connect to whoever you want, and participate in a
1:01:06
peer -to -peer network of commerce without permission.
1:01:08
Lightning was built that way
1:01:11
intentionally to fight against that control system
1:01:16
of government that's trying to ultimately put their
1:01:20
finger on the scale in a way that I don't really
1:01:22
feel is relevant. I mean, it is relevant
1:01:24
because we live here, me, I live in the United
1:01:25
States, and if they ban it in the United States, one
1:01:28
of the things that the government could do, I
1:01:30
mean, if they did, like they are kind of now, if
1:01:34
they did ban every Bitcoin tool from every app store,
1:01:37
all that's going to do, same thing it did with
1:01:39
when they shut down Napster. It's
1:01:41
going to get people really familiar with how to
1:01:43
download APKs, how to use them, how to go to GitHub
1:01:46
and verify things for themselves. And
1:01:49
it's just going to increase the education of citizens
1:01:51
just like when China banned YouTube and everything else.
1:01:54
It doesn't mean that people in
1:01:55
China don't use it. They just learned how to not
1:01:57
give a fuck what the government wants them to
1:01:58
do. And that's what people in the
1:02:00
United States and other countries that become more
1:02:02
Italian will also do. And it's because this is the
1:02:05
technology that allows them to do that. 100%. Wait,
1:02:09
Niko, before we move on, sorry, I'd like to ask JC
1:02:11
a question. On the idea, we've been saying
1:02:14
it for a while. I think what we're constantly
1:02:17
realizing here on the show is that education and at
1:02:21
least showing people the problems is the most
1:02:23
important thing to be doing. But
1:02:24
also the apathy from just the average person is
1:02:27
sometimes mind blowing. So what's your thoughts on
1:02:30
that idea of just people not caring about privacy
1:02:32
and not caring about the infringements of the rights
1:02:36
and all that stuff? I mean, a lot of people
1:02:39
don't care until they have to care. You
1:02:41
know, I actually had an argument recently with a
1:02:42
guy who was telling me that, you know, he thinks
1:02:45
government can do no wrong. Anything
1:02:46
government does, anything government says is great.
1:02:48
You know, if you give him an
1:02:49
example of government overreach, any example in
1:02:51
the United States, he'll say, well, that's just
1:02:53
because you're not educated enough on it. You
1:02:54
don't know the facts. If they did it, it was for
1:02:56
the right reason. It was for a good reason. You
1:02:58
know, and then you dig a little deeper and it's
1:02:59
like, well, did you ever like download an illegal,
1:03:02
you know, in a movie, like a movie, like copyrighted
1:03:04
movie? And he's like, well, you know,
1:03:05
nobody cares about that. It's
1:03:06
like, yeah, but, you know, you read that little FBI
1:03:08
warning, like $100 ,000 fine. What
1:03:09
if they all of a sudden decided that you owe them
1:03:12
like $3 million? Is that cool? Like,
1:03:14
I don't think that's very cool. You
1:03:16
know, and he can't really argue with that. It's
1:03:18
kind of obvious. And in that case, you know,
1:03:21
I'm sure he would support a law or whatever that
1:03:24
says, you know, he's allowed to not pay that $3
1:03:26
million fine. So I mean, people aren't going
1:03:28
to care until they have to care. And
1:03:29
that's why I say if they start to ban these apps in
1:03:33
a bigger way, which looks like they might do, I
1:03:35
don't know, I think we're going to see more pushback
1:03:36
from even regular people. I mean, it's surprising to me
1:03:39
how much the, let's just say the, I guess, the blue
1:03:42
haired tech community hasn't really gotten on Bitcoin's
1:03:46
side yet for the most part. But
1:03:47
I think they will. I think even if they don't
1:03:49
care about Bitcoin necessarily as a money or,
1:03:52
you know, as a freedom technology, I do hope and
1:03:54
think eventually they're going to have no choice
1:03:56
but to support us in terms of, in terms of freedom. I
1:03:59
mean, it's getting kind of obvious. 100%. Look,
1:04:02
they want, this is pure Richard to give them credit
1:04:04
is not my words, but they want a central bank digital
1:04:10
currency monopoly. And this is not American. This
1:04:14
is the most anti competitive, like,
1:04:17
collectivist bullshit I've ever seen, right? Like
1:04:21
they're literally like, you know, like going after a
1:04:26
specific industry could because it competes with
1:04:29
the dollar, right? Like that's literally what
1:04:32
they're doing. And, you know, all this like,
1:04:34
oh, it's for your protection. Like,
1:04:36
you know, the silver lining in that sense is that they
1:04:40
expose themselves the more they do that. So
1:04:42
anyways, guys, before we get into the culture, I do
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Yeah, well, wait, before we do that, though, shouts out
1:06:33
the daft in the chat dropping $100 super chat
1:06:37
and saying keep your heads up, hodlers. The
1:06:39
future is ours. Double horn for that one.
1:06:41
Appreciate it, bro. Appreciate
1:06:43
it. Yeah, so JC, man, we covered a
1:06:47
lot on the show and I know you wanted to talk on
1:06:50
the having and how bullish that is. But
1:06:52
I think I want to start with the idea of like
1:06:55
you've been in Bitcoin for a long time. And
1:06:57
so I really want to start with the idea of why
1:07:00
Bitcoin is important and why Bitcoin and not crypto
1:07:03
and what that means to you. So
1:07:05
if there's people in the chat that are still kind
1:07:07
of on the fence of not being Bitcoin only, what
1:07:10
would be your advice to them and what was the
1:07:13
journey that got you here? Wow,
1:07:15
man. I mean, that's a big one.
1:07:17
So, you know, I did get into
1:07:18
Bitcoin a long time ago. I saw, you know, the ups and
1:07:21
downs and 2017. That's when I think crypto really
1:07:27
kind of exploded in most of our in most of our
1:07:30
bubbles. And I say crypto not Bitcoin,
1:07:32
Bitcoin exploded too. But this one crypto really
1:07:34
exploded in most of our bubbles. And
1:07:36
I kind of, you know, like many people, unfortunately
1:07:38
got caught up in some of the exuberance and some of
1:07:40
the ICO stuff. And obviously, you know, in
1:07:42
hindsight, and even then it should have looked and I
1:07:44
have a lot of respect for those who could see it
1:07:46
from the beginning. That's great. But
1:07:48
I kind of, you know, I'm always been like a freedom
1:07:49
maximalist and I thought that maybe there's some
1:07:53
validity here. Maybe, you know, it seems cool.
1:07:54
Like why not allow people to
1:07:56
buy whatever they want and kind of like fund their
1:07:59
own companies if they want without any government
1:08:01
interference. Like we don't need to be an
1:08:03
accredited investor. We can just like, if we think
1:08:05
a company's cool, we can buy the token, whatever.
1:08:07
Like it seems cool. Companies
1:08:09
were doing supposedly cool things, cool technology. And
1:08:12
I did work with some companies at that time
1:08:14
because they thought like that was a logical step in
1:08:17
enhancing freedom for people. But,
1:08:19
you know, kind of seeing how the sausage was made,
1:08:22
it opened my eyes up really quickly. And
1:08:24
since then I've done, you know, well, there's an
1:08:27
anonymous podcast I do with Guy Swan. I'm
1:08:29
kind of doxing myself a little bit called the
1:08:31
Chikwain Insider where we unravel a lot of the guts
1:08:35
of how some of these tokenomics for these DeFi
1:08:37
things and other things work. A
1:08:39
lot of Bitcoin's rightfully so. They
1:08:40
don't really, you know, they get approached by some
1:08:43
DeFi guy about how great the technology is. And
1:08:45
obviously, since they know it's a scam, they don't
1:08:47
really like know the tech. So
1:08:49
I, we do a show where we break down some of the
1:08:50
concepts for Bitcoin. So they know like why these
1:08:53
things suck. And they can articulate that if
1:08:55
they want to when they are discussing these things with
1:08:58
these people. But I mean, ultimately it comes
1:08:59
down to, I mean, they're trying to build financial
1:09:03
perpetual motion machines where they think that you
1:09:06
can get more money out of a machine than you put in.
1:09:08
And that's just not possible.
1:09:09
The only way to make those
1:09:12
things last is to make it, you know, kind of die as
1:09:14
slow as possible. And ultimately it's just, I
1:09:15
mean, fundamentally super poor. So
1:09:17
with a lot of these things, you've got the like
1:09:20
Ethereum, for example, as the biggest example anyway,
1:09:23
you have this like lie of freedom. You
1:09:24
have this deception of freedom where they say it's
1:09:28
a decentralized world computer. And
1:09:30
then, you know, you get into the tech, you get
1:09:32
into the fundamentals, how it works, you get into the
1:09:33
governance structure of it. And
1:09:35
you realize, I mean, you know, they used to say
1:09:36
that the mining was more decentralized than Bitcoin,
1:09:38
for example, and the counter argument then would
1:09:40
have been, yeah, but the nodes are all centrally
1:09:41
controlled by Enfura and the Ethereum foundation with
1:09:44
her central thing. And then, you know, they would
1:09:47
argue whatever debate and then we saw it when they
1:09:49
released Ethereum 2 .0. It didn't matter how
1:09:52
decentralized or not the miners were because they
1:09:54
all got fired. And, you know, by decree moved
1:09:56
on to the new thing. That's
1:09:59
how easy it is to change something is a really good
1:10:01
metric for how centralized it is. One
1:10:03
of the ways you know Bitcoin is still very
1:10:06
decentralized because almost it's very, very hard to
1:10:09
change asking a Bitcoin developer is some get get
1:10:11
pretty mad at that. But I think it's a great
1:10:12
thing. Not that you can't change it,
1:10:14
but that it should always be very hard to change. So
1:10:16
I think that this this lie to freedom that Ethereum
1:10:19
and other coins bring is actually a lot more harmful
1:10:23
than good for the Bitcoin ecosystem. You
1:10:26
know, you'll get defy guys tell you we're on the same
1:10:28
team. We both want to bring down
1:10:29
the Fed, but, you know, I don't think the world would
1:10:32
be any better at all if instead of the Fed, we had
1:10:34
like the Ethereum foundation. I
1:10:36
think in many ways that would be even even worse.
1:10:38
We wouldn't be wouldn't be an
1:10:40
upgrade at the very least. We'd
1:10:41
have the same fundamentally bad things in terms of
1:10:45
control centralized authority. You
1:10:47
know, whoever I mean, they need to check AP Morgan on
1:10:49
the show instead of I don't know the president.
1:10:51
It's not the big sense that
1:10:52
those are already not the same thing. I
1:10:56
think it's a huge distraction that take us
1:10:58
off the course of Bitcoin itself, which is the an
1:11:01
actual tool for freedom. It's
1:11:02
actually centralized actually doesn't have any anybody
1:11:04
controlling it. That's the the short version
1:11:08
anyway. Love it. Love
1:11:11
it. Love it. Okay.
1:11:12
All right. Great. Great to be are there.
1:11:15
Let's talk about the having you
1:11:17
popped on earlier like yeah, I want to talk about
1:11:19
the having because I think this is very bullish for
1:11:21
for everything going on. So can you elaborate what your
1:11:24
thoughts say? Oh, yeah. So
1:11:26
I mean, having in general is always bullish. The
1:11:28
emission cutting in half is huge. You
1:11:32
know, we've seen I seen anyways and people bring to
1:11:34
my attention some arguments. Well,
1:11:35
it was only, you know, like 3 % of the of the
1:11:37
rate. The supply that's left is so
1:11:39
small. But I think one person, auto
1:11:44
by Barry and from Atlanta or Barry and he put it
1:11:47
best. I think he said, what if I
1:11:48
told you there was a guy who's going to buy 450
1:11:51
Bitcoin a day from now on and never sell? Would
1:11:55
you think that was bullish? And
1:11:56
I think, yeah, that sounds pretty bullish. Well,
1:11:58
how do you know he's not going to sell though? And
1:12:00
the answer is because that's essentially what we
1:12:01
have with the having now. We
1:12:02
have about 450 less Bitcoin per day going to the
1:12:07
market in circulation being created and and it can
1:12:10
never be sold again. It's gone. So
1:12:12
that's a massive impact. The
1:12:13
current prices is about a billion dollars a month. So
1:12:15
a billion dollars a month that and now especially as
1:12:18
this is the first happening where we've been this
1:12:20
dependent on OCDC desks and all these companies that
1:12:25
are feeding financial institutions that are
1:12:26
feeding minors are feeding the desire from Wall Street
1:12:30
to soak up billions of dollars worth of Bitcoin.
1:12:33
And now they've got, you know,
1:12:34
a billion dollars less at current prices less. It's
1:12:37
a huge deal. I mean, imagine if tomorrow
1:12:39
the McDonald's chicken nugget factory was only
1:12:42
going to make half the chicken nuggets. I
1:12:43
mean, that would just collapse the chicken nugget
1:12:46
market. You know what I mean? You
1:12:47
wouldn't be able to get one into a free market.
1:12:50
You'd have to pay a fortune for
1:12:50
one. It's not you wouldn't just pay
1:12:51
double. You pay a lot more if that
1:12:53
happens than double. And that's essentially what's
1:12:55
going on with Bitcoin now. And
1:12:57
then of course we have the shenanigans with all the
1:13:00
new Bitcoin are going on. And
1:13:03
I don't know how much we want to mention that it's
1:13:05
pretty sad to see. I know that there are a lot
1:13:08
of cool people at Bitcoin magazine. I
1:13:09
have friends there too. But it's pretty sad to see
1:13:12
them kind of leading the way, especially with David
1:13:14
Bailey on trying to extract as much money as they can
1:13:18
from otherwise innocent people on their speculative
1:13:21
games in the same way that the Ethereum and other
1:13:24
crowds have just putting a Bitcoin sticker on it. We
1:13:27
saw the Epic Sat Cell recently for three million
1:13:31
dollars, I think. David had predicted that it was
1:13:33
going to be over five million dollars. So
1:13:34
you might think it was bullish, but it actually
1:13:37
fell short by over about 50 % of what he was hyping
1:13:41
it as. So I think either he knew he
1:13:44
was lying, which probably is the case. I
1:13:46
mean, I think it's going to be like Jack Dorsey's
1:13:48
tweet that was sold for millions of dollars and
1:13:51
then eventually resold for like 12 ,000 dollars.
1:13:54
Whoever bought that, good luck
1:13:56
selling it again. But I mean, we've seen with
1:13:58
ruins, I mean, most of you probably don't look at the
1:14:00
market. If you do, you know that a
1:14:03
lot of them are instantly duds. Even
1:14:05
the hot ones are down 50 % almost right away. This
1:14:08
thing, I don't think it's going to last very long.
1:14:09
They're kind of trying to relaunch
1:14:11
their tokens over and over again and just put a new
1:14:14
face on it. So first it was Ordinals, then
1:14:16
BRC20 was the brand and now ruins. And
1:14:19
there's a few other, even smaller, weird ones mixed
1:14:21
in there. On that note, RGB is going to
1:14:25
be launching soon. I think, you know, even
1:14:26
though that will enable some shit coinery and some
1:14:29
expressivity, it's truly a second layer like lightning
1:14:33
is. And it's backed by Tether.
1:14:35
They'll probably want to run Tether
1:14:37
on it, obviously. I think to the extent that
1:14:40
you're the kind of person that does want to see
1:14:41
Bitcoin, quote unquote, doing more, RGB is going
1:14:45
to be the horse you're going to want to back. It
1:14:48
doesn't pollute the chain. It
1:14:51
uses payment channels. It allows you to do pretty
1:14:54
much anything in a way that is very friendly to
1:14:57
Bitcoin. They don't have a token. They've
1:14:58
done everything right, essentially. Anyway,
1:15:00
they've almost gotten, you know, it's kind of sucks
1:15:03
doing things the right way if you're building this
1:15:08
kind of infrastructure in quote unquote crypto
1:15:09
because, you know, the guys that do it the wrong way
1:15:11
make tens of millions, if not hundreds of millions of
1:15:14
dollars, sometimes billions of dollars selling tokens
1:15:16
that don't really do anything. And
1:15:18
then the guys that do it the right way, like the
1:15:20
team behind RGB, you know, they get some funding from
1:15:23
Tether and that's about it. And
1:15:24
then maybe they get some hate from people because
1:15:26
maybe somebody will use it for shit coins. But
1:15:28
ultimately, I think, you know, if the world went or
1:15:30
say the world, but if the people that like Bitcoin
1:15:33
tokens went from ordinals or runes to RGB, it would
1:15:37
actually it would actually benefit benefit us instead
1:15:40
of hurting us in terms of how it would affect the
1:15:43
chain. It would probably increase
1:15:44
lightning liquidity because it's very compatible with
1:15:47
lightning network. So that's a plus even if you
1:15:50
didn't care about it, you'd actually benefit from it in
1:15:52
terms of the liquidity you'd have. Whereas,
1:15:54
you know, with the ordinals and the runes, the average
1:15:57
user doesn't benefit at all paying more fees to
1:15:59
facilitate their spam. So I think that's, you know,
1:16:04
another way of another way to go that I think will
1:16:07
ultimately be much better if you're if you're into
1:16:10
that kind of stuff, you know, which obviously should
1:16:13
come with the print or fundamentally, I think,
1:16:15
obviously, dumb idea, it's the opposite of Bitcoin. I
1:16:18
mean, they have they have nothing. I
1:16:19
mean, but if you but there's all kinds of things
1:16:21
you can do with with expressivity in a
1:16:22
decentralized way, especially as the government is is
1:16:25
ramping down on on freedom tech. So
1:16:27
so for those legitimate use cases that do exist that
1:16:30
don't have tokens, especially that would be a
1:16:33
bonus for Bitcoin and it doesn't require software.
1:16:36
That's a huge thing too. Awesome.
1:16:39
Well, speaking of RGB and lightning, what's your
1:16:41
thoughts on the current state of layer twos you
1:16:43
did mention before that you did work for some lightning
1:16:46
company. So maybe a TLDR people have
1:16:48
been asking us to bring on people and talk about
1:16:50
lightning. What's what's the what's your view
1:16:53
on where layer twos are going currently? I
1:16:57
mean, it does depend on who you ask. I
1:16:58
think lightning is the most promising technology in
1:17:02
terms of its redundancy and the ability to be sovereign
1:17:06
on it. You know, lightning, it's very
1:17:07
easy to maintain custody of your own coins while using
1:17:11
it. And in many ways, it's it's
1:17:13
even more resistant to, say, a 51 % attack than
1:17:16
than a normal transaction would be because your
1:17:18
channels could be one or two years old and that,
1:17:20
you know, you have to have a one or two year reorg
1:17:23
to to impact that. So which obviously is pretty
1:17:28
much impossible. Now, there and there have been
1:17:30
a lot of there still are a lot of people working on
1:17:33
it, a lot of money going into it. A
1:17:34
lot of things that Dustin Detimer and others are
1:17:36
doing at Blockstream and other firms that are that
1:17:39
are really bullish for it. And
1:17:40
then, of course, there's always the possibility of
1:17:42
softworks that can help out. But
1:17:44
then there's all this noise right now that I'm seeing,
1:17:46
especially in Asia in the Bitcoin L2 scene where
1:17:49
essentially the same VCs and people that have backed
1:17:53
the Ethereum and Solana and other, let's say, DeFi
1:17:56
schemes are now all creating dozens of Bitcoin
1:18:00
L2 protocols. And all of them, most of them
1:18:05
centralized around things like rollups. I
1:18:08
think rollups are one of the biggest scams in
1:18:10
crypto, not just for Ethereum, but especially for
1:18:12
Bitcoin. Rollups are essentially trying to
1:18:15
put blockchains on top of blockchains and calling it
1:18:18
a scaling solution. And those blockchains, you have
1:18:20
to ask, like, how decentralized are they? If
1:18:23
you're just going to use another blockchain to
1:18:24
decentralize your first blockchain, like your
1:18:27
security assumptions for that are basically only as
1:18:29
good as the second one. And
1:18:30
there are a lot of known problems, I mean, the data
1:18:32
availability problem, who holds the data for this?
1:18:35
Anything with global state, which
1:18:36
means there's like everybody has to share the same
1:18:40
state of information. That doesn't scale. If
1:18:43
you're wanting to scale to, let's say, you know,
1:18:45
hundreds of millions of people or billions of
1:18:46
people, you can't have one giant ledger that knows
1:18:49
everything that everybody is doing in a way that's
1:18:51
decentralized. It's just not feasible. So
1:18:53
that's why I like solutions like Lightning, which each
1:18:56
individual user only holds their own state. RGB
1:18:59
is similar. You can't. It's
1:19:02
just impossible to scale a system. Even
1:19:04
Bitcoin itself, you know, you hear of all these soft
1:19:06
works that that people will justify saying, well, how
1:19:09
is Bitcoin going to scale to billions of people?
1:19:10
Well, it's not going to scale to
1:19:12
billions of people, no matter what on layer one,
1:19:14
no matter what. I mean, you can't, if you
1:19:15
just can't create a database that can that
1:19:19
everybody holds a copy of that will somehow monitor
1:19:22
every single transaction in the entire world that
1:19:24
everybody wants to do. That's
1:19:26
just not realistic, no matter how good our
1:19:28
hardware gets practically. So
1:19:30
so layer two are the only way and especially the ones
1:19:32
without a global state. So like roll up to our non
1:19:34
starter, they just pass the control and authority over
1:19:37
to whoever's running those those validators, which is,
1:19:40
you know, even worse than Ethereum. But
1:19:42
it's also been even on Ethereum now. Everybody
1:19:46
is talking about, you know, there was a thing that was
1:19:49
it was diversity is sovereignty trying to argue
1:19:52
that the fact that they have all these separate
1:19:54
competing. Roll up pains now actually makes
1:19:58
them more decentralized. But in fact, it just creates
1:20:00
like lots of little mini rugs and lots of little
1:20:03
mini controls that ultimately would centralize
1:20:05
into one big validator again, which yeah, there's
1:20:07
a rabbit hole there. But when it comes to Bitcoin
1:20:11
scaling, just look for anything with no global
1:20:14
state, especially where you hold your own keys,
1:20:16
obviously. And that's that's why I think
1:20:20
lightning and RGB, and then also in the same game,
1:20:25
taproot assets are the are going to be the things to
1:20:29
watch. And then I do love arc as
1:20:31
well. Don't know how much you guys
1:20:32
have been following art. It's
1:20:33
still ticking along. Arc is similar to lightning and
1:20:37
that it's a real help to and in fact, one of the
1:20:39
great things about art is where the big scaling
1:20:42
problem with lightning is that you can't. It
1:20:44
still relies on one UTXO per user at least a
1:20:47
minimum of one UTXO per user, and you can't scale
1:20:50
the UTXO set that easily. So
1:20:52
you're still going to get into the problem of how
1:20:53
many people you can onboard. But
1:20:55
with art, you have these big ASPs, which you can
1:21:01
onboard without a UTXO. That's
1:21:03
really important. It means essentially arbitrarily
1:21:05
unlimited onboarding, but it's limited in the number
1:21:08
of transactions, according to how much liquidity the
1:21:10
ASP has. So the liquidity requirements
1:21:14
can become onerous. But we have now two separate
1:21:17
solutions. The lightning network, which is
1:21:19
hard to onboard, but can provide unlimited
1:21:21
transactions and art, which is easy to onboard, but is
1:21:24
limited in transactions. You combine the two and you
1:21:27
have a really nice relationship in unlimited
1:21:31
onboarding and unlimited transactions. I
1:21:33
think even without softworks, we could go a
1:21:37
long way with just software improvements and UX. Love
1:21:42
it. Love the insights. Oh
1:21:44
man, ripping it. Ripping it. Love
1:21:45
it. At the interest of time
1:21:47
because they're going to yell at us if we don't do
1:21:49
the meme review on Friday. I
1:21:50
don't think we have time. Okay.
1:21:52
All right. Well, anyway, all right. JC,
1:21:56
what is the last final message you want to leave
1:21:59
with the audience? Oh man, that's a lot of
1:22:03
pressure. I mean, just focus on why
1:22:06
Bitcoin is what Bitcoin is. Bitcoin
1:22:07
was created as a freedom technology. It
1:22:09
was not created in this world of, you know,
1:22:11
Kumbaya. Everybody's going to love each other.
1:22:13
We're all going to, you know, be
1:22:16
friends and incorporate. It was running a world where
1:22:19
we don't give a fuck what you think or what you do.
1:22:22
We're going to do what we do.
1:22:23
We're going to run our node.
1:22:24
We're going to follow the rules
1:22:25
because we have no choice. And
1:22:26
only things that we can do to affect that network,
1:22:28
help everybody. The only thing you can do if
1:22:31
you're a large corrupt individual is provide more
1:22:33
hash. Good for you. Helps
1:22:35
us all. You know, focus on that, the
1:22:37
freedom that Bitcoin gives. And
1:22:39
I mean, I think we're in for, I think it's the only
1:22:41
beginning. I know it's so cliche, but
1:22:42
this hasn't even started yet. I
1:22:44
mean, we've come a long way. So
1:22:46
we're going to far surpass gold. This
1:22:48
is the new money. People in the future are going to
1:22:50
look at the Bitcoin movement as the beginning
1:22:52
of when money started. Love it. Hold
1:22:55
on. Let's run the memory. It's
1:23:02
an hour, 23 minutes. We're going to finish up at 130.
1:23:06
It's going to be way too long
1:23:07
of a show. We will. All
1:23:11
right. All right. All
1:23:14
right. This might butcher our numbers,
1:23:17
but whatever. All right, guys. Don't
1:23:29
say I never do anything for you guys. This
1:23:34
is the meme review. The Friday meme review. We
1:23:36
finally hit it on a Friday. You
1:23:37
already know the deal. Tweet
1:23:38
to the bullets. Meme to the artillery. We
1:23:40
are in the front lines of the information war. And
1:23:44
it's never been more important to get the calls
1:23:46
of actions out there. Spread
1:23:47
the memes. Make sure people understand why
1:23:50
we do what we do, which is freedom. This
1:23:52
is freedom money. Make sure you accept the idea
1:23:54
is a freedom. All right, guys. Let
1:23:56
me get into this. So this first one is by
1:23:58
Schmidt 1024 on Twitter. And,
1:24:02
you know, we got the classic. I
1:24:05
would say this is like some USSR propaganda, but
1:24:07
what do I know? It's, you know, a lady telling
1:24:10
some guys with suits and guns and a dog and saying,
1:24:14
this one has self custody wallet. This
1:24:16
is seemingly where we're headed right now. Absolutely
1:24:18
incredible. This next one is one of my
1:24:21
favorite templates. And this one's by Francis
1:24:24
Pooley from bull Bitcoin. And
1:24:26
he goes, Hey, friend, I know the crackdown on
1:24:28
Bitcoin privacy looks bad right now, but it's way
1:24:30
worse than it looks. It is way worse than it
1:24:33
looks. Guys, wake up. It's
1:24:34
getting crazy out there. This
1:24:36
next one is by the World Mechanic, AKA at Phinney J.
1:24:39
And it's a classic red button
1:24:40
meme, you know, the superhero pressing the red
1:24:42
buttons. And they should have like the
1:24:45
Fed here or the DOJ or whatever on the guy's head
1:24:49
when he's sweating. And it goes on the one hand,
1:24:51
one button, Bitcoin, is it money? And
1:24:54
then the other button is a charge wallet devs with
1:24:56
running an unlicensed money transmitting service. So
1:24:59
which one is it? Is it money or are we, you
1:25:02
know, money transmitting services here? I
1:25:06
don't know. Make up your mind out there.
1:25:08
They're definitely flip flopping on
1:25:10
what is actually going on. And
1:25:12
that's how you know, they're, they're just
1:25:14
scrambling for control. All right. This
1:25:16
next one is by our boy TC, AKA at med meditation
1:25:19
man on Twitter and he goes, all caps. Now
1:25:22
they fight you. And this one is what, like a
1:25:26
monk in an orange robe with Bitcoin on it and
1:25:29
then some demons around it beating up the Bitcoin and
1:25:32
one of them is the FBI. The
1:25:33
other one's the IRS. And the last one is the DOJ.
1:25:36
That's, they really feels like that
1:25:37
right now. All right. That's
1:25:39
enough for all the crazy samurai news that we had.
1:25:42
I'm going to lighten it up a
1:25:43
little bit with these next memes. This
1:25:45
one is at guitar punk star Bitcoin or death. And
1:25:48
he tagged us all on Twitter and we got the
1:25:51
guy, this is the, the, the same guy that does the
1:25:53
like, look, look at the other girl while he's with
1:25:56
his girlfriend meme and he's proposing to his wife
1:25:59
or girlfriend. It goes, I'm going to make
1:26:01
you mine. And she's going, Oh my God.
1:26:03
Yes. And then at the bottom we
1:26:05
have BTC sessions in the Bitcoin mind. And
1:26:08
the girl's like, what's going on here? And
1:26:10
he's looking, he's got his best Zoolander face going
1:26:13
on here. Looking all buff and stuff. Shots
1:26:16
out the sessions. All right. There's
1:26:17
next one is by the Bitcoin conference and it goes me
1:26:20
right now. And we got a guy here and he
1:26:22
goes, here, go buy some Bitcoin. And
1:26:25
we got, you know, the guy blushing his things, but I
1:26:28
really shouldn't. And he goes, no, you should,
1:26:30
and you will. And he's looking in the mirror.
1:26:32
You should go buy some Bitcoin.
1:26:33
Go buy some Bitcoin right now.
1:26:35
Bitcoin. Make sure you're buying
1:26:37
Bitcoin. And this last one, shouts out
1:26:39
to our boy, big Sean Harris. And
1:26:40
it goes, it might make some, it might make sense
1:26:42
to get some in case it gets caught on hashtag
1:26:44
Bitcoin. And we got the Oppenheimer meme
1:26:47
here where he's looking all crazy. And
1:26:49
it goes, no, coin or why should I buy Bitcoin? And
1:26:51
Bitcoin is go, well, it was up 160 % in 2023 and
1:26:55
it's out 50 % this year and it's only in April.
1:26:57
And no coin is give you that
1:26:58
stare like, Oh my God, maybe I should get some
1:27:01
just in case it catches on. It's
1:27:04
catching on in real time. It's
1:27:05
catching on just man, love to see it. So
1:27:08
good being a Bitcoin or even when they attack you,
1:27:10
it's good to be a Bitcoin. Actually,
1:27:12
one last thing, Nico, someone in the chat said,
1:27:15
and I think it's a very good comment. And
1:27:17
he's like, I'm very surprised that the Bitcoin
1:27:19
price is going sideways right now, considering all
1:27:21
the news happening right now. I
1:27:23
think that is a testament to how strong Bitcoin is
1:27:26
and how strong the mentality is of all you
1:27:29
hodlers out there that understand what game is
1:27:31
being played. So shouts out to you. You
1:27:33
guys are the real MVPs. All
1:27:35
right, Nico, go. All right, I'm going to give
1:27:37
it a bit piggies, a little tiny skateboard thing. You
1:27:41
use that one, bro. You need to find another one.
1:27:43
You need to find another one.
1:27:44
I haven't used this in a
1:27:45
long time. Yeah, but you still used it. You
1:27:47
still used it. BTC pins, wooden pin. I
1:27:52
swear like you used that one before. Okay,
1:27:54
fine. All right. All
1:27:55
right. Give me one second. Give
1:27:57
me one second. Oh, okay. An
1:28:01
RGB controller. Oh, okay. Now
1:28:05
that's a good score. And it's so I haven't used it
1:28:08
so long. What's your favorite color on
1:28:09
there though? Cause I got like three of them.
1:28:12
Are you colorblind? Yeah,
1:28:13
that's why I like colors. I
1:28:15
don't see black and white guys. I
1:28:17
just, yeah. I mean for like RGB lights
1:28:22
is probably red. Red pops out the best. Yeah,
1:28:24
I'm a red fan. Yeah. Red and blue combined is a
1:28:28
vibe, you know, but hey, we're not here for, for,
1:28:31
you know, some light therapy advice here. All
1:28:34
right. I'm going to give it a
1:28:35
Birkenstock used and smelly. Very
1:28:39
nice. All right. Crown,
1:28:40
what would you give those memes? Oh
1:28:42
man. Am I supposed to give it like
1:28:45
a thing? Like you guys do. I'm
1:28:47
going to, I'm going to give you, I'm going to
1:28:48
give it a meme for you. You're,
1:28:49
you're fucking background, dude. You're
1:28:51
backyard. It's so fucking badass. Okay.
1:28:53
Sorry. What did you want to give the
1:28:55
memes? I mean, I don't really have
1:28:57
a lot of here out here with me, but I mean, an
1:28:59
orange shill. Oh, okay. Okay.
1:29:03
All right. All right, man. I'm
1:29:04
sorry. I literally had to do the
1:29:06
score for you because your background is so badass.
1:29:09
Okay. Dude, I wish it bro. Cause
1:29:11
we should start doing a show like that, Opti. Like
1:29:14
we, we need a Nate and we need a nature background,
1:29:16
bro. The leaves are real. I
1:29:20
don't have, I don't have nature at my, at my home
1:29:23
right now. The leaves are moving. That's
1:29:25
such a beautiful, like, peaceful place. The
1:29:28
birds have been chirping the whole time. Like,
1:29:30
this is true. Wow. It's so nice. It
1:29:34
makes me feel peaceful inside looking at your
1:29:36
background or looking at your backyard. Okay.
1:29:39
All right. If you guys are new to the
1:29:41
meme review, the way that it works is you guys drop
1:29:44
your meme score in the live chat. If
1:29:46
you guys are new to simply Bitcoin, a meme score could
1:29:48
be anything that you can think of. Of
1:29:51
course we are on YouTube. Keep
1:29:52
that in mind. So in a proper in the chat,
1:29:55
we're not going to read it. So
1:29:56
we might, we might Ron Burgundy it. Okay.
1:30:00
Anyway, Nico. All right. Let's
1:30:02
cue the epic music, please. Wait,
1:30:04
I got this first one. SP, I rate these memes quote,
1:30:10
Nico extended the show for us even though he's worried
1:30:12
about his YouTube. Not you. You
1:30:14
the up tub numbers that is hilarious. UTXO,
1:30:19
I give the memes a stinging nettle satellite. I
1:30:22
don't know what that is, but I'll take it. I
1:30:23
don't think you can eat those. A
1:30:26
J. H. I give the memes one of
1:30:28
our guest suits. Yeah, dude, your suit is
1:30:30
absolutely badass. Okay. Next one. Phil
1:30:34
C. I give the memes Bitcoin when
1:30:36
money started. Oh, ours. Oh,
1:30:39
BTC is true. Fiat overlord scrambling for
1:30:41
control, trying to grab everything that is nailed
1:30:43
down. Good thing my 12 words are
1:30:45
hammered into steel. Boom, boom, boom, boom, McLovin
1:30:49
many more BTC related boating accidents in the
1:30:52
near future. Elaine scores C above. I
1:30:56
think it was this one. I think it's this one.
1:30:58
Privacy is criminal. Oh,
1:30:59
this is the score. Privacy is criminal when criminals
1:31:01
write the laws. Think the Fed Congress say the
1:31:04
Constitution is full of flaws. Bitcoin
1:31:06
forced their hand their horns in full display.
1:31:09
Bitcoin is the way. Let's
1:31:12
go. Oh, man. Oh,
1:31:15
it's equitable. One Ronan samurai that serves
1:31:20
no masters. Oh, I like that. Uh,
1:31:23
the Vistnok catching up at 1 .75 times only to hear
1:31:28
Nico say no. I give the memes a door.
1:31:34
Thank you. Sublime
1:31:35
from X and Rambo. I rate the memes. Okay,
1:31:39
love it. And then we got one from from
1:31:41
Rambo. We got actually two. I
1:31:43
have compliance meme score a savior for all. Okay.
1:31:47
Next one. Let me pull it out real quick.
1:31:53
It's right there. It's
1:31:54
ready. We're ready. We're
1:31:55
ready. Okay. I give the meme score a
1:31:57
savior for all. Uh, got another one. No,
1:32:00
no, no, no, no, no, no, no, no, no, no, no. Hold
1:32:01
on. Read this one. Not
1:32:02
all talk us. Okay. Not all talk us. I
1:32:04
give the memes my having party drink bottle showing
1:32:06
yellow with a chainsaw having Bitcoin. Oh,
1:32:09
bars, bars. Um, okay. All
1:32:14
right. I think that's everything.
1:32:17
Wow. We literally timed it with
1:32:20
the music and everything. All
1:32:21
right, guys, if you enjoyed the show, you know what to
1:32:24
do, smash the like button, consider subscribing, really
1:32:26
smash the like button on this episode because it was
1:32:28
really fapping long. Um, but, uh, if you guys
1:32:32
enjoyed the show, uh, share this content, really help
1:32:35
subscribe if you feel like we provided you value. Do
1:32:37
you want to give a very special shout out to our
1:32:40
extremely intelligent guest that was dropping the hot
1:32:42
fire crown. Uh, crown. Well,
1:32:44
let's bring you on again. Uh,
1:32:46
so we can give you like a full 30 minute block, uh,
1:32:50
because you were dropping so much sauce. Just
1:32:52
you caught us on a break, a crazy breaking news
1:32:55
episode. Uh, but you were phenomenal.
1:32:57
You were so intelligent. Where
1:32:58
can people find out more about you and what you're
1:33:00
working on? Uh, you can, you can watch me
1:33:04
troll people on Twitter. Um,
1:33:06
Sporakomava, but the Sporakomava, but the, but
1:33:09
the Omava, the MNB are switching, but that's going
1:33:13
to be put that in the show notes or anything, but
1:33:15
yeah, awesome. Um, yeah. So
1:33:18
guys go follow him. It's on screen right now and,
1:33:22
uh, want to thank our guests for coming on on
1:33:23
simply Bitcoin live shout out to the best producer
1:33:25
in the game, producer Jacob, uh, and crown. Thank
1:33:28
you so much for coming on. Hopefully
1:33:30
we'll have you back on in a couple months or so.
1:33:32
Cool. Appreciate it. All
1:33:35
right, guys. What a week. Uh,
1:33:37
what a week. What a week. Um,
1:33:39
take self custody, everybody. Have
1:33:41
an amazing weekend. Unplug, be with family, be with
1:33:44
friends. I like Opti says touch grass
1:33:46
with your toes. That'd be a good idea. And,
1:33:49
uh, we'll be back on Monday, brand new episode
1:33:51
of simply Bitcoin live and stay tuned for Russ and
1:33:54
and John's, uh, simply Bitcoin originals should be
1:33:56
dropping later on today. Peace
1:33:58
out, everybody. Have an amazing weekend. Peace.
1:34:09
Yeah.