Latest / Simply Bitcoin / The Morgan Stanley Bitcoin Takeover just Accelerated! (Here's The Proof) | EP 1481

Transcript

The Morgan Stanley Bitcoin Takeover just Accelerated! (Here's The Proof) | EP 1481 · Simply Bitcoin

• 0:01
  Yo, until last week, Coinbase and BNY Mellon were going to be
• 0:06
  the custodians for Morgan Stanley's Bitcoin trust.
• 0:09
  However, we got some news that got quietly overlooked during
• 0:12
  the weekend, and it looks like Morgan Stanley wants to become a
• 0:16
  Bitcoin bank. You heard that right.
• 0:19
  This would cut Coinbase out of the middle completely, but it
• 0:22
  looks like they're working on their own interesting things in
• 0:25
  the background because Coinbase was just approved to receive
• 0:28
  their banking trust charter by the OCC last week.
• 0:32
  Before we dive into the story and how it relates to Bitcoin,
• 0:35
  let's check out this really, really interesting clip.
• 0:39
  So you guys made the news, I, I guess it was a couple weeks ago
• 0:43
  about the filing for an OCC Chartered Bank to custody, you
• 0:46
  know, digital assets. Can you talk a little bit about,
• 0:48
  you know, why you needed the bank, what that means for you?
• 0:52
  So we are a bank already. We've been a bank since the
• 0:57
  global financial crisis. I think you know, the
• 0:59
  electively, yes. Well, you know, it's, it's had
• 1:03
  benefits to our business and we've spent a lot of time like
• 1:05
  over what's scarily is almost 2 decades making being able to
• 1:12
  offer, you know, new services to our our clients on on the
• 1:15
  banking side. But the OCC charter would
• 1:18
  potentially provide us a, a way to custody and hold
• 1:26
  cryptocurrency assets for our clients.
• 1:28
  So we've started down that that journey already.
• 1:32
  I think there's like really a three-step approach there.
• 1:34
  So we're doing a referral model to start out with.
• 1:37
  We'll move to legal custody and then in the future potentially,
• 1:41
  you know, really be able to build out that technical
• 1:44
  custody. I think the other thing too is
• 1:47
  longer term, there are some opportunities around the
• 1:49
  business that we may need to use that OCC charter just to again,
• 1:55
  it it's just, it's too unknown with regulation right now how
• 1:58
  things are going to settle out and where we, what entity we're
• 2:03
  able to do certain business off of.
• 2:04
  So look, it buys us the opportunity to just continue to
• 2:09
  build out and we'll, as the information comes through,
• 2:13
  we'll, we'll make those decisions, you know, when we're
• 2:16
  tasked with them. So this is absolutely massive.
• 2:21
  Again, you have another Wall Street giant following in the
• 2:24
  footsteps of Citibank. Remember what the Citibank
• 2:27
  representative said at the Bitcoin for Corporations event?
• 2:32
  Of course, that is hosted by BTC Inc, Bitcoin Magazine and
• 2:36
  Strategy. The Citibank representative went
• 2:39
  out there and said, hey, listen, we want to custody Bitcoin on
• 2:43
  behalf of our clients. Now, what is the significance of
• 2:46
  all this? There's a very, very famous clip
• 2:48
  that I keep referencing, I've been referencing for the last
• 2:52
  couple weeks or so of Michael Saylor back in 2022.
• 2:56
  He said that three things needed to happen in order for Bitcoin
• 2:59
  to hit $5,000,000 per coin. Thing number one was the
• 3:03
  approval of the spot Bitcoin ETF.
• 3:05
  That happened in January of 2024.
• 3:08
  Thing number 2 was the change of the FAZBE accounting rules.
• 3:12
  So it wouldn't look bad on your balance sheet if you were
• 3:15
  holding Bitcoin that again, check that box out.
• 3:18
  That happened and then the last thing which is currently
• 3:21
  happening the year of a bear market, which makes me
• 3:25
  incredibly excited for the next cycle to start beginning is
• 3:30
  banks custodying Bitcoin. Now this move by Morgan Stanley
• 3:34
  is fascinating because unlike all the ETF players, right, 11
• 3:40
  out of the 12 ETFs except for Fidelity, all custody there
• 3:44
  Bitcoin with Coinbase Morgan Stanley because this was the
• 3:49
  most most successful ETF launch for Morgan Stanley and it was a
• 3:53
  Bitcoin ETF. They came to the realization,
• 3:56
  they said, wait a second, why don't we just custody our own
• 3:59
  Bitcoin? Why don't we just custody our
• 4:02
  the Bitcoin, the Bitcoin for our clients?
• 4:04
  That makes absolutely no sense. Now let's take outlook, let's
• 4:08
  check, let's take a look at some of the source material.
• 4:11
  So here is Bitcoin Magazine. Morgan Stanley will use Coinbase
• 4:15
  and BNY to power its new Bitcoin ETF.
• 4:19
  Morgan Stanley has tapped Coinbase and BNY Mellon to serve
• 4:22
  key key custody administrative roles for its proposed spot
• 4:26
  Bitcoin ETF, according to an amended amended registration
• 4:29
  statement filed with the the with the SEC.
• 4:32
  The filing for the Morgan Stanley Bitcoin Trust outlines a
• 4:35
  structure in which Coinbase Custody Trust Company and B&Y
• 4:38
  will act as Bitcoin custodians responsible for safeguarding the
• 4:41
  funds, digital assets and facilitating transfers tied to
• 4:44
  shared creations and redemptions.
• 4:46
  Now here's the crazy part. Seems like Morgan Stanley
• 4:48
  realized, wait a second, we can just do this ourselves.
• 4:53
  And that is the massive, massive news.
• 4:56
  Now it's crazy to me because we had Morgan Stanley fighting
• 5:01
  Bitcoin, not only Morgan Stanley, the other banks as well
• 5:04
  fighting Bitcoin for 15 years. And it seems again, as we
• 5:10
  predicted, because we were saying, listen, no one is better
• 5:13
  than their incentives. And as, as, as Wall Street
• 5:15
  figures out that they can make money off of Bitcoin, what are
• 5:19
  they going to do? Like they're capitalists at the
• 5:22
  end of the day, Jamie Dimon's a capitalist.
• 5:24
  They're all going to want to get in on the party.
• 5:26
  And that's exactly what's playing out, right?
• 5:30
  So again, this is very interesting.
• 5:32
  It's good because you don't have this giant concentration of
• 5:36
  custody of Bitcoin just with Coinbase.
• 5:39
  You have the banks themselves coming out and saying, listen,
• 5:42
  we want to custody Bitcoin on behalf of our clients.
• 5:46
  So let's see how this plays out. Now another piece of interesting
• 5:50
  news as well, kind of referring to what I was talking about in
• 5:52
  the intro is check out this announcement came out April 2nd
• 5:56
  from Coinbase. Coinbase receives conditional
• 5:59
  OCC approval building the future of finance.
• 6:03
  It goes on to say today marks a significant milestone in
• 6:06
  Coinbase long pursuit of regulatory clarity.
• 6:10
  And Speaking of clarity, all of this is happening despite the
• 6:14
  Clarity Act not being passed yet.
• 6:18
  So it goes on to say we have received conditional approval
• 6:21
  from the Office of the Comptroller of the Currency to
• 6:24
  charter Coinbase's National Trust company.
• 6:26
  This is a result of years of investment and compliance
• 6:29
  engagement with regulators and believe that the right path
• 6:33
  forward for crypto is through the system, not around it.
• 6:36
  Let me be clear, let me be direct about what this means and
• 6:39
  what it doesn't. Coinbase is not becoming a
• 6:41
  commercial bank. We will not be, We will not be
• 6:44
  taking retail deposits. Now, why do they have to say
• 6:48
  that? Do you remember what is the
• 6:50
  number one thing stopping the Clarity Act right now?
• 6:54
  The banks don't want Coinbase to offer interest on their USDC
• 7:00
  stable coin on the platform. They feel like that is a threat
• 7:06
  to the bank. So the banks are basically
• 7:08
  saying, listen, like we can't have you offering interest
• 7:12
  because if Coinbase starts offering interest and I think
• 7:15
  it's like three, 3 1/2%, something like that of which is
• 7:19
  paid in in Bitcoin in return, again, if you're a bank, right?
• 7:24
  Banks don't pay interest on deposits these days.
• 7:27
  I mean, they do, but it's laughable.
• 7:28
  It's like .00 something percent. And on top of that, they pay a
• 7:32
  man, you have to pay a management fee if you hold below
• 7:37
  a certain balance amount. So I think for most banks, it's
• 7:39
  like $1500 or $2500 and you have to pay $10 a month for a
• 7:44
  maintenance fee, right? So all of a sudden if you're a
• 7:47
  younger person, right, and you're, you know, Internet
• 7:49
  native, you're used to these apps.
• 7:51
  I have friends that don't even have bank accounts.
• 7:54
  They just use the Cash App thing and they use that as their de
• 7:58
  facto bank to receive money. You know, it has a banking
• 8:01
  number, it has a thing you can receive deposits.
• 8:03
  You can use that as your de facto, as your de facto bank.
• 8:07
  So it's kind of interesting to see how Coinbase is really
• 8:10
  threading the needle while simultaneously the banks are
• 8:13
  realizing, wait a second, there's a massive opportunity to
• 8:16
  hold Bitcoin on behalf of our clients.
• 8:19
  So again, this is all something that if you guys have been
• 8:23
  tuning into simply Bitcoin for years now, we all predicted this
• 8:27
  was going to happen, not because we're geniuses, but because of
• 8:31
  the game theory, because of the incentives of Bitcoin.
• 8:34
  Everybody wants to get in on the action.
• 8:38
  And it reminds me of this very famous article that Alex
• 8:41
  Gladstein wrote many years ago called Bitcoin is the Trojan
• 8:45
  Horse for Freedom. And in that article, he made the
• 8:49
  case that, listen, more and more countries, more and more
• 8:52
  institutions are going to inevitably be attracted to
• 8:56
  number go up technology. What they don't realize is that
• 9:00
  number go up technology and freedom go up technology are
• 9:04
  inextricably linked, right? So it's fascinating to see all
• 9:08
  of this. And also it really sets the tone
• 9:11
  for the next coming cycle. So, you know, once this
• 9:15
  resolves, once we find a bottom, perhaps we've already found a
• 9:18
  bottom. Who knows, right?
• 9:20
  This cycle of 202720282029 is going to be incredibly exciting
• 9:27
  because it's not just going to be a couple of, you know,
• 9:31
  publicly traded companies, you know, that perhaps the market
• 9:34
  sees as risky going in all on Bitcoin.
• 9:38
  It's going to be the large established banks in the United
• 9:42
  States saying, listen, not only are we OK with Bitcoin, we will
• 9:47
  custody Bitcoin on your behalf. And by the way, this is coming
• 9:51
  on the heels of the news that we broke last week where Charles
• 9:54
  Schwab, one of the largest brokerages in the United States
• 9:58
  that is wealth is is extremely trusted with the older
• 10:01
  generation, which happens to hold the lion's share of the
• 10:04
  wealth. They said, hey, listen, we're
• 10:06
  launching Bitcoin spot trading. So it doesn't take a rocket
• 10:11
  scientist to put all the pieces together.
• 10:13
  You have Citi Bank, you have Morgan Stanley.
• 10:16
  What do you think all the other banks are going to do?
• 10:19
  Do you think they're going to be able to stay on the sidelines?
• 10:21
  Do you remember when Vanguard tried to play that game with
• 10:24
  BlackRock? When BlackRock launched the
• 10:26
  Bitcoin ETF, the most successful ETF launch in Blackrock's
• 10:31
  history, What happened to Vanguard?
• 10:33
  Vanguard took a stance and said, listen, we're not launching
• 10:36
  that. That's too risky, We can't do
• 10:38
  that. What happened, the CEO that said
• 10:41
  that he's no longer at Vanguard anymore.
• 10:43
  And you know what Vanguard's doing?
• 10:45
  They launched an ETF for Bitcoin.
• 10:47
  They lost. They they launched exposure for
• 10:49
  Bitcoin. So, yeah, you could take an
• 10:50
  ideological stance. You could say, oh, no, Bitcoin
• 10:53
  is this, Bitcoin is that. But at the end of the day, you
• 10:55
  know what? The free market's gonna win,
• 10:58
  right? And this is exactly what's
• 11:00
  playing out right now. Here's a comment from Brian
• 11:02
  Armstrong. Coinbase has received
• 11:04
  conditional OCC charter approval, he says.
• 11:08
  To clarify, we're not becoming a bank.
• 11:10
  It's a Trust Company. We're bringing the
• 11:12
  infrastructure of crypto under federal regulatory oversight.
• 11:17
  And again, this is all happening despite the Clarity Act not
• 11:21
  passing. And this is specifically what
• 11:24
  Elizabeth Warren did not want to happen.
• 11:28
  She didn't want Bitcoin to be integrated into the traditional
• 11:32
  financial system because she knows that once the incentives
• 11:37
  are there, it's going to be very, very difficult for these
• 11:40
  banks to walk a lot of this stuff back because they're
• 11:44
  actively benefiting from Bitcoin.
• 11:47
  So this is playing out fantastically.
• 11:50
  Sailors, 3 things that said needed to happen in order for
• 11:53
  Bitcoin to hit $5,000,000 per coin.
• 11:55
  They have happened. The year that they happened is
• 11:58
  2026. All of those boxes are checked.
• 12:01
  I don't think it's a question of if Bitcoin were which $5,000,000
• 12:05
  per coin. I think now it's a question of
• 12:07
  when will Bitcoin reach $5,000,000 per coin.
• 12:10
  Bitcoin is here, Wall Street is interested.
• 12:13
  It's not just retail anymore. But I'll give one last warning
• 12:17
  before I pass it on to our we have a special guest in the
• 12:20
  studio today. Listen guys, all of this news is
• 12:24
  fantastic for number go up. It's great like this is amazing,
• 12:28
  right? You need this type of capital,
• 12:31
  you need these types of institutions to be bought,
• 12:33
  brought in so that Bitcoin reaches reaches these new
• 12:37
  heights, right that you can't stop that.
• 12:39
  You need this type of interest like if you wanted Bitcoin to
• 12:42
  become the global reserve currency, it was an
• 12:45
  inevitability that banks were going to get involved, right?
• 12:49
  It was an inevitability that Asian states were going to get
• 12:52
  involved. And you know, what's really
• 12:54
  interesting to me as well is last week, the whole Strait of
• 12:58
  Hormuz situation, Iran was like, hey, listen, we want to get paid
• 13:02
  in Bitcoin if we want any ships to go through the Strait, which
• 13:07
  again, guys, connect all the dots doesn't.
• 13:10
  It doesn't require you to be a rocket scientist to see that
• 13:14
  Bitcoin is on the launchpad on the rocket about to blast off to
• 13:19
  the moon. And I just don't know when it's
• 13:20
  gonna happen. But all of this stuff is
• 13:22
  incredibly exciting. Anyways, before we move on, I do
• 13:26
  wanna welcome our guest today. We got Nacho from ocean in the
• 13:31
  house. Nacho, what's up?
• 13:33
  And by the way, for anyone who doesn't know, Nacho, Nacho not
• 13:36
  had a bromance and it was that mining disrupt.
• 13:38
  I mean, we hit it off, you know, it was the first time me and
• 13:41
  Nacho met each other and actually the first fireside
• 13:44
  chat, I was late too for 5 minutes so I couldn't make it.
• 13:47
  But we had another panel upcoming and again, you know, he
• 13:52
  was a little bit pissed off 'cause he's like, Nico, you kind
• 13:54
  of like left me out to dry here, you know, on this first
• 13:56
  fireside. But me and Nacho, we sat next to
• 13:59
  each other on this panel and we absolutely hit it off.
• 14:02
  We're going to be talking about Ocean later on in today's show.
• 14:06
  You guys need to understand what's happening in the mining
• 14:09
  world. It's incredibly important,
• 14:11
  Bitcoin, for Bitcoin to succeed, it has to stay decentralized and
• 14:16
  secure. And Ocean is playing a key role
• 14:19
  and to ensuring that that happens.
• 14:22
  Anyways Nacho, welcome to the show bro, how you doing?
• 14:27
  Brother, thank you for having me, But these Romans started
• 14:29
  with a broken heart, so it's the best thing.
• 14:31
  Two Latinos breaking each other's heart and then making
• 14:33
  amends. And then we went to the moon.
• 14:37
  It was like a novella, bro. Yeah, yeah, yeah.
• 14:39
  It was like 3:00 PM, You know, like grandma's watching, like
• 14:42
  that type of intensity. Absolutely.
• 14:47
  Is Opti getting a little bit jealous right now?
• 14:49
  I don't know. Who knows?
• 14:50
  I don't mind being the opti opti.
• 14:51
  Is shaking his head and yes, but anyways, Nacho, I do want to get
• 14:55
  your input. What do you think about all this
• 14:58
  news man? Because again, you have these
• 15:00
  institutions that were fighting Bitcoin for so many years and
• 15:04
  now what we've predicted, inevitably they're coming in,
• 15:08
  they're saying, wait a second, we could actually benefit from
• 15:11
  this. We could actually get rich from
• 15:12
  this. And now there seems to be a
• 15:14
  fight between the OG crypto companies, you call it like that
• 15:19
  and traditional Wall Street. And Wall Street is coming to the
• 15:22
  realization that says like, wait a second, we can kind of do this
• 15:25
  stuff ourselves. We don't really need you guys.
• 15:28
  How do you how do you predict this is going to play out?
• 15:30
  So the fear factor is gone. This is amazing.
• 15:33
  And ideologically more there's a lot of bitcoiners are against it
• 15:36
  and want to fight the system. We need the system.
• 15:38
  We need the these big players to join.
• 15:40
  And you just stated, and in my humble opinion, this is what we
• 15:44
  needed in order to get out of this bear that we're right now
• 15:48
  like what happened with with Iran.
• 15:51
  The fact that these being big banks are actually coming into
• 15:53
  play and doing it themselves, it's amazing.
• 15:58
  Absolutely, man it, it's, it's amazing to say the least.
• 16:01
  And also I have some more news for you guys as well.
• 16:05
  You guys Remember Me bringing on Caitlin Long.
• 16:07
  So Caitlin Long is the CEO and founder of Custodia Bank.
• 16:12
  Now, what's really interesting about Custodia Bank is that
• 16:15
  during the Biden administration, Custodia Bank was denied a
• 16:19
  federal banking charter, right? It's just, and, and they
• 16:22
  couldn't really give her a good reason as to why this was
• 16:25
  happening. Now, I know a lot of things that
• 16:28
  Trump has done recently or unpopular, you know, at the war,
• 16:33
  to say the least. But let's put that aside, guys.
• 16:36
  Elections have consequences. It seems like even though
• 16:40
  clarity hasn't passed, we are making progress.
• 16:45
  And it it wasn't just Coinbase that got approval, it was
• 16:50
  cracking that got approval as well.
• 16:52
  But remember, it was Caitlin that really got the ball moving
• 16:56
  here. So let's check out this piece of
• 16:58
  news. Caitlin Long, US Comptroller,
• 17:01
  just gave one of the most significant speeches about U.S.
• 17:05
  bank regulation in recent years, partly because Professor Julie
• 17:08
  Hill asked probing questions. Quote he strongly defended the
• 17:14
  dual banking system working to end the federal quote,
• 17:17
  bigfooting of States Bank charting decisions, including
• 17:21
  for both FDIC insurance and Fed master account access.
• 17:26
  The other thing compiled Wyoming's digital asset
• 17:29
  regulatory framework and Commissioner Bishop by name, oh,
• 17:33
  complimented by this way, complimented Wyoming's digital
• 17:36
  asset regulatory framework and Commissioner Bishop by name and
• 17:39
  said the Fed should learn from experience of quote wise folks
• 17:43
  in Wyoming and New York rather than dissing their state peers.
• 17:47
  Again, this is massive, massive news and it there's progress
• 17:51
  isn't just talk. There's progress like the fact
• 17:54
  that bank, that Coinbase got this charter, the fact that
• 17:57
  Kraken got this charter, it's massive, massive news.
• 18:00
  And then she ends it with lots more, including Genius Act,
• 18:03
  chartering OCC trust companies for digital assets, creating a
• 18:07
  truly serious appeals process for supervisory decisions,
• 18:11
  working with FDIC Gov to remove barriers to chartering new
• 18:16
  banks, Several criticisms of the Federal Reserve.
• 18:21
  Very, very interesting. Anyways, here is also a post
• 18:25
  from Matt Korva and he says the SEC guidance is great not
• 18:29
  because of what it says, but because of what it means.
• 18:32
  For decades, our system was built upon centralized
• 18:35
  intermediaries who for some time provided significant value.
• 18:40
  In the age of technology, specifically, specifically
• 18:44
  audible smart contracts, the need for reliance on
• 18:47
  intermediaries who are more or less rent seekers is gone.
• 18:51
  So connect this with what the, what the video said in the
• 18:55
  beginning, which the one that we played, you know, it's very
• 18:59
  obvious where this is going. The guidance under Atkins
• 19:02
  leadership suggests staff is recognized that innovation is
• 19:06
  necessary to do the best by the staff's constituents, market
• 19:11
  participants, not by the legacy market infrastructure.
• 19:14
  Lots more to do, but this is an incredible moment.
• 19:17
  If decentralized applications meet their promise.
• 19:20
  You can pencil this down as the day centralized intermediaries
• 19:25
  were dealt a critical blow by allowing fair competition
• 19:29
  against them. Parentheses in before all the
• 19:32
  centralized intermediaries run the same playbook as the banks
• 19:36
  against clarity. So again, despite Washington
• 19:40
  basically taking Claire the Clarity Act hostage and
• 19:44
  Frankensteining it, we this is massive progress for Bitcoin
• 19:51
  being integrated into the US financial system.
• 19:55
  And again, this is not happening because these bankers are
• 19:58
  watching simply Bitcoin or because they're ideologues.
• 20:02
  This is happening because of the incentives that Bitcoin
• 20:05
  provides, right? So this is this is massive news,
• 20:09
  big breaking news and again, incredible progress for number
• 20:13
  go up. But again, got to give a warning
• 20:16
  to you guys. Ultimately the revolution is
• 20:19
  individuals taking self custody of their Bitcoin.
• 20:23
  So this is fantastic news from a number go up perspective, but
• 20:27
  from a revolutionary perspective, it doesn't change
• 20:30
  the foundations. It's not your keys.
• 20:32
  It's not your keys. They might be, they might make
• 20:34
  it incredibly easy for you to custody your Bitcoin with
• 20:38
  Citibank, for you to custody your Bitcoin with Morgan
• 20:41
  Stanley. But is it really your Bitcoin if
• 20:45
  you have to ask somebody else for permission to use it?
• 20:47
  I would say it's not. I would say it's not your money
• 20:50
  if you have to ask someone else for permission to use it.
• 20:53
  But anyways, besides that massive news and it seems like
• 20:58
  it seems like there's competition here and everyone
• 21:01
  wants your Bitcoin, including Wall Street.
• 21:03
  So if you're selling your Bitcoin right now through this
• 21:06
  market downturn, it's probably a Wall Street institution that's
• 21:10
  buying your bag, right? Ultimately, at the end of the
• 21:13
  day, not so. Do you have any thoughts before
• 21:14
  we move on? No, dude, I agree 100% with you.
• 21:18
  But again, I'm going to reiterate it.
• 21:20
  We need these big players to join in order to become, to go
• 21:22
  where it needs to go. So. 100% man.
• 21:26
  Like I, I think it's a inevitability.
• 21:28
  Why do you think there was so much pushback from the big
• 21:32
  players joining? Like why do you think Bitcoiners
• 21:35
  as a whole have this kind of like hesitancy towards, you
• 21:39
  know, like Citibank and Morgan Stanley getting involved and you
• 21:43
  know, regulators getting involved as a whole?
• 21:45
  Like is it, is it warranted? Are they rights?
• 21:49
  Like are we really celebrating Bitcoin being Co opted?
• 21:53
  Because that's kind of like a, like a, you know, interpretation
• 21:57
  of all of this. Coming from an Argentinian that
• 22:00
  actually got my money locked up and I couldn't access it, they
• 22:03
  gave me my an allowance on my own money from my bank.
• 22:06
  It happened in Argentina and it kept happening over and over and
• 22:09
  over again. That's why I came into Bitcoin.
• 22:12
  I needed my freedom back. These players coming on right
• 22:16
  now, if we do it the right way, of course are going to be, you
• 22:19
  know, positive. But we need to be aware of that.
• 22:22
  I come from that. I had to ask for permission to
• 22:24
  actually get my money to go buy groceries, which is insane.
• 22:28
  That's why I don't trust banks. Absolutely.
• 22:30
  And and I think, you know, it's very difficult for someone who's
• 22:33
  just living in the United States to like get an understanding of
• 22:40
  that, like, right. Like if you're from Venezuela,
• 22:42
  if you're we had a Hoffa in the studio the other day, right.
• 22:45
  He was talking about the very similar situation in Brazil.
• 22:49
  You know your situation, Argentina, right?
• 22:51
  You have this like natural like, yeah, I I just don't trust that
• 22:55
  because we've been rug pulled so many times, not by just the
• 22:58
  banks freezing the money with the capital controls, but just
• 23:02
  the theft via inflation itself. Yeah, for me it's PTSDI.
• 23:08
  Actually, I come from the future to tell you this happen, then it
• 23:12
  can happen again. So our what beacon represents
• 23:15
  that freedom that we have. It needs to be protected.
• 23:18
  But again, in order for the asset to be what it needs to be,
• 23:21
  these players need to come in because they are the ones that
• 23:23
  run the world. They are the ones that hold the
• 23:25
  money. They are the ones that hold all
• 23:26
  the boomers with the big, you know, bank accounts.
• 23:30
  We need them to play ball. Absolutely, 100%.
• 23:33
  And let me ask you something else, Nacho, right, because I
• 23:35
  did mention this in the beginning and I think this is a
• 23:38
  very hard pill to swallow right? And Opti and I were talking
• 23:41
  about this on air before we, we went live.
• 23:44
  Like despite all these native crypto companies having this 15
• 23:50
  year head start, it doesn't matter.
• 23:53
  It seems like these banks have so much capital.
• 23:56
  They have so much influence in Washington, DC that despite them
• 24:00
  being 15 years late, they have so much money, they have so much
• 24:05
  influence that they could still catch up to, you know, these,
• 24:08
  these OG crypto companies. Yeah, then we catch up 100%.
• 24:13
  We we have to be careful now because again, we are part of
• 24:16
  the industry that's generating it.
• 24:17
  So we need to be careful. We need to have more people like
• 24:20
  you to spread the word, to teach people what Bitcoin is, how to
• 24:23
  hold it, to be smart about it. I don't think they're going to
• 24:27
  be detrimental to the industry. I think they're going to add
• 24:29
  another layer and we need to be careful on how that layer it's,
• 24:32
  it's pulled. But they have immense amount of
• 24:34
  power, immense amount, impossible amount of money and
• 24:38
  they can do whatever they want. Absolutely.
• 24:40
  And let's talk about also too where Bitcoin right now is at an
• 24:44
  interesting crossroads, right? I think to, to say the least, I
• 24:49
  think it definitely underperformed to a lot of
• 24:52
  people's expectations this previous cycle, like we only
• 24:55
  reached 125 people. We're expecting Bitcoin to reach
• 24:59
  100K last cycle back in 2021 and it only hit 69.
• 25:06
  So I think right now Bitcoin is at this make or break break
• 25:10
  moment really like is Bitcoin ready to reach these new highs?
• 25:15
  Like is Bitcoin ready to become a $10 trillion asset?
• 25:19
  Is Bitcoin really ready to become a $20 trillion asset?
• 25:23
  If Bitcoin reaches the market cap of gold alone, it's already
• 25:27
  $1.6 million per coin. And I would say that's the
• 25:30
  minimum. I would say that's the minimum.
• 25:32
  I think that if Bitcoin doesn't reach the market cap of gold, I
• 25:36
  would consider it a failure, right?
• 25:37
  So just the minimum is roughly the cap of gold is roughly 30
• 25:41
  trillion, right? We're, we're sitting currently
• 25:43
  at 1.5. Do you think Bitcoin is ready,
• 25:47
  Nacho, to reach these new highs? Is it ready?
• 25:50
  Is the infrastructure ready? Do you think that the
• 25:53
  institutions are bought in enough?
• 25:56
  Do you think that by 20-30 we will see these new levels?
• 26:01
  I think Bitcoin is ready. I think the the fear fact the
• 26:04
  fear is gone for these big institutions to start adopting.
• 26:07
  Nations are adopting government like, you know, states like
• 26:10
  Texas. So there's a shift of all these,
• 26:14
  you know, our biggest haters that were against us.
• 26:17
  Now they're going to be they want to play ball.
• 26:19
  So are we going to reach those highs by 20-30?
• 26:24
  Probably. If I could guess that I would be
• 26:28
  very, very, very wealthy. So I'm not kidding.
• 26:30
  But that being said, I think because it's ready, I think the
• 26:33
  industry is being creative is everybody's thinking outside of
• 26:37
  the box. They're starting to get into
• 26:39
  generation. They're starting to mix it up
• 26:40
  with HPC. So the industry is ready for
• 26:42
  that ship shift. Bitcoin was ready, always ready
• 26:46
  for this. So what we need to do now is be
• 26:48
  smart about it and protect it. Absolutely and let let's focus
• 26:53
  on that last part where Nacho said we have to be smart about
• 26:56
  it and protect it. That means, and this is Jeff
• 26:59
  Booth's quote, right, that Bitcoin for Bitcoin to succeed,
• 27:03
  it has to remain decentralized and secure, right.
• 27:07
  So we're going to be focusing on how are we keeping Bitcoin
• 27:11
  decentralized and secure. That's a very important thing
• 27:14
  that I think a lot of people miss on, right?
• 27:17
  They think, OK, Bitcoins, you know, success is heat at this
• 27:22
  point. It's impossible.
• 27:23
  It's impossible to be Co opted. It's going to stay
• 27:26
  decentralized. That is not true.
• 27:28
  You actively have to participate.
• 27:31
  You actively have to get the voice out.
• 27:32
  You actively have to take self custody.
• 27:34
  And specifically on today's show during the culture segment,
• 27:38
  we're going to be talking about what's going on in the mining
• 27:42
  world and it it it's looking awfully centralized, right?
• 27:47
  Ocean is working their asses off on fixing this problem.
• 27:51
  Jack Dorsey funded the company and and one of Ocean's team
• 27:55
  members, Luke Dash Junior was specifically called by Jack by
• 27:59
  Jack Dorsey a Bitcoin's guardian Angel, right.
• 28:03
  So if Jack's paying attention to this and Jack's going all in,
• 28:06
  right, with cash app, with the with, with all the things with
• 28:13
  block, all the things that he's the the bit key that that they
• 28:16
  developed, he's really going in on Bitcoin.
• 28:19
  He really believes that Bitcoin is going to solve a lot of the
• 28:22
  world's problems. And if he's looking at ocean and
• 28:25
  saying, hey, wait a second, you know, this is potentially
• 28:29
  something that not a lot of people are are are paying
• 28:32
  attention to. It's definitely something that
• 28:35
  you guys should be paying attention to.
• 28:36
  And we're going to be raising awareness to just that.
• 28:39
  Anyways, guys, it's going to be an incredible show.
• 28:41
  You guys are going to want to stay tuned in.
• 28:43
  We got special announcements towards the end.
• 28:45
  So you guys are going to enjoy it.
• 28:47
  We got some videos for you guys. It's gonna be it's gonna be a
• 28:50
  great show. Smash the like button if you
• 28:52
  guys are enjoying it. This is Monday, but Mondays are
• 28:55
  good days. Anyways, let's start the show.
• 28:57
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• 32:52
  Anyways, I got some videos for you guys.
• 32:55
  I know Opti played this video for you guys on Friday, but I do
• 32:59
  want to play it again because I wasn't here.
• 33:01
  And again, this goes into what we were talking about in the
• 33:05
  beginning of the show, like ladies and gentlemen, put the
• 33:09
  dots together. Morgan Stanley, Citibank,
• 33:13
  Charles Schwab. I got a message.
• 33:15
  I can't say this, I can't say this is going to be public
• 33:17
  eventually, but one of the big conservative wealth management
• 33:21
  banks, one of my like good friends, he works there and he
• 33:24
  sent me a message and he's like, Nico, we're launching a Bitcoin
• 33:28
  product. This is the same bank that was
• 33:30
  actively taking a hostile stance on Bitcoin, right?
• 33:34
  So again, if you put, if you connect all these dots right, it
• 33:38
  guys like it's, it's looking really, really, really good.
• 33:43
  Remember, all of this stuff was happening.
• 33:47
  All of this stuff is happening when bitcoins at a 40% discount,
• 33:51
  when Bitcoin was at all time highs.
• 33:53
  You didn't have Citibank announcing they can custody
• 33:56
  Bitcoin. You didn't have Morgan Stanley
• 33:58
  saying they can custody Bitcoin. You didn't have Morgan Stanley
• 34:01
  saying this stuff. Of where the market is.
• 34:04
  But I have to tell you in terms of the pickup we saw yesterday,
• 34:06
  the first day of trading, our best first day of trading for
• 34:09
  any of our ETFs since we've started the ETF product line a
• 34:13
  couple years ago. So I think that speaks to the
• 34:15
  demand that's still out there for the Bitcoin ETF.
• 34:18
  Almost 1.7 million shares traded yesterday.
• 34:21
  And at 12:00 today, we are already having another good day
• 34:24
  today. As you said, there's a it's a
• 34:26
  nice, it's a nice week in the market, a nice day in the market
• 34:29
  for some pickup in Bitcoin and the markets to help us out
• 34:32
  there. But.
• 34:33
  And there's a nice. So who you heard was Amy, she's
• 34:35
  the head of digital assets from from Morgan Stanley.
• 34:39
  And there she says it. She said exactly what I said.
• 34:42
  The Morgan Stanley Bitcoin ETF was the most successful ETF
• 34:47
  launch for Morgan Stanley. So connect the dots.
• 34:51
  The most successful ETF in Black Rock's history, the most
• 34:54
  successful ETF launch in Morgan Stanley's history.
• 34:58
  Come on guys. It's it's not rocket science.
• 35:00
  And if you take a look at this, we actually about this last
• 35:04
  week, but again, I'm connecting the dots for you guys and yes, I
• 35:08
  see, I see it in the chat. Opti's trolling me a little bit
• 35:11
  calling me bullish. Yes, I am feeling bullish right
• 35:13
  now. I am feeling bullish.
• 35:16
  Charles Schwab launched BTC trading for its 46,000,000
• 35:21
  clients in Q2 and take a look at this.
• 35:24
  This is part of their official report, Potential Cryptocurrency
• 35:28
  Allocation based on Return Assumptions.
• 35:32
  So if this is Charles Schwab saying this, this is not Nikko
• 35:38
  or Opti or Nacho or any of the simply Bitcoin folks.
• 35:42
  This is Charles Schwab. They're saying if you believe
• 35:46
  that Bitcoin is going to have a 25% CAGR moving forward, a
• 35:52
  moderate portfolio allocation would be 16.9%.
• 35:58
  If you believe that Bitcoin is going to have a 15% CAGAR moving
• 36:02
  forward, which I think is conservative, they say that you
• 36:05
  should allocate at least 6.6% of your portfolio to Bitcoin.
• 36:10
  And that's on the moderate side of things.
• 36:13
  On the aggressive side of things, Charles Schwab is saying
• 36:17
  that if you believe Bitcoin's going to have a 25% CAGAR moving
• 36:21
  forward, Charles Schwab says if you're aggressive with your
• 36:24
  portfolio, you should allocate up to 22% of your portfolio to
• 36:30
  Bitcoin. So again, just by itself, this
• 36:36
  news, you're just like, you know, it's just another ETF
• 36:41
  launch, it's just Morgan Stanley, it's just Citibank,
• 36:43
  it's just BlackRock, it's just Charles Schwab.
• 36:46
  You could say big nothing burgers.
• 36:49
  But if you connect them, boy, are they painting a very, very,
• 36:54
  very bullish picture. Anyways, Nacho, am I imagining
• 36:58
  things? Am I hallucinating things?
• 37:00
  Bro what's your take on all of this?
• 37:03
  You're asking 2 Latinos that are bitcoiners about a romantic take
• 37:06
  on what's going to happen in the market?
• 37:08
  Hell yeah, dude. I'm at 25.
• 37:10
  So you just saved me a fight with my wife.
• 37:13
  She wanted to go a little lower and I went aggressive.
• 37:15
  And after this I'm going 50 dude.
• 37:19
  Hell yeah, absolutely. Absolutely.
• 37:21
  Just 50 bro. Well, OK for you, I'll do 25
• 37:24
  more. I love it, I love it, I love it
• 37:27
  anyways guys, if you guys are enjoying the show, make sure to
• 37:30
  smash that like button share the video and guys we still have so
• 37:36
  much left for you guys. We got a very interesting video
• 37:40
  from Jeff Booth. He went on Danny Knowles podcast
• 37:44
  What Bitcoin did and he was talking about the current system
• 37:49
  and and Jeff has such a great way of describing it.
• 37:52
  So again, the reason I'm playing this video is it's important to
• 37:56
  remember guys, that just because all of this stuff is happening,
• 38:01
  this is very bullish news from a number go up perspective.
• 38:05
  But remember the revolution is Bitcoin in self custody.
• 38:09
  If enough of us do it, we win and there's absolutely nothing
• 38:13
  they could do about it. But what's really interesting
• 38:15
  though, is that that very control system, these very
• 38:19
  institutions that again, we're so against Bitcoin, they
• 38:24
  couldn't resist Bitcoins incentives, which has been my
• 38:28
  key thesis for many, many years now.
• 38:31
  If you guys have been following me on X, I've been saying,
• 38:33
  listen, Bitcoin is ultimately going to win because of its
• 38:38
  incentives. Its incentives are irresistible.
• 38:41
  They're so irresistible that I ran, right?
• 38:45
  I ran, you know, they wanted to collect a $2,000,000 toll to
• 38:49
  allow any ship through the Strait of Hormuz.
• 38:52
  And they didn't want the Iranian currency.
• 38:55
  They didn't want U.S. dollars. You know what they wanted?
• 38:58
  Bitcoin. When Boris Johnson, when Tucker
• 39:01
  Carlson asked Boris Johnson, which was the Prime Minister of
• 39:04
  the United Kingdom, for an interview, Boris Johnson asked
• 39:08
  for, Boris Johnson asked Tucker to pay him $1,000,000 for that
• 39:13
  interview. He didn't want $1,000,000 in
• 39:16
  pounds. He didn't want a million U.S.
• 39:18
  dollars. He wanted Bitcoin or gold,
• 39:22
  right? And then simultaneously, while
• 39:24
  all of this is happening, right, some of the biggest treasury
• 39:27
  companies, you know who they're owned by, by the president's
• 39:31
  family themselves. So it doesn't matter where you
• 39:34
  are geopolitically speaking. It doesn't matter whether you're
• 39:38
  American, whether you're Iranian, whether you're from the
• 39:40
  UK. Everyone is seeing Bitcoin for
• 39:43
  what it truly is. Everyone is seeing Bitcoin as
• 39:48
  better money. Some of them are seeing Bitcoin
• 39:51
  as better money for its censorship resistant
• 39:55
  characteristics. But a lot of people are seeing
• 39:57
  Bitcoin because again, you know, it's Infinity divided by 21
• 40:01
  million. It's absolute scarcity.
• 40:03
  I don't think the market has realized the absolute scarcity
• 40:08
  characteristic yet. I think the moment the market
• 40:11
  sniffs that, I think you're going to see a God candle the
• 40:14
  likes of which you've never seen before.
• 40:18
  Samson Mao has already coined the term.
• 40:20
  He calls it the infamous Omega candle.
• 40:22
  I don't, I don't know. I don't know why I called it
• 40:24
  infamous. I guess I call it infamous
• 40:26
  because when we were talking about this and we did that
• 40:29
  legendary volcano interview, you know, in the beginning of 2025,
• 40:32
  we were all expecting 2025 to be this, you know, parabolic year,
• 40:36
  this euphoric year. And I think it let everyone
• 40:39
  down. But again, I think it's just
• 40:42
  we're a little bit too soon. I think that Omega candle's
• 40:44
  inevitable. I think when you were in the
• 40:47
  early days of Bitcoin, at least when I got in, right, you know,
• 40:51
  back in 2016, you know, thinking that Bitcoin could have a price
• 40:56
  movement of $10,000 in the day was unheard of.
• 41:00
  You'd be like, no, that, that's a crazy, that's crazy talk.
• 41:03
  I think we're gonna get to a point sooner rather than later
• 41:07
  that again, you're gonna see these crazy price swings.
• 41:10
  Now we have seen these crazy price swings.
• 41:12
  We have they've just been to the downside, but I think eventually
• 41:17
  we'll see them to the upside. So anyways, guys, you guys are
• 41:19
  going to stay tuned to be an incredible show.
• 41:22
  We still have tons to talk about.
• 41:23
  If you guys are enjoying the show, you know what to do smash
• 41:25
  that like button. We're going to be right back in
• 41:27
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• 43:10
  code simply. Right everybody, we are back
• 43:18
  guys. Not your keys, not your cheese.
• 43:20
  That's why we recommend the bit Key hardware wallet.
• 43:23
  Again, you can use the promo code as simply to get 20% off.
• 43:27
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  with the bit key app, boom, you're ready to send your
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  Bitcoin. It has multi sig built in and
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  has inheritance built in. Guys, what we've what we've been
• 43:40
  talking about this entire program today we've been talking
• 43:43
  about the revolution being your keys in self custody.
• 43:47
  So you definitely want to do that.
• 43:49
  Anyways, I do want to talk about this specific clip of Jeff Booth
• 43:55
  talking about the system. I want to give a shout out, of
• 43:59
  course, to Danny Knowles of What Bitcoin Did.
• 44:01
  It's a clip from him on the What Bitcoin Did podcast.
• 44:05
  And again, Jeff Booth has such an elegant way of explaining all
• 44:09
  of this stuff. So let's check out the clip and
• 44:11
  then of course, we'll talk about it.
• 44:13
  A 3 billion people on the planet going through a structural
• 44:16
  change and most people were fighting that structural change
• 44:21
  because their own beliefs from past biases.
• 44:25
  Then the expectation would be this would be really hard
• 44:32
  because most of the people and it would be really noisy because
• 44:35
  most of the people were feeding back against the system that
• 44:41
  they said they hated and using the exact same money that they
• 44:44
  said they hated to, to, to increase the power of the state
• 44:50
  and, and the and, and the system over them.
• 44:54
  And, and what they would find is they would find always somebody
• 44:59
  else. They would find Candace Owens,
• 45:02
  they would find Tucker Carlson, they would find and, and really
• 45:05
  good people yelling at the system, but with no solution to
• 45:11
  the system. And so they would find
• 45:13
  themselves in they would find themselves in this hate, right,
• 45:19
  that they didn't know that they were creating because they were
• 45:24
  using the same money that funded it all.
• 45:28
  And they would and and they would find, they would find
• 45:31
  belonging in that hate. They'd find I know more than
• 45:36
  those other people, those stupid other people, because, because,
• 45:40
  and and it would feel like love, it would feel like belonging.
• 45:44
  It would feel like I know something that the rest of the
• 45:46
  people don't do and that would expand everywhere while using
• 45:50
  the exact same money that funds the entire thing.
• 45:54
  And, and and when I look at when I look at that, I I totally
• 45:57
  understand. It's natural.
• 45:59
  It's what people do. I but but I wonder why?
• 46:05
  I wonder, I wonder if you if you can't solve the problem, what
• 46:12
  are you doing right? So what are what are you doing
• 46:15
  to actually solve the problem? And and what because what it's
• 46:18
  actually saying is in in all of those versions of their
• 46:23
  realities, is somebody else will save me instead of I will I have
• 46:30
  agency. Every single other version says
• 46:34
  somebody else is to blame. And but by the way, we would
• 46:37
  easily see, we would easily see in a in a world that that look
• 46:42
  like this. We would easily not see our own
• 46:44
  agency. And we would easily see that we
• 46:49
  would, we would be led to believe from that same system
• 46:52
  that it's not you, it's somebody else.
• 46:55
  And we would. We would want to believe that
• 46:58
  because it couldn't be us. So what is Jeff talking about?
• 47:05
  Well, we've been saying this for years now.
• 47:08
  We've been saying this like what is the fundamental issue?
• 47:11
  And I got to give credit to Opti on this a little bit, What is
• 47:14
  the fundamental issue with the political commentators?
• 47:19
  The thing is they're right with their observations.
• 47:24
  The fundamental problem, and again, we've been saying this
• 47:27
  for years at this point, is that they don't provide a solution.
• 47:33
  So their observations and their political commentary are on
• 47:36
  point. And this is where I got a little
• 47:39
  bit disillusioned as well with the election of the Trump
• 47:42
  administration. I got very excited because you
• 47:45
  had an outsider. You had the 1st president that
• 47:48
  was not a politician or a general.
• 47:50
  You had a businessman getting elected as president.
• 47:53
  You can clearly tell that the system was fighting against him.
• 47:56
  There are two assassination attempts.
• 47:58
  You know, the 2020 elections, some some interesting things
• 48:02
  happened, right? You can clearly tell that the
• 48:04
  entire system did not the legacy media attacks were gnarly.
• 48:09
  It is so many things were happening.
• 48:11
  And then he he, he gathered this team right, of RFK junior of
• 48:16
  Tulsi Gabbard, right. So it was somewhat bipartisan.
• 48:20
  You had ex Democrats coming in and they said enough of enough
• 48:24
  is enough. You had this kind of populist
• 48:26
  uprising, right? You had Elon coming in with
• 48:29
  doge, right? You had hope and change.
• 48:32
  This is what you were thinking was going to happen.
• 48:35
  But you know what happened a year later, once again, the
• 48:40
  United States is is at war in the Middle East, right?
• 48:43
  A year later, you know, it seems like it's a lot of the same
• 48:49
  things that we've seen for decades and decades and decades,
• 48:53
  despite the president, despite the political party.
• 48:56
  This is where the term the UNI party comes from.
• 48:59
  And this is what Jeff Booth is describing.
• 49:01
  This is what he's talking about. And This is why at simply we
• 49:06
  actually provide you a good solution.
• 49:09
  The solution of the political commentators is vote harder,
• 49:13
  daddy. The solution that's simply
• 49:15
  Bitcoin is vote, definitely vote.
• 49:20
  But you know what you do? You vote with your wallet.
• 49:24
  You vote by taking your money out of that said system.
• 49:29
  Because again, if you continue to battle it, what you're doing
• 49:32
  is Jeff Booth, so eloquently put, is you're just feeding it.
• 49:36
  You're giving it more oxygen. So what do you do if you feel
• 49:41
  disillusioned, disheartened? And I find myself in this camp,
• 49:44
  too. Like, I was a super Trump fan.
• 49:47
  Like what he did with the assassination attempt and he did
• 49:50
  the fist bump and he was like, like, fight, fight, fight.
• 49:54
  I was like, dude, this is so bad ass.
• 49:55
  You got Elon going in there. Elon's discovering all this,
• 49:59
  like, you know, misspending and all of this stuff.
• 50:01
  And I'm like, dude, like, this is awesome.
• 50:03
  Like, we finally, you know, like, we finally took our
• 50:06
  country back. Nope, Nope.
• 50:09
  And like, why? You have to ask yourself why?
• 50:12
  Well, the reason is simple. The system has a self funding
• 50:18
  mechanism. They can just print money.
• 50:22
  And if the system could just print money, it really doesn't
• 50:25
  have to do good by its constituents.
• 50:27
  What it has to do is ensure that it keeps the ability to continue
• 50:33
  to print money. And if it keeps the ability to
• 50:37
  continue to print money, then guess what?
• 50:40
  All they have to do is continue to play the divide and conquer
• 50:44
  game. Vote for team red, vote for team
• 50:46
  blue. You get in there, you're
• 50:48
  expecting change. Nothing ultimately changes, but
• 50:53
  the scam continues. You know that's what happens,
• 50:58
  right? So if you actually want change,
• 51:01
  you're not going to get this out of any political commentator.
• 51:04
  You're not going to get this out of Tucker.
• 51:05
  You're not going to get this out of Candace.
• 51:06
  You're not going to get this out of the other ones that I can't
• 51:08
  name on YouTube. Whichever ones are your favorite
• 51:11
  ones, right? They're not going to tell you
• 51:15
  this. The only way to change this said
• 51:18
  system is by taking what what Jeff Boots said personal agency
• 51:23
  over your life and choosing where you want to put your
• 51:27
  energy, your time and your work. Because if you put it into
• 51:31
  anything that is not Bitcoin, perhaps some stocks, right?
• 51:36
  You can say that you can make that argument.
• 51:39
  But if you have money and you have it in a saving quote UN
• 51:42
  quote savings account, it's laughable.
• 51:44
  Guess what? That money is losing on average
• 51:48
  at least 5 to 10% in purchasing power on a yearly basis.
• 51:53
  And by definition, that is theft.
• 51:56
  And what you're doing is when you're leaving that money in
• 52:00
  dollars, you are extending that let the life of that system.
• 52:05
  What? Let me ask you guys something.
• 52:06
  Why do you think they were so fast in approving or passing the
• 52:12
  Genius Act? Because the Genius Act had to do
• 52:16
  with stable coins. What do stable coins ultimately
• 52:19
  do? They propagate the use of the US
• 52:24
  dollar worldwide, right? So all of a sudden, if you can't
• 52:28
  open AUS dollar bank account, if you live in country X or country
• 52:32
  Y or country Z, all of a sudden you have access to stablecoins.
• 52:38
  And thank God that like, thank God that the biggest stablecoin
• 52:45
  issuer, they're hardcore Bitcoiners and they're funding
• 52:48
  Bitcoin projects and they're advocating for Bitcoin.
• 52:52
  So that again is awesome and fantastic.
• 52:56
  But at the same time, and, and, and I would say that by them
• 53:02
  being Bitcoiners, they understand this too.
• 53:05
  Like everyone wants Bitcoin to win.
• 53:07
  And ultimately, when you're seeing this kind of like when
• 53:11
  you're seeing this type of Bitcoin going in there into Wall
• 53:17
  Street, integrating into the financial system, we are making
• 53:22
  progress. Because all of a sudden when
• 53:24
  these banks and when these, I love you guys, but when these
• 53:29
  boomers start to benefit from Bitcoin and number go up
• 53:33
  technology, they're going to be the most hardcore advocates of
• 53:38
  this. And any type of law that gets
• 53:41
  passed that potentially might affect their bags, they're going
• 53:45
  to absolutely lose it. So we are winning.
• 53:49
  And also another thing on, on stablecoins is stablecoins,
• 53:53
  ultimately what they are is they're a Trojan horse for
• 53:56
  Bitcoin. Why do I say that?
• 53:58
  Because it's getting people used to a non sovereign alternative
• 54:02
  digital wallet. And all of a sudden, yes, if
• 54:06
  you're in Venezuela and you, you know, you're transitioning to
• 54:08
  using a stablecoin, you're like, wow, wow, this is fantastic.
• 54:14
  I'm not losing my purchasing power.
• 54:16
  But eventually they're come. They're gonna come to the same
• 54:18
  realization that we come to in the West, which is like, OK,
• 54:23
  this is definitely, definitely better than Bolivar for sure,
• 54:26
  100%. But I'm still losing my
• 54:29
  purchasing power, like what's going on here.
• 54:32
  So, yeah, very interesting Jeff Booth commentary.
• 54:37
  He puts it so eloquently, like always.
• 54:40
  Nacho, I wanna get your take on this 'cause you were talking
• 54:42
  about Argentina earlier. You're talking about your own
• 54:44
  personal experiences. I mean, what Jeff said was so
• 54:48
  powerful about, you know, this, this system and how people are
• 54:52
  so distracted with, oh, vote, Vote Blue, vote red.
• 54:56
  It's gonna fix all your problems.
• 54:58
  We have this savior coming in. I got caught up.
• 55:00
  I got kind of caught up in that as well with the with the Trump
• 55:03
  election, right. But it seems like Jeff has
• 55:06
  really nailed it down. He's like, look like the only
• 55:09
  way that we're actually going to see change is if people opt out
• 55:14
  entirely. What's your take on that Nacho
• 55:15
  A? 100%, I come from a country that
• 55:18
  went through 300% inflation in six months.
• 55:23
  Coming from the future, guys, to tell you that gap that they're
• 55:25
  building, it's on purpose. In Argentina, you can see it.
• 55:27
  Either you were one thing or another thing and there were
• 55:29
  families broken, friendships broken.
• 55:31
  It tore the the society apart. You want that because you want
• 55:35
  everybody to be afraid. And they keep printing money
• 55:38
  because we allow them, because we're focused on fighting each
• 55:41
  other and thinking differently. Instead of having a
• 55:43
  conversation, you know, we can sit down, have a conversation.
• 55:46
  You have your point. I have my point is he, if he's
• 55:48
  ideological, OK, let's keep it philosophical.
• 55:51
  But if it's going to be practical, splitting up, it's
• 55:54
  not the way to do it. You need to have control over
• 55:57
  it. The only way you have control is
• 55:59
  using what we are talking about. You know, if you have control
• 56:02
  over the finances, they cannot, you know, finance wars, control
• 56:06
  the market, change the the situation.
• 56:09
  Absolutely, 100%. And I think that's what it
• 56:12
  ultimately comes down to. So yes, guys like not only are
• 56:16
  we Trojan horsing and not only are we getting inside the line,
• 56:21
  right inside the enemy wire, I don't even call it an enemy,
• 56:24
  man. I, I wouldn't call it an enemy
• 56:26
  because like ultimately, like guys, like no one is better than
• 56:29
  their incentives. And I think the, the ultimate
• 56:31
  problem right now is that you have this misalignment of
• 56:34
  incentives. And I think people, because of
• 56:37
  the misalignment of incentives, I think people are blaming, like
• 56:41
  they're saying, oh, a lot of this is just evil people doing
• 56:44
  evil things. And I would say, OK, maybe some
• 56:47
  of that is true, right? Maybe some of that is true.
• 56:51
  You know, like the stuff with the islands and, and Pixa and
• 56:54
  all that stuff. Like, yeah, that, that shit's
• 56:56
  shady and evil for sure, 100%. But I would say that the biggest
• 57:03
  thing that's causing a lot of these institutions and a lot of
• 57:06
  governments to act against the better interest for the majority
• 57:11
  of the population is the misalignment of incentives.
• 57:15
  And I think something that Bitcoin beautifully does that
• 57:20
  nothing else does on on planet Earth is that it aligns
• 57:24
  incentives. So all of a sudden, if you're
• 57:27
  Sailor and if you're someone who's holding .1 Bitcoin or if
• 57:32
  you're someone again holding maybe $20 worth of Bitcoin,
• 57:37
  Sailor pumping his own bags and Sailor going out on podcast and
• 57:41
  talking the Bitcoin game as again, making sure that strategy
• 57:45
  goes up, making sure that Bitcoin goes up, you're
• 57:47
  benefiting from Sailor doing that, right?
• 57:50
  You are benefiting from Morgan Stanley launching an ETF.
• 57:54
  You are benefiting from BlackRock launching an ETF.
• 57:57
  When Max Kaiser went out and said, hey, Larry Fink is the
• 58:01
  Bitcoin employee of the month, he wasn't joking.
• 58:04
  This is what I mean by alignment of incentives.
• 58:06
  And again, you might be saying, Nico, you're effing crazy.
• 58:09
  What the F are you talking about?
• 58:11
  We already have a base case. We literally have the country of
• 58:17
  El Salvador, the first country that made Bitcoin legal tender.
• 58:21
  And by doing that, they fix the base layer of society.
• 58:26
  What happened? Do you think that it's a
• 58:28
  coincidence that the country, the first country that made
• 58:32
  Bitcoin legal tender, has the most popular president in the
• 58:36
  Americas? Do you think that's a
• 58:38
  coincidence? You let me know, right?
• 58:40
  You could say it's a coincidence.
• 58:42
  I would say no, dude, it just the base layer has been fixed.
• 58:46
  That's that's what it comes down to, right?
• 58:48
  So anyways, alignment of incentives.
• 58:51
  I think ultimately that's why Bitcoin wins.
• 58:53
  The other system is a system that is a system of coercion.
• 58:57
  It coerces you to go along with it.
• 58:59
  It coerce, it coerces you to use it.
• 59:03
  My money's on incentives. My money's not on coercion.
• 59:07
  And I'll give you examples. What happened with the Berlin
• 59:09
  Wall? Were people jumping into the
• 59:11
  East or were people jumping into the West?
• 59:14
  People were jumping to the West. What happens with Cuba and
• 59:16
  Miami? Do you see people taking boats
• 59:18
  from Miami to Cuba or do you see people taking boats from Cuba to
• 59:22
  Miami? They're taking boats from Cuba
• 59:24
  to Miami. When all the taxes started
• 59:26
  happening in California and New York and they raised the taxes
• 59:30
  like crazy and all of that stuff, what had happened?
• 59:32
  Did you see people going from Texas and Florida to New York
• 59:35
  and California? No, you saw people going from
• 59:37
  New York and California to Texas and my, and Texas and Florida.
• 59:41
  So why? Because of incentives.
• 59:45
  People are like, listen, I, I, I just like, I understand that you
• 59:47
  wanna raise the taxes, but like, I don't know what I'm really
• 59:50
  getting in return for this. I'm just gonna go to a more
• 59:53
  favorable jurisdiction. Like ultimately that's what I
• 59:56
  wanna do, right? So again, no one is better than
• 59:58
  their incentives. And I mean, I think that's
• 1:00:00
  American Hoddle's quote. And ultimately, I believe that
• 1:00:04
  is why Bitcoin is going to win. And we were one of the first
• 1:00:08
  shows back in 2020 that predicted a country adopting
• 1:00:15
  Bitcoin, a country moving to a Bitcoin standard.
• 1:00:18
  We were one of the first shows that told you guys that it was
• 1:00:21
  an inevitability that public companies were going to acquire
• 1:00:24
  Bitcoin. We were one of the first shows
• 1:00:26
  that told you that it was an inevitability that the big banks
• 1:00:29
  were going to bend the knee. We we told you guys that it was
• 1:00:31
  an inevitability that PayPal would eventually launch Bitcoin
• 1:00:36
  trading. And why did we know all of that?
• 1:00:39
  Because ultimately these these countries, these companies, they
• 1:00:43
  want to benefit from number go up technology, but they still
• 1:00:48
  don't know. And I think the world is going
• 1:00:49
  to come to this realization is that you can't separate number
• 1:00:53
  go up with freedom go up. So Bitcoin ultimately is that
• 1:00:58
  Trojan horse anyways, guys, we're going to be right back.
• 1:01:01
  We're talking about how for Bitcoin to succeed, it needs to
• 1:01:05
  stay decentralized and secure. So for or for Bitcoin to stay
• 1:01:09
  decentralized and secure, that means that mining needs to stay
• 1:01:13
  decentralized. The mining pools, there's
• 1:01:15
  something going on there. And of course, we got Nacho in
• 1:01:17
  the studio to talk about all of that today.
• 1:01:20
  Guys are going to be right back just after the break.
• 1:01:24
  I want to give a shout out to our partner Hive Digital
• 1:01:26
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  Hive Digital Tech or at Hive digitaltech.com.
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  15% off anything on the store. Alright, everybody, we are back.
• 1:03:04
  I want to make a special announcement, guys.
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• 1:03:19
  pulled up here taking take control of your Bitcoin mining
• 1:03:23
  and make more money. But that's that's a simple way
• 1:03:27
  of kind of explaining it. Nacho, let's first kind of
• 1:03:30
  identify the problem. What's going on in the Bitcoin
• 1:03:33
  mining world today. I'm going to pull this up.
• 1:03:36
  So if you take a look right now at the mining pools, foundry
• 1:03:40
  controls about 29% of the hash rate, Ant pool controls about
• 1:03:45
  18% of the hash rate and F2 pool controls about 10% of the hash
• 1:03:49
  rate. Just them by themselves they
• 1:03:52
  control over 50%. And I keep saying I keep
• 1:03:56
  iterating how important it is if if Bitcoin is to win, it needs
• 1:04:00
  to say decentralized and secure. From your guys perspective, why
• 1:04:04
  is this a problem? Not so why you know, why is it a
• 1:04:07
  problem that so much these just three pools have so much hash
• 1:04:13
  rate? And what could that potentially
• 1:04:15
  mean for Bitcoin Nacho? The problem is that miners are
• 1:04:18
  not mining, they're hashing. If you're using any of those
• 1:04:21
  pools, which by the way, Ample is much bigger, that's Ample the
• 1:04:24
  core, and then you have all the proxies that are around.
• 1:04:26
  So Ample is much bigger than that.
• 1:04:28
  Picture having a Chinese company running 25% of the network.
• 1:04:34
  So if these three companies align, they can do whatever they
• 1:04:37
  want with Bitcoin. The risk of that, it's immense
• 1:04:40
  and nobody's seeing it because we're all focused on energy
• 1:04:43
  uptime, the performance of the equipment, how we can crack
• 1:04:47
  deals, where are we going to mine where the energy is
• 1:04:49
  cheaper. OK, our industry is very
• 1:04:51
  complex, but the most important part is where's your Bitcoin
• 1:04:54
  coming from? And it's pretty simple.
• 1:04:57
  Absolutely. And what about from like kind of
• 1:04:59
  a let's take like a regulatory like game theoretical
• 1:05:04
  perspective? How, how easy would it be for
• 1:05:10
  those pools to, let's say, get captured on a regulatory level?
• 1:05:17
  Picture this, if tomorrow the Chinese government decides to
• 1:05:20
  buy Foundry and F to pool. Now they own 51% of the network,
• 1:05:26
  they can actually control, regulate and do whatever they
• 1:05:29
  want and start fencing Bitcoin or, or, or we're going to go
• 1:05:34
  exactly where we're running away from, like we're going to go
• 1:05:36
  back in time to the, to the, to the thing that we're running
• 1:05:40
  away from. That's the risk and nobody's
• 1:05:42
  seeing. That's why we're, and I'm
• 1:05:44
  telling you again, mining, if you're a miner, you're supposed
• 1:05:47
  to be mining, not hashing. You need to run your own node.
• 1:05:50
  You need to have control of your blocks.
• 1:05:51
  If you're going onto the member today, you can see it.
• 1:05:54
  It's ample. Ample foundry, foundry, ample
• 1:05:56
  ample. And let me ask you something
• 1:05:59
  else, Nacho, what is ocean? Why, what is ocean setting out
• 1:06:05
  to fix? And I, and I remember I was
• 1:06:06
  there at the launch of ocean in the, in the Chrysing and, and,
• 1:06:10
  and shout out Bob Burnett for, you know, hosting it in, in his,
• 1:06:13
  in his facility. What is ocean setting out to
• 1:06:16
  fix? What is ocean setting out?
• 1:06:18
  What? What is Ocean doing that the
• 1:06:20
  rest of these mining pools are not doing?
• 1:06:23
  So the, the most important part of everything that we're doing
• 1:06:26
  is we're giving the control back to the miner.
• 1:06:28
  The miner again needs to start being a miner like it was
• 1:06:31
  intended back in the day and stop being a hasher.
• 1:06:37
  If you're using any of those pools, you are just sending your
• 1:06:40
  hash rate into their pool. They have control of it.
• 1:06:42
  They calculate their SAT's, they do everything, you know, behind
• 1:06:45
  close scenes, which again is defeating the purpose of
• 1:06:48
  Bitcoin. Full transparency and then
• 1:06:51
  giving you back the rewards that you you know they calculated
• 1:06:55
  that you you, you earned. So what we do different is all
• 1:06:58
  of our clients run their own node.
• 1:07:01
  So they are solo miners under the umbrella of ocean.
• 1:07:05
  Since we're not taking custody Bitcoin, we're just regulating
• 1:07:08
  that everybody that's part of the of the pool gets paid
• 1:07:11
  exactly for the amount of work they put in and this is fully
• 1:07:13
  transpired and you can go on our dashboard and look at it.
• 1:07:16
  We don't know who our clients are, which is again, the purpose
• 1:07:19
  of Bitcoin. We want to be private.
• 1:07:21
  We want to have total control of what we're doing.
• 1:07:24
  So once you build your own node, you can run the block for your
• 1:07:27
  own company. If you go online, have you ever
• 1:07:29
  seen, and I don't want to name names, but have you ever seen
• 1:07:32
  like 50% of the biggest miners in the world?
• 1:07:35
  You have never seen a block coming from them.
• 1:07:38
  Why? Because they're mining with
• 1:07:40
  these FPPS pools and they are the ones hitting the block and
• 1:07:43
  they are the ones splitting the reward.
• 1:07:45
  So not only on the ethos level and, and the, and the need that
• 1:07:49
  the network needs to be decentralized in order to be
• 1:07:51
  impossible to control. Now we have a very big risk,
• 1:07:54
  risk of that we are the only ones are or one of the, the, the
• 1:07:58
  few that are offering this opportunity of actually having
• 1:08:02
  control. So let's paint a picture which
• 1:08:04
  we're not looking to be that, but if we were, if tomorrow
• 1:08:07
  ocean becomes 100% of the of the network, the network is safe
• 1:08:10
  because every miner, it doesn't matter if you're 100 PETA hash
• 1:08:14
  or 100 X hash, every miner is going to be solo mining.
• 1:08:17
  Every miner is going to run their own node.
• 1:08:19
  Every miner is going to have control of their asset.
• 1:08:21
  Every miner is going to know exactly how many sets we're in
• 1:08:24
  and and how much reward came out.
• 1:08:26
  So again, it's very risky and with these big players coming in
• 1:08:31
  regulatory, you know, fencing is going to come closer and closer
• 1:08:36
  and closer because now we are becoming a target.
• 1:08:38
  And if you with your optimism today, if we get to the level
• 1:08:42
  that we know we're going to get, the interest is going to be
• 1:08:45
  massive. They don't like having something
• 1:08:47
  that's out of control or out of their control to grow so big
• 1:08:52
  that now people is they are we're going to be autonomous.
• 1:08:54
  We're going to be everything we were set up to be when we
• 1:08:56
  started out. How you jumped in 16, how I
• 1:08:58
  jumped in in 18, Like we all have that, you know, breaking
• 1:09:01
  point on, hey, I'm, I'm, I have enough.
• 1:09:06
  I want to have control over my assets.
• 1:09:07
  This is the only way to do it. Absolutely, and by the way, I we
• 1:09:11
  we were getting some questions in the chat Nacho shirt for
• 1:09:15
  anyone who's that stands for Thank God for Bitcoin.
• 1:09:21
  They're homies, they're doing they do great job.
• 1:09:24
  They do these side events. They've been doing them for a
• 1:09:26
  while and that's what it stands for.
• 1:09:29
  It's not a baseball team. It's thank God for Bitcoin, but
• 1:09:31
  they make some some great merch. I don't know if it's as good as
• 1:09:34
  the simply merch, but it's pretty up there.
• 1:09:37
  And the ocean merch as well is, is pretty dope as well.
• 1:09:40
  But anyhow, I want to continue this conversation, Nacho,
• 1:09:43
  because it's really interesting and I think it's something that
• 1:09:46
  a lot of Bitcoiners are just perhaps not aware of completely
• 1:09:50
  like what's happening here. And I, I, I want to focus on
• 1:09:53
  the, the, the part where not only from an ideological
• 1:09:57
  perspective, not only from an ideological perspective, you
• 1:10:02
  know, ocean fixes a lot of this. It fixes the centralization
• 1:10:06
  problem and issue, but you actually make more money on
• 1:10:10
  ocean if you're mining on ocean. Is that correct?
• 1:10:13
  Is is exactly like that and and I'll explain why.
• 1:10:15
  If it's an FPS payment, you get daily payouts, you get the the
• 1:10:18
  stable payment and everything with us.
• 1:10:21
  You don't have that. But let me ask you one question,
• 1:10:24
  Niggo. If there's no blocks, there's no
• 1:10:26
  Bitcoin, where's your money coming from?
• 1:10:29
  If you know any place in the world where you can actually get
• 1:10:31
  free money, please let me know and we're going to make this
• 1:10:33
  show the biggest in the world. But people don't get it because
• 1:10:37
  again, everybody's focused on the basic stuff on you know, not
• 1:10:40
  basic the very complex stuff that we have to run through US
• 1:10:43
  miners, energy app time, the the overhead, you know, dealing with
• 1:10:47
  regulatory not only on Bitcoin, but also on issues on energy and
• 1:10:54
  land and everything. So what we fix is of course you
• 1:10:58
  have to deal with the variables of Bitcoin as it was intended in
• 1:11:02
  the 1st place. But you can see at 2025, our
• 1:11:05
  2025 against the better performing FBBS pool in the
• 1:11:08
  market, we brought in 3.6% more. That means almost 7 Bitcoin per
• 1:11:13
  EXA hash. That's a lot of Bitcoin.
• 1:11:17
  It's a lot of Bitcoin and it starts to add up, especially if
• 1:11:19
  you're one of the bigger miners, right?
• 1:11:21
  Like it 3% might not sound like a lot It it ends up a lot.
• 1:11:25
  And one of the things that I like to not show what you were
• 1:11:27
  saying is the obfuscation behind a lot of these other pools and
• 1:11:31
  the transparency that you get with Ocean.
• 1:11:33
  So not only is there transparency, not only do you
• 1:11:36
  get greater decentralization, but you actually get paid more.
• 1:11:40
  So it's not just an ideological thing.
• 1:11:42
  Oh, you should switch to ocean, you know, for ideological
• 1:11:44
  reasons because you want to protect Bitcoin.
• 1:11:46
  But if you're a capitalist, if you're just thinking about the
• 1:11:48
  ROI, you know, you can make more money.
• 1:11:52
  And I do want to pull this up because again, you guys have
• 1:11:56
  achieved something fantastic. You guys are on mempool space
• 1:12:02
  right now. You guys are with right now, you
• 1:12:04
  guys represent about 1.63% of the global Bitcoin hash rate,
• 1:12:14
  which represents about 15.79 XA hashes.
• 1:12:18
  So it's not small and BT dubs big announcement here.
• 1:12:25
  Blocks 944643 and 944644 were built by two different miners on
• 1:12:33
  the same pool back-to-back. Datum blocks back-to-back
• 1:12:36
  sovereign mining while other pools with other pools.
• 1:12:40
  The pool builds the block and the miners hash on it, meaning
• 1:12:44
  the blocks mined by a large share of the hash rate is
• 1:12:46
  controlled by a few individuals. At the largest mining pools,
• 1:12:50
  this makes a 51% more likely and the Bitcoin network less secure.
• 1:12:54
  And this is what I keep telling you guys and and I want to keep
• 1:12:57
  emphasizing this so you guys don't forget Bitcoin wins.
• 1:13:00
  This is not my quote. This is Jeff Booth Bitcoin wins
• 1:13:04
  if it stays decentralized and secure right.
• 1:13:07
  So if you are, and I know a lot of you guys are, if you guys are
• 1:13:11
  watching this show and you guys are a miner, you guys should be
• 1:13:14
  using ocean right? Not only you mining, not only
• 1:13:18
  you going to be mining more Bitcoin, but again you're
• 1:13:21
  actively helping decentralize the network.
• 1:13:25
  It's so important So again it goes on to describe with ocean
• 1:13:29
  this isn't the case Miners using Datum can build their own
• 1:13:33
  blocks, decentralizing block template construction while
• 1:13:37
  sharing in the benefits of pooled mining.
• 1:13:40
  Eliminate the middleman decentralized mining and earn
• 1:13:44
  more Bitcoin. It's a win win situation.
• 1:13:47
  Now again, what's the trade off, Nacho?
• 1:13:50
  Because there is a there is a trade off for now until the
• 1:13:53
  ocean mining pool gets bigger and bigger and bigger.
• 1:13:55
  What is that trade off? So the trade off is you're bound
• 1:14:01
  to volatility again, you're mining like it was intended.
• 1:14:04
  So let's paint a picture. Last two days we hit eight
• 1:14:07
  blocks, which is completely random.
• 1:14:10
  If you're, if you're mining with any other pool, you we could pay
• 1:14:13
  the rewards you hit basically the same.
• 1:14:16
  So the bigger we get, the less volatility we're going to have
• 1:14:20
  because the variance is going to be reduced.
• 1:14:21
  But with, with us on average in time you're making more like we
• 1:14:26
  stated because of that fact. And again, there's no financial
• 1:14:30
  hidden cost. There's, you know, no
• 1:14:35
  calculating your work according to math that we invented.
• 1:14:40
  This is completely transparent. You're putting X amount of SAT's
• 1:14:42
  get X amount of Bitcoin, period. And we are only there overseeing
• 1:14:47
  by the way, at a much lower fee than most of the market or we're
• 1:14:51
  seeing. So everybody gets paid the same.
• 1:14:52
  But if you look at it from a, you know, ideological thing, you
• 1:14:57
  are a solo miner under the umbrella of a pool that will
• 1:15:00
  allow you to actually get the rewards you deserve.
• 1:15:03
  I'm doing it perfectly well with your node, with your own
• 1:15:07
  infrastructure and your own brand in the main pool forever.
• 1:15:11
  And that's how mining was supposed to be, right?
• 1:15:14
  It was supposed to be that way. And again, this happened like
• 1:15:17
  these pools happen like it's in the name pool, right?
• 1:15:21
  So let's do again, for people that perhaps don't understand
• 1:15:26
  why people, so again, when you look at these mining pools and
• 1:15:30
  you look at like we're like, wow, Nico, like foundry has like
• 1:15:32
  28% of the hash rate. That's not all of their hash
• 1:15:36
  rate, right? That is, these are large miners
• 1:15:40
  that are pointing their hash rate to these pools so that they
• 1:15:43
  get a consistent reward. That's why it's called pool.
• 1:15:46
  That's why it's called a mining pool.
• 1:15:48
  The problem with that is though, as Nacho said, that some of
• 1:15:52
  these mining pools, there's trade-offs, right?
• 1:15:54
  So some of it is obfuscation, some of it is the fact that
• 1:15:57
  you're not getting all of the rewards that you were meant to
• 1:16:00
  with Ocean, it fixes that because again, it makes it all
• 1:16:03
  transparent, but because it's being done as it's supposed to
• 1:16:09
  be done, again, just like regular mining, you get the
• 1:16:14
  reward when the block gets found by ocean, right?
• 1:16:18
  So currently, right now, you know, if there's a hundred
• 1:16:21
  blocks right now, you have a roughly one to two.
• 1:16:24
  Again, this is completely random, right?
• 1:16:26
  Because the, the, the, the, the, the ocean represents about 1 to
• 1:16:30
  2% of the, the global hash rate. If there's a hundred blocks, you
• 1:16:33
  get roughly two of those blocks, right?
• 1:16:35
  So over time, your rewards, you know, will level out.
• 1:16:40
  That's right, Nacho, right? That's right.
• 1:16:41
  So over time, your rewards will level out.
• 1:16:44
  But there is volatility in that sense because the hash rate that
• 1:16:49
  the ocean, the ocean mining pool is roughly 2%.
• 1:16:52
  But again, if you're a big miner, that really doesn't
• 1:16:56
  matter to you, right? Because again, how many blocks
• 1:16:58
  are there in a day? Today you killed me. 450 a day,
• 1:17:04
  right so. He saved us.
• 1:17:06
  So, so again, just do the math right?
• 1:17:08
  1% of of 450 blocks right Opti? How did you know that?
• 1:17:13
  Dude, I remember something Opti remembers the.
• 1:17:17
  One thing. Opti calls himself a retard, but
• 1:17:20
  I like, he's secretly the Opti Opti.
• 1:17:23
  Opti calls himself regarded, but like, secretly, like, you know,
• 1:17:27
  this guy's a genius and he's a philosopher and he's just being
• 1:17:31
  very humble. But anyhow.
• 1:17:34
  One thing Nico, it's not an ocean block, it's the miners
• 1:17:36
  block. We're just helping them with the
• 1:17:39
  vehicle and and and the support to split their words.
• 1:17:42
  It's not our block, it's their block.
• 1:17:43
  So let, OK, let's let's talk about that more, right.
• 1:17:46
  So when you say that, right, which is very significant, I
• 1:17:50
  understand that. What do you mean by that?
• 1:17:52
  So like if you're mining with another pool, it's not their
• 1:17:55
  block. You're hashing, you're not
• 1:17:57
  mining. You're sending the hash rate.
• 1:17:59
  You're sending the hash rate to the pool and then they give you
• 1:18:03
  the rewards according to their calculation of your work.
• 1:18:06
  You put in with Ocean is not you are completely independent.
• 1:18:10
  This is completely transparent. You have your own node, so
• 1:18:13
  everything is done out there. You can come in like we're the
• 1:18:16
  perfect picture because again, if you want to mine with us,
• 1:18:19
  since we don't know our clients, we don't hold the custody of a
• 1:18:22
  Bitcoin. There's no KYC because we don't
• 1:18:24
  need to do it. We are so compliant though,
• 1:18:27
  which is a beautiful camera, but we are so compliant.
• 1:18:30
  We can have a big boomer CFO from, you know, a brand new
• 1:18:34
  companies coming in the market that doesn't understand anything
• 1:18:36
  that wants of course daily payouts because he comes from
• 1:18:39
  Fiat market. Like I want everything by the
• 1:18:41
  book. I want to be paid everyday.
• 1:18:42
  No, Bitcoin wasn't planned like that.
• 1:18:44
  You put in the work and if you're very, very lucky, we on
• 1:18:47
  the last six days have had 240% lack.
• 1:18:51
  So if you look at the window of the last six days and I give it
• 1:18:53
  to a one of these boomers, sorry, I'm we're hitting on you,
• 1:18:56
  but we love you, they're going to be flabbergasted insane.
• 1:19:00
  Of course, if they look at another window, we can be 40%.
• 1:19:04
  So that volatility comes and goes, but eventually it's, it's
• 1:19:08
  down. And we are working with the team
• 1:19:10
  on expanding the company as and we've been growing at very, very
• 1:19:14
  high pace. And the growth this year is
• 1:19:15
  going to reach numbers that nobody even plan on because all
• 1:19:21
  that what what happened with the the field market, like all these
• 1:19:24
  big banks, you know, were calling us names and whatever.
• 1:19:27
  And now everybody's in that fear of missing out is happening to
• 1:19:30
  us because everybody's seen those 3.6% more those seven
• 1:19:35
  Bitcoin per ex has they were leaving, they left on the table
• 1:19:37
  last year. And this is backwards data.
• 1:19:39
  This is math. This I cannot, I'm not selling
• 1:19:41
  it. I'm good at selling, but I'm not
• 1:19:43
  selling anything. This is math, pure math.
• 1:19:45
  If you do the math and you left, I don't know, let's do simple
• 1:19:49
  math. A10 Exa hash minor that it's so
• 1:19:53
  much Bitcoin, so much Bitcoin and just doing the same thing.
• 1:19:57
  Absolutely. So again, not only are you
• 1:20:00
  decentralizing the Bitcoin protocol, in the process, you're
• 1:20:04
  earning more Bitcoin and again, the more hash rate the ocean
• 1:20:10
  mining pool acquires and as it grows.
• 1:20:14
  That volatility decreases, right?
• 1:20:16
  So it's a, it's a win win situation.
• 1:20:18
  Now I do want to point out Opti put it on screen.
• 1:20:22
  Opti was wrong. He thought they asked how many
• 1:20:24
  Bitcoin a day, but the question was blocks.
• 1:20:29
  So there's 144 blocks a day, Opti.
• 1:20:35
  Don't. Use the R word.
• 1:20:37
  Don't use the R. Word.
• 1:20:39
  So no, but I said it in a way that he he, he calls himself
• 1:20:43
  that. I don't know why but.
• 1:20:45
  If you want to talk that bring mechanic, bring Luke, build the
• 1:20:48
  bring the smart guys, not the business guy, dude.
• 1:20:50
  Like, come on. You can do better.
• 1:20:53
  Oh man, so guys start mining on ocean today and all you got to
• 1:20:59
  do is you got to go to ocean.xydxyz.com it has all the
• 1:21:04
  information there. And I also if you are, you guys
• 1:21:07
  are already native miners. I already put it in the chat
• 1:21:10
  where to point your miners to and you could start today guys.
• 1:21:14
  It's as Nacho said in a non compliant, I mean in a compliant
• 1:21:19
  way. It doesn't require KYC.
• 1:21:22
  This is how Bitcoin mining is supposed to work.
• 1:21:25
  So yeah, go to ocean dot XYZ. We're going to be having Nacho
• 1:21:30
  on the shore on the show on on the shore on the show more
• 1:21:34
  often. And we're going to be doing some
• 1:21:36
  things with Nacho, which I do want to show off.
• 1:21:39
  I have it right here. Let's let's let me share the
• 1:21:43
  screen. Here we go.
• 1:21:45
  Boom bom Bing. There it is, Nacho Hafa Zaguri
• 1:21:52
  from Electron and myself. We're going to be right racing
• 1:21:55
  super cars in Las Vegas. Looking forward to that.
• 1:22:00
  We're going to be dropping the video for you guys.
• 1:22:01
  So you could see it. You could see my face like you
• 1:22:05
  know in fear while this these cars are going super crazy.
• 1:22:09
  We're going to be racing we're going to see you know who's the
• 1:22:11
  fastest, which is going to be interesting.
• 1:22:13
  So very excited to release that and we're going to be doing a
• 1:22:16
  lot more things with ocean as well.
• 1:22:18
  So guys go to ocean dot XYZ to find out more information again,
• 1:22:23
  decentralizing the Bitcoin protocol in the process you're
• 1:22:27
  making more money. It's just it's a win win
• 1:22:30
  overall. It's just a win win guys.
• 1:22:32
  Ocean dot XYZ All right, everybody.
• 1:22:34
  I also want to give a shout out to our sponsor as well.
• 1:22:37
  Guys, you don't want to miss the biggest Bitcoin celebration
• 1:22:40
  year. Nacho and I are gonna be there.
• 1:22:42
  Ocean team's gonna be there. Someone in the someone in the
• 1:22:46
  chat. Hoffa will smoke you just
• 1:22:48
  because he. I can't say that Opti what is
• 1:22:52
  going on there. I think Hoffa's just gonna smoke
• 1:22:59
  me 'cause he's just a better driver, bro.
• 1:23:03
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  We're talking about Paul Atkins for a while.
• 1:23:21
  So I'm really, actually really excited to hear that talk
• 1:23:24
  because the SEC chairman is based and apparently he likes
• 1:23:28
  Bitcoin. You have Mike Seelig, he's the
• 1:23:31
  chairman of the CFTC. And then of course you have
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  David Bailey, Eric Trump, Jack Mahler, Sparta Paolo Arduino,
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  Senator Cynthia Lummis, Adam Back, David Marcus, Fred Teal,
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  Matt Schultz, Amy Oldenburg. We, we just played a video of
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  her. She's the head of digital asset
• 1:23:48
  strategy at Morgan Stanley. We got the we got the banks
• 1:23:52
  showing up at a Bitcoin conference.
• 1:23:55
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  Bitcoin. We love you all and we'll see
• 1:24:20
  you on the next next one. Take care, everybody.
• 1:24:23
  Today's episode was brought to you by bitcoinwell.com, a
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  Bitcoin only platform on a mission to enable financial
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  independence.