Latest / Simply Bitcoin / BREAKING: Morgan Stanley to Pitch Bitcoin | EP 1045

Transcript

BREAKING: Morgan Stanley to Pitch Bitcoin | EP 1045 · Simply Bitcoin

• 0:02
  It's. All going to zero against
• 0:05
  Bitcoin. It's going on forever.
• 0:15
  You're against Bitcoin. You're against freedom.
• 0:23
  I started pounding the table because eventually the Fed is
• 0:26
  going to start easing here. That's great for gold and that's
• 0:28
  for Bitcoin. What I said is Bitcoin is
• 0:31
  growing up and will be eventually half the total market
• 0:33
  cap of gold. So that's about 350,000.
• 0:37
  So quite a ways to go from here. the Super Bowls, if central
• 0:41
  banks adopted and you know, it's part of the monetary system,
• 0:46
  then you know in the 1,000,000. But I don't like to talk about
• 0:49
  that too much. What?
• 0:50
  More than two million? More than three.
• 0:51
  Yeah, like 2.9, we've got some model which is you, you have to
• 0:55
  look at the assumptions. Right.
• 0:56
  Well, yeah, they're always big ifs there.
• 0:59
  Where are you as an ETF guy with all kinds of different ETFs,
• 1:05
  everything from fixed income to, you know, who knows, staples,
• 1:09
  consumer cyclicals, etcetera. Where do you put your personal
• 1:13
  money right now? I like longer term trends
• 1:15
  because I feel like, OK, it'll be a bumpy ride, but I like to
• 1:19
  have conviction about something that's going to happen in five
• 1:21
  or ten years. To me, there's no doubt that
• 1:24
  Bitcoin is becoming adopted the way gold is.
• 1:27
  I just think it's, it's, it's, it's obvious now.
• 1:29
  I think you have to have your own diversified portfolio and
• 1:32
  kind of having a huge overweight to Bitcoin as a personal
• 1:35
  decision. But I, I just see that rising.
• 1:38
  I'll give you another example. India, the Indian economy is the
• 1:41
  best macro story. Everyone says the stocks are
• 1:44
  overvalued. I get it.
• 1:45
  But it's doubtless the Indian equities have done all as well
• 1:49
  as US equities over the last 10 years and will continue to do
• 1:52
  well. But he was a gold bug, so.
• 1:56
  Of course, the founder. Yo everybody, welcome to Some
• 1:59
  Bitcoin Live, your number one source for the peaceful Bitcoin
• 2:01
  revolution. Car breaking news, cultural
• 2:02
  traumatic warfare will be a guide through the separation of
• 2:05
  money and state. What you just heard was the
• 2:07
  Vanek CEO throwing out a $3,000,000 price prediction,
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  very similar to what Michael Saylor said during his keynote
• 2:14
  during the Bitcoin conference in Nashville last week.
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  His, that's actually his Michael Saylor's bear case was about
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  $3,000,000 by 2045. But it's, it's interesting, you
• 2:26
  know, again, if it was just every, just a, just another
• 2:30
  Bitcoiner on Bitcoin Twitter, you'd kind of just write them
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  off. But these are, you know, these
• 2:35
  are very, very wealthy people that have a giant companies
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  behind them. You know, the the fact that this
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  is the CEO of one of the largest ETFs in the world and he's just
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  throwing out a price prediction on legacy financial media is,
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  you know, it tells me that we've come, we've definitely come a
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  long way. But of course, this is
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  incentives, right? He's incentivized to do that.
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  He obviously wants people to, you know, buy the van neck ETF.
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  He wants people to get exposure to Bitcoin.
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  At the same time, he's not, you know, saying something too
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  outlandish. I think he's a little bit
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  bearish in my opinion. But also the breaking news for
• 3:09
  today that I want to talk about specifically, this is breaking
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  news came out about an hour or two ago.
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  Morgan Stanley officially got the green light for their
• 3:18
  advisors to start pitching the Bitcoin ETFs to their clients
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  right. So this is one of the world's
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  largest banks. You know, the wealth management
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  division is absolutely massive. This is where a lot of, you
• 3:29
  know, high net worth individuals, they keep their
• 3:30
  money and now all of a sudden when they start having, you
• 3:34
  know, calls it the wealth managers, the wealth managers
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  are going to start, you know, mentioning Bitcoin, they're
• 3:37
  going to start saying maybe you should get exposure to Bitcoin.
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  Now, is this true Bitcoin? No, of course not.
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  It's not spot Bitcoin. Spot Bitcoin is real Bitcoin.
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  Take that Bitcoin into self custody.
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  But I I would say it's a step in the right direction from a
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  number go up perspective, definitely not from a revolution
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  perspective. So I think that's absolutely
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  massive. I think the stars are truly
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  aligning for 2025 to be absolutely amazing.
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  So really looking forward to it. But that's really the breaking
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  news of today. And also I want to talk about
• 4:07
  just Michael Saylor continuing to pitch his Bitcoin strategy.
• 4:11
  So he mentions it all the time. He's just flexing.
• 4:15
  He puts MicroStrategy compared to NVIDIA and of course
• 4:19
  MicroStrategy is outperforming. And there is some news that came
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  out basically that Michael Saylor is doubling down
• 4:25
  continue. He's, he's like more than
• 4:27
  doubling down at this point, but just announced yesterday or in
• 4:32
  July that MicroStrategy acquired an additional 169 Bitcoin for
• 4:36
  $11.4 million. And they also plan to
• 4:40
  potentially raise another $2 billion to buy more Bitcoin.
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  So Michael Saylor continues to lead the pack.
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  And I mean, his stock is obviously showing that.
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  So anyways, overall, just bullish day.
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  I know it's, it's red in the stock market, but it's always a
• 4:57
  good day to be a bitcoiner. And also we have a very special
• 5:00
  guest for today. We have Scott from Bid Acts.
• 5:03
  How you doing, Scott? Hey, what's up Nico?
• 5:06
  Good to be here. Thank you guys so much for
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  having me. I'm I'm looking forward to this
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  conversation and Opti was saying it before we went on air, but we
• 5:14
  we always get it from, you know, our audience basically like,
• 5:17
  hey, talk about, you know, the pleb miner, talk about the
• 5:19
  individual miner. So if you were to give a quick
• 5:22
  elevator pitch on what the bid ax is, what, what is it?
• 5:28
  It's a it's an open source miner and in its current incarnation,
• 5:31
  it's a small miner, so it's very practical to run at home.
• 5:34
  It's 150 bucks, you know, it's quiet, it's cool.
• 5:37
  You can get it and get started right away.
• 5:39
  No, not a big hassle. That's awesome.
• 5:41
  And recently something happened. The extremely improbable, but it
• 5:45
  did happen. What happened?
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  Against against all odds, literally a bid act solved a
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  block last week. It is.
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  It's insane. Incredible.
• 5:55
  Absolutely legendary. So and then what is like the
• 5:58
  cost of of putting one together? So you can go out and just buy a
• 6:05
  bid X. You go to bidx.org.
• 6:07
  I've got a list of sellers. I don't manufacture or sell
• 6:09
  them, but plenty of other people do 150 bucks you can get one.
• 6:13
  It's, it's plug and play really just connected to Wi-Fi.
• 6:18
  You're off and running. I mean, I've got a couple on my
• 6:20
  desk next to me running right here.
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  So a. $150.00 and they got they got three Bitcoin in returns.
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  Yes, incredible, incredible. I mean, you know, to manage
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  expectations. This is like a, it's a one in
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  nine million chance per day of solving the block.
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  So they literally won the lottery.
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  Essentially they. Literally won the lottery.
• 6:40
  Yeah, it's actually similar odds to many state lotteries.
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  Dude, I, I'm, I'm excited for it, you know, and then again,
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  like I'm, I'm, I'm assuming the electricity costs are minimal,
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  right? Yeah, yeah, it's it's like 15
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  watts. Think cell phone charger.
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  I mean, you're not, you're not killing your electricity bill at
• 6:57
  a cell phone charger. Yeah, that that again like the
• 7:01
  the trade-offs here. It's like you know, you spend
• 7:03
  $150.00, you know you're, you are adding to the hash rate.
• 7:07
  So you're making the network theoretically more secure and
• 7:11
  you know there's a one in nine million chance that you might
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  win the lottery, right? That doesn't sound like too much
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  downside in my opinion. Yeah, yeah.
• 7:19
  And I mean, it's kind of cool. These are the chips out of the
• 7:21
  Ant miners, right? So using the same chips as the
• 7:23
  big miners, it's just a lot less of them but.
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  It's just one, yeah. Yeah, yeah.
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  But we're not, we're not selling just one of these.
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  So in in aggregate, this actually can be a substantial
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  part of the network hash rate. Hell yeah, more network
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  decentralization too, right? So I'd love to hear it, man.
• 7:38
  Well, I'm excited to hear more about it during the so guys,
• 7:41
  stay tuned. We're going to talk about the
• 7:42
  bid acts with Scott. But before we got a loaded show,
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  to the numbers. We have lots to talk about
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  All right everybody, at the time of recording the Bitcoin price
• 9:57
  is 63,130 sats per dollar 1584 block height 855,107 blocks to
• 10:07
  having 194,893 having estimate March 23rd, 2028 Total lightning
• 10:14
  network capacity 4748 BTC capacity value 299 million
• 10:22
  Realize monetary inflation 1.48% percent market capitalization
• 10:27
  1.25 trillion Bitcoin versus gold market cap 7.93%.
• 10:35
  In the grand scheme of things, things are just getting started.
• 10:38
  Anyways, I, I do want to kind of go back to something that we
• 10:41
  were talking about earlier on the week now that we have a
• 10:44
  minor here, I do want to talk a little bit about the game
• 10:47
  theory. Something that we didn't cover
• 10:49
  on Wednesday's episode was we, we broke the news for you guys
• 10:52
  that Russia essentially passed the law to use Bitcoin to
• 10:57
  facilitate international trade because of the current sanction
• 11:01
  policy by the United States. But also part of that news was
• 11:05
  Russia approves Bitcoin mining. So let's get into a little bit
• 11:08
  more of the details, specifically as it comes to
• 11:11
  mining. The first law legalizes
• 11:14
  cryptocurrency mining in Russia starting November 1st, 2024,
• 11:18
  permitting registered legal entities and individual
• 11:21
  entrepreneurs to mine, while unregistered individuals can
• 11:24
  only operate within certain energy consumption limits.
• 11:28
  Oversight of mining activities will be divided among various
• 11:31
  institutions, with the Bank of Russia holding primary
• 11:33
  authority. That's interesting.
• 11:34
  The Cabinet of Ministers will set requirements for mining
• 11:37
  infrastructure operators, while the Russian government, in
• 11:40
  agreement with the Bank of Russia, will approve additional
• 11:42
  requirements for mining pool participants.
• 11:44
  The authorized body and the central bank will also have the
• 11:48
  right to impose a ban or restrictions on digital currency
• 11:51
  transactions to preserve Russia's monetary stability.
• 11:54
  We're going to keep hearing that word.
• 11:55
  By the way, I saw a post from Beauty on regarding the European
• 12:01
  Union's, like one of the European Union's recent like
• 12:05
  laws that they're trying to pass.
• 12:06
  And you, you kept hearing that like that potentially, you know,
• 12:11
  people opting out could potentially be a threat to
• 12:16
  monetary stability. They actually mentioned monetary
• 12:19
  sovereignty in that word. It's funny how they switch the
• 12:21
  words now. My, my, my question is, is it
• 12:26
  really a threat to monetary sovereignty or is it really a
• 12:29
  threat to the government's ability to create money out of
• 12:33
  thin air? Therefore, the racket, the
• 12:37
  bonanza comes to an end. Is it, is Bitcoin really a
• 12:40
  threat to that or is it really monetary stability?
• 12:42
  Because I'm, I'll tell you what guys, I've been on a Bitcoin
• 12:45
  standard for a little bit now and I got to say the monetary
• 12:49
  stability has been excellent. It's been wonderful, It's been
• 12:52
  great. So I don't know what they're
• 12:54
  talking about, but it's interesting how they kind of put
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  this this law in regarding to in regards to the miners in the
• 13:02
  hands of the central bank. And another observation also
• 13:05
  too, is do you think the Russian government is like, yes, let's
• 13:10
  approve Bitcoin miners because we love Bitcoin and we want to
• 13:13
  support the network? No, this is incentives, right?
• 13:16
  This is the Bitcoin game theory playing out in real time.
• 13:20
  You have Paraguay, you have El Salvador, you have the Kingdom
• 13:24
  of, of, of Bhutan, small little country in Asia coming out that
• 13:29
  they're increasing their hash rate, partnering up with bit
• 13:32
  deer to mine Bitcoin. Do you think all these nation
• 13:35
  states, all these countries are mining bit a Bitcoin out of the
• 13:38
  goodness of the heart? I mean, you had the orange man,
• 13:40
  you had the potential future president of the United States
• 13:43
  go out and say, listen, I want Bitcoin to be mined in the US.
• 13:47
  You're seeing the response, right?
• 13:49
  And then there's rumblings that China is going to change their
• 13:51
  tune on Bitcoin as well. It's interesting seeing the game
• 13:55
  theory play out in real time. And none of these countries,
• 14:00
  including Trump, I don't think they're, none of these people
• 14:03
  are saying this because they genuinely like Bitcoin and they
• 14:06
  support what, you know what, what all us Bitcoiners want.
• 14:10
  No, I think it has to do with incentives.
• 14:12
  And I think no one is better than their incentives.
• 14:14
  And this is just a Bitcoin game theory playing out in real time.
• 14:17
  And it's just glorious to see. It's just interesting that they,
• 14:20
  they leave the regulation of the industry in the hands of the
• 14:22
  central bank. So it's kind of like, yes, we're
• 14:25
  going to approve it, but don't worry, it's going to be in your
• 14:27
  control. I don't think that they're aware
• 14:29
  that Bitcoin is an uncontrollable beast.
• 14:32
  And Scott, I have a question for you, man.
• 14:34
  Like, isn't it interesting how they're trying to regulate?
• 14:37
  Like, how are they going to find out you're running a bid axe at
• 14:40
  home? You know, like they're not going
• 14:42
  to have it. They're not unless you kind of
• 14:44
  go for these these incentives or, you know, sign up for for
• 14:49
  their plan. You know, if you're a really
• 14:51
  big, a really big Bitcoin miner, you obviously want to to
• 14:54
  register as a business so you can get the tax write offs and
• 14:57
  not be shut down. But it's not really an issue
• 15:00
  with bid axes. There was a proposal from the
• 15:03
  United States government a while back to, you know, regulate
• 15:06
  mining firms. And it was like there's no firms
• 15:10
  running a bit acts that's just not even practical.
• 15:13
  So, you know, we're, we're a bit more spread out, a bit more
• 15:17
  anonymous in the wind as miners. To say the least, man.
• 15:22
  And then you were saying, what are you saying in the beginning
• 15:25
  was so important, right, Because on aggregate, then it starts to
• 15:29
  become a significant portion of the hash rate.
• 15:32
  And like, what are they going to do?
• 15:33
  Like if if you're telling me it's like as much electricity as
• 15:37
  a cell phone charger, like good luck, bro.
• 15:40
  You know, good luck. There's no way.
• 15:43
  There's no way to tell. I mean, the only way that they
• 15:45
  can they can get a hold of minors is offer them incentives,
• 15:49
  you know, make them, I think that they're protected and and
• 15:52
  you know, it's really big. And so they're sitting ducks.
• 15:55
  Is it safe to say that that's what's happening when you see
• 15:57
  these types of laws rolling? Because like, like, like Russia,
• 16:00
  like, I'm not going to get into the whole politic bullshit, but
• 16:03
  let's just say that Russia is a more authoritarian country.
• 16:07
  Let's just say that, OK, Is that safe to say?
• 16:10
  Right? Do you think that they are they
• 16:13
  they would be OK? Like I don't see them saying
• 16:16
  like Putin saying like, you know what?
• 16:18
  More freedom to the people. That sounds like a great idea.
• 16:20
  I don't see him doing that. I think that this is like, it's
• 16:25
  just incentives. It's the game theory playing
• 16:26
  out. Yeah, I mean, it could be, it
• 16:28
  could be argued that they are fattening up these these pigs
• 16:33
  rights so that later they can just take it over, nationalize
• 16:36
  it, shut it down, control it. I mean, we saw one of those
• 16:40
  South American countries did that right.
• 16:41
  They just nationalized all the miners like, thank you very
• 16:44
  much, we'll be taking that. So you got to be a little bit
• 16:48
  careful and and we've seen that they've changed their mind
• 16:51
  before. So you know, they could easily
• 16:53
  change their mind again on mining.
• 16:55
  I love that comment Kira. I got my bid axe a few days ago.
• 16:59
  I love it and I'm mining with Ocean.
• 17:00
  What talk about mining decentralization.
• 17:04
  Good luck finding that. Yeah, yeah, it's, it's crazy.
• 17:07
  I mean, if you want to, if you want to be a part of an
• 17:10
  independent mining pool, which I hope you do, that's that's sort
• 17:13
  of a core concept of Bitcoin, You don't really have many
• 17:16
  options these days. Ocean is probably your biggest
• 17:19
  and best choice for independent shared pool mining.
• 17:24
  Absolutely. And you know, Ocean's great.
• 17:27
  I wish them all the success, but we kind of need some more pools.
• 17:31
  You know, we have, we have bit main which makes all the miners
• 17:34
  and they also are associated with Antpool, which is just
• 17:40
  growing larger and larger. This is not a good, not a good
• 17:44
  scene. Yeah, absolutely no.
• 17:46
  And, and I love the ocean guys and I hope, you know, I like,
• 17:49
  like you said, I wish them all the success in the world.
• 17:51
  And I, I think, you know, I, I definitely think that definitely
• 17:56
  think that, you know, it's definitely heading in the right
• 17:59
  direction. So I do want to just kind of
• 18:01
  like show a visualization of what Scott was talking about in
• 18:04
  regards to the mining poles right now.
• 18:06
  I mean foundry bro, like jeez, boundary 30% go ahead.
• 18:13
  This, this is a little bit misleading of a chart too,
• 18:15
  because that is Ant pool and that's blocks that they have
• 18:20
  solved that were specifically attributed to Ant pool.
• 18:23
  But there's a bunch of research by Mononat and B10C of, you
• 18:28
  know, several other of those small slices are actually
• 18:32
  proxies to AMP pool, meaning they use templates created by
• 18:35
  AMP pool. I saw it's a little bit hard to
• 18:38
  know because obviously none of those other pools would would
• 18:40
  really say that they're an amp pool proxy, but it could be as
• 18:44
  much as 41% of the of the hash rate is is at least somewhat
• 18:49
  controlled by Ant pool. That's not good though, is it?
• 18:52
  That's not good. That's not good at all.
• 18:54
  Oh man. So yeah, all the power to the
• 18:56
  ocean guys. Seems like they're heading in
• 18:58
  the right direction. Opti, you want to chime in?
• 19:01
  Yeah. Well, first, you know, what's
• 19:03
  that classic meme of Russia? It's like in Mother Russia meme.
• 19:07
  It's like in Mother Russia, you know, the state minds the
• 19:09
  Bitcoin and that's like the only thing I was thinking when you
• 19:12
  were reading that news. So again, it's very interesting
• 19:15
  to see the game theory play out that now everyone has to have
• 19:19
  kind of a pro Bitcoin stance. And you're also seeing at that
• 19:24
  same time that these nation States and, you know, the powers
• 19:27
  that be are trying to figure out a way to basically be like,
• 19:30
  yeah, we like Bitcoin, but also like we don't like it that much
• 19:35
  where everyone can do it. So like, let's kind of put some
• 19:38
  what are the the bowling that the bowling lanes?
• 19:40
  The bumper. The bumper.
• 19:42
  Lanes. Let's put some bumper lanes on
• 19:43
  this because, you know, you might hurt yourself.
• 19:46
  And I think this is a growing trend.
• 19:47
  Like you said, you know, the meme of it's a threat to the
• 19:50
  monetary stability of Russia. We've we've heard same type.
• 19:53
  Of rhetoric come out of PPS like as it's going it's.
• 19:56
  Going to get even worse. It's like it's AI mean we're.
• 20:00
  Monetary stability and everyone holding bitcoins.
• 20:02
  Like what the fuck are you talking about?
• 20:04
  It's like, bro, you are the threat to the monetary
• 20:07
  stability. Like you people in power are the
• 20:09
  real threat here. But you know, again, this is
• 20:12
  this is very much where we are right now, where people are
• 20:15
  starting to at least lean into the Bitcoin space.
• 20:17
  But they're also like, OK, we can't fully endorse all of the
• 20:21
  radical ideas of Bitcoiners yet, but we'll get there eventually.
• 20:24
  We'll get there eventually. Once they realize you can't stop
• 20:26
  Bitcoin, you can only stop yourself from using using
• 20:29
  Bitcoin. You can only really hurt your
• 20:30
  citizens by not allowing them to use Bitcoin.
• 20:33
  So hey, baby steps, but we're moving in the right direction.
• 20:36
  I'd say a. 100% All right everybody, let's get to the
• 20:38
  news. Lots to talk about today.
• 20:39
  Let's check it out. The Daily News.
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• 21:56
  All right, so this is what I want to talk about Chad Sailor,
• 21:59
  the I mean bro, like bro, that's what I got to say bro.
• 22:05
  The best strategy is a Bitcoin strategy and Michael Saylor's
• 22:10
  just just, you know, he's just, he's just chatting, bro.
• 22:14
  Giga giga Chad sailor Bitcoin person.
• 22:18
  Holy shit. Outperforming NVIDIA.
• 22:22
  Everyone's going crazy with AI, you know, So NVIDIA makes a lot
• 22:26
  of the like a lot of the chips, the GP us or I don't know, are
• 22:30
  they called GP us for the AI stuff?
• 22:32
  Scott, I feel like you would know the answer to this.
• 22:36
  Yeah, I think traditionally GPUs have been used.
• 22:38
  I think they have new like specific AI processors.
• 22:40
  I don't know. I don't follow that much APUS
• 22:45
  AIPU. SAIPUS, maybe, I don't know,
• 22:48
  we're just making this up, but the point is that NVIDIA is the
• 22:51
  main manufacturer of this, right?
• 22:52
  That's why their stock has gone up 948%.
• 22:56
  But it's so interesting because even then, MicroStrategy, since
• 23:00
  adopting the Bitcoin strategy, has still outperformed NVIDIA.
• 23:04
  And of course, if you're, you're, you want to know why the
• 23:07
  Vanek CEO is saying what you did.
• 23:09
  You want to know why Larry Fink, you know, saying the things that
• 23:12
  he did. You want to know why Donald
• 23:14
  Trump made an appearance at the Bitcoin conference?
• 23:16
  Why RFK made an appearance at the Bitcoin conference.
• 23:19
  This is why the incentives, the game theory, it's playing out in
• 23:22
  real time. It's great to see anyways
• 23:25
  Michael Saylor is doubling down announced that he bought 169
• 23:29
  more Bitcoin and apparently in the filing it says the filing a
• 23:34
  registration statement for a new $2 billion at the market equity
• 23:38
  offering program. Isn't it awesome to found the
• 23:41
  infinite money glitch? I wish I had 100 billion.
• 23:44
  A billion dollar company behind me to just borrow gets to
• 23:48
  continue to buy more Bitcoin. But sailors obviously found the
• 23:52
  cheat code anyway. So the big news for today, the
• 23:55
  thing I wanted to talk about is Morgan Stanley tells wealth
• 23:58
  advisors they can pitch Bitcoin ETFs in a first for a big bank.
• 24:03
  I can't emphasize enough how big of an effing deal this is.
• 24:07
  And again, this is this is because BlackRock legitimize it
• 24:11
  in a way. Again, not in the eyes of
• 24:13
  bitcoiners. Bitcoin doesn't need TF to
• 24:16
  succeed. Bitcoin doesn't need a
• 24:18
  politician to succeed. Politicians and ETFs need
• 24:21
  Bitcoin to succeed. I can't emphasize that enough.
• 24:23
  But in terms of number go up, I would say that this is
• 24:26
  definitely positive, right? The firm's 15,000 or so
• 24:31
  financial advisors can solicit eligible clients to purchase
• 24:36
  shares of two ETFs starting August 7th.
• 24:40
  Goes on to say Morgan Stanley on Friday told its army of
• 24:43
  financial advisors that it will soon allow them to offer Bitcoin
• 24:46
  ETFs to some clients. Those funds are BlackRock and
• 24:50
  Fidelity. So I mean, look, from a
• 24:53
  revolution standpoint, is this bullish?
• 24:56
  No, we obviously want more individuals holding Bitcoin in
• 24:59
  self custody. But from a number go up
• 25:02
  standpoint, this is incredibly bullish.
• 25:04
  Bullish because like I said, you know, these bigs, whether it's
• 25:07
  Goldman, Morgan Stanley, etcetera, etcetera, they have
• 25:12
  huge wealth management divisions and if you're a high net worth
• 25:15
  individual you for whatever reason, you, you know, you
• 25:19
  decide to let one of these bankers manage your wealth and
• 25:22
  charge you an arm and a leg when you can just put it all in
• 25:24
  Bitcoin and not have to do any of that.
• 25:25
  But anyways I'm I'm losing point is is that this is really good.
• 25:30
  It gives the boomers exposure to number go up technology.
• 25:33
  I think this inevitably leads to at least their children or
• 25:37
  whatever being like, wait a second, why am I paying you?
• 25:41
  This is the really funny part, right?
• 25:43
  And Parker Lewis actually wrote a great article about this.
• 25:47
  And the name of the article is the great de financialization,
• 25:49
  right? And essentially the reason the
• 25:51
  financial industry is so big, you can make a really good
• 25:54
  argument is because of inflation.
• 25:56
  So if you're like, the fact that you have to become a part time
• 25:59
  investor just to maintain your purchasing power is absolutely
• 26:03
  insane. But that's the world on Fiat.
• 26:06
  So the world on Bitcoin is a lot more simple.
• 26:10
  All you got to do to beat inflation is you buy Bitcoin,
• 26:13
  earn Bitcoin, mine Bitcoin, put that Bitcoin into self custody
• 26:17
  properly. Learn how to, you know, take
• 26:19
  cold storage of your Bitcoin and just live your life.
• 26:23
  You don't have to be a part time investor.
• 26:25
  You don't even have to outsource that to someone who's
• 26:27
  professional at doing that and pay them a fee to do that.
• 26:32
  You could just do it yourself. I think just like the story with
• 26:36
  Russia, this is kind of like letting a Trojan horse in
• 26:40
  because eventually you're going to ask the question like wait a
• 26:43
  second, if Bitcoin is outperforming everything else in
• 26:46
  My Portfolio and I could just buy it's spot and I could just
• 26:50
  take self custody, why the why the F am I paying you a fee bro?
• 26:54
  Why am I paying the ETF a fee and why am I paying my wealth
• 26:57
  manager a fee? So anyways, that's my take.
• 27:00
  Scott, what's your take on all this?
• 27:03
  This is fantastic. The more and more people that
• 27:04
  get into Bitcoin, like you said, the better.
• 27:07
  It does make me a little nervous because we as Bitcoiners and
• 27:11
  builders on bitcoiners, on Bitcoin, we we need to to
• 27:14
  protect Bitcoin. I don't think it's success is is
• 27:18
  100% assured. Still, you know, the, and the
• 27:22
  one of the core tenets of Bitcoin is, is decentralization.
• 27:25
  And in order to make it so that it's, it remains unsensible and
• 27:31
  permissionless, we need to make sure that there's a wide variety
• 27:35
  of people that are operating all the facets of Bitcoin.
• 27:39
  I'm, I'm particularly interested in mining, but you know, we got
• 27:43
  to keep it out of central control and these really big
• 27:47
  ETFs are a, a bit of a risk in that regard.
• 27:49
  And obviously, mining centralization is too.
• 27:53
  Absolutely. And let's talk a little bit
• 27:54
  about that, right, which is Bitcoin's success is not
• 27:57
  guaranteed. So like I, I remember having
• 28:00
  this conversation with Jeff Booth and essentially he just
• 28:03
  kept saying this point, he's like Bitcoin's going to win if
• 28:06
  it stays decentralized and secure.
• 28:08
  So I, I think that's essentially what you're iterating on, right,
• 28:11
  which is the decentralization aspect from the mining, from the
• 28:14
  mining component, and then from the centralization of the
• 28:19
  custody of Bitcoin. And again, everyone's talking
• 28:21
  about these ETFs, but the reality is that that eight out
• 28:24
  of nine of them are custodying with Coinbase.
• 28:26
  So all those coins are all with Coinbase.
• 28:29
  And then if there is a 61O2 order in the future, the US
• 28:34
  government literally only has to knock on one door.
• 28:37
  I know. Here you go.
• 28:39
  And the word on the street is that Brian Armstrong keeps all
• 28:42
  that Bitcoin in a hardware wallet on Nexus night stand.
• 28:46
  That's what I hear. So it's not even sophisticated.
• 28:49
  Cold storage. I I love that that that what's a
• 28:53
  good idea? Yeah, I just love that idea of
• 28:55
  like every coin based transaction just Brian Armstrong
• 28:58
  like, OK, here we go. Let me just send it right now.
• 29:02
  I'm totally making that up and I'm bullshitting, but it is it
• 29:05
  is definitely something to be concerned about.
• 29:07
  Now they are accumulating a large amount.
• 29:10
  I think if you combine Sailor and the ETFs, it's like half a
• 29:15
  million at this point, half a million Bitcoin.
• 29:20
  That's a lot. It is a lot.
• 29:23
  That, you know, luckily it doesn't matter, you know, how
• 29:27
  much Bitcoin you hold, you don't necessarily get any more
• 29:29
  specific control over Bitcoin, but you certainly do have a lot
• 29:34
  of this sound money in the future to, to buy things and pay
• 29:39
  people off and and maybe get your way.
• 29:42
  So maybe you know, right now it's not a problem, but we got
• 29:48
  to, we got to keep this thing, we got to keep this thing
• 29:51
  working. What, what, what do you say?
• 29:54
  Like in an ideal world, what would you say that like?
• 29:58
  What would you want to see a more?
• 30:00
  What would you want to see more of?
• 30:06
  Well, you know, my whole goal with the bid AX is to bring open
• 30:10
  source back into mining. So I, I would like to see more
• 30:15
  and more projects be, you know, dedicated to open source.
• 30:20
  Fundamentally open source like Bitcoin itself is.
• 30:22
  I think that when you have a company controlling a particular
• 30:27
  product or service on top of Bitcoin, you know, they, they in
• 30:31
  effect control what features it has, who develops it, who works
• 30:35
  on it. And they are essential points to
• 30:38
  shut down should it, you know, fall outside of the law in any
• 30:41
  given jurisdiction. So I'd like to see more open
• 30:45
  source development such that, you know, once that kind of once
• 30:48
  that open source code gets out there, then it's, it's really
• 30:52
  hard to rein it back in. It's really hard to stop it.
• 30:55
  Gotcha. Like it just becomes this like
• 30:58
  the momentum, I guess the the it's just out of the bag, man.
• 31:02
  It's, it's out of the bag. There's no one to call.
• 31:04
  You know, there's no, you can't just knock on someone's door
• 31:06
  like you say with Coinbase and say, hey, you turn this off or,
• 31:10
  you know, threaten if they're a registered business in whatever
• 31:14
  particular area. You can't just be like, oh, this
• 31:17
  is illegal. You guys can't do this anymore.
• 31:19
  Yeah, yeah. No, definitely no.
• 31:21
  And and then even if they do do that, you'll, you'll have you
• 31:23
  have situations like Russia or you have situations like China
• 31:27
  where like they just walk, they end up walking it back, you
• 31:30
  know, a couple years later because they realize that
• 31:31
  they're literally shooting themselves in the foot
• 31:33
  metaphorically, you know? Yeah, like with the Russia case,
• 31:38
  I mean, this might be happening in United States too, but like
• 31:41
  they don't have to pay to unplug your phone charger right now.
• 31:46
  No more phone charging. Sorry.
• 31:49
  What I was going to say is, you know, like in the US we have we
• 31:53
  have massive publicly traded mining companies that
• 31:55
  essentially the government just subsidized.
• 31:57
  They didn't have to build it up. They didn't have to go through
• 31:59
  all the work to get them nice and big.
• 32:02
  And then, you know, let's say the the we have a new
• 32:05
  administration that is anti Bitcoin and they nationalize it
• 32:08
  all. They they kind of just like got
• 32:11
  got these big, you know, significant players in the
• 32:13
  network hash rate built up for free and they can take them over
• 32:17
  and do do what they want. Yeah, man.
• 32:19
  And and you can see that like it's and you know, of course,
• 32:24
  I'm assuming you know Bob Burnett from Yeah, of course.
• 32:27
  And that's amazing. Yeah, I love Bob, and he made
• 32:30
  this excellent presentation. He calls them the rabbits, the
• 32:33
  horses and the elephants, right? And it's the large industrial
• 32:37
  miners. It is bid acts like a.
• 32:40
  No dude, that shit like a. Gerbil of It's smaller than a
• 32:42
  rabbit. What's the smallest version of a
• 32:44
  rabbit? What?
• 32:44
  That's small. It's like an Ant.
• 32:46
  It's like an Ant. It's an.
• 32:47
  Ant it is. It's like like an Ant.
• 32:50
  It's like an Ant. If that wasn't a loaded term in
• 32:52
  the Bitcoin mining world, then I think we would we would run with
• 32:55
  it. You know, it's kind of like a
• 32:58
  Roach. But roaches are disgusting.
• 32:59
  But they do kind of last. Hey, you can't.
• 33:01
  Kill a Roach. You can't kill a Roach.
• 33:03
  It's like, oh man, I don't want to say that, but in.
• 33:07
  Roaches are disgusting, yeah. They are disgusting.
• 33:10
  That's why I don't want to associate it with that.
• 33:11
  Yeah, it's like a like, it's a miniature honey badger miner.
• 33:16
  There you go. Boom and.
• 33:20
  I love it. I love it.
• 33:21
  Opti, what's your take on all this brother?
• 33:24
  I'm so excited for those 15,000 highly educated, you know,
• 33:28
  expert salesman to sorry everyone in the chat pitch the
• 33:33
  boomers on Bitcoin. I'm so freaking excited for
• 33:37
  that. I I think it's going to help
• 33:39
  with NGU and all those boomers are all going to be Bitcoin fans
• 33:42
  all of a sudden. Yeah, so that's definitely my my
• 33:46
  take for I mean, first and foremost, you know, Sailor I I
• 33:49
  think we're all like immune to the Sailor news because he just
• 33:53
  keeps figuring out ways to print money out of this infinite money
• 33:58
  glitch and stack Bitcoin. Though there was a interesting
• 34:01
  and I, I don't have the tweet up here, but someone was mentioning
• 34:05
  like I think and you guys could Fact Check me, but you know,
• 34:09
  they they split the stocks again I think by 7%, but now each
• 34:13
  share has 14% more Bitcoin. So it's absolutely amazing that
• 34:17
  was. Everyone's clapping for the
• 34:18
  dilution. Yeah, keep diluting it, but I
• 34:21
  guess but. Per share is more Bitcoin, which
• 34:24
  is just like, it's incredible that he's still able to do this
• 34:28
  right now. And it's just mind blowing.
• 34:30
  Like once bigger companies start to do this, it's going to really
• 34:33
  be insane. And maybe they're just going to
• 34:35
  keep sleeping on on the micro strategy strategy for a long
• 34:38
  time and he's just going to keep doing this.
• 34:40
  Though it seems like Michael Dell is kind of picking up on
• 34:42
  this as well. So you're seeing that the
• 34:45
  corporate world is waking up to like, Oh my God, I can, you
• 34:48
  know, pump shareholder value by just stacking Bitcoin.
• 34:51
  Incredible. It's it's it's nuts that Bitcoin
• 34:55
  is able to kind of give life to the zombie companies that just
• 34:59
  been around and they're just kind of like going sideways and
• 35:01
  they stack Bitcoin and it goes up.
• 35:03
  All right, next point on the Morgan Stanley news, we've been
• 35:05
  saying that this was going to happen for a while.
• 35:07
  I know a lot of people in the chat where what, you know,
• 35:11
  halfway through the year now and more than halfway through the
• 35:14
  year now. And everyone's been wondering
• 35:16
  like, oh, the ETF launch, why isn't the Bitcoin price price
• 35:19
  moving? You know, we have these
• 35:20
  incredible inflows into the Bitcoin ETFs.
• 35:23
  Obviously you can say, oh, it's all paper Bitcoin.
• 35:25
  Of course, it's they're not actually buying Bitcoin, though
• 35:28
  I think that's been debunked by now as well.
• 35:30
  Shout out the check maybe shit saying and and exposing that
• 35:33
  like, yeah, they're actually buying this Bitcoin.
• 35:35
  So, you know, there is a lot of demand for Bitcoin coming from
• 35:40
  the institutional level. But as we've said on this show
• 35:43
  multiple times, these big institutions are basically like
• 35:47
  the Titanic and it takes a long time for them to turn their ship
• 35:50
  around. And now we're finally seeing
• 35:52
  that it's actually happening. It's gonna happen what by next
• 35:55
  week that they're gonna finally be able to pitch Bitcoin to
• 35:59
  their customers. Before, before now, before this
• 36:03
  news. And Morgan Stanley, it says in
• 36:05
  that in that article, you know, they're the first big bank to
• 36:07
  actually allow this for the customers, whereas before you
• 36:10
  had to explicitly ask them to go into the ETFs and now they're
• 36:14
  having their, what it say, 1500 financial advisors, their army
• 36:19
  of financial advisors to start shilling Bitcoin.
• 36:22
  So as I tweeted this morning, you know, the Bitcoin marketing
• 36:25
  team is going into OverDrive or as Copernicus corrected me, the
• 36:29
  Bitcoin propaganda machine is going into OverDrive in the
• 36:32
  following week. And yes, of course, as a
• 36:34
  Bitcoiner, we, you know, we don't want people buying Bitcoin
• 36:38
  ETS, we don't want to buy in that paper Bitcoin, but we
• 36:40
  understand that there's steps to this.
• 36:43
  And for better or worse, you know, the, the, the people that
• 36:47
  are comfortable with institutional investing, they
• 36:50
  don't want to hold their own assets yet.
• 36:52
  They're not down the rabbit hole yet.
• 36:54
  So I think this is a good first step where now we have, you
• 36:57
  know, not only the legitimacy, but the the financial
• 37:01
  manipulators of the world starting to embrace Bitcoin and
• 37:05
  now the dominoes are falling. So if Morgan Stanley does this,
• 37:08
  I'm sure that we will see this happen very soon where every
• 37:12
  other bank will also start allowing their customers to
• 37:15
  start to get exposure to Bitcoin.
• 37:17
  Though there was a very interesting paragraph in that
• 37:20
  CNBC article which was basically saying that they're only going
• 37:24
  to allow their like semi high net worth individuals to get
• 37:28
  exposure to Bitcoin ETF through Morgan Stanley.
• 37:31
  It was like a minimum, a minimum of you have to have a minimum of
• 37:35
  like $1.5 million with Morgan Stanley and like a high risk
• 37:40
  tolerance to be even allowed to invest in these ETF, which I
• 37:45
  think just it shows like the how do I say these people fucking
• 37:50
  hate? You bro.
• 37:51
  Yeah, that, well, that's what I was going to say.
• 37:52
  Like this shows just the quality of the Bitcoin network in
• 37:55
  general leaders. Bullshit.
• 37:57
  Where you don't have to be a millionaire to just be allowed
• 38:00
  to invest in Bitcoin. Or rather.
• 38:03
  Bitcoin. Yeah, exactly.
• 38:04
  And or paper Bitcoin like you literally can buy a dollar.
• 38:08
  I'm pretty sure you can still buy like a penny on cash app or
• 38:10
  strike right now. So like, you don't need to be a
• 38:12
  millionaire to get exposure to Bitcoin, but you can.
• 38:15
  See if you want to buy the ETF through Morgan Stanley, you do.
• 38:18
  You need $1.5 million, so like minimum, but that's the minimum
• 38:21
  you need to be a millionaire before they allow you to buy
• 38:25
  Bitcoin ETFs on their platform, which I guess is, you know, a
• 38:28
  good first step. And also you got to be, you got
• 38:31
  to be have a high risk tolerance to them.
• 38:33
  So I don't know what what those qualifications are, but it's
• 38:36
  just, it really just goes to show the elitist of the
• 38:39
  financial system. If you want like a symbol of
• 38:42
  what the Fiat system is, it's that little line right there.
• 38:45
  It's like if you want to buy, if you want to exposure to Bitcoin,
• 38:49
  you need a minimum of $1.5 million.
• 38:52
  And have high risk tolerance. How?
• 38:54
  We're supposed to get there. Oh man, it's absolutely absurd.
• 39:01
  Anyways guys, we still got a loaded show for you guys.
• 39:03
  If you guys are enjoying the show so far, make sure to smash
• 39:05
  that like button. See man, I got to say, Scott,
• 39:07
  you got a lot of fans in the chat, man.
• 39:09
  Lot of fans of the bit acts and a lot of fans of of you.
• 39:14
  Well, thanks to all my fans. This is this is blowing my mind.
• 39:17
  This project is growing so fast. It's it's absolutely blowing my
• 39:20
  mind. So thank you all.
• 39:21
  I love it. I love it.
• 39:23
  You guys smash the like button. If you guys are enjoying the
• 39:25
  show you guys are watching us on YouTube rumble NX and of course,
• 39:28
  you know share the show. If you guys want to spread the
• 39:31
  orange signal all right everybody, let's get to the
• 39:33
  culture talk to Scott about the bit axe.
• 39:36
  Let's do it. The daily culture.
• 39:46
  Hi everybody, I do want to give a shout out to our sponsor.
• 39:48
  Of course I'm talking about it, the orange palapse stack friends
• 39:50
  who stacks SAT join the 11,500 bitcoiners that are currently on
• 39:54
  the app. If you're traveling, you move to
• 39:56
  a new city or you live in your city and you just don't know any
• 39:59
  bitcoiners around you, download the orange palapse, scan the QR
• 40:02
  code, check the link in the video description has a really
• 40:04
  cool geographical feature and it'll literally show you the
• 40:07
  bitcoiners near you and it'll give you the ability to send
• 40:09
  them Adm so you can. Connect with them.
• 40:11
  It's also the number one resource for Bitcoin only
• 40:14
  events. So again, if you're traveling,
• 40:16
  if you're in town for a conference, whatever, pull up
• 40:18
  the orange pull up, it'll show you not only the bitcoiners
• 40:20
  around you but also the Bitcoin events around you as well.
• 40:24
  It's the best way to reach me directly.
• 40:25
  I don't really answer Twitter DMS these days or emails.
• 40:28
  So best way to reach me is the orange pull up.
• 40:31
  Send me Adm and I make sure to check all the DMS every week or
• 40:34
  so and I'll get back to each and every single one of you guys.
• 40:38
  So guys, download the Bitcoin social layer, the orange pull up
• 40:42
  today again, scan the QR code or check the link in the video
• 40:45
  description. So I met Scott at at beats beef
• 40:50
  steak in in Nashville and we were we were chatting Opti.
• 40:54
  I think I Opti I give you that or is that?
• 40:56
  No wine wine gave it to me. I I saw sorry away slice.
• 41:00
  I I didn't go this year. I I really FOMO, but I at least
• 41:03
  I got a hat. You know I'll be rocking the
• 41:05
  beef steak hat on the show. So, yeah, so and we were just
• 41:09
  chatting and it was it just, I don't want to get into the
• 41:12
  specifics of who was at that table, but we were talking about
• 41:15
  just these technologies, right? I forget what the name of what's
• 41:20
  it called? I wrote it down because I forgot
• 41:22
  about it. Wholesale.
• 41:26
  Whole city we were talking about wholesale.
• 41:30
  Mind blowing emoji. Like, guys, anyway, it was just
• 41:36
  freaking crazy conversations and my mind was just being blown.
• 41:40
  And I was like, why is this important?
• 41:41
  And then at the end I was like, I wholesale everything.
• 41:45
  So yeah. And I got to meet Scott and we
• 41:47
  were chatting and we got him on the show.
• 41:49
  And Scott is the creator of bid acts and obviously everyone's a
• 41:54
  huge fan already. I already asked you for an
• 41:56
  elevator pitch. So yeah, let's do elevator
• 41:59
  pitch, let's talk about the breaking news first, Nico, and
• 42:01
  then we'll talk about the bid acts.
• 42:03
  So we kind of give people the FOMO here.
• 42:05
  So I'm over here. I got the no BS Bitcoin.
• 42:07
  Obviously you guys are familiar with this but but this was July
• 42:11
  25th which was what was that last Friday, No Thursday
• 42:15
  Thursday a bid acts mind a solo block block 853,742.
• 42:23
  So as you guys can tell, a solo Bitcoin miner AKA the bid act
• 42:26
  with three Terra hashes, mind block 853742, overcoming odds of
• 42:31
  one in 1.2 million and earning 3.192 Bitcoin, approximately
• 42:38
  $200,000. And let's not forget guys, this
• 42:40
  is $150.00 miner that you can basically build yourself if you
• 42:44
  want to. So man, absolutely historic
• 42:49
  legendary news coming out of here.
• 42:52
  And look, I'll, I'll, I'll dox myself a little bit here because
• 42:55
  I was telling Scott this behind the scenes as well that I, when
• 42:59
  we were at mining conference or mining disrupt conference, there
• 43:01
  was a lot of talk about like solar solo miners, like small
• 43:05
  little solo mining rigs and being very cynical.
• 43:09
  You know, I try to stay out optimistic, but very cynical.
• 43:11
  I'm like, like, what's the point of this?
• 43:13
  Like you're not ever going to find a block and then literally
• 43:15
  a week later, a week later or two weeks later, someone uses a
• 43:20
  bit axe to find a solo block. It just absolutely incredible.
• 43:24
  So I think let's start with that Scott, like how do you feel
• 43:28
  after this happened? And like, just how ecstatic were
• 43:32
  you when you heard that news? When I, when I first heard the
• 43:36
  news, I was like, no, someone's messing with me.
• 43:38
  It was, it was kind of cool. It was the, it was the first day
• 43:40
  of the conference. I was kicking it at Bitcoin Park
• 43:42
  watching a fantastic talk. Someone taps me on the shoulder
• 43:45
  and like reaches their, their arm over to show me a, a tweet
• 43:49
  on their watch that a bid ax had found a block.
• 43:51
  And I was just like, no, in fact, a couple days ago someone
• 43:56
  posted a picture of a bid ax that said block found.
• 43:58
  But then later they're like, oh, it was on test net.
• 44:00
  So seeing this, I was, I mean, initially I was like Nope.
• 44:05
  But I couldn't resist and started researching my phone and
• 44:08
  it pretty, pretty clearly became apparent that this, this was
• 44:13
  legitimately a bid axe solving a block.
• 44:17
  We don't actually have any way to 100% know that this is a bid
• 44:20
  axe, right? This is a totally anonymous
• 44:22
  activity. The only way that we have any
• 44:26
  clue that this is a bid axe is that the this particular miner
• 44:30
  was using solo CK pool and they had named their worker dot bid
• 44:35
  axe. And the hash rate matches up
• 44:38
  right. We saw a three Tera hash there.
• 44:39
  So they that would have been a couple bit axe because a single
• 44:42
  bit axe is like half to 3/4 of a Tera hash.
• 44:47
  So they were they're running a couple bit acts.
• 44:50
  I mean, you can see the historical hash rate.
• 44:52
  They actually looks like they had just recently turned on.
• 44:56
  Oh, yeah, Oh, yeah, Let's talk about that.
• 44:58
  It said, at least on this No BS Bitcoin report, that they had
• 45:01
  just plugged in their bid acts 19 days before, So it's not like
• 45:04
  they've been waiting a long time.
• 45:06
  It's like 19 days. Hit the lottery like cool.
• 45:08
  Yeah, this, this is the luckiest person alive.
• 45:11
  The odds, the odds are are not good.
• 45:15
  And this is kind of a crazy thing is we can see because of
• 45:17
  the solo CK pool worker page, the they weren't doing it for
• 45:22
  very long. They had just started with
• 45:24
  probably just one bit act. So they were like 1/2 Tera hash
• 45:27
  and then they had plugged in a couple of more.
• 45:29
  So I don't know if they made them or bought them, plugged
• 45:31
  them in, got themselves up to about 3 Tera hash and then found
• 45:34
  the block. And this this is the crazy part.
• 45:36
  So when this block was solved, the network difficulty or the
• 45:41
  the yeah, the network difficulty was like 82 trillion.
• 45:44
  So that's the difficulty of a share needed to solve the block
• 45:47
  was 82 trillion. The share that they found that
• 45:51
  solved this block was 300 trillion.
• 45:54
  So not only did they solve a block they like they knocked it,
• 45:57
  they just destroyed that block. They got significantly higher
• 46:01
  difficulty, you know, more zeros in the hash than they needed to.
• 46:05
  Not that that like does anything extra for you, but it just it,
• 46:09
  it illustrates just how insanely lucky this is.
• 46:13
  I think that's probably one of the the highest difficulty
• 46:16
  blocks ever solved. I should look into this to be
• 46:20
  sure, but that that is very high.
• 46:22
  Incredible marketing for a bid act.
• 46:24
  So let's let's. I.
• 46:29
  Couldn't ask a hard for the people.
• 46:32
  And for an opportunity to win up to two. 100 yeah exactly and
• 46:36
  it's not theoretical. It's happened.
• 46:37
  OK so for everyone now that's, you know, coming into the show
• 46:40
  later that didn't get the original bid axe shill the big
• 46:43
  at. TLDR what is the big axe and
• 46:47
  what was the origin of you creating the bid axe project?
• 46:51
  The the bid axe is a Bitcoin miner.
• 46:54
  The difference is that it's a fully open source project, so
• 46:58
  everything you need to build this is published online,
• 47:01
  bidx.org. You can go there and download
• 47:04
  everything. That's that's what I started.
• 47:07
  That's what I initially put out there.
• 47:10
  We have lots of other contributors now.
• 47:12
  It's a group effort at this point, partly with the Open
• 47:15
  Source Miners United, which is a big group of open source mining
• 47:19
  enthusiasts. So I don't manufacture or sell
• 47:23
  any of these. I just put the designs out there
• 47:24
  and other people have taken up the charge to manufacture and
• 47:29
  sell them. And so you can go and just buy
• 47:31
  one for 150 to 250 depending on what exactly you want to get
• 47:37
  U.S. dollars. But it's a it's a small, it's a
• 47:41
  small minor, right? This thing's like less than 15
• 47:44
  watts. It's quiet, it's cool, non
• 47:47
  intrusive to run, you know, in your in your house, in your
• 47:50
  bedroom. I've got a couple on the desk
• 47:52
  next to me running and can't hear it right.
• 47:56
  It's yeah, you can see behind me.
• 47:58
  Oops. On the other side, I got a a
• 48:00
  traditional S 19 running. If that thing were on, I would
• 48:05
  be miserable in here and it would be very loud.
• 48:08
  And hot. And hot yes, it would be awful.
• 48:11
  I I think my wife would be upset with this activity.
• 48:15
  So now there's the downside of that the downside is the bid
• 48:19
  acts is significantly less hash rate than one of those miners.
• 48:22
  So your chances of, of solving a block or getting any kind of
• 48:28
  profitable payout from a pool is, is basically zero.
• 48:32
  It's, it's a really, you'd have to be really lucky to make your
• 48:37
  money back. You know, that miner behind me
• 48:41
  is an industrial machine. It's, it's meant for running in
• 48:45
  a Bitcoin mine, which is essentially a data center.
• 48:47
  It's a industrial facility, industrial power, industrial
• 48:50
  cooling. And there's a lot of extra costs
• 48:53
  associated with that. The bid ax is it's a home miner.
• 48:58
  So, you know, anyone, anyone can run it.
• 49:01
  It's just a kind of a different thing.
• 49:02
  But you wouldn't want to set up a business running bid axes
• 49:06
  because your business would make no money.
• 49:09
  It's, it's a totally different paradigm, but it, it allows
• 49:12
  people to get in to mining if they're even remotely interested
• 49:15
  in it, play around, you know, maybe they'll plug it in and
• 49:18
  forget about it. Maybe they'll totally go down
• 49:20
  the rabbit hole and become the next mega miner.
• 49:23
  Love it, love it. OK, So what what is your hope
• 49:28
  with the Bid Acts project? Like what?
• 49:31
  What is the concern with Bitcoin mining today as it is and and
• 49:36
  like what is the importance of the bid acts for people that
• 49:38
  aren't familiar with all the technicalities of what's
• 49:41
  happening on the Bitcoin mining space?
• 49:45
  The Bitcoin mining space and and Bitcoin mining is one of
• 49:49
  probably the three main pillars of Bitcoin itself.
• 49:53
  The Bitcoin mining space is is tragically centralized.
• 49:56
  Right now. There's only a few players in
• 49:59
  both the the mining pool space and the actual hardware
• 50:03
  operators. There's just not many of them.
• 50:06
  And we get into a problem when there's only a few players in
• 50:11
  the space in that they can start to have influence over the
• 50:15
  network. They can start to potentially
• 50:17
  censor or slow down transactions if they desire.
• 50:21
  Maybe the current players don't have any interest in doing that,
• 50:24
  but maybe they also get nationalized by their
• 50:26
  governments and don't have a choice.
• 50:28
  So we want to keep all aspects of Bitcoin decentralized.
• 50:34
  That's one of the main features of Bitcoin that was touted from
• 50:39
  the beginning, is that it's decentralized.
• 50:41
  That helps it remain permissionless so that anyone
• 50:44
  can use it unsensible so that anyone can use it for whatever
• 50:48
  they want. And we, I, I think so one of my,
• 50:55
  one of my core ideas here is that Bitcoin is, is
• 51:00
  fundamentally like at its core, it's open source.
• 51:03
  You know, I was just looking at Satoshi's first ever public post
• 51:08
  about Bitcoin in the first paragraph.
• 51:11
  Actually, I'm just going to read it.
• 51:12
  I've got it up here on my screen, he says this is February
• 51:17
  11th, 2009. The title of the post from
• 51:20
  Satoshi Bitcoin open source implementation of P2P currency
• 51:25
  like this is the idea from the beginning is that it's open
• 51:29
  source. It wasn't you know Satoshi
• 51:32
  incorporated that was hiring people to implement his master
• 51:36
  plan of how Bitcoin works. It was open source, putting it
• 51:39
  out there, anyone could work on it, anyone could design on it.
• 51:44
  And that turned out to be a good thing because Satoshi
• 51:47
  disappeared and the charge was taken up by many of his
• 51:51
  collaborators. And I think that had it not been
• 51:55
  open source, we wouldn't even be here talking about it.
• 51:57
  This, this is one of the main things that led to Bitcoin's
• 52:00
  success unleash, at least initially.
• 52:04
  So I, I, you know, Bitcoin mining initially was open
• 52:10
  source. Satoshi was just mining on his
• 52:12
  computer. I think the initial Bitcoin
• 52:14
  client was also a miner that Satoshi did.
• 52:17
  And the initial miners were just mining on their CPU.
• 52:21
  It was open source. He shared software how to do it
• 52:24
  just to get people on the network.
• 52:26
  And then, you know, it proceeded that way through FPGA mining,
• 52:29
  GPU mining, and then we got to ASICS, which are big, capitally
• 52:36
  intensive, time intensive projects.
• 52:39
  And somewhere in there the open source ethos of Bitcoin mining
• 52:43
  was lost, totally lost. None of these were open source
• 52:48
  projects anymore. And proceeded that way for 10
• 52:53
  years. And I wanted to get in.
• 52:55
  I'm an electrical engineer by trade.
• 52:57
  I like hardware, I like Bitcoin. I wanted to make my own Bitcoin
• 53:00
  miner. And I was bummed that there was
• 53:03
  no open source even examples of how Bitcoin mining hardware
• 53:08
  works. So I just got started at the top
• 53:13
  and started reverse engineering a lot of the things that were
• 53:16
  out there. I think it's incredibly
• 53:18
  important. I want to bring open source
• 53:20
  mining back to Bitcoin. I, I go to a lot of conferences.
• 53:23
  I've been to technical conferences where there's a lot
• 53:26
  of open source people that are talking about Bitcoin core,
• 53:28
  they're talking about wallets and there's no miners there.
• 53:31
  None. Like no one even talks about
• 53:33
  mining. It's like, oh, those guys over
• 53:35
  there do it. And then we go to, we go to
• 53:37
  mining disrupt and there's tons of miners with really big fancy
• 53:41
  booths and like no core developers.
• 53:45
  It's like these two parties do not mix.
• 53:48
  So I think we need to, we need to bring those things back
• 53:50
  together so that Bitcoin can, you know, remain freedom money
• 53:55
  for everyone. A. 100% love it.
• 53:58
  But before we got a question in the chat for you, Scott Thomas
• 54:02
  asked Can you run the Big ACT software on any mini PC?
• 54:09
  The big ACT software is called ESP Miner and right now it's a
• 54:12
  firmware that runs on an ESP 32 microcontroller and that's what
• 54:16
  runs on the here. I'll just split up so I can
• 54:19
  point at it on this side right here.
• 54:23
  That's that's like your Control Board.
• 54:25
  It's a small microcontroller that runs that ESP minor
• 54:28
  firmware. Right now, the ESP that firmware
• 54:32
  is open source. The ESP minor firmware only runs
• 54:36
  on that chip. It's not designed to run on APC.
• 54:42
  There's nothing stopping you or or someone from from forking it
• 54:46
  and getting it to work on APC, but it's not really designed for
• 54:49
  that currently. So a question for you and Scott,
• 54:53
  I'm sure you've you've definitely thought about this,
• 54:56
  right? The way that I see this is power
• 54:58
  in numbers, right? So let's say there was a million
• 55:02
  households running bid acts, right?
• 55:05
  That would be a good amount of hash rate, wouldn't it be?
• 55:10
  Yeah, yeah. So a Exa hash is 1,000,000 Tera
• 55:13
  hash. So if we had a one Tera hash,
• 55:16
  bit X, which actually this is a cool new prototype that's going
• 55:20
  to be right in that, right in that run.
• 55:23
  This this is I, I this is how about an exclusive announcement
• 55:28
  for you guys? This is the next version of the
• 55:30
  Bit X. It's called the Bit X Gamma and
• 55:34
  it runs on one chip from the S 21 Pro and my S21 Pro and this
• 55:40
  one, this is very much in development.
• 55:42
  It's not released yet, but that should be coming in over one
• 55:47
  Tera hash. Pretty cool.
• 55:50
  It's going to be fantastic. Where's it going?
• 55:53
  Oh, so yeah, if we had a million of those running, that would be
• 55:57
  one XA hash network hash rates, like it just bumped way up to
• 56:02
  over 600 XA hash. So you, you know, it's still a
• 56:07
  small part, but it's not, it's not nothing.
• 56:11
  It, it starts to play a, a real part in the network hash rate.
• 56:16
  And it's also like a, a totally different paradigm because the
• 56:20
  people running those 1,000,000 bit access, which 1,000,000 is,
• 56:24
  is a lot, but it's not impossible.
• 56:27
  The people running those 1,000,000 bit access, they don't
• 56:31
  give a shit about the the hash price.
• 56:34
  They're not running companies. They're not ever going to turn
• 56:37
  these things off. You know, if the Bitcoin price
• 56:39
  goes down or difficulty goes way up or whatever, they're just
• 56:43
  going to keep running them. They're like, I wish we had a
• 56:46
  better term, but they're like those roaches, right?
• 56:48
  They're just going to keep running around, you know, hiding
• 56:52
  in the the dark corners, plugging in their phone charges,
• 56:56
  right. If if there's some rule that
• 56:57
  comes down, it's like, you know, all like this, this came from
• 57:01
  the White House that he was just proposed.
• 57:02
  You know, there's going to be a big tax on all Bitcoin mining
• 57:05
  firms. Be like, cool, what I'm not
• 57:09
  running a firm like I'm not unplugging.
• 57:13
  And I guess the another cool point that I like to talk about
• 57:17
  here is that one XA hash is a lot.
• 57:21
  That's a big hash rate that requires a significant amount of
• 57:23
  power. If you were to do that at a
• 57:26
  couple mining facilities, you would have extensive costs in
• 57:31
  infrastructure. You're bringing negotiating with
• 57:34
  the power company to bring in the power, getting these hard to
• 57:38
  get like massive Transformers that need to be craned in big
• 57:41
  facilities, large Staffs, repair people.
• 57:45
  You would need to have like an HR department for your company,
• 57:48
  all these additional expenses to support that hash rate at a
• 57:53
  centralized facility. The cool thing about bit X is we
• 57:58
  already have the infrastructure, Zero infrastructure costs for
• 58:01
  every EXA hash added, right? It's just me and a bunch of
• 58:06
  homies with our Wi-Fi already plugged in and, you know, our
• 58:10
  cell phone chargers just just keep rolling.
• 58:13
  Dude, it is, it is it is so fucking bad ass in that sense
• 58:17
  because it's like, how do you stop that?
• 58:19
  You do not stop that. And I would even say that like,
• 58:23
  you know, like, of course you run, you run a node like as a
• 58:26
  bitcoiner, you get to a point where you just don't want to
• 58:29
  trust someone else's copy of the blockchain.
• 58:30
  You don't want to docs, you know, you don't want to docs
• 58:33
  yourself, whatever. And you get to a point where
• 58:35
  you're like, OK, I got to run a node and then I got to connect
• 58:37
  that with my wallet, blah, blah, blah, blah, blah.
• 58:41
  I would say that this is like, you know, I, I would say that
• 58:45
  this is one of those things like you need a Bitcoin cell phone
• 58:48
  charger like it's one of those things like you need one of
• 58:52
  these things and it is just like look like best case you win the
• 58:57
  lottery, worst case you spend 150 bucks right?
• 59:03
  So like I, I don't really see a downside here in my opinion.
• 59:08
  It's my humble opinion so. I also agree with you, I might
• 59:11
  be biased, but I think it's it's pretty fun.
• 59:14
  Like, you know, we have a little display on the front of the bid
• 59:17
  axe up here and it'll show you your best difficulty share so
• 59:23
  you can see how close you got right.
• 59:25
  It's like in the lottery when they're they're drawing the
• 59:27
  numbers and you're like, alright, I got like the first
• 59:30
  three right. Like it's pretty exciting.
• 59:32
  It's cool to pay attention to and you know, maybe nothing
• 59:37
  happens, but maybe you do you get interested in Bitcoin
• 59:40
  mining, which is a fascinating field.
• 59:43
  How? What what is the two more
• 59:45
  questions? What is the like technical know
• 59:47
  how that you need to have in order to set one of these bad
• 59:50
  boys up? Very limited.
• 59:54
  Very limited. You plug it in, it has you join
• 59:59
  a Wi-Fi network and a screen pops up on your phone.
• 1:00:02
  In which you can put in the password for your your home
• 1:00:06
  Wi-Fi and then you can configure it with whatever mining pool you
• 1:00:10
  want to join. We have some default suggested
• 1:00:12
  we use public pool as the default, but you can change it
• 1:00:15
  to whatever. I would say the most complicated
• 1:00:17
  thing at this point is that if you want to solo mine, you need
• 1:00:20
  a Bitcoin wallet address for all of us.
• 1:00:25
  That's like no problem. We got one of those.
• 1:00:27
  We got plenty of those. My grandma maybe not so much.
• 1:00:30
  So you kind of need a, if you're getting a real newbie online,
• 1:00:34
  you, you need sort of an Uncle Jim situation when it's like,
• 1:00:36
  OK, I've also set you up with a Bitcoin wallet.
• 1:00:38
  You know, here's your here's your seed words, write those
• 1:00:41
  down kind of thing. So we're, we're still making,
• 1:00:45
  we're still working quite a bit on streamlining that process,
• 1:00:48
  making this as easy as possible, as cheap as possible to just,
• 1:00:53
  you know, remove all barriers to getting one of these and
• 1:00:55
  plugging it in. Hell, yeah.
• 1:00:57
  OK, so last question is, you know, this seems to be a passion
• 1:01:01
  project. You know, you said you you were
• 1:01:03
  electronic. You are an electrical engineer
• 1:01:05
  by trade. How do you fund this?
• 1:01:07
  Like, if people want to support this, does it run Snake?
• 1:01:11
  That's a good question. If people want to support this
• 1:01:14
  project and what you're doing, what do they do?
• 1:01:20
  So the first question is, is how do I support this?
• 1:01:23
  It started off as a nights and weekends kind of thing, you
• 1:01:27
  know, had a day job. But then when the project
• 1:01:30
  started gaining a little traction, I was actually at
• 1:01:33
  Tabcomf in Atlanta last year and I saw a presentation on
• 1:01:37
  Opensats, which is a grant organization funding open source
• 1:01:41
  Bitcoin projects. And I talked to Dread, who's one
• 1:01:44
  of the board members. And I was like, have you guys,
• 1:01:48
  could you, would you even consider granting to someone
• 1:01:50
  working on hardware? And I told him about the project
• 1:01:52
  and he was like, hell yeah. So actually applied right then
• 1:01:55
  and there for an Openstats grant and a few months later got it.
• 1:01:59
  And that's actually just kind of coincided with the winding down
• 1:02:06
  of a of a business, non Bitcoin business that I was running.
• 1:02:09
  So freed up a bunch more time and now I'm working on this full
• 1:02:12
  time thanks to the the Openstats grant funding, which is, you
• 1:02:18
  know, they're all about funding open source projects, which I'm
• 1:02:20
  all about. I think those guys are
• 1:02:22
  legendary. This is an essential thing in
• 1:02:24
  the Bitcoin world. But you know, for this project
• 1:02:29
  specifically, I'm I'm working on it full time.
• 1:02:30
  It is absolutely a dream come true.
• 1:02:33
  Like I love doing this and now I get to do it all day every day,
• 1:02:36
  which is like, I still have to, you know, stand back every now
• 1:02:40
  and then be like, Oh my gosh, am I actually doing this?
• 1:02:45
  And then I and then there's the open source miners United is a
• 1:02:50
  discord group with like 2000 members that has sprung up over
• 1:02:54
  the last year of, you know, everyone from first time
• 1:02:58
  bitcoiners, newbies in the mining space to brilliant
• 1:03:01
  engineers who have been like, I love this project.
• 1:03:03
  I want to help out. And so I think we've seen a
• 1:03:06
  number of them in the commenters here, but I've had some just
• 1:03:10
  genius folks step in and start helping out on this project.
• 1:03:13
  And I like, I couldn't do without them.
• 1:03:16
  So this is, I guess the glory of open source is that, you know,
• 1:03:21
  you kind of you get these other people who want to help out.
• 1:03:23
  And you know, here's the coolest thing is some of the
• 1:03:28
  collaborators that have showed up, very smart folks have showed
• 1:03:31
  up, started working on this. Now they're quitting their jobs.
• 1:03:34
  And we have multiple people working on this and some of the
• 1:03:37
  related industries full time, which is so cool.
• 1:03:40
  It's like this is unstoppable. Yeah, I mean, dude, hold on,
• 1:03:44
  hold on, hold on. Also, First off, before before I
• 1:03:49
  move on and I forget, shouts out to the Openstats team.
• 1:03:51
  I I love all the boys over there.
• 1:03:53
  They're good friends, personal friends.
• 1:03:54
  Love them and what they're doing.
• 1:03:57
  Yeah, essential work that they're doing.
• 1:03:59
  I I couldn't agree more. I have one, one question for you
• 1:04:02
  and then because I don't mean to cut you off, but Scott is like
• 1:04:07
  what's coming down the, the, the pipeline?
• 1:04:09
  Like what's the road map? Are you working towards, you
• 1:04:12
  know, maybe building like an open source, I don't know, S 9 S
• 1:04:16
  19 eventually. Is that where you're trying to
• 1:04:18
  head or are you trying to keep these small and and low price
• 1:04:22
  points? My focus at the moment is making
• 1:04:26
  the bid acts cheaper and faster. Got it.
• 1:04:30
  We don't need quite as many of them out there if they're higher
• 1:04:32
  hash rate each. So we want to get them higher
• 1:04:34
  hash rate. But then also cheaper so that
• 1:04:37
  like I said before, just remove all barriers to get one.
• 1:04:39
  If you're even remotely interested in this, it's just
• 1:04:41
  trivial to get one, plug it in and use it.
• 1:04:48
  You know, 11 big thing at the moment is this.
• 1:04:51
  The bit axe uses chips out of the of the Ant miners, bit Maine
• 1:04:57
  Ant miners and it's literally out of like we cannot buy these
• 1:05:00
  chips. Bit Maine doesn't sell us chips
• 1:05:03
  the way that all the bid access these days get made is one of
• 1:05:07
  our manufacturers buys an S21, doesn't even plug it in and
• 1:05:10
  unsolders all 324 chips inside of it.
• 1:05:15
  That's kind of insane. That's not how you you get
• 1:05:20
  millions of these out there. So we've been looking for
• 1:05:24
  sourcing additional chips, additional manufacturers,
• 1:05:27
  talking with a few different people.
• 1:05:29
  One of my, my biggest, my biggest targets at the moment is
• 1:05:33
  block. I'm sure you guys have heard
• 1:05:34
  about their initiative to make an open source miner.
• 1:05:38
  They're creating their own ASIC like from scratch, which is an
• 1:05:41
  incredibly resource intensive project.
• 1:05:45
  But I, I've been in initial talks with block and it's still
• 1:05:49
  ongoing, but I would very much like to partner with them to
• 1:05:52
  produce their, a home miner, you know, targeted towards the home
• 1:05:57
  market. So lower hash rate, lower power
• 1:06:00
  using their chips. I think that that that's a much
• 1:06:03
  more sustainable path forward than kind of covertly using
• 1:06:09
  Bitmain's chips. Dude this is so freaking badass
• 1:06:13
  man. This is awesome.
• 1:06:14
  All the power to you Scott. Congratulations.
• 1:06:17
  A shout out to the open stats team also for supporting.
• 1:06:20
  This is like literally why I was created right?
• 1:06:23
  To support. You know I can't.
• 1:06:26
  Is entrepreneur the correct term here?
• 1:06:31
  Is it? I, I mean, entrepreneurs start
• 1:06:34
  their own business. This isn't a business.
• 1:06:36
  That's what I'm. Saying so, it's not the, it's
• 1:06:38
  not the correct term. Yeah, this is this is just
• 1:06:41
  Bitcoiner stuff. To support bitcoiners
• 1:06:45
  bitcoining, there we go. Bitcoiners bitcoining.
• 1:06:48
  Bitcoiners bitcoining. Well, dude, all the power to
• 1:06:51
  you. I'm definitely going to buy one.
• 1:06:52
  But now that you, that you announced the new one, I, I, I
• 1:06:56
  kind of want the new one. Maybe I buy I'll probably buy
• 1:06:58
  two and have, you know, two Bitcoin cell phone chargers at
• 1:07:01
  my house. But this is an incredible
• 1:07:03
  project man. I can't wait for that number to
• 1:07:06
  reach a million. And you know, this is like a
• 1:07:09
  this is like a, you know, apocalypt apocalypse resistant
• 1:07:15
  Bitcoin miner. Hopefully we get one of these in
• 1:07:18
  the House of every Bitcoiner. And it would just make the
• 1:07:22
  network that much more decentralized and that much more
• 1:07:25
  robust. So dude, this is awesome.
• 1:07:27
  If you have any final words for our audience, what would they
• 1:07:31
  be? Well, first of all, I really
• 1:07:34
  appreciate your guys support like this has been such a cool
• 1:07:38
  project for me getting to meet all sorts of other passionate
• 1:07:41
  bitcoiners who want to help out who want to spread the word.
• 1:07:44
  So you know to everyone everyone watching now.
• 1:07:47
  If you are even remotely curious about getting a bit X go to
• 1:07:51
  bitx.org see the URLs there that's where you can find all
• 1:07:55
  the design files and everything. If you want to make your own,
• 1:07:58
  it's a it's a tough project, but several people sort of new to
• 1:08:01
  electronics have actually built their own miner from scratch
• 1:08:05
  from you know bare components, which is a pretty powerful
• 1:08:08
  exercise. If that's not quite where you're
• 1:08:10
  at yet, you can go to bidex.org and click on the Bidex legit
• 1:08:15
  list. That's a, you know, there's
• 1:08:17
  probably about 15 sellers all around the world that have been
• 1:08:23
  verified to at least follow the open source license of the
• 1:08:26
  project. And so they're manufacturing and
• 1:08:28
  selling them and jump in check also on there we have a link to
• 1:08:34
  the open Source Miners United. That's a great place to go if
• 1:08:36
  you want to like, talk about this stuff with everyone who's
• 1:08:39
  involved and, and get involved. Beware, it's an insane rabbit
• 1:08:44
  hole. You might never come out, but
• 1:08:47
  we'd love to have you. Oh yeah?
• 1:08:49
  Well, dude, thank you so much for coming on the show.
• 1:08:51
  Man, this is a fascinating project.
• 1:08:54
  I can't wait to get my hands on one.
• 1:08:56
  Personally, I'm very glad that we crossed paths.
• 1:08:59
  Well, also also, Nico, again, not to cut you off, but like
• 1:09:02
  Scott's a perfect example of like what the culture is about,
• 1:09:04
  Not only like commentary on, you know, mainstream culture and
• 1:09:08
  Bitcoin culture, but just highlighting cool people doing
• 1:09:12
  cool stuff in Bitcoin. And so man, Scott, kudos to you
• 1:09:15
  bro. Bitcoiners, bitcoining, man,
• 1:09:17
  that's, that's what it's all about.
• 1:09:18
  If, if we keep bitcoining and bitcoining, I think we're gonna
• 1:09:22
  win. I think there's a there's a high
• 1:09:23
  probability we're gonna win. Absolutely.
• 1:09:26
  Absolutely. All right guys, so that was
• 1:09:27
  simply Bitcoin live for August 2nd, 2024.
• 1:09:30
  I'm your host Nico as my Co host Optimist Fields and our guest
• 1:09:33
  for today, Scott from Bidax. Go check out biddox.org if you
• 1:09:37
  want to find out more information.
• 1:09:39
  I feel like it's a rite of passage like cold storage.
• 1:09:42
  Run a node, get yourself a bid axe.
• 1:09:45
  Maybe that's a stretch, but. It's no, it's, it's a trifecta.
• 1:09:49
  You can do it. It's a trifecta.
• 1:09:50
  I love that I love that. Anyways guys, if you guys enjoy
• 1:09:53
  the show, smash the like button, consider subscribing if you feel
• 1:09:55
  like we provided you value and of course, spread the orange
• 1:09:58
  signal. Share this podcast, share this
• 1:10:00
  signal, share bidaxe.org. Get the message out there.
• 1:10:03
  Remember, this is a peaceful Bitcoin revolution.
• 1:10:05
  All we got to do is win over the hearts and minds of individuals
• 1:10:08
  and show them that there's a better way.
• 1:10:10
  Simply Bitcoin. Oh, and get that shirt.
• 1:10:11
  Where can people get that shirt bro?
• 1:10:14
  This this shirt was made by Solo Satoshi, one of our sellers.
• 1:10:17
  They were handing them out at the Bitcoin conference.
• 1:10:19
  I don't know what the plans are to send them, but I'm stuck that
• 1:10:22
  I got one. So limited, limited merch drop
• 1:10:25
  and we didn't get one man. All right, well everybody, hope
• 1:10:29
  you guys enjoyed the show. Have an amazing weekend and
• 1:10:32
  we'll be back on Monday for a brand new episode of Simply
• 1:10:36
  Bitcoin Live. Episode was brought to you by
• 1:10:40
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