Latest / Simply Bitcoin / BlockFI Bailed out for $250M, Customers Saved? | EP 522

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BlockFI Bailed out for $250M, Customers Saved? | EP 522 · Simply Bitcoin

0:04
Welcome back, everyone. It is the weekend recap or
0:07
simply Bitcoin. We break down the news.
0:09
The daily fail mean review, software releases, Hardware,
0:12
releases and the pleb sites. All right.
0:15
Nico. You know what time it is?
0:17
We're diving into the numbers, let's do it.
0:18
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0:52
Dot-eu at the time of this recording, the block height is
0:54
740 3643 the Bitcoin price 19,000 792.
1:00
Cheyna rewrite days. 816 total public lightning capacity. 4060
1:06
797, Moscow time, 5055 blocks to the having 96,000 357 and the
1:14
samurai Whirlpool, unspent capacity, Samurai Whirlpool is a
1:18
coin or collaborative spend. It is not a mixing service and
1:22
the unspent capacity for that pool is 4790 7.7.
1:28
BTC Nico, The numbers. The number this weekend.
1:32
This weekend was crazy. We were up.
1:35
We were down. We're up again.
1:36
We're back flat. Well, they don't call it.
1:39
They don't call it. The Bitcoin roller coaster for
1:41
no reason, guys. Sorry about the setup.
1:44
I am traveling, I'm currently in Puerto Rico for a couple for
1:48
about a month and then I'm going to go hang out with tone base at
1:52
the financial Summit. That should be cool.
1:55
Then I'll be back in Miami, but don't worry the green screen.
1:58
We'll be back tomorrow but the Your quality, especially on my
2:01
side. I don't feel side might be down
2:04
for a little bit until I get back to Miami and I get hard
2:07
while hardwired in again via Ethernet cable.
2:10
Anyways. Phil, let's talk about a lot of
2:14
the issues with Fiat money. Like we always do but check this
2:19
out. Another example.
2:21
Oh, wife of a Ukrainian Member of Parliament, was caught
2:26
crossing the border to Hungary and smuggling 20 million USD and
2:32
1.3 million euros. And for audio listeners, there's
2:38
a picture of literally suitcases and plural suitcases.
2:43
Full of cash, the movies. You always see a suitcase full
2:47
of 1 million dollars, this case. It was 20 million u.s. dollars,
2:53
that is absolutely crazy. So, obviously Ukrainian
2:57
politicians or running. Ukraine, get leaving Ukraine,
3:00
because it's a war zone. But where is that money coming
3:02
from? Well, here it is.
3:04
By then signs 40 billion dollar Aid package for Ukraine.
3:09
During trip to Asia. Check this out.
3:14
It's also called the corruption perceptions index and it's an
3:18
index which ranks how much corruption is as in a specific
3:21
country. So if you take a look at where
3:25
Ukraine, is it ranks 32 out of 100?
3:29
So this explains where that 40 billion u.s. dollars is going
3:36
right? It's going to Ukrainian
3:39
politicians. If you don't believe me I think
3:41
Ron Paul says it best and I'll get to why this Relates the
3:44
Bitcoin in a second. Don't you worry.
3:47
This is Ron Paul. He tweeted this out.
3:49
October 18, 2011, Ron Paul is a genius.
3:52
Check this out. This is not have more likes than
3:54
that, right? I'm going to give it a light.
3:56
Thanks, Phil. Shout out to, yeah, foreign aid
3:59
is taking which is what the US did by sending 40 billion
4:03
dollars to Ukraine says, this by Ron, Paul for an eight is taking
4:07
money from poor people, and rich countries and giving it to rich
4:11
people in poor countries. And I think this is why I wanted
4:17
to cover it today. This example of a Ukrainian
4:20
Member of Parliament, his her wife.
4:22
His wife was caught, smuggling 20 million u.s. dollars and 1.3
4:29
million euros over the border. Now, what does this have to do
4:33
with Bitcoin? Well, very simple, how they
4:37
paying for those 40 billion dollars sending to Ukraine or
4:41
sending to Afghanistan, how they doing that?
4:43
Well, That the printed and printing.
4:47
Yeah, it might not be physical theft where they come to your
4:50
house and take your money in the descendants of Ukraine.
4:52
But it still theft. Why is it still theft?
4:54
Because it's a wealth redistribution mechanism.
4:57
Wherein every single time they print money, unless your money
5:01
is in physics is an assets and, and in Gold Commodities or in
5:08
equities, or in real estate, you won't benefit from asset
5:12
inflation. If you, if you save your money.
5:14
In dollars or if you earn dollars like the middle and
5:17
lower classes, you are literally being stolen from and it's being
5:22
redistributed to the government which sends it to Ukraine.
5:26
So, Ukrainian politicians can enrich themselves, and it
5:31
benefits the wealthy that have the means to save in assets that
5:36
benefit from ass inflation. So, How does Bitcoin fixes
5:41
Bitcoin? Makes it so that your wealth is
5:46
very hard to confiscate. And more importantly, it can't
5:49
be debased by a government so that they could send 40 billion
5:53
dollars to Ukraine. So that Ukrainian politicians
5:57
could buy themselves some Yachts, right?
6:00
This fixes the system, this is why we have two separate money
6:04
from state. Or this type of corruption is
6:07
going to keep on happening and what's in it for Politicians in
6:10
the US, while sure lot of those politicians.
6:13
Do you get a whole lot of kickbacks from all those defense
6:16
contractors in the United States, those defense companies?
6:19
That sure make a lot of money off of those all those missiles
6:24
that were sending to Ukraine because they need Freedom, it
6:27
was Iraq and Afghanistan before we've moved on that got old now.
6:32
It's Ukraine. And it's funny because all the
6:34
NPCs are following along with that as well.
6:39
Yeah, I And with Ukraine man. Let's end War by Bitcoin, let's
6:47
separate the money printer. Let's take it away from the
6:50
hands of government in fact that no one should have a money
6:53
printer. So that this type of BS War, we
6:59
defund it under a Bitcoin standard or would be
7:03
unaffordable, right? Think about it.
7:05
Are you the individual? Are you going to pay for those
7:08
missiles? No, you're not.
7:09
Right? So they fund it by money
7:13
Printing and money printing. Make no mistake is a form of
7:18
wealth. Confiscation is the most
7:20
Insidious form of wealth confiscation, because it's
7:22
invisible. The actual numbers on your
7:25
screen, don't change. But the purchasing power
7:29
decreases. Every time they do something
7:32
like this, and the reason that I showed you, the example with the
7:35
Ukraine politician is because listen, if all of that money was
7:39
Really going to fighting the Russians on the eastern border
7:46
of Ukraine, then I guess there would be a moral argument.
7:50
But as we have, as we have seen throughout history, as in the
7:55
case with Iraq, as in the case with Afghanistan, as the case
7:59
with Vietnam, these things really Des foreign intervention
8:04
that you the average, the average Joe have to pay for,
8:08
does it. How does it benefit?
8:10
You? Exactly.
8:11
And if you question this, you automatically get labeled a
8:15
certain adjectives, right? Right off the bat like boom.
8:18
Right? So let's end War.
8:21
Let's separate money from State. And let's let's flip the page
8:25
on. On this Humanities, dark, dark
8:29
Century, man. You know, it's very, very
8:32
terrible and I'm gonna borrow another quote from Ron Paul.
8:35
Then I'll pass it on to you feel.
8:37
It's not a coincidence that Humanity's bloodiest century was
8:42
also the Centre of central banking bill.
8:45
Yeah, I mean, look, that article when I saw that, I actually
8:50
thought I actually found it to be funny and sad all at the same
8:53
time, right? Because to your point print 40
8:56
billion dollars send 40 billion dollars and who are the people
9:00
that got it? Right people, people create this
9:02
Rosy picture in their minds the think.
9:04
Oh, you know, it's these poor unfortunate people that are
9:07
receiving this Aid and and like I'm, you know, I'm possibly
9:11
somehow. You know, you convince yourself
9:13
that you're helping the, the, you know, the person that is
9:15
most impoverished most in need. And unfortunately, you see right
9:19
here, it's an oligarch. That's trying to leave the
9:21
country and gets busted with suitcases full of cash, like
9:25
that's the person. So it's it goes to Ron.
9:28
Paul's tweets. It's just fun.
9:31
Right, because you see a lot of these NPCs with the, you know,
9:35
that they support Ukraine. And personally, again, I don't
9:38
support any more which is why I support Bitcoin because to your
9:41
point Nico, the reality is, is that sure a war may go on for an
9:45
amount of time? But with Bitcoin, it can't be an
9:48
infinite War, okay? And that's the key right now.
9:52
With Fiat Fiat funds infinite Wars.
9:56
This is what it does because you never get to have a say, whether
9:59
you agree. Or you disagree with the war
10:02
narrative. It makes no freaking difference
10:04
what you think because you don't own, okay.
10:07
And we don't we don't own and we don't have any way to stop the
10:12
money printer from funding that war.
10:14
We have no way they're just gonna die.
10:16
Okay, fine, you don't agree. Well, go pound sand, I'm gonna
10:18
go print money and I'm gonna send it and I'm going to fund
10:21
this war and too bad and you're gonna get poorer, I'm gonna get
10:24
poorer, right? We all get poorer and it's
10:26
fantastic. Now there was a great argument
10:28
that I heard in a space has a couple of days.
10:31
Ago that had to do or I think it was last week but instead of
10:34
saying that Bitcoin is a hedge against inflation.
10:38
It's really a hedge against debasement, right?
10:41
And this is essentially what the government's are doing.
10:45
It's not necessarily just inflation because that's one
10:48
point of it. But really truly what it is is
10:51
the debasement of money. Bitcoin cannot be debased.
10:55
Whereas all of the Fiat currencies that is their main
10:59
use case at first it May seem like it's not.
11:02
But after a Time the the absolute power becomes
11:07
corrupted. Absolutely.
11:08
Right. I get it just has no choice and
11:09
it knows. Right.
11:10
If the institution knows that it can print money.
11:14
And to nicko's point just to finish off about these the
11:18
assets, right? If you are not in an asset that
11:21
can absorb and benefit from this debasement of everybody's
11:26
currency, including your own right, because everybody is
11:29
victim to this, it doesn't matter what part of the air.
11:31
Along you're in. The majority of people are
11:34
victims to this, even though some people, it doesn't affect
11:36
as much. If you're not in assets, that
11:39
are benefiting from that the basement, then you're in serious
11:43
trouble and this is the problem. You know, the problem is that
11:46
the majority of people. None of us are ever taught about
11:51
how to properly store our wealth, how to properly,
11:54
accumulate wealth, what it really means.
11:55
What it means to store time, what the trade-off truly is
11:59
between time value. And what we do for a living.
12:02
So look we stay away from. You know we stay away from all
12:06
of these terrible things. Fiat is the infinite War funding
12:11
machine. And this is why we stick to
12:13
bitcoin because Bitcoin stops infinite Wars.
12:17
Boom, set it right. Phil.
12:19
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crypto quotes.com. So, the contagion continues,
12:51
this, the collapse of the block fi Saga that we've been covering
12:56
so much on the say, on the fail, on the news.
13:00
It In use, but check this out. Fill block five strikes, credit
13:04
deal with FTX us outlines acquisition pan.
13:09
That's right. The exchange or the defy place,
13:13
right? Where you can get your so-called
13:15
yield They got bailed out member will pump was saying that they
13:20
were making fifty million dollars a month in his video
13:23
with his wife Polly. Nope.
13:25
And still looks like they needed that 250 million even after it's
13:31
absolutely crazy. Anyways, block by the Crypt.
13:34
The crypto lending platform announced on Friday, a deal with
13:37
exchange operator. FTX u.s. that would provide the
13:40
firm with 400 million revolving credit line and outlines the
13:43
path to an acquisition. By the US based, firm the
13:46
definitive agreement. And Thursday is subject to
13:49
shareholder approvals and would provide FTX and option to
13:53
acquire the firm at a price up to 240 million dollars.
13:57
Keep in mind, this was valued at, like, five or six billion
14:02
dollars not too long ago. So if you want to know why Nick
14:06
Carter is having a meltdown on Twitter, here's your answer.
14:10
That's right. His Capital, his firm was a big
14:13
investor in Block fi block, fight similarity to other
14:16
Market, participants in the crypto.
14:18
Space has been hit hard by the fall of the liquidation of three
14:21
arrows capital and the liquidation struggles of rival,
14:24
lending firm Celsius which pause withdrawals on customers earlier
14:28
this month, three arrows, Capital liquidation event,
14:30
resulted in 80 million loss for Block fire, which the company
14:33
describes as a small fraction of losses, reported by other
14:36
lending, firms to weather, the storm block fight Inked, a 250
14:41
million, credit deal with FTX to manage through the crisis on
14:44
June 22nd. The Firm also has also been
14:47
featured Building interest for acquisition from f 2 x and other
14:51
Market, participants here is a statement from blog 5, CEO Zack
14:56
print. Phil, there's so much signal
14:59
here. We were presented with various
15:02
unattractive options where client funds would take a
15:05
haircut or be behind a lender in the capital stack.
15:09
Okay, check this out. Do you see like he is Shifting
15:14
the blame? Yep it's not our fault.
15:17
It's not Our decisions. It's not because Riri
15:20
hypothecated. Everyone's funds.
15:24
We are so Noble. We are so good that we're not
15:26
going to accept the deal to bail us out.
15:29
That might take a hair cut off your foot.
15:32
The one who's responsible here is not market conditions.
15:36
It's blocked Phi because they literally took people's money
15:41
and they speculated with it by the way.
15:44
And I'm going to get to this in a second.
15:47
This has been happening for the last 100 years and people are
15:53
Utilizing the technology that Bitcoin enables to change the
15:58
system. What's the definition of anxiety
16:01
for Insanity? Phil doing the same thing and
16:05
expecting different results. It's right.
16:08
So comical that there was a page on block phi's website.
16:12
That literally said, why rehypothecation is a good thing,
16:17
the Bitcoin companies that didn't rehypothecation.
16:20
Yeah, we did. We covered on the show are still
16:22
alive. live and they're doing well, I don't get to that in a
16:25
second, and the companies that did rehypothecation, Gate
16:31
collapse. And what are they asking for a
16:33
bailout? This has happened for the last
16:36
100 years. Anyways, these Alternatives were
16:40
completely unacceptable to me and our board in conflict with
16:44
our core values of clients. Not customers.
16:47
Ha ha ha if your core values were clients.
16:50
We're customers, right. Didn't you wouldn't
16:55
rehypothecation people's funds and only offer them a measly.
16:59
I think it's less than 2% yield. Talk about scumbags, as well as
17:04
the interests of block Phi and our shareholders.
17:06
Anyways, the contagion did it only stopped there and wasn't
17:10
only block fi. It wasn't only Celsius.
17:13
Now, it looks like it's spreading.
17:14
This was announced July 4th this company is called balute.
17:18
Apparently it's out of India. And guess what they did.
17:20
They stopped withdrawals in the mid to quote.
17:23
The the website, says, in the meantime, we have made the
17:26
difficult decision to suspend all withdrawals trading and
17:29
deposits on the vous plat form with the media.
17:32
Fact, to go to the top statement, number one, the valid
17:37
management wishes to inform that we are facing Financial
17:40
challenges despite our best efforts.
17:43
If you really hide your best efforts and you wouldn't
17:46
rehypothecation funds. Now, I said earlier that this
17:48
has been happening for 100 years.
17:50
Take a look at that, shall we? This from history.com, I
17:56
searched something called a bank run.
17:58
Because essentially what's happening right now is Bank
18:00
runs, right? All these exchanges are holding
18:02
everyone's money, everyone's withdrawing and guess what?
18:06
They don't have the money. Why is that?
18:08
Why don't they don't have the money because they're operating
18:10
under the same thing that Banks operated back then under
18:14
fractional Reserve banking fractional Reserve exchanges
18:17
really because there's someone has to coin the term for it.
18:21
Check this out another phenomena that compounded the nation's
18:24
economic woes during the Depression was a wave of banking
18:27
of banking panics or Bank runs during which large numbers of
18:31
anxious people withdrew their deposits in cash.
18:34
Forcing Banks to liquidate loans and often leading to bank
18:38
failure. What is fractional?
18:42
Reserve banking banks are required to keep on hand, a
18:45
certain amount of cash out of the cash that depositors give
18:48
them, but banks are not required to keep the entire amount.
18:51
On hand often banks are required to keep some portion of deposits
18:56
on hand, which is known as the bank's reserved, it de Saint.
19:00
Guys, you have to understand the vocabulary changed, okay?
19:04
Might not be called a bank run, not bad.
19:06
Be called fractional Reserve banking, but the concept is the
19:10
same. Bank and exchange you give them
19:14
your deposit, the exchange in the bank holds your deposit,
19:19
they do whatever they want with that money.
19:22
In terms of banks they lend it out to other people in terms of
19:25
the exchange they speculate on it.
19:28
But the matter of fact is that day don't have that money on
19:33
hand. If everyone decided to withdraw
19:35
at the same time, The same issue that plagues the banking
19:40
industry for 100 years more than 100 years is plaguing the crypto
19:47
industry. Now I said earlier that there's
19:49
a different way to approach this, utilizing the technology
19:53
that Bitcoin enables going to talk about that.
19:56
Here is Bitcoin Gandalf. I said, everyone's talking about
20:00
the things that Celsius Voyager and block 5 excetera did wrong.
20:04
I would like to hear about what companies like, Chained and
20:07
huddle with landed right there is obviously some demand for
20:11
loading / powering. So there will be companies who
20:14
serve this. So let's check out a statement
20:17
from Parker Lewis that he sent out to all Unchained customers.
20:21
I think it was about a week ago, he says for clients of art to
20:25
quote him for clients of our lending business where we lend
20:29
dollars against Bitcoin as collateral.
20:31
Bitcoin collateral is not rehypothecation.
20:34
Meaning the title always remains in the legal ownership of our
20:38
clients. And that our clients do not have
20:40
counterparty risk to unchanged or any third parties, even in
20:44
the context of our loans. Throughout this episode of
20:47
volatility, our clients have each individually remained in
20:51
maximum control of their assets clients with their multisig.
20:54
V, through our custody solution, can transfer the funds at any
20:57
time without requiring permission from Unchained and
21:00
there's no Market event. That could put their Bitcoin at
21:03
risk for Barros all collateral is manage and secure.
21:07
On a cryptographically segregated basis.
21:11
Do you see the different approaches and more importantly
21:14
than the different approaches? Do you see the difference in
21:18
outcomes? Just because you're using a new
21:22
technology, just because you're using crypto, just because
21:25
you're using Bitcoin, it does not change the fundamental
21:29
problem. if someone has an incentive, To use your money.
21:37
To grow their own money. They're going to take that is
21:42
the Unchained or the other company of perfect solution.
21:46
Is it ideal know? It's not ideal.
21:48
You're not holding complete control of your keys, you're
21:51
using a multisig setup. But it does put a lot of
21:56
responsibility on on change in a lot of these other companies.
22:00
Because now if they move your funds from the initial
22:04
collateral address, guess what, you're going to be able Go to
22:07
see it, whereas in Block Phi date, you send it to the
22:12
collateral address and they take that Bitcoin and they put it in
22:16
a big pile and then they try to grow it, which works just fine
22:23
during a bull market. Everyone's getting rich, but
22:26
during the bear Market. When shit hits the fan, oof.
22:34
We have the ability to change this.
22:38
We have the technology to do this.
22:40
Now, not using it is literally going to result in the same
22:46
outcome that has literally been happening for over 100 years.
22:52
Anyways, Phil, what are your thoughts brother?
22:55
A beautifully said, beautifully said.
22:57
So look, you essentially the amazing thing about the human
23:00
condition, we want the irresponsible returns.
23:04
Of the bull market, right? But we want them to be safe with
23:08
the multi sake. This is, this is what people
23:11
want. So you want to imagine, and this
23:12
is what's great, this is what's great about unicorns, right?
23:14
They don't exist, but we love to imagine that they do and the
23:17
Unicorn gives us these amazing percentage gains without having
23:21
to worry. And when times are bad they're
23:23
being responsible with our money.
23:26
Nico with an in this particular case, they're being responsible
23:28
with our Bitcoin obviously that is not the case with block 5
23:32
Celsius. What's it called?
23:35
Vol Dorval Ood and babble finance and the list goes on.
23:39
And as we're going to see in the fail, there's a whole new new,
23:42
new new comer to the to the stage of freezing people's
23:45
funds. But look at the end of the day,
23:48
you know, Zack Prince representing block Phi, right?
23:51
You know, he has his incentives and block fi has no choice but
23:55
to be disingenuous they have no choice in this case.
23:58
Because what are they going to do?
23:59
I'm going to tell everybody the truth that they can't be trusted
24:01
with all of that money. Like sure that's the right thing
24:05
to do, but obviously they're not going to do that, they're not
24:07
incentivized to do that. So, instead points the finger
24:10
shifts, the blame and look, we got these terrible deals, and
24:13
we're looking out for your best interest, right?
24:15
Just like you said, like? Well, if you were, then you
24:18
wouldn't have reap hypothecated on money.
24:20
You wouldn't have taken our Bitcoin and tried to make more
24:22
Bitcoin with it without us, actually, wanting you to do
24:26
that, like, we definitely, you know, people wanted the
24:29
percentage gain, but they don't, Think that they would have
24:34
agreed to having their funds. Used on very speculative scammy,
24:40
you know what type of stuff? So, look, it was terrible
24:43
decisions with people's money. They were caught and as much as
24:48
people hate it when the Bitcoin price pulls back you know this
24:51
is the this is the tide pulling back right?
24:54
You get to see who's swimming naked and unfortunately it's
24:57
these companies that that have been touting so hard, just how
25:00
strong they are. And they all think if they build
25:02
big enough, Enough when the bear Market comes, they'll still be
25:05
able to pay everyone Phil and Phil how.
25:08
How many years have human beings been thinking?
25:11
The same exact thing. 100, freaking years.
25:15
The same thing. Look and I love me.
25:17
Read some some comments from some plebs, right?
25:21
First one is from I'll pop it up for you guys on screen.
25:23
The audio version, I'll read it to, you guys know,
25:26
rehypothecation collateral for unchain.
25:28
Loans is held in multisig and clients, hold one key.
25:31
They could verified anytime That collateral has not moved been
25:35
commingled or lent out and then here is mr.
25:39
Hot oil I would gladly play Unchained more interest knowing
25:44
my UT EXO's aren't being re hypothecated.
25:47
Not all lending services are the same.
25:50
So are we advocating for getting a loan and unchain know what we
25:56
are trying to make the argument for is utilize the technology
26:00
that Bitcoin enables understand. And that human nature does not
26:05
change as Phil just beautifully just pointed out say Hey, you
26:09
know, this is what they're thinking.
26:10
It are the block Five, Guys, bad are the Celsius.
26:13
Guy is bad. No, they just really thought
26:17
that they could outperform and then give you some interest in
26:20
the back and they saw that pile of money and said, wow, we could
26:24
just enrich everybody else, right?
26:26
Whereas in the way that Unchained and I'm sure that
26:28
other companies are going to pop up and copy that multisig model.
26:34
They realize, hey, let's keep this segregated.
26:38
Let's keep this separate so that we are not incentivised with
26:42
this giant pile of Bitcoin, or money to, you know, speculate on
26:48
other people's money, not their money, right?
26:51
So, again, I think it's about understanding human nature.
26:54
I think it's about understanding incentives.
26:57
And I think that clearly, again, this isn't just me.
27:03
Relating, I think that clearly right.
27:06
One model worked and one model, one model completely self
27:11
destructed, and it doesn't matter how nicely you wrote a
27:14
page saying, why rehypothecation is a good thing you literally
27:18
effed up because of rehypothecation.
27:20
Anyways, Phil it's time for the daily fail brought to you by
27:25
Swan. Check them out Swan Bitcoin.com
27:29
automated Bitcoin savings plans, instant purchases they've got
27:33
App coming out. The link is down below.
27:36
So this was a weekend, like no other like every other weekend,
27:41
right? We just see a bunch of fails.
27:43
It's like everything just falls apart on the weekend.
27:45
I don't know what it is. But for me, it turns out to be
27:48
just a whole bonus of failures. So we're going to dive into
27:53
them. We've got some to funnies to
27:54
Funnies. And then, of course, another
27:56
story of somebody pretending to be a bank.
28:00
That shouldn't be a bank. Anyways, let's dive into it.
28:02
This is it. Tweet from the president, my
28:05
message to the company's running gas, stations and setting prices
28:09
at the pump is simple. This is a time of war and Global
28:12
Peril bring down the price. You are charging at the pump to
28:15
reflect the cost, you're paying for the product and do it now.
28:20
If that's not gaslighting, I don't know what it is.
28:23
It's just so insane. I'm so sorry, but I like look,
28:27
it's really not these gas stations.
28:31
All right. That and the gas companies that
28:33
are setting these prices, okay? This is a completely nonsensical
28:37
gaslighting, tweet, and I'm sorry, but on the July 4th a
28:41
long weekend, definitely it to me.
28:43
That just seems on purpose. I know that Nico tells me that
28:46
there aren't a bunch of evil people, you know, twirling their
28:48
mustaches but to me, Seems like an evil person drawing their
28:52
mustache on the long weekend saying I'm just gonna Gaslight
28:55
his helmet link. Let's see how many got, how many
28:57
people I can Gaslight with this tweet anyways?
29:00
Anyways, moving on moving on. Okay.
29:03
So this was funny, this all started actually with the Tweet
29:05
response from fellow Bitcoin ER vicarious trauma, okay?
29:10
And this is just, I thought that this was absolutely hilarious.
29:12
Now, for the people who don't know who Gary Vee is, he's like
29:14
one of these personal. How do I say this?
29:18
You have kind of like a guru Ooh, right like it's a bit like
29:21
a financial Guru, a bit like a personal development, personal
29:24
Gary Vee Gary, no, no, this is great Niko.
29:28
This is I couldn't believe this. Okay, we got to, we got to read
29:30
this to everyone and then we have to read vicarious responses
29:33
vicarious, dramas response because I that that's why I
29:36
chose this for the fail. Okay.
29:38
First let's read what Gary Vee is telling people on LinkedIn.
29:41
Everybody uses a QR code because if you want to eat at a
29:44
restaurant, you need to use it to get the menu.
29:46
I have no idea what restaurants is going through, but I have
29:49
gotten plenty of men. Without a QR code just saying
29:52
it's not necessarily. This isn't all, this is already
29:55
not correct in the first sentence anyways or when you're
29:58
traveling, it's your airline ticket.
30:01
You're not getting anywhere on an airline without using a QR
30:04
code. Also not true anyways.
30:08
Soon, that QR code will be in nft.
30:11
I see where this is going. It'll be better technology for
30:14
companies like British Airways, lot of fans.
30:15
Yeah, and everybody else because it will become a digital Set
30:20
after you, use it Nico, you you heard right?
30:24
You heard right? That QR code for your for your
30:27
airline ticket. Nico.
30:28
That becomes a digital asset. This sounds good.
30:31
I'll read on today, all of our airline tickets sit on.
30:36
Our Apple wallets in a decade. They'll become micro
30:40
Collectibles because they will have an artist attached to it.
30:44
Artists attached to your plane ticket.
30:46
This is giong, man. I want to give this guy all my
30:49
money. Somebody may offer you $280 for
30:52
a flight that you took from Bucharest to Mykonos, because
30:55
they follow that artists. And companies will be
31:00
incentivized to do that because they make royalty on that
31:04
transaction. Gary vaynerchuk bless your
31:06
heart, bless your heart, my friend.
31:10
Wow, that was nice. Huh.
31:11
So if I carry his trauma response with this, Gary Vee is
31:14
playing checkers on a chessboard and his only entertaining our
31:18
thought provocative to those. That Don't know the rules to
31:21
either, that's right. He's playing checkers on the
31:23
chess board. I'm sorry, but that is the most
31:27
insane messaging I have seen about NF t.
31:30
S. That is the most far reach,
31:33
okay. That is like, that is like
31:34
saying all of a sudden, okay, the movie ticket that you
31:38
bought, right? That you bought the, some random
31:40
movie that you saw 15 years ago, Nico is now a valuable
31:44
collectible this bullshit nonsense, that everything and
31:48
look, I Like snow, I tell you all the time I collect useless
31:52
crap. Okay, so I love this stuff.
31:54
Okay, not this particular stuff. I know this to me, this is
31:56
different kinds of crap that I want nothing to do with but
31:58
like, mint condition, certain toys and, you know, Garbage Pail
32:01
Kids, and stuff like that. I love stuff like that.
32:03
But this, this is total crap. Like, why would you like, why
32:08
would you want a movie ticket from somebody from 20 years ago
32:12
because an artist drew a picture because of this?
32:15
And why would the artist draw a picture relating to some movie
32:19
tickets? At some random person bought 20
32:22
year. Like I want you guys to really
32:23
think about the the strings this guys pulling, it's like he's
32:26
having a seizure and he's just grasping at straws they let's be
32:29
honest, I think that's what's happening.
32:31
Anyways okay thought that was funny, wanted to share, that's
32:35
insane. Thank you.
32:36
Gary, moving on moving on. Okay of course of course we
32:42
can't have a weekend and this is like a double.
32:44
This is a. You know what Nico?
32:46
We got lucky. We got we got in this was like a
32:49
double Fail in one. Okay, so this was Crema
32:53
financier, Crema Finance, however, you want to pronounce
32:55
it. They shut down their liquidity
32:57
protocol. But the best part of this is
32:58
that it's on Solano Solano who has failed every weekend for the
33:02
last month, okay? We've had to report on a Solana
33:06
outage because it's such a shit coin, it, but it's the money of
33:09
the future and it's going to replace every blockchain.
33:11
Anyways. Let's dive into Crema Finance &
33:14
their liquidity crunch on Solana.
33:17
Here we go. Crema finance a Did liquidity
33:21
protocol over the Solana, blockchain announced the
33:24
temporary suspension of its services owning to a successful
33:27
exploit that has drained a substantial but undisclosed
33:31
amount of funds. Oh my gosh, we are shocked,
33:34
definitely shocked. We haven't seen this before
33:36
Crema Finance, I'll suspended, liquidity service to refrain the
33:39
hacker from draining out its liquidity reserves.
33:42
So if you were holding your money there, the liquidity, that
33:47
means your liquidity is Frozen. Anyways, this includes the funds
33:52
of the service providers and the investors what I just said you
33:57
you should it's frozen. Okay?
33:58
That that's what they're telling you but they're working with
34:01
some security companies and got support from Solana Soul, scan
34:05
and ether scan and they're going to continue to post any update
34:09
via the official Twitter account.
34:10
This sounds obviously completely par for the course.
34:13
We don't know what happened. We don't know how much money
34:15
they took rest assured. Our people are working on it.
34:19
I remember sending Those emails myself for a corporation that I
34:22
used to work for and that email was sent when we had no idea
34:26
what was wrong, okay? You had no idea what was wrong,
34:30
that's when you send that email. Anyways, readers must note that
34:34
Crema Finance is not related, okay?
34:36
This is very important, guys, don't make the mistake Crema
34:39
Finance, not related to cream, finance, a decentralized defy
34:44
Landing protocol. That also, lost 19 million in a
34:48
Flash loan hack, Steer, so so look.
34:52
Don't pay attention to the fact that we have no idea what's
34:54
going on or the fact that somebody just drain your money
34:56
out of the liquidity pool. Just remember that there's a
34:58
company with a similar but not the same name that lost 19
35:02
million dollars. Last year, everyone paying
35:05
attention to this hand. Good.
35:06
So you don't see what I'm doing here.
35:08
Like, you kidding me, I mean really, this is, this is the
35:11
argument. This is what they're gonna do
35:13
and I'm sorry. We just, we had to report it,
35:15
right? We had to let everybody know.
35:17
Of course, there's another one. And when we said last week, That
35:20
whatever other Finance platform, froze, people's accounts
35:24
couldn't figure out what happened.
35:25
We told you that it wasn't going to be the last one.
35:27
So the hacks, the hacks aren't going to stop yet until all the
35:30
liquidity is drained, okay? Or at least a good portion of
35:33
it. And I still think I know that
35:35
it's kind of mean but I still think that we're going to see
35:39
another one of these lending. Protocols I still think we're
35:43
still going to see a few shit. The BET.
35:45
Excuse the language, dude once again we are synchronized rights
35:49
always happens. Right when Phil and I don't plan
35:52
on our, you know, our our segments together.
35:54
We just cover things and then a lot of the time there's somehow
35:58
connected. Look guys I couldn't reiterate
36:03
this enough take self custody of your Bitcoin by by no Swan but
36:08
on the Swan Swan. So on.com Swan app, whatever
36:12
withdrawal from exchange, put it on too cold storage.
36:16
Throw away the keys? No that's a bad idea but you get
36:19
what I mean. Hide the keys in a very safe
36:21
place, don't show them to everybody, forgot about it, and
36:26
if you do want to take the risk to get, you know, use your
36:33
Bitcoin, as collateral, take a risk, I don't suggest it.
36:37
But if you are in a pickle or whatnot, at least use something
36:42
that does it rehypothecation yourself, right?
36:45
Be smart. Learn from the past, because if
36:48
you don't learn from the past year, Doomed to repeat it.
36:52
And whether it's you know, these they're not really defy.
36:56
That's what I'm saying, like there's C5 platforms.
36:59
That pose is D Phi. Yeah, it did.
37:02
The rug pulls are going to keep on happening and really the only
37:06
ideal way to protect from yourself from this.
37:10
Don't loan out your Bitcoin. Ideally don't collateralize your
37:13
Bitcoin, take your Bitcoin into Cold Storage, secure the seed
37:18
properly. And just wait.
37:22
So you got to do, just wait, just wait, our turn Fiat mind
37:26
like crazy work and Save in Bitcoin.
37:29
Don't think about an investment use it as a savings vehicle,
37:32
because that's really what it is man and none of this will happen
37:35
to you learn. And again, we've all been there
37:38
with Phil and I we learned from listen, 99 percent of
37:42
bitcoiners. They start off shit coining,
37:45
that's nothing to be ashamed. Ashamed of I've shit coined in
37:48
the past many years ago, but I've shit.
37:50
And in the past Phil shit, coin, in the past, most bitcoiners 99%
37:54
of them have shit coined, that's normal right.
37:59
Where you start to have a problem is if you've been shit
38:02
coining for a couple of years, you've you know, you've earned
38:06
your stripes, you've survived the full cycle.
38:08
You've been in here for three or four years and you're still, she
38:11
coining, you're either a benefactor from the shit Corner.
38:14
You're a shit coin Dev, right? Or I guess you just haven't
38:19
learned. Hard enough.
38:21
She coins are literally designed and all these Protocols are
38:24
literally designed to take your money and Rich the founders so
38:29
that they can have more Bitcoin don't fall for it.
38:32
Take a long time. Preference.
38:35
This isn't a get rich quick scheme.
38:37
This takes time right? But it is possible.
38:41
Anyways, Phil go ahead. I was gonna say it's a don't get
38:45
pour slowly scheme against right out of a yard.
38:50
Okay, there you go. Yeah, it's for slowly.
38:52
Absolutely. Anyways, there was a website by
38:55
plead not from a friend. Why don't you show everybody?
38:58
The daily meme review brought to you, by Citadel 21.
39:02
It's the best Bitcoin cultural zeenat's stories articles Comics
39:06
by actual bitcoiners. This is start work for volume
39:09
tent. This is the artwork for volume 2
39:12
and this is the artwork for volume 11.
39:14
Volume 2 is almost sold out because there's only a thousand
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physical copies made per volume. So get your special edition,
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limited Citadel 21 today. It's a little 21 Prince today.
39:27
All right, everybody, Welcome to the Daily Mirror review review,
39:31
Bitcoin memes. Memes playing a central role in
39:33
this narrative, trench warfare that we're fighting hand to hand
39:36
on the battleground of the internet against Central bankers
39:40
and governments. You control the memes, you win
39:44
the war. Anyways, first Me by Giacomo
39:48
Zuko friend of the show and Awesome.
39:50
Bitcoin. ER, is this a long established
39:53
tradition of people debating Avers be based on deep arguments
39:56
touching on math economics and moral philosophy a 1998, The
40:02
Proposal immediately debunked as circular followed by 2012
40:06
attempt, a tree selecting the flawed idea followed by two by
40:10
other to increasingly huge marketing efforts Lattimer and
40:14
buter and uncritically brought by thousands of technically
40:17
illiterate few pseudo trade Dude, that is hilarious.
40:21
And for anyone if that was a little technical for you guys
40:24
with Giacomo is doing is that he's replying to a tweet by
40:28
vitalik and vitalik is replying to a tweet by Jimmy song.
40:33
And Jimmy song is essentially making the argument.
40:36
That proof of steak does not solve the Byzantine generals
40:39
problem and vitalik is saying, if there's a long established
40:43
tradition of people debating Avers be based on deep arguments
40:46
touching on math arguments and moral philosophy, you come along
40:50
Saying B is dumb because of one line technically, involving
40:53
definitions and Giacomo just completely debunked that by by
40:58
laying it out in the mean. But dude, honestly, listen, I'm
41:02
not a technical bit corner, but what I can tell and I think this
41:07
just requires common sense, is that all the talaq did is
41:10
deflect? He did not address what Jimmy
41:13
song was saying. He didn't say no proof of stake.
41:16
Does solve the Byzantine generals probably just said he
41:18
just the blackheads. Just deflected.
41:20
He's like, hey, you know what? Like, and I think that was very
41:24
for someone like the Tog that was very that.
41:26
Wasn't that wasn't cool, dude. Honestly, I was expecting more,
41:30
but it's what you said Fields, because he can.
41:32
So the best thing is to just dress up the shit in a bowtie,
41:35
and hope people don't notice. Anyways, moving on, Richard
41:39
Dickman dick, Richard Dick, Whitman, etherium.
41:45
It's a car with four wheels. That's absolutely hilarious.
41:50
Here's Greg, get hottel me. The have fun.
41:53
Staying for Hammer, who have three maximalist absolutely
41:56
hilarious. Oh sorry.
41:59
Repeat next one by Bad, Dog. And oh, we got a couple of them
42:04
actually are from batard from there we go.
42:06
Okay, first bad dog, shout out bad, dog.
42:08
I like it. Three arrows Capital, it's
42:10
literally a picture of a toilet. That's so funny.
42:14
And how about this one? I'll gladly pay for guiley.
42:17
Pay you Tuesday for a Bitcoin day?
42:20
It's like, you know, the old comic of the of the greedy
42:23
Banker, right. And then, it's Compass, mining
42:27
Celsius, Voyager block of ice. Phil can you explain this?
42:29
Because I do, yes, yes. Okay, so first of all, so this
42:32
is so this is the character here is wimpy, okay?
42:37
And wimpy is a fanatic about hamburgers, okay?
42:40
And this is why this is more of like a boomer mean probably,
42:42
like Gen X Boomer, okay. And they're gonna get this,
42:45
okay? Because wimpy is a Popeye
42:47
character, okay? And anyways, So, when peace
42:50
thing is that he'll gladly, he'll gladly pay you Tuesday for
42:55
a hamburger today and that's the same type of thing, right?
43:00
Is that he wants his hamburger now, but he'll pay you later.
43:04
So it's the same thing with the Bitcoin here, right?
43:07
It's perfectly fine. We'll take your Bitcoin now and
43:10
we'll pay you for it, dude. And that's exactly what these
43:14
bugs worms do. And it's I'm sorry, it's just, I
43:16
don't know if bad dogs, I don't want to age him or anything but
43:19
like I, he I'd be from Gen X or a boomer, I don't mind.
43:22
It looked like the cartoon of the greedy Central Banker of the
43:25
greeting of the banker, the fat one with the belly good enough,
43:28
okay? His name is wimpy if you get the
43:30
reference, it's a very good mean.
43:32
Okay. Anyways, next mean, by ding dong
43:35
ding dong whenever I think I finally understood Bitcoin
43:40
literally a picture of like analysis and stars and says what
43:43
the fuck. It's so true is a very good
43:45
mean. Alright, next one by a sure it's
43:49
for our You listeners. It's a British Redcoat from the
43:53
Revolutionary War era that has turned turn in your guns and
43:57
pain saying, taxes to cover a reckless debt.
44:00
And then, you know, the, the American Revolutionary says
44:03
yeah, fuck you dude. And it's man.
44:06
It's dude, it's crazy because what we fought against is what
44:13
we've become, as a result of Fiat money this, giant
44:17
Frankenstein, administrative bureaucracy, State that Fiat
44:22
money, just pays for and then these people do what they think
44:27
is best for everybody else, but ends up hurting everybody else,
44:31
dude, whether like that's the world economic Forum or that's
44:34
the the giant American government like, dude, it's just
44:40
the endless Wars, all of it, man.
44:41
I know I went on a little bit of a b.
44:43
It was a dick. There's a deep meme is highly
44:45
impactful as a bit of a repeat. But anyways, Those awesome means
44:52
have a great book that really reference the last thing, the
44:55
Fiat standard Phil and I are going to be working on some very
45:00
interesting types of videos. And this is what we're going to
45:05
be referencing a lot. Very good Bitcoin books film,
45:09
what would you give those memes? Yeah, I suck.
45:11
So I didn't even all of this. I didn't even prepare.
45:14
So give me a second. Let me let me find something.
45:17
I am giving it this If this balance oh cylinder, from my
45:23
balance board, very bright man, do board, very good, I attached
45:28
the attempted it. It's pretty hard.
45:30
I mean you could time you've ridden on a skateboard or
45:33
whatever, it's not that hard but it's not, it's still tricky, so
45:37
tricky, that's for sure. Anyways guys, it does it rolls
45:40
back and forth. You have to balance the board in
45:42
between. Anyways, guys, we want to know
45:43
if you agree with their scores, you disagree, let us know down
45:48
in the comment section. Make sure.
45:50
To join our telegram group. It's a party in there.
45:52
Subscribe to us on alternative video platforms like Rumble.com,
45:55
personal favorite, Bitcoin tv.com, they don't censor their
45:58
own Bitcoin TV. And if you're listening to the
46:01
Twitter spaces show, make sure to stay after where Opti and
46:07
Jacob from Swan are going to do a live Q&A and a hangout.
46:11
It's going to be fun. But anyways, filter was this
46:14
time. I got it right there was a
46:16
website by plea. Why don't you show everybody
46:18
websites? Brought to you by Cipher safe,
46:22
check them out. Cipher safe dot IO, we're not
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using paper store, your seed in steel.
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Use the Cipher wheel or the all new Cipher grid, they both come
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with a tamper-resistant wire and the grid comes with a punch
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tool. All right, guys, we've got for
46:38
the pledge sites. Don't forget to check us out at
46:41
simply Bitcoin dot news. That's right.
46:45
We've got our own little pleb article Outlets.
46:49
There's a You article that dropped from Pirates.
46:52
Here we go, it's Fear and Loathing of Bitcoin maximalist.
46:58
Anyways, a very, very spicy article.
47:01
You got to check out the link to.
47:02
This will be down in the show notes and, of course, Nico don't
47:09
forget. Everybody has to check us out.
47:11
On our Audio. Only platforms Apple podcasts
47:14
Spotify and anchor. If you want to stream assets,
47:17
check us out on Fountain dot f m--.
47:19
You Extreme assets through Breeze.
47:21
Awesome thank you. Phil yeah guys definitely go
47:25
check out Simply Bitcoin unfiltered simply Bitcoin dot
47:29
news. You're going to need some pledge
47:32
signal during the bear Market. We cover stuff that a lot of
47:36
people can't cover and if you want to know how How we really
47:43
feel all the plebs feel during the bear Market or if this is
47:48
your first bear Market in, you're feeling a little
47:50
insecure. You're hurting, definitely, go
47:52
check that out. We've all been there.
47:55
We've all had to earn our stripes and I think, I think a
47:58
lot of you will find Value in those articles and also, pirate
48:02
Beach Bum is a hell of a writer. Also, want to give a very
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Well, you can take advantage of the promo code down below to get
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us discount off represent LTD.com guys, that was our show.
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If you enjoyed our show, you know what to do smartest.
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And of course if you want to continue hearing the Bitcoin,
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use the the shit coined fails and