Latest / Simply Bitcoin / Prosecutors Drop Campaign Finance Charge Against SBF | EP 791

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Prosecutors Drop Campaign Finance Charge Against SBF | EP 791 · Simply Bitcoin

0:12
Hello everybody. Welcome to another episode of
0:14
Simply Bitcoin Live. Your number one source for the
0:16
peaceful Bitcoin revolution occur.
0:17
Breaking news. Culture.
0:18
Dramatic warfare. We will be your guide through
0:20
the separation of money and state.
0:23
Interesting Newsday Double standards.
0:25
SBF. Apparently he has some.
0:27
He's had some more charges dropped and also PayPal.
0:32
Apparently they froze graphenes accounts, which is it's it's
0:39
just and and again it's another testament to to why Bitcoin was
0:43
important. So we're going to get through
0:46
all that in the news and kind of the double standards between the
0:49
two systems, I think, you know, and I'm going to connect the
0:52
whole PayPal thing. And honestly, once again this
0:57
highlights the importance of, of Bitcoin, of having an
1:01
alternative, of an alternative financial system that no one can
1:06
censor. And also highlights the, you
1:10
know, the, the hypocrisy of people that, you know, donate to
1:14
the Fiat political class. They they get treated, but they,
1:18
they, you know, they they get different standards for them.
1:21
It's rules for thee, but not for me.
1:23
So we're going to highlight all that today.
1:25
And also we have a very special guest and someone who I consider
1:29
a friend. We we got into the industry
1:31
around the same time. I've seen his career, you know,
1:35
explode and you know we've kind of been in the trenches together
1:39
for a while. So very happy to have him today
1:41
I'm going to bring him up on stage.
1:43
The one, the only Zach Herbert and he is the, the founder of
1:47
and I'm sure you guys use this hardware wallet.
1:49
He's the founder of foundation that makes the passport.
1:52
How you doing Zach? I just want to say I got the 1st
1:54
edition of the passport when it came out and I I think I did it
1:57
on boxing on it on. My yeah, I did.
1:59
I think the first unboxing of our Passport Founders Edition a
2:03
long time ago. Yeah, man, you go way back.
2:06
Yeah, it's great to be here. So has time flied?
2:10
So anyways, I'm gonna bring up my legendary cohost.
2:13
He's always optimistic, always with a giant smile on his face.
2:16
The one, the only optimist fields.
2:18
How you doing buddy? What's up, Nico?
2:20
What's up, Zach? What's up everyone?
2:21
We're back. It is Friday.
2:23
Let's go. You know, last show of the week.
2:26
Ushering everyone into the weekend but this one's gonna be
2:30
special. Shouts out to our boy Shishi
2:32
because he's a huge passport fan.
2:34
He literally yells at me every chance he gets to get a
2:38
passport. He dunks on me all the time.
2:41
So it's been a minute. Shishi.
2:43
Love you bro. Talk soon.
2:45
This this what this this show might just be for shishi.
2:48
This is definitely a shishi maxi show.
2:50
Would. Just change the title like just
2:52
like parentheses for shishi for shishi exactly.
2:55
Anyways, yeah. And this is gonna be a good one.
2:57
I'm excited. And of course, the SBF news
3:01
actually. Let's just save.
3:02
That before we all get too flustered and frustrated in the
3:05
beginning of the show, what crazy times we live in. 100% All
3:09
right, everybody, no more delay. Let's jump straight into
3:10
numbers. We've got a lot to talk about.
3:12
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the Bitcoin prices. 29,365 Sats per dollar 3405 block height
4:46
800,653 blocks to having 39,347 having Estimate April 20th, 2024
4:56
Total Lightning Network capacity 4690 Bitcoin capacity value
5:01
137,000,000 U.S. dollars. Realize monetary inflation 1.76%
5:07
and the market capitalization of Bitcoin $570 billion.
5:11
Bitcoin versus gold market cap 4.36% My favorite 2 stats I'd
5:17
say this every day is the realized monetary inflation
5:19
because it can continues to take Fiat currencies to absolute
5:22
school to absolute school. It's at 1.76%.
5:26
That will continue to go lower. The Bitcoin versus gold market
5:29
cap that will continue to go higher and Bitcoin stays
5:32
winning. Anyways, I have a very special
5:34
video for you guys today. Here's Thomas Soul.
5:38
He's wrote in. He's written some of my favorite
5:41
books on on economics. I think the the name of his book
5:46
is called Basic Economics. Please, Opti and Zach if.
5:48
If. If you think I'm wrong, please
5:50
correct me. That's the one.
5:51
It definitely think it's a it's a must read and a lot of the
5:54
thing that you read there is common sense.
5:56
Anyways, here's Thomas Soul being talked about.
6:00
He's being asked about the Fed and you know he he says
6:03
something really interesting. I'm going to read the quote says
6:06
when when someone removes a cancer, what do you replace it
6:09
with? And I think that's a really good
6:11
point because that's a lot what a lot of people say is like like
6:14
and the Fed and then a lot of the like kind of responses like,
6:17
OK, we end the Fed. But what are you going to
6:19
replace it with? I think Thomas Soul had a great
6:21
answer anyways. Anyways, let's play the video
6:24
and then we'll talk about it. If you could, if we could make
6:27
you dictator, would you abolish the Fed?
6:29
Yes, you would. Yes, I mean, for the reasons I
6:33
just gave the history, there's no, you know, the Fed
6:36
represented wonderful hopes, but but we've had so many programs
6:40
that represented wonderful hopes that ended in disaster.
6:43
I don't doubt that someone who was sufficiently scholarly could
6:47
come up with examples of where the Federal Reserve made things
6:49
better. But the question is, overall,
6:53
what was it supposed to do? Was supposed to do not only
6:54
prevent bank failures, it was supposed to prevent huge changes
6:59
in the money supply, In particular great deflations.
7:04
The greatest deflation in American history occurred under
7:06
the Federal Reserve System. You know, there was a crisis in
7:10
1907. JPMorgan, the original JPMorgan
7:14
called the other banks into a room, supposedly locked the
7:17
doors and said we got to do something or we're going to all
7:20
collapse. And they did something and they
7:22
didn't all collapse. But, but the But the
7:24
progressives were shocked that one man could come in and take
7:28
command of the situation, and especially someone who wasn't
7:31
even in the government. So.
7:35
So what would you do? You'd move us back to the gold
7:37
standard or you'd let banks issue their own currencies the
7:40
way they did up through the civil War?
7:42
Say you. You could.
7:43
I could. I could.
7:44
Well, they weren't doing any of those things as the time the
7:47
Federal Reserve was, was created.
7:49
We were on the gold standard though.
7:51
But whether we're on or off the gold standard, there's that's
7:55
another whole set of arguments. There's no evidence that I can
7:58
see that over this vast period of time that the Federal Reserve
8:01
has existed. The things on the whole have
8:03
been better. The Great post World War Two, or
8:07
inflation, was fed by the Fed by the Federal Reserve doing
8:10
exactly what they're planning to do now, namely buying up the
8:14
bonds issued by the Treasury. But what would you replace it
8:17
with? How would the currency?
8:19
Who? Who would?
8:20
How would the currency run? We would replace it.
8:23
We could replace it with what existed when it was created.
8:25
Which was the gold gold standard?
8:28
Well, maybe the gold standard, but maybe not.
8:30
But I But there's no evidence that these What would you
8:32
replace? The things always bother me.
8:34
You know, when someone removes the cancer, what do you replace
8:37
it with? Okay.
8:41
Thomas Soul is a legend. Beautiful.
8:41
Beautiful. And I would even say that that
8:44
like safe a Dean like so it was like Thomas Soul.
8:47
Like I, I, I, you know he wrote that book.
8:51
I feel like that was step number one and then safe.
8:53
A Dean. The Bitcoin Standard #2 and then
8:56
Safe Dean's latest book, The Principles of Economics, and we
9:00
were fortunate enough to have him on the show to talk about
9:02
it. I feel like that's that's the
9:03
step above that because it's like, OK, what do you replace it
9:06
with? I think that's a lot of people
9:07
ask that question. Well, we have an answer now.
9:10
I think we, you know Bitcoin. That's the answer, right?
9:14
That's, that's the obvious answer.
9:15
Now we just got to get, you know, the mainstream
9:17
consciousness accepting it really, really, you know, really
9:21
understanding that the the alternative to the Federal
9:24
Reserve is the separation of money and state and it's money
9:27
going back into the hands of the people with The awesome part
9:30
about Bitcoin is that no one owns it, right.
9:32
So it's really like it's like the individual Bitcoin if you
9:35
have, if you properly secure your you know your your Bitcoin
9:38
by properly securing your backup wallet seed phrases and you
9:42
should do it. Not on you should do it not on
9:45
paper. Put your backup wallet seed
9:47
phrase on titanium. Get your titanium seed phrase
9:50
storage kit from Stamp seed. Scan the QR code on your screen
9:53
right now. Don't get caught with your pants
9:55
down explaining to your grandchildren that you lost your
9:57
generational wealth. But anyhow and you know, get
10:02
yourself a hardware wallet. The jade is good.
10:03
The passport is good. The cold card is good.
10:06
Whatever. You know, the poison of your
10:08
choice, whatever the whatever, whatever floats your boats.
10:11
But definitely get a hardware wallet anyways.
10:13
Zach, I want to get your take on this.
10:15
Yeah man. So what would you replace the
10:18
Fed with? Well, I think it's obviously
10:20
Bitcoin, but I think that I think humans just cannot be
10:24
trusted with the money supply, right?
10:27
I feel like you can have one good person that is a visionary,
10:31
but then you don't know who's going to replace that person
10:33
when they come to power, right? And I just think humans are.
10:36
Way too we're all way too shortsighted, way too selfish,
10:39
right? We have our own incentives.
10:41
So if we just pull that, you know, power away from us and put
10:45
it on this, you know, decentralized network that just
10:48
does its own thing and you can't mess with the rules, you know,
10:50
can't change the monetary supply, can't change the
10:53
inflation rate or anything like that, then we can all just
10:56
reform society around that system, right.
10:59
And so I think, I think that's the the crux of it.
11:01
Just humans. Like, you know, we can't be
11:03
trusted. Yeah, 100%, a 100%.
11:06
We need a system where it's rules without rulers.
11:09
We got to trust minimize. We got to trust minimize.
11:11
That's exactly what we need to do anyways.
11:13
Opti, what's your take? I know you love Soul Bro, so.
11:16
Yeah, that was. That's where.
11:17
I was going to start. I said first, I love Thomas
11:19
Soul. Highly recommend you go watch
11:21
everything you can on YouTube. And then of course, if you still
11:25
read books, go get his mammoth of a book.
11:27
Definitely a must read, but I mean to his point and we say it
11:32
all the time. I think Nico is the first one to
11:35
say in this phrase, but the Fed has failed its original mission
11:38
statement. I don't know, Nico, if you know
11:40
it off the top of your head, what the original mission
11:42
statement was, but it's obviously not working.
11:45
Plus, you know, the classic meme of the Federal Reserve isn't
11:48
even federal and has no reserve. So even by its very name, it is
11:52
failing. Yet people still trust in this
11:54
institution. But I really love the
11:56
questioning from the the reporter guy.
12:00
You know, like what would we do without government money?
12:02
Like how about my roads? Like that is my favorite
12:05
messaging always. When whenever someone asked me
12:07
about my roads, I'm just like, OK, here we go.
12:11
I already know where the questioning is going.
12:13
But of course Thomas Soul has a way of explaining things and
12:17
making you really, really look at the issue correctly.
12:20
What do you do when you eliminate the cancer?
12:23
You don't replace it with another cancer.
12:25
Guys, come on, this is this is not how healthy bodies work.
12:29
So. Obviously Bitcoin is the
12:31
solution. I think it's something I say all
12:33
the time on the show and we talk about this constantly, whether
12:36
it's on the show or on Twitter spaces.
12:38
A lot of people know what the problem is.
12:40
I think most people awake can pinpoint the problem, but few
12:44
people understand what the solutions are.
12:47
And This is why it is simply Bitcoin.
12:49
And we come here every single day trying to explain to people
12:52
what the problem is, but also give them a solution.
12:55
Take your Bitcoin into self custody.
12:57
Saving Bitcoin. This is the way.
12:59
Run a node. Stop trusting these people with
13:01
your money. Stop trusting the cabal of
13:03
bankers to control the money. Because I love how Zach said it
13:06
and we constantly say it as well.
13:07
You cannot trust humans with the money supply.
13:10
You know, I know we all think we're we're, you know, moral
13:13
virtuous and and we're we're better than this.
13:16
But man, I swear if we had the power to print money I am almost
13:20
convinced every single one of us would do it after a certain
13:22
amount of time. It just like it, just understand
13:24
how humans work. You know, if if I can get
13:27
caught, I'd be printed trillions as well.
13:29
But hey, I don't have this privilege.
13:31
I tried you know you guys know I tried but it.
13:34
Didn't workout. Yeah, Opti tried by dating
13:37
Christie Lagarde. It didn't.
13:38
It did not workout. It did not workout anyways.
13:41
Guys, help us maintain our streak of breaking 100 likes
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within the first hour of the live stream.
13:47
So if you're enjoying the show right now, take two seconds.
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Smash that. Like, but in.
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Smash it. Smash it, smash it.
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And that tells the YouTube algorithm to push the orange
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signal. So anyways, a lot to talk about
14:00
today. Let's move on to the news,
14:01
gentlemen. Let's do it.
14:02
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orange pill app. So scan the QR code on your
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screen right now. Anyways, let's cover today's
15:37
news. Prosecutors drop and there's an
15:39
article from the New York Times. You know, the same New York
15:42
Times that came out with the propaganda hit piece where they
15:44
change the color in the sky, tried to demonize Bitcoin
15:47
mining. Anyways, that New York Times.
15:49
So check out this article Prosecutors Drop Campaign
15:53
Finance Charge Against SBF goes on to say federal prosecutors
15:58
pursuing the criminal case against the cryptocurrency
16:00
mogul. SBF said on Wednesday that they
16:02
were dropping a charge that he violated campaign finance roles.
16:05
Mr. Bankman Freed was charged with fraud and Cam and campaign
16:08
finance violations in December after the sudden collapse of his
16:12
company, the Crypto Exchange FTX.
16:14
He was quickly extradited to the United States from the Bahamas,
16:17
where FTX was based. But in a court filing on
16:19
Wednesday night, the prosecutor said that the Bahamas had
16:22
informed them that the nation's government had not intended to
16:25
extradite Mr. Bankman Freed on campaign finance charge quote In
16:28
keeping with this treaty obligation to the Bahamas, the
16:31
government does not intend to proceed the the to trial on the
16:34
campaign contributions count. The removal of the charges a
16:37
victory for Mr. Bankman Freed's legal team, which has argued the
16:41
United States mishandled the extradition process and it
16:44
follows the prosecutors decision in June to proceed to a trial in
16:48
October without pursuing five other charges.
16:51
So this is more charges that they have dropped that were
16:54
added to Mr. Bankman Freed indictment in the weeks after
16:57
his extradition. In total, Mr. Bankman Freed is
16:59
now set to face 7 charges at his trial in October, including
17:03
accusations that he defrauded customers and lenders of FTX.
17:06
Prosecutors have argued that he orchestrated A sweeping fraud,
17:10
siphoning billions of dollars that customers are deposited
17:12
with FDX to finance campaign paying contributions, charitable
17:16
donations and real estate purchases.
17:18
Prost And this exactly why you should take self custody.
17:20
Prosecutors are planning a second trial in the five charges
17:23
that were withdrawn in June, including an accusation that
17:26
Mister Bankman Fred bribed a foreign government.
17:29
They said that they had a they had put to postpone a trial on
17:32
those counts while litigation over the extradition unfolded in
17:36
the Bahamas. Now here's the thing, right
17:40
Right now, let's see what happens.
17:43
But if he is convicted on securities fraud and wired
17:46
fraud, SPF is going to face several dozen years in prison.
17:50
Now the reason that I'm kind of, you know, skeptical about that
17:55
is he's already had a bunch of charges dropped.
17:58
And also he not only did he donated to the Democratic Party,
18:02
which is currently, you know, in power in the in charge of the
18:06
executive branch of government here in the US, but he also
18:08
donated to the Republican Party as well.
18:11
It's just interesting. I mean, wouldn't you say that's
18:15
a form of bribery? I guess.
18:17
Anyways, so I I really want to compare the double standards,
18:22
right. So SPF, he actually did
18:25
financial harm to countless Americans.
18:29
Countless people all over the world use that money to buy
18:32
property some some, some some parties apparently that he was
18:37
doing in his penthouse and all this crazy stuff.
18:41
But let's talk about Julian Assange.
18:43
Julian Assange did no such thing.
18:45
Julian Assange basically exposed some things that the US
18:50
government was doing in Iraq and he did not get no, no bail.
18:56
SPF did get some bail and they, you know, they're the whole
19:01
extradition thing that's happening over there is, you
19:04
know, they're treating it a little bit different than SPF.
19:07
Then maybe it's because Julian Assange didn't donate to the
19:10
politicians. Maybe it's because Julian
19:12
Assange made the politicians look bad.
19:15
I don't know. That's my two cents.
19:17
Anyways, so Julian Assange is the founder of WikiLeaks and
19:22
it's interesting, and I'm going to kind of go back into the
19:25
early days of of of Bitcoin's history.
19:29
PayPal froze WikiLeaks and I'm going to connect it to some
19:33
PayPal news that dropped recently.
19:35
And when PayPal froze WikiLeaks, WikiLeaks actually decided to
19:40
integrate Bitcoin into their platform.
19:43
And Satoshi even had a quote when this happened.
19:45
Satoshi said it would have been nice to get this attention in
19:48
other contexts. WikiLeaks has kicked the
19:51
hornet's nest and the swarm is headed towards us and this is
19:54
one of the one of the last things that Satoshi said before
19:58
he disappeared. And I think this really
20:01
highlights the necessity of having an alternative system
20:04
now. What happened with PayPal
20:05
recently? PayPal shut down Graphene
20:09
Foundations account used for donations.
20:12
It goes on to say unfortunately, PayPal permanently locked our
20:15
Graphene Foundation account today.
20:17
No reasons have been provided for the account being locked.
20:20
All we've done is accept donations.
20:23
Now, Graphene is an alternative to Android, and it's an it's
20:28
it's, it's it's also a it's an alternative that that values
20:34
privacy a lot more. So it's just interesting, right?
20:37
It's a lot of coincidences, right?
20:39
PayPal shuts down Wiki leaks. PayPal shuts down graphene.
20:43
Julian Assange gets arrested. No, you know, no bail for him.
20:47
Hardcore extradition. You know the extradition appeal
20:51
got denied bringing him back to the United States to stand
20:53
trial. SB death.
20:55
Not only did he get released on bail, he gets charges dropped
20:58
even though he caused monetary harm to thousands of people.
21:02
But hey, maybe, but he donated to politicians.
21:04
I guess so maybe that you know that that that's maybe.
21:08
I don't know. Again, lots of coincidences.
21:11
Anyways, the article goes on to say Graphene Foundation is a
21:14
nonprofit organization incorporated federally in
21:16
Canada. PayPal required us to provide
21:18
proof of identity and addresses for each director along with
21:22
documents to have our account approved.
21:24
We believe our account was shut down because we accept
21:27
cryptocurrency donations, including via Monaro.
21:30
PayPal partially locked our account and demanded for proof
21:32
of source slash proof of each transaction.
21:35
We provided a link. Our account was then forced
21:38
close. It goes on to say Bitcoin can be
21:41
used to donate to nonprofit Graphing Foundation.
21:44
You can send Bitcoin donations to the following and here
21:46
anyone. If you guys want to continue to
21:49
donate this project, you could scan the QR code on your screen
21:52
right now. So anyways, lot of double
21:55
standards Zach do you have any thoughts on this?
21:57
Man, like this is just crazy. I think this is just it's rules
22:03
for the and not for me the the the Fiat elite class plays by a
22:07
whole different set of rules. The the politic the political
22:10
class plays by whole set a whole different set of rules.
22:14
The people that donate to them play by a different set of rules
22:17
and then everyone else that is trying to use alternatives.
22:21
I I feel like they, you know, they get demonized and mind you,
22:25
you guys remember that they arrested an open source
22:27
developer in the Netherlands and they denied him bail, right.
22:32
So they denied him bail, but they allowed bail for SBF even
22:37
though he defrauded billions like millions of Americans.
22:41
I would say out of billions of dollars which is just it's it's
22:45
and then the New York Times has him on an interview and then
22:48
it's kind of like like he kind of does an apology the audience
22:51
claps for him. Mr. Wonderful was like this guy
22:54
was just misguided even though he literally stole billions of
22:57
dollars. But anyone developing open
22:59
sourced software, anyone doing you know journalism that is is
23:04
reporting the counter official narrative gets jailed denied
23:09
bail. So man like if people are still
23:13
kind of in denial as to why Bitcoin is necessary, like why
23:17
something like Bitcoin is necessary to.
23:19
The to to use and to have an alternative payment system that
23:24
is not prone to these types of censorship attacks.
23:28
I I think you have your head in the sand.
23:30
I think that you're not really paying attention to what's going
23:32
on Anyways. Zach, what's your take on this?
23:35
Yeah, I think it's it's so telling that Assange is just has
23:39
been rotting in a jail cell. And SPF is just walking around.
23:44
I think there were pictures of him last week walking around New
23:47
York City just by himself, you know, taking a stroll.
23:50
And if you think about who the flight risk is, I mean, SPF
23:53
probably has very large amounts of crypto and wallets that law
23:58
enforcement doesn't know about. He could just hop on a plane or
24:02
a yacht somewhere. He could just disappear and he
24:04
stole billions of dollars he donated.
24:08
I think it was you guys remember, was it $90 million to
24:11
the Democrats I think was something like the figure and if
24:16
you if you pay enough money you know you just stay out of jail.
24:19
It's that simple. But any I think this is one of
24:23
the scary things was that tornado cash developer who's
24:26
been in jail without being in trial even.
24:31
Think about to the Canadian truckers who all have their
24:35
financial accounts blocked. Normal, normal people, you know
24:38
and PayPal does have a long history of cutting out, you know
24:42
cutting off access to accounts. But not just PayPal.
24:44
You know governments, banks. It's just so common.
24:47
So it's so blatantly as you know scenario of you donate enough
24:51
money, you can do whatever you want, get out of jail, free
24:55
card, right. And I don't think this guy is
24:57
going to going to go to jail. Yeah, I I I I agree with you.
25:01
I, I have that I have that sentiment too and it's
25:04
unfortunate. I I don't think he's going to go
25:06
to jail. Either they're they're going to
25:07
find it's going to something's going to happen or he gets like
25:10
a you know a a light sentence so to speak.
25:13
But again, it's rules for the and you know it's it's it's
25:17
rules for the and not for me. So anyways, Opti, what's your
25:21
take on this? Well.
25:25
I'm going to double and triple down on this one Nico, so
25:28
forgive me. Sam Bateman.
25:30
Fraud is a government asset convinced me otherwise and
25:33
further. This two tiered legal system
25:37
that we all find ourselves a part of is obviously disgusting,
25:41
but it's so hypocritical and if you have friends in high places
25:45
you can get away with anything. I think we're constantly seeing
25:47
this happen in the news and in the Bitcoin space, or even in
25:51
the world at large. And the double standards, I
25:54
think, personally, is what's waking up.
25:56
A lot of people, I think the truth is coming out.
25:57
And a lot of people are wondering, like, what is going
25:59
on? Like, how do you know us average
26:02
people get in trouble for the most minuscule things, and yet
26:06
there's people out here that are defrauding billions and they
26:08
just get to walk away with slaps on the wrists like anyone that's
26:11
awake, anyone that's watching this stuff.
26:14
Has to be as angry as anyone of us, you know, true seekers out
26:18
here on Twitter. This is like all we watch is is
26:21
this stuff and people get away with this crazy stuff and it
26:24
really just seems like there is a 2 tiered legal justice out
26:28
there if you're not part of the can T on insiders.
26:31
You're you're basically obligated to pay all the
26:35
penalties to stand by the laws. But if you are one of their
26:39
friends, you know friends in high places, you can basically
26:41
get away with murder and you know connecting all this stuff
26:44
together. The deplatforming that we're
26:47
seeing constantly from the the, I don't know, parasitic class
26:52
like I like to call it, is why people should be owning Bitcoin.
26:56
I I've been saying it all the time.
26:59
These people are becoming more maniacal and what's the meme?
27:03
You know, power corrupts, but absolute power corrupts
27:06
absolutely. And we're seeing the D platforms
27:09
accelerate and they seem to get even more stringent.
27:12
Like literally it's it's dystopian 1984 type stuff.
27:16
If you are not following the party line, they will kick you
27:19
off the banks like they will kick you off the monetary system
27:22
and you don't have to take this abuse like.
27:25
Saving Bitcoin, Use Bitcoin. Be a part of the Bitcoin
27:28
circular economy. If you are a business and online
27:31
e-commerce business, then you know you should be thinking
27:34
about rolling out your own payment stack like BTC Pay
27:37
because you can avoid all this stuff.
27:39
And again, this is back to what we say all the time.
27:42
People know what the problems are and people see the abuse.
27:45
And yet they just think that there's no options here, that
27:47
there's nothing they can do when in reality we have Bitcoin.
27:51
We have Bitcoin entrepreneurs out there like Zach and others
27:54
that are creating the tools to avoid this type of abuse.
27:58
Like you don't have to just sit back and take it.
28:00
There is Bitcoin and you can opt into it today and you don't have
28:04
to deal with this kind of madness.
28:06
Is this Pete Clown world type stuff.
28:08
How about the orb? I don't know if you guys cover
28:11
the world coin. This week.
28:14
But as soon as you said 1984, right?
28:16
That's what I thought of is you. You jailed the open source
28:19
privacy devs with any excuse that you can.
28:23
And you let the the guy who perpetrates one of the largest
28:28
financial frauds and history steals not just from investors,
28:32
like, not like a Bernie Madoff, where it's only from like
28:34
investors, but steals from, just like, you know, millions of
28:37
normal people just using FTX. And then you celebrate the orb
28:43
and you and you and you say you know you, you support the, the
28:46
company that wants the skin everyone's eyeballs, you know,
28:49
and AirDrop them cryptocurrency and you you completely let that
28:53
happen. But then you use the SEC and
28:56
other government enforcement, you know, agencies to go after,
28:59
you know as as much of the industry as as possible.
29:02
So I mean it's just it's so blatant at this point and that's
29:05
one of the things that's been craziest to me about this.
29:08
This world coin launch two, which is like, why are they
29:10
letting that launch that is so obviously like a crypto scam
29:15
AirDrop. It reminds me of like the 2017
29:17
ICO thing, like we're going to retain 25% of the tokens for as
29:21
always, like how is that possibly allowed to exist?
29:24
And it's obvious, right? It's because they're collecting
29:27
everyone's biometric data and everyone's writing about it,
29:31
publish publicizing their launch.
29:33
The mainstream media loves it. It's one of the most dystopian
29:37
things I've ever seen. And so it's just so blatant now.
29:39
And I agree. I think people are waking up
29:41
when it comes to the double standard.
29:42
You know, maybe, maybe they're an FTX customer and they're
29:45
like, what happened to my money? Why is he getting let off on
29:48
these charges? Oh wait, he donated to these
29:50
people. It's going to start to connect
29:53
the dots, I think. For people on a larger scale,
29:55
you know than than we ever have before. 100% a 100% we are.
29:59
We are living through the Great Awakening and it really falls
30:02
down to everybody. Like be the Uncle Jim and your
30:04
family. Show them, show them, show them
30:08
out Bitcoin and then show them how to take self custody.
30:11
Show them how to run or be the Uncle Jim maybe.
30:14
You kinda hold their hand in the process.
30:17
But anyways, guys, no more delay.
30:19
Let's jump into the culture. We're gonna talk about
30:21
foundation and passport today. Let's check it out.
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30:53
Also, I want to tell you guys about the Pacific Bitcoin
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Bitcoin Festival. Anyways, today we're gonna talk
31:23
about Zach's company, Zach's awesome, awesome product, the
31:29
foundation, and also the app that goes along with it.
31:32
Zach, what have you guys been working on lately?
31:35
We've been doing a lot, so we have Passport.
31:48
I would argue we have like the easiest to use.
31:39
It's technically the second generation device, it's our
31:42
Bitcoin hardware wallet. It's really, I think, nicely
31:46
designed. Extremely easy to.
31:50
You know Bitcoin hardware wallet experience of any of the devices
31:54
on the market, a little bit more premium, you know, made of
31:56
premium materials, zinc alloy plated in real copper.
32:00
We got a user removable lithium ion battery right on the back.
32:05
We got a really nice high resolution color, IPS display
32:09
and password just makes it I think as easy as possible to
32:13
just take, you know, sovereignty, self custody over
32:15
your Bitcoin. It's air Gap uses a camera and
32:20
QR codes primarily. It's fully open source, you know
32:24
the hardware, the software, the firmware on the device.
32:27
We also make it in the USA. We do all our manufacturing,
32:31
assembly and so on in the in the Greater Boston area, which I'm
32:36
really proud of. But then also, you know, we have
32:38
a really cool app called Envoice and we first launched Passport
32:41
Founder Edition, which I know Nikka you looked at a long time
32:44
ago. We didn't have any app with it,
32:46
right? You could use it with Blue
32:48
Wallet or Sparrow or your software wallet of choice.
32:50
But last year we launched Envoy, which at first was only an app
32:55
that worked with Passport, was like a mobile companion app.
32:58
You can update the firmware. You could use it as a very
33:00
simple software wallet. Now though, Envoy is actually
33:03
for the last couple months a standalone software wallet, so
33:05
you can actually on board in about 60 seconds with a self
33:09
custody mobile wallet through a tool that we called Magic
33:12
Backups. And actually fully stores your
33:15
seed end to end encrypted with I Cloud Keychain or Android Auto
33:18
Backup and then it encrypts all the metadata settings and so on
33:23
on the wallet. Encrypts it with your seat and
33:25
uploads it to Foundation Server. So we don't know anything about
33:28
you. You don't know who you are.
33:30
Everything's over tour. You know, if you turn on tour,
33:34
we can't see anything. You don't even have a username,
33:36
but you're able to get set up with a mobile wallet in like 60
33:40
seconds without having to write down seed words.
33:42
Now of course, you can always write down the seed words, but
33:44
what we were thinking about was like, you know, let's say we
33:47
have a situation like the Canadian Truckers again.
33:50
Where you need to on board a lot of people to a Bitcoin mobile
33:52
wallet as fast as possible. And they're completely new to
33:55
Bitcoin, right. Something like writing down seed
33:58
words might be more difficult for them.
34:00
We figured let's get it as, you know automatic as possible to
34:03
get set up with a mobile wallet. So now you have Envoy on the
34:07
mobile wallet on where that connects the passport.
34:09
And we're going to be adding more really cool privacy and
34:13
some and other features to Envoy.
34:15
So Next up is I think. Are really easy to use coin
34:18
control implementation which has been more of like a power user
34:21
thing so far. You know Passport has some other
34:24
great more power user features that are much more accessible
34:28
now to users. Like the ability to spin up.
34:31
Child seeds with BIP 85, even Noster Key you can generate on
34:35
passport and and and use it in an air gapped way with Noster.
34:39
So I think we got a lot of cool, you know, deeply technical
34:42
developments but all bundled together in a really easy to use
34:45
package. So if you have like a friend or
34:47
family member that is intimidated by the idea of of
34:50
taking self custody over their Bitcoin.
34:52
I think Passport is probably you know I'm pretty biased but I
34:54
think passports the the best option for them and we even
34:58
offer a optional concierge onboarding service where you get
35:01
you get an hour with Bitcoin Q&A, who's their head of
35:04
customer experience who walks you through the entire
35:06
onboarding and and set up for for passport envoy and any other
35:10
software wallet that you want to connect to.
35:12
That's awesome dude. And I kind of want to ask you
35:14
about the the app, right? The Envoy app and Opti if you
35:17
could scroll to that. So what was your thinking about
35:20
developing an app for for the passport like and I'm assuming
35:25
it it all has to do with onboarding someone who's not
35:29
very familiar with Bitcoin self custody and basically making it
35:33
very easy for them. So could you elaborate about
35:35
like what what your thought process was for developing an
35:38
app? Definitely.
35:39
So when we started off, you know, Passport.
35:43
Founders Edition, we recommended.
35:44
Blue Wallet, because I thought that was.
35:46
Probably the easiest app to use. You know it had the most
35:49
approachable to like a new bitcoiner.
35:51
But very quickly, you know, we realized that if we want to
35:54
provide like the best customer experience end to end, we have
35:57
to make our own app. And this is especially
35:59
applicable for new bitcoiners or those who have their coins on an
36:02
exchange and are you know, new to self custody, right.
36:05
You want to just. Walk them through, almost like
36:07
hold their hand. Do every single step.
36:10
And really think deeply about the terminology that you use,
36:14
the the designs you use. You know you don't want it to
36:16
feel intimidating you. You don't want to use things
36:18
like. Like.
36:19
For example, SegWit, you know if you're if you're someone who has
36:22
your coins on Coinbase, you don't know what SegWit is,
36:25
right? You don't know what any any of
36:26
these terms mean And obviously you know you want to educate
36:29
people over time, but like you got to just do like the easiest
36:32
possible thing. So we call them for like a Zen,
36:34
like, you know, Bitcoin wallet. It really has.
36:37
You know a more minimal, streamlined set of features.
36:40
So if you decide to buy a passport and connect it with
36:43
Envoy, the first thing it does is it walks you through.
36:46
You know how to set up your PIN on passport.
36:48
It does the. Security check so we can
36:50
actually see that you know your device has not been tampered
36:53
with during shipping it. It checks the key stored on the
36:55
chip and make sure that that key matches what what we installed,
37:00
you know at the factory. So it does all that kind of set
37:02
up for you. In a really automatic way, just
37:05
getting a couple QR codes back and forth from your phone and
37:08
your passport. But it does it in a way where
37:11
you don't have to go to your computer, you don't have to be
37:13
on the web browser, you don't have to download firmware like
37:15
manually. We actually ship now Passport
37:18
with micro SD adapters for iOS and Android.
37:22
So you just literally pop the little micro SD adapter into
37:26
your phone. Downloads the firmware to the SD
37:28
card, which we include. You pop it into the device, you
37:31
can update the firmware so everything is as streamlined as
37:33
possible. And especially having the app to
37:35
do the onboarding and the firmware updates and so on, I
37:38
think is, you know, incredibly powerful.
37:41
We preserve that air gap. We we give you everything you
37:43
need in the box. You know, some of the other
37:45
companies like being able to sell extra accessories.
37:48
You know, you the the device might cost, you know, 150 bucks
37:52
or something, but then as soon as you add on.
37:54
Adapters, battery, SD card, all that you're like 250 bucks.
37:59
So one of the things that we did a couple months ago was we
38:02
actually lowered passports price to 199.
38:04
We were able, as we scaled up manufacturing to save a lot of
38:08
money and pass their savings back to the customer.
38:11
So think 199 is a really awesome price point because comes with
38:14
everything you need in the box, you know to get started.
38:17
Awesome. Awesome.
38:19
Yeah man. I mean it.
38:20
It looks like a cell phone too. Did you guys do that on purpose?
38:23
Yeah, we did it because like, could you show it again on?
38:26
Screen. Yeah, I can show it on here.
38:27
It's you can see. It's pretty small compared to
38:31
like an iPhone, right? It's it's definitely pretty
38:34
small and compact. But you know, we wanted to go
38:36
with that more retro cell phone vibe because.
38:41
You know, I was using Treasure Ledger.
38:43
You try to give someone a Ledger who's never used it before.
38:47
You're entering your PIN in with those two little buttons.
38:49
You're squinting at the screen. You get it wrong three times.
38:51
It wipes itself. I mean, I want to throw like
38:54
Ledger against the wall so many times, and we've heard feedback
38:57
from so many people about how difficult it is to use.
39:00
So you know, our mantra is. You know Bitcoin is already
39:04
difficult enough. You shouldn't have to learn how
39:07
to use your hardware wallet. So you like.
39:09
You should know right when you pick this thing up, how to turn
39:12
it on, how to navigate, how to enter and pin and passphrase and
39:16
anything like that. And so what's amazing about
39:18
Passport is that it just works. You already know how to use it
39:21
for new users. You can focus more on you know,
39:24
how do you use Bitcoin and how do you take self custody and how
39:28
do you properly back it up and and so on.
39:31
You don't have to think about how do I enter my pin into this
39:34
tiny screen that I have to squint at and use my 2 little
39:38
buttons. Yeah, I got you.
39:40
No, it's definitely more human friendly, right?
39:43
I would say that. And then I'm just curious like
39:46
why did you focus on cuz I feel like a lot of.
39:49
Other manufacturers are just like they're like look, it
39:52
doesn't need to look pretty like we could just like as long as it
39:56
just does its basic functions, it's fine.
39:59
Why did you decide to go through like the more premium field?
40:02
I remember the 1st edition had the copper back and it was
40:06
really, really neat. So here.
40:07
Actually the shiny copper back in the 1st edition of the
40:12
triple-A batteries. So we we still have the.
40:14
Copper on the back, it's just, it's just a little bit more
40:17
matte now. But we got the, you know,
40:18
lithium ion battery. But look, I mean, I think for
40:22
all of us early adopters and Bitcoin, I mean I was, I was
40:26
comfortable using a cold card, right?
40:28
I had all the features I needed. I don't think it was very
40:31
pleasant to use, but like I knew how to use it.
40:33
But I think what we really all have to think about is.
40:37
How do we get the next wave of people onto self custody?
40:40
You know how do we get all those people, those millions of people
40:42
that are on Coinbase. How do we get them using
40:45
hardware wallets and storing their own keys.
40:47
And I personally think that you know and and I thought we
40:50
started foundation that the current set of tools the
40:54
state-of-the-art right and hardware wallets, the the
40:57
Ledger, the treasurer, the cold card.
41:00
I thought that was good for early adopters, but I just.
41:04
I didn't think it was something that.
41:05
You know, a large wave of new users could could wrap their
41:08
heads around. And so like one of my biggest
41:11
worries right now is, you know, we still have, you know, so much
41:15
Bitcoin on exchanges. And if we have another bull
41:18
market in the next year or two, we have an order of magnitude
41:21
more users come in, you know, potentially 10s of 1,000,000,
41:25
maybe even hundreds of millions of new bitcoiners.
41:28
Where are they going to store their Bitcoin?
41:30
You know, are they going to just put it on the exchange?
41:32
Because if they do, like. That really negates the purpose
41:36
of Bitcoin, right? It Bitcoin is only going to have
41:39
the impact on the world that we wanted to have if everyone is
41:42
throwing it for themselves. And so you really have to
41:45
agonize over the design, the user experience.
41:49
You know, we agonize over every single thing, every single piece
41:52
of text, every single icon and both Envoy, you know, our mobile
41:55
app and on Passport itself. And you know, I haven't really
41:58
seen that approach from. You know the other, the other
42:01
companies in the space and so look, I mean the the the
42:04
products are awesome. Other companies products are
42:06
awesome, especially those that are, you know, fully open
42:09
source. You can use them if you're more
42:11
technical, you can use them in multisig together and then you
42:15
could use them with whatever software wallet you want like if
42:18
you're really hardcore use it with Sparrow, you know, on
42:20
desktop. But we're trying to build
42:22
something for, you know, the the, the incoming wave of of of
42:26
new bitcoiners. So walk me through the
42:29
onboarding process, right, Because it's always, it's always
42:31
you know the, for example the the Ledger, you have to download
42:36
Ledger live and then you have to put the apps on it and then.
42:40
Etc, etc. You know some at some hardware
42:43
wallets, it's like bitcoins already there.
42:45
Like you know, you just you connect it with your, you know
42:48
with your with your software, wallet of choice, etc.
42:52
So what is? And you guys are obviously
42:54
focusing on the easy onboarding, right?
42:57
This is why you decided to, you know, download the app and then
43:00
make it look nice and make it look pretty and make it look
43:02
familiar. To people that are just not used
43:04
to this radical idea of self custody.
43:06
So walk me through the steps like you get your, you get your.
43:10
Foundation in the mail, you open the package.
43:12
I'm sure it's really nice with the plastic and all that stuff.
43:15
Yeah, it's actually really nice packaging.
43:17
It's, I think we probably have the best packaging in the space.
43:20
I love it. So you open the package and then
43:23
you turn on your foundation. What is the first thing that it
43:26
tells you? Literally the first thing it
43:28
asks you is, do you wanna set it up with envoy?
43:30
Or do you want to do a advanced setup?
43:33
OK, so let's go with the envoy cuz envoy is clearly the easy,
43:36
the more convenient way. So you click envoy and then what
43:40
happens? Click Envoy.
43:41
It gives you a QR code where you can scan from your phone,
43:44
download the envoy app. Once you have envoy you can see
43:47
how I have like 1 device paired. I have a passport paired on
43:50
there. It gives you a screen, you know,
43:52
it asks if you wanna set up a new passport, you know, and
43:56
literally the first thing it says is let's make sure your
43:58
passport is secure. And what's really cool about
44:01
that, like I mentioned is we're one of the only devices that
44:03
have a security check or the more technical term would be
44:06
like a supply chain validation. So you basically you click next
44:10
and you you scan this QR code from passport screen and
44:13
passport instantly you know brings in that QR code.
44:18
It signs some stuff to a test that the device has not been
44:23
tampered with during shipping. It sends some info back to Envoy
44:27
about, like what firmware version it has and so on.
44:29
All this happens literally with QR scan from Passport to your
44:33
phone, and then you just scan the QR codes back.
44:36
That's split on Envoy screen and you've done the supply chain
44:39
verification. You've communicated your
44:41
firmware version. So Envoy will next ask you, you
44:43
know, if you want to update your firmware.
44:45
If it doesn't see that you're running the latest version, then
44:47
all you have to do is type in whatever PIN you want on
44:50
Passport. You know a 6 to 12 digit pin.
44:53
And then you get to and you know, set up your seed word.
44:56
So we give you a couple different options for that
44:58
because we bundle in an industrial grade micro SD card
45:02
when you buy Passport, one of the easiest things you can do,
45:05
especially if you're not like not ready to write down the
45:08
seed. Because often times if you're a
45:09
new user, you might not be comfortable writing down the
45:12
seed as you do an encrypted micro SD backup directly to the
45:15
card and it encrypts everything on the device, including the
45:18
seed word settings and so on onto the card that you insert
45:21
into the top of Passport. And you can be up and running in
45:24
just a couple minutes with that. Now, of course, you could choose
45:26
to write down the seed. You could choose to, you know,
45:30
we give you the seed card, You could choose to, you know, put
45:32
into metal or whatever you want. But we have this really
45:34
streamlined setup of mobile app download, security check, You
45:38
set up your PIN, you update the firmware, and then you get your
45:42
seed, you know, set up and backed up.
45:44
And then you're dropped into Envoy.
45:46
And Envoy is fully paired with Passport, so you already have
45:50
your passport. Connected and Envoy.
45:53
You actually see it in Envoy, like in the UI you I can see
45:56
what firmware version it has. So it Envoy will let me know if
46:00
there's a new firmware update and I'm instantly given a, you
46:03
know, an account called primary on my passport.
46:07
So I could instantly start, you know, depositing funds to my
46:10
device. Or I can start spending funds
46:12
for my device all through Envoy and Passport, you know, no need
46:15
to download additional software and.
46:17
Envoy actually asks you when you first open it if you want to
46:20
connect via Tor for more privacy, which is awesome.
46:23
Envoy is also, you know, fully open source the.
46:27
App. The app is also open source as
46:29
well. Yeah, and we even allow you to
46:32
If you have like a graphene device or Calyx, you know you
46:35
can. You can download directly from
46:37
the F Droid open source App Store.
46:40
You can download Envoy. So we try to support like.
46:44
Not only the the new users, we try to always have those
46:47
hardcore features for the advanced people.
46:49
It's like our our goal is like we want you to use Passport if
46:53
you're really hardcore. We want you to be comfortable
46:55
with all the open source stuff and the security stuff that
46:58
we've done and support, you know, less popular things like,
47:02
you know, running on Calex or graphing with F Droid.
47:06
But we also wanted to be the device that you know that you
47:08
recommend to friends and family. That might not be as hardcore as
47:11
you, but it checks off all your boxes, right?
47:14
For philosophical alignment, open source, security, privacy,
47:17
you know, and so on. Yeah, we also had some some
47:21
questions from the audience. Let me pull it up.
47:23
So DA Sales says ask him about the backup code and then he
47:28
follows up with it's on the same card as seed phrase.
47:31
So what is that? You know what he's talking
47:33
about? Yeah.
47:33
So basically if you do a micro SD backup, which is what we
47:38
offer by default for like the easy onboarding flow, how it
47:42
works is that there's a. 20 digit backup code that you that
47:47
you write down. So we have like our our seed
47:51
words and backup code and so it is on the same card but it's
47:54
perforated so I just ripped it off.
47:56
So now I have my my backup code for my micro SD card you know
47:58
and I can store that separately. If then then the seed phrase and
48:04
additionally because it's all encrypted on the SD card.
48:08
You can actually store like the little backup code for your SD
48:11
card in a password manager or something.
48:13
It's it's OK if you store the backup code somewhere that's,
48:16
you know, Internet connected, because the only way you're
48:19
going to get your your seed phrase back is if someone has
48:22
physical access to the micro SD card and they have the 20 digit
48:26
backup code. So it's it's pretty cool.
48:28
It's like even if someone finds this SD card, they're not going
48:31
to get anything off it. It's just a random encrypted,
48:34
you know, file on there. And you need to have the backup
48:37
code as well. It's a little different from how
48:38
some others do it. I think like Bit Box for
48:40
example. They just pop the seed onto the
48:43
card like in plain text, you know?
48:44
So if someone finds the card, you could just take your take
48:47
your seed. So you know there's different
48:49
trade-offs to that. But I like our trade off of
48:51
having this backup code because it's so easy to enter in this 20
48:56
digit backup code. And restore a full backup to
48:59
passport. What's really cool is like if
49:01
you're using passport for a long time, you know you have a multi
49:05
state configurations on there, you've customized your settings,
49:08
you know you have different accounts with different labels
49:11
for them. All of that is backed up to the
49:13
micro SD card and encrypted. So you know you lose your device
49:16
or something, you wipe your device, all you do is you pop
49:19
that SD card in there and turn your backup code and everything
49:22
comes back to exactly how you left it.
49:24
You don't have to go ahead and set it all up again.
49:27
Gotcha, gotcha. Yeah, I mean, so from what I'm
49:30
the sense that I'm getting Zach is that this is like this is the
49:34
perfect hardware wallet to introduce it to someone who is
49:39
not comfortable with self custody and they have the not
49:43
only do they have the option to, you know, to be the hardcore
49:47
Bitcoin. Maximalist.
49:49
And they know that the software, not only the software, the
49:53
hardware wallet is also open source, right?
49:55
So they can go down the path of I'm running my 24 word seed
49:59
phrase, I'm putting it on steel and I'm gonna add a 25th word
50:05
type of thing and I'm gonna use the Sparrow wallet which I
50:08
connect to my own node and you can go down that path.
50:11
And then you can also go down the path of easy onboarding,
50:15
which I agree with you and this is one of the tweets I had
50:19
posted on top of my Twitter for the longest time or pins on top
50:21
of my Twitter for the longest time is if enough people take
50:24
self custody. That's how we win and I think
50:27
self custody right now. And this is a hard, harsh
50:30
reality for a lot of bitcoiners. It is not easy for a lot of
50:35
people, especially if you've spent your entire life in the
50:38
Fiat matrix and you're transitioning to a Bitcoin
50:40
standard. Once you get it, you're like,
50:42
okay. It's a lot easier than opening
50:43
up a bank account and sending a wire.
50:45
But that transition, it's a shock.
50:48
It's a culture shock, really, for lack of a better word, how
50:51
to describe it? Because it's like.
50:53
You mean if I lose these 24 words, it's gone forever.
50:57
There's no customer support, you know?
50:58
So I I really love the fact that you guys are really thinking
51:02
about how to on board the masses and that's really, really cool.
51:07
Yeah. And I don't think we're we're
51:08
there yet. You know, I think we still have
51:10
a lot of work to do for that, but I think people don't realize
51:14
how it's scary. It can be, you know, to to set
51:17
up a hardware wallet for the first time if you're coming from
51:20
an exchange or you're completely new to Bitcoin.
51:22
There's just so many elements where there's like, fear
51:25
involved, fear about, and I back this thing up correctly.
51:27
You know what? Happens if I lose it, what
51:29
happens if I break it, you know, and so on.
51:31
So I think it's so important and I think that you know, even
51:34
though all the hardware wallet companies are kind of competing
51:36
with each other the same time, I think each one.
51:39
Caters to like a a a different audience, you know, and I think
51:42
the goal is just to to get. Everyone on on self custody and
51:45
so it's cool too. Like the way I think about
51:47
passport is, it's an amazing device to start your self
51:52
custody journey with. But you can level up, right?
51:55
If you want to do passphrases, if you want to connect it with
51:58
Sparrow, right. If you want to connect even
52:00
envoy to your own node, you can do that.
52:03
There's so many advanced things you can do to level up, so you
52:06
can start simple. And then you can move to the
52:09
metal seed plate. You can move to the multi sig,
52:11
you know, you can move to other software vaults.
52:13
You can move to pass phrases. You can move to, you know, bit
52:16
85 people generate child seeds or noster key.
52:19
You can, you can start with passport as a beginner and then
52:23
grow with it for your entire, you know, Bitcoin journey and a
52:26
lot of the other devices out there.
52:28
I feel like it's more like you start and it's more advanced.
52:31
You know and that's fine right. If you're if you're if you're
52:33
comfortable with that like that's awesome right.
52:35
We don't have every feature under the sun either we don't
52:37
have like a seed X or that cold card has you know and and so if
52:41
you want like some of the really hardcore features you know you
52:45
might you might use a different device but I think this is
52:47
something that you know you you really it's like it's it's more
52:50
simple it's more focused and it's really something you can
52:53
you can grow with and you know when we implement a feature.
52:56
It's not going to be like we throw it in there, just throw it
52:59
in there. It's going to be like very well
53:01
thought out and very well executed like WIP 85 which we
53:04
implemented a couple months you know back someone asked is
53:07
asking in the comments too about these magic backups that we have
53:10
in Envoy. It's always scary when you when
53:14
you use the term cloud, so specifically with with Envoy
53:18
just for the mobile wallet side. We have the option to do this
53:22
really streamline 60 seconds set up for the mobile wallet has
53:25
nothing to do with the hardware wallet or anything like that.
53:28
This is the mobile wallet, the hot wallet right that's living
53:31
on your phone. So Envoy has the ability to to
53:34
act as a hot wallet, have a seed stored on the secure enclave in
53:39
your iOS device or your Android device, and what we do if you
53:42
want to is you click set up with magic backups when you're
53:46
setting up Envoy. It actually stores your seed for
53:50
your hot wallet with in the secure Enclave on the phone and
53:55
then it uses either iCloud Keychain or Android Auto Backup
53:59
to back up that seed on your other devices.
54:04
So iCloud Keychain for examples is how Apple is able to sync
54:09
like your passwords and other things between your devices.
54:13
It it doesn't end to end encrypted sync between all of
54:16
your Apple devices. And so all we do is we allow you
54:19
to turn that on for Envoy. What's so cool about that is the
54:23
seat is still there. The seat is still in your secure
54:26
Enclave on your phone. But now if you delete the app,
54:28
come back to it, it actually restores the seed to the secure
54:32
Enclave all end to end encrypted.
54:34
So there's a little bit of trust because you know, Android is
54:38
open source, but like you don't really know what it's doing. iOS
54:42
is not open source, right? So you're having to trust Apple
54:45
that the end to end encryption is actually there?
54:49
But for a mobile wallet, a hot wallet that you shouldn't store
54:52
much money on, we actually warn you, if you store more than
54:55
$1000 of Bitcoin on there, we say, hey, you probably shouldn't
54:58
be putting that, you know, in a hot wallet.
55:00
Like that's a lot of money to store on an Internet connected
55:02
device. So for small amounts of funds
55:04
where you want to just get someone set up as fast as
55:06
possible, I think it's really awesome.
55:08
Of course though, you can always write down your seed, you know,
55:10
instead. So one of the things I like
55:12
about how we're doing these these backups and trying to
55:14
automate it is that it's all based around seed words.
55:17
We're not doing any secret sauce, anything proprietary, you
55:21
know, it's all based on seed words.
55:23
And so the end state, ultimately, is the more hardcore
55:27
you get, the more you want to put your seed into something
55:29
like metal, you know and store it yourself and learn.
55:32
Gotcha. Very, very cool, man.
55:34
That's awesome. They're very badass guys.
55:36
You can go to Foundation Devices Calm.
55:38
If you want to check out the passport and you can also
55:40
download the app, The Envoy. Anyways, everybody, The part
55:44
that you've been all waiting for, the memes.
55:45
But before we get to the memes, guys, Speaking of financial
55:49
sovereignty. You want to take back.
55:51
You want to reclaim your ownership over your money.
55:54
And the way that you do that, it's by running your own Bitcoin
55:56
node. Because if you're not running
55:58
your own Bitcoin node, you're using someone else's.
56:00
Get yourself a Bitcoin node. This is the nodal one.
56:03
It's a full Bitcoin and lightning node.
56:05
It enables you to connect with both the Bitcoin and lightning
56:07
networks. Your nodal acts as a back end to
56:10
the most popular Bitcoin and Lightning applications you want
56:12
to run. Running a personal Bitcoin note
56:15
is the greatest addition you can make to your financial privacy.
56:18
This is the Noddle Dojo. It's in red, and yes, that means
56:21
it's faster. Run your own wallet back end
56:24
with Samurai Dojo and enjoy state-of-the-art coin, joining
56:27
with Samurai Wallet, both straight out of your noddle
56:29
hardware. You could scan the QR code
56:32
directly on your screen and it will take you to the Noddle
56:35
website. Stop using someone else's node.
56:38
Use your own. Anyways, everybody, no more
56:40
delay. Let's jump straight into the
56:42
memes. Let's do it.
56:46
The Daily Meme Review. Brought to you by Kaboom Racks.
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You know, I saw Alex. At the mining Conference
57:17
yesterday. I saw the.
57:19
Boom, boom. Right.
57:20
OK, yeah, shout out to Alex. I just kept, I just, I just kept
57:23
stealing their stickers and just putting on Alex's.
57:27
Yeah, that's what he does to me every time anyways.
57:29
Anyways, this is the meme review.
57:30
This is your favorite portion of the show.
57:31
You literally watch the whole show just to get to the meme
57:34
reviews. Tag me in the memes on Twitter
57:37
at Simply Bitcoin TV or drop them in our Telegram group and I
57:40
will scroll and find them. Or tag me in the telegram group.
57:43
They might get lost. Anyways.
57:44
Tweet to the bullets, memes or the artillery.
57:47
As you can tell, we are in an information war.
57:49
Continue to get the calls of action out there.
57:51
Continue to humor your friends. Continue to ridicule the
57:55
corporate press. Anyways, this next, our first
57:57
meme is by the BTC therapist. And he goes.
58:00
Never too late to stack sets. And before we get into this, one
58:03
therapist, a little bearish on this one, a little bearish on
58:06
this one. But we got I forget, what's this
58:08
guy's name again? Kramer.
58:10
Kramer from I Forget the Show. Now I'm blanking.
58:14
Yeah, there we go, he said, me reminding everyone I was right
58:17
in 20-30 when Bitcoin is $1,000,000 super bearish and
58:22
hits Kramer. Remember Me?
58:24
Remember Me with the Bitcoin logo?
58:25
OK, this next one is by tip under score NZ and there's
58:29
nothing here. And we got to, you know Bitcoin
58:31
couple here, we got they're, they're in love and they're in
58:33
the desert. They're looking at the sky and
58:35
it goes, the answer is written in the stars.
58:37
Bitcoin is going up forever. What's the second pass?
58:40
The reason or second? Pass OK, this next one is by Rd.
58:43
under score BTC. And he says.
58:44
Release the big dogs #inflation and we got the classic doge.
58:50
You know the the soy doge and the buff doge.
58:54
And we got the little baby Soy doge And he goes interest rates
58:56
in 2020. It's all small.
58:58
And then a bigger buffer doge and it goes interest rates in
59:00
2023 And then at ultra buff giga Chad doge dog over here with
59:05
laser as it goes. What interest rates need to be
59:08
to have any effect on inflation. Yes.
59:11
OK, this next meme is by Joe Burnett, aka.
59:14
At What's it I, I Capital. And he goes, money cannot be
59:18
printed forever by Bitcoin, the only asset humans can't make
59:22
more of. And we got this picture here of
59:24
the White House and Fiat dollars.
59:26
Just the capital. Oh, capital, whatever.
59:28
You know I'm not good with politics.
59:30
Capital building with Fiat dollars stacking.
59:33
Up. About to cover it on this next
59:34
one is Bitcoin sapiens and we got this AI generated monster
59:38
with the Bitcoin logo in front of it and it goes.
59:41
Bitcoin has the unique opportunity to starve the beast
59:45
and it's credited to lady anarchy.
59:48
Next me. Shouts out to the boys over at
59:51
the having party. I think this is a Big Sean and
59:55
he goes, Barbara, what do you want?
59:56
And he goes me give me that Bitcoin adoption 2009 to 2040,
1:00:01
Barbara says. Say no more Fam, and we got
1:00:04
this, you know, parabolic line in his head.
1:00:08
It's going up forever, Okay and this last meme is by Lana DBTC.
1:00:13
And it goes. I've seen this turn people mad
1:00:15
and we got the classic template of the guy reading the book and
1:00:18
we have someone reading a book titled How to Get More Bitcoin
1:00:23
and he's open on the page. Work.
1:00:24
The only way to get more Bitcoin is to work and he's in tears
1:00:28
because everyone wants something for free.
1:00:30
Anyways, drop your meme review score in the chat over there.
1:00:33
Over on that side as we cover hours.
1:00:35
Live my meme review score for today.
1:00:38
I don't know if I've done this, maybe it's been a while since
1:00:41
I've done this one, but grokking Bitcoin the book and And if if I
1:00:45
have done this book, then let's go page 179 of Grokking.
1:00:51
Bitcoin OK, all right, what is on page 179?
1:00:55
It says lightweight wallets. OK OK anyways, the I want to
1:01:00
give it this. Where's Satoshi?
1:01:03
2023 Miami Edition scanned the QR code.
1:01:06
I don't know where it takes you, but I think I got this at the
1:01:08
Bitcoin conference. Anyways, Zach, what would you
1:01:10
give those memes? Let's see, I got this this
1:01:15
Bitcoin Magazine Assange issue, which is, which is pretty,
1:01:19
pretty good. I thought those memes were.
1:01:21
Pretty I like. I like the like the haircut one.
1:01:24
I think that was the Barber. That was top notch that.
1:01:27
I like that. That was hilarious.
1:01:28
Shout out to Big Sean. That was definitely Big Sean.
1:01:30
That's definitely big shot. Anyways, so first score is from
1:01:36
skip down the road 6 to 10. Six out of 10 for all memes,
1:01:40
right? It's back to the back to the OG
1:01:43
scores and we got Rave Elevator. I score the memes, Blue gel.
1:01:48
Oh, shots at the pool. That sounds.
1:01:52
Like. We got Jose S BAM I score the
1:01:55
memes A parabolic passport. Adoption.
1:01:57
Bullish. Bullish.
1:01:59
A F All right, are we? Are we buzzing it, OPTI?
1:02:03
I guess so. We didn't run out of scores.
1:02:06
We ran out of the buzzer. OK.
1:02:10
All right, everybody. Thank you so much for tuning in
1:02:12
to another episode of Simply Bitcoin Live.
1:02:14
We really appreciate. We really appreciate you guys
1:02:17
tuning in. I also wait one more score.
1:02:19
I know they're coming in late. They're delayed.
1:02:21
Opti, that's what's going on. Old man bills.
1:02:24
I score it as good as storing my seed phrase on the cloud.
1:02:28
Jesus, bro. Elaine Normies begin to stack as
1:02:31
orb smashing becomes a new thing.
1:02:35
And then another savage score Kife.
1:02:37
I give the memes to empty batteries from the Founder
1:02:40
Founders Edition passport. I don't know what that means.
1:02:42
But optis? Can I say that Opti?
1:02:47
Or am I I? Didn't I avoided it yesterday?
1:02:50
Okay. All right.
1:02:51
I'm not saying that anyways, all right.
1:02:54
We're sensing, bro. Now it's the buzzer and the
1:02:57
meme. The meme review is always chaos.
1:03:00
Anyways, everybody thank you so much for joining us on Simply
1:03:03
Bitcoin Live. We really, really appreciate it.
1:03:04
I want to give a shout out to our guest, Zach from Foundation,
1:03:08
thank you so much for joining us today.
1:03:10
And so why don't you tell everybody where they could find
1:03:12
you on the interwebs and? Where they could buy a passport.
1:03:16
Yeah, thanks so much for having me here.
1:03:18
I'm we're at foundationdevices.com or a
1:03:21
foundation DVCS on on Twitter and I'm just Zach Herbert on on
1:03:26
Twitter. Awesome.
1:03:27
All right. Zach, thank you so much for
1:03:29
joining us. Hang out backstage for a second
1:03:30
while wrap the. Wrap up the show.
1:03:32
Guys, thank you so much for tuning in to Simply Bitcoin
1:03:34
Live. If you enjoyed the show, you
1:03:35
know what to do. Smash that like button.
1:03:37
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1:03:39
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1:03:41
Bitcoin revolution forward is share this content.
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In fact, share all Bitcoin content.
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Get it out there. Don't share shit coin content.
1:03:47
That's counterproductive. There's an after party going it
1:03:50
going down. Opti's holding a Twitter Spaces
1:03:52
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1:03:55
To build your Bitcoin stack. And you could just go.
1:03:58
You could find the swan handle. You can find the simply handle.
1:04:00
Jump into the spaces and opti's gonna be holding down until 2:00
1:04:03
PM Eastern Standard Time. Until then, enjoy your weekend
1:04:06
and we'll see you tomorrow for brand new episode of Simply
1:04:08
Bitcoin Live. Peace out, y'all.