Latest / Simply Bitcoin / Why Does the United Nations Want Bitcoin Banned? | EP 531

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Why Does the United Nations Want Bitcoin Banned? | EP 531 · Simply Bitcoin

0:04
Welcome back, everyone. We are simply Bitcoin.
0:07
We break down the news. The daily fail mean review,
0:09
software releases, Hardware, releases and the plebiscites.
0:13
That's right. This is the weekend recap
0:16
Optimist is joining us once again, he is the captain of
0:21
chaos on our Twitter handle and handles the spaces.
0:24
Amazingly Optimist, how you doing, man?
0:27
What's up, Phil, what's up, everyone?
0:30
Today, I'm going to do some different guys.
0:33
I'm going to put all the skin in the game and I will take the
0:36
mask off boys and girls. So officially boxing today.
0:40
Doxing guys, we are here, this my face.
0:45
What's up everyone? I love you.
0:47
I'm officially full skin in the game with you guys.
0:51
We outchea, I love it. We love it.
0:56
We love it. We knew we knew it was time.
0:58
We knew it was coming close. All right, Nico.
1:00
You know where we're going, we're diving into the numbers.
1:01
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4270 2.79 Moscow. Time 4760, three blocks that I
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haven't 94509 T4 and the samurai Whirlpool unspent capacity.
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Samurai Whirlpool is a coin. Our collaborative spend.
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Not a mixing service. The unspent capacity for that
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pool is 4860 9.8 For BTC, the uneventful numbers Nico, the end
2:05
of the same. The uneventful numbers.
2:07
All right? So I got some interesting number
2:12
data thing that we could Riff on.
2:14
Let's check it out. First one is by the Chad sailor
2:18
on October October, huh? On August 11 2020.
2:23
This is sweet by Michael sailor. By the way, microstrategy
2:25
embarked on its Bitcoin strategy.
2:27
Acquiring 21400 m 54 Bitcoins at an aggregate aggregated prai
2:33
purchase price of 250 million dollars performance.
2:37
Since then since that time microstrategy is 73% up, Google
2:42
is only 51%. Apple is 33%.
2:45
Microsoft is 23%, Amazon is negative. 27 percent meta also
2:50
known as Facebook or was Facebook - 37.
2:53
Percent Netflix looks like a shit coin down - 61 percent even
2:57
though I mean, it kind of become Shit coin lately, they only have
3:01
a couple shut good shows Netflix.
3:03
They went they went a tad woke anyways so interesting
3:10
perspective. We know that microstrategy's
3:12
purchases are down, but I get what he's trying to do.
3:15
Here is trying to say, look if you hold long-term, right?
3:19
If you think long term microstrategy is outperforming
3:22
all the other tech stocks, right?
3:25
So I guess interesting perspective, that was another
3:29
thing I'm going to come back to this once we get to the news but
3:33
there's a tweet by Alex gladstein have them on the show
3:36
he's an awesome guy, 1 billion plus people living under at
3:41
least 30 percent inflation and it probably gets worse before it
3:45
gets better. Right?
3:46
Goes down the list. Zimbabwe, turkey, Sri Lanka,
3:49
Cuba, Venezuela, Argentina. Laos, I'm just going to go
3:52
through the first six, Zimbabwe's that 495 percent
3:56
inflation turkeys at a hundred and twenty two percent
3:58
inflation. Lanka 116 percent inflation.
4:01
I'm sure that had to do with the recent Coop, where all the
4:05
people rated the presidential Palace.
4:06
I think it had something to do with that Cuba is that 85%
4:10
Venezuela's at 84% Argentina's at 77%?
4:15
And it's actually really interesting because a lot of
4:16
these countries like Argentina Venezuela, turkey are actually
4:20
hostile towards Bitcoin usage. So you know, I forget who said
4:25
this it definitely wasn't me. But it said something like along
4:28
these lines, the countries that bad.
4:29
Ban Bitcoin or the countries that need it.
4:31
Most, so really interesting observation.
4:34
Some interesting numbers, Chad sailor, definitely, that's a
4:39
hell of a perspective. My friend, I don't think a lot
4:41
of people are looking at it that way.
4:44
Let's pass it on to fill and then we go to Opti.
4:47
Yeah, I think that I think that Michael Sailors tweet is is
4:51
about zooming out right? Looking at the bigger picture
4:54
and and seeing that look in the in the grand scheme of things as
4:58
Bitcoin continues, Swallow, all of the value that it can, it's
5:05
just going to keep showing, it's just going to keep showing its
5:08
strength. And look, I mean, a lot of
5:11
people right now are screaming about the bear market and all my
5:14
gosh, Bitcoins dead and it's down.
5:16
But look at the end of the day, he still did an amazing move and
5:21
he still managed to destroy all these other companies which are
5:24
supposedly top tier in terms of in terms of their percentage
5:29
rates. For their earnings.
5:30
So you know what he's right zoom out look at the bigger picture
5:35
you know he's doing he's doing great now you know in terms of
5:38
these other countries you know Banning Bitcoin I think it's
5:41
pretty. I think it's actually funny that
5:44
you have different proponents calling for bands on bitcoin
5:47
because at the end of the day all it does is draw attention to
5:51
the fact that it actually cannot be fully band which we saw
5:55
evidenced with the China ban. And we saw the hash rate Earn it
6:00
also. Begs the question.
6:01
Did it ever really leave? So look it's just all it is this
6:05
theater. It really is just government
6:07
theater optimist. Yeah, I've said it before on the
6:12
show and I'll say it again, I absolutely love when Government
6:15
tried to ban Bitcoin because it just proves you can't ban
6:18
Bitcoin and it just makes our point for us and Man by the
6:23
Numbers Bitcoin is still up guys.
6:26
So I don't know what you guys are talking about.
6:28
Numbers still goes up, blocks are still coming.
6:31
In hash is still strong bullish on bitcoin.
6:36
Zoom out. I think we tell you guys that
6:38
every single week just zoom out hot.
6:40
OB. Klein, enjoy your life.
6:41
It's really this simple. Yep.
6:43
That's man. Amen to that.
6:46
I definitely agree. Great Tech from great take from
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Mexican Johnny Depp. But anyways Opti her.
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close.com. All right guys.
7:24
So things are heating up. We've been covering this for
7:28
quite a bit, Elizabeth Warren, on Friday, or we did this on
7:32
Friday's episode, she wrote a letter to the EPA, we're going
7:37
to cover going to read some of her response, which we did on
7:39
Fridays. Don't want to stick to that too
7:41
much but also the United Nations on June 20, June 20, 22 also
7:50
came out with a report it's called All That Glitters Is Not
7:55
Gold, the high cost of leaving cryptocurrencies unregulated.
8:01
So yeah, interesting, let's check some of it out.
8:05
So the United Nations again, it's a giant bureaucratic
8:08
Institution. Let's let's check out what their
8:13
policy recommendations are. They're pretty hardcore, so just
8:18
kind of make a mental mental map of who's attacking Bitcoin,
8:21
right? We have some of the most
8:22
powerful billionaires Warren Buffett Charlie Munger, we have,
8:29
you know, the head of the ECB, Christine Lagarde, you have
8:34
Hillary Clinton, you have Donald Trump, you have China, you have
8:38
the CCP essential. Communist Communist Party of
8:42
China and now you have the United Nations.
8:46
Let's check out what the United Nations had to say.
8:48
In this report, this policy recommendations, it says despite
8:52
recent regulatory responses cryptocurrency remain in a legal
8:56
gear area and most developing countries.
8:59
The cryptocurrency ecosystem is global by nature and many of its
9:02
components are outside the jurisdictions of States clear
9:07
word their look at the wording of States making Currency
9:10
regulation a challenge accordingly, key regulatory
9:13
responses to mitigate the global risk posed by cryptocurrencies.
9:17
Need to come from developed countries in which most of these
9:20
providers have their headquarters, developing
9:23
countries, may have less room to room to maneuver yet.
9:26
The regulation of cryptocurrencies is possible,
9:29
the following policies. Among others have the potential
9:31
to curb the further spread of the risk of cryptocurrencies and
9:36
stable coins. Mind you, right?
9:38
These are a lot, a lot of these are Developing countries, right?
9:41
You have Zimbabwe. You have you have Sri Lanka.
9:44
You have Venezuela. You have Argentina.
9:46
You have Laos Maui Ghana, Ukraine, Pakistan, Iran,
9:49
Lebanon, Sudan, Syria Columbia, Egypt, Nigeria.
9:53
Let's completely ignore the inflation numbers and how it
9:56
protects people specifically. If you save in Bitcoin, right?
9:59
It's a deflationary asset. Let's ignore the benefits.
10:02
Let's ignore the fact that if these developing countries are
10:05
cut off from the Global Financial system, Bitcoin is
10:08
their only way to navigate Negate, the Global Financial
10:11
system and let's let's ignore the fact that it's hard to
10:15
confiscate specially. If these people live in a
10:17
dictatorship like we saw in Afghanistan, right?
10:20
So ignore all of that. Anyways they go on to say
10:22
ensuring comprehensive Financial regulation.
10:25
Through the following actions required the mandatory
10:28
registration of crypto exchanges and digital wallets.
10:32
Make the use of cryptocurrencies less attractive, very similar
10:37
wording. We've heard this before, for
10:38
example, by Jing entry fees for crypto exchanges and digital
10:44
wallets and or imposing financial transaction.
10:47
Taxes on crypto currency trading.
10:50
Ban regulatory financial institutions from holding stable
10:53
coins and cryptocurrencies regulate D the centralized
10:57
finance and they got this part right?
11:01
Such Finance May in fact not be fully decentralized, given its
11:04
Central management and ownership restricting your prohibiting,
11:08
the advertisement of crypto exchanges And digital wallets in
11:11
public spaces and on social media.
11:13
This new type of virtual and often disguise advertise.
11:16
It requires policymakers to expand the scope of Regulation,
11:20
Beyond traditional media, creating a public payment system
11:24
to serve as a public good. Such as here, it is guys,
11:28
Central Bank, digital currency in the light of the Regulatory
11:32
and technological, complexity of Central Bank, digital
11:35
currencies, and the urgent need to provide safe, reliable, and
11:39
affordable payment. Authorities could also examine
11:42
other possibilities including fast retail payment system.
11:46
So there you have, you have the UN if the, um, literally saying,
11:50
right? It doesn't want people to use
11:52
Bitcoin. Forget about all the benefits.
11:54
It wants people to use surveillance coin, the
11:57
bureaucratic wet, dream Central Bank, digital currency is right,
12:01
and this is the message by Elizabeth Warren.
12:04
We already covered this. But this is from the official
12:06
post, right? Says this is to quote, the The
12:10
article says the or the the press release, the results of
12:13
our investigation are disturbing revealing that crypto miners are
12:17
large energy, energy users that account for a significant and
12:20
rapidly growing amount of carbon emissions.
12:23
Our investigation suggests that the overall us.
12:25
Crypto mining industry is likely to be problematic for energy and
12:29
Emissions but little little is known about the full scope of
12:33
crypto mining activity. Given these concerns, it is
12:36
imperative that your agencies work together to address the
12:39
lack of information. About crypto mining's energy,
12:41
use and environmental impacts and use all available
12:45
authorities at your disposable at your disposal to require
12:48
reporting of energy, use and emissions from crypto Miners and
12:52
moving on to the next one. Right here is a post by the
12:57
Bitcoin s.com and check it out. Looks like the ECB is agreeing
13:02
with with Elizabeth Warren the European Central Bank research
13:06
compared Bitcoin mining with someone driving, a fossil fuel
13:09
car Our. And that sense they claimed
13:11
public authorities have the option of incentivize it
13:15
imposing a carbon tax on it or Banning it.
13:18
The research claims the ladder is very probable.
13:21
Why is a central bank getting Into Climate issues?
13:26
Is that I thought this data perogative of the Central Bank.
13:30
Anyways, the guy's the reason that I kind of jumped back and
13:33
forth. Is I want you guys to connect
13:35
the dots, what is happening here, all these old Institution,
13:40
Are under threat just like the sovereign individual predicted
13:45
and they're they're scrambling to regulate this thing.
13:49
They don't want people in developing countries to use it
13:53
to develop an outside economy, that's no longer in their
13:57
control. The central planners want them
14:00
to remain under the Gate or the the encompassing Central Bank
14:07
digital currencies, that's what they want.
14:10
It's absolutely terrifying to me that you have all these very
14:13
powerful institutions and they're attacking something that
14:17
is the most inclusive money. The world's ever seen, it
14:20
creates an open monetary Network its deflationary.
14:25
They don't see any of those benefits.
14:27
They don't give a flying fuck. What they're really concerned
14:30
about is maintaining power and control and That is including
14:35
the United Nations. It's something that Phil always
14:37
says, right Bitcoin, exposes, everybody's incentives.
14:41
And this time is no different. It doesn't matter if it's a very
14:45
powerful Democratic senator, it doesn't matter if it's an
14:48
institution as large as the United Nations.
14:51
The United Nations has been around for over 50 years.
14:55
For doesn't matter. The incentives are being
14:57
exposed. They're really concerned more
15:00
about maintaining control than it is talking about.
15:03
Any of the benefits that Bitcoin provides?
15:06
They don't care, they don't care.
15:08
They don't care. That Zimbabwe has 250 percent
15:12
inflation. They don't have a solution a
15:14
central bank, digital currency does not change anything.
15:19
It's still an ables, the central bank to print more money to pay
15:23
for the bureaucracies and Rich and rich rich people which are
15:27
already wealthy through the continuing effect at.
15:29
Make the lower and middle classes, poor because they don't
15:33
have the capital On the wealth to benefit from asset inflation.
15:36
So like is this is really, really scary stuff.
15:41
Guys. Take this seriously, this is
15:44
just the beginning, the United Nations, the World Bank, the
15:48
IMF, Elizabeth Warren, Hillary Clinton, Donald Trump.
15:53
Charlie Munger Jamie dimon. Those are all very powerful
15:58
institutions and people, and what do they all have in common?
16:02
They hate freedom. Money.
16:04
Also known as Bitcoin fill beautifully said, I totally
16:08
agree. Okay.
16:09
And I just wanted to, I just wanted to also add that, you
16:11
know, the only thing that the bureaucracy knows how to do as
16:13
you were reading through that, right?
16:15
It makes it painfully apparent. That the only thing, the
16:17
bureaucracy knows how to do is introduce red tape and
16:22
unnecessary costs, and hurdles, and they think that by doing
16:27
this all well, you know what, this is going to dissuade
16:29
people. You know, something I think at
16:31
this point, we it's becoming painfully We are how Fiat money
16:35
is starting to unravel and doesn't work properly.
16:39
So they are going to need to increase their rhetoric.
16:42
They are going to have no choice and it's actually it's really
16:44
awesome that you covered this because we actually got in in
16:49
our Fountain FM where people stream us at somebody actually
16:53
asked us about essentially, how is the banking system.
16:57
You know, how essentially how does the how is the banking
17:01
system energy-intensive in? Into Bitcoin.
17:04
And the reason why I bring that up is because you see their
17:07
whole battle, their whole battle is about.
17:10
They pretend that it has to do with proof of work and the
17:13
environment. They pretend that they care
17:15
about you just like you said, Nico didn't give a shit.
17:17
They couldn't care less about the environment, they have one
17:19
thing on their mind, how do I maintain my moat?
17:22
How do I hang on to power? How do we make sure that we keep
17:28
being the group of people that makes the rules?
17:32
Okay, this is the Only concern and the thing is is that the
17:37
rest of us are so busy running around just trying to make ends
17:41
meet and figuring out you know, like what's going to happen
17:44
next. That nobody really has time to
17:47
argue with them. We just okay, fine.
17:49
We just need the money to work, but you know something that's
17:52
again. Where Bitcoin fix this, it made
17:54
it possible for us not to have to do this.
17:56
We get to opt out of all their stupid Shenanigans and we say,
17:58
you know what, I don't have to come and argue with you about
18:01
these points that don't matter all, I Need to do is stack SATs
18:05
and opt out of this system. And yes, people think that
18:08
banning Bitcoin is going to work.
18:11
You know what, let them try, let them try to ban Bitcoin.
18:15
I've said this in the past, I think you said this in the past
18:17
to Nico. I'm sure Optimist has two guys,
18:20
the price May fluctuate based on current events, but make no
18:24
mistake the desire for human, freedom is always there.
18:28
It's always been there, so it's not going to go away and they
18:32
will fail. They just don't know it yet.
18:37
Absolutely. I completely agree and also
18:39
snuck into that report. I think is a good visualization
18:42
before I pass it on to Opti, right?
18:44
Is they did the homework on digital currency ownership as
18:49
share of population. This is such a Monumental
18:52
problem for them and I think this is why they're freaking out
18:56
11% 12% of Ukraine. Remember, Ukraine made it
19:00
illegal for crypto so 12% of the population.
19:04
Owns it Rush Russian Federation. They did something quite similar
19:08
Venezuela, right, Singapore, Kenya, Kenya 8% Singapore, 9.4%
19:14
the United States of America, 8.3%.
19:18
I even think that they color coded it between advanced
19:22
economies and developing economies.
19:24
That's so funny. That, thank you, un.
19:27
And dude, a lot of these comments, a lot of these
19:30
countries better said have high inflation.
19:35
But of course, this is not Ever talked about.
19:37
It's like in Argentina when the IMF pressured, the Argentinian
19:43
government to accept that bailout in return for.
19:48
Yeah, just been Bitcoin and crypto yy8.
19:53
The, the people are never talked about it.
19:56
And when they talk about financial stability, to me what
20:00
it looks like, is there more concerned about their own
20:03
Survival, then they, they, then they are about Out the
20:07
well-being of the people in that country, right?
20:11
Yeah, Opti, what are your thoughts on this brother?
20:15
Well I really love that we have in their own words exactly what
20:20
we've been telling you guys for years now that they are fighting
20:25
Bitcoin and finding any way possible to block the exit door.
20:30
And as they said in their very own words, they're trying to
20:32
make Bitcoin look, less attractive to the normies out
20:36
there guys. If that doesn't expose
20:38
everything they want to do, we say it all the time, Bitcoin
20:42
exposes people's true incentives.
20:44
And all you got to do is just pay attention to it and it's
20:47
very obvious at the end of this at, they're trying to push
20:49
cbbc's on us as the solution. And furthermore, I said it last
20:53
week, I believe, or during the week about I really love how the
20:58
the powers-that-be those in power right now, frame Bitcoin
21:02
as a revolution and payment when we all know that that is not why
21:06
we're here. We're we're here to fix the
21:07
money. The money is broken.
21:09
They have printed way too much money and the system can't
21:13
handle it. We can only see how far they can
21:16
kick. The can down the road, but we
21:18
all know why we're here. 21 million hard cap is
21:21
non-negotiable and they can try to frame us any way they can but
21:26
we know the truth they want to block the exit door to bitcoin
21:30
and it shows so Bitcoin exposes their incentives and it's very
21:33
obvious. Once you pay attention,
21:35
absolutely, it really? And I think the I think this is
21:38
all going to culminate, really into one single question.
21:42
Should a government or a country?
21:44
Really force you to earn in a money?
21:48
That loses value over time. Very simple question.
21:52
And you know what? They're not going to want to
21:54
answer it there where they're going to Gaslight, they're going
21:57
to deflect, they're going to do everything in their power but to
22:00
try to answer that simple question and Bitcoin, it's a
22:04
vote for just I don't believe in your system.
22:07
It's much deeper rooted to fill. You hit the nail on the head.
22:10
It's much deeper rooted than they understand, right?
22:13
It's I don't want to participate in your system anymore because
22:17
it's unfair, it's unjust. I'm sick and tired of being He's
22:21
stolen from. I want to try something better.
22:24
If their system was as competent as they say it is, then people
22:28
wouldn't be choosing a different system, but people are choosing
22:32
a different system because they want to.
22:34
And again, another thing before we go to the fail, this is why
22:38
crypto gives Bitcoin a bad name because they're able to combine
22:43
the two and say, hey, all this bad stuff that crypto did, all
22:47
the rug pulls all the defile, the bullshit.
22:51
Ah, this is why we should ban crypto.
22:53
This is why we should ban Bitcoin because of all these bad
22:57
things, and, of course, it doesn't talk about any of the
23:00
benefits, right? The benefits of a worlds on a
23:03
deflationary currency, but that puts governments in a really
23:06
hard spot because they're going to have to answer for a lot of
23:10
things that under a Fiat system. They normally wouldn't have to
23:13
answer for anyways. Phil it's time for the daily
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fail brought to you by Swan. Check them out swan Dot-com
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automated Bitcoin savings, plans instance, purchases, whether you
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got 10 bucks, 10 million dollars, five million dollars.
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Swan has you covered DCA with Swan?
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The link is down below. As I mentioned, as I mentioned
23:36
earlier, there was a somebody streamed us SATs it was actually
23:39
middle underscore age. Dev and actually had a question
23:43
he goes how exactly is the banking sector energy intensive.
23:49
So very A point, right? Because we have mentioned this
23:53
in the past that hey you know what?
23:56
We always pay attention to Bitcoins energy use because it's
23:58
transparent. What about the banking sector?
24:01
The banking sector has a couple more layers.
24:04
So anyways did some digging wanted to see what I could come
24:06
up with and I found this pretty interesting article here, that's
24:10
actually from Nancy O's but it was published on NASDAQ.com.
24:14
So here we go Bitcoin consumes less than half the energy of the
24:19
banking or gold. This trees.
24:23
So a recent report from Galaxy digital found that the Bitcoin
24:26
Network consumes less than half the energy consumed by the
24:29
banking or gold industry, the research report from Galaxy,
24:32
digital calculated, the energy consumed by the Bitcoin Network
24:36
and then compared it to other Industries, including the
24:39
banking industry, it found that Bitcoin consumes 103rd 113 Point
24:45
89 terawatt hours while the per year while the banking industry
24:51
consumes 72 terawatt-hours. Now this is back in.
24:56
This is this article is from May 20. 21, just to give people some
25:00
perspective on that, Bitcoin is a fundamentally novel
25:03
technology. That is not a precise.
25:05
Substitute for any one Legacy system.
25:09
According to the report, Bitcoin is not solely a settlement
25:12
layer, not solely a store value and not solely a medium of
25:14
exchange. There is no denying that the
25:16
Bitcoin Network consumes a substantial amount of energy but
25:20
this energy consumption is what makes it it so robust and let's
25:26
take a quick look at this chart right here and we can easily see
25:29
the banking system. The estimated energy consumption
25:33
per year gold and Bitcoin can clearly see that chopped in
25:39
half. So I think I definitely think
25:43
that this goes back to something that we've said in the past, if
25:47
you value censorship resistant, if you, if you value money, that
25:51
is not centrally controlled. And cannot be debased.
25:55
Then it's important that Bitcoin consumes this energy through the
25:59
use of proof of work. So, and I think that we did a
26:03
pretty good job of showing that it actually does consume far
26:07
less energy than the banking sector, which really only does
26:10
one thing which is produce fake money.
26:12
So anyways, before I move on to the before I move on to the next
26:16
parts, will go to Nico. See if he has any thoughts on
26:18
this and then optimist. you're muted, dude, it's striking
26:24
because look That isn't even being questioned because the
26:32
banking system is seen as oh, that's incest.
26:34
That, you know, that's necessary, right?
26:36
But what about in countries that the banking system doesn't work?
26:40
What about in countries? That Bitcoin is the only option,
26:42
right? What about that, right?
26:45
Of course that isn't talked about that isn't brought up and
26:51
yeah, look it. It's really important to be
26:54
armed with this knowledge because at least you could fight
26:56
back. When someone tells you Something
26:58
differently. And what I saw in that graph
27:02
also for audio listeners is it's not only banking that uses more
27:05
energy than Bitcoin. It's also the gold mining
27:08
industry that uses more energy the Bitcoin, right?
27:11
And then not to mention the last thing before I pass it on to
27:13
Opti, right? Is that Bitcoin uses energy that
27:16
was already going to waste stranded energy?
27:19
Because if not, it wouldn't be economical for minors.
27:22
If it's if it's energy, that's being used.
27:25
Then it out proud says a minor in the minor can be efficient.
27:28
And a minor definitely wants to be efficient, especially during
27:31
a bear Market when the profits decrease, right?
27:35
So yeah look it's just again, it's important to be armed with
27:39
these because what people are going to say to this is no, gold
27:42
is necessary, banking is necessary.
27:45
And then what you should say is Bitcoin is necessary and they're
27:48
going to say no it's not and it's like you have Financial
27:51
privilege, my friend, you obviously live in a country that
27:54
has a stable Financial system. Most countries Don't have that,
28:00
right? So you definitely live in the
28:01
west, right? So yeah man, this is a it's just
28:06
Al arming dude. But again these people don't
28:08
care about the facts, they care about power.
28:10
Anyways Opti, what are your thoughts?
28:12
Yeah I was going to first Echo. One thing.
28:15
You said Nika that Bitcoin mining doesn't compete with
28:18
everyday, a electrical uses that prices out the Bitcoins.
28:22
And then second, I'm going to Echo what David Zale said and
28:26
what Nico just said if they're framing.
28:28
Bitcoin as having no legitimate uses then you can pretty much
28:31
dismiss everything they're saying off rip I know that's a
28:35
maybe not the best heuristic but I fully believe if people can't
28:39
be open to the idea that Bitcoin is useful then you already know
28:42
where their bias is and furthermore as we've been
28:46
talking the fact that politicians and the like are
28:51
framing Bitcoin as this big energy intensive process that is
28:58
Taking away electricity from under other.
29:00
Other uses when in reality, Bitcoin is such a small little
29:04
industry and compared to the amount of pollution that's going
29:08
on on the planet Earth to do. As you guys say, banking, or
29:12
gold mining and you guys reminded me of a really great,
29:17
sorry. Presentation, by fryer Haas, I
29:18
forget what the title is but I think it was yellow Rock bad and
29:22
he fully destroys this Narrative of Bitcoin being more Luton than
29:29
Banking and gold mining. So definitely go check out all
29:32
the research. But guys tldr we know that
29:35
Bitcoin is the cleanest industry period and the facts have been
29:40
showing you that so they can fight us all we want but we
29:43
understand that Bitcoin is helping the grid.
29:46
It is making sure that people are finding better uses of
29:49
electricity cheaper uses of electricity and the free market
29:53
will find the solution if we zoom out.
29:57
Absolutely Sorry. Go ahead and you go.
29:59
Yeah. 100% Johnny Depp with the signal Phil what is the next
30:02
phase of my friend? All right here we go, let's add
30:05
zombie movie. Starring it's all right, got it.
30:13
Alright, so here we go. Let's let's dive into some
30:15
bullshit. Here we go.
30:17
We never have we ever weekend without without something.
30:20
Going horribly wrong in the in the defy, shit, coining world.
30:24
So why why would this weekend be any different?
30:27
It wouldn't wouldn't Be any different.
30:29
So premium in 10ft tool, hacked pretty mint user wallets
30:35
drained. Oh wow, we're shocked
30:38
preeminent. Is an NF T service intended to
30:40
help project creators build access lists, for new and ft
30:44
projects based on various qualifications.
30:47
The project appeared to be compromised on July 17th.
30:51
And users were asked to sign transactions, that allowed
30:54
hackers to drain all assets from their Wallace.
30:58
It's as of yet unclear. How much was lost to the hack?
31:02
But pricey and ft's were stolen, likely amounting to more than
31:06
half a million dollars. We keep telling you that the rug
31:10
pulls her, the use case, for this stuff.
31:13
I know that people keep calling us toxic and we just don't have
31:16
any insight and we're not understanding the technology.
31:19
Look, you guys, aren't? I think there's a lot of shit
31:21
coiners out there that don't understand that.
31:23
This is a literally, literally, the whole point of this is to
31:27
rug pull you, okay? That is the whole point of this
31:30
stuff. Anyways, just thought that was
31:32
an interesting little piece before I found this article here
31:37
and I think it I believe it is our our researcher, the resident
31:41
researcher pleb. That found this one.
31:45
So here we go. Let's dive into it.
31:47
Let's dive into it. Crypto Founders say it's not
31:50
their fault, they're enabling Ponzi schemes.
31:53
Uh-oh, it's not their fault, but but we're not going to stop
31:56
building even though we're enabling scams, we're not going
31:59
to stop that. Okay, let's take a look at this
32:02
one. Aaron Davis, and Diane Finley,
32:05
both cofounders of the crypto, currency wallet, service, met a
32:08
mask. Are well aware that the tech is
32:10
tied up in all sorts of fraud. These operations are operating
32:15
within a massive legal gray area with Regulators, particularly in
32:19
the United States up, no harm. No foul gray area.
32:22
We're all good. Putting your money and
32:24
cryptocurrencies is gambling Davis told motherboard, I'm not
32:28
saying that we have I'm not saying that what we have right
32:31
now is the future of finance and move your life savings over.
32:36
A lot of people are advocating that and I think That is
32:38
extremely dangerous Behavior. Yes, this is true.
32:41
There's a lot of shit coiners that do.
32:43
Absolutely Advocate to put everything you have into crypto
32:47
and guess what so did unfortunately a lot of the you
32:51
know the get on zero people in the Bitcoin space, right?
32:54
They are not absolved of this. It definitely that doesn't work
32:58
for everyone. Anyways, metal mask has played a
33:01
key role in allowing average consumers to access their
33:04
etherium wallet online. The brand is owned by census
33:09
developer of some of the most commonly used tools in the
33:11
space. Now, for the people who don't
33:13
know, consensus was started by Joe Lubin.
33:15
Joe Lubin is the co-founder of etherium and around the circle,
33:18
jerk we go, okay? All of these are connected.
33:21
Aetherium consensus met a mask. Anyways, since meta masks
33:25
launched back in 2016, countless nft projects have cropped up
33:28
that make use of the ethereum blockchain and with them a
33:32
barrage of pyramid, schemes scams and fishing operations.
33:37
Hmm. Kind of interesting that it's
33:39
happening on aetherium which, you know, which as we know had
33:43
this had the 70% pre mine and we also know has that wonderful
33:51
little graphic of the. It is the I think it's the the
33:54
pyramid the the Pyramid of etherium which all I'll provide
33:59
that graphic. So you could pop it up.
34:01
Anyways, open. See?
34:03
One of the largest nft Marketplace has even admitted
34:05
back in January that 80%. This is Signal here. 80% of the
34:09
nft s-minted through its free creation, tool are spam scams or
34:16
otherwise fraudulent. I don't know if people
34:19
understood what I just said, free creation tool, you know how
34:23
people are trying to tell you that NF tease our art.
34:25
And then that it's scarce. Just told you there's a free
34:29
creation tool to create this garbage anyways.
34:32
Anyways, I digress. We will continue.
34:35
Davis told another board that he wasn't surprised by this.
34:38
Of a theory and base scams while his partner pointed at much,
34:42
larger structural issues with the technology here.
34:45
Now, we're leading into some other signal, there are so many
34:49
different kinds of failure that are happening all the time.
34:53
That's why we have a whole entire segment dedicated to the
34:56
fails here, because there's that much failure.
34:59
But when it comes to actually doing something about the
35:01
countless scams and Ponzi schemes, the to didn't have much
35:05
of an answer. Well, of course not the, you
35:07
know what I mean? They're getting to read seek
35:09
because of these scams, so they're going to keep their
35:11
mouths shut. Anyways, the founders, the
35:14
founders argued their hands are tied.
35:16
All they can do is to make sure Bad actors.
35:19
Don't get too much attention. Despite their own tools,
35:22
allowing them to flourish in the first place.
35:27
Here we go, without meaningful government intervention.
35:31
These schemes are likely to go on in the near future.
35:34
Besides meta masks Founders aren't actually a game.
35:38
Regulation Finley told motherboard that their company
35:41
would love to beat governments to self-regulating.
35:45
Now, that is really interesting because if they truly did desire
35:50
a self-regulating space, they would have built on bitcoin.
35:55
They wouldn't have built on a shit chain but they did.
35:59
And it's because There is no skin in the game, required to
36:04
build on this. Okay, there is no skin in the
36:07
game required whatsoever. But with Bitcoin, if you choose
36:11
to build on bitcoin, you have to build something that is actually
36:14
going to provide value. Whether it's a service, whether
36:18
it's a product, and therefore bitcoiners and even non
36:23
bitcoiners May stumble into your service or product and say you
36:26
know what, this is worthwhile but on aetherium, you don't have
36:30
to do that. I just read to you.
36:31
You can create forget about meta mask, but go to the nfc's.
36:35
You can create those for free on Open Sea, okay?
36:39
We've also explained in the past and you can go look this up.
36:42
You can create a shit coin in ERC 20 token for as little as
36:46
$25, zero skin in the game. Anyways, it's just really
36:52
unfortunate. And you know what?
36:54
To me this just sounds like hey we can't really do anything
36:59
about the problems but We welcome regulation because we
37:03
can't do it ourselves. I it just sounds like a sad
37:06
excuse. So that people don't hate them.
37:08
Anyways, Nico. Your thoughts, dude.
37:13
Fill the shit coin, Slayer. Those are my thoughts.
37:15
No, but seriously. Oh God.
37:21
Look, I think this is my thought.
37:26
The fit. Well I'll be honest when we
37:28
first started the fail I thought I was a lot of noise but the
37:33
more filled did it and did a great job, the more I realize
37:36
how necessary in the field is because it exposes the
37:40
misrepresentations in the lives and the marketing ploys and I
37:46
think that it's just important to highlight man.
37:52
And I think it's important to talk about And dude I don't want
37:57
to keep repeating my responses that I have every other day.
38:00
So I'm going to be original. That's my response.
38:04
I'm grateful that Phil exposes that shit.
38:08
I'm really I really think it's important and I think it's a
38:11
vital part of the show man because all you get is just this
38:16
fucking city of Miss representations of shit coronary
38:19
on YouTube that is just so damaging so bad and a lot of the
38:25
other Bitcoin. Animals as awesome as they are,
38:28
we love them. All of them.
38:30
None of them want to get their fucking hands dirty and get into
38:34
the bullshit. So, shout out to you.
38:38
Phil loved it. That's I'm going to change it
38:41
up. That's my stats.
38:42
My Nico Sunday, rant optic. What are your thoughts?
38:46
Awesome. Yeah, first off, I really,
38:50
really agree with you guys at the daily fail is super
38:53
important. I've seen a lot of comments of
38:55
people saying Like man, I am so glad you guys did the daily fail
38:59
because it showed me how wrong I was.
39:02
And then secondly, I read this article myself and the article
39:08
damn near has these meta Mash creators admitting to the fact
39:13
that the tech is broken and that they all are on Ponzi nameks,
39:18
economics, quote-unquote, and that, they all know this, it's
39:21
the dirty secret of shit coronary.
39:23
And it's like, man. Amazing.
39:27
But you guys reminded me of a tweet that Ryan Sean Adams put
39:31
out and he's a big he's guy and it blew up over the weekend.
39:35
He goes, mainstream thinks cryptos a scam.
39:38
How do we change this? And I literally stole this tweet
39:41
from someone but it's the perfect tweet and it's just stop
39:44
building scams like ah it's fundamentally that easy.
39:49
You know, we do this every single day of trying to tell you
39:52
guys, there's a difference between Bitcoin and crypto.
39:56
And this is the different people building on bitcoin aren't
39:59
trying to build Ponzi schemes and then just push it on retail.
40:03
Have you noticed that no Bitcoin companies?
40:06
This downturn have had a liquidity crisis and only shit
40:09
coin message? Have had a very crisis and so
40:13
funny on that tweet though, I replied what when you ask that
40:16
question, I said eat going to 0 and you know the funny thing is
40:21
he he thinks that were cavemen. He thinks that heat, you know
40:24
what I mean? Like you see these comments on
40:26
these People and and we are supposedly the backwards fools
40:29
that don't understand. It's like don't you get it that?
40:33
You're whatever technology. You're pushing, whatever
40:35
technology narrative you think you're pushing, doesn't need to
40:39
be a frickin token. We say this every freaking
40:41
episode I don't understand like it's like how much more do you
40:45
need to see that? Yeah file-sharing doesn't need
40:47
to be a freakin token. The eith Ponzi, doesn't need to
40:50
be a token. All the shit coins that are on
40:52
it. They don't need to exist to
40:54
provide their service. Yep.
40:57
It's true man. And I'm calling it right now
41:00
aetherium and Phil you did a great job covering this on.
41:03
Friday's episode aetherium is when they if they successfully
41:10
moved to proof of stake. If right?
41:13
They might write but they're going to attack Bitcoin with
41:19
everything they can hey they want to take over.
41:21
They don't give a shit about separating money from State they
41:25
want Lambos. And I think it's really
41:27
important that we just keep staying on top of all that
41:30
bullshit. But anyways, Phyllis time for
41:32
the daily meme review brought to you by Citadel 21 is the best
41:36
Bitcoin culture, Xena stories, articles Comics by actual
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bitcoiners is artwork for volume 10's artwork for volume 11.
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And this is artwork for volume 2.
41:45
When I get back to Miami, I'll show you the new artwork for the
41:47
new thing but I'll be gone for a while.
41:49
Anyways, there's only 1000 physical copies made per volume.
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So get your prints of Citadel 21 today before they run out.
41:55
Alright everybody Welcome to to the Daily Bitcoin mean review
41:57
where review Bitcoin memes? It's Sunday so I'm not going to
42:01
use say my usual bit alright anyways hottel never saw little
42:05
Bolivar, Lira Zimbabwe dollar, Sri Lankan Ruby Fiat currencies
42:09
dying all around. It's the it's the template with
42:12
Anakin Skywalker and padmé for audio listeners.
42:15
But Euro and dollar are safe, right?
42:18
I don't need Bitcoin, right? Oh, it's great.
42:21
Hot on never saw Will great meme.
42:22
Next one by coin B. Grandkids are going to think KT
42:26
back in my day I could buy 500 SATs for $1.
42:30
Oh, that's funny. That's us, that's us not too
42:34
long. Phil's gonna get his wish and
42:36
become see now. All right.
42:38
Next one. If, you know Phil, you get that.
42:43
If you know Phil, you get that joke.
42:44
All right. Next one Bitcoin, we solve the
42:46
Byzantine generals problem and created a Global decentralized.
42:49
Currency crypto coin has dog. It's so true.
42:53
All right. Next one.
42:54
Sat symbol gradually then suddenly We if you look very
42:56
deeply in the dollars a Bitcoin, we all know that's not true, but
42:59
it definitely looks cool. All right, here's dare field.
43:03
Bert the Bitcoin standard, it's a giant shark and the little
43:06
tiny fish is the Fiat standard. Doesn't feel that way.
43:09
We're definitely getting a lot of punches that fish definitely
43:11
knows that a bunch lately, all right?
43:14
It's the, you know, it's I don't want to say it the interesting
43:18
looking guy looking at his computer drinking coffee and
43:22
then looking at, you know, the company asked me to solve a
43:25
technical Problem, but Bitcoin isn't the incentive for that.
43:29
It's so it's true. You can't create a token, all
43:33
right? Next one.
43:34
It's by cause had him on the show.
43:36
Great guy stops right there. No one gets past here without
43:39
paying the meme tax drop. Your latest saved Meme and then
43:43
drill roggers Finance Bros when they find Bitcoin you are
43:46
without a doubt. The most toxic hateful people
43:49
I've ever heard of bitcoiners but you have heard of us.
43:52
Ha ha ha. An awesome memes.
43:57
Awesome memes by the plebs, shout out to everyone in our
44:01
inner telegram group, join it right now so you can link us
44:04
Bitcoin memes to review. It literally is free.
44:07
All it requires is a click down below.
44:09
Its little simple click. And you can join the telegram
44:12
group. And you can link has been going
44:13
to review anyways, for that. I'm going to give it.
44:16
And if you know, Nico, Nico loves wearing tank tops.
44:19
When he's not wearing represent hoodies, he's wearing represent
44:21
tank tops. I'm going to give it this space.
44:24
Ibiza tank top, That I got any bizu when I went to space.
44:30
I mean, it never mind. Anyways, still, what would you
44:33
give those memes? For some reason, I saw space
44:36
pizza and I was like, damn, I never heard of that pizza.
44:38
But anyways, I love that score. I am going to give it.
44:41
Hopefully, this is going to be my savior for my new laptop, the
44:45
connector, the USB to USB the USBC to USB a adopter.
44:50
Let's hope this is the Saviour. Hey adapter savior adapter.
44:54
Anyways, Johnny, Terry, what would you give?
44:56
Those memes very necessary. Adapter, I'm going to give it
45:02
the block size War bum. Everyone needs to read that.
45:07
Yeah, they're very good book. Very good book anyways guys, we
45:11
want to know if you agree with those scores.
45:12
You just great, a lot of us, know down in the comment
45:14
section. Comment, comment, comment,
45:16
comment. Make sure to subscribe to us on
45:18
alternative video platforms, like, Rumble.com, and our
45:21
personal favorite Bitcoin tv.com.
45:22
And if you're listening to the audio version of the Go on
45:26
Twitter spaces, make sure to stay until after the show where
45:31
Johnny Depp from Simply Bitcoin and Jacob from Swan are going to
45:35
do a live Q&A and hang out. Anyways Phil there was an open
45:37
source software least today wanting to everybody about it
45:39
software releases, brought to you by Cipher safe, check them
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out. Cipher safe dot IO papers, dead
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store, your seed in steel store, your seat in the Cipher wheel or
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the all new Cipher grid. They both come with a
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tamper-resistant wire and the grid comes the punch tool.
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All right, we've got Galore money version, 0.1 0.2 19.
46:03
That was released Galore. Money is a Bitcoin banking
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solution with self hosted infrastructure or banking as a
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service. You can also launch a Bitcoin
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Community Bank using the same shared custody model, easy to
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use, lightning wallet that helped Bitcoin Beach build a
46:22
circular economy and the link to that is Down Below in the show
46:27
notes, guys, we always say it. Don't forget to check us out on
46:31
our Audio. Only platforms, Apple podcast,
46:33
Spotify and anchor. If you want to stream a SATs.
46:36
Check us out on Fountain. Dot f m--.
46:38
You could stream assets through Breeze.
46:40
Awesome, thank you for all right guys, I want to give a very
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special shout-out to our awesome clothing.
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Sponsor represent LTD.com Optimus is wearing it fills
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Oh yeah. And I'm wearing the represent.
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It's comfortable as fuck. Anyways, I also want to give a
47:12
special shout-out to Simply Bitcoin dot news.
47:14
Www.simpleandsensational.com, Legendary, Pirate.
47:18
Beach Bum, the most toxic pleb on the Internet is doing the
47:22
Articles. He's doing the writing is
47:24
exposing the frauds in the space.
47:26
He's also doing bear Market Diaries.
47:28
Very cool stuff. I also want to give a shout-out
47:30
to our own Johnny. Depp you go.
47:32
Give him a follow on Twitter at my Living Truth.
47:37
Hey guys, I was a show if you enjoyed the show you don't
47:38
seduce me. Of course you want to continue
47:41
here in the Bitcoin, use from the pre-planned perspective in
47:43
the catastrophic fields from the same perspective.
47:45
Definitely consider subscribing to Simply Bitcoin.
47:48
As you tomorrow guys, for a brand new episode, the only
47:51
thing that bureaucracy knows how to do is introduce red tape,
47:54
create unnecessary Costs to maintain their moat.
47:57
Bitcoin fixes this.