Latest / Simply Bitcoin / Bipartisan Bitcoin Bill Introduced in US Congress, GAMECHANGER | EP 502

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Bipartisan Bitcoin Bill Introduced in US Congress, GAMECHANGER | EP 502 · Simply Bitcoin

0:07
Hi everybody. Welcome to Simply Bitcoin.
0:09
Very special episode fills out for the week.
0:12
You guys know the deal. I'm coming at you live.
0:15
Well I'm recording this live from Bitcoin Park in Nashville,
0:20
Tennessee. And we're Bitcoin Park is is
0:22
just a little complex. It's not really little rights to
0:25
two houses Bitcoin TV studios in here too.
0:29
I did it. Rabbit Hole recap episode with
0:32
Matt Odell from it. Awesome.
0:34
Hopefully, I'll be able to record their for tomorrow, fills
0:37
out for the week, like, I mentioned.
0:38
So so who's co-hosting and said, is the legendary Optimus field,
0:42
so he's going to be in for the week.
0:45
But anyways, let's get to the numbers brought to you by.
0:49
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trusting someone else's. That's a big No-No for privacy.
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So get yourself a novel today. All right, so it's gonna be a
1:14
little bit different today, guys, because I'm doing the
1:16
numbers this whole week is going to be a little bit of a change
1:20
up. We're going to spice it up.
1:21
So I picked my favorite numbers metrics.
1:24
They're going to be a little bit different than Phil's bear with
1:27
me. Please comment, down below.
1:28
If you wanted to, we want us to go to the previous numbers.
1:31
But this is this is the Neko special.
1:33
Anyways, the price at the time of recording is 30 1992 SATs per
1:39
dollar. Also known as Moscow, time is
1:41
3227 market cap is at 590 billion, that's tiny held in
1:48
corporate treasuries, meaning the amount of Bitcoin held in
1:51
corporate treasurers is 1 million, six hundred and sixty
1:54
thousand Bitcoin block height 739 1783 A total lightning
2:01
network capacity, 3 1978 Bitcoin, and the amount of
2:07
reachable Bitcoin nodes continues to go up at 16,000 36.
2:12
So overall very good numbers and because Optimus Optimus Fields
2:17
is co-hosting with me this week. He is going to be hosting the
2:21
numbers anyways. Optimist, what do you have for
2:23
us today? I don't even know, so I'm going
2:25
to be surprised too. Beautiful.
2:28
Well I hope I can make you proud.
2:30
One point that I wanted to make is I was following am boss and
2:35
it said that we have reached 4K lightning or 4K, bitcoind and
2:41
public lightning channels. So that Clark Moody needs to get
2:44
updated. Lightning network is going up.
2:47
So bullish, guys. Super bullish.
2:49
Alright guys, so I'm here to give you guys a numbers and I
2:54
saw this really cool thread by a And I do Gary, and let me throw
2:59
this up for you guys, and I think it makes a really good
3:04
point. That is definitely dear to my
3:05
heart. I really feel that this is
3:08
something that changed my life and I want to emphasize this for
3:11
more people. So, if you can see here on the
3:13
bottom, this is a do Gary, quote tweeting Logan.
3:16
I'm not sure who he is. But, anyways, he did a great
3:18
tweet and he says you shouldn't be forced to invest your money
3:21
in order to grow or even preserve your well, saving, your
3:24
money should be effective, but our current monetary system.
3:27
Mm, punishes saving this creates, massive Downstream
3:30
problems, and Bitcoin fixes this.
3:32
So there's a great thread. You guys can go follow, but I do
3:35
Gary did a great, great comment and he goes, I follow a large,
3:38
local Facebook group and every day, I see multiple people ask I
3:41
have X amount of cash. Give me ideas to invest it.
3:44
Amount from as little as $100 to 100K people from all walks.
3:48
No, they can't hold onto cash and feel pressured to put it to
3:51
work. It's at so guys, I know exactly
3:56
what This feels like Nico and Phil say it all the time, when
4:00
you start houghtaling Bitcoin, everything starts getting
4:02
cheaper. But the point that I want to
4:05
make here is the idea that Fiat money is so bad.
4:09
That even the normal person can understand, you can't save and
4:13
Fiat. So, I saw this chart by Fred st.
4:16
Louis fed. And this came out, I believe it
4:19
was last week and this is the personal savings.
4:22
We write that the Fred is putting out.
4:25
And if you look It's at 4.4 percent, which if you go back,
4:30
hasn't been this low since what mid-2008.
4:34
So if you remember, what happened in 2008, we had a
4:37
pretty big Financial catastrophe and in situations like that
4:42
people should be saving for these uncertain times.
4:45
Well, it looks like we're back in the same space and people are
4:48
not saving money and furthermore, it doesn't really
4:52
matter whether you are rich or you are poor.
4:54
It's the same idea. Everyone is Honey, keep up with
4:57
the Joneses and they are living paycheck to paycheck and they're
5:01
not saving money. So if you look at this headline,
5:03
it says, one in three Americans earning two hundred fifty
5:06
thousand dollars or more. Say, they live paycheck to
5:08
paycheck. Like, how can that be possible?
5:11
Well, like I said, people are trying to keep up with the
5:13
Joneses. They're all trying to look rich.
5:15
No one wants to say because they understand you can't save money.
5:18
You need to buy assets, you need to buy things because your money
5:21
doesn't hold value. So, to be exact, 36 percent of
5:25
Americans, taking home, a quarter of a million. $10 or
5:27
more claim to be running out of money, paycheck to paycheck,
5:30
according to a 4000 person survey.
5:33
So, guys, this study isn't necessarily saying that these
5:37
people with money don't have, you know, any leftover money,
5:40
but it's getting more harder for them to keep up with these big
5:46
salary. So, guys, if even rich people,
5:48
can't live like a normal life. What do you think an average
5:52
person's going to do when the Fiat money is completely being
5:55
destroyed. So guys, No, your Bitcoin.
5:57
ER I know you understand what's going on but the average person
6:01
is feeling it there feeling the sticker shock, the inflation
6:04
shock, and it can't be hit anymore.
6:06
No one saving money. The dollar is freaking going,
6:09
getting inflated. Like the average person is
6:12
feeling the effects of inflation and they can't hide it anymore.
6:15
So, guys, I know you're a bit corner but we need to really
6:18
push it and emphasize the idea that guys, it really just starts
6:22
with saving money. Like, that's the fundamental
6:24
thing. You guys need to stop.
6:26
Living above your means. Save in Bitcoin.
6:29
And as Matt Odell we say, just stay humble Stacks at.
6:33
It's not glorious. It's not as you know, as amazing
6:38
as as a getting a huge 10x gain with your shit coin, but this is
6:45
the the way that you build wealth, guys.
6:47
Stacks at stay humble trust the process.
6:50
It works. It's done it for me.
6:52
It's done it for Nico. It's done it for a lot of
6:54
friend. This is the way just trust the
6:56
process. And save some money guys.
6:58
Saving Bitcoin and your future will be fucking awesome.
7:02
Nico. What do you think?
7:04
Yeah, man I think I think you hit the nail on the head and opt
7:08
opt. He's finding out this.
7:09
What I call them this is a nickname.
7:10
Optimus is too long to say every day.
7:13
So op T is is a good middle ground.
7:15
He's finding his voice, he's finding his broadcasting voice.
7:19
It's absolutely glorious to see this.
7:22
This happened in real time. Every time he gets a just a
7:25
little bit better. It's Ian awesome to see in terms
7:28
of the saving. Yeah.
7:30
Bitcoin is you're saving in a deflationary currency that means
7:34
that the value of your savings just grows goes up in value over
7:38
time, versus what you have in Fiat, which is it's an
7:41
inflationary currency. Meaning it goes down in value,
7:45
right? And a lot of people are like,
7:46
oh, the Fiat is stable. That's what you hear.
7:48
A lot of the central Bankers, say it's stable.
7:50
There's too much volatility in Bitcoin.
7:52
Well, that's a scam because the volatility in Bitcoin.
7:56
It goes up, right? So it's going up into the right
8:00
while the so-called stability and and stable coins and in
8:05
Fiat, right? The original shit coin, its
8:08
stability going down. So what would you rather have
8:13
short-term volatility, but always going up into the right,
8:17
or Short-term stability. But always going down.
8:22
Slowly draining your life energy.
8:25
So the benefits of saving in a deflationary currency is all of
8:30
a sudden the money that you work for it, gains value over time.
8:34
So your purchasing power increases over time.
8:37
So in the psychological effects of that are crazy because all of
8:41
a sudden you have hope for a future because in the Fiat
8:44
system, you're constantly working for church.
8:48
Writer earn more money to try to stay afloat, which is why you
8:52
hear all these stories of the paycheck to paycheck, right?
8:55
We've covered this a lot. Right?
8:56
We had that Financial Times article of a British dude with a
9:00
good job, but he said very something similar to that
9:04
article. He was worried about the future.
9:06
How is it that we live in a society that you working a
9:10
full-time job, but you're still having doubts whether you could
9:12
make rent or not. That isn't the system that isn't
9:16
your fault that isn't because you're not working hard.
9:18
Hard enough. That is literally because the
9:20
money is fundamentally broken, right?
9:23
And that's what Bitcoin fixes. So yeah, it's really important
9:26
that we keep highlighting that Opti.
9:28
So that more people understand the power of saving in a
9:32
deflationary currency and look, here's the thing.
9:35
Yeah, you could trade, you can gamble on shit coins, but then
9:39
you're risking losing future purchasing power, right.
9:42
Which is why we're such big gap. Big Advocates of dollar cost
9:46
averaging on the show. But anyway, Is Opti it's time
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All right, guys, we're gonna change it up today.
10:27
We actually release the poll on YouTube and we asked you guys.
10:32
Hey, would you guys like it? If we switch the daily fail
10:37
segment to the Daily News segment, the majority of you
10:39
guys said yeah, you would like to see that sometimes and the
10:43
reason that we're starting off this week is because obviously
10:46
you guys know the deal or if your To this channel, my strong
10:49
suit is the news because that's what I cover every week and fill
10:53
usually takes care of the fail. So we're gonna start off with
10:56
the news today and we got some very, very big news.
11:00
This is sent Senator Cynthia lummis, she is the Bitcoin
11:03
Senator. And today's the day, the famous
11:07
bipartisan so called crypto bill was introduced today.
11:11
It was a big deal. I don't know if it's going to
11:14
pass but anyways, let's check out this CNN NBC clip because I
11:17
think it's a Doric moment. Anyways, check it out.
11:20
Hey Senators, two questions for one is and I'm sure you saw this
11:24
a little over a month ago of fidelity.
11:26
The largest a 401k manager in the country announced that they
11:30
were going to offer Bitcoin to users or to Consumers.
11:36
Companies have to choose to allow their employees to put
11:39
Bitcoin in their 401ks. Labor Department came out and
11:42
said, this is a terrible idea. What do you think?
11:47
I think the labor Department's wrong.
11:49
I think it's wonderful idea should be part of a diversified
11:53
asset allocation, and it should be on the end of the spectrum of
11:57
a store of value. Obviously.
12:00
If you have a fully Diversified asset allocation, you have some
12:03
assets that you want to produce income in the short run.
12:07
You also want some assets that are just a store of value and I
12:13
think that's where Bitcoin, really sure.
12:15
Mine's, I think it's some of the hardest money that's ever been
12:18
created in the world. Hear that.
12:20
And for that reason. It belongs as a slice of a
12:24
diversified asset allocation for retirement, funds, Senator
12:29
gillibrand. You agree disagree.
12:32
No, I agree. And that's why this piece of
12:35
legislation is so important. And why it's so timely, once you
12:39
create basic, infrastructure, around these types of digital
12:42
assets, where there are disclosure requirements, where
12:45
they have a regulator where there's full transparency, that
12:49
is going to create the safety and soundness in the market that
12:51
will give other people comfort that this is a market that is
12:55
here to stay, it's one that is properly regulated.
12:59
And one that has oversight and Ability.
13:02
And that's what this legislation is going to do.
13:05
So while many people are uncomfortable with where these
13:08
digital assets are being used or offered today.
13:10
Once a regulatory Frameworks put around it, there will be more
13:13
Comfort there. So I said absolutely insane and
13:17
the reason that I find this extremely bullish guys, it's
13:21
bipartisan. And that is so important because
13:24
Bitcoin cannot become a partisan issue.
13:26
So it's a Republican senator, and a Democratic senator
13:30
extremely bullish. Really like that.
13:32
Good news. Anyways, let's check out some
13:35
headlines from the Articles covering this, this is
13:37
MarketWatch, right? Bipartisan crypto, bill would
13:40
have cftc, oversee, Bitcoin ether, and most other digital
13:43
assets and here's the Bitcoin magazine article.
13:48
I highlighted a lot of the things but honestly guys what
13:51
I've noticed is that nanako's which excellent writer Works.
13:55
A Bitcoin magazine. This Thread did a great job at
13:58
covering this which I think would be the most appropriate
14:00
rather than just Eating out, you know, these these these
14:05
articles. So anyways now Mako says,
14:07
Senator Cynthia lummis has officially released her Landmark
14:11
Bill covering Bitcoin digital assets.
14:13
Here are the major points in the bipartisan Bill introduced, with
14:16
Senator gillibrand medium of exchange, the bill and cursing
14:19
encourages the usage of Bitcoin digital currencies, as a medium
14:23
of exchange. It provides a tax exemption for
14:26
transactions of up to $200. That is absolutely huge because
14:30
how it stands today. Is every transaction.
14:33
Let's say you transact in Bitcoin.
14:35
You have to report capital gains on that and that's kind of a
14:38
bitch like excuse my language. But it really is especially if
14:42
you're just buying a coffee or buying a soda, right?
14:45
And you kind of have to calculate every time you do
14:47
that. Oh, you know, I have to I have
14:50
to do the taxes for this so it's really good that there's an
14:53
exemption of $200. I wish it was more an Audi would
14:56
go on a limb. I wish it was unequal pairing
14:59
with Fiat, but I think we'll get there eventually.
15:02
Commodity or security, the bill defines a framework for
15:05
differentiating, which digital assets are Commodities and which
15:09
are securities. It uses the how we test to
15:11
determine and in soleri asset is not inherently a security.
15:15
And in soleri asset is an intangible.
15:17
Fungible asset that is offered sold or provided to a person and
15:21
connection with the purchase or and sale of a security through
15:24
an arrangement or scheme that constitutes an investment
15:27
contract. So to be classified as a
15:30
security to digital Must provide the holder with a debt or
15:34
Equity, interest in business, entity liquidation rights,
15:37
entitlement to interest or dividend payments from entity
15:40
profit Revenue, share. Okay.
15:42
So, what does all that means? And that means that this bill is
15:44
going to clearly, which by the way, because I guess it's based
15:48
on the Howey test and it's not a government bureaucrat deciding.
15:52
What is security and what is not a security.
15:55
I guess it's better. I'm I kind of take the
15:59
libertarian approach. I don't want.
16:01
Aunt government deciding this but I guess this is better than
16:05
nothing and this is extremely bad news.
16:08
For the majority of shit coins right now, ikos goes on to say
16:14
digital assets, not fully decentralised and which benefit
16:17
for an entrepreneur and manager managerial efforts that
16:20
determine the value of the assets, but are not debt or
16:23
equity and don't create rights to profits, or other financial
16:26
interest. In the business entity are not
16:28
Securities in some, the Jordy of large digital assets would be
16:34
classified as Commodities under the text introduced by Senator
16:38
lummis and seller gillibrand. So it's good.
16:40
The majority of Bitcoin and shit coins, right?
16:42
The merger should coins would not be classified as Securities
16:45
and I don't think that's the government's place to get to
16:48
decide that. That's my perspective.
16:49
A lot of bitcoiners would say, you know, what classify them as
16:52
Securities? Let the shit coins die.
16:54
I think, we need to have a free market solution to that not
16:58
government intervention. Bitcoin needs to beat the shit
17:01
coins on the the free market not through government coercion.
17:05
So it's goes on to say Bitcoin. And ether guarantee does
17:08
Commodities Lamas and gillibrand grants the cftc exclusive spot
17:13
Market jurisdiction over all digital assets classified, as
17:16
Commodities SEC and cftc are are tasked with studying and
17:23
Reporting on the creation of self-regulatory organization,
17:28
that could complement. The regulatory work energy, the
17:31
bill also. Requires a study on the power
17:33
consumption of digital asset. Miners, the bill Provisions that
17:37
minors are not to be seen. As Brokers is very important
17:40
guys because you remember the language and the infrastructure
17:43
bill was not clear. So potentially there could be a
17:46
conflict of interest where Bitcoin miners could be seen as
17:51
a treasure by the treasury, right?
17:53
As potential money. Transmitters, and if their
17:56
potential money, transmitters they need to tell the government
17:59
who their money transmitting for.
18:01
But Miners, don't have that capacity.
18:03
So it's very important that they are clarifying the language,
18:06
right, 401K. Right.
18:08
This is kind of a push back at Elizabeth Warren.
18:11
She kind of made a big deal about how people's 401 k should
18:15
not be invested in Bitcoin consumer protection.
18:18
The bipartisan bill will require providers of digital assets to
18:21
disclose information about their product, self custody very, very
18:26
important. The bill, grants the rights to a
18:29
person to keep and control digital Assets, they own.
18:33
And I think that last part is the part I'm most bullish about,
18:36
because that's something that we've been reporting over the
18:39
months that Phil and I have been doing this is they are fighting
18:43
against self custody. A lot of governments are in
18:46
Korea. We saw that exchange that ban
18:48
self custody all together so now that it's on paper, right?
18:52
That self custody is allowed, right?
18:55
Even though to bitcoiners that might sound like, who the who,
18:57
who are you mister government to tell me?
19:01
How I can and cannot store their well, I think that it's a
19:05
positive that at least there's some legal protection.
19:09
They're not a, I know the big Corners are not fans of that,
19:12
but I think during this transition period between Fiat
19:16
and Hyper Bitcoin ization and we're in this weird, you know,
19:19
transmission the transition period.
19:21
I think that having these legal protections are actually a good
19:25
thing. Now it's bad news for a lot of
19:27
shit coin scammers. If this goes into law, right?
19:30
And in terms The price, right? Which is something that we don't
19:33
talk about very often on the show.
19:35
But I am going to mention it. This is very good.
19:38
And the reason it's very good is because this gives Clarity to
19:43
companies that want to invest in Bitcoin.
19:46
This is a regulatory framework before there was none.
19:50
So, Bitcoin is in this weird gray area to them legally.
19:54
So there's a risk to that with this, it offers Clarity to them
19:58
and that is a good thing because they will feel more.
20:01
Aunt and buying Bitcoin as an alternative to cash, right?
20:05
So, let's see how this plays out.
20:07
I don't know if this is going to pass.
20:09
I'm sure there's going to be a lot of pushback.
20:12
You could be what Phil always says cautiously optimistic.
20:16
Let's see how this works out. Anyways Opti.
20:18
What do you think about this, bro?
20:21
First of all, I it's super awesome to see Senators talking
20:25
about Bitcoin in the same way that we do as a store of value
20:29
as the hardest money ever. And of course, in theory.
20:31
It's would say that but to have what's-her-name gillibrand agree
20:35
with what she's saying and she's the Democrat like Nico saying
20:38
it. It's just beautiful because we
20:41
say every week, you know, Bitcoins incentives, beat
20:44
coercion, and you're seeing it in real time.
20:47
So that's the first point that I'd like to make the second.
20:50
One is, of course, Nico brought it up, the 200 dollar tax
20:52
exemption. Obviously, we'd help is bigger.
20:55
But hey, it's a good first step. And I think, you know, we'll see
21:00
that. Maybe this is setting a
21:01
precedent. Resident and and like Nico said,
21:03
who knows? If this will actually get pushed
21:04
through. But I think this is a good
21:06
starting point. And then the last point that
21:09
Nico said about the regulatory Clarity, I saw Jack mahler's
21:13
talking about. I think it was on Rabbit Hole
21:14
recap and again to emphasize as a bit Corner.
21:18
We are not saying that we want the government to, you know,
21:22
attack shit going to bring them down.
21:24
But what we're saying is that, by having this regulatory
21:27
Clarity, we can finally get these big legendary
21:30
institutional investors to come into Do the space and actually
21:33
be able to trade in this market like professionals, which means
21:38
that there will be less Camry. They'll be a lot less rug pulls
21:42
and the crypto Traders out there going to get absolutely wrecked
21:45
because people that really know how to trade are going to come
21:48
in and start doing some real business and moving the market.
21:51
So, super bullish for, you know, the price but also I think very
21:56
bullish to eventually in the short-term find regulatory
22:00
Clarity so we can see exactly. Actly.
22:02
What we're doing over here? I mean, we know what we're doing
22:04
but the people that don't that are still afraid that still
22:07
think of Bitcoin is risky. At least they can get some
22:09
guidelines and come in and and, you know, actually participate
22:13
in the market. So super bullish, but we'll see
22:15
what actually happened. So I think this is a good place
22:18
to start and yeah man, shouts out to Cynthia, lummis and
22:22
gillibrand. Let's let's get some more
22:24
Senators out here, pushing Bitcoin, absolutely let.
22:27
And we're going to really see what Senators fight back.
22:31
And sis, right? And that will give us at least
22:34
as a community. Guys.
22:36
This is going to be, they're not going to give over those keys
22:38
lightly, like we're going to see where it's really going to
22:42
expose, what Bitcoin, what senators are against Bitcoin on
22:46
those send on the Democratic and the Republican side, and what
22:49
senators are against it. And by knowing that, we know who
22:54
to Rally against politically and vote them out of office,
22:57
specifically in the United States, right?
22:59
So, let's see how this This goes, I think it's a landmark
23:03
bill, I think is a very historic moment Bitcoins.
23:06
Not even 12 years old. It's like, it's a brand new
23:08
thing and we're already here, right?
23:10
So absolutely crazy. Let's see what happens.
23:13
But if you're just a hard Allure at home, this is it really going
23:17
to be a big deal to you. This doesn't really change.
23:19
This is more. So from the institutional
23:22
standpoint. Anyways, David's L released this
23:26
crazy crazy tweet today. It was linked to this website,
23:31
the website. Name is financial inclusion
23:33
Tech. I will put it down the link
23:34
description like always and check it out.
23:39
It's the point of this. Right is really aimed at
23:45
Senators. Right?
23:47
And it's it's I wouldn't say it's coercive.
23:53
I wouldn't say I think that this is just a, you're making a case
23:59
you're setting your setting the narrative, your Trying to this
24:03
is what Bitcoin does. This is what shit coins.
24:07
Don't do. Maxine Waters is on here, right?
24:11
Maxine Waters, is the senator that was pushing Central Bank,
24:15
digital currencies, we played you that video, we have Senator
24:20
Housley the the Senate leader for the Republican side, Mitch
24:23
McConnell Senate, leader for Democrats Schumer, we have house
24:30
senate. House leaders for the Democrats.
24:33
Nancy Pelosi house senate, leader as house leader for the
24:37
Republicans Kevin McCarthy. So, David's L, which is part of
24:40
the Bitcoin policy Institute. We had him on the show like a
24:43
week or two ago summarizes in my opinion, the most important
24:49
parts of this letter and how it was aims at human rights leaders
24:56
from 20 countries and how specifically Bitcoin And stable
25:02
coins. This is a shot across the bow
25:04
against crypto because they're not included in this, right?
25:08
And what they do is they ate in the struggle for Global Freedom.
25:12
Anyways, let's check it out with current.
25:14
By the way. We've been covering this stuff
25:16
diligently and I think what this letter does is it summarizes
25:19
everything that's simply Bitcoin has been covering right?
25:22
And it puts it in an easy way to consume four senators.
25:26
And with this does guys also is it gives us ammunition when you
25:30
hear those photos? It goes from The New York Times
25:33
about the energy usage about how Bitcoin is just useless and it
25:37
doesn't justify the energy. Now.
25:39
We have this type of ammunition you're saying, listen is what I
25:42
said at the Bitcoin conference. If you're against Bitcoin,
25:44
you're against Freedom, right? This is really what this letter
25:46
says. Anyways today human human rights
25:50
leaders from 20 countries. Told Congress how Bitcoin and
25:53
stable coins Aid in the struggle for Global Freedom.
25:55
The letter was signed by some of the most respected activists in
25:58
the world whose stories deserve detention.
26:01
When currency could cast, review, struck Cuba Afghanistan
26:04
and Venezuela. Bitcoin gave Arkham preacher,
26:06
it's Refuge when crackdowns on the civil liberties.
26:09
Befell Nigeria, Belarus Hong Kong Bitcoin helps keep the
26:12
fight against authoritarian authoritarianism, a flow after
26:17
Russia invaded Ukraine. These techniques ice
26:19
Technologies played a role in sustaining Democratic
26:23
resistance, especially in the first few days when Legacy
26:26
Financial systems faltered, that's right.
26:28
Remember that the Ukraine, the country whether you agree with
26:31
him. Directly or not what's going on?
26:33
They use Bitcoin as a forum to raise as a mechanism to raise
26:38
money. For the war.
26:39
We write to urge an open-minded empathetic approach towards
26:42
tools that are increasingly playing a role in the lives of
26:45
people facing political repression and economic
26:47
hardship, just as some of us have acted to defend the open
26:51
web in the past. Today.
26:52
We stand to defend an open monetary system and its powers
26:56
to connect the world. Last one.
26:58
You recently received a different letter from a group of
27:00
critics. Claiming that cryptocurrency is
27:03
an unproven a seal and a solution in search of problems
27:06
are problems are real. And the proof is in our stories
27:10
and work. The last one is so powerful.
27:12
And that is a message that we have been echoing on simply
27:16
Bitcoin and we have covered. All of these catastrophic
27:19
events. Whether it's Cuba, whether FSF
27:22
Gana stand, whether it's Venezuela, we have covered the
27:25
stories about how people are using Bitcoin.
27:29
As as as as really a life. Load in this hellish landscape
27:34
where their local currencies have failed them.
27:37
And again just to re-emphasize. This is really a shot, a shot
27:42
across the bow, not only to the Bitcoin critics, but also
27:46
cryptocurrency also known as shit coins because what is
27:49
mentioned, there really is Bitcoin and stable coins, shit
27:53
coins and including stable coins.
27:55
I might add. But the reason that they
27:57
included stable coins because stable coins provide, especially
28:01
If you're an Argentinian, her Venezuelan, if you acquired
28:05
dollars, you were in a very privileged situation.
28:09
Optimus is showing his El Salvador Bitcoin Beach shirt
28:12
showoff. So what stable coins allow is it
28:16
allows the Venezuelan the Argentine to acquire those
28:20
dollars much easier, right? Because you don't have to go to
28:23
the Hoops. You don't have to get the
28:24
physical cash, right? You don't have to store it in a
28:27
bank account, and it gives that so-called stability that Got
28:31
money gives you but as Optimus covered earlier on the section
28:36
is it really stability are like it?
28:38
Do you may be in the short term right?
28:40
Because it's not losing value so fast but it's not stability over
28:44
the long term. I would say that Bitcoin gives
28:46
you more stability over the long term but it does have short-term
28:50
volatility. So I think that in this
28:52
transition period. I think that stable coins do
28:56
serve a purpose, but I don't think it's going to be like that
28:58
forever. Anyways, another historic
29:01
Letter. And I don't think it's a
29:03
coincidence that this letter was released on the same day as the
29:08
lummis bill, okay? That's not a coincidence.
29:11
There's some political strategy there.
29:14
Anyways, those are my thoughts optimists.
29:16
What are you thinking? Well, first off, I just want to
29:19
say that David killed it on the simply Bitcoin episode.
29:23
It's a must listen, it was absolutely fire and a second off
29:27
it that all those articles and that website It just hits me
29:33
harder every time when I see people using Bitcoin as it's
29:37
supposed to be in my opinion, like I know we come from the
29:41
Western World and for most Americans or westerners, it's
29:44
just pure speculation. And you know, my meme is all of
29:47
life is speculation, so I'm not going to knock it.
29:50
But I love to see when people use Bitcoin to escape inflation
29:54
to escape censorship to escape. Tyranny.
29:57
It's beautiful. It just it's further proof that
30:00
we are on the right. Path.
30:01
And what we're doing is the righteous cause and it just it
30:05
gets me more high. Like I'm literally getting
30:07
getting the goose bumps right now because this is like, why?
30:09
This is why we do what we do. This is why we have all these
30:13
memes. It's is why we're obsessed with
30:15
Bitcoin is because we see it's actually changing the world in
30:19
real time and saving individuals from catastrophes.
30:23
That are frequent. Did nation state governments.
30:26
Absolutely. I could not have said it better
30:29
myself. See this, this bill this letter,
30:35
they all serve as a function. What is the function?
30:38
The function and my opinion is that it exposes really?
30:43
What political operatives are really against Bitcoin and who
30:46
supports Bitcoin. And that gives us the ability to
30:50
vote these people out, right? So it's a historic Bill.
30:54
Let's see what happens. I would not hold your breath and
30:57
if you're hot Allure and you just stay humble Stacks at
31:00
psycho, Del always says, This does not affect you as much.
31:05
Hold on. Before we go before we go.
31:07
I'd like to add a message from Nico in the past here against
31:12
Bitcoin. You're against Freedom.
31:14
Oh my God, Opti. And and the soundboard, hit the
31:17
Sailor, bro, hit the Sailor One. What's the second best?
31:23
There is no second best, that's my favorite one.
31:26
But anyways, Opti, it's time for the daily meme review, brought
31:31
to you by sitting out 21, it's the best Bitcoin cultural scene.
31:34
It's stories articles Comics, by actual bitcoiners, every volume
31:39
has different artwork. Does the artwork for volume 10?
31:41
This is the artwork for volume to, it's almost sold out and
31:44
this is the artwork for volume 11 and their scarce is only
31:48
1,000, physical copies per volume.
31:50
So get Your physical print of Citadel 21 today before they run
31:55
out. Alright, everybody, Welcome to
31:56
the Daily Mirror view. We review Bitcoin memes.
31:58
Bitcoin memes. Play an essential role, not only
32:01
in Bitcoin culture, but in this narrative trench warfare that
32:04
were fighting every single day. Hand two hands on the
32:07
battleground of the internet. Memes are very effective way to
32:12
transmit truth. If it is a true, then people
32:15
would not understand it. Anyways, first mean by Greg zag
32:20
RIS happens fast. As Faust, Greg Faust, the
32:23
fastest things on earth, cheetah airplane, speed of light.
32:26
Shit. Coin.
32:27
Rug pull. Absolutely true.
32:29
Next one by toxic at simply Bitcoin.
32:32
It's a clown, It's the clown. And this is actually really
32:35
funny. Because what the Federal Reserve
32:38
released, this is how scared they are.
32:40
They release this on Twitter, I'm not even kidding.
32:43
They released a thing. Basically, making the argument
32:45
that the price of eggs is unstable and connect us with.
32:50
I've been saying The argentines and opt he's first piece.
32:54
And what I what I was saying during the news, right?
32:57
Is that stable coins, offer this fake sense of stability but the
33:01
more you zoom out it just goes down.
33:05
You're just losing purchasing power.
33:07
So you could make the argument that stable coins, provide
33:10
short-term stability versus the volatility of Bitcoin.
33:14
But without a doubt, the volatility of Bitcoin act goes
33:19
up over time. So it's actually A good thing to
33:22
hold Bitcoin, verse table coins over a long period of time,
33:25
right? Anyways, next one.
33:27
By VG, pour your party. I can't believe this is
33:31
happening. A u.s. senator talking about git
33:33
repos and plebs. What a time to be alive.
33:36
Toying with Git repo or some other tool to collect plead
33:39
comments. Thoughts on novel ways to do
33:42
that, or welcome, fucking crazy. What world are we living in?
33:46
Sorry is a repeat next. One by one.
33:49
One punch Pepe don't ever talk to me about Ilysm when you want
33:52
to offer communism as an alternative died under a
33:55
capitalist State died under a communist state.
33:57
Absolutely hilarious. All right, moving on.
34:00
This is like these people are so out of touch.
34:03
They're so out of touch. This is a, you know, one of
34:06
those posters that you see next to a bus stop, when an abuser
34:09
controls your fan ances, they control you.
34:12
Oh really? What does the government do,
34:16
man? Oh, man.
34:18
These are excellent memes and look the bottom.
34:21
Um safe spaces like shut the fuck up.
34:23
Like I know I know what it was aim for but how people process
34:28
it is totally different. Anyways, I'm going to give a
34:30
very special meat as score. I am at Bitcoin Park in
34:34
Nashville, Tennessee. And what they do is really cool
34:37
Bitcoin artist actually put a piece of Bitcoin art and every
34:41
single room in every single hallway.
34:43
I have this one in this particular room.
34:46
Let's check it out. If I could turn the camera,
34:48
which I can't. Here we go.
34:50
Boom. Boo, it says haters and it's the
34:55
bank on fire. It's the famous one.
34:57
He also made the famous one with Wells Fargo.
35:00
Let me cover things so it's better.
35:02
But anyways Opti what would you give those awesome memes fire
35:07
memes like always shout out to shout out to the one.
35:10
Small Pepe guy he said that was his first meme.
35:14
Well your first me made simply Bitcoin so keep memeing fire,
35:17
fire stuff. Alright so my score is going to
35:20
be this very Special meme tarde pins that I got from Full Metal
35:27
hottel Legend, very, very good scores.
35:31
Anyways guys, we want to know. If you agree with our scores,
35:33
you disagree, let us know down in the comment section.
35:36
Make sure to join our pop and telegram chat.
35:39
Its a party in there. You could link us.
35:41
Bitcoin means to review and we will review them on the member
35:44
of you will try to at least. And of course, make sure to
35:47
subscribe to us an alternative video platforms like Rumble.com
35:50
in our personal favorite. Bitcoin tv.com.
35:54
Bitcoin TV is awesome. I'm in the home a Bitcoin TV
35:57
right now. The Bitcoin TV, official Studios
35:59
downstairs, it's badass. But anyways Opti it's time for
36:03
the daily fail brought to you by Swan.
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Check them out Swan Bitcoin.com. That's right, the best way to
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The Is down below. All right, guys, so this isn't
36:24
going to be a filthy fail. This is gonna be an Eco fail.
36:28
Let me know down in the comments, what you think of Nico
36:31
fails, obviously, Phil and I think differently.
36:34
So it's going to be a little bit different.
36:36
Anyways, next this one very funny tweet by dick Whitman,
36:40
fellow pleb. Give this guy a follow.
36:42
This is a story of NF T's. And the complex multi-layered
36:45
scam. That is aetherium.
36:48
The jpeg I bought eight worth one Ethan anymore.
36:51
One, eat ain't worth 4K and no more and 4008 worth 4,000
36:56
anymore. Haha.
36:58
Dude. What the fuck?
37:00
What is money? Anyways, let's check out this
37:03
Vice article decentralized crypto exchange offline after
37:09
hackers steals 113 million freaking dollars.
37:16
That why does this keep? Keep happening a couple things
37:20
if it was decentralized, then it wouldn't be offline.
37:24
If it was decentralized, then they wouldn't be able to steal
37:28
that 113 million dollars over and over again.
37:31
The decentralized is in name only and connect us with the
37:34
infrastructure Bill, if the infrastructure bill passes, this
37:39
type of shit will be very difficult to do.
37:44
It's not that it won't be impossible, it will be possible.
37:47
But the the size of the rug pulls will decrease because
37:51
their ability to be official to be above ground, will be greatly
37:55
diminished hackers found a flaw in a decentralized
37:58
cryptocurrency changed exploited to steal and estimated 113
38:02
million dollars on Sunday, the founder and CEO of Meyer.
38:06
A decentralized exchange that bills itself as the future of
38:11
money. The future of money were rug
38:13
poles happen all the time, because that's what I see all
38:15
the time on ethereum. Like, that's what I see.
38:17
That's the Future fucking money. Like shut the anyways the and
38:21
the and it's look it's almost it's almost pronounced like
38:24
Enron the elrond blockchain that that it runs on wrote on Twitter
38:28
that he and his team were investigating a set of
38:30
suspicious activities on the met her decks, as it turns out the
38:34
suspicious activities. Were those of the hackers, but
38:38
at that point the hackers had already done the damage
38:40
according to a blockchain researcher who goes by Fall
38:44
dress the hacker stole around 1 million six hundred fifty. 1000l
38:48
Grand. The native token of the L
38:50
Grinnell Grand blockchain with around 113 million dollars at
38:55
the time of the hack. The hacker used three wallets to
38:57
drain funds from the exchange and were able to sell 800,000
39:01
elrond, which caused the price of elrond on mayor exchange
39:05
knows die from 76 25 dollars from just explain.
39:10
It's unclear of It's Always unclear.
39:12
If you notice that it's always about how the rug fools happen.
39:15
It's always unclear. They always don't know how to
39:17
do. Look.
39:18
It's very simple, it happens every time because a lot of
39:22
these so-called decentralised exchanges are not decentralized
39:26
than they're based on Smart contracts that are very
39:29
difficult to audit and they're very difficult to see what's
39:33
going on. This is not the future of
39:37
Finance, that's that's a single point of failure.
39:39
That's a single point where you have to trust in somebody else.
39:43
You compare that with Bitcoin. It's not that trust is gone in
39:46
Bitcoin but it's trust minimized.
39:48
Anyways it's unclear how the mayor team was able to retrieve
39:52
the funds or how exactly the hack occurred Miku.
39:55
Received not one but two main a upgrades, which typically refers
39:59
to rolling out a new blockchain version, on Tuesday, the fact
40:03
that you could roll out a blockchain and you Blockchain
40:06
version, literally points out that it's not decentralized on
40:09
Tuesday. Morning's taking provider ever
40:11
stake to doubt that it happened that it had happened to its
40:15
nodes. A new version of elrond, elrond
40:18
is an upstart blockchain not anymore.
40:20
The launch in 2020 pitching itself as being uniquely.
40:24
Scalable uniquely, right? They always use the same
40:28
buzzwords like it's so stupid. Decentralized exchange is like
40:31
Meyer are similarly recent Innovations and differ from
40:34
centralized exchanges. Such as coinbase because they
40:36
run on Smart contracts and there is typically no centralized
40:40
order book to match orders among users.
40:42
See, that's true. That's true.
40:46
There is no server data letter, that type of function.
40:51
But the problem default here guys, and this is what I want.
40:54
You guys to remember, is the Smart contract.
40:58
Don't read over the smart contract.
41:01
Remember, can you audit what that car?
41:04
Does? Smart contract says, Very few
41:06
people can. And what you're doing is you're
41:09
trusting look at the amount of trust that this takes your
41:13
trusting, that that smart contract is not going to rug
41:17
pulley. So there is trust, I would say,
41:21
this is worse than a centralized exchange because the centralized
41:25
exchange at least has legal push back with a centralized
41:29
exchange. If they just rug pull you, at
41:32
least, you know who to call the cops on with us.
41:36
Our contract. It's like, no, it's an n on.
41:38
It's just going to relieve. You never gonna see that money
41:40
anymore, which is why it happens all the time, which is why you
41:43
rarely hear of these people getting their money back and
41:47
which is why it's over. It's over a billion dude.
41:50
I think in the last year it's so crazy.
41:54
Look another hint that this isn't to centralize however, as
41:57
previous incidents leading two decks down times have shown
42:01
certain setups can calves critical points of failure as
42:04
well. I would make the argument Meant
42:06
that all set ups that are based on Smart contracts, have those
42:10
critical points of failures. It's just that some haven't been
42:14
exploited yet and some have so the issue here, this is what I
42:18
want you guys to remember, is the amount of trust that is
42:22
required to run these so-called exchanges, these so-called
42:27
exchanges will not survive. The current bill, the current
42:31
bipartisan crypto bill will not survive this, right?
42:35
It does not Pass that test, right?
42:38
So again, I'm not a fan of government regulations stomping
42:42
out the competition, but I think overall It's not that it will
42:47
make these things in possible to happen.
42:50
It's that the level and the amount of rug pulls in my
42:54
opinion, will decrease. And I think that overall, that
42:57
will be a net benefit for their overall space.
43:01
It I think these things are scams.
43:03
I think when you hear the word smart contract, you should run
43:06
away with Bitcoin and simple. Do you have the private keys or
43:10
do you not? That's it.
43:13
If you have the private keys and no one else has them, that
43:15
Bitcoin ain't going anywhere for the end of time, right?
43:18
So yeah that's how I feel about it.
43:21
Anyways Opti. What are your thoughts?
43:24
What are your thoughts on another decentralized rug pull?
43:30
Yeah. Well I was literally just
43:32
telling my friend today how I hate using the word
43:34
decentralized for anything because it's lost its meaning
43:37
because of the shit Corners, everything is the centralized
43:40
decentralized that and it's just all to be centralized in name.
43:43
So as you can see, most of the stuff is just centralized
43:48
garbage with a decentralized sticker on top.
43:52
But Nico brought up a point that I didn't talk about earlier and
43:56
I'm just going to point it out because I know we're To get shit
43:59
for not pointing out. The fact that the infrastructure
44:02
bill or the lummis. I forget what her name is
44:06
gillibrand. Bill says that Bitcoin in teeth
44:10
will be guaranteed Commodities, you know, you know my thoughts
44:15
on eith being a security. So we're going to say that
44:18
because I know you guys are going to talk shit in the chat,
44:20
but guys, like I said dude, it's all these centralized in name
44:24
and and just just for make a funny every time you've been NG
44:28
the elrond GTD coin. I've been thinking of l.ron
44:31
Hubbard and Scientology. So like within the fail, yeah,
44:37
Judy it said Ron. And then the Scientology guy
44:40
like the whole thing dude shit coins upon shit coins upon shit
44:44
coins. Rug pull.
44:45
This doesn't happen in Bitcoin. Stay humble Stacks at stick to
44:49
bitcoin. Remember guys.
44:50
Look the purchasing power of Bitcoin is guaranteed to
44:55
increase over time because of the having.
44:57
So The reason that it's a stay humble stock sites, is because
45:01
lower your time preference, these shit coins entice you
45:05
because they give you the feeling that you are going to be
45:07
the one that gets rich quick at the expense of someone else.
45:10
Of course, right, with Bitcoin. Nothing life is guaranteed.
45:14
Are, you can get a hit by a bus tomorrow God forbid, right.
45:17
But the way that it's designed, right?
45:20
The way that the having works is that it's designed to go up in
45:23
value and it's designed to go up in purchasing power over time.
45:27
So if you could put Put your head down work, very hard, and
45:30
start saving and Bitcoin rather than trading and speculating,
45:35
right? And you think, and a long time
45:38
scale, Michael sailor and Nico. Coincidentally, say, four years
45:41
minimum, right? You'll see your purchasing power
45:45
will increase over time, not the amount of Bitcoin you have the
45:48
amount of Bitcoin will increase. If you buy it, your mind more,
45:51
but the amount of stuff that you could buy with that said Bitcoin
45:55
increases and that is the power of a deflationary currency.
45:58
Is an inflationary currency, which is what Opti was talking
46:01
about in the beginning of the show.
46:03
But anyways, up to you, there was an open source software
46:05
released today. Why do you tell everybody about
46:07
it software release, brought to you by Cipher safe?
46:10
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grid comes with a punch tool. Alright guys, so we have a
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software release for seed tool. Version 1.0 7.
46:33
Awesome. Thanks.
46:34
Auntie. I also guys, make sure to
46:37
subscribe to us on audio platforms.
46:40
Like apple podcast, Spotify, found some FM.
46:43
You could send us SATs over there.
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Anything off the represent, LTD.com online story, guys.
47:16
That was our show. Like, again, reminder, Phil is
47:19
going to be gone for the next four days.
47:21
He's escaping the communist state of Massachusetts.
47:24
He's fleeing to the free state of Florida.
47:27
So in this transition time, I'm going to be in Tennessee, Opti
47:31
and I are going to take over the show.
47:33
Let us know what you think. If you guys enjoyed the show and
47:35
introduced me to stay alive. But it of course you want to
47:37
continue here in the Bitcoin use and the catastrophic fails from
47:40
the Bitcoin plead perspective. Definitely consider subscribing
47:44
to Simply Bitcoin will see you tomorrow guys, for any episode.
47:47
What's the second best? There is no second best.