Latest / Simply Bitcoin / $100M: Andrew Tate Goes All-In on Bitcoin | EP 992
Transcript
- 0:02It's. All going to zero against
- 0:05Bitcoin. It's going on forever.
- 0:15You're against Bitcoin. You're against freedom.
- 0:24Because they want to sell. It eventually, Michael.
- 0:26I mean, let's be honest, most of the people who are, yes, you
- 0:28sure if some people pass it on to their children, but like most
- 0:31of the people who are buying assets at some point want to
- 0:35sell the assets at a profit. So I mean.
- 0:37Let me say it differently. People that use Fiat currency as
- 0:41a store of value, there's a name for them.
- 0:43We call them poor. Yo, welcome to the Bitcoin Live
- 0:47the number one watched Simply Bitcoin.
- 0:50No Bitcoin Daily, only live show on YouTube.
- 0:53Rumble and X is your number one source for the peaceful Bitcoin
- 0:55revolution. Go Breaking News, Culture, Matic
- 0:58Warfare. Ladies and gentlemen, sorry for
- 1:00being a tad tardy. We're streaming from We are
- 1:03streaming live from the Canadian Bitcoin Conference venue in
- 1:07Montreal and Quebec, Canada. It's been a it's been an
- 1:11interesting morning. It's always always when you set
- 1:14up at different venues and stuff you're kind of like running
- 1:16around and seeing you know what cables work what cable doesn't.
- 1:20We have some something interesting for you guys that
- 1:22we've never done on simply Bitcoin.
- 1:24We got the multi Cam in the house trying to present a better
- 1:29show for for everybody. Anyways, loads to unpack today.
- 1:33We also have a very special guest joining us as well.
- 1:36Before we get to it, I want to tell everybody what we're going
- 1:39to talk about. So of course Andrew Tate went on
- 1:42Bitcoin Twitter. No, just on Twitter yesterday.
- 1:45The post absolutely blew up 30,000 likes and literally said
- 1:51the quiet part out loud. The banking system sucks.
- 1:54You know, this is someone who's been persecuted.
- 1:55I get that he's a divisive figure, but this is someone who,
- 1:59you know, to use his words, not mine, The Matrix strongly
- 2:03dislikes. And he says, look, I've had
- 2:05enough of this. I'm going to exit and go into
- 2:09Bitcoin now. We've seen other mainstream
- 2:12figures say something very similar, like Tim Poole when he
- 2:16was talking about referencing the banking collapses on his
- 2:18very, very famous show, saying he says, listen, I'm going to
- 2:21opt out, I'm going to opt out to Bitcoin, right?
- 2:23You have Joe Rogan mentioning Bitcoin here and here and there.
- 2:27And all of this is important because we all have to remember
- 2:30that we are, we are in in, we are in an echo chamber.
- 2:34So we are making content for other bitcoiners, but we
- 2:38sometimes forget the fact that, you know, there's people that
- 2:42are outside the echo chamber when you have these mainstream
- 2:45influencers spreading the Bitcoin message, that is really,
- 2:50really good for our cause. Like, it's incredible for our
- 2:54'cause. I can't emphasize that enough,
- 2:56right? So we're going to talk about
- 2:57Andrew Tate today. Also on the political front, it
- 3:01seems to be escalating. There was a member of the House
- 3:04of Representatives. His name is Wiley Nickel and he
- 3:07was saying the choir proud out loud like, look, the the DOJ,
- 3:11the Biden administration and elements of the Democratic Party
- 3:14are weaponizing, you know, the criminal justice system in order
- 3:19to go after the Bitcoin industry.
- 3:22And of course, not to mention Biden, 30% proposed tax on
- 3:26Bitcoin miners, right? Clearly this has become a, you
- 3:29know, a political witch hunt. Clearly they want a monopoly for
- 3:33their central bank digital currency.
- 3:35They don't want any competition whatsoever.
- 3:38And there's consequences to that.
- 3:40We've covered Wallet of Satoshi, We've covered Phoenix Wallet.
- 3:43All these Bitcoin companies are just choosing to leave the
- 3:47United States because of the regulatory uncertainty and the
- 3:50news that just dropped. We have IBEX Pay, which we're
- 3:54huge fans of. We're huge fans of at Simply
- 3:57Bitcoin. I think we were using it for
- 3:58the. Simple.
- 3:58That's how we use the merge sort.
- 3:59Right. So, So yeah, I mean, like there
- 4:02are consequences to this and supposedly America is the home
- 4:05of the brave land of the free, but it's not acting, it's, it's
- 4:09not acting that way. Also in other news as well, the
- 4:12tornado cash case is over and the tornado cache developer has
- 4:18now been prosecuted. He is.
- 4:22He's been basically deemed guilty by the system by the
- 4:27Matrix, and he's going to be serving a jail sentence for like
- 4:3360-4 months. I think that's roughly five
- 4:36years. And he's serving a jail sentence
- 4:38for money laundering. But if you break it down, like
- 4:42the dude just wrote code, like he just wrote code.
- 4:46And they even they even said it in like the the documents, the
- 4:50court documents, like look like he didn't directly launder
- 4:53money. But because he built tools,
- 4:55right? Because he wrote code, which is
- 4:57a form of speech, he is guilty of enabling people to launder
- 5:02money, right? If Satoshi was not anonymous, I
- 5:06guarantee you he would be in a box right now.
- 5:09I guarantee you he and he'd be in prison.
- 5:11So again, different set of rules for the banker elite.
- 5:14They don't get to go, they don't go to prison.
- 5:16No banker went to jail for 2008. But of course anybody that's
- 5:20developing freedom enabling technologies, you know, has been
- 5:24persecuted just like was predicted in the book, The
- 5:27sovereign individual. Anyways, no more delay.
- 5:30I do want to bring up our very special guest.
- 5:33We have Kent. Kent is the CEO of.
- 5:55I lost my output. I'm not hearing you guys
- 6:02technical issues. There we go.
- 6:04There we go. OK, so, all right, so I'm
- 6:07introducing Kent. So Kent is the CEO and the
- 6:10founder of SAS Mining. And SAS Mining is Bitcoin mining
- 6:14as a service. I I really see it as like
- 6:17literally like as easy as ordering an Uber but for Bitcoin
- 6:22miners, right? I don't know if you're going to
- 6:23get upset with me saying that, Kent, but that's really the way
- 6:26that I see it. Like you guys took away all the
- 6:28complexities, you guys hid it behind this very easy to use AI,
- 6:32very intuitive, but it still gives the ability for people to
- 6:36mine Bitcoin and like you said that could be a potential way
- 6:41for them to stack for for them to dollar cost average cheaper
- 6:45than if they were to buy on an exchange.
- 6:47So thank you for coming on and joining us today, Kent.
- 6:52Yeah, pleasure to be here, Nico, and excited to talk about all
- 6:56this fun we're having right now. And then they fight you.
- 6:59A stage of the game. I don't know if we lost audio
- 7:03again, but. Yeah, no, no, I'm, I'm muting it
- 7:06over here. It's it's getting loud over
- 7:08here. Yeah, got it.
- 7:09It's the background noise. Yeah, got it.
- 7:11No. And our clients right now, I
- 7:12mean basically we don't see ourselves competing as much with
- 7:15the, the rest of the mining industry so much as hey, we're
- 7:18given this opportunity for our clients to acquire Bitcoin
- 7:21outside of the exchanges, right. So it's native Bitcoin
- 7:24acquisition. And oh by the way, the cost to
- 7:27acquire Bitcoin via our platform at the moment is just 48,000 as
- 7:31compared to an exchange, which is what's the price today, 66.
- 7:36Yeah, I mean it's, it's significantly cheaper.
- 7:39By the way, guys, you can start with SAS mining today.
- 7:42We're going to also you know show this off during the culture
- 7:46segment, but you got to go to sasmining.com/simply Bitcoin and
- 7:51you can get started, you know, using a a Bitcoin, a Bitcoin
- 7:59mining as a service platform. Like oh man, OK guys, so much.
- 8:05This has been an incredibly hectic early morning just
- 8:09because it's always is every time they set up a conference
- 8:13the day before, get all the cables run and all that stuff.
- 8:17But we will be streaming for you guys tomorrow the entire
- 8:22Canadian Bitcoin conference from the Simply Bitcoin channel, also
- 8:26from the Simply Bitcoin Twitter and also from the Canadian
- 8:29Bitcoin Conference Twitter handle as well.
- 8:32So you'll you'll, you'll, you guys will be able to see all
- 8:35these panels from some of your favorite Bitcoiners.
- 8:37Safedeen is will be here as well.
- 8:40It's going to be two days Friday and Saturday.
- 8:42RIP me and Opti. Last time we did that at Bitcoin
- 8:45Bitlock boom, it was holy cow. So we're going to we're going to
- 8:49cover all of this stuff. We're going to have the live
- 8:51stream for you guys uninterrupted because it will be
- 8:54uninterrupted. I don't think we'll be able to
- 8:56do the live show tomorrow. But what we'll do is that
- 8:59usually around the time that the live show starts, Opti and I
- 9:02will kind of drop in and say hi to everyone and tell everybody
- 9:05what's going on. So you know, that's literally 2
- 9:08days of continuous 9:00 to 5:00 for two days Bitcoin signal of
- 9:14some of the most well respected bitcoiners in the industry.
- 9:17Some of the brightest minds in between the commercial breaks
- 9:20and lunch breaks, me and Opti are going to be holding down the
- 9:23news desk and hopefully bringing you guys some incredible
- 9:26interviews as well. All right guys, no more delay.
- 9:29Let's jump straight into the show.
- 9:31But before we do that, I do want to give an incredibly special
- 9:36shout out to the Bitcoin company that powers this show.
- 9:40And of course I am talking about Bitcoin.
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- 10:58the numbers. We have a lot to talk about
- 11:00today. Let's check it out.
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- 12:35All right everybody, let's get to the numbers.
- 12:38At the time of recording, the Bitcoin price is $65,190.00
- 12:43block height 843,726 SATS per dollar 150 The one 1534 market
- 12:53cap 1.28 trillion Bitcoin price in gold 27.5 oz Bitcoin versus
- 13:00gold market cap 7.88% Percentage issued 93.8% excuse me, declined
- 13:08from all time. High 11.5% forward monetary
- 13:12inflation .85% realized monetary inflation 1.67% Continuing to
- 13:19take Fiat currencies to absolute school and embarrassing the F
- 13:24out of them. We are winning.
- 13:26And This is why the flak continues to get heavy.
- 13:29Because we are over the target, ladies and gentlemen.
- 13:33All right, Andrew Tate, very divisive figure.
- 13:37Some people hate him, some people love him, right.
- 13:40Some people call him the top G Some some people call him the
- 13:43fraud. I don't know.
- 13:44I don't know. I'm not.
- 13:45I'm not going to comment on. Top G Confirm.
- 13:47I'm not going to, I'm not going to comment on what my personal
- 13:51beliefs are on on Andrew Tate, unlike Opti.
- 13:55But what I will tell you is that Andrew Tate is an extremely
- 13:59influential figure. He has a massive following.
- 14:02Currently he has 9.2 million followers on Twitter, so
- 14:08generally what tends to happen is that if he says something, it
- 14:11tends to make a very, very big splash, right?
- 14:15So this is what he said May 15th yesterday, he says.
- 14:19I know I'm not supposed to do this in in chaotic times, but
- 14:23I'm about to leave Fiat completely and ape over $100
- 14:27million into Bitcoin and I'll even prove I did it.
- 14:31I'm done with the banks. I'm done with their money, done
- 14:35with the scams, and then I'm going boating.
- 14:38And of course that's referencing the famous, you know, saying
- 14:42that we have in the Bitcoin community of I don't have any
- 14:45Bitcoin. I lost in the boating accident.
- 14:47So yeah, I mean, this is someone that has been persecuted.
- 14:51You know, he's been jailed. He was jailed without any
- 14:54charge. They locked him in a box for
- 14:56months at a time. This is someone that has been de
- 14:59platformed from many, many different platforms including
- 15:02YouTube and all the other ones, the three letter agency
- 15:06platforms, Wink, Wink, I did not say that but but yes, so you
- 15:12know, I mean I, I, I, I for, I what I'm expecting is I'm, I I
- 15:16believe a lot more people are going to continue and follow
- 15:20this trend and it's a one way revolving door.
- 15:23Like, you don't go back. You don't exit the Fiat system
- 15:26and then go back to the Fiat system.
- 15:28You stay in the Bitcoin system. They built themselves a cage.
- 15:33They thought that they were going to keep everybody inside.
- 15:35People have figured out how to get outside of that cage and now
- 15:40they're stuck in the cage and they can't figure out how to get
- 15:42out of it themselves, right? So big, big in terms of the
- 15:47Overton window shifting, Big deal.
- 15:50I hope Andrew Tate takes self custody, right?
- 15:53That would be another huge win. But this is what we need.
- 15:56This is, this is we're jumping the chasm between the early
- 15:59adopters and the early majority. And it's things like this that
- 16:04really move the envelope forward, like those 9.2 million
- 16:08followers that he has. You can make an assumption that
- 16:11a percentage, even if it's a small percentage, will just say,
- 16:16you know what, F banks, I'm going straight to Bitcoin.
- 16:18So I think it's a big deal in my opinion.
- 16:21Anyways, I'm going to pass it on to Kent.
- 16:23Can't. What are your thoughts on this,
- 16:24man? Is this just noise?
- 16:26What are your thoughts, brother? We can't hear, you can't, can't.
- 16:37We can fix that. So the way I look at it is,
- 16:40Andrew Tate's a bit of a lightning rod, right?
- 16:42Like he's going to get a lot of attention for posting this.
- 16:45And you know, the way I look at it is any news is basically good
- 16:49news for Bitcoin because when the news is out there, it causes
- 16:52people to look and see and explore and have some of their,
- 16:55the preconceived notions flipped upside down.
- 16:59So you know, I think some of the, the early adopters of
- 17:02Bitcoin are are frankly dissidents, right.
- 17:05I think that regardless of if you like Andrew or not, given
- 17:08the political actions that have been taken against him like hey,
- 17:12he's he's incentivized to adopt this technology to get out of
- 17:15the system and protect himself. So I think that seeing more
- 17:19dissidents, regardless if you agree with him or not adopt
- 17:22Bitcoin, is ultimately good signal that the game theory of
- 17:27Bitcoin adoption is being played out here.
- 17:29So onward. 100 percent, 100% We're seeing the game theory
- 17:34play out in real time. This has been, I can't emphasize
- 17:37this enough, it's been the controversial figure.
- 17:39But you can't deny that he has been persecuted by by the.
- 17:44I mean he he calls it, he has a name for it himself.
- 17:46He literally calls it the Matrix.
- 17:49And since I'm saying I'm going to pass it on to Opti.
- 17:52Opti, what's your take on this bro?
- 17:54Is, is this just noise? What's your take on Andrew Tate
- 17:57completely exiting the Fiat system and going straight into
- 18:00Bitcoin? Well, you guys probably know my
- 18:03take. I mean, the way I look at it is
- 18:05I think we've all heard the meme of like everyone that's new to
- 18:08Bitcoin. They kind of need their
- 18:09crutches. So they lean on people such as
- 18:12Andrew Tate. They lean on people that have
- 18:14some gravitas that have a following and like Nico pointed
- 18:17out, 9.2 million followers. Like, that's a huge Twitter
- 18:20account that I think that dwarfs all of mainstream media accounts
- 18:24combined. And something I've been saying
- 18:27for a while, especially around people such as Andrew Tate is
- 18:30the reason he does have such a negative feedback loop and
- 18:34people like to talk a lot about a lot of bad things about him is
- 18:38because his followers are the the actual demographic that has
- 18:43ever changed anything in the history of man, which is the the
- 18:46young testosterone filled man. And so if people, even if it's a
- 18:51small like a small little bit of the followers follow lead or at
- 18:55least he's planting these seeds of completely opting out of the
- 18:58Fiat system, especially when we're seeing everything going on
- 19:02in the world. I think this does have a a
- 19:05somewhat meaningful impact on breaking that Bitcoin echo
- 19:08chamber. That's what we try to do
- 19:09completely. Yes, we love talking to
- 19:12bitcoiners, but what really matters is more people getting
- 19:15into Bitcoin. And even if it's one of those
- 19:18polarizing moments where they're like, oh, Andrew Tate is in
- 19:20Bitcoin now completely, like I'm never going to touch Bitcoin,
- 19:23The opposite side is going to be the same and true as well.
- 19:26They're going to be like, oh, Andrew Tate just went all in on
- 19:28Bitcoin. Maybe I also need to get all in
- 19:31on Bitcoin not just for the number go up aspect of this but
- 19:34because of the quote UN quote you know the matrix attacking
- 19:37you and if they can do it too someone as influential as Andrew
- 19:41Tate then don't get it confused and don't be naive that they
- 19:44won't do it to any one of us here.
- 19:46Yes, maybe we don't have the impact that Andrew Tate does.
- 19:49But if they can do it to someone like Andrew Tate or like I'm not
- 19:54going to say it but you know he's a politician that is a very
- 19:58devices as well if they can cut you out of the baking system
- 20:00completely, what do you think the average person like?
- 20:03What can the average person do to protect themselves And it's
- 20:06obviously opt out completely and there's one part of.
- 20:09Of that tweet that I really did like, and I hope he does follow
- 20:12through, is that he's not going to basically be just trust me
- 20:16bro. He's like, I'm going to prove to
- 20:18you that I completely exited the Fiat matrix.
- 20:21And someone in the chat asked like, I wonder how much of his
- 20:23net worth that is. And I think it's all of it.
- 20:26He said I'm exiting completely. So if he goes all in, I'm sure
- 20:30he might be into some, you know, some crypto, some shit coins and
- 20:34all that stuff. But if he's completely all in on
- 20:36Bitcoin, no. Dude, he said.
- 20:37He said Bitcoin. He did not say crypto.
- 20:41So. It's not like Trump like a
- 20:44couple days ago where it's like ohh, Trump is protecting crypto.
- 20:46No, no, Andrew Tate said. Bitcoin, alright?
- 20:49So top G confirmed he gets it. Bitcoin only this is the way.
- 20:55And and like all of us in the chat, I think most of us have
- 20:58already completely opted out of Fiat.
- 21:00And of course we only touch Fiat as much as we have to to
- 21:03survive. But I think we're going to see
- 21:05this happen more obviously, quote UN quote and like the
- 21:08dissident media first because we're most at risk to be
- 21:12debanked. And if you've already been
- 21:14debanked, then there's only one way you go and you realize, Oh
- 21:17yeah, it's Bitcoin. That's the only thing that's
- 21:18going to protect me, and that's where I need to be anyways.
- 21:21Let's get the real dissident. Take care from Rusted all.
- 21:24Right. All right.
- 21:25So let's a couple days ago, didn't he just go all in on
- 21:30GameStop? No, not all in, not all in.
- 21:32I think it was like 500 lbs. And then the next day, there's a
- 21:35little pump. And now I'm in on the Bitcoin
- 21:38bandwagon. I'm just saying, you know, he
- 21:41knows how to market himself. I think Andrew Tate, maybe he's
- 21:45Andrew, the current thing. Tate, and you know, I say sell
- 21:49your roaring kitties. If if it's a Roaring Kitty and
- 21:52it's not a yellow Malacca, get it the hell out of here.
- 21:55OK, sell those. Buy yellow Malacca's and banana
- 21:58bread. That's financial advice.
- 22:02OK. OK.
- 22:03I like that. I like that we're going to also
- 22:05do that so that we're properly, everything's properly set up.
- 22:09But anyways. Yeah, yeah, yeah.
- 22:11Andrew Tate. Interesting, interesting,
- 22:13interesting. All right, everybody.
- 22:15Before we move on to, before we move on to the news segment
- 22:19which we have a lot to unpack. It's going to be literally
- 22:23packed from the top to the literally so much to cover in
- 22:28regards to the the state, the establishment fighting back
- 22:34because bitcoiners are winning. And you know this is becoming a
- 22:38mainstream political issue which we could have never have
- 22:42imagined before. But now it is on the docket.
- 22:46You have two candidates that are running pro Bitcoin.
- 22:51They've both been on the record saying that Donald Trump and RFK
- 22:55Junior and then you have a candidate on the other side
- 22:58that's on been on the docket also saying that he's anti
- 23:01Bitcoin and he is pro central bank digital currency.
- 23:05So purely from a regulatory perspective, Bitcoin is on the
- 23:09ballot this month, this year, which is nuts.
- 23:12Like if you ever would have told me that 10 years from now, 15
- 23:15years from now, 15 years ago, better said could you have ever
- 23:19have imagined Bitcoin becoming legal tender a Black Rock ETF.
- 23:23Larry Fink talking about Bitcoin on national television and now
- 23:27you have literally a presidential election that this
- 23:31has become a contentious or political issue in.
- 23:36So absolutely crazy how all of this is happening and it's
- 23:39happening very very, very quickly.
- 23:41So I do want to give a very special shout out to our sponsor
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- 25:13Turn up to be hosted an amazing rustic automobile factory from
- 25:171910 with brick walls and tons of proof of work atmosphere.
- 25:22Over 100 bitcoiners are expected to attend.
- 25:26The one in Miami was an absolute slapper sailor made an
- 25:30attendance pro. Just to kind of give you an idea
- 25:32of how popular this party is. You don't want to wait till last
- 25:35minute. You're going to not be able to
- 25:37buy tickets and you're not going to be able to go to this party.
- 25:40So hope to see you guys there. Opti and I are going to be
- 25:42there. Russ is going to be there.
- 25:43Sophie's going to be there. It's going to be absolutely
- 25:46awesome. All right, everybody, let's move
- 25:48on to the news. We have a lot to talk about
- 25:50today. The Daily News.
- 25:56I want to give a shout out to our sponsor, Foundation Devices.
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- 26:49the show notes below to learn more.
- 26:52All right everybody, I made it incredibly easy for you guys
- 26:55like I always do. You can scan the QR code on your
- 26:58screen and it will take you directly to the Foundation
- 27:02Devices website where you can get yourself a Passport Bitcoin
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- 27:21hardware wallet enough. It's so easy to use the UI, it's
- 27:24just easy. It's intuitive, you know?
- 27:27So guys, check out Passport by by Foundation Devices.
- 27:30One thing you don't realize when you get it too is like how dense
- 27:34and heavy it is. Like it's a solid piece of
- 27:37equipment I. Really it's it's built really
- 27:39really really well. So scan the QR code or check the
- 27:42link in the video description. All right, everybody do want to
- 27:45move on to the news for today. The political battle is
- 27:50escalating, the separation of money in state.
- 27:53What did you expect? Of course the state was going to
- 27:56fight back. That's that's into it.
- 27:57That's that's obvious, right. So anyways, here is a
- 28:02democratic, right? Remember, if I've told you guys
- 28:04right, it it it's not monolithic.
- 28:07Even though the Democratic Party not as a whole, has been a
- 28:10little bit more hostile towards the industry than the Republican
- 28:13Party. It's not black or white.
- 28:15That's what we've been saying for the last couple of days.
- 28:18And then this representative is starting to say the choir part
- 28:21out loud. So what is the choir part out
- 28:23loud? The choir part out loud is this
- 28:26is a losing issue to whatever political, whatever politician
- 28:32starts to take an anti Bitcoin stance, full stop.
- 28:36It doesn't matter what side of the aisle you're on.
- 28:39I think everyman being wants uncensorable money.
- 28:43I think every human being wants money that doesn't debase and
- 28:47money that doesn't steal from you.
- 28:49I think that's incredibly obvious.
- 28:51So I think that this move is going to hurt Biden's chances of
- 28:58getting re elected right anyways.
- 29:00And I'm not the only one to say this.
- 29:02Representative Willie Nickel, He said Unfortunately the SC CS
- 29:06open hostility towards the digital asset industry isn't
- 29:10serving Biden a President Biden's best interest.
- 29:13The SEC is turning cryptocurrency regulation into a
- 29:16political football and forcing President Biden to two sides on
- 29:20an issue that matters to many Americans.
- 29:24Right. So again, like, like this is,
- 29:28you know, this is BS and this has been a non-stop, you know,
- 29:33relentless attack towards the industry.
- 29:36I'll go through a couple of them.
- 29:37Opti, could you make me let's let's make this one full screen.
- 29:40OK. So this has been a relentless
- 29:42attack, right? You had Operation Choke .2 point
- 29:45O. You had the proposed 30% tax on
- 29:50Bitcoin miners in the United States.
- 29:52You had the the Presidential Economic Report that dedicated
- 29:5820 entire Effing pages to making the case.
- 30:03As to why I'm making the case as to why central bank digital
- 30:09currencies are necessary and Bitcoin is not necessary because
- 30:14it doesn't come from the state. So it can't be, you know it
- 30:17can't be. You can't trust it as money.
- 30:20And you know what's actually funny about the Presidential
- 30:22Economic Report is that you guys know the person that wrote this
- 30:28report, the head of that department, because they went
- 30:32viral a couple weeks ago. And I'll let you guys what he
- 30:36has to say. the US government can't go bankrupt because we can
- 30:41print our own money. It obviously begs the question,
- 30:45why exactly are we borrowing in a currency that we print
- 30:48ourselves? I'm waiting for someone to stand
- 30:51up and say why don't we borrow our own currency in the first
- 30:55place? Like you said, they print the
- 30:58dollar, so why? Why does the government even
- 31:00borrow? Well, the so the I mean again,
- 31:08some of this stuff gets some of the language that the MMM some
- 31:13of the language and concepts are just confusing.
- 31:15I mean, the government definitely prints money and it
- 31:18definitely lends that money, which is why the government
- 31:21definitely prints money and then it lends that money by by
- 31:25selling bonds. Is that what they do?
- 31:29They they. They.
- 31:31Yeah, they they they sell bonds. Yeah, they sell bonds, right.
- 31:36Since they sell bonds and people buy the bonds and lend them the
- 31:39money. Yeah.
- 31:39So a lot of times, a lot of times, at least in my year with
- 31:44with MMT the, the language and the concepts can be kind of
- 31:47unnecessarily confusing. But there is no question that
- 31:50the government prints money and then it uses that money to.
- 31:58All right, I'm going to leave it there.
- 31:59Point made. That is the guy that is the
- 32:02chair of the, you know, economic advisors to President Biden
- 32:07which is his organization. His department is responsible
- 32:11for writing the Presidential economic report, right?
- 32:15They asked him how Fiat works. And that's just like his brain
- 32:20straight Mitch McConnell. Right there.
- 32:23No. But it's not only that, Russ.
- 32:24And it's worse than that because it's like not only did they ask
- 32:27him how Fiat works, at the same time he's bashing Bitcoin,
- 32:31right? So, like, it's crazy.
- 32:33Anyways, so I've laid out a couple facts.
- 32:35There's been other things that they've done.
- 32:37Not to mention you know the the the FBI press release the you
- 32:41know the bogus Hamas. The the the article that came
- 32:46out of the Wall Street Journal that claimed that you know Hamas
- 32:50was using Bitcoin to launder money that came out to be a lie.
- 32:53So yeah the point that I'm trying the collusion between
- 32:56Gary Genzer and the SEC and Elizabeth Warren.
- 32:58All of this is by the way you can don't trust me you can
- 33:01verify it. The Biden administration has
- 33:03been extremely hostile towards this industry bring.
- 33:07Up Jamies side chick again. I don't know what that is, nor
- 33:12I'm going to go there, she. Funds Bitcoin, He stacks it.
- 33:15That's their game plan. They've been doing it forever.
- 33:17Nico, what, what? What is this with Liz Warren?
- 33:20She's she's for the banks, then she's anti Bitcoin, which is in
- 33:25turn for the banks. Right now the banks are for
- 33:30Bitcoin. And at this, it's got to the
- 33:32point where now the banks and everyone else are just going
- 33:35away from Liz Warren. So let her go and all roads lead
- 33:39to Bitcoin. All roads lead to Bitcoin.
- 33:42Amen to that Ruston. Coming in with a hot fire guys
- 33:44tune into simply Bitcoin originals, Ruston.
- 33:48It's dropping really, really good signal.
- 33:50Really good original content. Anyways, So going back on track
- 33:54to what I was saying, clearly one side one.
- 33:58You know President Biden hostile towards Bitcoin.
- 34:01That's where you can vote. Or you can vote for RFK or
- 34:04Donald Trump. Both have advocating for
- 34:07Bitcoin, which we've been showing you guys over the last
- 34:09couple of months. Anyhow, this is the breaking
- 34:12news of today. Tornado cash developer Alexei
- 34:15Pertetz, sentenced to 64 months in prison in the Netherlands,
- 34:21goes on to say a Dutch court. Oh thank you Sir.
- 34:25A Dutch court convicted 31 year old Alexei Pertse of laundering
- 34:30$2.3 billion in cryptocurrency through the Tornado cash mixer.
- 34:35Dutch prosecutors have alleged that Perce designed Tornado Cash
- 34:39to be the ideal money laundering tool through a use of smart
- 34:43contracts. Conversely, pertwits defenders
- 34:47argue that these same attributes made Tornado Cash such an
- 34:51effective privacy tool. Right.
- 34:53So it's like they're literally, this isn't a they're not going
- 34:56through legislation. They're locking up people,
- 35:00putting them and say you laundered money.
- 35:02You created a tool that was used to launder money.
- 35:05You didn't launder money yourself.
- 35:07You just created a tool to do it.
- 35:09We're going to lock you up. And then that set a precedent
- 35:12for eight months later for the Samurai wallet guys to get
- 35:16arrested and to be put in a box. Right now I'm, I'm, I don't
- 35:20know, man, like the the Samurai guys, like that's going to be
- 35:25like, I hope he wins, bro. But when I'm seeing this,
- 35:28they're trying to send you a message.
- 35:30The bankers could launder money. They get fines.
- 35:33But anyone else outside the outside of the system, anyone
- 35:37else that is outside, you know, use the escape valve, escape the
- 35:40the gilded golden cage of banking.
- 35:43No, no, no. You have a different set of
- 35:45tools for you. Right here is Mandrake's take on
- 35:48all this. I think it's incredibly, you
- 35:50know, credibly on point. Free speech is illegal in the
- 35:53Netherlands. Based on the tornado cash
- 35:55verdict. 64 months in prison for writing code because that's what
- 36:01it was. Writing code.
- 36:03This has consequences. What are the consequences?
- 36:06Consequences of this? Ibex following Satoshi.
- 36:11The wallet of Satoshi following Phoenix following Wasabi, just
- 36:17announced May 16th, so today that they're suspending their
- 36:21services in the United States. So this is the home of the brave
- 36:24land of the free, but they literally have worse rules than
- 36:28China at this point, like, like and and then this is exactly
- 36:34what this Democratic representative was talking
- 36:37about, is that this has become a political game and I he believes
- 36:42that it's going to hurt voters. Now all that negative news there
- 36:45is positive news. And shout out to Dennis Porter
- 36:48because he's really been crushing it with this for the
- 36:52last year. So just shout out the Satoshi
- 36:54Action Fund. Go check it out.
- 36:55A hugely massive breaking breaking.
- 37:00Yes, a bill protecting your fundamental Bitcoin rights has
- 37:03been signed into law in the state of Oklahoma.
- 37:05Oklahoma will now defend your right to self custody.
- 37:09Right to spend Bitcoin and digital assets, Right to mine
- 37:12Bitcoin Right to run a node. It will also ban additional
- 37:16taxes when Bitcoin and digital assets are used as form of
- 37:20payment, protect the ability to mine Bitcoin at home, eliminate
- 37:23the need for Bitcoin mining and digital asset validators to
- 37:27obtain a money transmitting license.
- 37:31So he's trying to get ahead of the because the federal
- 37:33government's trying to like with the wording with the FBI press
- 37:36release and with the arrest of the tornado cash developer, all
- 37:39these precedents that are being set.
- 37:41The next step is for them to say oh you have a Sparrow, you have
- 37:45Electrum on your computer. Oh those are money transmitters.
- 37:49If they don't have KYC, you know like you can't use that.
- 37:53That's where they're going with this.
- 37:54They're going after self custody.
- 37:56That's why these states are taking pre emptive measures.
- 37:59That's why Cynthia Lummis is is bringing this up and she's
- 38:05protecting the right for individuals to to take self
- 38:10custody here. This is a a breaking video that
- 38:13was just dropping. It just just dropped from simply
- 38:15Bitcoin Twitter, which you should follow.
- 38:18It's one of the best Bitcoin aggregators, Bitcoin news
- 38:21aggregators in the game anyways, Senator Cynthia Lummus says it
- 38:26out loud. Not your keys, not your coins.
- 38:28She's of course referencing, you know, self custody.
- 38:32Right. The video is a little bit long.
- 38:35It's about 3 minutes, 48 seconds, So I don't know if
- 38:37we'll be able to play it. Let me see how we're doing on
- 38:38time. Yeah, so let's play the video.
- 38:42Let's check it out. Here we go.
- 38:44Sets is in a self hosted wallet, but not everyone can custody
- 38:50their own digital assets, including institutional
- 38:53investors that the SEC requires to use a qualified custodian.
- 39:00Regardless of what each Senator thinks about digital assets,
- 39:02they should want consumers and institutional investors to have
- 39:07the option of placing their assets in the safekeeping of
- 39:10prudentially regulated institutions.
- 39:12Unfortunately, Staff Accountable 121 prevents this.
- 39:18By placing customer assets on the balance sheet of the
- 39:22custodian SAB 121 also means the capital requirements apply.
- 39:28Banks would have to hold as much as a dollar of capital for every
- 39:30dollar of customer assets, as much as the SEC would have you
- 39:35believe otherwise. The bank regulators have no
- 39:37discretion on this point. Banks must follow US Generally
- 39:41Accepted Accounting Principles when calculating capital
- 39:44requirements. Finally, SAB 121 demonstrates
- 39:48how the SEC will push forward its regulatory agenda at the
- 39:52cost of transparency and the stakeholder input that is
- 39:56required by law. The Senate could have avoided
- 40:00this if SEC Chair Gary Gensler was willing to direct staff to
- 40:05revise Accounting Bulletin 121 to keep customer digital assets
- 40:11off the balance sheets of custodians and engage in a
- 40:14transparent process. Refusing to revisit this policy
- 40:19after bipartisan criticism is odd.
- 40:22The majority of the SEC staff accounting bulletins from the
- 40:25last 30 years have been revisions and rescissions of
- 40:29prior guidance. Revisiting and fixing accounting
- 40:33standards, especially when there's a new technology is
- 40:36warranted and encouraged. Guidance is meant to be
- 40:39flexible. It is not meant to set policy
- 40:43which would require notice and comment by those that will be
- 40:48regulated pursuant to that regulatory process.
- 40:52But apparently Chairman Gensler would rather politicize
- 40:55accounting standards to achieve policy goals in the banking
- 40:59industry, an industry I'd like to remind him he does not
- 41:02regulate rather than conduct A transparent policy making
- 41:07process. Maybe it's because Chairman
- 41:09Gensler knows that putting customer assets on the balance
- 41:12sheet is bad policy that would garner enough support to
- 41:16finalize a rule. Or rather, would not garner
- 41:19enough support to finalize a rule.
- 41:21Maybe it's because he's committed to an ill informed and
- 41:25unworkable fight against the digital asset industry at any
- 41:28cost. Unfortunately, SAB 121 does
- 41:32nothing to protect consumers. Nothing to protect consumers.
- 41:38It hurts them. I hope that all of my colleagues
- 41:42will recognize this and join me in voting in support of House
- 41:46Joint Resolution. All right ladies and gentlemen
- 41:50so also breaking news while we were covering this this is
- 41:54absolutely historic. It seems like there are very
- 41:57influential Democrats that are breaking branch Biden
- 42:00administration breaking ranks from Elizabeth Warren and they
- 42:04are I'm getting chills what I'm saying this they are voting in
- 42:08favor of this bill and it's also Caitlin Long is basically making
- 42:12the assumption that if the Senate votes at 60 Biden will
- 42:18drop the drop the the the the threatened veto for the bill.
- 42:23This is absolutely this is absolutely no no it's what we
- 42:26were saying about the Democratic senator.
- 42:28They were realizing that this is a non winnable issue.
- 42:31You cannot win on that. Look, if you take a look at the
- 42:34numbers, Democratic voters and Republican voters, they're all
- 42:38holding Bitcoin. They are all pro Bitcoin, right?
- 42:41And what Elizabeth Warren and the current administration is
- 42:44doing is anti Bitcoin. But what all these senators are
- 42:47realizing is that I want to get re elected again.
- 42:50It's probably a good idea not to go against this.
- 42:53Self preservation at the end of the day and that's that's the
- 42:56game theory. Self preservation and and
- 42:59Bitcoin just real time playing out and just shitting all over
- 43:03the political system. You'll love to see it, but also
- 43:06seeing it come around to. Do what it's supposed to and.
- 43:10Support the people in its constituents. 100% and this is
- 43:13Bitcoins game theory baked in. Incentives are more powerful
- 43:18than coercion. You're seeing incentives at play
- 43:21right here. I do want to give a shout out to
- 43:23the Democratic Senators that broke ranks.
- 43:26So we have Senator Brooker, Booker of New Jersey.
- 43:29We have Senator Casey of Pennsylvania.
- 43:31We have Senator Tester. I believe that state is
- 43:34Minnesota or Montana. We have Senator Rosen of Nevada.
- 43:37We have Senator Peters of Michigan.
- 43:39We have Senator Gillibrand of New York.
- 43:41We have Senator Hickenlooper of of Colorado, and we have Senator
- 43:47Lujan of New Mexico. Yes, bitcoins, incentives stay
- 43:50winning no matter how much coercion they tried to throw at
- 43:53us. You know, it's it's winning.
- 43:56They fear that this might cost him an election, that this is
- 43:58not a popular thing. Optic the Super chat.
- 44:01Because I do want to give a shout out to the person who's
- 44:04supporting the show. Lawrence Forbes.
- 44:05Appreciate it bro. Thank you for the five Canadian
- 44:08dollars and he says. How's that Tim Horton's coffee
- 44:11today, lads? The.
- 44:12Coffee's slapping, The coffee is slapped.
- 44:14How's that the Canadian? Everyone's a a big fan of the
- 44:17Canadian coffee. It's pretty good, a little
- 44:19watered down, but better than Starbucks confirmed.
- 44:21But dude like like we're this is historic like live on air this
- 44:25stuff is happening. Bitcoins and winning bitcoins.
- 44:28Winning bitcoins incentives stay winning.
- 44:31This is what it is all about. And yes they will get elected
- 44:34out we will get sent. We will get Opti into into, you
- 44:39know, into the Senate representing Nevada,
- 44:41specifically the the, the city of Las Vegas, if that's even a
- 44:44thing. And yeah, anyways, I want to
- 44:48pass it on to Kent. Kent, sorry, we've we've
- 44:51literally rambled on for a long time.
- 44:53But it's breaking News Live on air and you know, all this stuff
- 44:58going on. So it seems like even with all
- 45:00the darkness, even with all these arrests, even with all
- 45:02these precedents being sent, it still seems that no one is
- 45:06better than their incentives and that, you know, going against
- 45:09Bitcoin is probably a losing battle politically.
- 45:12What's your take? I I love the comment about
- 45:16incentives. I am.
- 45:18I'm I'm a huge believer that what Satoshi ultimately invented
- 45:22was a way to harness human self-interest, and all the
- 45:26actors that wind up purchasing Bitcoin wind up helping the
- 45:29network grow. So what I see here is that we've
- 45:34been fighting basically a civil rights battle.
- 45:37I know it's in the financial sphere, but ultimately the right
- 45:40to transact underscores all of all of our other basic human
- 45:45freedoms because it's quite hard to express those other human
- 45:47freedoms without having the ability to buy and sell goods
- 45:51and services. So I love what I'm seeing here.
- 45:54I feel like we I got to share with you guys a crossing the
- 45:58Rubicon moment here where potentially we just saw the
- 46:02moment where the Democratic branch that's been fighting the
- 46:08the the Bitcoin movement here gives way.
- 46:11And and and hopefully this is the beginning of the dam
- 46:14bursting and backing down from you know, the the movement that
- 46:19we're on to help people acquire, acquire money that is better
- 46:23than the states generating and ultimately separate money and
- 46:26state. To that man, I couldn't,
- 46:29couldn't have said it better myself.
- 46:30I'm also getting breaking news that Elizabeth Warren is crying
- 46:34in her office in in fetal position.
- 46:38So. Harvest every one of those
- 46:40tears. I need those.
- 46:42I need them now. And and of course, Russians
- 46:44being metaphoric, he's not actually going to do that.
- 46:46But but yes, that's the general gist of it.
- 46:50Anyways, Opti Rustin, what's your guys take on this?
- 46:52I mean, dude like this is crazy. This is happening a lot faster
- 46:54than we anticipated. This is awesome.
- 46:56This takes me back. Do you do you remember the bill?
- 46:59It was a couple years ago when Bitcoiners learned that, hey, we
- 47:02can just like, troll all our senators and get them to do what
- 47:05we want. You remember that?
- 47:06And they were trying to do all this legislation.
- 47:09A few of those guys were siding with us then.
- 47:12That was cinema, I think I saw and Booker.
- 47:16So we have some people from the Democratic side, probably, you
- 47:19know, incepting these ideas into the others.
- 47:22And I know for the most part those guys support shit coins as
- 47:25well. But that's Bitcoin is the Trojan
- 47:27horse. It just needs a foot in the
- 47:29door, everything else to take care of itself.
- 47:31Like at the far end at like when you go far out with Bitcoin, it
- 47:37could be a government replacing technology.
- 47:40Because at the end of the day, what did Meyer Michelle
- 47:44Rothschild say? I care not who writes the laws.
- 47:47Let me control the money, right? If you control the money in the
- 47:50courts, yeah, I care not who writes the laws.
- 47:52And that's what Bitcoin is here. It fixes that entire thing.
- 47:56This 5070 year experiment of Tyranny is is coming to a close
- 48:02and it's it's just so awesome to see this coming around so fast.
- 48:06The game theory accelerating at a pace that I did not.
- 48:10You know, I'm thinking 28 is maybe the time when we see a pro
- 48:14Bitcoin president next cycle. But here we are right now.
- 48:18This this is incredible. To be living through this and
- 48:20then to have that come up today. Catelyn Long great job.
- 48:24Just keep doing. Keep doing what you're doing.
- 48:26Sending out the signal. Dennis Porter's obvious Pennis
- 48:30daughter breaking is just incepting the hearts and minds
- 48:34of Congress. And it's beautiful because at
- 48:36the end of the day, you know, people are going to vote for
- 48:39them because they support freedom and the First Amendment
- 48:41and the 4th Amendment, all those things that have been taken from
- 48:43us bitcoins here to bring it back.
- 48:46And as long as they support Bitcoin, they win, You win.
- 48:49We all go up, baby. And that's that's good for
- 48:51America. I man bro aligned incentive
- 48:54structures. You just you just buried the
- 48:56lead there Russ. It's aligned incentive structure
- 48:59system OPTI. When are you running for
- 49:01president? Well, guys, technically I can't
- 49:04ever be president, but that hasn't stopped the president
- 49:06before, so not anytime soon. I also do not hit the age limit.
- 49:11So 2028, maybe we can make a run, boys, maybe 2028 we can
- 49:15make a run. But all right, seriously, you
- 49:18know, with it, without trolling. I think this kind of makes our
- 49:22point and I'm so glad it happened live and we can cover
- 49:25our our live reactions to this because we've been saying for a
- 49:27while that it's an untenable position to be against Bitcoin.
- 49:31Whether you're on any side of the aisle and we were thinking
- 49:35that 2028 was probably going to be the year where Bitcoin was
- 49:38the defining talking point that the like their stance on Bitcoin
- 49:43we thought was going to probably take 2028 before it was like the
- 49:46defining conversation whether you're pro or against Bitcoin
- 49:50that would define whether you would get re elected.
- 49:53Well, it looks like our timeline's getting pushed up and
- 49:56now it's becoming the defining conversation in 2024.
- 49:59And it doesn't matter what side of the aisle you are on, if you
- 50:02are against Bitcoin, you are against freedom.
- 50:04And this really drives me back to another point, and I'm
- 50:07blanking on exactly what the news story was.
- 50:10But it was sometime last year where bitcoins, Bitcoiners
- 50:14rallied around something that was coming out of White House,
- 50:17and there was a bit coming out of there, and it might have been
- 50:19from Cynthia Lemons. And I'm blanking right now,
- 50:21guys. But I remember a sound bite, and
- 50:23it basically said that Bitcoiners, as a single
- 50:27political bloc, are the most influential political bloc out
- 50:30there. And now we're seeing this happen
- 50:32and play out in real time. Whoever got the memo, wherever
- 50:36the memo came from, they all realized that if you are, wait,
- 50:40hold on. You're.
- 50:40Against Bitcoin, you're against freedom.
- 50:42And you won't get reelected. All these politicians now
- 50:45realize that, oh, I need to be pro Bitcoin if I want to be in
- 50:48office. And yes, of course they're
- 50:50politicians. And you guys know my stance on
- 50:51politician. I don't trust them.
- 50:53As far as I I can throw them. Yes they are saying things so
- 50:56that they get re elected. But that just goes to show that
- 50:59the tide is shifting. As Nico likes to say it's
- 51:02Thursday, so maybe you go out on Thursday and get a drink.
- 51:04The Overton window is shifting and bit corners are important
- 51:08and if you are fighting bit corners then the you don't have
- 51:12a political position, you're not going to be in office anymore.
- 51:15And so now what's that what Kaiser used to say he who owns
- 51:18the Bitcoin makes the rules. So he who holds the Bitcoin has
- 51:21to get appeased. And now these politicians are
- 51:23waking up to the game that hey, we have the best money in the
- 51:26world and you can either try to fight us and it's you're going
- 51:30to lose like we saw in China in 2021 when they try to ban
- 51:33Bitcoin or you embrace us and you realize that it's more it's
- 51:38it's a better life on Bitcoin. Not only is it better mentally,
- 51:40but it's better financially. And that's what they all want,
- 51:43they all want to get paid. We all know Nancy Pelosi's is
- 51:46the best trader of our generation.
- 51:48So now she's got to appease bitcoiners and we're seeing in
- 51:51real time that any politician, whether they're on the left, the
- 51:55right or the third parties, it doesn't matter.
- 51:59You are either for Bitcoin or you're against freedom.
- 52:01It's not left versus right, it is orange versus green.
- 52:04And we're saying seeing this play on real time.
- 52:06So we'll we'll see how this actually plays out.
- 52:08But I think this is very, very good news for us.
- 52:12Bitcoin, especially when it seems like we've already lost
- 52:14the financial wars or privacy wars in not financial, sorry,
- 52:18the privacy wars in America. Now hopefully we can backtrack
- 52:21and realize that they have overstepped their their, their
- 52:24can here, and if they want to stay in power, they're they're
- 52:28they're going to have to appease us because we have the best
- 52:30money in the world. Amen.
- 52:32Amen to that. Amen to that.
- 52:33Hey, we got Larry Leopard. How you doing?
- 52:36Larry Leopard. We're live right now.
- 52:38Do you want to do you want to say hi?
- 52:39Come here, Larry. Come here.
- 52:41Let's do the wide shot. Opti, here we go.
- 52:44We got Larry Leopard in the house.
- 52:46How you doing Larry? Do you have some words?
- 52:48No, I got no words. I got.
- 52:50I got an update for you. So Elizabeth Elizabeth Warren,
- 52:54Gary Genzer and Joe Biden were just defeated politically.
- 52:57It seems like in the Senate it's going to be passed.
- 53:00Caitlin. Caitlin posted about it.
- 53:01Yeah, they got 60. Got an override.
- 53:02It's fantastic. Yeah, the the anti crypto army
- 53:05is going to die. We got Larry Leopard dropping in
- 53:11as a guest. Thanks, Larry and all right
- 53:13guys, let's get to the culture to talk about SAS mining,
- 53:17Bitcoin mining as a service and of course we got our boy Kent
- 53:21here to talk about just that. But before we do that, I do want
- 53:24to give a very special shout out to our one of our I'm talking
- 53:27about the Orange Blab stack, friends who stack Sats, find
- 53:32local bitcoins, events and merchants near you.
- 53:34Or the Orange Pill app is the Bitcoin social layer.
- 53:37Join the 10,137 bitcoins that are currently on the app.
- 53:42It has a really cool, clever filtration system, so you'll
- 53:45only find other bitcoins on the app.
- 53:47It also has a geographical feature.
- 53:49So if you move to a new city, if you're traveling, whatever it
- 53:52is, guess what? You pull up the orange pull up.
- 53:54It will literally show you the bitcoiners that are around you.
- 53:57It's one of the fastest, most efficient ways to reach me and
- 54:01Opti. You can send us Adm and try to
- 54:03take the time to answer each and every single one of you guys.
- 54:07So anyways, no more delay. Let's get to the culture.
- 54:10We have a lot to talk about. Here we go.
- 54:17The Daily Culture. Guys, I also want to give a
- 54:24shout out to our sponsor. Kaboom Racks, the most trusted
- 54:27place to buy sell mining equipment.
- 54:30You can check out their racks by scanning the QR code on your
- 54:32screen right now. It'll take you directly to their
- 54:35Telegram marketplace or you can connect with a member of their
- 54:38sales team. They make purchasing their
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- 54:48equipment with kaboom racks, guys, check out Kaboom racks
- 54:51today. Scan the QR code or check the
- 54:53link in the video description Opti.
- 54:55Let's go, OK. Alright, Kent, so I know we've
- 54:58been ranting. I have your website here.
- 55:01So we can start with let's just do a TODR for those that don't
- 55:05know what you're working on. What is SAS Mining?
- 55:07We know Nico's on the board or he's helping you on the back
- 55:10end. No, he's an advisor.
- 55:11Sorry, he's an advisor. He's not that cool yet, but OK.
- 55:17So for those that don't know, what is SAS mining?
- 55:20And then I do have the dashboard loaded up so we can get into the
- 55:23details and people can see on the back end what they get into
- 55:26when they sign up. So Kent, the floor is yours.
- 55:28I got the website do just a TLDR elevator pitch on what SAS
- 55:32Mining is and then let's go into the dashboard.
- 55:35Yeah. So Bitcoin mining is been
- 55:39terribly opaque for most folks and we're here to simplify that
- 55:43and give access to low cost power.
- 55:45So we built a platform, this web app, where you can jump on
- 55:50through a typical e-commerce experience, purchase your mining
- 55:53rigs, we get them shipped from China to our facility, get them
- 55:57deployed for you. You set up a Service plan,
- 56:00Bitcoin goes straight to your wallet, right?
- 56:02And currently the cost of mine, a Bitcoin with us is 48,000.
- 56:06That's using an objective third party model.
- 56:08But you get to have this experience.
- 56:10So like Nikko said and much like Uber came along and sort of made
- 56:15that taxi riding experience so much easier, more intuitive by
- 56:19having an application, we've done the same, right?
- 56:22So you have through a few clicks your mining rig deployed and
- 56:26Bitcoin starts flow right to your wallet.
- 56:29We've designed our business model so that all the revenue
- 56:32that we generate gets offset by expenses except for the mining
- 56:37rewards. So this is the only way that we
- 56:39make money in our business is the mining rewards are split by
- 56:42the mining pool when they're sent out.
- 56:44We received just 15% of the mining rewards, 85% go directly
- 56:47to our clients wallets. So we never custody or touch the
- 56:50Bitcoin. We simply instruct the mining
- 56:52pool to split that reward. And what that means is we have
- 56:55totally aligned incentives. So we suddenly care about how
- 56:58quickly your mining rates are getting deployed, how how long
- 57:02they're up and operational, if there's repairs, how quickly we
- 57:05can get those turned around. And the name of the game is
- 57:08we're a service provider, so we're here to be of service.
- 57:12This is your mining equipment, you've got the serial numbers to
- 57:15it. We're just here to make that
- 57:16experience great and to help you stack your Sats a completely
- 57:20different way, a native way and the way that Satoshi frankly
- 57:24designed the network. And you know, I think we're just
- 57:28ahead of the curve here because if you look at the Bitcoin, it's
- 57:30disappearing from exchanges. And what are folks going to do
- 57:33when there's no more Bitcoin left on exchanges?
- 57:35I mean that's that's that's a very real question, you know,
- 57:39and it might happen as soon as 2030.
- 57:42So we're just here prepping for that and giving people an
- 57:44alternative to acquiring their Bitcoin from the exchanges.
- 57:49You know, there's certainly a different set of Counterparty
- 57:51risks, but you know you're able to acquire Bitcoin the native
- 57:54way and and do it while supporting the network and feels
- 57:57pretty damn good. Let's go.
- 57:59OK, so I pulled up the dashboard here.
- 58:02Let's just walk through. We signed in.
- 58:04What? What should people expect once
- 58:06they get into the dashboard? And then maybe you want to
- 58:10direct me to click a few different features.
- 58:12So what are we looking at here, Kent, and what can the people
- 58:15expect? Yeah.
- 58:17So once once you've got your, you set up an account with us,
- 58:21right, that's part of the purchase process.
- 58:23You complete your account information.
- 58:25It's basically you know, verify your e-mail standard stuff,
- 58:28complete your rig purchase. So that would guide you to a
- 58:31typical e-commerce check out. You know you've got a a choice
- 58:34of a couple rigs right now and you can see the value
- 58:38proposition right there. So that monthly revenue that's
- 58:42inclusive of our 15% management fee, the hosting cost you pay
- 58:49for separately, that's part of your Service plan.
- 58:52And then there's our electricity price and projected ROI.
- 58:55Now projected ROI of course got worse after the the halving
- 58:59because everybody's revenue went down in half.
- 59:02But you know this is the calm before the the typical storm
- 59:06when the bull market starts to rip and and returns get the
- 59:09best. So you know this is one of the
- 59:11ideal times to still deploy capital into mining and get
- 59:15positioned because one of the big mistakes most people make is
- 59:19trying to get into mining once the bull market really gets
- 59:22underway because then Rackspace and Energy just becomes largely
- 59:26inaccessible. So yeah, continuing on here, you
- 59:28can choose a a mining rig and proceed to purchase or if we
- 59:33want to go through the dashboard, we can go back,
- 59:35scroll up to the top of the screen and click back or that
- 59:39top little icon. So you purchase your rig, you
- 59:42provide us your wallet address by clicking that connect your
- 59:45wallet and then you set up your two FA.
- 59:47And we want to have a little extra protection for you guys so
- 59:50nobody can can break into your account and redirect your mining
- 59:53rewards the wrong direction. And then as you start to mine,
- 59:58you'll see this part of the dashboard actually populate to
- 1:00:01see how much Bitcoin is at your mining pool in your pool
- 1:00:05account, how much Bitcoin's been paid out.
- 1:00:08How quickly you are ROI ING on your investment in mining and we
- 1:00:13do this in terms of Fiat, change it to to SAT's or Bitcoin
- 1:00:17depending on how you like to look at things and you can track
- 1:00:19all your transactions from the mining pool directly on the
- 1:00:21blockchain. So our goal is to continue to
- 1:00:25make this more transparent and easy.
- 1:00:27We think that there's a game to be played here where frankly we
- 1:00:31can kind of almost become a an entity that's fairly hands off
- 1:00:35because it's it's quite difficult to manage hundreds and
- 1:00:38thousands of clients with this type of business model that all
- 1:00:41have specific individual wants and needs.
- 1:00:43But we're slowly nailing the billing side of things which is
- 1:00:46not trivial to manage and bill properly for electricity, the
- 1:00:50payment rails, the display of what the accurate information is
- 1:00:54so that we can notify clients when there's issues,
- 1:00:57curtailment, maintenance, all in real time.
- 1:01:01And the more that we empower our customers the the happier
- 1:01:05everybody seems to be. And you know we've we've really
- 1:01:07focused in on support. We've got great Trustpilot
- 1:01:10reviews and on the support side of things, you know we've got
- 1:01:14dedicated clientele and ticketing system.
- 1:01:18At the end of the day, the the business that we're pursuing
- 1:01:20here, we only win if if we can keep the reputation high in the
- 1:01:25marketplace. And so that's our aim.
- 1:01:27We want to give customers A a wonderful experience like they
- 1:01:30keep coming back and growing their fleets A. 100% that aspect
- 1:01:35of the reputational aspect is it's so important because you
- 1:01:41know this industry was it was really hurt by the you know the
- 1:01:46company that should not be Compass but it was the
- 1:01:50reputation was was really hurt by you know this company that
- 1:01:53was selling that miners that they didn't have.
- 1:01:57I'm not even going to get this specific they were doing some
- 1:02:00things that hurt the reputation of the hosting industry even
- 1:02:04though you know SAS mining is not a hoster you guys provide
- 1:02:07Bitcoin mining as a service to be specific.
- 1:02:10But but yeah it it kind of tarnished the name of the
- 1:02:13industry and it's a high reputation industry it's it's a
- 1:02:17high trust because you are trusting someone else with your
- 1:02:19hardware. So reputation is worth more than
- 1:02:23gold. Like it really is, right.
- 1:02:25Reputation is everything. That's, you know, the part of
- 1:02:28the reason that, you know, I I decided to join you guys as an
- 1:02:31advisor. You guys have also two very well
- 1:02:34known notable bitcoiners like Troy Cross and I forget the
- 1:02:36other one and Brandon Quidam and you know, again like these,
- 1:02:42these bitcoiners would not put their names behind, you know, a
- 1:02:46project that they didn't fundamentally believe in, right.
- 1:02:49So, so yeah, I I think reputation is, is everything.
- 1:02:53We have an account set up. If you guys want to use our
- 1:02:57referral, I think it does it give us a little, does it give
- 1:03:00everyone a little bit of a discount?
- 1:03:01How does that work? Yeah, 50 bucks off your mining
- 1:03:04repurchase. Full beautiful.
- 1:03:05So go to sasmining.com/simply Bitcoin and yeah, you can.
- 1:03:11You know you can get started today, Rustin.
- 1:03:13Yeah, Kent, So just looking at that post having let's talk
- 1:03:17about the hardware because like those are some bargain bin
- 1:03:22prices people just don't realize you know what is that 4500 for
- 1:03:27an S21? Those things were like 9 K just
- 1:03:30a few months ago. So check that shit out, be on
- 1:03:33top of it and the hardware price is right.
- 1:03:36If I remember last cycle S 19's got up to about 10K per rig and
- 1:03:42I know the the energy and the mining difficulty and things
- 1:03:45coming into play. But as far as the equipment and
- 1:03:49Bitcoin and the exposure you get from the investment of the
- 1:03:53hardware as well as getting the bearer asset there, what are the
- 1:03:57benefits with that? And do you guys say someone
- 1:04:01wanted to flee a bad company? Could they ship their miners to
- 1:04:05SEZ mining and help increase your hash rate?
- 1:04:10Yeah, in fact I was, I was talking to a client just this
- 1:04:13morning and getting some feedback.
- 1:04:15He had done that, shipped us quite a few mining rigs
- 1:04:18actually. And we had talked to him before
- 1:04:20he made his initial choice and he said look I I, I took a look
- 1:04:23at numbers and I found what I thought was lower priced mining
- 1:04:27rigs and I did not realize how much that was going to cost me.
- 1:04:29And now I really value customer service and operational
- 1:04:33expertise. And so yes, we do, we do provide
- 1:04:37a safe shelter for folks that have had a bad experience
- 1:04:40elsewhere. The one caveat is that our
- 1:04:42facilities in Paraguay and to get them shipped there, we
- 1:04:45require a full pallet. So that's about 20 mining rigs
- 1:04:48more or less to ship. But if you've got that, we can
- 1:04:51definitely help make that happen for you.
- 1:04:54And as far as the prices of mining rigs, you know there's
- 1:04:56there's this, this, there's three legs of a stool that all
- 1:05:01have to be in place for this business model to work.
- 1:05:04One is Capital, One is energy and the other is the hardware
- 1:05:08itself. And the unfortunate part about
- 1:05:11mining is you never get all three legs to to be there at the
- 1:05:16same time. But right now is sort of this
- 1:05:18magic spot to where the prices have not gone up and then prices
- 1:05:23have not gone up for mining rates yet.
- 1:05:25Energy costs, we've still got access that we can provide to
- 1:05:28our clients and because of that the capital and the beginning
- 1:05:32stages of the bull market, the capital is just starting to
- 1:05:35flow. We don't have a marketing
- 1:05:37budget. We've been just growing by word
- 1:05:39of mouth, which is I think testament to the reputation that
- 1:05:43we've been building and that that is going to change like the
- 1:05:48S 19's rusty to your point, those are going for as much as
- 1:05:5115K at the top of the last bull market.
- 1:05:54So yeah, things are still very cheap and we've priced our
- 1:05:56mining rigs at cost. You know it's completely offset
- 1:06:00by expenses. We don't make money on the
- 1:06:02mining rigs and so that keeps us with totally aligned incentives
- 1:06:05with our clients. Beautiful.
- 1:06:07Beautiful. Yeah, man.
- 1:06:08And and you know again like I can't emphasize this enough, you
- 1:06:11guys are doing it the right way, the way that it was supposed to
- 1:06:14be done and I can't, I can't recommend this enough especially
- 1:06:18guys like the, you know in in the Kent buried the lead there
- 1:06:22earlier on. This is a great way to dollar
- 1:06:25cost average at a discounted rate, right.
- 1:06:28I think you said it was 45,000 versus the $64,000 rate right
- 1:06:32now. So of course. 48. 4848 thousand
- 1:06:37so yeah yeah, this is this is great guys.
- 1:06:39You guys should definitely check it out Opti.
- 1:06:41Wait, Nico, let me pop in here because there's a good question
- 1:06:43here in the chat by Andrew Williams Kent.
- 1:06:45And it goes Which mining pools does SAS mining use?
- 1:06:48Luxor. Right now Luxor is the only
- 1:06:53mining pool that we are tied to. So that is one of the control
- 1:06:57trade-offs with having us have custody of your, your mining
- 1:07:02machine, right? Is that ultimately because our
- 1:07:05revenue is tied to the block reward, we have to have a deep
- 1:07:08technical integration with every mining pool.
- 1:07:11And I'm just been developer constrained to add more mining
- 1:07:13pools, but it's definitely on a road map to add more mining
- 1:07:16pools and to provide clients with more optionality on the
- 1:07:19mining pools. But right now it's Luxor and
- 1:07:22they take a 1.1% pool fee off the top.
- 1:07:26OK, we got another cool question here.
- 1:07:28This is by Soshi Satoshi and goes Can I visit my rig in
- 1:07:32Paraguay? You cannot.
- 1:07:35And the reason for that is security and discretion are high
- 1:07:39premiums in Paraguay. We have just discovered that
- 1:07:43discretion is a better part of Fowler.
- 1:07:45It's good to have a mind that is located off to the side and not
- 1:07:50in the public eye because just you know there's there is there
- 1:07:55have been issues and we take security of premium and what
- 1:07:58that means is we've got a 10 foot 10 foot fence all the way
- 1:08:00around with barbed wire on top, security cameras on the on the
- 1:08:04entrance and exit security guard at the gate.
- 1:08:09You know log of people coming in and out and we're happy to share
- 1:08:13pictures, but but visits are are are very rare for our clients.
- 1:08:19Love it. OK, one more question and I I'm
- 1:08:21not exactly sure the angle here, but Martin wants to know is
- 1:08:24there a referral program? Oh.
- 1:08:28Absolutely. Create an account with us and
- 1:08:30you'll see in the settings tab that there's an affiliate link
- 1:08:34and we've integrated our our web app with with JOLTS and the
- 1:08:38reward program and you get an affiliate link.
- 1:08:41And that affiliate link you can share liberally and helps both
- 1:08:44you and potential purchasers receive Bitcoin rewards for
- 1:08:50purchasing using that link. Love it, Love it.
- 1:08:53OK, Kent. Well, oh.
- 1:08:54I did have one go, Rustin. Are you guys looking to expand
- 1:08:58to some other facilities? Do you see some other energy
- 1:09:02sites? Are you scouting things out as
- 1:09:04we speak? Yes, yes and and happily happy
- 1:09:09to talk to folks about it. So we look for quality operators
- 1:09:12on the ground and looking for prices, you know sub five cents
- 1:09:15I think come the next bear market that's what we're going
- 1:09:17to need to be to offer a quality value proposition to our
- 1:09:20clients. So if you've got that and clean
- 1:09:23power, which basically targets nuclear and and hydro, then be
- 1:09:27happy to talk with you about it. Bullish bullish man, I always, I
- 1:09:32always love having Kent on the show and you know that we it's,
- 1:09:36I don't know if you guys have announced we, I don't know if
- 1:09:38we've announced this yet but Kent's going to be joining us
- 1:09:41every month for a simply Bitcoin appearance.
- 1:09:44So if you guys have any questions relating to mining,
- 1:09:47anything at all in related to SAS mining, whatever is top of
- 1:09:52mind, please let me know. You guys could e-mail me, send
- 1:09:55me a message on Twitter. I'll be happily, I'll be happy
- 1:09:59to ask Kent those questions live or if they're really pressing.
- 1:10:04If you're currently in existing of SAS Mining, I'll get you in
- 1:10:07contact with the right person. Shoot me Adm on Twitter, I'll
- 1:10:11connect you with Ken. I'll connect you with with
- 1:10:13Nathan. Whatever it is, whatever it is,
- 1:10:15guys, so. Guys, wait, wait, wait, me, go.
- 1:10:18One last question for Kent. We got to ask him this question.
- 1:10:20Kent, what's the last piece of wisdom you want to leave with
- 1:10:23the audience? It could be about it could be
- 1:10:25about SAS, it could be about Bitcoin in general, it could
- 1:10:27about be Bitcoin mining in general.
- 1:10:29What's the last piece of wisdom you want to leave with the
- 1:10:31audience? I'm going to get personal.
- 1:10:34I'm, I'm a big fan of of working with people and and helping
- 1:10:38people grow. That's why I love being in
- 1:10:39leadership. But I'm going to say, man,
- 1:10:42sovereignty does not end in material wealth and you got to
- 1:10:46work on yourself and and I'd encourage everybody to do that
- 1:10:50and make your life happier, brighter and and better.
- 1:10:52And so you got to be sovereign on more than just a material
- 1:10:56level to truly be sovereign. Fully endorse this message, All
- 1:11:00right, take it, Nico. Yeah, so people are asking for
- 1:11:03the referral guys go to. Let me put it in the chat.
- 1:11:08Give me one second guys. OK, here you go.
- 1:11:15That's the referral. It's also in the video
- 1:11:17description. Go to sasmining.com/simply
- 1:11:19Bitcoin. I'll give you $50 off your first
- 1:11:23miner. Anyways, guys, that was our show
- 1:11:26live from the Canadian Bitcoin Conference in Montreal.
- 1:11:32The conference starts tomorrow at, I believe, 9:00 AM Eastern
- 1:11:36Standard Time, and a Saturday there's going to same thing.
- 1:11:40There's going to be crazy speakers lined up.
- 1:11:43You have BTC sessions, You have Larry Leopard, you have Luke
- 1:11:47Broyles. You know, you have Adam O'Brien
- 1:11:50from Bitcoin. Well, like so many awesome.
- 1:11:54You know, you have Francis Pulio from Bull Bitcoin.
- 1:11:56So many awesome Bitcoiners at Safedine, they're going to drop
- 1:11:59the hot fire. Day one, right?
- 1:12:02Yeah, I think it's, you know, so.
- 1:12:03And we're going to be streaming all of that for you guys,
- 1:12:05literally uninterrupted from the Simply Bitcoin YouTube channel,
- 1:12:10also from the Simply Bitcoin Twitter, so you can find all
- 1:12:13your favorite panels there as well.
- 1:12:15Because we will be streaming the entire conference tomorrow.
- 1:12:18We will not be doing a regular live show, however we will.
- 1:12:21Me and Opti are we can. Keep them updated.
- 1:12:23We updated them at lunchtime. We'll update you at lunchtime on
- 1:12:25news. We will literally be here the
- 1:12:27entire entire time, doing little news desks and stuff in between
- 1:12:33the breaks. So we'll be here.
- 1:12:35So just TuneIn tomorrow to the first day of the Canadian
- 1:12:38Bitcoin Conference. I was wondering, you go like
- 1:12:42what? What if like tomorrow is really
- 1:12:43good? Do we just stay in Canada?
- 1:12:45Because we just got in Trudeau's gulag and the US Senate voted to
- 1:12:49overturn the. SEC rule.
- 1:12:51Preventing highly regulated financial firms from holding
- 1:12:54Bitcoin. So I don't know if it's a sign
- 1:12:56or something where where we I think we need to be in Trudeau's
- 1:13:00gulag for a little bit. And this is exactly why we have
- 1:13:03rust in here. Our in house Anarco Bitcoin
- 1:13:06Libertarian. Anyways guys, I do want to thank
- 1:13:09our very special guest, the CEO of of SAS Mining.
- 1:13:13We have Kent in the house. Kent, thank you so much for
- 1:13:15joining us. Appreciate it brother.
- 1:13:16And I'm looking forward to having you on again next month.
- 1:13:21Yeah, and talk more mining and talk more SAS mining.
- 1:13:24Anyways, Kent, why don't you tell everybody where they can
- 1:13:26find you personally on the interwebs?
- 1:13:28Yeah, so I'm personally at on Twitter at K Halliburton, SO2LS
- 1:13:33and the Last Name DMS are open if you wanna reach out.
- 1:13:37Of course you get the website sasman.com that's been published
- 1:13:40enough for you guys. But yeah, this has been a
- 1:13:42historic session here fellas. I feel honored to have
- 1:13:46participated with you and looking forward to being back
- 1:13:49next month answering those mining related questions and
- 1:13:53bring them I I love it man. I'm I'm passionate about mining,
- 1:13:56got into energy through the solar sector you know a decade
- 1:13:59ago actually. Sorry 2005.
- 1:14:03So if you got solar related questions too and and miss that
- 1:14:06I can dispel there, I'd be happy to to answer those.
- 1:14:08But yeah, bring them. Say next month could be super
- 1:14:13lit because at this pace we might just have Bitcoin legal
- 1:14:16tender. I don't.
- 1:14:19Know. All right, all right, everybody.
- 1:14:21That was our show for today. We'll be back simply Bitcoin
- 1:14:23Live on Monday, 12:15 PM Eastern Standard Time.
- 1:14:29Like I said, tomorrow, the first day of the Canadian Bitcoin
- 1:14:32conference, from 99 AM to 5:00 PM, Saturday, 9:00 AM to 5:00
- 1:14:37PM, two days of nonstop Bitcoin signal.
- 1:14:40You'll have Opti and I holding down the news desk.
- 1:14:42Ruston will be here as well. And yeah guys love you all.
- 1:14:46Thank you guys so much for tuning in.
- 1:14:47If you enjoyed the show, like subscribe if you feel like we
- 1:14:51provided you value. But the number one thing you
- 1:14:52could do to help push the peaceful Bitcoin revolution is
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- 1:14:58Get the signal out there. Anyways, love you all.
- 1:15:01On behalf of Simply Bitcoin. We love you guys.
- 1:15:03Have an amazing weekend and we will see you on Monday for
- 1:15:06another episode of Simply Bitcoin Live.
- 1:15:11This episode was brought to you by bitcoinwell.com on a mission
- 1:15:15to enable independence.