Latest / Simply Bitcoin / HALF of This $8T Market JUST Secretly Bought Bitcoin! | EP 1099

Transcript

HALF of This $8T Market JUST Secretly Bought Bitcoin! | EP 1099 · Simply Bitcoin

0:00
Yo, welcome to Simply Bitcoin. There's a $5 trillion market
0:03
that no one is paying paying attention to that is quietly
0:06
going all in on Bitcoin. Every single year.
0:10
This market, they increase more and more and more of their
0:13
exposure to Bitcoin. Today, we're going to be
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revealing a new report that suggests that 47% of these
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participants in this $5 trillion market have been quietly buying
0:24
Bitcoin in the background. And this is an increase from
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2023 where this $5 trillion market, only 23% of the
0:31
participants had exposure to Bitcoin.
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So this is seems like a, a continuation of the trend.
0:37
What's even more crazy is that 16 out of the top 25
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participants in this market have Bitcoin exposure, meaning more
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than half of the biggest players at the top have Bitcoin
0:48
exposure. So what market are we talking
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about? Of course, I'm talking about the
0:52
hedge funds. Hedge funds, you know, these are
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these are funds that a lot of wealthy people, a lot of wealthy
0:57
individuals, they put their money with them and they want to
1:01
essentially beat the market. And what a lot of these hedge
1:04
funds are coming to realize is the same thing that Michael
1:06
Saylor has come to realize is that if you want to beat the
1:09
market, if you want the superior investing strategy, you need a
1:14
Bitcoin strategy. It's as simple as that.
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So I love this trend because it's a continuation of the trend
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of this large institutional adoption, acceptance of Bitcoin
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as a non sovereign alternative asset.
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So you see BlackRock, you see the pension funds, you see
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nation states, we talk about that all the time, but we don't
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really talk about hedge funds. Hedge funds, it seems like
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they're doing exactly the same. So we're going to get into all
1:43
that today. We have the receipts, latest
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Bloomberg article that dropped. It's extremely bullish.
1:48
But before we jump into it, I do want to bring up our panelists.
1:51
Of course, we have James from Stamp Seed and of course, my
1:54
legendary Co host who's always optimistic optimist field.
1:58
So let me pull up the article that I'm referencing.
2:01
So it's a Bloomberg article specifically, and the headline
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for the audio listeners is almost half of traditional hedge
2:08
funds are dabbling in crypto. It goes on to say nearly half of
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hedge funds focus on traditional asset classes now have exposure
2:16
to cryptocurrencies as increased clarity around regulations and
2:19
the launch of ETFs in the US and Asia draw more investors into
2:24
the asset class. I mean, this is something that
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I've been saying for a long time.
2:28
The fact that Larry Fink is going on legacy corporate
2:32
financial media and using all the Bitcoin talking points,
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BlackRock releases a report on Bitcoin.
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It is basically a rubber stamp of approval in the traditional
2:46
financial markets that Bitcoin is a real thing.
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Bitcoin isn't going anywhere. You don't have to worry.
2:52
From a regulatory perspective, this thing is here to stay,
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right? And it's something that Michael
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Saylor has been saying as well. And of course, that gives
3:00
confidence to hedge funds. And they're looking at Michael
3:03
Saylor outperforming the rest of the S&P 500 and they're saying,
3:08
you know what, we we probably have to get on that train.
3:10
That's probably a good idea. So anyways, the article goes on
3:13
to say among hedge funds training in traditional markets,
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47% had exposure to digital assets, up from 29%.
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I misspoke in the beginning, up from 29% in 2023 and 37% in
3:28
2022, according to the Global Crypto Hedge Fund report
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published Thursday by the Alternative Investment
3:35
Management Association. Among those funds, they're
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already invested, 67% plan to maintain the same level of
3:42
capital in crypto, excuse me, while the rest plan to invest
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more by the end of 2024. While many hedge funds first
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waded into crypto by trading tokens in the spot market, they
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are now increasingly deploying more sophisticated strategies.
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Among funds involved in crypto, 58 traded derivatives in 2024,
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up from 38% in 2023, while those trading in spot markets dropped
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to 25% this year after peaking at 69% last year, according to
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the report. So very interesting stuff.
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And also here is an interesting graphic from River Financial and
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it kind of breaks down the the which hedge funds in particular
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are exposed to Bitcoin and how much Bitcoin do have they
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bought, right? Because a lot of these they,
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they didn't want to buy the ETFs, they actually wanted to
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buy spot Bitcoin. And this breaks down how much
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Bitcoin they actually have per hedge fund.
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So a lot of these you might not be familiar with.
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A lot of these you might be familiar with, of course, the
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famous one is Bridgewater Associates.
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That's Ray Dalio's hedge fund. You know, Ray Dalio is a
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legendary investor. And what's interesting is that,
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you know, out of the top 4, Ray Dalio's is number one and they
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don't have any exposure to Bitcoin.
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And that's in stark contrast with Citadel, which has 812
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Bitcoin. Millennium Management has 27,000
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Bitcoin. Mariner Investment Group has 930
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Bitcoin. Balsaneri Asset Manager has 6
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Bitcoin. Renaissance Tech has 286.72 has
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1089. DE Shaw has 132 Opti.
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You're going to have to mute me a lot 'cause I'm going to be
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coughing. Excuse me, guys, I'm getting
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over a cold. It goes on to say version Fund
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Management has 93 GS, Asset Management has 6202.
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I can't pronounce that, but 6739 Blue Crest Capital Management
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has nine, Fortress Investment Group has 1000 eight, 181,
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Elliott Investment Management has 1092, Two Sigma Investment
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has 458 and Sculptor Capital Management has 876.
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And of course, it also shows the increase of these purchases as
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well. And it seems like it's all
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heading in the same trend. And if you compare the
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percentage increase, it's a huge jump, right?
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So 29% in 2023 to 47% according to this latest Bloomberg article
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in 2024. And I suspect that trend will
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continue. And the reason for that is
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simple Bitcoins superior incentives.
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I think that if you're competing with other hedge funds and
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they've adopted a Bitcoin strategy and you haven't adopted
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a Bitcoin strategy, you are at a competitive disadvantage.
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And I, I suspect this trend will continue.
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Now what I'm really curious about is when Ray Dalio is going
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to come out and he's and finally bend the knee because eventually
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everyone bends the knee to the king.
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It's it's a trend that continues.
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Max Kaiser, I love the way that he phrases it.
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He called he says that Bitcoin is a humility test and it and it
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is because you come to Bitcoin, right.
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We've seen that meme, right with the, the guy, the Superman suit.
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He's like, I'm new to Bitcoin. I'm here to fix it.
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And then you kind of have to be OK with coming to Bitcoin and
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buying at the price you deserve and coming to terms with the
7:22
fact that you there's nothing to fix, right?
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It is what it is. You're like, you are, you are,
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you're getting to when you got to Bitcoin, you have to eat your
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humble pie and you have to buy it.
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And you know, excuse me, even people like Michael Saylor,
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right, there's famous tweets of him, you know, back in the day
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when he could have bought Bitcoin, you know, below $1000
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and he was actually criticizing Bitcoin.
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That's part of the process, right?
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That's part of that's part of Bitcoin.
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And you know, it takes a lot of humility.
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And if you're a very successful businessman, if you're a very
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successful hedge fund manager, if you're a billionaire, you're
8:07
used to getting things your way, you're used to getting special
8:10
deals. And in Bitcoin world, there is
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no special deal and you have to buy spot Bitcoin like everybody
8:18
else, right? And just because you have more
8:21
Bitcoin than somebody else doesn't mean that you have more
8:25
influence over the rules of the network.
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And that is a a tough pill to swallow for for some people that
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potentially have big egos and well deserved egos, maybe
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because, you know, they made a lot of money in Fiat world, but
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you know, it's the tough pill to swallow for some people.
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So Bitcoin is a humility test at the end of the day.
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But this is huge news, breaking news and and it indicates
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another sector of Society of the financial world, whether it's
8:53
nation states, public companies, where you see this massive
8:57
adoption of Bitcoin of the orange coin, right.
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So I suspect this trend will continue.
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I'm going to pass it on to James.
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James, what are your thoughts on this?
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It's not surprising at all, man. Just we're winning on all
9:08
fronts. Also on the on the on the
9:12
electoral issue too, seems like the the candidate that is more
9:18
more pro Bitcoin on the regulatory front, seems like his
9:22
his odds of winning are are very positive.
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Maybe that's playing into the price rising potentially.
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But anyways, James, what are your thoughts on all this?
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And also welcome back to the show, bro.
9:33
No thanks, man. Hey, everyone.
9:34
Good to be back. Yeah, it's crazy, right?
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Like you have all these hedge funds getting into Bitcoin,
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which, you know, we, we knew was inevitable almost.
9:42
And it's surprising that someone like Bridgewater, Ray Dalio is
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not in it yet. Right.
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And what does that tell us that their customers probably want
9:51
it. Their clients probably want in
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on Bitcoin at this point. And who knows?
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They're probably asking for it when they see the gains that are
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coming from these other hedge funds, like how do you not want
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to get in on that? And to see them essentially on
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zero is, is pretty surprising, being like one of the biggest
10:06
hedge funds in the states. And what does that tell you?
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They're they're going to go towards Bitcoin and adopt it,
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put it in their clients portfolio or their clients are
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going to demand it. And if they don't get it,
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they're going to leave, just like, you know, Italian
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Bitcoiners are going to, you know, go to a different
10:24
jurisdiction, a different country.
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If they're, you know, if capital gains tax are increased on them,
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you take your 1224, you pack them up and you go, you go
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somewhere where you're not going to be heavily taxed on that.
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So just on a more of a micro level, if your hedge fund, you
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know, isn't going to hold Bitcoin and you want it on
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Bitcoin, you're going to make enough noise to make them, you
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know, do that. And my, my question is like, I
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wonder what their delay is. Like, how are they not in it
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yet? Is it just something that, you
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know, it's way above my head. I have no idea, you know, why
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they're going in. It's just weird for them not to,
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to adopt that yet. But I, I would think it's, it's
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coming soon. And then, you know, you have all
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these corporations, they're going to be adopting Bitcoin
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too. Obviously micro strategy looks
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like Tesla's, you know, the groundwork is kind of in place
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for them to go a little bit deeper into Bitcoin and, you
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know, issue bonds with or or borrow against their Bitcoin
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rather. So it's, you know, it's, I feel
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like we're still very like early, right?
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You have, you don't have every hedge fund in Bitcoin.
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You have all these corporations in Bitcoin yet, but seems like
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it's, you know, these are the early days and, you know,
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gradually and suddenly, right? Yeah, 100 percent, 100% agree
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with you. I think these are the very, very
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early innings of of massive institutional nation state
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adoption of Bitcoin. It's not only me and James
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saying that we played you guys a video of Howard Lupnik, the CEO
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and chairman of Cantor Fitzgerald saying that
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yesterday. Opti, what are your thoughts on
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this? I mean, it's not surprising,
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man. Bitcoin stay winning the honey
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badger don't don't stop. And Bitcoins incentives
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obviously continue to win the day.
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Yeah, I mean, I think we, well we, I personally was speculating
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on this for a while and I'm really glad we got the data.
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And I think, you know, to James point, we, we are all kind of
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wondering why the big institutional managers aren't
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going head first into Bitcoin. I think there is still a lot of
12:23
skepticism on the traditional financial front in regards to
12:26
Bitcoin. Even though Bitcoin is maturing,
12:29
there's still a lot of people that are like, why do I need to
12:31
hold this Internet meme coin basically in in regards to
12:34
Bitcoin? But now it's becoming basically
12:37
like you need to hold some Bitcoin, especially when you see
12:39
Michael Saylor out there just putting on a master class and
12:43
showing that if you just put Bitcoin on your balance sheet
12:45
and of course, you know, sailor leverage that Bitcoin to
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basically get more Bitcoin, you're going to outperform
12:51
everyone on the S&P 500. And we all have seen what's
12:53
happened with NVIDIA stock this year, the whole AI craze that
12:57
happened. It's basically the leading
12:58
performer on the S&P 500. And yet micro strategy is still
13:02
outperforming that. And so we're seeing that even
13:05
the, you know, and I hate to use this, but this is like the the
13:09
common vernacular here. The smartest people in the room
13:12
are starting to realize that they need to buy some Bitcoin.
13:14
And again, I was speculating at the beginning of the year,
13:17
rather since the ETF has been dropped, that I think we're
13:20
going going to see the fireworks happen in Q4 about who's
13:23
actually holding Bitcoin. And now we got the data that
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basically 50% of all the hedge funds out there are getting some
13:28
Bitcoin exposure. Even though it's ETF exposure,
13:31
they're still getting some Bitcoin exposure.
13:33
And this does give a sense of legitimization to this asset
13:37
class. And so I think this is only
13:38
going to ramp up. And again, kind of harping on
13:41
what James was saying, I think the biggest signal here is not
13:45
only that the asset managers now are being forced to hold on to
13:49
Bitcoin, but that people really want Bitcoin as part of their
13:52
portfolio. And I think this is going to
13:54
start to ramp up as we start to break out of these all time
13:57
highs, 'cause I mean, hey, everyone likes to make some
14:01
money and no one likes to get poorer.
14:03
And if you aren't holding Bitcoin as your portfolio, even
14:06
if it is ETF, you're, you're basically running a race with,
14:10
with one leg tied behind your back, like you need to have some
14:12
Bitcoin. Bitcoin is going to continue to
14:14
outperform everything. And I think as we enter 2025,
14:20
it's going to be the no brainer that you have to have exposure
14:23
to Bitcoin as Bitcoin breaks this 6 figure mark that we're
14:26
all kind of waiting for it to break. 100 percent, 100%.
14:30
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16:02
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Anyways, at the time of recording the Bitcoin price is
17:43
$67,350 so that's per dollar 1485 Block height 866,084.
17:52
Realize monetary inflation 1.29% Market cap 1.33 trillion Bitcoin
17:57
versus gold market cap 7.15% Money supply 19,000,768 1796 BTC
18:06
percentage issued 94.13% and the grand scheme of things we're
18:10
just getting started anyways, Anthony Pompliano went on legacy
18:14
financial media, he went on squawk box.
18:16
I mean what I'm going to say about this guys is Opti mute me.
18:25
Thank you. Sorry, guys, but what I'm going
18:28
to say about this is you guys know that I love the term the
18:32
Overton window. Overton window is essentially
18:35
the acceptable window of, of discourse.
18:37
And I, I, I look before Larry Fink in this year, I would say,
18:45
you know, talking about Bitcoin on squawk box was moving the
18:49
fuck out of that Overton window. But I would say Fox Business and
18:55
thanks to Natalie and Dylan and you know, everyone else that's
18:58
that's going on, Fox Business have been conquered in a good
19:01
way. I would say MSNBC, the financial
19:06
side of of that Channel has been conquered.
19:09
You know, we've seen Joe just, you know, literally anyone who's
19:14
like questioning Bitcoin, he's like using all the Bitcoin
19:16
talking points. So he's sold on it.
19:18
Like especially when Gary Gensler went on there and Joe,
19:22
him and Joe just went back and forth and I'm like, is Joe a
19:24
Bitcoiner? So I think that these networks,
19:27
specifically those two have been conquered.
19:29
Now what I want to see moving forward is I want I want
19:34
Bitcoiners to go on legacy news networks.
19:39
So when Tucker was part of Fox, he had Michael Saylor on.
19:43
I think that that made wonders. He had Naimbu Kelly on, but I
19:50
haven't seen any pro Bitcoin people on the kind of more
19:56
liberal networks, right like CNN and and MSNBC and and CBS and
20:04
ABC. So those networks, I still want
20:07
more Bitcoiners to go on them, but it makes we're making
20:10
progress and this fucking window is shifting hardcore, right?
20:14
Make no mistake. So we are winning.
20:16
It is definitely going in the right direction, but I want more
20:18
of it. I want everyone to find out
20:20
about Bitcoin. I want everyone to know about
20:22
Bitcoin. I want everyone to take the
20:24
orange pill and. This is how we do it.
20:27
We getting the message out and of course, mainstream
20:29
podcasters, independent media continuing to talk about Bitcoin
20:33
and expose Bitcoin. Joe Rogan's been doing that.
20:36
Tim Poole's been doing that. Every time Kaiser goes on Jones,
20:40
he does that as well. Anyways, guys, let's check out
20:42
the clip from Pomp on Squawk this morning.
20:45
Let's check it out. Andreessen Horowitz released its
20:48
annual State of Crypto report this week, and the firm put the
20:52
number of worldwide cryptocurrency owners at 617
20:55
million, a new high that driven in part by the mass adoption of
20:58
stablecoin. Join us now with more on crypto
21:01
Anthony Pompeiano, founder CEO of Professional Capital
21:04
Management. It's election season, we've been
21:06
watching Bitcoin. Druckenmiller said that perhaps
21:09
the recent move is is an indication that some players
21:11
think that that Trump may have moved ahead.
21:14
He's moved ahead on a lot of the of the betting sites.
21:17
Do you think that's why? I mean, it's back to 67, which
21:19
is not anywhere near the high, but it is well above where it
21:22
was three weeks ago. It was, it was threatening to go
21:24
under 59,000 again. So it's been moving up for the
21:26
past week or so, I think. The market conditions are
21:29
definitely playing in favor of store value, up 30% this year,
21:32
up 60%. So Bitcoin is just more
21:34
sensitive and kind of more. Volatile than you know, I asked
21:36
you a specific question about whether it's moving up on Trump
21:38
process. Seems like simply not the only
21:40
one that does the audio thing. This is like.
21:43
Last night, did you did you hear my the actual question?
21:45
What if it gets related because Andrew points out that Vice
21:48
President Harris has been sort of courting some of the crypto
21:51
supposedly the world I. Don't think it matters who the
21:53
president is going to be, right? Bitcoin so.
21:54
Even the last week has nothing to do with it.
21:56
I think that it is much more likely that about six months
21:58
after the halving you get the pricing in of the supply shock.
22:01
You also have central banks around the world that are
22:03
cutting interest rates. You have M2 money supply that's
22:05
now expanding and then you also have a very bullish investor
22:07
base, right. If you go and you look at kind
22:09
of how over levered people are and how excited they are about
22:11
stocks moving up, Bitcoin moving up etcetera.
22:12
Now if you go back and look at right about the time where we
22:15
went from called $10,000 for six months, we just went straight up
22:18
from 10,000 to 64,000 in March of 2021.
22:20
And so I'm not a huge believer and just like, hey, it's the
22:23
month of October, everything got to go up because usually
22:25
September is down, but it was a up month.
22:27
And so we kind of invalidated that thought process.
22:28
But I do believe that there is something about around six
22:30
months after the halving, you start to work in that supply
22:32
change, you get a monetary regime change.
22:34
And I do think Bitcoin is going to continue to run through the
22:36
end of the. Year OK because the the the
22:38
reasons you gave right at the top where the you could go back
22:41
three months when you're on six months when you're on nine
22:43
months and they're the same thing that you've all that
22:44
you've always said the same selling points for for why
22:47
Bitcoin. Is the simplest story in
22:49
finance, but it is the hardest story for traditional financial
22:52
market players to understand because it requires them to not
22:55
overthink it. And I think that's a really, you
22:56
know, kind of important point, which is Bitcoin is a finite
22:59
asset. If they increase the money
23:00
supply, they drop interest rates and people around the world
23:02
realize that they need a store value, they're going to buy
23:04
Bitcoin. Now, what's really interesting
23:05
is Charlie Bellelo from Creative Planning put out this chart that
23:08
over the last 30 years, the US dollar has lost 50% of its
23:10
purchasing power. In one generation, people lost
23:12
50% of their purchasing power. They're going to look for other
23:15
assets. Now, what I do think is
23:16
important is that Bitcoin is not a threat to the US dollar.
23:18
What we're seeing and what the Andreason report pointed out is
23:20
that actually what people are doing is they're using Bitcoin
23:22
as a savings account. They're buying Bitcoin and
23:24
they're holding it. They don't want to spend the
23:25
Bitcoin, but they're starting to use these stable coins.
23:27
And so stable coins now have hundreds of millions of users.
23:29
And so just like in the traditional world where you have
23:31
a savings account and you have a checking account, you never
23:33
touch your savings account. That's what people are doing
23:35
with their bitcoins. It's the digital savings
23:36
account. And then the stable coins are
23:38
now your checking account to pay for your everyday expenses,
23:40
goods and services, etcetera. And I think that by reducing the
23:42
friction of switching between currencies, because now
23:43
everything is digital, which you're now introducing is a
23:45
multi currency world, which historically hasn't been
23:46
possible because to move from dollars to any other currency
23:48
was incredibly expensive and difficult.
23:49
Now we have a savings account in Bitcoin.
23:51
Stable coins are what you're going to pay for, and those two
23:53
things are going to pay for. And stable coins will be a huge
23:56
bull market for the US dollar, OK.
23:58
So are you seeing Bitcoin become, I mean, if you have a
24:04
phone, you can have a bank anywhere in the world.
24:06
Is that you've in the past you've said, you know, that's
24:09
like fairy dust. Remember, you sort of you shrink
24:11
a little fairy dust. You've been in foreign countries
24:13
and you ask the guys, you got it in there.
24:14
Mike, what are you talking about?
24:15
I have no idea what you're saying.
24:16
Do you think can you make the case that's actually happening?
24:19
I'll give you a couple. Or is it just fairy dust?
24:21
Let me. Give you a couple of numbers.
24:22
So there's 2 reports that recently came out, One, Nick at
24:24
Castle Island, they did a huge study with Brevan Howard, Visa,
24:26
etcetera. And then there's a new guy who's
24:28
the head economics at Tether. They both put a bunch of data.
24:30
And so the data points where Tether claims they have 330
24:32
million people on chain, not in centralized exchanges, on chain
24:35
with Tether in those wallets. If you add in centralized
24:37
exchanges, 10s of 1,000,000 more so let's call it 400 + 1,000,000
24:40
people just with Tether. Then Nick Carter, Visa, Brevan,
24:42
Howard went and they looked and they said two out of every three
24:45
emerging market crypto users have converted stable coins and
24:47
their Fiat currencies. They're going back and forth
24:48
between these assets. And then they also said that 40%
24:51
of these emerging market crypto users have bought a good or
24:53
certain. Whoa, Nico.
24:57
Nico, he's out there. He is.
25:04
Yeah, sorry about that. I forgot I was the one sharing
25:08
my screen. All right, here we go.
25:10
I was trying to fix my Internet. But it is a very high
25:13
penetration of uses for the stable coins for the people who
25:15
have them. Because you can paint this
25:16
unbelievable picture, Andrew, that that there's people in high
25:19
inflation countries that work their ass off and then, you
25:23
know, a week later, whatever they work for is worth, you
25:26
know, 10% less in a week. And if it would, if you were to
25:28
go and pick, there's a place where they so I don't.
25:31
Know if it's really? Happening, I think there's a
25:32
huge story right now. We'll see if it happens.
25:33
Stripe is reportedly looking at acquiring one of these stable
25:35
coin businesses. And so when you start to look at
25:37
a digital payment provider saying, hey, look, let's go and
25:39
adopt these stable coins again, stable coins are for payments.
25:41
Bitcoin is for savings, which historically bitcoiners have
25:44
said you're going to spend your Bitcoin, but right now it is
25:45
dumb to spend your Bitcoin in America.
25:47
You get taxed and it's a huge issue.
25:48
Thank you. Would.
25:49
You say you've been getting at it relentlessly all day, ready
25:53
every morning to make a smile. You've been getting at we got to
25:56
do that, do you? There's days I'm not.
25:57
I don't feel relentless at all. I think he does.
26:00
You guys are doing just fine. Are you sure?
26:02
Positive. More coffee or something like
26:03
below, I don't know. Oh.
26:05
I forgot I have a very important.
26:07
Question one question. It's super important.
26:09
Do you think that Peter Todd is Satoshi Nakamoto?
26:12
Did everybody watch the HBO documentary last week?
26:14
I didn't watch it but I saw the guy.
26:15
I hope not. Do you think that's him, Andrew?
26:17
We're all Satoshi. No, all right, all right.
26:21
I mean look, OK, so lots to break down there.
26:23
I know Opti is not a fan of of stable coins.
26:28
I would say I'm a free market maximalist.
26:32
And what I see with stablecoin adoption specifically in in
26:37
South America in the developing world, the original thesis by
26:41
Bitcoiners was that it was going to be Bitcoin that was going to
26:46
be adopted as a as a non sovereign alternative to local
26:50
Fiat currencies. What you've been seeing in the
26:54
developing world specifically is huge adoption of, of, of, of
26:59
Tether and USDC and all these, all these non sovereign
27:04
alternatives. And my, my thesis, and I'm not
27:07
the only one that feels this way too, is the Samson Mao does as
27:10
well. I think that's a natural
27:13
stepping stone. Obviously, stable coins don't
27:16
offer the decentralization benefits that Bitcoin offers.
27:22
At the end of the day, you can knock on the door of whoever
27:26
runs a lot of these stable coins and you can put pressure on the
27:30
companies and they can freeze accounts.
27:33
So it doesn't give you, you know, unconfiscatable wealth
27:41
like Bitcoin gives you, which is specifically important in in
27:44
countries that have a particular political environment.
27:49
So yeah, I think that this trend is, you know, and Keith has a
27:53
really good point, buying stable coins means circle and Tether,
27:56
buying treasuries and feeding the monster.
27:58
I 100% agree. But I think we also have to just
28:03
look at the adoption of it, right?
28:07
The original thesis was that people were going to be using
28:12
Bitcoin as alternatives in developing countries.
28:15
That wasn't the case that Bitcoin is still being adopted
28:19
in developing countries, but people are seeking stable coins
28:24
more so than Bitcoin. I think it comes down to an
28:27
educational issue. And I think it also comes down
28:31
to like this cultural thing. So like, I'm originally from
28:34
Venezuela, Opti's originally from Mexico.
28:37
If you're in Mexico, you're in Venezuela and you get $100 bill,
28:41
that is like the equivalent of gold, right?
28:43
You're looking at it, you're like, I got $100, you know, and
28:46
compared to the local Fiat currency like in Venezuela,
28:49
Bolivar, you're like this, this thing is I'm, I'm rich, right?
28:54
And even if the currency inflates in the US, it's still
28:57
way superior to the local currency in Venezuela.
29:02
So I think that it's a stepping stone though, because as more
29:07
the future generations are born into a world where Bitcoin has
29:11
existed, just like the zoomer generation is Internet native,
29:15
they born, they were born into a world where the Internet has
29:19
existed. I think that trend will shift.
29:22
That's why I make the case that it's a stepping stone.
29:25
It's a step in the right direction.
29:27
It's getting people to use non government, It's getting people
29:32
to take self custody of the stable coins.
29:34
It's getting people to use apps to house their money, to store
29:38
their money, to transact. And then what is the the
29:42
inevitable conclusion? The inevitable conclusion is,
29:45
OK, let me try this Bitcoin thing as savings.
29:48
So is it ideal? No.
29:51
Is it a step in the right direction?
29:52
Absolutely. And I think the the point that
29:55
the Pop is trying to make there is that Bitcoin is a savings
29:59
account and stable coins are a checking account.
30:03
I think that's the case for now. I think in 20 years, it's just
30:06
going to be Bitcoin. I think this is like a temporary
30:09
thing. That's my humble opinion.
30:11
But at the end of the day, let's see what the free market
30:13
decides. Opti, I know you're going to
30:15
chew me up on this, on this topic specifically, so go hard
30:19
and then we'll pass it on to. Well, I mean, Keith basically
30:21
laid it out and I think that is my biggest gripe with it.
30:25
I, I totally understand where you come from.
30:27
And actually, actually, before I go on, where's the troll in the
30:30
chat that says Nika loves stable coins and he's a shit coiner for
30:33
it? This is your day, bro.
30:37
No, but but being completely, you know, honest and.
30:40
And I hold, I hold, I hold zero. I don't I I don't.
30:43
I hold 0 stablecoins. I know that's why it's funny.
30:45
That's why it's hilarious. But no, like, you know that
30:48
that's, that is my biggest gripe.
30:50
Basically what Keith said. I am not here to perpetuate the
30:52
Fiat system. And if you kind of really get
30:55
into the nitty gritty, that's seemingly what stablecoins are
30:58
doing. You know, Circle and Tether are
31:00
buying a lot of treasure. I think Tether is what it's like
31:03
the 6th or like ninth biggest holder of of U.S.
31:07
Treasuries. So the more you buy Tether, the
31:09
more you are perpetuating the Fiat system.
31:12
And that's not what I'm here for.
31:13
I am here for Bitcoin and I want more people to hold Bitcoin.
31:17
I want API, want the world to use a money that is not
31:20
controlled by any small Kabbalah people.
31:22
And that's what I think Bitcoin is.
31:23
And so yes, I totally understand that people out there are kind
31:27
of lulled to sleep by the idea of stable coins because like
31:32
Bitcoin volatility is a thing. And since Bitcoin is still
31:35
getting adopted, it's still in it's adoption phase, of course
31:39
there is volatility. And hey, if you're in the first
31:42
world, then of course you can deal with the volatility because
31:45
we're telling most people to put your, you know, your excess,
31:49
your profits into Bitcoin and not touch that Bitcoin.
31:52
But if you're using a money and you barely have any excess, like
31:57
volatility is going to be hard for you to deal with.
31:59
I mean, I know the last bear market, what was it in like 2021
32:03
or whatever that we do, we're just getting out of like it was
32:06
personally tough for me to basically be all in on Bitcoin
32:09
considering that like that's the only money I'm using.
32:12
And it does it does make it harder to live.
32:15
Like there is a lot more considerations.
32:16
And so volatility is still a thing.
32:19
So I get why people want to use stablecoins because you don't
32:21
want to put in money and then your purchasing power gets, you
32:24
know, cut in half or whatever it's going to be in the next
32:27
bear market or if we see another bear market and you want to try
32:30
to maintain as much value as possible.
32:32
And if you're living basically, you know, paycheck to paycheck,
32:34
dollar to dollar or whatever, pestle to pestle, like you want
32:38
to maintain that value. But it is, I think a first step,
32:41
like what Nico said, I think it is very important that this is
32:45
an education thing. And if you are so used to using,
32:48
you know, the your local Fiat currencies and $1.00 seems to
32:52
you to be $1.00. Obviously you don't want to put
32:55
a dollar in Bitcoin. It's in a bear market.
32:57
And then whatever it's $0.50 or what 30 cents or whatever, like
33:01
that's going to scare you away. And so you do want this sense of
33:04
stability because people do believe that the dollar is
33:07
stable, $1.00 does seem to equal $1.00.
33:10
And so I, I totally get this, you know, being the contrarian
33:15
here in the Bitcoin maxi, I think Pom's wrong personally.
33:18
Bitcoin is for payment, Bitcoin is for savings.
33:21
Bitcoin is the best money in the world.
33:22
It's a unit of account, it's a medium of exchange and it's a
33:26
store of value, but it is in its monetization phase.
33:30
And so there will be some volatility.
33:32
And you know, I, I get why people make that, that first
33:34
step into stablecoins. Obviously, I think all roads
33:37
lead to Bitcoin and they'll eventually become Bitcoiners.
33:40
But hey, this is where we are. And also, and also, let's not
33:44
forget the big elephant in the room that basically stablecoins,
33:47
AKA Circle and Tether are already the, the pseudo CBDC out
33:51
there. They can already cut off you
33:53
from using it, you know, like they've been known to basically,
33:57
you know, cut people's transactions off.
33:59
So, you know, a lot of people are thinking that the CBDC is
34:02
going to come from the federal government.
34:04
I've been kind of more down the rabbit hole that I think the
34:07
CBDC is going to come from the private sector and we already
34:10
have it. It's basically tethering circle.
34:12
So This is why I want people to use Bitcoin because it's truly
34:16
the only censorship resistant, permissionless money in the
34:18
world. And I think that is how we fix
34:21
the problems that we're in. I'm going to, I'm going to push
34:23
back a little bit on that. I'm going to pass it on to
34:25
James. So my, my counter, I'm playing
34:28
devil's advocate here is most people, specifically the
34:31
developing world, you're living paycheck to paycheck even in the
34:34
United States, right? So you don't have the privilege
34:38
of being able to save in the 1st place.
34:41
And what, what exacerbates that makes it even worse, which is
34:45
why I believe stable coins have been adopted at such a scale
34:49
compared to Bitcoin, is that you don't want to deal with the
34:53
volatility if you are just trying to save to make ends
34:56
meet, just to get through the week, right?
34:59
Which is why I believe that stable coins are being adopted
35:02
at such a rate compared to Bitcoin.
35:04
If you do have the excess capital, excess savings, then
35:09
even in the developing world, people are actually buying
35:12
Bitcoin. But I, I think that in, in, in
35:16
where Bitcoin is in its current history, it is functioning as a
35:20
store of value. I think that within the next 5
35:23
to 10 years, it's going to transition to a medium of
35:27
exchange. I just don't believe that it's
35:29
there yet. And I also believe that I hope
35:32
it doesn't get there yet because I still want the volatility,
35:35
bro. So, you know, if it gets to an
35:38
area where, you know, we're trading at $1,000,000 per coin,
35:43
like, you know, the volatility, it's going to be a lot harder
35:46
for Bitcoin to 2X at $1,000,000 per Bitcoin because of, of the,
35:51
you know, law of the large law of large numbers, etcetera.
35:54
So you know, at that point then if the volatility is lower, then
35:59
it kind of makes sense for it to be more of a media of exchange.
36:02
I just don't think that it's, it's there in, in bitcoins
36:05
history right now. And for the record, I don't hold
36:08
and like. I hold as little Fiat as
36:10
possible and I don't hold any stable coins.
36:13
Anyone confirmed? Anyways, James, what's your take
36:17
on all? I mean bro, I can't tell the
36:19
truth. Like are we, are we not like?
36:21
Yeah, yeah, like 100% with you. Like, look, the facts are the
36:24
facts and people are adopting stable coins right now more in,
36:27
in, you know, developing countries and they are Bitcoin.
36:30
And look, we're here to relay the facts.
36:32
So, you know, give Nico some some slack here, but you can
36:35
also give him some Flack here as well.
36:38
James what? What's your opinion on this?
36:40
Yeah, I mean, you know, I never really, you know, I don't hold
36:43
stable coins, never did actually hold other shit coins in the
36:46
past in their own basic Bitcoin journey.
36:48
But I don't really know. I'm kind of like stuck in the
36:49
middle of what you both are saying, you know, literally and
36:53
figuratively right now. You know, you have to put
36:56
yourself in the shoes of the the people in these developing
36:59
countries, right? Their national currency is
37:01
volatile, right? They're not going to.
37:04
They're looking for something that's not.
37:05
They're looking for something that's stable.
37:08
If they're living paycheck to paycheck, they're, you know,
37:11
they're not they don't have the luxury to save right now,
37:13
possibly. So it kind of makes sense that
37:16
they're flocking to a stablecoin.
37:17
And I understand what you're saying, Nico, where it's it's
37:20
almost like a gateway to Bitcoin.
37:23
You're going through all the motions.
37:26
You know, it's it's it's good for Bitcoin adoption.
37:28
If you're looking, you know, if you have a longer, you know,
37:31
outlook on, on on adoption, which there is.
37:34
So they're getting their apps, they're hooking everything up.
37:36
They're purchasing, they're DCA ING, they're spending through
37:40
the apps they're putting, most importantly, they're putting
37:43
their stable coins into self custody and they're knowing how
37:46
to take that responsibility to self custody.
37:48
So those are all good things that are if you're going to be
37:52
holding Bitcoin long term and, you know, getting comfortable
37:55
going through all those steps and going through all those
37:58
motions while Bitcoin is volatile and you're more
38:01
comfortable with stablecoin could be, you know, a net
38:03
positive for for Bitcoin adoption.
38:07
So I don't know, like I, I born and raised in America, you know,
38:11
you know, the dollar has been the currency that all these
38:14
other developing countries wanted.
38:15
So I just kind of have to put myself in their shoes a little
38:18
bit. You know, me personally, you
38:20
know, I don't really know anything not much about
38:22
stablecoins don't really sell yet, but based on what you know,
38:25
what you guys are saying, it makes sense, You know that they
38:27
are holding it. It probably is smart for them to
38:30
do that. But based on bitcoins
38:32
volatility, if you're living paycheck to paycheck, you know,
38:35
bear market hits, you know, you're at a loss right now.
38:38
They might not be able to afford to do that.
38:40
They might also not be saving. You know, I lived paycheck to
38:42
paycheck at one point in my life.
38:44
That wasn't saving. I didn't have the luxury to do
38:46
that. You know, if I tried to save, I
38:48
was pulling that out the next week.
38:49
You know, it never really worked out, but I was able to pull out
38:52
exactly what I put in. You know, if the market's down,
38:54
you can't pull out what you put in.
38:56
You know, you're at a loss. And that could be a risk.
38:57
These people don't want to give up.
38:58
But like, like you said, like I echoed before going through
39:01
those motions, it's great, you know, if you're learning how to
39:04
spend with the app, if you're learning what self custody is,
39:07
you know, you're very close to to Bitcoin exposure and maybe
39:09
you start just trickling in every now and then.
39:11
So for anyone, you know, in those developing countries that
39:13
might be listening DCA into Bitcoin, you know, even if it's
39:16
a dollar two dollars 345, just buy it, get used to it, know
39:20
what it feels like to hold it. And you know that that could be
39:24
the, you know, the snowball effect for for yourself right
39:27
there. You might just be purchasing
39:28
more and more as time goes on and as volatile, as more people
39:31
have it, as volatility decreases, you know, you have, I
39:34
don't want to say a stable coin, but Bitcoin would be a little
39:36
bit more stable. And, you know, you could rely on
39:38
saving and spending it if you're living in all of those
39:40
countries. But for me, Bitcoin only.
39:42
And yeah, anything that's leading towards Bitcoin adoption
39:46
is a good thing. And it's a good point you made
39:48
before. You know, they're learning self
39:49
custody. They're learning how to hold
39:51
their private keys. They just need to be holding
39:54
something that's a little bit better, a lot better.
39:56
Hey, Nico, one last thing. One last thing, guys.
39:59
By definition, a stable coin doesn't have the upside of
40:02
number go up. So I don't know deal with that
40:04
information as you will. No, no, I mean, it's still Fiat.
40:08
It's, it's still Fiat. It's just it's non sovereign
40:11
Fiat basically. It's very strange.
40:14
But no, it it, of course it doesn't.
40:15
It doesn't have the volatility, doesn't have the upside.
40:18
Bitcoin goes up into the right forever stable coin, stable
40:21
coins, 'cause they're Fiat, their purchasing power goes down
40:25
and to the right forever, right? So anyways, guys, stay tuned for
40:29
the new segment. We're going to talk about Italy.
40:31
Italy is proposing increasing their capital gains for Bitcoin.
40:37
And that's in stark contrast with what Dubai announced a
40:42
couple weeks ago, where they're just taking away that tax
40:44
altogether. And then we're going to tie in
40:47
the thesis from the sovereign individual where what I believe
40:50
is going to start happening over the next decade or so is you're
40:55
going to see more and more people start to vote with their
40:58
feet and go to more favorable jurisdictions, whether that is
41:03
from a freedom of speech aspect or whether that's from a tax
41:07
perspective. And that in the long term, I
41:10
believe is going to be a forcing function on governments.
41:14
And it's going to be able to, it's going to, it's going to cap
41:16
them on how much they are going to be able to raise taxes in the
41:21
1st place because people are going to be like, am I really
41:23
getting the value that I'm that I'm paying up every month?
41:26
Right. Anyways, guys, so stay tuned for
41:29
the new segment. We have a lot to talk about.
41:30
Let's check it out. Here we go.
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Anyways, anyways, back to the show.
43:41
So let's talk about today's news.
43:43
Italy plans to raise Bitcoin capital gains tax from 26% to
43:48
42%. When I heard this news, I heard
43:52
Giacomo scream from a halfway across the world.
43:55
That is a bad joke. But yes, I mean it, it, it's,
44:01
it's just, it's, it's crazy. And specifically like with a lot
44:04
of these European countries, it's not like the US where we're
44:06
like in the US, we're just fucked.
44:08
And the reason that we're, we're so screwed, excuse my language,
44:12
is because the US is one of the only countries on planet Earth
44:16
where there's taxation by citizenship.
44:18
So what that means is regardless of where you are in the world,
44:24
if you're making income, you still have to report that income
44:27
to the IRS. Most countries, if you are not
44:31
making income in that specific country and you're a citizen of
44:34
that country, let's say you're an expat, you move to Dubai, You
44:38
don't have to pay taxes because you're not making income in that
44:40
said country. I, I believe Italy is not like
44:44
the United States. So what is this going to cause?
44:48
It's, it's, it's just going to cause capital flight.
44:50
We saw this recently too in Norway.
44:53
Norway decided to raise their wealth tax, and what happened
44:59
was the exact opposite. So they raised their wealth tax
45:03
and they were expecting more revenue for the government.
45:05
And what happened was you saw a massive, you saw a, a, a, a, a
45:09
large percentage of high net worth individuals leave Norway
45:13
and they actually made less in revenue than they did the year
45:18
before, even though the taxes were lower the year before,
45:22
right? So anyways, here's the article.
45:23
It says Italy plans to raise Bitcoin capital gains tax from
45:27
26% to 42%. On Wednesday, Italy unveiled its
45:31
draft budgetary plan, which outlined new revenue raising
45:35
strategies. The proposal to hike Bitcoin
45:37
taxes accompanies the companies aim to generate .2% of its GDP,
45:42
translating to approximately €4 billion by 2025.
45:46
The plan also includes raising funds through new tax
45:49
regulations targeting banks, insurance products, gaming
45:53
business licenses and adjustments to the web tax.
45:56
According to the deputy finance minister, the the cabinet decide
46:02
on this action because the phenomenon is spreading
46:05
referencing to Bitcoin. So it's like, OK, more people
46:08
are using Bitcoin. We got to raise the taxes that
46:09
that's such bullshit. The new budget measures are
46:12
still awaiting approval from the Italian parliament, with a final
46:15
vote anticipated by the end of the year.
46:17
If enacted, a 42% capital gains tax on Bitcoin would make Italy
46:22
one of the highest tax countries for cryptocurrency in the world.
46:25
All right, moving on. So let's compare and contrast
46:28
this, right? So the UAE exact exempts crypto
46:32
transactions from value added tax.
46:34
So we cover this news when it broke.
46:36
So I'm not going to repeat myself, but essentially like
46:39
it's an even crazier thing. So basically, if you use, and
46:43
this is what Pomp was talking about in the interview, if
46:45
you're using Bitcoin to pay for things in the US, you have to
46:51
essentially do the tax calculation for the capital
46:54
gain. El Salvador, because Bitcoin is
46:59
legal tender, you don't have to do the calculation for the
47:04
capital gain because it's it's money.
47:06
And what the UAE is saying is you don't have to do the the
47:12
capital gain from the transaction because it's, it's
47:16
just a transaction, right? What Italy is saying, like the
47:20
United States and like other countries is, yeah, you, you,
47:24
you do have to pay the difference for the transaction.
47:29
You have to pay the capital gain.
47:31
So you know, what's interesting too is that if you're using a
47:34
euro and let's say I'm, I'm right now, I'm in Europe, I'm in
47:38
Paris and I'm, and I'm paying for things and let's say the
47:42
euro gains against the dollar. I don't have to pay the capital
47:45
gain on that. There's a specific law for that,
47:47
right? So, but it's so funny with
47:50
governments and it's so effing frustrating because they choose
47:55
what laws are convenient when it comes to them.
48:00
When they when they say Bitcoin is money, but the laws that are
48:04
not convenient to them, they say Bitcoin is not money.
48:07
So Bitcoin is money when it comes to taxes, regulations,
48:11
KMLAYCKKYC. But when it comes to like, you
48:15
know, the, the favorable laws, Bitcoin isn't money, right?
48:20
When it comes to legal, no, Bitcoin isn't money.
48:21
You can't, you can't choose the two that that that's unviable,
48:25
in my opinion, politically in the long term.
48:27
But it's funny how they're taking advantage of this.
48:29
Now, of course, if you read the book the Sovereign Individual,
48:32
which we recommend so many, so many times, none of this should
48:35
come as a surprise to you. And the reason for that is
48:38
simple. They predicted this back in 1997
48:42
when the book was published. And they predicted a lot of the
48:45
things that were happening. And the basis of the book, the
48:49
theme of the book was. And the way they theorized this
48:53
is they, they, they made a lot of these predictions based on
48:56
the, just the, the theory of violence, like how, how violence
49:00
is, is done. And also the idea that we're
49:05
transitioning into what they call the rise of the Information
49:08
Society. And that they argue that the
49:11
individual would be freed from the oppression of government and
49:14
the drags of prejudice. And you're seeing this and
49:17
you're seeing this on 2 levels. So level #1 is the
49:21
disintermediation of the information and the state.
49:25
So you're seeing how much they're going after X.
49:28
You're seeing how much they're going after Elon.
49:30
We played you guys 2 videos from John Kerry, which was Secretary
49:35
of State, and Hillary Clinton, which was Secretary of State.
49:38
And they both said that social media was such a problem and
49:42
that the First Amendment was the problem.
49:44
And then it was inconvenient and people needed to get in there
49:47
and moderate social media. To use Hillary Clinton's own
49:51
words, We're going to lose control if that's not the case.
49:54
And to reference 1 of Naimbukele's articles that he
49:57
wrote for Bitcoin Magazine, he said that one of their most
50:00
important weapons is their control over the truth.
50:04
And what's happening with the Internet and the rise of mass
50:08
scale peer-to-peer communications, which is what
50:11
social media is, is that now you have people like what me and
50:15
Opti are doing right now. We have the rise of independent
50:19
media, right? So people are no longer trusting
50:23
the media anymore. The trust in legacy media is at
50:27
an all time low and people are seeking news on social media,
50:32
specifically platforms like X, and it becomes very difficult
50:37
for governments to control the narrative.
50:40
One of the most powerful quotes I've ever heard and it
50:43
originally, I think it came from Jack Bosobic, was if social
50:46
media existed back in the 2000's, the US would have not
50:50
been able to go to war with Iraq.
50:52
And it was so powerful, that quote, right?
50:55
So that's thing number one thing #2 is the disintermediation of
51:00
money, which is also enabled by the Internet.
51:03
And with those two things, think about it, the government can no
51:07
longer control the narrative. And most importantly, now the
51:10
government can't control what money you use.
51:13
So the secondary form of taxation, there's direct
51:17
taxation via income tax, but there's secondary form of
51:21
taxation, which is more insidious and I think much more
51:24
profitable for governments is the taxation via currency
51:27
debasement, AKA inflation, right?
51:31
And what happens is what happens if 10 to 20 to 30% or the
51:35
wealthiest people in your country start to say, you know
51:38
what, you can keep that dollar. I'm going to opt out into
51:43
Bitcoin. Governments are going to have a
51:45
hard time, specifically the US government. the US government
51:48
prints it. Last year it spent $1.7 trillion
51:52
more than it collected in tax revenue, 1.7 trillion.
51:56
And the way that they were able to do that is by printing the
51:59
difference. Anyways, so I'm going to read
52:01
you some of these passages and I'm going to open up the
52:03
conversation. I want to get James's thoughts.
52:06
So it goes on to say new technologies will allow the
52:08
holders of wealth to bypass the national monopolies that have
52:10
issued and regulated money in the modern period.
52:13
Their importance for controlling the world's wealth will be
52:15
transcended by mathematical algorithms that have no physical
52:19
existence. In the new Millennium, Cyber
52:21
money controlled by private markets will supersede Fiat
52:24
money issued by governments. Only the poor will be victims of
52:28
inflation and ensuring collapses into deflation that are
52:31
consequences of the artificial leverage which Fiat money
52:34
injects into the economy, he goes on to say.
52:38
The authors have also predicted that with the rise of this new
52:41
cyberspace and consequently cyber money, it will become
52:44
harder for a nation state to collect taxes from its citizens.
52:48
They compare the state to a farmer keeping cows in a field
52:51
to be milked. But that quote Soon the cows
52:53
will have wings. They predict that the
52:55
government's that for the government to collect taxes from
52:58
its citizens in this type of society, it will have to violate
53:01
human rights. Even traditionally civil
53:03
countries will have to will have to resort and turn nasty.
53:07
Lacking their accustomed scope to attacks and inflate,
53:10
governments, even in traditionally civil countries,
53:12
will turn nasty. Businesses that offer services
53:15
that facilitate the realization of autonomy by individuals will
53:18
be subject to infiltration, sabotage, and disruption.
53:22
Arbitrary forfeiture of property, already commonplace in
53:24
the United States, where it occurs 5000 times a week, will
53:27
become even more pervasive. Governments will violate human
53:30
rights, censor the free flow of information, sabotage useful
53:34
technologies, and worse. And you've been seeing this.
53:37
You've been seeing the censorship.
53:38
You've been seeing the sabotaging.
53:42
They arrested the samurai wallet developers, but at the same
53:46
fucking time they just gave the TD guys a fine.
53:49
That is that is crazy that that I can't.
53:53
I don't want to curse more. That makes me so upset in so
53:58
many different. This is exactly like 2008.
54:01
No notable banker went to jail for the crime of the 2008 2009
54:07
financial crisis, right? TD Bank got the largest fine in
54:12
history and for them that's a slap on the wrist.
54:16
It's a cost of doing business when our industry does it.
54:20
CZ Arthur Hayes, the Bitcoin samurai wallet guys.
54:24
Tornado cat. We get locked in a fucking box
54:27
bro. These are, this is 2 separate
54:29
standards. And that's exactly what the
54:31
sovereign individual was talking about.
54:34
Bitcoin is a clear and present threat.
54:37
It's it's, it's a threat to the existing system and it gives the
54:42
powers back to the individuals and moves the balance of power,
54:46
gives the power back to the individual and it allows you
54:49
back, it allows you to take back your financial sovereignty,
54:52
especially if you take self custody and you do it in the
54:54
proper way by getting yourself a Stampede promo code simply.
54:57
But the point that I'm trying to make is things are changing, and
55:02
the established order is trying to fight back.
55:06
I think they're not going to be successful.
55:08
And all they're going to do is just get people to move.
55:10
Like, if I was Italian and I saw that would say, all right, I'm
55:13
going to Dubai, bro, peace, you know?
55:15
And then what? They're going to just get stuck
55:17
with less people paying taxes. And that's exactly what happened
55:20
in Norway. That's exactly what happened in
55:22
the United States when New York and California started being
55:25
very unfriendly towards businesses during the pandemic.
55:28
Yeah, when New York and California, people went to Texas
55:31
and Florida, which were much more friendlier.
55:33
So people are going to go to where they're treated best.
55:35
And now that they have something that literally by stamping into
55:42
a plate 12 to 24 words or memorizing it, if you're in a
55:46
pickle, you can theoretically transport 1,000,000 billions,
55:49
trillions of dollars in your mind and you can go to a more
55:54
favorable jurisdiction. That's exactly what you're going
55:57
to see because people are just not going to pay it.
56:01
What are Italians getting for paying 42%?
56:04
So and think about it because it's such bullshit.
56:06
Like I'm taking the risk, but you get a 42% cut if my wrist
56:11
does not pay off. Are you going to pay me 42%?
56:15
No, bro, you're not going to pay me shit, right?
56:17
So you know, again, this is This is why the book, the sovereign
56:20
individual nails it. They see us as tax cattle.
56:23
The Internet has given us wings. Anyways, James, what are your
56:27
thoughts on this, my friend? I'm going to, I'm going to
56:30
actually throw the ball at you a little bit.
56:33
So the seat, the the, the stamp seat plate, are you going to be,
56:37
are you going to be can you can you make a shrunken version a a
56:40
version that perhaps you know? Sneako.
56:43
A. A version.
56:44
That you can go on. Edition or I didn't want to go
56:48
there, but let's say a version that you know, could you can
56:50
hide on your person a little bit a little.
56:52
Bit so yeah, I mean, we, we I'll tease that out.
56:54
We have a 12 word plate coming out soon.
56:56
It's going to be the. Size of half the size of this
57:00
one you see here. And you can stamp like on the
57:03
front and back of that. You can, you can just use your
57:05
first 4 words and probably get a set of 24 on the front.
57:08
Or if you have 12 word, you're set up and good to go there, but
57:12
it'll be about half the size. So yeah, it's a little more easy
57:15
to conceal, but if you're worried about travelling with
57:18
something that's metal, you can obviously deliberately destroy
57:22
the plate. You can stamp extra letters into
57:24
your words to kind of mark things up.
57:27
We have an eraser, an eraser stamp coming out soon too.
57:30
That'll maybe you do that and then, you know, if you're in a
57:33
pickle, as you say, you can memorize it, right.
57:35
You could just remember 12 to 24.
57:37
Little risky there, though. I don't trust myself with
57:39
something like that. You could temporarily write it
57:42
on, you know, a shit coin like paper.
57:45
We actually have waterproof paper too, which is kind of
57:47
cool. A little bit of waterproof, a
57:48
little bit tear resistant. We sell that on the on the site
57:50
too for those needs. But you know, there's, there's
57:54
ways you have to get a little creative there.
57:57
You can travel around with that. So, and just a fun fact, that 12
58:00
word plate, if you already have a stamp seat kit, you feel like,
58:02
oh, you know, I already bought 1.
58:04
You know, I got to buy another kit.
58:05
That's not the case. The 12 word will work with the
58:08
existing stamping jig. There'll be a little adapter
58:11
that comes with it that takes up some negative space and you
58:14
know, you're off and running. You can both do both 12 and 24
58:16
with that. But you know, my thoughts on
58:20
that there and sovereign individual, haven't read that
58:22
one yet. That's on my list.
58:24
Maybe because you push it a lot. Nico must be an affiliate for
58:27
them or something. I don't know.
58:30
No, it's a good book. Well, it seems it's like one of
58:33
those non Bitcoin books. It was written for Bitcoiners
58:35
before Bitcoins a thing. So it's definitely on my list.
58:38
And you know, if they're hearing some of those passages, the way
58:41
I look at it like there there's a war against Bitcoin, right?
58:44
It's, you know, and it's probably a silent war for most
58:46
people that aren't in Bitcoin. They don't really see, but
58:49
there's definitely a war against it.
58:51
And you know, there are there are battles that are being
58:52
placed. One of them is the samurai
58:54
battle. And I look at these like heavy
58:59
like 42% capital gains tax in Italy on Bitcoin.
59:02
Like that's insanity. Oh, well, on any cryptos, that's
59:05
just insanity to me, that looks like I take that as punishment
59:09
for holding Bitcoin. Like, why am I being punished
59:11
for holding and better money is because I think that money
59:14
threatens their power. And I think they know that it
59:16
threatens their power. And I think that's one of the
59:18
other battles that's being fought is we're going to
59:19
disincentivize you holding this coin.
59:24
And you know, they're going to get nasty.
59:25
They're going to fight against you.
59:27
But luckily it really doesn't matter.
59:30
You just hold your Bitcoin, you know, you put it on your plate,
59:34
you travel with it, you leave the country, you leave that
59:36
country, you go somewhere else. Bitcoin is accepted and this is
59:39
the only money that you're able to do that with.
59:41
You can't do that with more than 10,000 in cash.
59:44
I don't think you could travel with that much cash.
59:45
It'll probably be a red flag. You're not going to bring that
59:48
much gold. It's too heavy.
59:49
Like how are you going to move that around and what are you
59:51
going to do with it? When you land with Bitcoin, you
59:54
know, memorize it. If you have to keep it on your
59:56
plate, you know, circle words in a book that you're travelling
59:59
with that has the the seed words in it.
1:00:02
Put it on paper, whatever you have to do.
1:00:04
You can move around with that very easily.
1:00:06
And when you land, you're in a country that's probably Bitcoin
1:00:09
friendly because Bitcoin's global.
1:00:11
I've been to Prague before I go there.
1:00:13
There's more Bitcoiners there than the country I'm and now I
1:00:15
feel so I, you know, ultimately I feel like it's obviously a war
1:00:21
against Bitcoin. But on the other hand, Bitcoin
1:00:24
is inevitable and they know that.
1:00:26
So you have to figure out how to get around or psychologically
1:00:31
how to get past all the, all the ways that they're disincentivize
1:00:34
disincentivizing holding Bitcoin.
1:00:36
For me right now, personally, it's easy.
1:00:38
Like I, I'm in New York, there's not really many ways to spend my
1:00:41
Bitcoin. I don't plan on spending it for
1:00:42
some time. For me, it's strictly savings,
1:00:44
long term savings and also an insurance in case hyperinflation
1:00:49
hits the dollar. But I'm hoping to just, you
1:00:52
know, hold my Bitcoin for decades at this point and to the
1:00:55
point where hopefully all the shit is gone.
1:00:57
Like, I'm just kind of hoping that there aren't any crazy
1:01:00
taxes on this and just trying to kind of bypass this war, you
1:01:05
know, get past it and, you know, lose it if I have to in a
1:01:10
boating accident and find it again one day, so to speak.
1:01:13
But yeah, those are my thoughts, really.
1:01:16
And, you know, sucks. Italy.
1:01:17
I'm Italian, you know, like to represent and have like a good
1:01:21
country there that embraces Bitcoin, but they're clearly not
1:01:24
42% taxes to me is insane. I don't even understand why
1:01:28
where that number comes from. All that tells me is that you're
1:01:30
just trying to disincentive us from holding it in your and that
1:01:33
money's a threat to your power. 100% opti one minute before
1:01:37
let's get to the culture. Of course, obviously if this
1:01:41
does pass like Italy shooting themselves in the foot, but this
1:01:44
is sure this is this is what happens when people want to drop
1:01:49
your currency. And, and you know, I've been
1:01:50
talking about this the last couple of days as well.
1:01:52
We've seen even Trump kind of roll out the same idea, like if
1:01:55
you want to drop the dollar, we're going to tax your ad
1:01:58
tariffs on everything you import by like 100 two 100%.
1:02:01
So it's obviously a trend that's going on right now that people
1:02:05
are looking at their local currencies and now have another
1:02:08
option, which is of course Bitcoin.
1:02:10
So you know, if Italy really wants to hurt their citizens
1:02:13
like this, people are going to up and move and we actually have
1:02:15
a good comment and then we'll move on into the culture.
1:02:17
Nico, this one is on ZAP stream and I I'm not going to read your
1:02:22
whole mpub bro, because that's how you got mpub 1SS goes.
1:02:25
Italy of all countries should know better.
1:02:27
They are the ones who tried to quote UN quote tax the rich
1:02:30
yachts. And the day before the law took
1:02:32
effect, the yacht sailed away to another port and they lost all
1:02:35
revenues expected in prior benefits.
1:02:37
Lol. So this is this is what happened
1:02:39
with Bitcoin. As the meme goes, you vote with
1:02:42
your feet and your pocketbook and and money flows where it's
1:02:45
treated best. So obviously if you are
1:02:48
incentivized to see your home nation succeed, then you want
1:02:52
them to eliminate the the capital gains tax and and let
1:02:55
money be used as it is as money A. 100 percent, 100%.
1:03:00
By the way, that comment came from Bitcoinium OG.
1:03:05
Anyways, guys, stay tuned for the culture.
1:03:08
We're going to talk about the stamp seed titanium seed fridge
1:03:11
storage kit, why you should get one, why the importance of
1:03:15
storing your seed phrase the right way, the correct way, and
1:03:20
what are the downsides of not storing it the correct way.
1:03:24
So stay tuned for the culture. We have a lot to talk about.
1:03:26
Let's check it out. Here we go.
1:03:40
All right everybody, I do want to give a shout out to our
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It's also one of the best ways to reach me.
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Don't really answer random Twitter DMS, random it emails
1:04:25
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get started. Anyways, I do want to open up
1:04:45
this conversation and I want to talk about I want to talk about
1:04:50
T phrase. So if you guys are new to
1:04:53
Bitcoin, if you guys are tuning into Bitcoin, you guys are
1:04:55
tuning into simply hear about Bitcoin.
1:04:57
You're like, OK, Bitcoin is dope, you haven't taken self
1:04:59
custody and all that. See Steve Phrase is essentially
1:05:03
part of taking self custody. You get yourself a hardware
1:05:06
wallet. Of course, we recommend our
1:05:07
sponsor passport by Foundation devices and to set up that
1:05:10
hardware wallet, you know, there's so many ways to create a
1:05:14
seed word. You know, you can use the random
1:05:17
number generator on the device. You could do what I do, which is
1:05:21
print out all the 2000 words, put it in a bowl and like
1:05:24
literally just mix it and take one word out at a time.
1:05:31
But you know, everyone has a different method.
1:05:34
The I, I believe that some hardware wallets have like a, a,
1:05:36
a, a dice roll thing that you can use a good, a good buddy of
1:05:42
mine, a good buddy of ours, Opti, I believe has a, has a
1:05:45
feature where you can use AA52 car deck and you can, you can
1:05:50
shuffle that and you can use the entropy from that to create the
1:05:53
seed words. Anyways, whatever floats,
1:05:56
whatever floats your boat. There's a lot of ways to create
1:05:59
a sufficiently random seed words.
1:06:03
After you have those seed words, what the The default option from
1:06:09
a lot of these hardware wallet manufacturers is a piece of
1:06:13
paper. The problem is that piece of
1:06:16
paper is a fucking piece of paper, right?
1:06:19
So like, you know, if a fire happens, right, you're, you're,
1:06:24
you're literally your, your, your seed words will literally
1:06:27
go up in smoke. Your dog could eat that piece of
1:06:30
paper. I've walked into a room where
1:06:32
I've had a book and my dog just like, and there's like pieces of
1:06:36
paper all over the book all over the all over the room because my
1:06:39
dog just ate the book, right? You don't want to, you don't
1:06:42
want to put yourself in that situation.
1:06:44
So This is why, and we're very, very particular on who we
1:06:48
partner with. This is why we recommend the
1:06:50
stamp seat number one reason is instead of writing down your
1:06:55
seed words on a piece of paper, you literally stamp them.
1:06:59
Let's let's show the website. Here we go.
1:07:01
You literally stamp them into a plate of titanium using a ham, a
1:07:07
hammer and anvil and letter stamping tools like literally
1:07:10
letter by letter like baka baka, baka until every single one of
1:07:16
your 12 or 24 words are stamped into a plate of titanium.
1:07:20
And the reason that we recommend that is titanium is going to
1:07:25
survive the test of time. Your dog's not going to want to
1:07:28
eat a plate of metal. There you go.
1:07:31
Right there are the letters and it's it's, it's and titanium is
1:07:37
one of the strongest metals on planet Earth.
1:07:38
It doesn't rust. You guys dunked it into.
1:07:41
Let's pull up some of those videos, Opti.
1:07:43
You guys put it in a salt like a bowl of salt water.
1:07:48
He. Actually threw it in the in the
1:07:50
ocean for a year and that's it coming out a year later.
1:07:54
And then I mean, there's nothing wrong with it.
1:07:56
It didn't rust. That was really true.
1:07:57
I said, will this thing rust completely clean?
1:08:00
Like it Actually, you could see Adam over there cleaning it.
1:08:02
It looks cleaner than when we put it in, to tell you the
1:08:04
truth. That's crazy.
1:08:08
That's crazy. So yeah.
1:08:09
So like when we say it's waterproof and salt waterproof,
1:08:11
like we're not exaggerating it. Like literally this is the
1:08:15
proper way to store your generational wealth.
1:08:20
Like this is the way that you do it.
1:08:23
And again, you guys also put it in a pit of fire with poles.
1:08:28
You guys took a blowtorch to it A roofing?
1:08:31
Roofing torch. A roofing torch?
1:08:34
Yeah. Cherry red.
1:08:35
It's it's like the same thing as Elon Musk.
1:08:36
Not a flamethrower. It's basically that without all
1:08:39
the nice fancy casing. And you can see the little chain
1:08:42
links that held that plate in place are all fucked up because
1:08:45
that's steel. But the plate itself, it's fine.
1:08:48
You know, it's really no problems.
1:08:50
And like, you know, it's metal, right?
1:08:52
You're backing up on metal. And the one important piece
1:08:54
there, it's one solid piece still.
1:08:56
There's not like multiple little pieces that are going to fall
1:08:58
apart. There's not like sandwiched
1:09:00
layers of metal that are going to expand under heat and those
1:09:03
little pieces come out. I call them Scrabble tiles
1:09:07
because it's just a joke. It's a game, really.
1:09:10
But the stamp seed plate you could see was hammered, bent,
1:09:12
broken, you know, thrown through the wringer.
1:09:16
And, you know, everything is still there.
1:09:18
Your work is becoming one with the metal, just like you're
1:09:21
writing it on paper, right? You're not taking little pieces
1:09:24
of paper and, you know, gluing them together like a ransom note
1:09:27
from the Riddler. You actually have, you know,
1:09:29
your, your letter stamped into that plate and you know, this is
1:09:33
the size of a post it so it has like a small form factor there.
1:09:36
It's flat and your words are, are in there.
1:09:38
And we, we like to do these tests, right, because we have to
1:09:41
make sure that you know, you're holding Bitcoin long term and
1:09:45
you're putting it in self custody.
1:09:47
So you have a ton of responsibility on yourself for
1:09:49
years to come. So you have to make sure you're
1:09:51
doing these things the right way.
1:09:52
It doesn't make sense to take shortcuts.
1:09:54
It makes sense to get quality hardware wallets that are
1:09:57
Bitcoin only, like the Foundation or the cold car or
1:10:01
the other wallets that are out there.
1:10:02
And you know, obviously it's not great to write it on paper.
1:10:06
I think these companies supply you with the paper so you can
1:10:08
record it quickly. But the intention is to move
1:10:11
that on to something like metal. But not all metal backups are
1:10:14
created equally. And you know, you have that
1:10:16
massive responsibility to hold these seed words for your
1:10:19
future. You know, if you're your
1:10:20
grandkids, you want them to, to like you, You want to be a
1:10:23
legend when you're sitting on the couch.
1:10:24
Explain to them when you Bitcoin, when you bought
1:10:26
Bitcoin, how you held it and how you know you're going to be
1:10:30
passing something on to them by giving them a seat plate or
1:10:32
something like that. And you need to have a solid
1:10:35
medium to be able to do that. Without doing so, you're just
1:10:39
putting yourself at risk. And you know, you might be
1:10:41
saying to yourself, right, I bought Bitcoin.
1:10:43
I, I bought an expensive hardware ballet.
1:10:46
Now, why do I have to get this? You know this, this metal backup
1:10:50
kit, but it's kind of like the the completion of that entire
1:10:54
goal for holding Bitcoin in self custody or cold stores long
1:10:57
term. You know, the last swing of the
1:10:59
hammer is, you know, the final stage there.
1:11:01
They just have to hide your plate and take care of it and
1:11:04
make sure you don't lose track of things.
1:11:05
Of course, you know, you have your hardware wallet too, which
1:11:08
you know, as long as that remains intact, you know, you're
1:11:12
pretty set up. But you know, if you want to,
1:11:15
you know, hardware wallets aren't going to last forever
1:11:17
either. Like the electronics and
1:11:18
technology that might fail. The wallet could break, it could
1:11:21
become damaged. It could itself, you know, be in
1:11:23
a flood. Or, you know, if there's an EMP
1:11:26
attack in the future as the war on Bitcoin ensues, you're going
1:11:29
to want to have something, you know, solid piece of metal as
1:11:32
such. So and you know, the good thing
1:11:34
about our kid is like you're holding Bitcoin for life.
1:11:37
At least I am right. And this kit, your hardware
1:11:41
wallet's something you're going to have for life.
1:11:42
Maybe it's a different one, but your stampsuit kit is something
1:11:45
you're going to have for life, too.
1:11:46
Whereas when you buy this kit, you're getting, like Nico said,
1:11:49
the hammer, the anvil, the jig, the letters, and it comes with
1:11:52
one of these plates. So the glory of it all is that
1:11:57
I, you know, I want to, I, I had a Ledger, you know, years ago,
1:12:01
right? And you know, I don't like to
1:12:02
see where Ledger generated. I don't trust anymore.
1:12:04
I want to move on to a different wallet.
1:12:06
I don't have to buy this whole entire kit again for 120 to
1:12:10
$200. I could just buy another plate
1:12:13
for $28.00, load it into my jig and put everything on there.
1:12:17
You know, I, I can give it, you know, my, my friend became the
1:12:20
bitcoiner. I could let them borrow my kit,
1:12:22
give them a plate. So this is like a tool that
1:12:24
you're going to have for life. It's something that you're going
1:12:27
to keep in your, you know, in your Bitcoin draw somewhere with
1:12:30
all your Bitcoin goodies. And it's, you know, it's, it's
1:12:34
easy to do, it's safe. The kit comes with one plate.
1:12:38
If you're doing something like multi sig, which I think someone
1:12:40
in the chat mentioned, you get as many plates as you need for
1:12:43
your multi sig set up. You know, you could we also have
1:12:46
the sharding plates, which is right on the screen there.
1:12:48
That's the way you could kind of do like a formance multi sig
1:12:51
where you could charter 24 words across three different plates,
1:12:55
but each number sequence is a little bit different there.
1:12:58
So that you need 2 plates to unlock all your seed words, but
1:13:02
all your seed words aren't on one plate.
1:13:03
So you can hide one at mom's, hide one at Grandma's, hide one
1:13:06
under bed, or I don't know, bury one somewhere.
1:13:09
They just put them in geographically different
1:13:11
locations and at least you have a backup that's a little bit
1:13:13
split up. Someone finds one plate, it
1:13:16
wouldn't matter, right? We, we have support for Shamir
1:13:19
too. We have the Shamir backup
1:13:20
plates. I know Trezor is big into Shamir
1:13:24
and I believe all their wallets are defaulting to Shamir
1:13:27
starting with the Trezor state 5.
1:13:29
So with this, it's we have the cheapest Shamir backup option.
1:13:33
You know, you could get a ton of different shares when you're
1:13:35
setting something like that up and you could easily get it very
1:13:38
cost effectively here because you're just, you know, you
1:13:40
already bought your kit, you're just getting your plate now at
1:13:42
this point. And you know, like I said
1:13:44
before, we're doing a ton of tests.
1:13:47
It's titanium and it's a solid piece.
1:13:48
So a lot of the tests are very obvious, but we just like to do
1:13:51
their, that fire test, we like to do the water test.
1:13:54
We've run this thing over with a steamroller before, this video
1:13:57
of that somewhere on our Twitter page.
1:14:00
And we're starting to work on some different tests too.
1:14:02
Now we're working with a metal detecting treasure hunter.
1:14:06
Like this guy's legit. He has all the tools.
1:14:08
He has access to fields where the Revolutionary War was
1:14:11
fought, where the Civil War was fought.
1:14:13
And he could like find whatever, you know, is there on those
1:14:16
fields. They give him access to it like
1:14:17
on these state parks. And, you know, we, we presented
1:14:21
him with the idea of, you know, burying the seed plate and
1:14:23
giving some tips and tricks there because, you know,
1:14:26
obviously it's something you can bury.
1:14:27
You can just put this plate raw onto the ground.
1:14:28
There's no layers, loose pieces. It's going to survive.
1:14:32
So we're going to have that video dropping soon.
1:14:34
But you know, one, one of the tips there that he gave me, he's
1:14:37
like, yeah, bury it underground and then layer like different
1:14:40
pieces of metal on top of it. So bury it of like 2 feet deep,
1:14:43
layer it with like 5 inches of dirt and then put like, you
1:14:46
know, an aluminum can or steel bolt on top of that and keep
1:14:49
like layering things this way when people, if someone's
1:14:53
looking for it with a metal detector, they're going to get
1:14:55
the scars. They're just going to be like,
1:14:56
oh, this is, this is a can or this is a screw.
1:14:58
There's nothing here, you know, they're not going to get down to
1:15:01
your your seat plate. And he's, you know, he's going
1:15:04
to provide some tips and tricks on how to do that because I
1:15:06
think that's something a lot of people do.
1:15:08
You're obviously able to do that with the plate.
1:15:10
And, you know, we're going to get some, some guns to shoot it.
1:15:13
I don't think something like that would ever happen in real
1:15:15
life. But, you know, running out of
1:15:16
ideas to test because this thing just won't break.
1:15:18
You know, it's not not breaking down.
1:15:21
So, yeah, there's a lot more to come there.
1:15:23
But yeah, I know you guys have any questions at all?
1:15:28
Very, very, very, very cool. I, I, I highly recommend it.
1:15:32
This is what I personally use. I this is, this is, this is the
1:15:36
way to do it. And, and I've, and I've like
1:15:39
literally gone through so many seed fray storage solutions like
1:15:43
the little letter ones. I've had those before and it,
1:15:47
and it's scary because it's one screw away from that little
1:15:52
thing opening up and all those letters falling out, right?
1:15:56
What I like about the and then also to like, not to be specific
1:16:00
for other companies, but a lot of other companies they, they
1:16:03
rely on like, like punching and stuff.
1:16:07
The problem is that that's kind of hard to read, right?
1:16:11
What I like about this solution is number one is titanium,
1:16:15
right? That's very unique because it's
1:16:17
not that many people use that metal.
1:16:18
A lot of people use steel. And what I like about it is the,
1:16:22
the, the simplicity factor. It's just one plate and it's,
1:16:26
it's full on letters, right? And it, it's so it's like the
1:16:31
the part where it's, I don't want to say it's a pain in the
1:16:33
ass, but it's somewhat time consuming.
1:16:36
Is the initial setup of you like literally stamping your letters
1:16:41
into it? But the way that you should look
1:16:43
at is, first of all, you're only going to do that once and #2
1:16:48
like, this is your wealth, right?
1:16:50
Like this is your money. It comes.
1:16:52
That's part of the personal responsibility aspect.
1:16:55
A lot of people sacrifice that sovereignty for convenience, but
1:17:01
they don't realize what they're giving up in the process, right?
1:17:05
So I love the way that the product is designed and it makes
1:17:09
the process of of like hammering the letters in incredibly easy.
1:17:14
The anvil has a tool maybe after you can pull up the the website.
1:17:19
Yeah, exactly. It has like a thing where makes
1:17:22
it easy where you can just put in the plate and you can go line
1:17:26
by line. So you don't get.
1:17:30
Each stamp has like a little line on the bottom there.
1:17:32
You can see right below that a there's a line and that's what
1:17:34
you use to to line everything up to make sure you're not really
1:17:37
running out of the room because chances are you've never done
1:17:39
something like this before. You don't want a typo along the
1:17:42
way. So if you want to make it as
1:17:43
easy, foolproof, you know as possible there.
1:17:45
So it also holds it in place nicely.
1:17:47
Like there's a lot of people who buy like sets on Amazon that
1:17:50
don't have something that holds it.
1:17:51
When you're stamping, your plate's bouncing everywhere,
1:17:53
your stamps are bouncing around. There's just a lot of movement.
1:17:56
This keeps everything nice and contained.
1:17:58
So a. 100%. And the hammer, right, it's like
1:18:01
you said before, like there's shortcuts you could take.
1:18:03
Some people might not want to do it.
1:18:05
They might perceive this as something that's a little more
1:18:07
time consuming, which to tell you the truth, it's for me it's
1:18:09
not, but I'm a little fast at it.
1:18:12
But like the little lot, the little tiles, those pieces I
1:18:14
think takes just as long. They're very tiny and hard to
1:18:17
get into place. And then the hammer itself,
1:18:19
right? It's proof of work, right?
1:18:21
You are actually getting tools to hammer your seat worse into a
1:18:25
plate, you know, for the rest of time.
1:18:27
So proof of work, right? We're we're buying the most
1:18:30
sound money there is. We're holding it long term.
1:18:32
We're being our own bank. You got to make sure you have
1:18:35
the right tools, plates, hardware walls to do that.
1:18:39
Although you don't want to be the one that wrecks yourself,
1:18:41
right? You, you don't want to be the
1:18:42
Bitcoiner that decided to, you know, opt out, get it, opt out
1:18:47
of Fiat, get into Bitcoin and then you're the reason that you
1:18:49
lost it all and you're in the worst spot to begin with.
1:18:51
So you're getting the right tools, materials to do it will
1:18:54
just help you sleep a little bit better at night.
1:18:58
You know, your grandkids will like you a little bit more, you
1:19:02
know, and all that good stuff. So and the good thing about the
1:19:06
kid, like I said before, is you can reuse it.
1:19:08
You can update things, you know, wallets are changing hardware
1:19:10
wallets get better by the year. The technology gets better.
1:19:13
People want touch screens, people want full key pads.
1:19:17
And with that, it's an opportunity to upload your
1:19:19
update your seed words. Not to mention, you know, you
1:19:21
might have more than one wallet. You might want to diversify and
1:19:23
not have all your eggs in one basket.
1:19:24
So you guys pay places and you can stamp it along versus buying
1:19:28
something that's $100 plus every time you just buy a plate that's
1:19:31
$28.00 every time A. 100% and, and, and like in specifically
1:19:37
like if, if you know that you've generated a seed properly
1:19:41
because it's such a rabbit hole, right?
1:19:42
It's like you generate a seed on Ledger and then four years later
1:19:44
you're like, but if you know that you generate a seed
1:19:47
properly and you stamp this into a stamp seed like the plate,
1:19:53
like you're, you can keep that for the rest of your life.
1:19:56
Like you're good, like you're Gucci, right.
1:19:59
And the part with the, the, the time consuming aspect too, like
1:20:04
this is you're, you're going to write your seed words anyways
1:20:07
and you're going to write down on a piece of paper.
1:20:09
That shit takes a long time. It doesn't take a long time, but
1:20:11
it's it's still time consuming. I would recommend.
1:20:15
If you're going to go through the process of taking self
1:20:17
custody and and storing your seed words, you have to do it
1:20:21
properly. Do it properly, because I know
1:20:25
what a lot of people tell themselves.
1:20:26
It's like, you know, I'll do a paper.
1:20:28
You're, you're just going to be doing it twice, right?
1:20:32
So if you do it right the first time, this, this is the type of
1:20:37
thing that you're going to, you can hand to your grandchildren
1:20:39
50 years from now, right? And you could literally just
1:20:41
hand it to them and you know that that you have to store your
1:20:45
seed where it's property because your seed where it's all your
1:20:47
money. The hardware, right?
1:20:50
Let's talk about the like Bitcoin hardware wallets.
1:20:55
It's just so funny that the chat savage the the the hardware
1:20:59
wallets like they're a piece of technology, right?
1:21:02
They have batteries and they have circuit boards and you
1:21:07
know, like overtime, right? Like I personally, I replace my
1:21:11
hardware wallets like every 3-4 years.
1:21:15
I just at first of all, I think I'm addicted.
1:21:17
Like if I open one of my drawers, I just have like 50
1:21:20
hardware wallets because that's the way I am.
1:21:23
But you like you replace them like a newer, a newer model
1:21:27
comes out, makes it more convenient, makes it easier to
1:21:30
spend. And that's just kind of part of
1:21:32
the process. This is the type of thing there
1:21:35
is absolutely no reason as to why you have to replace this.
1:21:39
It's, it's like, it's, it's straightforward.
1:21:41
It's like you store this is the, this is the, this is how you
1:21:44
store your generational wealth for generations.
1:21:47
Anyways, So very very happy to have James join us today.
1:21:52
Wait, wait, last question. Putting James on the spot
1:21:54
because the chat wants to know when 12 word seed phrases play.
1:21:58
Is that right? I think that's going to be
1:22:02
pretty soon, hopefully by the before the end of this year.
1:22:06
We have, we have some samples that we've played around with.
1:22:09
I think I've given one or two of those samples out.
1:22:11
We show them off at the conference and you know, we've
1:22:13
been teasing it a lot. Hopefully by December.
1:22:15
I don't know, I have to let me double check on that and I'll,
1:22:18
I'll tweet it out with like a picture of it.
1:22:20
But you know, in the meantime, you can put your 12 on the 24
1:22:24
word plate, right? But I know how it is.
1:22:26
You could be OCD. You want the actual size plate
1:22:29
that's meant for 12 and to do it on that.
1:22:31
So hopefully soon guys. But you know, another little tip
1:22:34
you could do with the 12 with the 24 word is you could put
1:22:37
your 12 on there somewhere, maybe on the left, maybe on the
1:22:40
right, maybe on the odd or the even and throw some decoy words
1:22:44
out there. This way, in case if you're
1:22:45
worried about someone looking at the plate or if you're not, if
1:22:48
you're not hiding it, you know, like like James Bond or burying
1:22:51
it underground or something, you could have some decoy words
1:22:54
there so you can make use for the rest of that plate or you
1:22:57
can store 2 wallets on it. But yeah, I know you want the 12
1:23:00
word and I'm rambling on so hopefully by December.
1:23:04
But yeah, I'll let people know on that.
1:23:06
And a lot of people, I might as well bring it up.
1:23:07
A lot of people wonder what the holes are for.
1:23:09
Like why do you have holes there?
1:23:11
What does that mean? Obviously you could, you know,
1:23:13
it's 1/4 inch hole, standard size.
1:23:14
You could, you can mount this on a wall and it's just screwed
1:23:17
into the wall. The back is blank to hide it
1:23:20
somewhere, Mount it under a desk.
1:23:21
And another product keys out is that we've been showing off at
1:23:25
Nashville is a titanium security screws titanium cover that
1:23:30
you'll have like a nice like brick stack that's blank on both
1:23:32
sides if you just want to cover it up a little bit better.
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So that's. What the Oh, I saw I I'm so
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wealthstampse.com promo code simply I'm Nico.
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I'm your host for today's to do Bitcoin live.
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Today's October 17th, 2024. I'm streaming live from Paris,
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France and my Co host for today is Optimus Fields and of course
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our guest is James from Stamp seed.
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Anyways guys, if you guys enjoyed the show, you know to do
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smash the like button, consider subscribing and we'll see you
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tomorrow for a brand new episode of simply Bitcoin Live.
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Peace out everybody. Go outside, touch grass, eat
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some steak. Take care.
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