Latest / Simply Bitcoin / How Bitcoin Saves the World's Energy Grid | EP 821

Transcript

How Bitcoin Saves the World's Energy Grid | EP 821 · Simply Bitcoin

• 0:07
  It's all going to zero against Bitcoin.
• 0:10
  It's going up forever. You're against Bitcoin.
• 0:20
  You're against freedom. Yo, welcome to simply.
• 0:25
  Bitcoin Live we're your number one source for the peaceful
• 0:27
  Bitcoin revolution. Breaking news, culture, matic
• 0:28
  warfare. We will be your guide through
• 0:30
  the separation of money and state Crazy crazy news.
• 0:35
  Bitcoins Fixing the world's energy grids.
• 0:38
  I think it's starting in Texas, but slowly but surely it's going
• 0:42
  to spread all over the world and.
• 0:45
  You you see this. You see little bits of news here
• 0:48
  and there right? Whether it's Oman announcing
• 0:50
  that they're going to invest $1.1 billion that's billion with
• 0:54
  a B to mining infrastructure of course of course.
• 0:57
  Volcano energy happening in El Salvador.
• 0:59
  Max Kaiser and Stacey Herber pushing that over there going in
• 1:04
  in the shining country on the hill.
• 1:06
  The savior El Salvador. And of course, you know the the
• 1:09
  the news that came out of it was the original article was dropped
• 1:13
  by Forbes. Which is the country of Bhutan
• 1:16
  has been secretly Kingdom of Bhutan has been secretly mining
• 1:20
  Bitcoin for a while now So we're going to break it down into all
• 1:24
  this and and it's because this article was released.
• 1:27
  I think it was. It was September 8th, so it was
• 1:29
  a couple days ago and it was dropped by Mackenzie Sagalos on
• 1:33
  CNBC and it's Texas paid Bitcoin miner Riot. 31.7 million to shut
• 1:39
  down during heat wave in August. So we're going to we're going to
• 1:42
  cover as to why they did that, how it actually benefits the
• 1:46
  grid. Remember guys, Bitcoin is the
• 1:48
  energy buyer of last resort, right?
• 1:51
  It it stabilizes the grids and I know like a lot of the talking
• 1:55
  points that get uses too much energy, like it actually does
• 1:58
  the exact opposite. And then that kind of goes into,
• 2:00
  because I think a lot of people don't understand electric
• 2:04
  electricity production like look.
• 2:06
  The fact is that when you produce electricity, you have to
• 2:11
  use it on the spot. There's no effective way of
• 2:13
  storing it and you can't transport it efficiently over
• 2:17
  long, over long distances. So you kind of have to use it on
• 2:21
  the spot. So that puts grid operators in
• 2:25
  this predicament where they kind of have to, I don't want to say,
• 2:27
  predict or guess, but they kind of have to do that.
• 2:30
  They have to have like a a strong assumption.
• 2:31
  Now imagine if they didn't have to do that.
• 2:34
  Because there was always an energy buyer no matter what, and
• 2:37
  that's what Bitcoin miners provide.
• 2:39
  So we're going to get into the details of this.
• 2:41
  I think it's going to fundamentally change the world.
• 2:44
  Specifically for isolated, for communities that were otherwise
• 2:48
  isolated but they have an abundant amount of stranded
• 2:51
  energy, all of a sudden that stranded energy, Bitcoin gives
• 2:55
  it value. That's that's Bitcoin miners are
• 2:58
  actively seeking throughout the world and I think it's going to
• 3:01
  fundamentally change. Things and I'm most bullish in
• 3:04
  Africa like you have, you have these very isolated communities
• 3:07
  that would otherwise be very poor.
• 3:10
  There's no opportunities Bitcoin miners could go in there and
• 3:13
  provide economic opportunity and I'm really, really looking
• 3:16
  forward to that. We also have some an update for
• 3:20
  you guys and I'm really, really excited for, for you know
• 3:24
  release that is is going to be is going to be coming out of
• 3:27
  Swan very, very soon, but what I'm referring to.
• 3:30
  Is how Ripple acquired crypto focus, charter Trust Company,
• 3:35
  Fortress Trust. So we'll have an update for you
• 3:37
  guys on that as well. It's going to be a great show
• 3:40
  overall. Looking forward to it and I'm
• 3:43
  going to bring up my legendary cohost, always optimistic.
• 3:46
  How you doing, Opti? What's up dude?
• 3:49
  Just sorry, I was getting distracted by the chat.
• 3:52
  Hello everyone. We are back.
• 3:53
  It's Monday. What a weekend.
• 3:55
  I fully unplugged this weekend. Good to be here actually and had
• 3:58
  a great, great stream on sessions.
• 4:01
  Why are we bullish? And actually, before I go on,
• 4:03
  all right, yeah, I I want to give Mclovin a shout out in the
• 4:06
  chat. He's always hanging out with us
• 4:08
  and he did a comment on why are we bullish about how I basically
• 4:13
  orange pilled him the first time he watched simply Bitcoin and
• 4:16
  instantly dumped his shit coins. OK, it's past the two first two
• 4:20
  minutes and went Bitcoin only and like This is why we do the
• 4:24
  show. This is why we try to make this
• 4:28
  show in such a way that we can get as many new people stacking
• 4:32
  Bitcoin and realizing why they should be holding Bitcoin only.
• 4:35
  So shout out to you Mclovin really felt that comment over
• 4:38
  the weekend. You know, on my heart, bro, my
• 4:40
  my Grinch heart grew. I grew a centimeter over the
• 4:43
  weekend, but I'm glad. I'm glad we're we're talking
• 4:47
  about energy because I've been saying it for a while.
• 4:50
  I've been referencing my boy Mike Hobart.
• 4:52
  We've been talking about this on the Twitter spaces all the time,
• 4:55
  about how the marriage of Bitcoin mining and energy is
• 4:58
  really where Bitcoin is going to be unstoppable and it's going to
• 5:04
  be ubiquitous with the modern world.
• 5:06
  So like Bitcoin mining and energy is why Bitcoin will never
• 5:10
  go away anyways. We'll get into that in the news
• 5:12
  or the numbers. I don't know where we're at.
• 5:14
  We got a guest today shouts at the Thomas AKA Thomas under
• 5:18
  score far on Twitter. He's cofounder of Apollo Sats, A
• 5:22
  memeer. So we'll get his Bitcoin story.
• 5:25
  But how you doing this morning, Thomas?
• 5:27
  What is Apollo Sats first of all?
• 5:28
  Let's start off with that. Yeah, pleasure to be here with
• 5:31
  you guys. Yeah.
• 5:33
  Look, it's a place to search and discover and find Bitcoin
• 5:36
  products and services, basically.
• 5:39
  You know, people come to the site, write reviews, get paid in
• 5:42
  stats to do that. And then you can find and, you
• 5:45
  know, read people's reviews and basically find where to buy,
• 5:49
  where to buy Bitcoin, where to store Bitcoin, all the things
• 5:52
  you need to do for Bitcoin. It's like the Yelp for Bitcoin.
• 5:56
  Yeah, pretty much. Pretty much, yeah.
• 6:00
  It's basically, you know, on look on Twitter you'll find and
• 6:04
  you know podcasts or videos like this, you know?
• 6:08
  Why Bitcoin? But yeah, we're just trying to
• 6:10
  solve, you know, a different thing, which is OK, where you
• 6:15
  know how. So that's all we're working on
• 6:17
  basically. Awesome.
• 6:18
  That's that's really, really freaking cool.
• 6:20
  Well, Thomas, thank you so much for joining us today, guys.
• 6:23
  I'm hype for today's show. Happy to be back in Miami.
• 6:27
  I'm really excited for this week.
• 6:28
  Let's get it going. No more delay.
• 6:30
  Let's jump straight into the numbers, the Bitcoin numbers.
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  their products anyways at the time of recording, pause the
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  show right now. Stack Some Sat's $25,125.00
• 7:52
  Sat's Per dollar 3980 Block Height 807,198 blocks to having
• 7:59
  32,802 having estimate April 22nd, 2024 Total Lightning
• 8:04
  Network capacity 4724 Bitcoin Capacity Value 118 million U.S.
• 8:11
  dollars. Dollars realize monetary
• 8:13
  inflation 1.75%. The market capitalization is
• 8:17
  $489 billion with the B Bitcoin versus gold market cap 3.83%.
• 8:24
  Anyways, very very big news. I think this was the highest or
• 8:28
  one of the largest transaction fees that was paid of all time.
• 8:34
  Someone paid half $1,000,000 for Bitcoin transaction.
• 8:38
  They completely overpaid. 19 Bitcoin Absolutely crazy and
• 8:44
  Sonny Poe asked what is this and how and how?
• 8:48
  So I make sure this never happens to me and shout out
• 8:51
  Patrick the motor as he replied this happens in manual Bitcoin
• 8:55
  transactions. The user inputs all the
• 8:58
  addresses the Bitcoin is going to and whatever is left over is
• 9:01
  the TXV. Someone not understanding this
• 9:04
  may think the remainder stays with the sender.
• 9:07
  That never happens. You need to specify an address
• 9:10
  for your change. Now most Bitcoin address wallets
• 9:14
  do this automatically, like if you use Electrum, if you use
• 9:17
  blue wallet, if you use a Sparrow.
• 9:19
  Huge fan of all of those wallets.
• 9:21
  They do this for you, right? And also if you're using a
• 9:23
  hardware wallet, hardware wallets will also tell you, like
• 9:27
  on the screen itself, when you're confirming the
• 9:29
  transaction, they'll usually give you a prompt and calling it
• 9:32
  change right. They'll say this is the change
• 9:34
  and it's going back to you. So clearly this person tried to
• 9:37
  do it manually. There's shit coins like Ethereum
• 9:40
  that this doesn't happen. So maybe this was person that
• 9:42
  was used to dealing with Ethereum and didn't know.
• 9:44
  But boy oh boy is that a very very frickin expensive lesson 19
• 9:49
  Bitcoin half $1,000,000. Also shout out to Mike Hobart,
• 9:53
  he posted this. Amazing.
• 9:57
  This amazing visual for anyone who's listening, and it just
• 10:00
  it's a video of the rent price versus household income.
• 10:05
  And it's interesting. It doesn't go back all the way
• 10:07
  to 1971, but yeah, it's pretty close.
• 10:10
  It's at 1985. And as you can see, the rent
• 10:13
  price is just completely outpacing the household income.
• 10:17
  Mike Hobart says the Fiat system is working as intended.
• 10:21
  I completely agree. This is Fiat for you, right?
• 10:23
  This is something that we've talked about many, many, many
• 10:26
  times on this show. Fiat every time they print
• 10:29
  money. It's a wealth redistribution
• 10:31
  mechanism from the lower and middle classes that do not have
• 10:34
  the means to save in assets. They save in dollars to the very
• 10:38
  wealthy. And back to the government.
• 10:40
  And the very wealthy do have the means to save an asset.
• 10:43
  So they actually benefit from inflation and not necessarily in
• 10:47
  terms of purchasing power, but any assets they're holding,
• 10:50
  whether that's real estate, stocks, bonds, all of that
• 10:52
  stuff, not necessarily bonds, but let's say it's real estate
• 10:55
  equities. Any of that stuff that tends to
• 10:58
  go through the roof when they print money, right?
• 11:00
  So look, this is, this is what bitcoins all about.
• 11:03
  Like it. It's making life affordable once
• 11:06
  again. We've pulled up this website
• 11:09
  many, many times for you guys priced in Bitcoin, and we've
• 11:12
  been making the case for you guys for a long time now.
• 11:15
  How in if you save in Bitcoin? Your life actually gets cheaper
• 11:19
  overtime, right? Whether that's on a three-year
• 11:21
  or five year scale, That iPhone or that that house that you
• 11:26
  wanted actually gets cheaper. You spent less Bitcoin trying to
• 11:30
  purchase the same good. And that overtime forces or
• 11:34
  incentivizes longterm thinking, right?
• 11:36
  Because all of a sudden you don't have to worry about making
• 11:39
  more just to make just to pay rent.
• 11:43
  You can you. It changes you into thinking,
• 11:46
  OK, how do I save? Because if I don't save and I
• 11:50
  let's say I buy this house right now, in a couple of years, all
• 11:54
  if I waited a little bit more that I would have spent less
• 11:57
  Bitcoin buying the same house, I would have spent less Bitcoin
• 12:00
  buying the same iPhone, I would have spent less Bitcoin buying
• 12:04
  the good or service, right? So this is what we're talking
• 12:06
  about. But this is what Bitcoin fixes.
• 12:08
  Absolutely. And shout out to Mike Hobart for
• 12:10
  for posting this video. I think he tweeted it originally
• 12:13
  from Ashley Sinclair. So shout out to her.
• 12:15
  And again, I I feel really bad for that person that spent half
• 12:19
  $1,000,000 at today's prices spending for a Bitcoin
• 12:23
  transaction. They completely overpaid.
• 12:25
  But also shout out to you man. Thank you so much.
• 12:28
  Or him, her, they, they, they thank you for supporting the
• 12:31
  Bitcoin network. We really appreciate it.
• 12:33
  Right. So anyways what are your guys
• 12:35
  thoughts on this? Well I have a question first
• 12:38
  what was how much money were they trying to send like in the
• 12:42
  transaction? Not the fee, cuz you said 19
• 12:45
  Bitcoin for the fee. I don't know.
• 12:50
  That's a good question. But it wasn't.
• 12:53
  Let's just say that they completely overpaid my sources.
• 12:59
  I saw some speculation that they were this is washing the
• 13:02
  Bitcoin. What do you think about that?
• 13:04
  Well, I mean they would be gambling to make sure that the
• 13:07
  right, the right pool was the one that was getting it right.
• 13:12
  So like, you know, maybe that's it, maybe it's like a big minor
• 13:15
  like, but they would still be speculating that that mining
• 13:18
  pool was the one that found it, right?
• 13:20
  So I I I think it might like my opinion.
• 13:24
  I think it most likely was a little fuck up.
• 13:27
  Very painful lesson there for sure.
• 13:30
  I don't know. What's your take, Opti?
• 13:32
  I mean, dude, hey, like that's that's why we recommend certain
• 13:37
  wallets and we don't do this manual because I do not want to
• 13:41
  wreck myself. I mean, I don't have what, 2020
• 13:43
  plus Bitcoin sitting there just waiting in a single transaction.
• 13:47
  But hey man, I don't know like it is what it is.
• 13:50
  Shouts out to the minors that got paid.
• 13:52
  Actually I think I might have saw something on Twitter saying
• 13:55
  like the minor that might have got this or some of the minors
• 13:58
  that maybe this was a troll. They're like I'll wait a little
• 14:00
  bit and I'll just redistribute the these bitcoins to other
• 14:03
  minors. So I don't know who tweeted that
• 14:06
  out but I don't know man. Hey it is.
• 14:08
  Oh yeah look literally no BS Bitcoin just just posted it said
• 14:13
  F2 pooled to return 20 BTC transaction fee to owner if it's
• 14:16
  claimed within three days. So it literally just popped up
• 14:19
  on my phone. So I guess it wasn't just.
• 14:22
  Control. I'll claim it.
• 14:23
  Yeah, right. Me too, guys.
• 14:26
  But that's really nice. That's really nice of F2 pool.
• 14:28
  Like, they don't need to do that.
• 14:30
  Yeah, right. So it's really, really nice that
• 14:31
  they did that. And like clearly, like that was
• 14:34
  a mistake. Like they completely overpaid by
• 14:37
  like thousands of percentage points.
• 14:40
  And yeah, so I mean, look, I don't know.
• 14:43
  Again, definitely it's cuz they tried to do it manually.
• 14:46
  Most wallets, like open source wallets, like they don't let you
• 14:50
  do that. Like they will literally tell
• 14:51
  you okay, this is going to the change address.
• 14:54
  But yeah, you know. It is like in a way like I don't
• 14:57
  want to say, but it is this is kind of like the Wild West, like
• 15:00
  this is like the the pros of you know, there's no take backs.
• 15:04
  There's a pros of there's pros and cons like I in my opinion
• 15:09
  there's more pros and there is cons but you know there this is
• 15:12
  sovereign money like this is you know like in if this was a wire
• 15:16
  you know you could have called the bank and we're like OK I
• 15:20
  sent too much money and then you would have gone through this
• 15:22
  large like long and arguous process of.
• 15:25
  Getting the wire back. But there is a possibility of
• 15:27
  doing just that In this case, you know, it's completely up to
• 15:31
  the F2 pool and shout out to them for acting honorably to
• 15:36
  return that. So very, very interesting.
• 15:39
  Anyways, and you guys have any more takes?
• 15:41
  Yeah, I have one more little take on the video that Mike
• 15:45
  Hobart posted. I mean that the just like
• 15:48
  watching that visual and and seeing how like the chart starts
• 15:52
  to go like exponential. It just man, you know I've seen
• 15:55
  that chart before like at the very end but just to see it grow
• 15:59
  it like it was kind of mind blow.
• 16:02
  I'm like Oh my God wow, like real time visual of how poor we
• 16:06
  have become as a citizenry And and it's very interesting in the
• 16:09
  beginning, you know slightly after 1971, I think you said it
• 16:12
  was like 1985 or something was the only time on that chart
• 16:16
  where household income was more than rent.
• 16:18
  And it's just like holy, it just, it just blows my mind just
• 16:23
  how poor as a middle class, as a lower middle class, you know
• 16:27
  lower class we all are. And it's because of the money
• 16:30
  printer like the Fiat games or what what might say, like this
• 16:33
  is how Fiat money works. Like, this is a Fiat system
• 16:36
  visualized and I don't know, it really just blows my mind that
• 16:41
  so many people are just still, either, I don't know, unaware,
• 16:46
  or just immune to the fuckery that is the Fiat system and it
• 16:52
  just, you know. This is why we show up every
• 16:54
  single day as Bitcoin content creators, as bitcoiners to try
• 16:56
  to explain to people like the mechanisms for the reason that
• 17:00
  you're poor is very, very obvious and and it's in plain
• 17:04
  sight to people that want to look and it's just stop bearing
• 17:06
  your head in the sand. And This is why we tried to come
• 17:09
  out every single day and just tell people, man, save a little
• 17:11
  bit in Bitcoin, this is a savings game.
• 17:13
  You need to have some capital or else you're just going to
• 17:16
  constantly get poorer holding those melting ice cubes.
• 17:19
  That is Fiat money. So it just it really blows my
• 17:22
  mind, man. That that child was great but.
• 17:27
  It actually it undersells it a lot because The thing is, is
• 17:32
  that interest income in the interest expense is actually
• 17:37
  never been higher relative to even rent.
• 17:40
  So you got, you got rent that's you know 5X relative to people's
• 17:44
  incomes. But you know now now is actually
• 17:48
  a much better time to rent than than own a home.
• 17:50
  You can't like. I mean nobody can buy a home and
• 17:53
  pay seven 8% interest on. On these massively inflated
• 17:58
  houses right now. So if anything, it just
• 18:01
  massively undersells what is a, you know, already a devastating
• 18:05
  story. Yeah man, it's, it's incredible.
• 18:10
  It's really insane just how poor the Fiat money, Fiat mechanism
• 18:15
  has made us. You know what I also wanted to
• 18:18
  say just on that, that overspend by the the Bitcoin.
• 18:22
  What I suspect it probably is and this is something that's
• 18:25
  like maybe the the biggest risk for people that are essentially
• 18:30
  kind of like those those O G's is just that the people that
• 18:35
  think they already know everything and they're just so
• 18:39
  confident about it. That's when you that's when
• 18:42
  people really get get wrecked. And particularly also it can
• 18:45
  happen in kind of security terms where you know the, the average,
• 18:49
  the average pleb, that's like you know.
• 18:52
  Got their coins on a treasure or something often actually has
• 18:55
  like a much better security set up than than these guys from 10
• 18:58
  years ago that have figured out their own wacky system to to set
• 19:04
  up, set up their security. And it's probably something
• 19:06
  similar here. You know, the average, the
• 19:08
  average pub would never make this kind of mistake if they're
• 19:11
  just using, you know, the basic tools that are available to
• 19:14
  people today. But you know somebody,
• 19:17
  somebody's trying to do something that they've probably
• 19:20
  done. 1000 times before and you know maybe they didn't have that
• 19:23
  their coffee in the morning and whatever and they just, they
• 19:26
  messed it up. Yeah, I mean to your point
• 19:29
  remember like Luke Dash Junior got, got wrecked what was that
• 19:33
  like a couple months ago? And I I think he was doing
• 19:36
  something very similar and it reminds me of this thread that
• 19:39
  American Huddle put out on Twitter over the weekend.
• 19:42
  And he's like our current, how do you phrase it like the way
• 19:48
  that we are using Bitcoin right now with like hardware wallets
• 19:51
  and seed phrases like we're in the dark ages right now.
• 19:53
  And it really does. Like we're still early to this
• 19:55
  UI UX experience surrounding Bitcoin and but but it's super
• 20:00
  easy. Like it is simple if you're
• 20:02
  using the up to date software that that you know like the
• 20:05
  average person should be using right now.
• 20:07
  It's like it doesn't have to be more difficult than it is, but I
• 20:11
  think it's improving in real time.
• 20:13
  Yeah, 100 percent, 100%. All right guys, let's jump into
• 20:17
  news. We got a lot to talk about
• 20:18
  today. We got a lot to unpack.
• 20:20
  Let's check it out. The Daily News.
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  is back in stock at foundationdevices.com.
• 21:06
  Bitcoin only, open source. Verifiable completely.
• 21:09
  Air gap security model, gorgeous design, craft premium grade
• 21:13
  materials. If you're thinking about getting
• 21:15
  your Bitcoin off changes, this is the one for you.
• 21:18
  Check out the passport link in the show notes below to learn
• 21:21
  more. All right guys, I made it easy
• 21:24
  for you guys. All you gotta do is scan the QR
• 21:26
  code on your screen. It'll take you directly to the
• 21:29
  Foundation Devices website where you can get yourself a passport
• 21:33
  device. Anyways, guys, I want to jump
• 21:35
  into this. This is pretty big news.
• 21:37
  Texas paid Bitcoin miner Riot 31.7 million to shut down during
• 21:42
  heat wave in August. So let's unpack what all this
• 21:44
  means. It goes on to say, during the
• 21:46
  crypto boom of 2021, Riot Platforms was rat.
• 21:49
  I was raking in cash from Bitcoin mining.
• 21:51
  Now the company is losing so much money that it's counting on
• 21:54
  energy credits from selling power back to the Texas energy
• 21:58
  grid to keep its costs under control.
• 22:00
  Riot said on Wednesday that it earned 31.7 million in energy
• 22:04
  credits last month from Texas power grid operator Urcott.
• 22:08
  The company generated the credits by voluntarily
• 22:10
  curtailing its energy consumption during a
• 22:12
  record-breaking heat wave. The total value of the credits
• 22:15
  dwarfed the 333 Bitcoin the company mined in August, worth
• 22:19
  about $8.9 million at the end of the month.
• 22:22
  Quote August was a landmark month for Riot and showcasing
• 22:25
  the benefits of our unique power strategy.
• 22:28
  Quote. The effects of these credits
• 22:30
  significantly lower riots cost to mine Bitcoin and are a key
• 22:34
  elements in making Riot one of the lowest cost producers of
• 22:37
  Bitcoin in the industry. It's dramatic shift for Riot
• 22:40
  whose revenue soared almost 8000% in 2021 from booming
• 22:44
  demand for Bitcoin. The crypto market reversed in
• 22:46
  2022 leading to a net loss of over $500 million for the year.
• 22:51
  In the latest quarter, the company lost $27.7 million
• 22:54
  bitcoins. Recovery this year from the 2022
• 22:57
  lows has boosted Riot stock, which is up 230% so far in 23
• 23:03
  and 2023, closing Wednesday at 1111 dollars a share.
• 23:06
  But it's still way down from its 2021 peak of 77.9.
• 23:11
  Bitcoin miners broadly have struggled amid a low trading
• 23:14
  volume, according to an analyst from JP Morgan Chase.
• 23:17
  The firm found that the market cap of 14 US listed Bitcoin
• 23:21
  miners it it tracked fell 21% in August to 9.7 billion.
• 23:26
  Riot was the worst performing stock in that list, falling 39%
• 23:30
  the the month. Ballooning energy prices have
• 23:32
  also helped to drag down profits for the sector, so the companies
• 23:36
  have turned to alternative sources of income.
• 23:39
  The Electric Reliability Council of Texas, or COT, has a
• 23:43
  relatively simple and mutually beneficial relationship keyword,
• 23:47
  mutually beneficial relationship with Bitcoin miners.
• 23:50
  The agency, through established demand response programs, pays
• 23:53
  miners to reduce their power so as not to over over stress the
• 23:57
  grid when air conditioners need to run at full blast.
• 24:00
  In addition to summer difficulties, ERCOT also failed
• 24:03
  during the fatal winter storm of early 2021 Riots Latest credits
• 24:07
  consists of 24.2 million from energy sold back to the ERCOT
• 24:12
  grid and 7.4 million in demand response credits.
• 24:16
  For years, Riot has been powering down operate operations
• 24:19
  at its Rockdale mine about an hour from Austin, to help ease
• 24:22
  the burden on the state's grid. ERCOT has historically struggled
• 24:26
  with fluctuating energy prices and sporadic service, so it
• 24:29
  strikes deals with flexible energy buyers like crypto
• 24:32
  miners. The agency also counts on
• 24:34
  Bitcoin miners to soak up excess power when there's too much
• 24:38
  supply, keeping prices in check. So that out of this whole
• 24:42
  article, that paragraph is where the signals at right.
• 24:47
  ERICOT has historically struggled with fluctuating
• 24:49
  energy prices and sporadic service, so it strikes the
• 24:52
  deals. So strikes deals with flexible
• 24:55
  energy buyers like they say crypto, but it's really Bitcoin.
• 24:59
  The agency also counts on Bitcoin miners to soak up excess
• 25:02
  power when there's too much supply, keeping prices in check.
• 25:07
  Texas has made itself an ally to Bitcoin mining industry through
• 25:10
  credits, but the financial incentives hit a snag in early
• 25:13
  2023. A bill to cut off the mining
• 25:15
  industry from those credits, SB1751, packs this Texas State
• 25:21
  Senate in April, but ultimately stalled out in House committee.
• 25:25
  Instead, state lawmakers passed 2 mining friendly bills
• 25:28
  expanding incentives and cutting red tape for the industry.
• 25:32
  It goes on to say the economic equation revolves around how
• 25:35
  much money those miners are losing by not being up and
• 25:37
  running. If the grid operators pay the
• 25:39
  miners a penny more than they would have made from mining in
• 25:42
  any given hour, then they'll gladly power down quote all.
• 25:46
  All you have to do is pay the miners slightly more than what
• 25:48
  they would have made mining Bitcoin for an hour, and it goes
• 25:53
  on to say who this is. A person who runs a A A runs
• 25:58
  Meow, a company that enables corporate treasury participation
• 26:00
  in crypto markets. Avan Ghali calls it the set up a
• 26:04
  winwin. Marathon's Fred Teal previously
• 26:06
  told CNNBC that from his experience, the companies get
• 26:09
  curtailed requests less than 3% of the time in the course of a
• 26:12
  year, which he estimates comes to about 5 to 10 hours a month.
• 26:16
  Even Bitcoin miners that haven't cut a deal with ERCOT sometimes
• 26:19
  choose to power down at times of peak consumption when prices
• 26:23
  shoot higher, unlike the rest of the continental US that belongs
• 26:27
  to one of two interconnected grids. 90% of Texas runs on
• 26:31
  ERCOT, A deregulated independent network of energy providers
• 26:35
  that's not tethered to any any grid in the US.
• 26:38
  While competition in the market often drives down the price of
• 26:41
  power as providers compete on cost to capture customers, it
• 26:45
  also means that there's less of a safety net baked into the
• 26:47
  grid. Adding a quote controlled Lord
• 26:50
  load resource like Bitcoin miners to the grid acts as a
• 26:54
  sort of life insurance policy or a hedge against disaster, right?
• 26:59
  That's a very, very, very big statement.
• 27:02
  Anyways, here's a tweet from Nick Carter and I think it's
• 27:05
  absolutely hilarious. He goes on to say it's pretty
• 27:08
  funny that Texas built a ton of wind and solar, is now dealing
• 27:12
  with grid instability because of that, and Bitcoin miners that
• 27:15
  are long, long power volatility are making money as a
• 27:19
  consequence. The grains are seething about
• 27:22
  it, but the culprit is the wind and solar that they love.
• 27:25
  If you don't want miners to make money selling insurance to
• 27:28
  increasingly unstable grids, don't push variable intermittent
• 27:33
  renewables so hard. It's that simple.
• 27:35
  And that's not something that's talked a lot about when you talk
• 27:39
  about these socalled renewable energies, right?
• 27:42
  Wind isn't blowing 24/7 and the sun isn't shining 24/7, right?
• 27:47
  So it's an intermittent source. Now what's really interesting
• 27:51
  about this, and it I feel like it's like the cherry on top
• 27:54
  right, is that Bitcoin miners could actually make this source
• 27:59
  of energy viable. But of course, you know, it's
• 28:02
  not coming from the state, it's not coming from the government
• 28:05
  through subsidies. It's coming through a free
• 28:07
  market approach. So it's just it, you know, it's
• 28:11
  absolutely hilarious in my opinion.
• 28:13
  Anyways, moving on to this, here's Senator Ted Cruz.
• 28:16
  He goes on to say I'm bullish on Bitcoin.
• 28:18
  Texas is the natural home for the digital assets industry
• 28:21
  since Texas. Love freedom and so do digital
• 28:25
  asset bulls. This innovation is already
• 28:27
  benefiting Texas's economy and grid, and what he was referring
• 28:30
  to is this article by Forbes. And the headline for audio
• 28:34
  listeners is Bitcoin mining is Benefiting the grid and the US
• 28:37
  economy. It goes on to say quote what
• 28:39
  makes Texas different than the rest of the world is that Texans
• 28:42
  love freedom and so do digital asset bulls.
• 28:45
  He said that he was especially bullish on Bitcoin because it
• 28:48
  enhances freedom by being uncontrollable.
• 28:51
  Cruz believes that this is the characteristic which has
• 28:54
  triggered governmental resistance, referring to China's
• 28:57
  Bitcoin ban as an example. Bitcoins uncontrollability is
• 29:01
  achieved through the way that the network is secured.
• 29:03
  It goes on to say while some may criticize the amount of
• 29:06
  electricity consumed, the Bitcoin network has unique
• 29:09
  attributes which are providing some positive externalities in
• 29:13
  the energy sector. It goes on to say crews said
• 29:16
  that Bitcoin mining can operate like a battery, describing
• 29:19
  Bitcoin miners role in demands demand response programs.
• 29:23
  Bitcoin miners are able to monetize the excess capacity
• 29:26
  that would go to waste on an average day, but that capacity
• 29:29
  can be curtailed in seconds, releasing the energy back to the
• 29:32
  grid when needed. Quote It's essentially an energy
• 29:35
  reservoir of power. I think that's one of the tools
• 29:38
  we can utilize to enhance resilience, resiliency in the
• 29:41
  grid, right? Because that was one of the
• 29:43
  mainstream media's or the legacy corporate media's better said
• 29:46
  one of their narratives. Right, that Bitcoin mining was
• 29:48
  actually causing instability. When in reality Bitcoin mining
• 29:52
  is causing stability to a grid that was made in state unstable
• 29:57
  because of the government's push push towards the socalled
• 30:03
  renewable energy sources that are intermittent, they're not
• 30:06
  available 24/7 anyways. It goes on to say Bitcoin minor
• 30:10
  electricity consumption allows for an economically viable way
• 30:13
  to keep excess capacity online that may only be needed
• 30:16
  occasionally throughout the year.
• 30:18
  Marty Bent had some comments and he goes on to say this is a
• 30:21
  tweet. We're very passionate about what
• 30:24
  we're doing because we believe deeply that work we are doing
• 30:27
  both on grid and off grid to turn wasted resources into sats
• 30:31
  is going to have many compounding positive effects on
• 30:34
  the areas we operate in. Bitcoin is a powerful tool that
• 30:37
  is revitalizing neglected areas of the US.
• 30:40
  Most do not see it yet, but they will in time.
• 30:42
  We plan to highlight the benefits of Bitcoin mining on
• 30:45
  energy systems through our work as we stack some Sats along the
• 30:49
  way. We're going to win, by the way.
• 30:51
  This isn't just possible for the US, This is happening all around
• 30:55
  the world. It goes on to say we target
• 30:57
  areas that are falling population With falling
• 30:59
  population rates. Look for substations that were
• 31:02
  once serving manufacturing facilities that have left.
• 31:05
  In doing so, Bent says that their operations are able to
• 31:08
  monetize the excess energy and keep rates lower for the
• 31:10
  consumers in those areas. It goes on to say Ben also spoke
• 31:15
  to the impact of their off grid operations capping stranded and
• 31:19
  abandoned oil wells, which mitigates methane emissions.
• 31:23
  Bitcoin mining ensures wells are being maintained and ensures
• 31:26
  they're producing value, right? Because otherwise that flared
• 31:29
  gas would go into the atmosphere.
• 31:31
  That flare gas now has value because you can turn it into
• 31:35
  sweet, sweet Satoshi's. And again, I said that this is a
• 31:37
  worldwide thing. This isn't just happening in the
• 31:40
  US. This is an article that we
• 31:41
  covered when it dropped and the headline is the Kingdom of
• 31:44
  Bhutan has been quietly mining Bitcoin for years.
• 31:47
  Why? Why did they come to the
• 31:48
  realization that Bitcoin is the answer?
• 31:50
  Well, they have a tremendous amount of stranded energy or
• 31:53
  excess energy. Let me review the first
• 31:55
  paragraph. That article says beneath the
• 31:57
  Himalayas, rivers fed by ancient glaciers supply the tiny Kingdom
• 32:00
  of Bhutan with immense stores of hydroelectricity.
• 32:04
  The renewable resource has become an economic engine,
• 32:07
  accounting for 30% of the country's GDP and fueling homes
• 32:11
  of nearly all of its 800,000 residents.
• 32:14
  But for the past few years, Bhutan's royal government has
• 32:17
  been quietly devising a new use for these reserves, powering its
• 32:21
  own, it's very own Bitcoin mine. I think.
• 32:25
  I think it was Max Kaiser that originally said that quote, that
• 32:27
  Bitcoin mining was going to 51% attack the world's energy grid.
• 32:32
  I completely agree with that statement.
• 32:34
  I think Bitcoin miners are the world's.
• 32:36
  It's the world, you know, it's it's the energy buyer of last
• 32:39
  resort. And I think the more people
• 32:42
  realize that come to that realization the better.
• 32:45
  But that post by Nick Carter, like, really, it's it's truly
• 32:48
  the cherry on top, right? You know, it's like all the
• 32:50
  people that were completely against it all of a sudden
• 32:54
  they're coming to the realization that, holy cow, you
• 32:56
  know, Bitcoin truly does fix this.
• 32:58
  Anyways, off the what's your take?
• 33:00
  Yeah, first and foremost, shout out to our boy Mickey Koss for
• 33:04
  writing that article for Forbes. We see you bro.
• 33:06
  I saw you be the author. He was on the show last week, I
• 33:10
  think it was Monday. Anyways.
• 33:12
  Second, I'm in Texas and it was a hot summer.
• 33:16
  It's just cooling down right now.
• 33:17
  So, finally, some relief. But the energy cost for us did
• 33:21
  go up the last few months and I wasn't really sure why.
• 33:24
  We were kind of wondering why our energy costs were going up,
• 33:27
  but like here it is, You know, the renewables have been a drain
• 33:30
  on the Texas grid and we were paying more for it.
• 33:32
  So shouts out to Riot for being a part of the solution.
• 33:36
  And the energy prices here for us were we're fluctuating
• 33:39
  because of a struggling grid and and I I saw some non bitcoiners
• 33:43
  kind of complaining about this on Twitter and PR Rochard just
• 33:46
  dunking on him just so beautifully like he's he's so
• 33:49
  capable of doing so shouts out to Pierre and riot for being a
• 33:53
  part of the solution and Bitcoin literally fixes this stuff guys
• 33:55
  and and you know the irony isn't lost on those bitcoiners.
• 33:59
  Considering how much flood we have to go through constantly,
• 34:02
  the uphill battles, all the obstacles and amount of
• 34:05
  misinformation and disinformation that is rolled
• 34:08
  out in regards to Bitcoin mining, because on the surface.
• 34:12
  It's it's a very easy narrative to say that Bitcoin mining
• 34:16
  wastes energy. It's bad for the environment.
• 34:18
  You guys don't care about the environment but when you look
• 34:21
  into the details it's very obvious and and we've been
• 34:24
  saying this for a long time on the show, that Bitcoin mining
• 34:27
  literally helps the the energy grids and and it's beneficial
• 34:30
  for all of humanity like you should want Bitcoin miners in
• 34:34
  your area and again referencing my boy Mike Hobart.
• 34:38
  He's been beating the drum on the idea that the marriage
• 34:41
  between energy producers and Bitcoin mining is one of the
• 34:45
  bullish reasons why Bitcoin will never go away.
• 34:48
  Like once they figure out that not only can they maintain
• 34:52
  profitability and you know, you stranded energy and that it
• 34:56
  fixed the energy grids and improved our lives like every
• 35:00
  energy producer in the world will have.
• 35:01
  Some will have to have a Bitcoin mining strategy and if that
• 35:06
  doesn't make you bullish, like I don't know what will it 100%.
• 35:10
  What's your take, Thomas? Yeah, look, I mean, I think it's
• 35:15
  a, it's a great outcome for everybody in Texas, great
• 35:18
  outcome for Riot. And I think everybody's happy
• 35:21
  about it except for maybe a few selects, you know, salty New
• 35:27
  York Times journalists. But realistically, I do think
• 35:32
  that the energy is shifting on this.
• 35:34
  I mean we saw only just like a few months ago I think.
• 35:37
  World Economic Forum of all places put out a video basically
• 35:41
  talk, you know, hyping up well data mining but essentially
• 35:45
  Bitcoin mining for for this very purpose.
• 35:48
  So I think the story or the narrative is very much getting
• 35:52
  out there about, you know, Bitcoin's ability to access
• 35:58
  stranded energy and all the benefits that provides to
• 36:01
  humanity. I mean, it doesn't, I will say.
• 36:04
  It's not going to get rid of the FUD because there's a certain,
• 36:08
  you know, select group of people that they've just been using
• 36:13
  this, this mining narrative basically because it suits their
• 36:20
  actual agenda. So they're just going to have to
• 36:22
  move on to something else, you know, it's more, I would say
• 36:24
  it's more of an excuse than a reason and now more and more
• 36:29
  they're just looking like idiots, so.
• 36:32
  Overall, look, this is a great thing for humanity and everyone
• 36:37
  really, but it's not gonna get rid of the FUD.
• 36:40
  It's just gonna move to something else. 100 percent,
• 36:43
  100%. They're always gonna try to find
• 36:47
  a point, find something to to focus on and and really blow it
• 36:51
  up. Guys, if you are enjoying the
• 36:52
  show, make sure to smash that like button.
• 36:55
  Help us break 100 likes within the first hour.
• 36:58
  Also, shout out to everybody who's listening to us on rumble.
• 37:01
  Shout out to all you guys there guys.
• 37:03
  If you can't find us on YouTube for whatever reason, the show
• 37:05
  goes live no matter what. 12:15 PM Eastern Standard Time Monday
• 37:11
  through Friday and you can find us on Twitter.
• 37:13
  You can find us on Rumble alternative video platforms.
• 37:16
  Anyways, I wanna have a quick update for you guys in regarding
• 37:19
  to the news that we covered last week.
• 37:22
  So Ripple acquires crypto focused chartered Trust Company
• 37:27
  Fortress Trust, which Swan uses for settlements as a custodian
• 37:32
  of record. It's not only Swan, I believe
• 37:34
  Fold uses them as well. Fortress will continue to
• 37:37
  operate autonomously. The vast majority of Swan
• 37:40
  clients, I think the last time I check 64% use self custody.
• 37:45
  That's also what we incentivize is use self custody for those
• 37:49
  who can't, who won't or can't Swan.
• 37:52
  Swan uses Bitco for physical cold storage of clients, Bitcoin
• 37:57
  fortresses for settlements. A custodian is legally required
• 38:01
  for certain products like the Swan IRA.
• 38:03
  Unfortunately, there is only one, which is fortress.
• 38:06
  All that being said, I do have some really, really good news.
• 38:09
  I I I can't share it with you today, but it will.
• 38:12
  The news will drop this week and I'm sure a lot of you guys will
• 38:15
  be looking forward to it as well.
• 38:17
  Here's some comments that happened over the weekend.
• 38:20
  Here's Corey Clipson responding to someone on Twitter and he
• 38:23
  said cannot onboard 10s of millions of new bitcoiners with
• 38:26
  quote wires 1st and we'll send you we'll send it to cold
• 38:29
  storage. That model will always result in
• 38:32
  a niche service. We do offer that model and some
• 38:35
  use it but we also provide a way for new people to choose Bitcoin
• 38:39
  instead of buying of finance and can't focus on that enough.
• 38:43
  Like not everyone's going to take self custody unfortunately.
• 38:46
  Like, that's the sad reality, you know.
• 38:50
  And and another thing also is this aspect of it's not as
• 38:55
  simple as just providing the rails, You have to provide the
• 38:58
  education as well. Here's another comment from
• 39:01
  Twitter says the swan situation feels like a real commentary on
• 39:05
  lack of self sovereignty. Parentheses.
• 39:08
  Owning and investing in your own expertise for custody resulting
• 39:11
  in a lack of control over your destiny.
• 39:13
  Yeah, and Pritzker, which is the the cofounder says 64% of swan
• 39:17
  purchase. Bitcoin is withdrawn to self
• 39:18
  custody thanks to our free and automatic withdrawals coupled
• 39:22
  with constant education. As far as I know we have the
• 39:25
  highest self custody ratio of any exchange or brokerage.
• 39:28
  Despite that some clients segments required qualified
• 39:31
  custody and do not withdraw. We don't even adjust that number
• 39:34
  based on this. Our clients have direct
• 39:36
  agreements signed with their qualified custodian.
• 39:39
  We are also very close to launching the industry's easiest
• 39:42
  self custody on ramp. Keep in mind that home growed on
• 39:45
  unaudited unregulated uninsured solutions are not appropriate
• 39:49
  for our clients that required qualified custodians.
• 39:52
  Look for some big, for some big things coming soon, right?
• 39:56
  And that kind of goes into what is a custodian itself and what
• 40:01
  are the current models. Well.
• 40:03
  Obviously there's the model of keeping the brokerage of the
• 40:06
  broker and the custodian separate like is that's how it
• 40:09
  works in the traditional financial system or the the
• 40:13
  Mount Gox model so to speak, where the broker and the
• 40:16
  custodian are one and you have to trust.
• 40:19
  That said, that said, you know, that said Bitcoin exchange.
• 40:23
  And we've had, you know, if you've been in Bitcoin for a
• 40:26
  long time, there are horror stories of just these massive,
• 40:29
  massive rug polls. Obviously, you know, there is no
• 40:33
  perfect solution. But you know when there is a
• 40:36
  problem, when there is issues, that's where entrepreneurs come
• 40:39
  in. That's where innovation comes in
• 40:41
  to try to tackle those problems and fix those problems.
• 40:44
  So here's the definition of what I got for what is a financial
• 40:47
  custodian. A financial custodian is an
• 40:49
  organization that holds customer securities for safekeeping.
• 40:52
  To prevent them from being stolen or lost, the custodian
• 40:55
  may hold stocks, bonds or other assets and electronic or
• 40:58
  physical form on behalf of its customers.
• 41:00
  Essentially, the custodian acts as a trustee for the investors
• 41:03
  assets ensuring that they are safe and secure.
• 41:06
  Additionally, custodians may also provide accounting and
• 41:09
  reporting services as well as risk management and regulatory
• 41:13
  compliance support. So all that being said, like I
• 41:17
  said, I'm really excited about the news it's going to drop this
• 41:20
  week. Can't tell you guys more about
• 41:23
  it or this week or coming soon, but yeah man, it's definitely,
• 41:29
  they don't call it the Bitcoin roller coaster ride for no
• 41:31
  reason. Opti, what's your take on all
• 41:32
  this? Yeah, well, first and foremost,
• 41:35
  I think we were blindsided by this news, just like everyone
• 41:38
  else. And it was really just to say
• 41:41
  that leaves a shocking, shocking news story and everyone freaked
• 41:45
  out on Twitter. But I think the Swan team
• 41:47
  responded like very quickly and very clearly of what's going on
• 41:51
  and their business models and basically the fact that they're
• 41:54
  like not taking this, you know, lying down and and that they've
• 41:57
  been in the works for basically combating this solution.
• 42:01
  Again, you know, like I have no internal details and I don't
• 42:04
  know what it takes to be a brokerage.
• 42:06
  I'm just on the outside looking in and like, OK, they're a
• 42:09
  Bitcoin company. I do not want to see Bitcoin
• 42:11
  companies go down. But from what I saw, the Swan
• 42:15
  team. Is working on this and they're
• 42:17
  working on basically leaving Fortress.
• 42:20
  And so you know, it's just it's just it's very unfortunate.
• 42:25
  I guess maybe it's just like bad PR right now.
• 42:27
  But again, like I do not and never underestimate Bitcoin
• 42:30
  entrepreneurs. So I am sure that the guys over
• 42:34
  there at Swan, you know it is a bunch of bitcoiners.
• 42:37
  A lot smarter bitcoiners than me, I'm sure they are going to
• 42:41
  figure this out and and compete on the free market.
• 42:44
  You know, it is what it is. That's like what it means to be
• 42:46
  a Bitcoin startup. That's what it means to be a
• 42:47
  startup in general is basically just putting out fires
• 42:50
  constantly. I mean over here it's simply
• 42:53
  Bitcoin. We we may be a small, small
• 42:55
  thing in comparison to that, but we are startup and we aren't
• 42:59
  entrepreneurs over here and like bro, we're constantly putting
• 43:02
  out fires. So while it was a PR shitstorm.
• 43:06
  I think it maybe in the long term it might be one of those
• 43:11
  like nothing burger type things and and it's just going to get
• 43:14
  fully figured out. And again, like I'm just waiting
• 43:16
  to see what they do and what they're about to roll out and
• 43:19
  I'm sure we'll get some more news, I don't know, in the next
• 43:21
  couple of weeks or something. So, you know, I I try to, I try
• 43:25
  to bite my tongue on stuff like this at times because I don't
• 43:28
  want to dance on people's graves.
• 43:30
  And of course, we love Swan. They are one of our sponsors.
• 43:32
  So it was just like a blindsiding news server a lot.
• 43:35
  Everyone was like, what the F this is what is going on here.
• 43:39
  But I think, I think the team's handled it very well and just
• 43:44
  goes to show you that like. You got to always keep your head
• 43:47
  on the swivel and then like we say all the time, you know, take
• 43:49
  your Bitcoin into self custody. I say it every time on the show
• 43:52
  like I don't care where you buy your Bitcoin, but the most
• 43:55
  important thing to be doing is taking that Bitcoin into self
• 43:57
  custody. And there's so many Bitcoin
• 43:59
  entrepreneurs out there that are just trying to kick ass and make
• 44:02
  things work so. Again, I am hopeful that Swan is
• 44:06
  going to handle this correctly and with tact and we'll just see
• 44:09
  moving forward. We're just watching it on the
• 44:11
  sidelines like everyone else, like what's going on.
• 44:14
  But it seems from the coverage I saw on Twitter that.
• 44:17
  You know, they got this covered. They they have a business model
• 44:20
  that most of us probably don't understand because we don't have
• 44:23
  the inner workings of it. But it seems like they they're
• 44:26
  going to figure this out or they're in the process of
• 44:28
  figuring this out. So, hey, shouts out to the
• 44:30
  entrepreneurs out there, shouts out the Swan.
• 44:32
  I'm sitting on the sideline just like everyone else.
• 44:34
  So we'll see what happens and guys, and regardless of what you
• 44:39
  know or or brokerage or what exchange you you decide to use,
• 44:43
  you know the the rule remains the the same, right?
• 44:45
  Not your keys, not your Bitcoin. You should always strive to take
• 44:49
  Bitcoin into self custody, regardless of you know who your
• 44:53
  brokerage or what your exchange of choice is.
• 44:56
  You should, you know, buy that Bitcoin, earn that Bitcoin,
• 44:58
  whatever it is, and you should take that Bitcoin into cold
• 45:01
  storage and put it. You know with with keys that you
• 45:05
  only have access to, right? It's like you know with Bitcoin,
• 45:09
  you want to find yourself in a situation where it's trust
• 45:11
  minimize you. Stop trusting other people with
• 45:13
  the custody of your wealth. And that's what you got to do,
• 45:16
  right? You know, So regardless, and
• 45:18
  that's what we always incentivize, and that's what
• 45:20
  Swan incentivizes too. And any bitcoiner that's worth
• 45:23
  their salt and 99.99% of bitcoiners are really good at
• 45:27
  this is just, you know, push for self custody, learn how to do
• 45:30
  it. BTC sessions has some amazing
• 45:32
  tutorials. You know, we push it hard on
• 45:35
  simply. I know Swan pushes it hard as
• 45:36
  well. Not your keys, not your Bitcoin.
• 45:38
  That's it. Like if you don't like what's
• 45:39
  going on, if you don't like see what's happening, you know you
• 45:42
  could protect yourself, you could see the world could be on
• 45:45
  fire next to you, right? But you know for a fact, if you
• 45:49
  have your Bitcoin into self custody, you're just watching
• 45:51
  with the side on the sidelines eating popcorn while while
• 45:54
  everything is happening. So anyways, I'll say that
• 45:57
  Thomas, what are your thoughts on on all this?
• 46:00
  Yeah, look, I mean it it it sucks.
• 46:03
  This one. There's no, there's no doubt
• 46:04
  about it. I I think it was.
• 46:07
  It was. Really unlucky.
• 46:09
  It's just it's it's embarrassing.
• 46:11
  But it's it's not, it's nobody's fault.
• 46:13
  It's just, you know, it's it's it's a pretty unfortunate
• 46:19
  situation really, watching, watching Ripple essentially
• 46:23
  acquire a lot of people's, well, custody of a lot of people's
• 46:28
  Bitcoin, which is just very awkward, but.
• 46:32
  I think, I think anybody anybody objective needs to look at it
• 46:37
  you know from and say well look it was completely out of
• 46:42
  anybody's hands really except the Fortress team and I I I
• 46:47
  think anybody that's judging it just needs to maybe sit back and
• 46:50
  give give Swan a bit of time to actually react to it because
• 46:54
  they it was I'm sure the news was shocking to them as well so.
• 47:00
  Yeah, I mean, I'll be, I'll be curious to see, to see what what
• 47:03
  happens and what they do. But you know, I'm confident that
• 47:10
  like nobody cares, nobody cares more about it more than they do,
• 47:14
  right? So I'm pretty sure they'll find
• 47:16
  a pretty good solution, yeah, 100%.
• 47:19
  We'll have more news for in that regard for you guys very very
• 47:23
  soon. Anyways.
• 47:25
  Just a crazy crazy crazy rollercoaster ride in the
• 47:29
  Bitcoin world. Guys.
• 47:30
  I also want to give a very special shout out to one of our
• 47:32
  sponsors, Bitcoin Evangelism Planting the Seed for the
• 47:36
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• 47:40
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• 49:08
  Sorry guys. Of course we are here with
• 49:11
  Thomas. He is a Bitcoin entrepreneur as
• 49:13
  well. So we will get into your
• 49:15
  project, bro. But I know that our audience and
• 49:18
  the people that watch the show, they just love hearing Bitcoin
• 49:21
  stories of of how other people got into Bitcoin.
• 49:23
  So let's just start with that. Why are you obsessed with
• 49:26
  Bitcoin and why did you make a Bitcoin business?
• 49:30
  Well, I mean, look. I would say that, you know,
• 49:35
  Bitcoin is is the truth and we're all on essentially a
• 49:40
  journey to you know, find that truth.
• 49:43
  And it's been a long, long process for me over, you know, a
• 49:47
  a lot of, a lot of years. But you know what?
• 49:52
  What? Look, I started.
• 49:54
  I started my career working and investing in finance and.
• 49:59
  You know I, I, I met some key people along the way that you
• 50:02
  know people used to describe people used to describe the
• 50:05
  world. There was a there was a term
• 50:07
  that was actually really common sort of in the like 20/15/2016
• 50:13
  and and probably don't hear it as much now but there was a term
• 50:17
  that people used to say it was it was a bubble it was an
• 50:20
  everything bubble. It's like well what does that,
• 50:23
  what does that mean? What is it?
• 50:24
  What is that everything bubble mean?
• 50:26
  Well, it means. It means cash is trash,
• 50:29
  basically. And that's what going through
• 50:33
  that process is what really got my brain spinning on thinking
• 50:39
  about what's the alternative. Love it.
• 50:46
  I I absolutely love that you come from traditional finance
• 50:50
  because that's usually one of the biggest contentions.
• 50:53
  It's like, oh, you know, I'm a finance.
• 50:55
  Actually, Nico has a story of one of his friends that like,
• 50:57
  works at JP Morgan and he just hates Bitcoin.
• 51:00
  And it's just like, we get it, bro.
• 51:03
  Like it's completely different. Totally understandable, but
• 51:06
  that's a feature, not a bug. Anyways, Thomas, what are you
• 51:11
  working on? What is Apollo?
• 51:12
  What is Hey apollo.com? Or on Apollo Sats.
• 51:16
  What are you working on over here, bro?
• 51:19
  Yeah, look, so it is, it is a place to essentially, you know,
• 51:24
  search and discover all of the we wanna we wanna basically
• 51:28
  provide a catalog for, you know, the Bitcoin products and
• 51:32
  services in the industry. Basically, try and get your
• 51:36
  answers to you know, where do I buy Bitcoin or where do I store
• 51:41
  Bitcoin? And you know.
• 51:44
  And a lot of the other kind of niche services that come along
• 51:46
  with with Bitcoin, whether it's, you know, all the cool different
• 51:49
  rewards apps or the social elements or merch stores or
• 51:53
  whatever. But the the, the, the key, the
• 51:56
  key thing that we do is is we actually get, we don't want to
• 51:59
  tell people about the products, we want people to tell people.
• 52:03
  So we want to actually incentivize people to come in
• 52:05
  and write reviews, write reviews of the products and services and
• 52:09
  actually, you know, basically. That that is how you provide
• 52:15
  real signal when it's not just you know one per you know it's
• 52:19
  trying to actually decentralize the information and not just
• 52:22
  say, well this is what this is what Apollo thinks is about X&Y,
• 52:26
  but it's actually about what what do people think?
• 52:28
  And you know we we have a pretty cool model because we
• 52:31
  incentivize people to write reviews because we pay them in
• 52:34
  Sats. So it's all, it's all lightning
• 52:36
  based. So people come in.
• 52:38
  They, they write a review, they get paid for their time because
• 52:40
  they're, you know, they're providing Apollo value, they're
• 52:42
  providing the world value. So they get paid for that.
• 52:45
  So anybody can you know withdraw the Sats to their own Lightning
• 52:49
  wallet and that and that's that's really, that's really our
• 52:53
  model. So we want to incentivize people
• 52:55
  to come in and and write reviews about, you know, their genuine
• 52:58
  experience using products and services and then we just want
• 53:01
  to provide, you know, the best. The best possible place for
• 53:04
  people to like new people to come in and search and discover
• 53:08
  about these services. Interesting.
• 53:11
  So what's the process with like, I don't know, adding new
• 53:16
  categories or new companies onto the site?
• 53:18
  Can people just like, they just add them if they have an
• 53:21
  account? Or is there some kind of like
• 53:23
  strenuous process to get the company on there?
• 53:26
  It looks like it's mainly Bitcoin only companies.
• 53:28
  So like, how do you screen this? Yeah, so anybody, anybody can
• 53:35
  you know submit a company to us and recommend it.
• 53:39
  We also talk to talk to companies that say hey we want
• 53:42
  to be listed and that's that's great and we want to listen to,
• 53:45
  I mean look we are very much Bitcoin focused.
• 53:50
  I would say the the only area where it it becomes.
• 53:55
  It's hard to be completely Bitcoin focused is when we when
• 53:58
  we get to the side of the the buy Bitcoin category in that or
• 54:01
  you know the exchanges. And just the reality is most of
• 54:05
  the exchanges in the industry today sell crypto.
• 54:08
  So we're not Bitcoin only with that respect, but otherwise we
• 54:11
  do, you know, essentially try to be just, you know, completely
• 54:14
  Bitcoin focused and yeah, basically.
• 54:18
  Any any any Bitcoin only company can can be listed where we we,
• 54:23
  we want to list them. In fact that's that's really the
• 54:26
  whole point. Yeah.
• 54:30
  Because you know we we, we basically want to spread the
• 54:34
  word and spread the signal and and provide you know just
• 54:36
  provide as much value as we can to people trying to yeah, really
• 54:42
  bring new people into Bitcoin essentially.
• 54:45
  You know we want we want it to be that kind of.
• 54:48
  At first port of call, once you've, you know, orange peeled
• 54:52
  somebody and you want you want to take them, take it to the
• 54:54
  next step of, well, how do I actually do it?
• 54:57
  I think I think that's where we provide a lot of value.
• 54:59
  And I think the other thing that makes it exciting is we kind of
• 55:03
  just want to remind, you know, the world that actually, like
• 55:07
  there's a lot being built on Bitcoin and, you know, you see
• 55:14
  just absolute ridiculous garbage fart about.
• 55:18
  People building on, you know, Ethereum or whatever about all
• 55:21
  all the builders are doing all this.
• 55:23
  It's like actually no, there's so much happening on Bitcoin
• 55:26
  happening in lightning like today in 2023.
• 55:30
  It's not, you know, it's not, it's not some future prospect,
• 55:35
  it's actually already happening right now.
• 55:37
  And so we just want to highlight that mostly.
• 55:40
  Love it. OK, one more question and then
• 55:43
  and then I want to ask you about memes, cuz I see you've been
• 55:45
  going hard on the meme games on Twitter.
• 55:48
  What's the process of, like you said, people can get Sats for
• 55:52
  their reviews, Is that you just get Sats for any review?
• 55:55
  Does it have to be positive, negative, like how's that
• 55:57
  process go? Yeah, so look, anybody can come
• 56:02
  to the come to the website and and and write a review and you
• 56:05
  can get. Basically basically write a
• 56:10
  review doesn't you can be positive negative whatever the
• 56:13
  the there is a there is we we provide a filter on it but the
• 56:17
  filter is nothing to do about your sentiment about the review.
• 56:21
  Basically we try and provide essentially a quality quality
• 56:24
  filter. So if you come in and you write
• 56:26
  like one word review or you know you you you you basically just
• 56:31
  put we we we we we have to protect against what we have is
• 56:35
  essentially. We sat faucet if you'd like.
• 56:38
  So we have to protect against people trying to take advantage
• 56:42
  of that and abuse the system. We're looking to actually
• 56:45
  provide rewards to people, you know, providing their genuine
• 56:48
  experience about about using a product.
• 56:51
  But as as long as it's like sufficiently clear that that's
• 56:54
  what that is happening, regardless of your actual views
• 56:58
  about the product, then yeah, you you will get, you will earn
• 57:01
  Bitcoin. And then you know, you basically
• 57:05
  and people can, other users can ZAP your reviews if they like it
• 57:11
  more and you can earn more. And yeah, that's the model
• 57:16
  essentially. Interesting.
• 57:18
  Okay, Love it. Love it.
• 57:19
  Okay. Last question, since we are
• 57:21
  going to go into the meme review as a CEO of a company, how
• 57:26
  important is it to make Bitcoin memes?
• 57:29
  Because I've brought your memes on the show multiple times.
• 57:33
  And then I realized this morning that we're bringing you on, and
• 57:36
  I actually have one of your memes on the meme reviews.
• 57:38
  So people keep telling us that the meme review is just a bunch
• 57:41
  of noise, but there's so much power in the memes, like
• 57:44
  memetics. It's memetic warfare out there,
• 57:46
  guys, and they're so important. Yeah.
• 57:48
  Well, first I'll correct you because I'm not actually the CEO
• 57:52
  of Apollo. I'm one of the one of the
• 57:54
  cofounders. Oh, cofounder.
• 57:56
  OK. But I will say that.
• 58:00
  It's incredibly important. I mean it's it's it's
• 58:03
  everything. I mean we this is, this is
• 58:06
  absolutely a propaganda warfare. We need to be spreading the
• 58:11
  message and we need to be doing it in in the most persuasive way
• 58:16
  possible and there's there's no doubt about that.
• 58:18
  So you need to you need to be making people laugh.
• 58:22
  You need to be making people cry.
• 58:24
  You need to be making people feel.
• 58:27
  And if they like it and if they remember it, that's what
• 58:32
  matters. So it's incredibly important.
• 58:35
  Love it. Absolutely.
• 58:36
  Couldn't agree more. Actually, we got one more
• 58:38
  question here from the group chat.
• 58:40
  I think it's a good question. So it's by John Pleb.
• 58:42
  He says for Apollo, how do you avoid fake accounts?
• 58:45
  Is there some kind of screening process?
• 58:48
  Yeah, So we have. So basically we have two
• 58:52
  concepts of reviews on the platform.
• 58:54
  So we have. Anybody can come in and write a
• 58:58
  review and if it just looks like a genuine experience, we're
• 59:01
  gonna post it. But what we also have is we have
• 59:04
  a concept called a verified review where basically we
• 59:08
  partner with. We essentially we collaborate
• 59:11
  with companies to get them to invite their users to write the
• 59:16
  reviews because they know. The companies themselves know
• 59:21
  their users, so they invite users to a private landing page
• 59:27
  that these people can use that we know for sure they're a legit
• 59:32
  user. Okay, interesting.
• 59:34
  Got it 100%. Well, for the audio listeners,
• 59:39
  where can they find Apollo? Yeah, it's hayapollo.com.
• 59:46
  HEYAPOLLO. Let's go.
• 59:51
  Well, Nico, any questions before we move on?
• 59:53
  Any thoughts? Yeah, man, That what I liked
• 59:56
  about what I liked about what you said are the memes, bro.
• 59:58
  It's the memes. You.
• 1:00:00
  Gotta just You gotta keep doing memes.
• 1:00:02
  Speaking of memes, let's jump straight into the meme review.
• 1:00:05
  Let's Do it, The Daily Meme Review.
• 1:00:11
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• 1:00:37
  Well, you heard it from Thomas himself.
• 1:00:40
  Memes are super important because we are in a memetic war
• 1:00:43
  and we have truth on our side and we have to do whatever we
• 1:00:46
  can to get the signal out there. Make your friends laugh, make
• 1:00:49
  your enemies cry, Battle the central bankers and the
• 1:00:53
  corporate BS and you know tweets of the bullets memes of the
• 1:00:57
  artillery. Drop your meme review score in
• 1:00:59
  the chat over there and we will review them live.
• 1:01:02
  And this first one, Nico, I know you tell me this is a family
• 1:01:06
  friendly show and I do my best, but.
• 1:01:09
  We got tagged in this one and shout out to Thomas Thomas under
• 1:01:12
  score far on Twitter. I thought this one's hilarious.
• 1:01:16
  I I see this this meme format all the time do usually a lot
• 1:01:20
  more degen like than this one. This is actually a very
• 1:01:23
  wholesome version of it. Anyways we got a girl tweeting a
• 1:01:26
  a boy or someone she's interested in it she goes so how
• 1:01:28
  big is it And the guy tweets back oh man it's about 25 K but
• 1:01:32
  even when it hits 100K it will still have 100 X potential.
• 1:01:35
  We're talking about Bitcoin price here guys.
• 1:01:37
  We're just talking about. Bitcoin price OK, Nico, fully
• 1:01:42
  PG13 meme OK, the next meme is my fart phase 2000.
• 1:01:47
  Shout out to you bro. I haven't seen you in a minute,
• 1:01:50
  but good to know that you're out there.
• 1:01:51
  And he goes just X sats. It will all make sense one day.
• 1:01:55
  Hashtag Bitcoin and we got the classic Willy Wonka meme where
• 1:01:58
  you know, he's looking very curious at your response.
• 1:02:01
  And he goes, you think the market will come down to your
• 1:02:03
  target, fill your order and then go back up?
• 1:02:06
  How curious of so interesting. You know the the SAT stacking
• 1:02:11
  opium is real with a lot of people, and the next meme is by
• 1:02:15
  Men Pool. And I didn't even know Nico was
• 1:02:17
  gonna bring this up on the numbers, so it's fitting you can
• 1:02:20
  you can see the community's response to this.
• 1:02:23
  And I'm talking about the overpaying of the mining fee.
• 1:02:26
  And this is the classic Anakin. And what's your name pad Padme
• 1:02:30
  meme from Star Wars. And so we got Anakin.
• 1:02:33
  Here goes. I sent the urgent transaction
• 1:02:35
  you requested at 8.2 million sats per byte and he goes, you
• 1:02:39
  mean 8.2 sats per byte, right? And he goes, you mean 8.2 sats
• 1:02:44
  per byte, right? Right.
• 1:02:48
  Absolutely devastated. This next one, Nico, This one
• 1:02:51
  might be a little spicy, I don't know, but shuts out the rust in
• 1:02:54
  a KA sets for life and he goes I will not eat the bugs and he
• 1:02:57
  goes Me and 2030 being executed for eating a chicken.
• 1:03:00
  Any last word? Fuck.
• 1:03:02
  Sorry dude, I thought that was hilarious.
• 1:03:09
  This last one is by Maxi's club and it goes 514 Non Financial
• 1:03:13
  Advice and it's a classic office template.
• 1:03:18
  Because I need you to find the difference between these two
• 1:03:19
  pictures. And we got a new crypto and a
• 1:03:21
  scam. And we got the, you know, female
• 1:03:24
  Bitcoin at the bottom. They're the same picture.
• 1:03:26
  A new crypto is a scam. It's just by Bitcoin, say
• 1:03:30
  Bitcoin only it's so much simpler.
• 1:03:31
  Anyways, this next meme is by the BTC therapist and he goes,
• 1:03:34
  this is not financial advice. Laughing emoji.
• 1:03:37
  Hashtag BTC. And he goes when literally
• 1:03:40
  anyone I've ever met asked me for financial advice and it's a
• 1:03:44
  picture of the Joker holding the Bitcoin logo.
• 1:03:46
  And it goes me, it's simple, we buy Bitcoin.
• 1:03:49
  It is so simple. Just go all in on Bitcoin.
• 1:03:52
  This is not financial advice, but this is what you should be
• 1:03:54
  doing. This is life advice.
• 1:03:55
  And then on the news, we got trolled kind of hard by our boy
• 1:03:58
  Greg's Osh, and it's simply Bitcoin doing the you know the
• 1:04:02
  it's the whoa jet or the the Guy meme getting the balloon, and
• 1:04:06
  it's simply Bitcoin. As the guy and he's buying or
• 1:04:10
  grabbing the Bitcoin balloon. And then we have Swan behind us
• 1:04:13
  and the balloon pops and it's Ripple.
• 1:04:15
  When simply Ripple never we are a Bitcoin only show, Greg.
• 1:04:21
  Greg, Greg Zag. Greg Zag.
• 1:04:24
  Girl, the memes on Friday, we're fucking.
• 1:04:27
  They were savage, bro. I feel like everyone had a lot
• 1:04:30
  of vent up. Dude, it's a bear market.
• 1:04:33
  Bear market. Bear market feels bro.
• 1:04:35
  Bear market things. All right, I'm gonna give that
• 1:04:39
  in honor of of Matrix, I'm gonna give it a Duracell battery.
• 1:04:46
  Ooh, a battery. Wow, I feel like you've given
• 1:04:48
  that before. No, no, no.
• 1:04:50
  But I've given the whole pack, but not a single one.
• 1:04:52
  OK, well, I have. I I know I've never done this,
• 1:04:57
  so I'm giving it a clean towel. I just did laundry yesterday and
• 1:05:03
  I had my desk. I haven't done laundry the whole
• 1:05:06
  time I've been. On this show, I'm impressed.
• 1:05:08
  I'm impressed. Thomas, what would you give
• 1:05:10
  those memes? I gotta give it a heating remote
• 1:05:15
  out of 10. All right.
• 1:05:16
  Ooh. Fitting, fitting, considering
• 1:05:20
  the air caught news earlier. OK, OK.
• 1:05:23
  I see you. I see you.
• 1:05:26
  Very nice. Very nice, Okay.
• 1:05:28
  All right. Anyways, Nico, we gotta waste 2
• 1:05:31
  seconds as we fill in. Get yourself AT shirt or a
• 1:05:41
  hoodie. What are you talking about guys?
• 1:05:37
  We did drop simply Bitcoin. We pay attention to details.
• 1:05:43
  Literally it says Bitcoin or slavery on the little tag in the
• 1:05:46
  back. Get yourself while get yourself
• 1:05:49
  some simply Bitcoin merch while supplies last.
• 1:05:52
  All you got to do is scan the QR code on your screen.
• 1:05:55
  It'll take you directly to the Simply Bitcoin website, where
• 1:05:58
  you can get yourself some simply Bitcoin merch and.
• 1:06:02
  We got some scores. We got some scores.
• 1:06:03
  All right, first score by John Pleb.
• 1:06:05
  Joe Biden's favorite ice cream Fiscal fudge.
• 1:06:09
  I'm making jokes, bro. Satoji meme score opti's a green
• 1:06:14
  camera saturation. I'm just saying I'm looking
• 1:06:17
  green or my hair is green. I don't know what's going on.
• 1:06:20
  I apologize. Next one.
• 1:06:22
  Next one I was. Unmaxing this weekend, getting
• 1:06:25
  some walks in. Maybe I'm.
• 1:06:27
  I don't know. I don't.
• 1:06:28
  Know next one by Elaine. Self custody memes needed.
• 1:06:31
  Must contain streaming tears from losers and smiles and
• 1:06:34
  cheers from self custodiers. Amen.
• 1:06:37
  Amen. Not your keys, not your Bitcoin.
• 1:06:39
  All right. Next.
• 1:06:40
  Next one. Wow, we're getting trolled hard
• 1:06:42
  in here, Nico. We're gonna do it for the
• 1:06:44
  culture, though. Read this one.
• 1:06:46
  Dr. Surge 9000 I give the memes a swamp blimp advertising ripple
• 1:06:51
  flying over. Get it all out.
• 1:06:55
  Just get it all out. Robert Schmidt I give the memes
• 1:06:59
  a Monday morning White Claw. Oh, Robert gets it.
• 1:07:02
  This this guy gets it all. Right, J Dub.
• 1:07:05
  The Laker 21 mil. Nikko's half streak fading,
• 1:07:09
  reconfirming the bear, Right. All right.
• 1:07:15
  Any anymore, Opti? Are we buzzing?
• 1:07:17
  It wait. Yeah, yeah.
• 1:07:19
  It's not that. We ran out.
• 1:07:23
  What? What A or B?
• 1:07:26
  Not the OR the bling thing A or B?
• 1:07:29
  No, not the, not B. The A.
• 1:07:32
  A. That is the correct answer.
• 1:07:34
  Oh, what is? No, that's not the one, dude.
• 1:07:38
  That is the wrong answer. Anyways, guys, if you enjoyed
• 1:07:43
  the show, you know what to do. Smash that like button.
• 1:07:45
  Consider subscribing if if you feel like we provided you value.
• 1:07:48
  But the number one thing you could do to push the peaceful
• 1:07:51
  Bitcoin revolution forward is share this content.
• 1:07:53
  In fact, share all Bitcoin content.
• 1:07:55
  I'm your host, Nico's my cohost, Optimist Fields.
• 1:07:58
  I want to give a shout out to our special guest, Thomas
• 1:08:00
  Thomas. Thank you so much for joining us
• 1:08:02
  today. Why don't you tell everybody
• 1:08:03
  where they can find you on the interwebs?
• 1:08:06
  Yeah, no. Appreciate it was a lot of fun.
• 1:08:08
  Yeah. So.
• 1:08:10
  Thomas Farah. Thomas under score Farah on
• 1:08:12
  Twitter and hair polo.com. Thanks, man.
• 1:08:15
  Thank you so much for joining us, guys.
• 1:08:16
  That was our show. If you enjoyed the show and you
• 1:08:18
  know what to do, I already said it.
• 1:08:19
  Smash the like button. We'll see you tomorrow, 12:15 PM
• 1:08:22
  Eastern Standard Time for another episode of Simply
• 1:08:25
  Bitcoin Live. Peace out.
• 1:08:27
  Y'all.