Latest / Simply Bitcoin / Jack Dorsey SNEAKS IN Super Bowl Bitcoin Ad | EP 924

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Jack Dorsey SNEAKS IN Super Bowl Bitcoin Ad | EP 924 · Simply Bitcoin

0:03
It's all going to zero against Bitcoin.
0:07
It's. Going up forever, you're.
0:16
Against Bitcoin you're against freedom yo.
0:24
Welcome to another episode of Simply Bitcoin Live.
0:26
You're a number one source for the peaceful Bitcoin revolution.
0:29
Cover breaking news. Culture.
0:30
Matic Warfare. We will be your guide through
0:32
the separation of money and state.
0:34
Guys, welcome to the number one daily Bitcoin only show on
0:39
YouTube. Rumble NX welcome.
0:41
It's Monday. We're back.
0:42
We're almost hitting 50K on Bitcoin's price.
0:45
It's currently sitting at 49,824.
0:48
I hope you guys took the opportunity to to stack anyone
0:53
who bought before January 9th. I believe is when the ETF was
0:57
approved. You front ran Wall Street.
0:59
Well ladies and gentlemen, you're seeing the effects of
1:03
Wall Street and Wall Street is just starting to figure out.
1:06
I just tweeted out this morning. They're just starting to figure
1:09
out that Bitcoin is designed to go up forever, and it's also a
1:13
superior asset compared to everything else, right?
1:16
So the party is just getting started.
1:18
This is something that Michael Saylor has been touching on for
1:21
every single interview that he's done, is that this is a new
1:25
asset class, right? That just came out of nowhere.
1:27
This has been the best performing ETF since, like,
1:32
ever, I believe, right? So it's very, very exciting
1:35
stuff. And also, Bitcoin got a free ad
1:38
at the Super Bowl yesterday, and I know it was only a couple
1:42
seconds, but it was essentially Jack Dorsey wearing a Satoshi
1:46
shirt with Beyoncé and Jay-Z also in the frame.
1:50
But if you take a look at the Google Trends, a lot of people
1:54
were searching what Satoshi was so literally without paying for
1:57
advertising. Bitcoin got a free ad last
2:00
night, which was pretty cool. And in other news as well, Joe
2:04
Biden came out with this. Really, really strange video.
2:07
And again guys, you, you guys know we're apolitical on simply
2:10
Bitcoin. We don't need left or right.
2:12
We're not Democrat, Republican, we are on the party of Orange,
2:16
the party of Bitcoin. All that being said, Joe Biden
2:19
released a video on shrink flation right.
2:22
And essentially, you know, blaming companies as to why
2:27
companies are continuing to shrink their products and
2:30
basically saying like, you know, if you elect me into office,
2:34
I'll make sure that doesn't happen, you know, either
2:36
completely disconnected from reality gaslighting to the
2:40
maximum. But government is responsible
2:43
for that because of inflation. Companies do that because
2:47
obviously they don't want to raise their prices on their
2:49
customers. So what they do is that they try
2:51
to shrink their products, also known as shrink inflation.
2:54
And but he's just essentially blaming the companies for
2:57
something that the government is solely responsible for.
3:01
And you know, of course, this is where, you know, mimetic
3:04
warfare, Internet trench warfare is so important.
3:07
When those types of videos come out, it's so important that you
3:10
take agency in action and you get in the comment section, OK,
3:14
that video got 25,000 likes. We have a lot of work to do as
3:18
bitcoiners to educate the masses to really get them to understand
3:23
that guys, it's not Democrat versus Republican, it's really
3:27
the party of Orange, the party of Bitcoin versus the party of
3:30
Green, the party of Fiat, central bank, digital currencies
3:33
and all that. And also during the culture
3:35
segment, we have a very special guest today we have Seth for
3:38
privacy from foundation devices and we're going to talk about
3:41
why self custody is important. Of course we're going to talk
3:44
about Passport, the passport hardware wallet, and of course
3:48
why you should buy real Bitcoin and take self custody of that
3:52
real Bitcoin versus buying the convenient Bitcoin, also known
3:57
as the Captured Bitcoin, the Bitcoin ETF.
3:59
And I think Seth is the perfect person to have that conversation
4:03
with. So it's going to be a great
4:04
show, ladies and gentlemen. And we just brought 50K in the
4:07
opening monologue. We're at $50,029.
4:10
There's going to be a show. I'm going to bring up Seth on
4:12
stage. S Seth, welcome back to Simply
4:14
Bitcoin. How you doing?
4:17
Thanks so much for having me Nico.
4:18
Really excited to to chat today. Lots of fun stuff and lots of
4:21
craziness last night too at the Super Bowl.
4:23
So yeah, should be fun. It's it's so funny, 'cause,
4:26
like, Bitcoiners were like literally focused, like instead
4:29
of focusing on the game and like, you know, the OT, 'cause
4:31
it was a crazy game, right? Went went into overtime, You
4:35
know, all the big corners were just focusing like, Oh my God,
4:37
Jaguar Satoshi shirt. This was crazy.
4:40
So yeah, it was a crazy Super Bowl to say the least.
4:43
And also another historic moment for Bitcoin.
4:46
I want to bring up my legendary Co host who's like kind of
4:48
smiling. So not starting Monday off
4:52
strong, Opti, What's going on, bro?
4:55
We're great, man. It was a great.
4:56
Weekend smile. You got Opti, you got to smile,
4:58
bro. I'm smiling, bro.
5:00
You know life is good. Vulture's album dropped this
5:03
weekend. It's bangers.
5:04
We got a free Super Bowl ad at, you know, Super Bowl 58.
5:09
Shouts out to Jack Dorsey. I hung out all weekend.
5:12
Ate some good food. Got some exercise in.
5:13
Man, God's good. Life's great.
5:15
I, I, and then I get to show up on Monday and talk Bitcoin with
5:18
my friends. Like, this is awesome.
5:20
What a life. What a life we're living.
5:21
How how could I not be smiling? Nico, you you you caught me in a
5:25
moment when I was reading the chat and you know, I I thought
5:27
it was like, delaying. But yeah.
5:29
Anyways, we're good to go, bro. We're good to go.
5:31
It's. Going to be a great show, guys.
5:33
All right, no more delay. Let's jump straight into it.
5:35
But before we do that, I do want a very special shout out to our
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right guys, no more delay. Let's jump straight into the
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15% off anything on their site. At the time of recording the
7:40
Bitcoin price is 50,000 and 20. We have broken 50K live on the
7:48
stream. I'm gonna have to bring back
7:49
Satoshi the chicken soon. I don't know if you guys are new
7:52
to the channel. Satoshi the chicken used to be
7:55
this rubber chicken that would cluck every.
7:57
Time, The price and big long. Breaks all time high.
8:00
We're gonna have to bring him back soon.
8:02
The Bitcoin price is sitting pretty at 50,000 and $40 SATS
8:07
per dollars continues to go below 2K.
8:11
We're at 1997 SATS per dollar block height 830,171 blocks to
8:19
having 9829 having estimate April 18th, 2024 Total lightning
8:25
network capacity 4740 Bitcoin capacity value 237,000,000 U.S.
8:33
dollars. Realize monetary inflation
8:35
1.75%. The market capitalization almost
8:39
kissing that $1 trillion. Market cap is at $983 billion.
8:44
Bitcoin versus gold market cap is at 7.13%.
8:49
In the grand scheme of things Bitcoin is just getting started.
8:53
Quick ETF update. We were going to be doing this
8:55
more and more. Ladies and gentlemen, shout out
8:58
to Hey Hey apollo.com. They have this great kind of
9:01
graphic and it shows how much Bitcoin BlackRock and Fidelity
9:06
are holding. They're obviously continuing to
9:09
stack, which means that there's more and more institutional
9:13
interest coming out of Wall Street.
9:15
Wall Street loves this thing. And I mean, it makes perfect
9:18
sense. It's the best asset the world
9:20
has ever seen. BlackRock is currently sitting.
9:22
You saw that at 78,000 Bitcoin. Almost at 80,000.
9:26
Are they going to catch Michael Saylor?
9:28
Maybe, perhaps, perhaps. But I also think that that that
9:32
thing is dated because I just took.
9:34
I just take a look at the Bitcoin treasuries.net shout out
9:37
to Coin Kite for developing this iShares Bitcoin Trust 87,780
9:44
Bitcoin and Fidelity wise is holding 69,433 bitcoins.
9:50
So I think this one is a little bit outdated.
9:52
Anyways, I do have a clip from Anthony Pompliano and he's
9:57
talking about he's talking about Bitcoin on Squawk Box and he
10:01
he's he's saying some, he's dropping some sauce.
10:04
So the video is about 5 minutes long.
10:05
I don't know if we'll get through the entire thing, but
10:07
let's play and then we'll talk about, let's check it out.
10:09
Here we go. With my spot box the price of
10:12
Bitcoin crossing back over the $48,000 level over the weekend.
10:14
One month this after the launch of the Spot Bitcoin ETF this
10:17
morning. Trading slightly lower joints
10:18
right now is Anthony Papiano, founder of Pump Investments.
10:20
Good morning to you Morning. This has been a bit of a wild
10:22
ride because we talked about sort of selling the news or
10:25
selling the rumor, buying the, buying the, buying the room.
10:28
We're selling the news, but now we've come back to buying.
10:32
Yeah, I mean, look, the verdict's in, right?
10:33
Uh, Wall Street doesn't just like Bitcoin, they love Bitcoin.
10:35
If you think of these assets, uh, there's been over 5500 ETF
10:38
launches in history. Never have we had a fund get to
10:40
$3 billion in AUM in the 1st, 30 days.
10:42
BlackRock infidelity both just did it.
10:44
So two for the first time in history.
10:45
And then if you look at Bitwise and 21 shares, uh arc, they're
10:48
both going to hit a billion dollars this year or this week.
10:50
And so now you have four funds, they're going to a billion
10:52
dollars of inflows. But the most interesting part of
10:54
this is the inflows. I mean, these funds are doing
10:57
$500 million a day of net inflows, but there's only 900
11:00
Bitcoin that's actually coming into the daily incoming supply.
11:02
And so we look at that's like 40 to $45 million.
11:04
There's 12 1/2 X more demand for Bitcoin that was being produced
11:07
on a daily basis. How much of this do you think is
11:09
being generated by the ETFs themselves?
11:10
Well, I mean, you just measure the actual net inflows, right?
11:12
And so you can just see there's way more buying pressure.
11:14
You're saying 3 billion for BlackRock.
11:15
There's 4 billion now for BlackRock, 3 1/2 for Fidelity,
11:18
and then you've got a bitwise AND 21 shares will both hit
11:20
about a billion this upcoming week.
11:22
Total valuation. Though I'm going to pause it
11:23
right there, 'cause there's so much to so much to unpack there.
11:27
Basically, there's not enough Bitcoin to go around.
11:29
And ladies and gentlemen, the halving is coming up in two
11:32
months. You want to know why Bitcoin is
11:34
sitting pretty at 50,000 and $40.
11:38
This is why there's there's not enough Bitcoin for BlackRock
11:42
Fidelity to buy, right? You know that that Seth please
11:47
correct me if I'm wrong here but it's 900 Bitcoin per day that's
11:50
produced that's about to get cut in half half in April right.
11:53
And you know if if and and I read you guys the numbers on
11:57
Friday's episode which guy you you guys clearly enjoyed which
12:01
was the how much Bitcoin do you need to be in the top 1%.
12:04
And one of the and one of the data points that I dropped on
12:07
you guys was, hey, there's 60, there's roughly 60 to 70 million
12:15
millionaires all around the world.
12:17
If every single millionaire wanted just one Bitcoin, there
12:21
physically isn't enough for them, right?
12:24
And this has never been seen before, even with gold, which is
12:27
a very scarce asset. You know, if the price of
12:31
Bitcoin go, sorry, the price of gold goes up.
12:34
What tends to happen is gold production goes up as well.
12:38
If the price of Bitcoin goes up, the production stays the same.
12:42
In fact, not only does it stay the same, it actually gets cut
12:45
in half every four years, which is, Which is about to happen in
12:48
April, right? So you're witnessing literally a
12:52
supply shock happening in real time and we're sitting now at
12:56
50,107. This is just the beginning.
12:59
The bull market hasn't even started yet.
13:01
I'm I'm thinking it's starting again.
13:03
We don't speculate on simply Bitcoin, but if history repeats
13:07
itself, it usually starts about nine months after the halving.
13:11
So about November of this year is really when we're going to
13:13
start to see things really ramp up.
13:15
But I mean 50,107 we're only, you know about 20 K less than 20
13:20
K from all time high, which is absolutely crazy.
13:23
It's been a tough bull market. But guys, if you've been
13:26
listening to Simply Bitcoins advice, which is stacking sats,
13:30
staying humble and staying solvent, you know you're winning
13:33
right now. Even if you bought the top.
13:36
And in 2021 you're in the green right now.
13:40
If you've just been DCA ING the entire time, which is what we
13:43
advocate for on simply Bitcoin, but not only also doing all
13:46
those things, but taking that Bitcoin into self cussing.
13:49
Of course we recommend getting yourself a hardware wallet and
13:53
getting yourself a passport by foundation devices.
13:56
All right, ladies and gentlemen, I do want to get our panel's
14:00
thoughts. 1st, I'm going to start off with you, Seth.
14:02
Seth, you know, dude, I've known you for a while.
14:06
This, this, this bear market was, was was rough to say the
14:10
least. We're starting to see the light
14:13
at the end of the tunnel. But I think a lot of us have
14:15
this PTSD, brother. You know, after two years of
14:19
crawling in the trenches, you know, fighting the good fight,
14:23
you know, you see the light, but you almost don't believe it.
14:25
You're in disbelief. You're like, is this real?
14:27
I I tweeted out on Sunday. I was like, I almost forgot this
14:31
feeling almost, you know, So it's just very cool.
14:34
But it's also a vindication of bitcoiners, right, that have
14:38
been saying this for many, many years.
14:40
It's a vindication of Michael Saylor on the public company
14:43
level. And it's also a vindication of
14:46
Naimbu Kele on the nation state level.
14:49
This is what winning looks like, I think.
14:52
I think pomp really, really hit the nail on the head.
14:54
There's just not enough Bitcoin for these guys, right?
14:57
And that's gonna cause a supply shock.
14:58
And I think that's what we're gonna start to see in the next
15:03
couple of months anyway. Seth, what are your thoughts
15:05
brother? Yeah, I mean I echo this
15:08
intimate, I've only worked in Bitcoin during a bear market and
15:12
most of like the things that I've done in the space have all
15:15
been during a bear market. I haven't really had that much
15:17
exposure to to a bull I got in right at the end of the the
15:21
20/17/2018 bull market. So I had that that bit of one
15:24
whenever the last one was 2021 or something.
15:28
But the big thing for me is I, I I love bull markets.
15:31
Not necessarily. I mean the price appreciation is
15:33
obviously key, but the the real thing that I love about them is
15:36
that it it brings in new bitcoiners to the space.
15:39
It brings in new people who come in for price only, just like I
15:44
did. Just like most people who are in
15:45
the space now. Even if if if we've shifted
15:48
focus to more of the freedom money aspects of Bitcoin.
15:51
But it brings in new entrants and it it gives us a chance as
15:54
as educators, as content creators, as people building
15:57
tools for newcomers to Bitcoin, to get these into the hands of
16:00
people. To to show them why self custody
16:02
matters. Why it's about more than just
16:04
the the price appreciation against Fiat.
16:07
You could just buy an ETF if you only care about making more
16:10
Fiat. But obviously we we see Bitcoin
16:12
as a tool for freedom in a much more broad sense.
16:15
So I'm really excited to to finally be able to experience a
16:17
bull market to see what that means for the people who have
16:21
been building on Bitcoin throughout the Bear and see what
16:24
that means for foundation is we we really focus on building
16:27
tools for people who are new to Bitcoin, not the not the hyper
16:30
technical people even though it can expand to that but really
16:33
building tools that are really easy and approachable to use.
16:35
So I'm really excited for all the things that that us and many
16:38
others in the Bitcoin space have been building over the past
16:40
years of a a bear market and a little sad about the bull
16:44
market. Just because things go nuts
16:46
during the bull market and a lot of the kind of signal gets lost
16:48
in the noise. But obviously the there's always
16:51
bad that comes with the good, so.
16:54
It it, it's a little bit different also and and I I love
16:57
how you know you said basically you know you started your
17:00
Bitcoin journey in a bear market same thing simply Bitcoin was
17:03
born in was born like right in the beginning of of the bull.
17:09
So we didn't really have all that foundation no pun intended.
17:14
We didn't have that foundation built out.
17:17
You know to fully take advantage of that incoming adoption waves
17:21
wave that inevitably happens with you know with number go up,
17:25
right. So yeah, I'm really, really
17:27
excited for that as well. But you know I'm sure you guys
17:31
feel it over at foundation. But you know you you start, the
17:35
numbers start to go up not only in in Bitcoin terms but it also
17:39
engagement terms view terms as as more and more people start to
17:43
get interested again. You start getting texts from
17:45
your long lost friends that you haven't talked to in 10 years
17:48
saying, hey man, how are you, how are things?
17:51
You know, my mom's already been a bitcoiner since 2016 by now,
17:56
so but I remember the first cycle that she went through, you
18:00
know, you you'd you'd start to get the the text from mom saying
18:04
like, oh, how can I buy more? How how This is so exciting
18:07
again, Now she's a full-fledged Bitcoin.
18:09
I don't get those texts anymore, but but yeah man, it's very,
18:12
very exciting stuff. There's a supply shock.
18:14
Incoming, ladies and gentlemen, don't sell your Bitcoin to
18:17
BlackRock #1. Don't get caught with your pants
18:21
down. Don't buy that captured Bitcoin.
18:22
Don't do it. Buy Bitcoin, earn Bitcoin, mine
18:25
Bitcoin and take that sweet sweet Bitcoin into self custody.
18:29
Opti, what's your take on what Pomp was saying?
18:33
Yeah, well, I saw this other tweet, it was in in meme form.
18:37
So I I think I'll put it on the meme review.
18:40
But I I really do believe people don't understand digital
18:44
scarcity like 21 million hard cap it it it's really incredible
18:48
once you wrap your head around it.
18:50
And we're seeing what it's been a month since the ETF launch and
18:54
the amount of Bitcoin that they're scooping up is
18:57
absolutely insane. I think the numbers I saw was
19:00
like 8000 Bitcoin a day or something.
19:02
Like I really don't think people are are ready for what's about
19:07
to happen in this bull run. And I hate to be like or the
19:09
next leg of this bull run. I hate to be like this time's
19:12
different but this time's different.
19:13
It really does feel like that and we'll see what happens and
19:16
and it's just very interesting and and Nico people in the
19:20
chatter are getting mad saying that there's not enough Bitcoin
19:23
to go around. There's definitely enough
19:24
Bitcoin to go around when the price goes up.
19:27
This is the feature not a bug. So I know like Seth was saying
19:32
that bull runs are absolutely crazy crazy and a lot of us
19:34
bitcoiners enjoy the bear markets a lot more because
19:37
there's less hype, there's less FOMO and once the price starts
19:41
running that's all anyone even cares about.
19:43
We all lose our minds. You know, I I remember Piero
19:45
Shard in 20/17/2020 saying like oh it's hyper bitcoinization now
19:49
We all just lost our minds. I'm going to try to do my best
19:54
to stay level headed, but I've been telling you guys for a long
19:57
time, I'm going to be like the most bullet hearted ever.
19:59
So I'm going to probably be saying some crazy stuff 50. 1300
20:03
by the way, so this. I'm already excited.
20:06
Like I'm already excited but it feels good to be back at 50K was
20:09
a rough bear market and you know you keep saying that sailor and
20:13
Buchelli are going to be vindicated.
20:15
Nico, I feel vindicated. Finally.
20:17
My friends and family can look at me and they're like he's not
20:20
an idiot. You know I've yet to get the
20:22
text messages from friends and family.
20:24
Occasionally like my dad will be like, hey, good job like your
20:28
little your little Internet pet money is is.
20:31
It's actually a thing now, but I have yet to get my friends to
20:34
text me, so it's not a bull run until you get those text
20:39
messages from your friends. But man, it is awesome to see
20:42
the Bitcoin signal continue to spread on the corporate press.
20:46
And I think this is just gonna be a reoccurring theme where
20:50
more and more signal gets out to the masses and and Bitcoin
20:54
starts to saturate popular culture.
20:56
As we're starting to see slowly but surely.
20:58
And and like Seth saying you know it this is going to give us
21:00
an opportunity not only here at simply Bitcoin or at Foundation
21:05
but every single one of us to ensure that the new people
21:08
coming into the space understand why we Bitcoin had to secure
21:12
their Bitcoin correctly. Because I remember in 2017 when
21:15
I caught in of course you know came for the money stayed to fix
21:19
the money. I I made every mistake possible.
21:22
And now this run, I really do feel like the Bitcoin content
21:26
space, the Bitcoin education space, the Bitcoin entertainment
21:29
space, like we've built a solid foundation and so there's going
21:33
to be a lot less excuses for newcomers to get wrecked and
21:36
shit coins. And it's just, I really think
21:38
this time might be different. I don't know, throw the cue the
21:41
tomatoes. But it really does feel like
21:43
this time might be a little different.
21:44
Yeah. And I also think a lot of people
21:46
have PTSD from the last bull market.
21:49
The way that was cut off, that was cut short.
21:51
A lot of people were speculating that, you know, I mean, and and
21:55
I think there's some truth to that, right, It's the
21:56
rehypothecation by FTX and all those scams.
21:59
But I really think like the main catalyst of why we didn't hit
22:03
100K last cycle was the CCP Bitcoin mining ban.
22:08
If you take a look at the hash rate and you take a look at the
22:10
Bitcoin price, as soon as the hash rate started to drop, the
22:14
price went down with it. Why?
22:16
Because those are minors selling a lot of Bitcoin, a lot of a lot
22:20
of Bitcoin and assets to relocate to more favorable
22:23
jurisdictions. I don't think that's going to
22:25
happen this time, right? So I I, I think I think we might
22:30
be in for a pleasant surprise. But again, guys, you know, we
22:33
don't like to speculate on this channel.
22:35
Just stack those sweet Satoshi's before Wall Street.
22:38
Do you really want Larry Fink to beat you to the punch?
22:41
Imagine having to explain that to your grandchildren 20 years
22:44
from now. That's not going to be a great
22:45
conversation. Anyways, ladies and gentlemen,
22:48
no more delay. Let's jump straight into the
22:49
news. We have a lot to talk about.
22:51
Let's check it out. Here we go.
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Foundation Devices. All right, guys, no more delay.
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Let's jump straight into the news.
25:24
We have a lot to talk about today.
25:26
So first up, Bitcoin. Got a free ad at the Super Bowl.
25:32
Shout out to Jack Dorsey. Here was the clip.
25:36
And essentially, it's Beyoncé. It's Jay-Z.
25:40
And next to Jay-Z is Jack Dorsey wearing that Satoshi shirt.
25:47
And it's crazy because he's done this two Super Bowls in a row.
25:51
And I know what you guys are saying, like, Nico, this isn't a
25:54
free Bitcoin ad. Like this is just like a couple
25:56
seconds on airtime. I don't think people understand
26:00
how much people are watching this, this happening in real
26:04
time. I dropped a meme yesterday just
26:08
to kind of a little bit of a troll.
26:10
You know, it's the the famous, you know it's George W Bush
26:13
things that Sir, they managed to air a Bitcoin ad for free 'cause
26:16
there wasn't any Bitcoin ads yesterday.
26:18
But let's get into the numbers. This is, did this actually make
26:22
a difference? Absolutely.
26:25
Check out the Google Trends. The moment this happened, you
26:30
know it goes from zero to 100. This went all the way to 100
26:34
when this happened exactly during the Super Bowl.
26:37
And it's been quite active so far.
26:39
So people are asking what is Satoshi?
26:41
So this, ladies and gentlemen, was a free ad during the Super
26:46
Bowl. This actually made a difference
26:48
when we talk about winning over the hearts and minds.
26:51
When we talk about winning over the culture, ladies and
26:55
gentlemen, how how more effective is this than winning
26:59
over the culture next to two musical legends, Jay-Z, Beyoncé
27:04
and of course, the Satoshi shirt right there.
27:07
Like this is how far Bitcoin has come.
27:09
If you would have told me this was going to happen five years
27:12
ago, you know you would have laughed me out of the room.
27:16
Jack Dorsey 100% did this on purpose.
27:20
This was strategic, this was on purpose and he got the job done.
27:25
So she got he got the job done. So shout out to Satoshi.
27:29
We also have just on YouTube alone almost 500 live viewers,
27:34
600 live viewers across all live platforms.
27:37
If you guys are enjoying the show, make sure to smash that
27:40
like button. Really, really helps with the
27:43
YouTube algos. Anyways, let's get into today's
27:47
news in terms of the total gaslighting coming out of the
27:51
White House. So first of all, they took
27:53
advantage of the they took advantage of, you know, the
27:57
Super Bowl to kind of drop. This is a meme.
27:59
Opti, This qualifies as a meme, right?
28:03
Yes. It is right, you're the meme
28:05
expert. Definitely a meme.
28:06
This definitely qualifies as a meme.
28:08
A bad one, but a meme. A bad meme.
28:10
And to kind of, you know, like you want a little bit of a
28:14
curveball. Ladies and gentlemen, Speaking
28:16
of memes, Joe, this. I thought this was fake.
28:20
No, this is real. It says, just like we drew it
28:24
up. That's Joe Biden with laser
28:26
eyes. Obviously it's not what laser
28:28
eyes means for us bitcoiners, but it's interesting.
28:32
It's interesting. Mematic Warfare guys don't sleep
28:35
on it anyway. So this is essentially the
28:37
message that they're trying to get across.
28:39
Shrink flation is when companies reduce the size of a product
28:43
while keeping the price the same or even increasing it, which
28:46
means you're getting less for every dollar you spend.
28:51
Like I wonder why that happens? Well, I'll let Jeff Booth
28:55
perfectly describe it. Correction, Some governments are
28:59
trying to pull a fast one by shrinking the value of their
29:02
currency little by little, hoping you won't notice.
29:05
I'm tired of it, too. Now let's take a look.
29:08
Propaganda is a strong word. Okay.
29:11
But let's take a look at the propaganda coming out of the
29:15
current administration, ladies and gentlemen.
29:17
Like I said, we are not left versus right.
29:19
We are not Democrat versus Republican.
29:21
Keep your eye on the prize. You're on Team Orange if you're
29:24
on the side of Bitcoin. I don't care if you're a
29:26
Democrat or Republican out what vote for you if you support
29:29
Bitcoin anyways? So let's check this out.
29:32
And of course we're making like we're making progress, right?
29:35
RFK junior, you know, protect your right to self custody.
29:39
Ron DeSantis, Vivek Ramaswamy, Vivek Ramaswamy tapped on on
29:45
Donald Trump. Now Donald Trump is talking
29:48
about central bank digital currencies, bringing that into
29:50
the political discourse. So we are making progress,
29:53
right? Little by little.
29:55
Anyways, let's take a look at this video guys, and then then
29:58
we'll all talk about it. Let's check it out.
30:00
Super Bowl whole Sunday. If you're anything like me,
30:03
you'd like to be surrounded by a snack or two while watching the
30:05
big game. You know when buying snacks for
30:08
the game, you might have noticed one thing.
30:10
Sports drinks bottles are smaller.
30:12
Bag of chips has fewer chips. They're still charging it just
30:15
as much. And as an ice cream lover, what
30:17
makes me the most angry is that ice cream cartoons have actually
30:20
shrunk in size and not in price. I've had enough of whether they
30:24
call shrink flation. It's a rip off.
30:28
Some companies are trying to pull a fast one by shrinking the
30:30
products little by little and hoping you won't notice.
30:34
Give me a break. The American public is tired of
30:37
being played for suckers. I'm calling on companies to put
30:40
a stop to this. Let's make sure businesses do
30:43
the right thing now. You're right, the American
30:46
public is tired for playing for suckers and it's you guys that
30:51
are debasing the currency that is causing this in the 1st
30:55
place, right? So if you know, if you want to
30:58
stop being a sucker, you know, instead of guys, OK, so hold on.
31:03
It is an election year. So I have to say this ladies and
31:05
gentlemen, it is your duty as a citizen to go get out and vote
31:10
by taking Bitcoin into self custody.
31:12
That is the most powerful vote that you can make and that is
31:15
the vote that will actually, you know, make change not to.
31:18
And also another thing that I got to notice and shout out to
31:21
Safedine, these are the most Fiat.
31:24
Excuse my language, ladies and gentlemen, this is the first
31:26
time I'm going to curse throughout the show.
31:28
These are the most Fiat fucking foods that you can think of,
31:31
right? How much seed oils is just in
31:34
there, right? That's a effing bag of Doritos.
31:37
There's ingredients in Doritos that you can't even like.
31:40
You can't even read. They're like high Proxelecta,
31:43
you know? It's like some weird, weird
31:45
stuff. Anyways, so everything wrong
31:48
with, you know, the government being involved in money if it
31:52
were to be summarized in one video, here you go, total
31:56
gaslighting, taking no responsibility for the actions
31:59
they caused. And then once again, the worst
32:02
part is that they're saying hey guys, vote for me so I could fix
32:06
the problem that I caused by trying to control private
32:11
companies. AK Price controls, which you
32:15
know if you look at take if you take a look at history, even
32:17
going back to the Roman era has never worked to solve these
32:22
problems in the 1st place. This is absolute lunacy.
32:25
This is ridiculous. Anyways, so we got two topics
32:29
right. First topic set that I want to
32:30
get your take on is Jack Dorsey's free ad.
32:34
He snuck in a free advertisement into the Bitcoin Super Bowl,
32:38
which in in terms of moving the Overton Window, I think is a
32:40
really big effing deal. I think I need a slightly bigger
32:44
TV, 'cause I was trying to figure out what in the world was
32:46
on his shirt. So I'm glad that glad that other
32:48
people taught videos so I could figure it out.
32:50
I was like, I'm pretty sure that, says Satoshi.
32:52
But I couldn't pause it. Only only poor antenna man here.
32:55
So pretty damn cool, honestly. And and I think especially cool
32:59
that it's something not just like the word Bitcoin.
33:02
I I think it's it's especially intriguing for people to try to
33:05
figure out like what in the world Satoshi is.
33:06
I don't know if that's why he got into a box with Beyoncé and
33:09
Jay-Z but I'll take it. Yeah it's it was pretty
33:12
interesting. He's done some good things in
33:13
the space and and obviously he's a a deep believer in Bitcoin.
33:17
So I'm glad that he's getting the word out that way and and
33:19
like you said I mean like mimetic warfare and getting
33:23
things out into the culture itself is a huge way that we we
33:26
wake people up to what Bitcoin can be.
33:28
Because it who knows who knows how many of those people who
33:31
looked up Satoshi are actually falling down the Bitcoin rabbit
33:33
hole right now because they they finally had that second look
33:36
they've been meaning to look back into Bitcoin and figure out
33:38
what it is and they start to dig in because I see Satoshi look up
33:41
the word realize it's about Bitcoin and and and dive in.
33:44
So hopefully it's bringing people into into actual Bitcoin.
33:47
But but nevertheless, sounds like some people probably
33:49
falling down the Bitcoin rabbit hole there.
33:51
Two percent, 100%. And I agree with you.
33:53
Maybe, Jack, maybe it was a coincidence.
33:56
Maybe he did it strategically right?
33:58
We don't quite know. I would like to believe that he
34:00
did it strategically, right? Speaking about cultural icons in
34:06
the US like it's Jay-Z and Beyoncé, right?
34:10
So anyways, I don't really listen to that stuff anymore,
34:14
but from. You should have gotten in the
34:15
Taylor Swift box though if you really wanted to get the
34:18
airtime. I think about half the game was
34:19
just shots of Taylor Swift for some reason, so.
34:22
We would have won at that point. It would have been game over.
34:24
Bitcoin would already be at half a million.
34:27
If if, if that if if they if he was able to do that.
34:31
So Jack Dorsey you got feedback from for from Seth for privacy.
34:35
Next time, get in the Taylor Swift box.
34:38
Anyways, Opti, what's your take on this?
34:41
Yeah, well, first on touching on the Jack Dorsey shirt, the
34:45
Satoshi shirt. He actually wore the same shirt
34:48
last year at the Super Bowl, also in his.
34:51
Beard got bigger. His beard got bigger, also in
34:55
the same box, so it's definitely by designed and you just love to
35:00
see. I don't think last year he was
35:01
flashed on the screen. So this year we did get the free
35:04
Bitcoin ad and some cynics when we posted this on Twitter, like
35:08
Oh yeah, like people are are making financial decisions based
35:11
on a billionaire's T-shirt. Well look the the Google Trends
35:14
ad show. Otherwise people have looked
35:17
into it. But I think people really
35:19
underestimate just how powerful, like subliminal messaging is.
35:23
And the more people are exposed to Satoshi or Bitcoin just in an
35:27
average everyday culture, the more they look into it.
35:30
Remember, the whole people need multiple touch points to
35:33
Bitcoin. This might have been people
35:35
first touch point and of course they're probably not even going
35:38
to recognize it. But one day they'll hear the
35:40
name Satoshi Nakamoto and maybe it'll trigger and I think people
35:44
underestimate. And I know bitcoins are very
35:46
anti sports ball, but I think the estimates that I saw
35:49
yesterday, I didn't look at the actual numbers this morning, but
35:53
I think the estimates was like 110, roughly 110 million people
35:57
watch the Super Bowl. So that just means roughly 110
36:01
million people were just exposed either to their first touch
36:03
point, maybe their multiple touch points to Bitcoin.
36:06
And this is how we saturate the culture.
36:08
So love to see it. This is mimetic warfare
36:11
happening in real time and just absolutely love it.
36:15
And let's not forget that Jack and Jay-Z, we have that Brooklyn
36:19
financial education class and it revolves around Bitcoin, so the
36:23
message is spreading out there. Of course, it's not Jay ZS job
36:27
to be what? Simply Bitcoin doesn't just only
36:29
push Bitcoin, but hey, that's why we will still have a job for
36:32
a long time, Nico. Anyways, let's move over to the
36:35
Joe Biden video, which is, in my opinion, just absolutely
36:39
disgusted. Actually before I do that, the
36:41
meme dude Joe Biden with laser eyes.
36:44
I know he's not like using Bitcoin memes but it's our meme
36:47
world and everyone else is just living in it.
36:49
Just you'd love to see it. Hopefully the intern that that's
36:52
actually in control of this is a bitcoiner and and he's just like
36:55
yeah let's let's do this. I I know I'm speculating and
36:58
it's probably not the case but anyways the the video, the
37:05
shrinklation video, I think it's very telling and of course I
37:09
think it's disgusting because the amount of gaslighting that
37:11
is going on there Joe Biden pushing the responsibility from
37:15
the money printers to the corporations is such a dirty
37:18
tactic. It's absolutely incredible and
37:21
and this isn't a new tactic we've been seeing this for a
37:24
long time. I know amongst the younger
37:26
generation there is a a very big anti corporation trend amongst
37:30
people that don't really understand where the problems
37:32
coming from and you know capitalism quote in quotes gets
37:36
thrown under the mud a lot and and there's a lot of like what's
37:40
that meme eat the rich memes and and there's a lot of hate
37:43
towards corporations as you know greedy people that are out to
37:47
destroy the world. When if you really look at the
37:50
basics of economics and you understand you know private
37:53
markets and corporations like they're literally providing all
37:56
the tools and technology, technology that you guys enjoy
37:59
and use and makes your lives even more comfortable and more
38:01
creative. So I think it's absolutely just
38:05
despicable that Joe Biden is going out here and and passing
38:09
blame to the corporations when they're really just reacting to
38:12
the free market. And yes I don't like shrink
38:15
flation at all. You know I I don't like buying
38:17
the the whatever you know my Tostitos, those are delicious.
38:21
Sorry guys I they're in the ad I I'm Mexican.
38:24
They're good, see oils, whatever.
38:27
However I like them, I'll eat them occasionally anyways.
38:30
No one likes shrink flation, but this is just the market reacting
38:35
to the fact that our purchasing power is being destroyed.
38:39
Inflation hurts all of us, not only destroying our purchasing
38:42
power, but it hurts corporations and they won't be able to
38:46
survive if they aren't able to sell the products and and your
38:49
life won't won't be as comfortable as they are.
38:51
Whether you're eating sweet seed oils or not, you shouldn't.
38:54
You should try to eat as much steak as possible.
38:56
But this is just my personal beliefs here.
38:58
But I think this just goes to show one thing I've been saying
39:01
on the show for a long time. As long as people believe in
39:05
this nonsense, they will continue to propagate these
39:08
memes. And This is why as bitcoiners as
39:11
average everyday people, it's super important to try to have
39:15
these conversations with your friends and family and and try
39:17
to correct their their faulty thinking and and their faulty
39:21
points of views on what's going on.
39:23
The main issue is the amount of money that they printed.
39:26
We are all getting poor and we are seeing the results in real
39:29
time and This is why we see the shrink flation happening.
39:33
And This is why you see the flip side of Joe Biden trying to
39:37
basically gaslight the population into diverting, you
39:41
know, the attention from them being the problem to these
39:45
greedy corporate capitalists, businessmen, they're ruining the
39:49
world when it's like, guys, you are printed.
39:52
I don't even know what the number is.
39:53
It's like, I think it's now like at least 50% of the money supply
39:56
since 2020. Like we're at $34 trillion.
40:00
Like printing money out of thin air.
40:02
This is the problem and This is why everything is getting worse.
40:05
That's why the meme Fiat is number go down.
40:07
Technology is such a strong meme.
40:09
Amen to that. Amen to that.
40:11
They don't call him St. Opti for no reason.
40:13
I do want to get Seth's take. Seth, what's your take on the
40:16
Joe Biden Biden? I mean, I'm going to keep saying
40:19
it because it really was propaganda, right?
40:21
What's your take on the current administration?
40:24
What's your what's your thoughts on that man?
40:27
Yeah, I mean, I I think propaganda is the perfect word
40:29
to use there. I I don't think it's too harsh.
40:32
I mean, pretty much every entity that seeks power is trying to
40:35
wield propaganda as a tool and we often associate that with
40:37
like the Nazis or something. But propaganda is just a a a
40:41
good word for a marketing tool by those in power trying to
40:45
suppress others or get you to to go along with what they believe.
40:48
So I think it's a good term to apply there.
40:50
I mean the biggest thing for me is inflation and shrink
40:53
inflation are both real and problematic and really everyone
40:57
is exploiting the same problem. So the government is exploiting,
41:00
printing money to be able to continue to wield power to fund
41:03
the things that they want to fund unjust wars etcetera.
41:06
And then corporations are seeing that inflation becomes a popular
41:10
narrative and they're able to use that to to do shrink
41:13
inflation in a way that people don't freak out about because
41:16
they are able to keep the prices the same.
41:18
Maybe sometimes they go up as well as shrinking, but they also
41:21
shrink them so that people don't freak out about inflation at at
41:24
Taco Bell or when you're buying your Doritos or whatever.
41:27
So it's kind of a it's a both and both the corporations are
41:31
doing something that they shouldn't and the government is
41:34
doing something that they shouldn't and they both benefit
41:36
from it. So it's really one of those
41:38
things where just like with about everything else that we
41:40
talked about within the the Bitcoin ecosystem and the the
41:43
freedom ecosystem, your best choices opt out.
41:46
I haven't seen any shrink inflation with the the beef
41:49
farmers that I buy beef with Bitcoin from.
41:51
I haven't seen any shrink inflation from the the the
41:53
people that I buy eggs for, Bitcoin from.
41:55
I I don't, I don't see any of that.
41:57
When I'm actually interacting with real people.
41:59
Sometimes prices go up a little bit because their prices go up
42:02
because they have to buy other things but they're transparent.
42:05
They're not hiding these things. There's none of that happening
42:07
there. So I think that's another case
42:08
of we can opt out of both the corporate side of things by not
42:12
buying the garbage that they put on screen as the the examples of
42:15
shrink inflation doing better for our bodies anyways.
42:19
But then also really trying to make relationships with people
42:21
who are in the Bitcoin ecosystem who are making the goods and
42:25
providing the services that we need and and trying to to really
42:28
contribute to the circular economy within Bitcoin.
42:30
Because I think that's the strongest way that we can push
42:32
back on this. Unfortunately, voting is
42:34
probably not going to do any good here.
42:36
And even then the only real power that the government has to
42:39
stop for inflation is the price fix, which has its own terrible
42:42
ramifications. So yeah, I mean, my thing is
42:45
definitely propaganda. Opt out, vote with your money,
42:49
use your Bitcoin, buy things with Bitcoin, buy services with
42:52
Bitcoin from other bitcoiners. And that's how we that's how we
42:55
beat the system. That's how we win.
42:56
Wait Nico, before we go on, I think Seth just dropped a new
43:00
meme. I know we all say one Bitcoin
43:02
equals one Bitcoin, but 1 LB of rib eye equals 1 LB of rib eye
43:05
forever. Amen to that.
43:08
Amen to that. All right guys, before we get to
43:10
the culture to talk to Seth about self custody and also the
43:14
passport by foundation, I do want to give a shout out to our
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43:21
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All right, everybody, let's talk about.
45:02
Let's talk about some self Seth. I'm going to rip the bandit off
45:07
right from the beginning. This you know this ETF man ETF a
45:12
lot of you know a lot of other a lot of people are getting
45:15
comfortable with it. They're buying that captured
45:17
Bitcoin. If you had a an elevator pitch,
45:21
why should people buy real Bitcoin, spot Bitcoin, and not
45:24
only just buy it, but properly secure it?
45:27
You know, with a with a hardware wallet, Why?
45:30
Why should people do that? Why should people buy real
45:33
Bitcoin and put in the cold storage which is a little bit
45:36
less convenient than buying the spot Bitcoin ETF?
45:39
Why should people do that versus buying the ETF?
45:44
I mean, if I have to sum it up really simply, it's a Bitcoin
45:48
that you actually hold, gives you freedom.
45:50
ETFs might give you Fiat. That's that's about it.
45:53
They're they're not something you can actually use to spend.
45:56
You can't get into the circular economy, you can't choose how
45:59
you use the money that you make from them because it's all going
46:01
to be taxed, surveilled, etcetera.
46:03
So actually holding Bitcoin in self custody is 100% the route
46:07
to go if you actually want to break free from the broken Fiat
46:10
system. And I think for most people,
46:12
once they fall down the Bitcoin ramp, behold, they end up there.
46:14
But I think unfortunately everyone kind of has to go
46:17
through the rabbit hole of just viewing Bitcoin as a a tool for
46:21
increasing your Fiat stack and the ETF is is good for that
46:25
honestly. And and it's kind of it's hard
46:27
to talk through because for a lot of people the ETF is kind of
46:30
a good way to be exposed to Bitcoin in things like their
46:33
401K that they can't withdraw from without taking a massive
46:36
tax penalty etcetera. So there's there's some
46:39
interesting like kind of good sides to the ETF that you can
46:42
still get Bitcoin exposure, but for something that you can
46:45
actually use to gain freedom, something you can actually use
46:47
to be able to set your family up for generational wealth that
46:51
isn't under the control of governments and corporations.
46:55
I think you have to just take the time and self custody and a
46:57
lot of people make it sound harder than it is.
46:58
But really, finding a good wallet app, spending 60 seconds
47:01
setting it up like like Envoy that we make and just starting
47:05
to withdraw, getting comfortable with the process, it's really
47:07
not that hard. Self custody's really not that
47:09
hard. It's not that hard.
47:10
But Seth, you're saying it's not that hard because your your
47:14
company focuses on making the self custody experience a lot
47:20
easier, right? Cuz that's something that you
47:22
know, that's something that you know not to name any names.
47:26
That's something that, you know, other hardware wallet
47:29
manufacturers don't really put a lot of emphasis on, specifically
47:34
Bitcoin only hardware wallet manufacturers.
47:36
And I think that you guys do an incredible job not only by the
47:42
passport passport, but also with the concierge service that you
47:48
guys offer and also the Envoy app, right?
47:52
Not kidding this. I'm not kidding when I say this,
47:55
but I was talking with my mother-in-law, and she, she
48:00
knows, 'cause she had these like very, like very, you know, like
48:03
old, like Ledger Nano at like the the the really old ones.
48:08
And like, clearly she had to, like, update her hardware wallet
48:11
set up. And like, before me, even
48:12
recommending anything or anything, she's like, 'cause she
48:15
watches my she watches simply Bitcoin.
48:17
She's like, Nico, what? What's that really, really nice
48:19
hardware wallet that you were talking about?
48:21
I was like, it's the fast war by Foundation.
48:23
So clearly you guys have designed this in a way where
48:28
it's human friendly. And I think that's a key, right,
48:31
Making something human friendly because at the end of the day,
48:35
we are human beings after all. And the best kind of example.
48:39
And then I'll get off my soapbox is there's this prediction in
48:42
the 90s where they basically were saying that there's going
48:46
to be a personal computer inside everyone's home.
48:49
That was the prediction, right? So everyone was going to have
48:52
this desktop with the keyboard. And this now that prediction was
48:56
right. Now, where they got it wrong is
48:59
that that personal computer was this, It wasn't the keyboard, it
49:04
wasn't the monitor, it wasn't the desktop, right.
49:07
So I believe that you have to make things human friendly for
49:12
humans to actually be like, OK, that's that's something that I
49:15
actually want to use. So I don't know if you want to
49:17
add to that, Seth. Yeah, yeah, I definitely want
49:20
to. I think you you kind of nailed
49:21
it on the head that there's been a a long running problem in the
49:24
Bitcoin ecosystem, which is that most of the people building
49:28
tools for Bitcoin are extremely technical, brilliant people and
49:32
they build the tools that they want, which is is totally fine.
49:35
That is one of the beautiful things about, especially things
49:37
that are actually free and open source.
49:39
You can build it to be exactly what you want.
49:41
You can use someone else's project that's free and open
49:43
source and remake it into something that's exactly what
49:46
you want as a user. But a lot of times we lose focus
49:49
on who we want getting into Bitcoin and who we want being
49:52
able to use Bitcoin. And we we only see ourselves
49:54
when we're building the tools and we don't think about the the
49:57
less technical people out there. And I think it's been a problem
49:59
in Bitcoin really since its inception, but it's something
50:02
that is finally starting to shift I think in some products
50:07
and some some apps out there. But the the change in our focus
50:11
at Foundation that I think is different from a lot of others
50:13
is that that we see Bitcoin as a tool that we want in the hands
50:17
of as many people as possible without sacrificing self
50:20
custody, without sacrificing being free and open source.
50:23
So those are two things that are just totally non negotiable for
50:25
us, And in order to do that but make things approachable and
50:29
usable, it takes a ton of time, a ton of effort, a ton of design
50:33
work, a ton of time testing a ton of time, breaking things
50:36
down within the team. We need people who are from all
50:38
technical backgrounds, from non-technical backgrounds, to
50:41
really build these things in a way that makes them
50:43
approachable. Because I'm I'm not, I'm not
50:46
here in Bitcoin. Working in Bitcoin to help
50:48
technical users use Bitcoin. There's other tools for that.
50:51
There are fantastic things out there that they can use.
50:53
But the thing for me is I think my name should probably more
50:56
aptly be Seth for freedom rather than Seth for privacy at this
50:59
point. But the the moniker is kind of
51:01
stuck. But ultimately, I want to see
51:03
people reach digital freedom and the best way that they can do
51:07
that financially is through using something like Bitcoin
51:10
that's actually self custody. And if the tools are only
51:13
available for the technical user or require you to watch 10 hours
51:16
of YouTube tutorials to be able to use, it's just not something
51:19
that most people are going to do.
51:20
And instead what are they going to do?
51:22
They're going to just fall back to the ETF.
51:23
They're going to say I can just get the price exposure through
51:26
fidelity. I'm just going to roll with this
51:28
and ultimately we lose people in the freedom movement because we
51:32
don't make the tools approachable enough.
51:33
So that's the the big shift in focus that I think is is fairly
51:36
unique to to a foundation. There's others in the space that
51:39
are taking the same approach as well.
51:40
But I think that's the the main thing that we really try to
51:43
focus hard on is we want this to be something you can pick up,
51:46
you can use, you can get started very, very quickly, both Envoy
51:49
from the mobile wallet side, Passport from the cold storage
51:52
side and something that really anybody can use.
51:55
Yeah, 100% and and we did get a comment from someone in the
52:00
audience, he said. Samuel Adams said I wanted to
52:04
send Bitcoin from Ledger to passport, but I heard Ledger
52:07
attacked attach some type of tracking.
52:10
Seth, this is right up your alley.
52:12
What would you advise Samuel Adams?
52:15
Yeah, it's a good question. There's definitely no problems
52:18
with sending from Ledger to Passport.
52:20
The way that I'd recommend doing it is to not use Ledger Live,
52:23
which is the tool that Ledger actually gives you to use your
52:27
Ledger hardware wallet. That is absolutely just chock
52:31
full of trackers. It's it's insane, the amount of
52:34
privacy invasion that they intentionally put in there to
52:36
try to use your data for their advantage, to try to make money
52:39
off of your data. So the best way to actually then
52:42
use your Ledger and move those funds into something that's
52:44
actually free and open source, something that actually cares
52:47
about your privacy like Passport, is to use a really
52:50
good desktop wallet called Sparrow Wallet.
52:53
Sparrow wallet.org. There are sometimes phishing
52:55
websites out there, so make sure that you type it carefully or
52:58
maybe we can drop a link in the chat.
53:00
But using Sparrow Wallet, you can connect your Ledger device
53:03
to Sparrow Wallet. Essentially it just acts as the
53:06
the software wallet for that, kind of like Ledger Live would.
53:10
But it does so in a way that that doesn't give up all your
53:11
information, has no tracking in it.
53:13
The the tool is totally free and open source.
53:15
It's absolutely fantastic. That's the way that I would
53:17
actually send the funds from Ledger and then you can send
53:21
them into your passport either also in Sparrow wallet.
53:23
Passport connects directly to Sparrow wallet and works very,
53:26
very well with it or you can send them through Sparrow to
53:30
maybe Envoy. If we're using our mobile app
53:32
that pairs with Passport, just go ahead and copy paste the
53:35
address send it to yourself in Signal or something like that
53:38
and and go ahead and send those funds over once you verify
53:41
address all of that normal stuff.
53:42
But that's the big thing for me. Get away from Ledger Live as
53:45
soon as possible. It's a it's an absolute privacy
53:47
nightmare. Use something like Sparrow
53:49
Wallet and then ideally move your funds to something that
53:52
actually cares about you that's built by people who care about
53:54
privacy, like Passport by Foundation.
53:58
And guys, I put it on screen, so you can go to sparewallet.org or
54:01
you can go to sparewallet.com. They will take you to the same
54:04
domain. But be very, very careful guys
54:07
on which because there's a ton of phishing websites like Seth
54:11
said, and it will take you to a nefarious wallet.
54:17
But even if it takes you, and this is the awesome part about
54:20
getting yourself a hardware wallet, because even if it takes
54:22
you to a quote, UN quote nefarious site, the hardware
54:26
wallet is the last line of defense, right?
54:28
So you still have the option on the hardware wallet if you're
54:31
doing it properly. You're not being lazy to really
54:33
verify what it is you're sending, what it is you're
54:36
signing for. So I I do want to ask you this,
54:39
Seth. Like you know there's so many
54:42
different products right now. There's so so many different
54:45
hardware wallets. If you were to give a a quick
54:47
elevator pitch to our audience why you would recommend clearly
54:52
because you know I think all bitcoiners you know and self,
54:54
myself included, we feel very, very passionate about what we
54:57
do. Opti and I, we're in the you
55:00
know the narrative trench warfare we're in the we're
55:02
trying to convince people went over the hearts and minds.
55:04
But Seth, you are in the, you know, hardware manufacturing
55:08
business, right? That's what you guys do over at
55:11
Foundation Devices. So if you were to give a quick
55:13
elevator pitch as to why people should choose the Passport by
55:16
Foundation Devices, what would that pitch be like?
55:20
Yeah, I think. Should we?
55:21
Should we make a sandwich right now?
55:23
Go go for the OK. Hold on Opti.
55:25
Turn on, turn on. Turn on your your screen bro.
55:27
There you go. Not like you're gonna be able to
55:29
see what's on the screen, but you know it's there.
55:32
OK. So we're doing and if we wait
55:33
Opti turn off, turn off. Your screen, so we opt.
55:35
Let's do it. Let's do an Oreo.
55:37
Let's do it. Now I know.
55:39
All right. I'll turn it off.
55:40
Let's do an Oreo right now. There we go.
55:44
We got a foundation Oreo. Oh man.
55:48
Touching passports. Never touch passports.
55:52
OK, so anyways, in all seriousness.
55:55
Anyways, in all seriousness, So what?
55:58
How would you, how would you pitch it to our audience?
56:01
Yeah, I mean the the big thing I also will kind of get out of the
56:03
way is obviously there's a conflict of interest.
56:06
I'm telling you to buy the product that that I work at the
56:09
company who makes. So obviously that exists.
56:11
But the thing that I'll tell you about that is that I thought
56:14
about getting into the Bitcoin space for a long time and I
56:16
thought really hard about it. I talked to a lot of different
56:18
people in the space about it. And the thing for me was I was
56:21
only going to work at a company that was building things the
56:23
right way, that actually cared about the the principles of free
56:27
and open source software and hardware.
56:29
That actually cared about user privacy.
56:30
And not just as a marketing gimmick, but actually had a a
56:33
deep seated love of personal privacy and one that was
56:37
committed to self custody no matter what at all costs.
56:40
We would try to make self custody as easy as possible and
56:42
not compromise on that. And so I I chose Foundation
56:47
after I'd already been a Passport user for a long time,
56:49
already been in the Bitcoin space for a long time.
56:51
Not because I just cared about the product, because I saw that
56:54
the ethos behind the team was actually one that aligned with
56:57
Bitcoin, that aligned with my own, and actually sought to
56:59
bring personal freedom to as many people as possible, which
57:03
is a big deal. Now that aside, As for why you
57:06
should use Passport or Envoy, for me, it comes down to a lot
57:10
of what we already talked about, which is that that I want these
57:12
things to be approachable, friendly, and enjoyable to use.
57:15
I know that especially if we're talking about cold storage like
57:19
this may not be something that you pick up all the time.
57:21
Maybe you just set it up initially, you make sure you
57:24
have your backup secure, you put it in a drawer, and you don't
57:27
come back to it for a while. In which case the tool actually
57:30
being easy to use becomes even more useful because even though
57:33
you may not be using it all the time, so it sounds a little
57:35
counter intuitive. I've heard many stories of
57:38
people who set up their hardware wallet, they stack sets directly
57:41
to it. They forget about it two or
57:42
three years down the line. They go to actually use it and
57:45
they they have no idea how to use it because it's not
57:47
intuitive. They they have to go through
57:48
tutorials again, they have to figure out what desktop client
57:51
they want to use again, They have to kind of relearn the
57:54
whole system all over again. And I think that's something
57:56
that that isn't true of Passport because we try to make it very
57:59
intuitive both in the actual way the hardware functions that it's
58:03
AT9 keyboard that practically everybody has used at some point
58:06
when when cell phones with actual physical keyboards were
58:09
the were the thing. And we have great software
58:12
pairings where you can choose the wallet that is most
58:14
comfortable for you. If that's Envoy, which is the
58:17
the mobile wallet that we make, it's going to pair perfectly
58:19
with Passport. You can do your firmware updates
58:21
directly from your phone. You can send and receive
58:23
transactions directly from your phone, verify addresses, do all
58:26
of that no matter where you are. But if you are somebody who
58:29
loves to really use Bitcoin only at your desktop, you can use
58:32
things like spare wallet we've already talked about and
58:34
Passport has connection flows built in for all of the the main
58:38
popular useful wallets out there that guide you through that
58:41
process on the device. So it's it's really something to
58:44
me where it's it's usability. But then the second big pitch
58:48
for me is that Passport is not just a beginner entry level
58:54
tool. It starts as that and it tries
58:56
to simplify the process as much as possible for you.
58:59
But with everything we build, we try to make it so that you can
59:01
you can let the tool grow with you.
59:04
So as you become more comfortable with using Bitcoin,
59:06
maybe you have passport, you just keep it super simple, you
59:09
just withdraw from an exchange. But you start to hear about
59:12
Bitcoin privacy. You start to wonder like how can
59:14
I actually gain some privacy when I'm using Bitcoin?
59:17
And you learn about something like Samurai wallet or Sparrow
59:20
wallet which has mixing built in.
59:22
Passport will let you just enable an extension connected
59:25
into Sparrow and start mixing your Bitcoin, gaining privacy
59:28
for your actual Bitcoin stack directly to Passport.
59:31
Very simply, we have video tutorials, written tutorials,
59:34
it's it's very straightforward. So it's one of those things
59:36
where you you what we all start as beginners in Bitcoin.
59:39
We all start where we don't understand all the terms.
59:41
We don't know exactly what we want to do with Bitcoin from day
59:44
one other than save money in it. But it's something that you can
59:48
really let grow with you, and that's a big thing that I, I I
59:51
love as well about it. Yeah.
59:53
And we have a very, very interesting question, right,
59:59
because you have been mentioning Sparrow a lot and someone
1:00:04
mentioned like Seth, like why not just keep it at Sparrow and
1:00:08
that's a great question, Seth, that's.
1:00:12
That's a layup for you. Yeah, yeah, I mean using spare
1:00:15
wallet itself is 100% a good recommendation.
1:00:18
It's it's the only desktop wallet I think anyone should be
1:00:20
using, whether you're using it for kind of a hot wallet set up
1:00:24
or your your seed and everything is actually on your computer, or
1:00:27
you're using it for your cold storage device like Passport.
1:00:31
I'm assuming he's probably referring back to the Ledger
1:00:33
question. No.
1:00:34
So the question is phrased with like why do I need, why do I
1:00:39
need this if I can just download the Sparrow Sparrow wallet and
1:00:45
it and basically it's a question of what is a hot wallet, What is
1:00:49
a cold wallet type of question? OK, yeah, yeah, definitely.
1:00:52
It's a different angle than I was gonna take, so thank you.
1:00:55
Yeah, I mean the the big thing for me is that something like
1:00:57
Sparrow is totally fine for a small amount of money.
1:01:00
That's not life changing. But the the problem comes into
1:01:02
play when you're using a computer for lots of different
1:01:05
things. You're using it for your
1:01:06
browsing, you're downloading games to it, you're installing
1:01:10
applications, There's a lot of attack surface.
1:01:12
There's a lot of ways that malware or an attacker could try
1:01:16
and get onto your computer and see that you're using it for
1:01:19
Bitcoin and steal the funds because those funds are actually
1:01:22
living on the computer that the seed phrase, the private key for
1:01:25
those funds is on that computer. That's pretty much all of the
1:01:28
instances that I know of funds being stolen without a $5 inch
1:01:31
attack is that someone's using a mobile wallet or they're using a
1:01:35
hot wallet on their desktop. They have some malware that
1:01:39
either replaces the the address that they're trying to paste to
1:01:41
send to or that actually just straight up finds the seed
1:01:45
phrase on the device and sweeps the funds to to the attacker's
1:01:48
address immediately. It's something that it it
1:01:51
doesn't happen to everyone but it's a it's a major risk that
1:01:54
doesn't need to exist. So that the best way to work
1:01:56
around that is to to use a piece of hardware that's dedicated for
1:02:00
storing your Bitcoin keys and and that is what we call in the
1:02:04
industry hardware wallet. But ultimately what that means
1:02:06
is that when you use something like passport your private key
1:02:10
your seed phrase which is the the the form of the private key
1:02:13
that most people know lives on this device.
1:02:15
This device has no Internet connection it has no USBC
1:02:18
connection. USBC is only for power.
1:02:20
There's no physical data connections within here and
1:02:23
allows you to to separate where your actual private key is,
1:02:27
where the actual keys that control your Bitcoin are from
1:02:29
your computer, which is most likely riddled with malware or
1:02:32
at least fairly easy to attack these days.
1:02:35
Unfortunately that's just the the truth about the
1:02:37
cybersecurity landscape today. So what it does is let's say
1:02:40
like I think you, you hit it on the head earlier Nico, when you
1:02:43
mentioned the the Sparrow wallet clones where people create fake
1:02:46
copies of Sparrow wallet fake websites and try to redirect
1:02:49
people to download that wallet. If you were using Sparrow as a
1:02:52
hot wallet, then you installed a malicious version that wasn't
1:02:54
created by the spare while at devs, but created by someone who
1:02:57
was just an attacker trying to steal funds.
1:02:59
You install that update immediately, your funds are
1:03:02
gone, There's nothing you can do.
1:03:04
You can't confirm. There's nothing special that's
1:03:06
that's open to you to protect yourself at that point.
1:03:08
As soon as you do it and you open that app, funds are gone,
1:03:10
which is terrible. That's life changing for a lot
1:03:13
of people. That shouldn't be something
1:03:15
where you're exposing all your funds to, but in that same case
1:03:17
where you're using Passport with Sparrow, I think it's a good
1:03:20
example, you install this malicious version of Sparrow,
1:03:23
it's it's very easy to get tricked into this.
1:03:25
I'm not not saying that this is something that that only stupid
1:03:29
people are going to do or something.
1:03:30
This happens all the time to lots of people with lots of
1:03:32
different wallets. It's it's one of the easiest
1:03:34
ways to try to steal Bitcoin from people.
1:03:35
But let's say you install this malicious version of Sparrow
1:03:38
wallet. It tries to steal your funds,
1:03:40
but the private keys aren't in Sparrow wallet.
1:03:42
So what it has to do is it has to prompt you to create a
1:03:45
transaction that sends the funds to them to the attacker rather
1:03:49
than to you or rather rather than to the person that you're
1:03:52
trying to send funds to. So let's say it does that, it
1:03:54
goes through, it creates the transaction, you think you're
1:03:56
sending money to Coinbase or whatever.
1:03:58
When you go to sign the transaction, you scan it on
1:04:00
passport, you see all the details on passport screen as
1:04:03
well. So that's where it's going to
1:04:04
show you the amount. It's going to show you the
1:04:05
address that's being sent to. It's going to show you if any
1:04:08
change, any bitcoins coming back to you, what address that's
1:04:11
going to, what amount that is the fee that you're paying.
1:04:14
You verify all that on this device, which cannot be
1:04:16
compromised in the same way as your computer that that instance
1:04:19
of Sparrow wallet that's malicious, can't do anything
1:04:21
with this. And you'll immediately see
1:04:23
that's not the address I was sending to you, that's not the
1:04:25
amount I was sending, etcetera. You can just not sign the
1:04:27
transaction, turn off passport, move along with your life,
1:04:30
realize that that version of Sparrow wallet was hacked and
1:04:33
immediately go ahead, go ahead and fix that problem, use a
1:04:35
different wallet, remove that, use a different computer,
1:04:38
etcetera. So that's the big deal is that
1:04:40
if if the app that you're using, whether on your phone or your
1:04:43
computer, is compromised, that doesn't compromise your Bitcoin,
1:04:46
which is the the big deal. And we try to make that that
1:04:49
separation as easy to use as possible.
1:04:51
Because when you do use a separate device, there's a
1:04:53
little bit of extra fiction involved.
1:04:54
But all you have to do on Passport to to scan and sign
1:04:57
transactions is just scan AQR code with Passport.
1:04:59
Passport will show you AQR code. You scan with your computer or a
1:05:03
phone and then you sign it, you move on.
1:05:05
That's it. Yeah.
1:05:07
And. And you bring up a really good
1:05:08
point, right? And a lot of people, you know,
1:05:10
especially if you're getting into Bitcoin, you have to
1:05:12
understand that any wallet that is connected to the Internet is
1:05:16
a hot wallet. So like if you have a Bitcoin
1:05:19
wallet on your phone and that phone is connected to the
1:05:22
Internet, which is the vast majority of your phone, that is
1:05:24
now a hot wallet. If you have a computer that is
1:05:27
connected to the Internet, which is the vast majority of
1:05:30
computers, right, That computer, if you have a Bitcoin wallet on
1:05:34
there is now a hot wallet, right?
1:05:36
The benefit of a hardware wallet specifically you know all of
1:05:40
them do this, but you know Passport also is that it's air
1:05:44
gapped. This is not connected to the
1:05:46
Internet, right. So this is your last line of
1:05:49
defense and and because of that like Seth just mentioned earlier
1:05:56
on, it gives you that last opportunity that even if your
1:06:00
your, your your software wallet that you're interacting with to
1:06:04
sign that transaction is compromised, you're you're going
1:06:08
to look at you like wait, that address is not what I was
1:06:11
sending it to. So it's that last line of
1:06:13
defense. So you want to benefit from a
1:06:16
device that stores your Bitcoin private keys outside not
1:06:20
connected to the Internet. That's the whole point of it
1:06:23
being air gapped, right. And Seth, please correct me if
1:06:26
I'm wrong, but this is a not a data.
1:06:29
This is power only USBC. Is that correct?
1:06:32
Yeah, yeah, physically only has the power pins on the PCB.
1:06:35
Anyone can verify that if they understand how schematics work
1:06:38
and and go look at exactly the things that are used to build
1:06:41
passport in the factory. Or you can actually break it
1:06:44
down and try to figure that out as well.
1:06:46
But that's one thing that we really wanted to do is make it
1:06:48
easy to power without having to expose it to any any sort of
1:06:53
attacks. So you can plug it into your
1:06:54
computer to charge it and not have to worry about if your
1:06:56
computer is compromised. You don't have to try and cut
1:06:58
the pins yourself or anything like that.
1:07:00
It's just power. Only because we really think
1:07:02
that the the QR exchange method of using an air gapped wallet is
1:07:08
actually really smooth. Works well on desktop and
1:07:10
mobile. There's not much need for the
1:07:12
the ability to actually plug in your device 'cause it.
1:07:14
It really adds an attack surface and it's it's just really
1:07:18
unnecessary. Like I I don't want to carry
1:07:20
around the USBC cable to try to connect my passport to my phone
1:07:23
when I need to make a transaction or to have some some
1:07:26
cable dangling for my computer to be able to use it when I want
1:07:28
to. So QR codes work really well for
1:07:29
that. Alright Nico, we got one good
1:07:32
comment in. Here, let me, let me let me
1:07:33
segue into that. So, so Seth, you were talking
1:07:36
about earlier about a potential, you know, a compromised version
1:07:41
of Sparrow, right, A a hacked version of Sparrow, right.
1:07:44
So you have a hacked version of Sparrow on your wallet.
1:07:46
But what if you update your, you know, your your passport and you
1:07:52
update it with a hacked firmware, right.
1:07:54
Couldn't you make the case that that would lead to the same
1:07:57
thing? Yeah, it's a really, really good
1:07:59
question and I think it's one that that is kind of often
1:08:02
misunderstood in the space. So when you go to update
1:08:05
Passport, you could try to install any sort of firmware
1:08:09
update. If there was a malicious party
1:08:10
that was putting out firmware updates pretending to be
1:08:13
Foundation, they could send you a file.
1:08:15
You could try to install that. The way that firmware updates
1:08:17
work on Passport is you just throw them on a micro SD card
1:08:19
that sits right at the top, and then you put that micro SD card
1:08:23
in your Passport. You try to install the update.
1:08:25
You could get that far, but the problem for an attacker at that
1:08:28
point is the only firmware that Passport will let you install is
1:08:32
firmware that's signed by the developers themselves, by us.
1:08:35
And it's by GPG keys, which are another older form of private
1:08:40
key cryptography that only we control within the company that
1:08:44
we take great, great lengths to make, difficult to access.
1:08:48
And you would have to have an attacker who would compromise
1:08:50
multiple members within the team to be able to create a sign
1:08:54
firmware that actually would pass that.
1:08:55
So it's a it's a massive part of what we do is to make sure that
1:08:58
Passport itself within the bootloader that actually handles
1:09:02
kind of the low level code within Passport, it's only going
1:09:04
to install a firmware version that is actually signed by us
1:09:08
for developers, you can install your own developer key that you
1:09:11
can then that can then allow you to install firmware updates.
1:09:15
But that's not something that that any normal person would do
1:09:17
and you get lots of warnings if you try to do that as well.
1:09:19
So we try to make it very clear that if you're trying to install
1:09:22
a firmware and it's not signed by us, you're going to know
1:09:24
about it and it's not going to be possible to install in any
1:09:27
way. So that's that's another big
1:09:29
separation where when you're just using a computer and you're
1:09:31
installing applications, there's no real verification.
1:09:34
You can take the time to do a a GB GE verification.
1:09:37
That's similar to what we do with Passport when you're, say,
1:09:40
installing Sparrow. It's something I definitely
1:09:42
would recommend people to do because it allows you to ensure
1:09:45
that the the app that you're actually trying to install is
1:09:48
really from the person that you expect it to be.
1:09:51
But that is a it's a complicated process and it's one that
1:09:54
requires using command line. It's one that just frankly, most
1:09:57
people won't do. Unfortunately.
1:09:58
I I wish more people would do it, but most people won't do it.
1:10:00
But we can extract that away. You don't even know how to use
1:10:03
GPG. Passport will just verify those
1:10:05
keys for you and make sure that anything that you're installing
1:10:07
is only created by the Foundation team ourselves.
1:10:11
And even if one person within the Foundation team was
1:10:13
malicious, they wouldn't be able to create a former that was
1:10:16
signed either. So it's another thing where
1:10:17
there's even that separation of duties within the the Foundation
1:10:20
team to ensure that if one of us went rogue, we can't ship you a
1:10:24
malicious former update. Gotcha.
1:10:26
We do have a couple more questions in the comments.
1:10:28
So first is the confiscation attack vector.
1:10:32
So what happens like and I'm sure this is going to be
1:10:35
happening, I I love the book, the sovereign individual.
1:10:38
So I'm sure this is going to be happening in air travel coming,
1:10:41
coming to an airport near you, right where you say you're
1:10:44
crossing a border and they find a hardware wallet on there and
1:10:49
they confiscate it from you. Obviously you could say, you
1:10:51
know what, you could take it, but I'm not gonna give you the
1:10:53
pen. You know, there's a security
1:10:55
element on here. Could you talk a little bit
1:10:57
about that? Yeah, yeah, I think that's a
1:11:00
it's a really good one and it's it's a a common one.
1:11:03
I actually usually travel with my passport.
1:11:06
It's a bad OPSEC thing to say, but I like to have it accessible
1:11:08
when I'm gone for long periods of time.
1:11:10
The reason why I do that, and I feel comfortable doing it, is
1:11:13
because this is an extremely secure device and it also looks
1:11:16
like a phone. So you you have some plausible
1:11:18
deniability with the the TSA agent or whatever wants to know
1:11:21
what this is. You just say it's a dumb phone.
1:11:23
It's an old Nokia that you keep around.
1:11:25
That's pretty easy to get past on the the plausible deniability
1:11:28
side. But when you get down to the
1:11:31
actual security that's provided by Passport, there's a a very
1:11:35
important piece of hardware that I think not not I think that
1:11:39
every hardware wallet should have, which is called a secure
1:11:41
element. It's essentially a piece of
1:11:44
hardware that's explicitly designed to only do one thing,
1:11:47
which is to store a secret well, and allow that secret to be able
1:11:51
to be used to sign things and to verify things without actually
1:11:55
exposing the secret to the rest of the actual hardware device or
1:11:59
to the outside world. And Passport uses a secure
1:12:02
element as part of the way that it stores the the seed phrase,
1:12:05
the private key on the device. It does so in a way where even
1:12:08
if the secure element itself was broken, you'd also have to break
1:12:11
into the actual CPU that's in here to be able to get the
1:12:15
actual seed phrase. So it's broken up so that you
1:12:17
have to basically pone all of the hardware.
1:12:19
And that's something that just simply isn't possible for anyone
1:12:22
but a nation state. Now any harder wallet
1:12:25
manufacturer that tells you that their device is completely
1:12:28
impossible to break is lying to you because that's just not the
1:12:33
way that hardware security and software security work.
1:12:36
It's not unbreakable, but the the focus is making it as
1:12:39
difficult as possible for someone to break into you and as
1:12:42
time consuming and costly as possible.
1:12:44
So for something like this there are some known exploits on
1:12:47
secure elements the the common ones that are used across all
1:12:50
manufacturers, but they require like $500,000 in lab equipment
1:12:54
expertise. They require lots of time to
1:12:57
break into them. You'd have a lot of chances to
1:12:59
move your funds before anything would happen, and that's only
1:13:02
going to be possible by literally a nation state.
1:13:04
Not even like local law enforcement or something is
1:13:06
going to be able to do that. So that's an important thing to
1:13:09
keep in mind. It buys you a ton of time and
1:13:11
makes it where like if your cousin realizes that you own
1:13:14
Bitcoin and that you have a passport and he steals this,
1:13:17
there's no way in hell he's getting the Bitcoin off of it.
1:13:19
It's just not going to happen. We have protections that allow
1:13:21
you to only do 21 pin attempts and we we do that using the
1:13:24
secure elements. You can't fake it and allow
1:13:26
yourself to do more PIN attempts.
1:13:28
So no one's going to break a six or 8 digit PIN in 21 attempts
1:13:31
unless you tell them. And no one's going to break the
1:13:33
actual physical security of this through a secure elephant unless
1:13:36
they're they're literally the NSA or a very large nation
1:13:40
state. So I think those are the the
1:13:41
biggest things that I want to cover there.
1:13:43
I'm really not worried about security.
1:13:44
The key thing though in that case is if this is confiscated,
1:13:47
you better have your backup squared away because you need a
1:13:50
way to be able to actually recover your funds when you get
1:13:53
back home. TSA takes this, they confiscate
1:13:55
it, they keep it. You need a way to be able to be
1:13:57
able to get into your Bitcoin again.
1:13:59
So that's where you need to either have something like your
1:14:01
seed stamped on steel or you need to use encrypted micro SD
1:14:05
backups. Which is something that we do on
1:14:07
passport as well. Which allows you to to
1:14:09
essentially just put a file somewhere and then keep a 20
1:14:11
digit code stamped on steel or potentially in like a a a good
1:14:15
intent encrypted password manager like that Warden.
1:14:19
And then all you need is a copy of that file and that 20 digit
1:14:22
code, and you can restore passport back to exactly how it
1:14:24
was before with all the accounts, the naming, the
1:14:26
customizations, etcetera. Hey man, yeah, it's the the key
1:14:31
aspect there is it buys you time, right?
1:14:35
It buys you a lot of time if it gets confiscated.
1:14:38
Not to mention you can get tricky with it.
1:14:40
You can add a 25th word. You can use a a multi sig setup
1:14:44
with geographically separated seeds.
1:14:46
So there's there's it basically it it moves the balance of
1:14:50
power, it really kind of shifts the discussion.
1:14:54
They don't call it unconfiscatable for no reason,
1:14:57
right? It's it makes it very, very
1:14:59
difficult to do so and then OK fine, like let's just say a
1:15:03
nation state focuses on one individual and they have to jump
1:15:06
through all these hoops, spend all of that money, try doing
1:15:10
that on a mass scale, right. It's going to be very difficult
1:15:13
to do so. So that's the whole point
1:15:15
anyways, Seth, if you had one last question or one last
1:15:19
statement to leave the audience, what would you tell them?
1:15:23
I mean, the biggest thing for me with with all this talk of
1:15:26
inflation, shrink inflation, ETFs, all of the the craziness
1:15:29
that's going on in the world is just realize that Bitcoin is a
1:15:33
powerful tool for freedom. Take advantage of it by actually
1:15:36
taking self custody. ETFs are fine if you want price
1:15:39
exposure in your 401K or whatever, but they're not going
1:15:41
to give you freedom. They might give you more Fiat.
1:15:43
They're not going to give you freedom.
1:15:44
So take that time. Self custody.
1:15:46
Learn how simple self custody can actually be at Foundation,
1:15:51
that's our Our real vision is trying to make it as
1:15:53
approachable as possible. Download Envoy.
1:15:55
You can go ahead and set up a wallet in 60 seconds without
1:15:59
having to write down a seed phrase.
1:16:00
Very straightforward, very powerful.
1:16:03
When you realize that you want to store your generational
1:16:05
wealth, not on your phone, which most people should should find a
1:16:07
better way to do that. Move into something like
1:16:09
Passport. Make sure that whatever option
1:16:11
you choose values free and open source software that values your
1:16:15
privacy. And make sure that you you use
1:16:17
Bitcoin as a tool for freedom. Don't just use it as a way to
1:16:20
make more Fiat, use it as a tool for freedom, because I think
1:16:23
that's that's something that often gets missed in the space
1:16:25
that I want people to understand.
1:16:27
Absolutely, absolutely, guys. You could check the link in the
1:16:31
video description and the QR codes that we've posted up many,
1:16:34
many times. Take you directly to the
1:16:36
Foundation Devices website. Go to
1:16:38
foundationdevices.com/simply get yourself a a passport.
1:16:43
Get yourself a hardware wallet member guys, Not your keys, not
1:16:45
your cheese. You want to put your
1:16:47
generational wealth in cold storage.
1:16:50
You do not want to leave it on a hot wallet.
1:16:53
I've heard nightmare stories. Don't put yourself in that
1:16:55
position. I also do want to give a shout
1:16:57
out to the poll Opti asked in the beginning of the episode.
1:17:01
Are we getting into number Go up season?
1:17:04
Number go up only season number. Go up only season.
1:17:07
There was 308 votes yes of 75% of you said yes and 25% of you
1:17:15
said not yet. Anyways guys, this was the
1:17:18
Monday, February 12th edition of Simply Bitcoin Live.
1:17:22
I'm your host Nico's, my Co host Optimus Fields.
1:17:25
I want to thank our guest Seth for privacy.
1:17:28
Thank you so much for joining us on Simply Bitcoin today.
1:17:30
Really appreciate your time. Absolutely.
1:17:32
Thank you all so much for having me.
1:17:33
Y'all do a great show here. Thanks, Seth.
1:17:36
All right, guys, if you enjoyed the show, you know what to do.
1:17:38
Smash that like button. Consider subscribing if you feel
1:17:40
like we provided you value. But the number one thing you
1:17:42
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1:17:44
share Bitcoin culture. If you're in a box with Beyoncé
1:17:48
and Jay-Z, wear that Satoshi shirt.
1:17:51
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1:17:53
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1:17:54
We love you all. We back tomorrow for my new
1:17:56
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