Latest / Simply Bitcoin / Swift Payments Network Cancels Binance!? | EP 659

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Swift Payments Network Cancels Binance!? | EP 659 · Simply Bitcoin

0:15
Yeah. Welcome to Simply Bitcoin live
0:17
your number one source for the peaceful Bitcoin Revolution
0:20
recovered breaking news culture Mirotic Warfare we will be your
0:22
guide through the separation of money and state.
0:25
That's exactly what we're going through.
0:26
Check this out check this out. So this we've been covering this
0:30
for a while but I don't think it's escalated to this point so
0:35
we're going to explain what Swift is but think about Swift
0:39
as one of the largest payment. Mint networks in the world that
0:43
Banks often used specifically to send money internationally,
0:47
right? Apparently, it came out and
0:50
we're going to dive into the details because, you know, of
0:52
course, like the, you know, the the clickbait Articles was like,
0:56
oh my God, like, by Nan's got cut off from Swift and whatever,
0:59
but we're gonna dive deep into that, and apparently they set
1:03
limits to over 100k a hundred thousand dollars and that really
1:09
leaves out the little guy. So, we're we have the Cells
1:12
specifically, it relates to One bank, but if that in itself was
1:17
just the news, I don't think it would be that big of a deal.
1:19
I don't think I would have covered it but this is just a
1:22
continuation of of this pattern that we've started to notice,
1:26
right? Which is it's not just Swift,
1:28
it's not just specifically, the bank is called Signature, right?
1:33
It's not just these two entities.
1:36
It's also other Banks as well including Wells Fargo including
1:40
Banks of America that Have continuously shut down the
1:44
accounts. And I've heard this story many
1:46
times on Twitter, maybe, you know, some of you guys watching
1:50
have been affected by this, that they've closed down the accounts
1:55
of people of Bitcoin businesses that are doing banking with them
2:00
and also people that are just buying Bitcoin in general,
2:03
right? And that's a very scary pattern.
2:05
And now, if you think about it, right?
2:08
This is one of the, this is one of the weak points, writes the
2:11
the on And off ramps. Right?
2:13
So, if you, if, for whatever reason, right, this could
2:17
potentially be an issue in the future Banks.
2:20
Just don't allow you, which is a crazy concept if you think about
2:26
it, right? We the people, you know, that
2:29
are holding your money, we don't allow you to use your money in a
2:32
certain way, right? So, is this pattern going to
2:37
continue? I would make the argument that
2:39
it will, and if it does right, I think, you know, it's something
2:44
to consider probably the peer-to-peer aspect of Bitcoin,
2:48
right? And the peer-to-peer aspect of
2:50
Bitcoin you have to understand guys.
2:52
That's how most people around the world, right?
2:56
They transact in Bitcoin, right? These telegram chats.
2:59
You know, bisque is also a really popular one and they
3:02
transact Bitcoin peer-to-peer. Obviously you know, we don't
3:06
want it to allow to get to that point.
3:09
Corey wrote an amazing article. Right?
3:12
You know, the race to avoid the war.
3:14
This is what the race is all about.
3:15
We must have a big adoption of Bitcoin in, you know, in
3:20
specifically United States and developed countries specifically
3:24
in countries where people are accustomed to using their bank
3:30
accounts to grow their stack. Right?
3:32
We need this adoption in order to avoid this potentially in the
3:35
future but it is a very troubling pattern and then it
3:39
makes you ask the question, right?
3:41
It makes you ask the Question. Like, is it really your money?
3:46
If a bank or government is telling you what you can and
3:50
what you can't do with that money?
3:53
Now fine, you can make the moral case, you know, buying, you
3:57
know, narcotics or buying, you know, illegal things, whatever
4:01
you can make the case that, okay, you know, maybe that's
4:06
justifiable. Maybe maybe right.
4:08
But is it really, really dangerous like, is it really,
4:13
really? Lee dangerous.
4:14
That is it really really dangerous.
4:20
How is it dangerous? How does it affect anybody that
4:26
you're using your Fiat money? Your state money that you worked
4:29
for, and you're using that money to buy Bitcoin?
4:33
Who does that hurt? Really?
4:36
This is that hurting anybody? Right?
4:37
Like, ha ha, why are they stopping this in the first
4:40
place, right? So, that's a very interesting
4:42
question. We're going to talk about it but
4:45
first, I want to let up my awesome co-host.
4:47
How you doing Opti? Are you doing so Nico?
4:50
Hello world. How are you guys?
4:51
Doing today Another Day in Paradise.
4:54
Now the day giving guys signal on simply Bitcoin.
4:56
So I'm excited for this one and Men.
4:59
Yeah, I'm excited to hear an awesome Nika Jones rant on the
5:03
news segment. Today, you already know it's
5:04
coming. Like I said anytime Nico gives a
5:07
four-minute pretty context to the show.
5:10
It's going to be a lit show and on the culture.
5:14
Today I think I mentioned this this article that I'm covering
5:19
when I told you guys that I read Brains mining pamphlet or mining
5:24
book. I forget what the title is.
5:26
Well, I found the article online and it's a simple explanation of
5:31
what Bitcoin mining is. And I'm just tired of
5:35
consistently hearing that the computers are solving complex
5:38
math problems in the my energy use and stuff.
5:41
So we're gonna we're going to give a very simple simple.
5:45
Explanation of what Bitcoin mining is for the new people in
5:47
the back. Anyways, let's go.
5:50
Anyways, let's go. Alright everybody, let's start
5:52
the show. Let's do this.
5:56
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Twenty-two thousand nine hundred and twenty cents per dollar,
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to The Happening. 60 6739 having estimate April 25th 2024, total
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million. U.s. dollars realized monetary
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inflation 1.76 percent and the market.
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Ization of Bitcoin 441 billion dollars with Abby.
7:01
Anyways, during the number segment, I want to talk about
7:04
this. So Janet Yellen which is the
7:06
current u.s. treasury secretary also former Fed chair, that's
7:10
never happened before, in US history, by the way, the, it's
7:14
never happened. Where a former Fed chair.
7:17
Then becomes the US Secretary because supposedly, or how it's
7:21
supposed to work is that the FED is supposed to be Separate,
7:26
right? But this is I think another
7:27
example of the revolving door in d.c. anyways, so check this out.
7:32
Secretary Janet Yellen said since 1789, the US has always
7:37
paid all of its bills, the knowledge that we can be trusted
7:41
and counted on to do that. Underlines the foundations of
7:44
the entire Global Financial system.
7:46
Default would cause widespread damage to the US economy.
7:49
Now, here's the thing, that's a lie.
7:51
But let's play the, let's play the clip and then we'll talk
7:54
about it, and there's some awesome.
7:55
Awesome bitcoiners which is this is a power of the internet.
7:58
This is the this is when I tell you guys that every single one
8:02
of you Has agency every single one of you can contribute to
8:07
this fight to this peaceful Revolution, the way that you do
8:10
that in the era of the internet. And this weird type of
8:14
informational Warfare that we're all kind of living and
8:17
experiencing is by tweeting, it's by liking its by engaging
8:21
its, by promoting Bitcoin content.
8:23
Getting the truth out there. Getting that stuff out there
8:27
before, there would be no, there would.
8:29
There would have been no ability for the average everyday person,
8:33
or Right to actually speak their mind to these very powerful
8:38
individuals and that's one of the reasons why, you know, the
8:41
the the power without getting into any of the conspiracy
8:44
theory stuff by a lot of these powerful continuing are the
8:47
continuing are class wants to label a lot of information
8:52
misinformation as if it doesn't fit their narrative right?
8:56
All of a sudden you're somehow your misinformation anyways.
8:58
So let's check out the clip and then, let's, let's fact check.
9:03
The fact checkers, Shall we? Just quote that letter that you
9:07
are referring to just a little bit failure to meet.
9:10
The government's obligations would cause irreparable harm to
9:13
the United States economy. The livelihoods of all
9:15
Americans, and Global Financial stability.
9:19
So, in brief what kind of irreparable harm and
9:22
particularly for American households, how would average
9:25
American households experience? This United States is a country
9:30
that's in 1789. Has always paid all of its bills
9:35
and And the knowledge that the u.s. government can be trusted
9:40
in counted on to do that underlies, the foundation's
9:46
really of the entire Global Financial system US Treasury
9:51
Securities are the safest investment on the planet and we
9:58
would certainly experience at a minimum downgrading of our debt.
10:03
If that happened our borrowing, Owing costs would increase and
10:08
every American would see that they're borrowing costs would
10:12
increase as well on top of that. A failure to make payments that
10:19
are due whether it's the bond holders or to Social Security,
10:24
recipients, or to our military would undoubtedly, cause a
10:30
recession in the US economy and could cause a global financial
10:34
crisis. It would certainly undermine the
10:37
role of the dollar as a reserve currency that is used in
10:42
transactions, all over the world and Americans with many people
10:49
would lose their jobs and certainly their borrowing costs
10:52
would rise. All right, so you know that's
10:56
what she said. Right?
10:56
That the US has never defaulted on its debt, by the way, the the
11:01
part of, you know, not being able to, you know, raise the
11:06
debt ceiling and all the consequences of that
11:10
specifically to the US economy to people's faith in the dollar,
11:14
she's absolutely spot on that. But the what the consequences of
11:18
that would be right? But the idea that the US has
11:21
never defaulted on its debt. Yet, that's not true, right?
11:25
Here's Pere Richard. We recently had them last week
11:28
on simply Bitcoin iroh big fan since 1789.
11:33
The US Treasury has defaulted, at least five times 1792 1834
11:38
1862 1933 and continuously since 1971, right?
11:44
We all know what happened in 1971, Richard Nixon took us off
11:49
the gold standard and basically told everybody at Old the
11:53
Community that the US would not would not would not stick to let
12:01
me get. So I'm very complex topic so I'm
12:04
not going to butcher it. Let's check out the Wikipedia
12:06
article says the Nixon shock was a series of economic measures
12:09
undertaken by the United States President Richard Nixon 1971 in
12:13
response to increasing inflation.
12:14
The most significant of which were wage and price freezes
12:17
surcharges on Imports and the unilateral cancellation of the
12:21
direct International crew Convertibility of the United
12:24
States dollar to Gold. Because before 1971, the dollar
12:28
was pegged to gold, right? And then here is Walker, part of
12:32
the crypto couple says false. The u.s. defaulted four times.
12:35
1862 defaulted on demand notes. 1933 defaulted on gold bonds,
12:41
1968 refuse to redeem silver certificate, paper dollars for
12:45
silver dollars. 1971 refuse to redeem dollars held by Foreign
12:50
governments for gold under the Bretton Woods.
12:53
Agreement. So what is that?
12:55
But not a default, right? So, and again, like this is this
12:59
is what they do, right? They they kind of like move the
13:02
goalposts and they redefine things.
13:04
How is that? Not but a, how is that not a
13:07
default, right? And then what happened after
13:10
1971 is that look check it out. The US government was kind of
13:14
constrained and their ability to print money because it had to be
13:19
backed, you know, one to one with gold.
13:20
After 1971. All bets were off All right.
13:23
And then there's that very famous website, right?
13:25
What the f happened in 1971 and what the consequences were of
13:29
that. And now why did the United
13:31
States do that in 1971 to fund the Vietnam War, right?
13:35
And how many endless Wars have? We had since 1971.
13:40
We are sending or, you know, the United States government better
13:44
said, is sending hundreds of millions of dollars to fight a
13:48
war, thousands of miles away in the Ukraine, they would not be
13:53
Able to do that, if the dollar was backed 121 by gold, they
13:58
wouldn't be able to afford that, right.
14:00
The only way that they would be able to afford that is via
14:03
direct taxation, try, try, raising the taxes of people,
14:08
right, to fund a war, that they might not necessarily agree with
14:12
right? They would, they would literally
14:14
be riots in the street, but the way that they've been able to do
14:17
that, now is through the hidden tax of inflation, right?
14:20
So they just print the money and that's how they're able to for
14:23
Things. But make no mistake that is
14:25
attacks. Make no mistake.
14:26
You are getting poor. Make no mistake.
14:29
That is a redistribution of ass as a redistribution of wealth
14:33
from the lower and middle classes, and it's redistributed
14:36
to the government. In the very wealthy that do have
14:39
the means to save an assets. Therefore benefit from asset
14:42
inflation. So again like I think that there
14:45
are some things that Yellen said were true but the idea that the
14:50
US has not defaulted on its debt.
14:53
That is a lie. That is propaganda.
14:55
That is a spin, right? Constantly changing the
14:58
goalposts. Getting to a point where hey, we
15:00
can't pay for things anymore. You know that Bretton Woods
15:03
agreement that we agreed to, you know, after World War Two.
15:06
Yeah, the, you know US dollar backed 12-1 by gold.
15:09
Well, we can't adhere to that anymore.
15:13
That is a default that is a default, you know?
15:15
But again, I don't think that they see it that way.
15:18
I don't think that they Define it that way, but that doesn't
15:20
mean it's not true. Anyways, Opti, what are your
15:23
Thoughts on this. Well, the propaganda strong with
15:27
this one and obviously, I think it's kind of fitting that it's
15:31
coming from Janet Yellen herself, but I think to one of
15:35
your points, you know, the best propaganda is filled with
15:37
half-truths and so, hence why there is some truth sprinkled in
15:42
there. But I mean, we talked about all
15:44
the time, like what the fuck happened in 1971?
15:46
Go to WTF happened in 1971.com and just look at the charts for
15:51
yourself, like the receipts are there?
15:53
And then just to touch on some of the things she said, you
15:55
know, us treasuries, the safest investment law.
15:59
That is Bitcoin opinion. What else you said not in a
16:02
recession like long? Yeah, because you guys redefined
16:06
the terms, and then I think the most fitting part is what that
16:10
whole little segment was about is her saying the silent part
16:13
out loud. Like they're scared of the
16:16
dollar being undermined because it literally takes away their
16:19
power if they don't have the money printer, and this is what
16:22
they what they Really afraid of because as we've been
16:25
continuously covering on this show, the unproductive class the
16:29
politicians. The central Bankers high-level
16:32
parasites a monetary demons, they don't provide any value to
16:37
society. And so the only way that they're
16:39
able to leech off Society is by continuously having the power of
16:43
the money printer. So, you know, if you can
16:46
disintermediate that if you can take away that power, then what
16:51
are they going to do? They're going to have to
16:52
actually provide Ali to society and it's something that they
16:55
can't do or else they wouldn't be politicians, like, it's just
16:58
amazing. I, I, I'm never, I'm never not
17:02
Amazed by the amount of propaganda and clown world and I
17:06
say it all the time. It feels like we are peaking
17:09
clown World propaganda. And yet again, we see more more
17:13
videos like this. That is just simply laughable.
17:16
If it wasn't so terrifying, what these people really want to do?
17:19
It's, you know, I think, I think I'm dropping a short.
17:23
Later today that is is basically of a rant of Nica last week.
17:28
It's like what do they want to do?
17:31
They want to keep you enslaved on the Fiat system and they're
17:34
going to try to frame it in any way possible to maintain that
17:38
power and Bitcoin takes away that power if you take Bitcoin
17:41
into self custody. So you know it's all connected
17:45
and this is why this is why we're in the place that we are
17:48
right now is because of these politicians that have
17:51
continuously been able to steal from us, as PR, Richard said
17:55
five times throughout the history of the u.s. you know of
17:59
Country here. So Bitcoin fixes this.
18:03
Yeah. And this is like, you know, the
18:05
nigger and the reason that she's saying that statement right is
18:08
it's all about raising the debt ceiling, right?
18:10
This is that's literally what this is about.
18:12
It's a political statement and it at the same time it's like
18:15
look if we don't raise the debt ceiling, you know, all of a
18:18
sudden, you know, the US government won't be able to meet
18:21
its obligations. Right.
18:23
But at the same time, right? It's really interesting that
18:26
they say that because look at the end of the day, the United
18:29
It's government. Consistently every single year,
18:32
spends more money than it collects has that it collects in
18:36
taxes, right? So it's deficit spending how
18:39
they able to afford that deficit spending theoretically it's
18:42
about selling bonds but no one has the money to buy those Bonds
18:45
in the open market. So who ends up buying the bonds?
18:48
The bonds were just bought put on the fed's balance sheet.
18:51
So it's like this, like weird black magic behind the scenes
18:54
and who's the loser of all this, the loser of all, this is the
18:58
lower and middle classes. This is I would say even the
19:01
upper middle class. If you don't have the means to
19:05
save and assets, you are getting poorer if you save and cash, if
19:10
you earn in cash, all this spending of which they cannot
19:14
afford. Right in the first place is
19:17
making, you poor. Are you benefiting from a lot of
19:22
these things that they're spending money on?
19:24
Are you benefiting? I don't think so.
19:26
I think the only benefactors are the continuing are class Are the
19:30
class in d.c. that are closest to the money.
19:32
Spicket. Everybody else gets hurt man.
19:35
So this is all, you know, this is all like it's a circus show.
19:39
But this is what Bitcoin is all about Bitcoin gives you the in
19:42
debility, the ability, the individual right to opt out of
19:45
the system, put your worth your energy, your time your work into
19:50
an asset, that cannot be debased.
19:52
It can't be easily confiscated, it can't be easily censored and
19:56
this is what the Bitcoin Revolution is.
19:57
All about. If you're not about that, That
19:59
then you then go play in the horse and pony show, right?
20:02
This is why we say bitcoiners slavery.
20:04
There you go. Participate in that Madness
20:06
because it's it, right? That's, that's really, really
20:09
what it is. Anyways, everybody, let's get to
20:11
the news. Let's talk about it.
20:13
Let's check it out. The Daily News brought to you by
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Not your Bitcoin. Anyways everybody takes off
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custody do it now. Anyways, everybody, so check
21:00
this out. This article drop by Asia
21:02
markets.com, exclusive Swift payments network access cut to
21:06
crypto exchanges. Let's check out what the Swift
21:09
the Swift network is in the first place because then you
21:12
know, it kind of doesn't make sense.
21:14
So let's give a little bit of context, right?
21:16
So first of all, it stands for Society for worldwide interbank
21:20
Financial. Telecommunication.
21:22
Right is a Belgian Cooperative Society, providing Services
21:26
related to the execution of financial transactions and
21:28
payments between Banks worldwide, right?
21:31
Typically if it's a domestic transfer you don't you don't you
21:34
don't really use the Swift system.
21:36
But for international banking transactions, you will use Swift
21:42
more than like more than likely, okay?
21:44
So as of 2018 around, If of high-value cross-border payments
21:48
worldwide used Network and in 2015, Swift linked more than
21:53
11,000 11,000 financial institutions in over 200
21:58
countries and territories who were exchanging an average of
22:01
over 32 million messages per day compared to an average of two
22:05
point, four million daily messages, in 1995.
22:08
So obviously it's a big deal and it's a big system of which, you
22:12
know, facilitates a lot of international trade.
22:15
Both, let's check out. Happens is an article dropped
22:17
January, 21st 2023. It goes on to say Swift payment.
22:22
So if payments network access cut to crypto exchanges, goes on
22:27
to say an extraordinary decision.
22:29
Involving the global Swift payment Network could have
22:31
widespread implications on cryptocurrencies, Asia markets,
22:34
can reveal Banks, including New York, Signature Bank Lo longer
22:38
process fiat currency transaction to crypto currency
22:41
exchanges with a value of less than 100,000 via the Swift
22:45
Network. Effective from February 1st
22:47
2023. What what the f, right?
22:56
Hold on a second, hold on a second.
22:58
So, These are the same people virtue signaling that like they
23:05
want inclusivity and and you know, equality and all those
23:11
things. And you know, words are cheap
23:15
actions are real, right? Anyways, the move will thwart
23:19
cryptocurrency. Access to potentially thousands
23:22
of customers. One of the first crypto Giants
23:24
to notify users of the development.
23:26
This weekend has been the world's largest exchange by
23:28
Nance quote. The banking Partner that
23:31
Services, your account has advised, that they are no longer
23:34
able to process. Swift Fiat transactions for
23:36
individuals of less than 100 thousand USD.
23:39
As of February 1st 2023, this is the case for all their crypto
23:44
exchange clients at Finance quote.
23:46
Please be advised, that until we were able to find an alternative
23:49
solution. It's going to be difficult, you
23:52
may not be able to use your bank account to buy and sell crypto
23:55
with USD via Swift, with a value of less than a hundred thousand
23:59
USD. D update, goes on to say, one of
24:03
our Fiat banking Partners, Silver Gate bank has advised
24:06
that it will no longer support any of its crypto exchange
24:09
customers with buying and selling amounts of less than a
24:11
hundred thousand. As of February 1st 2023, this is
24:14
the case for all their crypto exchange clients, quote as a
24:17
result. Some individual users may not be
24:19
able to use Swift Bank transfers to buy or sell crypto with for
24:23
USD for amounts less than 100,000 growing concerns.
24:27
Although Swift is the world's most critical Financial Your
24:30
network facilitating trillions worth of international money
24:33
settlements daily. It is a somewhat secretive
24:37
Belgian base Cooperative right there.
24:41
That's the dagger here. That remember they call a
24:44
shadowy super coders, remember they say that, what we do is in
24:49
the shadows, well, I'm going to say, is there off?
24:53
You skating and they're projecting?
24:54
What it is? They do themselves, right?
24:57
Remember as sweat and says, in the article.
25:00
If was in the headlines following the outbreak of war in
25:02
Ukraine. Last year, when the United
25:04
States and its allies cut off Russia from the network, right?
25:08
So obviously Swift is politically controlled who was
25:12
behind this decision, but it's not only Swift, right?
25:15
Swift is very important, right? We got into the details of it.
25:18
It's also domestic US Banks as well, and this has been
25:22
happening for quite a while now. JPMorgan Chase shout out Jamie
25:25
Dylon reportedly shuts, down bank accounts of Bitcoin mining
25:28
firm. It goes.
25:30
To say, shout out to chase for shutting down Compass mining
25:33
accounts for doing our part to replace the old guard, with self
25:36
Sovereign, future-focused supporters of hard money, get
25:39
behind Bitcoin or get out of the way, right?
25:41
Of course, Compass mining does not have a good reputation but
25:44
it's not only you know, Compass mining that you know did some
25:48
questionable, ethical things to say the least to put it to put
25:53
it gently, right? It's also just the Everett, you
25:56
know, the average everyday person says major US Banks
25:59
hostile towards Bitcoin Accounts at risk of closure
26:03
cryptocurrency, businesses prohibited goes on to say, we
26:06
went undercover to try open. This is from an article from
26:09
crypto slate for audio listeners.
26:11
It goes on to say we went, we went undercover to try and open
26:15
accounts that are four of our largest US Banks, telling them
26:18
ahead of time that we will use the account to buy and sell
26:22
Bitcoin on coinbase. It goes on to say the verdict is
26:26
in personal accounts are at risk of being closed and accounts for
26:29
cryptocurrency related businesses are all right.
26:32
Prohibited goes on to say, u.s. banks of the six US Banks, we
26:36
visited US Bank was the most hostile towards opening an
26:39
account that deals in crypto currency, you have Bank of
26:42
America. Quote, crypto currency exchanges
26:45
are digital currency exchanges or businesses.
26:46
That allow current customers to trade cryptocurrencies virtue or
26:49
digital currency for other assets has Wells Fargo in this
26:53
list. Has Chase Bank.
26:55
Chase Bank specifically says, quote opening a cryptocurrency
26:58
account for businesses is prohibited.
27:00
So you get the point that I'm trying to say, right?
27:03
This is obviously, you know, the established players are just not
27:08
are just not friendly towards the industry, right?
27:11
And I think that they're using a lot of, a lot of what happened
27:16
with ft x as an excuse, as a justification, for a lot of
27:20
these actions. But I think, I think the Swift
27:24
Left is a major escalation of those things, right?
27:28
So man, I don't know how this ends.
27:30
I don't know where this goes. But I don't know.
27:34
Opti does this surprise you at all?
27:38
Not at all. I mean, it's like what
27:40
everyone's saying in the chat, man?
27:42
Like they're scared and they're trying to cut off the Escape
27:44
Routes. I think though the most
27:46
surprising part of that is that hundred K?
27:48
Minimum statute there. It's like if you're rich then by
27:53
all means, like you can do what you want with your money.
27:55
Like this is to protect you little citizen, you know?
27:58
Like if you don't have if you don't have money to speculate
28:01
then then we're helping you out by it.
28:03
Showing that you can't use the, the network.
28:05
But I mean, I think this is just what we've been saying for a
28:08
while. Remember what Christine Lagarde
28:10
said, if there's an escape, people will use it and so
28:13
they're just trying to figure out ways to stop the stop, you
28:17
know, average citizens from escaping debasement, escaping
28:21
the Fiat system. And then also to, like, put some
28:23
dots together of what we've been talking about on this show for a
28:26
long time. I mean now just think about
28:29
these people, these very same, you know, the Very same class of
28:33
people that are doing this are the ones that are telling you
28:36
that they want to have a global CBC.
28:39
And so you already know where they're going to go down like
28:42
you already know what path they really want for you.
28:45
The average person they don't want you to be using Freedom
28:47
money and this is why we tell you guys consistently to take
28:50
Bitcoin into South custody use, you know, Pine Moon Breeze, blew
28:54
wallet, green wallet, seed signer, cold card, Jade,
28:58
Sparrow, Specter, Zeus like you need to use these tools, these
29:02
Freedom tools Because we have them at our disposal.
29:04
Now you just download them for free or buy yourself a hardware
29:09
signing device and then tell other people to do the same
29:12
thing because if they are doing this on the Legacy system, just
29:18
imagine what they're going to do when they try to usher in a
29:20
whole new system that literally gives them complete control over
29:24
every single transaction that you make.
29:26
Like this is why Bitcoin was created and like, am I surprised
29:30
not at all, they're absolutely. I'd because we know that Bitcoin
29:35
is continuously winning Bitcoin is going into the mainstream
29:39
Consciousness and more people are waking up to the scam that
29:42
is the status quo. So, you know, again, Bitcoin is
29:47
just a winning. As Nikka says all the time on
29:49
this show, the Bitcoin incentives are just so strong
29:52
that people are opting out of the system and the trying to
29:54
back claw. Any of that control as possible.
29:58
So of course they're going to try to stop the leakage from the
30:03
That system going into the Bitcoin Network or, you know,
30:06
into the shit coin space to to help protect the little guy.
30:10
So I'm not surprised at all. Obviously this is terrifying if
30:14
you really like lead it down to the logical conclusions of like
30:18
oh wait the Fiat system can literally shut me off at will
30:24
and this is why we Bitcoin. This is why we show up every
30:27
single day to tell you guys to take Bitcoin in South custody.
30:29
This is why we continuously counter the Legacy Media flood
30:32
because Because Bitcoin is a solution and anyone that is not
30:35
telling you to take Bitcoin in the self.
30:37
Custody is suspect in my opinion.
30:39
So what are we going to do? We're going to continuously tell
30:42
people to take Bitcoin and self custody and give you guys the
30:45
tools. So hey man am I surprised not
30:47
really? As I said we are in Peak clown
30:51
world now and how long will that go?
30:53
Who knows? But it's going to be interesting
30:56
to see because like this is an escalation like the Swift thing
30:59
is huge news, right? But we, it's supposedly, it's
31:03
Only Signature Bank. Let's see if more detailed like
31:06
let's say if it's the Swift thing in general.
31:09
And I think that if that's the case that is a major deal
31:12
specifically for international users trying to send Fiat 222
31:18
you know the shit coin casino which is financed right and and
31:23
will that eventually affect other exchanges as well, you
31:26
know, potentially Bitcoin exchanges is this something to
31:28
keep, you know, to keep on top of and and again, if If it was
31:33
just by itself, if this news was just standing by itself, I don't
31:36
think it would be that big of a deal.
31:37
But the fact that you have a pattern from other Banks, right
31:41
was j.p. Morgan.
31:42
You have Bank of America you have Wells Fargo that have been
31:45
openly hostile towards Bitcoin businesses and people just
31:50
purchasing Bitcoin from their personal accounts.
31:52
I think is alarming. And I think it's something to
31:54
stay on top of and to be aware of.
31:56
And guys, this is part of it. This is part of the separation
32:00
of money and state. This is part of the peaceful
32:02
Revolution. Ian will stay on top of it
32:04
because that's what we do at simply Bitcoin.
32:05
Anyways everybody let's get to the culture.
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32:38
So as I told you in the beginning and I brought this up
32:41
in the past, I read the brains Bitcoin, mining handbook, I
32:46
don't know what it was like a month or two ago and the intro.
32:51
As a headline here is Bitcoin, mining is not solving complex
32:54
math problems, a beginner's guide.
32:57
I think this is one of the great great illustrations and and ways
33:01
to explain Bitcoin mining and there's continuously still a lot
33:05
of people that parody the Idea that Bitcoin mining is solving
33:10
complex math problems and obviously the Fiat system, the
33:14
Legacy Media continuously uses that that description to
33:19
denigrate Bitcoin, to energy use and and try to angle proof of
33:24
work as being wasteful. And, you know, tried to ensure
33:28
that our consensus models get moved, the proof of steak, but I
33:32
think it's upon us to continuously try to illustrate
33:37
the best Way so people understand what's going on in
33:40
Bitcoin and we're continuously hearing the same same meme of
33:45
Bitcoin solving complex math problems.
33:47
So I'm here on the brains blog. This is also on the Bitcoin
33:52
mining handbook that they released and this is where I
33:55
first heard it. And then I saw that they
33:56
actually release this on their website so I can bring it up to
34:00
you guys. So that not only I spread the
34:02
signal but more people that are new to the channel, understand
34:05
what is actually going on. So again Bitcoin mining is Not
34:08
solving complex, math problems. A beginner's guide Bitcoin
34:11
mining and difficulty adjustments, explain, and not
34:14
non-technical terms using a simple dice analogy and I love
34:18
this analogy and this is why I wanted to bring it up to the
34:20
show. Like I tell you guys you know I
34:22
have friends and family that that watch the show and they're
34:25
still all confused again. Going back to some Basics so
34:29
hopefully more people can get up anyways, most people
34:32
misunderstand what Bitcoin miners actually do.
34:35
And as a result, they don't fully grasp the level of
34:37
security. Provided by Bitcoins hash rate
34:40
and this article will explain proof-of-work encounter the
34:42
misinformation about supercomputers and quantum
34:44
computers attacking the Bitcoin Network in the future.
34:47
So simply put mining is a lottery to create new blocks in
34:50
the big point. Blockchain and there are two
34:53
main purposes to permanently, add transaction to the
34:55
blockchain without permission of any entity and to, to fairly
34:59
distribute. The 21 million Bitcoins Supply
35:01
by rewarding under to spend real-world resources, IE
35:04
electricity to secure the network.
35:07
So to understand what is Sleepy happening in this Lottery
35:09
system. It's like the simple analogy
35:11
where every Bitcoin hash is equivalent to a dice roll.
35:15
Imagine that miners in the Bitcoin Network are all
35:17
individuals gambling at a casino in this example, each of these
35:21
gamblers have a 1000 sided dice, they roll their diet as quickly
35:25
as possible trying to get a number less than 10.
35:28
Statistically, this may take a very long time, but as more
35:31
gamblers, joined the game, the time it takes to hit a number
35:33
less than 10 get three. Deuce in short, more gamblers
35:36
equals quicker round Once somebody successfully rolls a
35:39
number lesson 10 all gamblers at the table can look down and
35:42
verify the number. This lucky Gambler takes the
35:44
prize money and the next round begins.
35:47
Ultimately, the process of mining.
35:49
Bitcoin is very similar, all minors on the network are using
35:52
a 6 which are specialized computers designed to compute
35:55
hashes as quickly as possible. And to compute a hash simply
35:58
means plugging in any random input into a mathematical
36:01
function and producing an output, more hashes per second.
36:04
I you hire hash rate is equivalent to more dice rolls
36:07
per second That's a greater probability of success, miners
36:11
propose, a potential Bitcoin block of transactions and use
36:15
this for an input. The block is plugged into a
36:17
sha-256 hash function which yields a fixed size output known
36:21
as a hash. A single hash can be computed in
36:23
less than a millisecond as it involves no complex math.
36:27
All that is saying is that these A6 are literally spitting out
36:30
numbers and, and trying to, as the showing roll the correct
36:36
number on the dice or lower. Third lower number than 10 in
36:39
this analogy of a thousand sided dice.
36:41
So if the hash value is lower than the Bitcoin Network
36:44
difficulty than the minor who proposed a block wins, if not,
36:47
then the minor continues Trying by Computing, more hashes, it
36:50
successful miners, block is an added to the blockchain.
36:53
The miners rewarded with newly issued, Bitcoin for the work and
36:56
the next round begins. And here they use a, the analogy
37:01
to counter the misinformation about quantum computers.
37:04
And supercomputers so assigning the most powerful supercomputers
37:07
to mind. Coin would be comparable to
37:09
hiring a Grandmaster chess player to move a pile of Bricks
37:12
by hand. The job would get done
37:14
eventually but the just chess player is better at playing
37:16
chess and exerting energy, repeatedly breaks likewise
37:19
combining the computing power of the most powerful supercomputers
37:22
in the world and using them to mine.
37:24
Bitcoin would essentially be pointless when compared to a
37:27
sick machines used. Today.
37:29
Asics are designed to do one thing as quickly and efficiently
37:31
as possible. Whereas a supercomputer is
37:33
designed to do complicated tasks or math problems.
37:36
Since Bitcoin mining is a lot Hurry based on random trial and
37:39
error, rather than complex, math.
37:41
Specialization a six, beats General, excellent.
37:44
Supercomputers every time. Now, let's get into the
37:47
difficulty adjustment and the 10 minute block time.
37:50
Now that you understand the randomness of miners, finding it
37:52
block, it is important to understand block times and
37:55
difficulty and are gambling example.
37:57
Imagine that, anybody can join or leave the table at any time.
37:59
If one person is rolling 1000 sided die trying to get less
38:03
than a 10, it will take them an average of ten minutes to hit
38:05
the number. Sometimes, I'll hit in one
38:07
minute other 10:34 new person steps up to the table and starts
38:11
rolling collectively. It would take them an average of
38:14
five minutes for somebody to win around.
38:15
If 20 people step up this time is shortened and in order to
38:19
keep the game interesting, we want an average winter every 10
38:22
minutes. So to do this, we can simply
38:24
adjust the dice Target as additional Gambler.
38:26
Step up to the table. The rules will change EG
38:29
gamblers must now roll number less than 5 to win so that the
38:32
average remains 10 minute per am.
38:34
As more gamblers, joined the casino makes winning harder.
38:36
If gamblers leave, they Make it easier, this is exactly what the
38:40
Bitcoin Network, regulates mining to maintain a steady
38:42
issuance schedule of new Bitcoin to get to that 21 million
38:46
Bitcoins miners compute hashes below the target difficulty,
38:49
every 10 minutes on average and every 2016 blocks roughly two
38:53
weeks average, for those blocks is calculated and the difficulty
38:56
is just to bring back time, block times back to 10 minutes
38:59
and this is how we have a truly transparent supplied, the
39:03
difficulty adjustment to grat described above make Bitcoin,
39:06
the only asset with the truly fix.
39:08
Enough supplies schedule. Since Inception, we've known to
39:10
things there will never be more than 21 million Bitcoins and
39:14
every 10 minutes. More Bitcoin is usually issued
39:16
as we approach that 21 million number and every other industry,
39:20
the supply fluctuate best on demand.
39:22
If demand increases then the manufacturer can increase
39:25
production to match the demand and Bitcoin supplies locked in
39:28
and cannot change. Therefore, demand and price are
39:30
tied more closely than any other industry, our asset classes, and
39:34
this sounds kind of dry, but it gets interesting.
39:36
When you try to understand what my nerves.
39:38
Do with the newly issue coins and the impact of this on the
39:41
market. So, I said that all that because
39:46
not only is this a great article and this is something that I
39:49
think many people are are misinformed about.
39:53
I really love the dice analogy and I think if we can
39:56
continuously try to illustrate two people, what Bitcoin mining
40:00
is is as simple as possible. Then more people will start to
40:05
understand why Bitcoin, why Bitcoin is do what they do.
40:09
Why Bitcoin miners are hashing Hashes for Bitcoin blocks like
40:15
it's a very simple process and more I hear people on the Legacy
40:19
Media say that Bitcoin computers are wasting energy because
40:22
they're solving complex math problems.
40:25
The more you can understand that these people are completely
40:27
misinformed and they don't understand what Bitcoin is.
40:30
So again, just to use this analogy, I think this is
40:34
something that we can, we can continuously help our, our
40:37
normies friends, our friends, and family out there by trying
40:41
to break down Bitcoin, mining as simple as Possible and I really
40:43
like this dice analogy, 1000 sided die and all we're trying
40:47
to do is find a number lower than 10.
40:49
Like that's the best way I've heard about what Bitcoin mining
40:54
is and I think that we can continuously steal this Meme and
40:57
spread it out there as far as possible.
40:59
So chefs out to the brains team for breaking down what Bitcoin
41:02
mining is in a very non-technical way because this
41:05
is all we're doing as Bitcoin as we go, more into the mainstream
41:10
and more into the the popular Our Consciousness.
41:14
We're going to have to continuously tell people the
41:17
very same thing as they all, you know, get up to speed of what
41:20
Bitcoin is. And again, I just love this
41:23
analogy and I saw that they drop this article on their website so
41:28
it's not just in a book form. It's out there on the internet
41:31
so more people can try to understand what's going on.
41:34
Anyways Mika, you are a Bitcoin miner or was a Bitcoin miner and
41:39
I don't know what you think about this analogy and and how
41:43
How has your orange pill Journey been telling people what it is,
41:46
glad that you covered this. Because, like most people, the
41:50
reality is, right that they don't get exposure to the
41:56
backend infrastructure side of Bitcoin, okay?
41:59
Their exposure is mostly As the user side, right?
42:03
And because of that people don't have that detail that
42:08
appreciation and how unique Bitcoin.
42:12
Is compared to basically all the other shit coins, right?
42:17
The fact is right that Bitcoins hash rate is like nothing comes
42:21
close and like if for example like sense sense sense a theory
42:27
a move to proof of stake. The last, the last stat that I
42:31
solve this was that, like, I think it's like, 93 or 94
42:36
percent of all proof-of-work mining right now is Bitcoin,
42:40
right? The hash rate what the hash Rate
42:42
represents is an estimation of the amount of computational
42:46
power, actively backing, or mining, the Bitcoin Network, and
42:50
in the process, right? Securing the Bitcoin Network.
42:53
So, if you wanted to computationally attack Bitcoin,
42:57
you would have to match its hash rate.
42:59
And that hash rate continues to reach all-time highs even after
43:04
the Chinese Communist party Band.
43:06
Bitcoin mining within its borders.
43:08
Even after right? This Market downturn, people can
43:12
Can you to mine Bitcoin and the more they minded the higher the
43:16
hash rate, the higher the hash rate the theoretically the more
43:20
secure the Bitcoin network is the more secure.
43:24
The Bitcoin network is the higher.
43:26
The value proposition of Bitcoin.
43:28
This thing is Unstoppable. You can't stop the honey badger.
43:32
It's meant it's designed to be attack attacked.
43:36
So bring it on baby. Bring it on.
43:39
Bring it on, Bring it on. And now here you're not needed.
43:42
Here is like an Interesting type of game theory, you know, Game
43:47
Theory type of thinking behind it, right?
43:52
Which is Even if let's say a hostile government accumulated,
43:59
you know, enough hash power right which you know, very
44:02
difficult to do that because of the centralization of Bitcoin
44:05
miners, it would just be more profitable for them, just to
44:10
mine it than, to try to attack it.
44:12
That's the beauty of Bitcoin. The incentives are aligned, and
44:15
I'm really glad that you covered that.
44:17
And shout out to the brains teams, huge fan, right for
44:20
making that very easy, to very easy to read.
44:24
For the average everyday Bitcoin ER that perhaps you weren't
44:27
exposed to that side of Bitcoin, right?
44:30
The reality is it like I said earlier the reality is that most
44:33
people get into Bitcoin as a user right?
44:36
They buy Bitcoin. They stack Bitcoin right?
44:39
The very few actually try to mine it but I do recommend it
44:43
like even if you think that you're not going to even if you
44:47
think it's not going to be necessarily very profitable,
44:50
right? Or that you're the eat because
44:53
you shouldn't approach it that way.
44:54
You should approach it as a learning experience, right?
44:56
Because that's really what that's you're not going to make
44:59
money mining. The first time has an extremely
45:02
high learning curve, right? But approach it from a, okay,
45:06
let me learn something about it. Start with one S9, the very
45:10
cheap, right? Plug it in and see how it feels.
45:13
You're either going to love it. You're going to be like this
45:15
isn't for me, but I do, try it out.
45:17
Give it a go, you're going to learn something about Bitcoin
45:20
that most people don't know about.
45:22
You're going to have an appreciation of Bitcoin.
45:24
That most people just never see and you're going to understand
45:28
that Bitcoin is backed by the largest decentralized Computing
45:33
Network in the world. So when someone tells you that
45:36
Bitcoin isn't backed by anything clearly clearly, they don't know
45:41
what the after talking about now, you know.
45:43
Now you know you should send them that Article 2 is great for
45:46
those Thanksgiving discussions. Anyways, Opti, let's get to the
45:49
moon review, let's check it out. The daily meme review brought to
45:56
you by Kaboom racks. I get this question all the
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Kaboom racks. Oh Man.
46:25
Kaboom right. All right, guys, you already
46:27
know this is the mean review. This is your favorite portion of
46:29
the show continuously tag Us in the memes.
46:33
I will put them on the show tweets or the bullets mean for
46:35
the artillery. This is an information War.
46:38
So all the content creation out there.
46:40
I think it's a putting your hat in the ring.
46:43
And, you know, most most people on Twitter, they just absolutely
46:47
love the memes, but continue to get the cause of actions out
46:50
there. Continue to put truth to our
46:51
That more people understand what's going on in Bitcoin and,
46:55
you know, a lot of people have ADD out there so that they need,
46:58
they need the meme form, they need the memes out there.
47:00
So first one is by at BTC Delica and he goes Bitcoin, not your
47:05
keys. Not your coin points down and
47:07
goes. Excuse me sir.
47:09
Did you withdraw your Bitcoin from exchanges and it's his dog
47:12
sticking his head through a little cat door.
47:14
Okay, this is this is what would this is all we do every single
47:17
day. Next one.
47:18
Shout out the Maxis club and he goes to 84.
47:21
No. One and we got a mom and a son
47:25
or a child. At Story Time, Goes mom, tell me
47:28
a scary story and the mother goes Fiat is backed by nothing
47:32
and no one cares. Absolutely terrifying.
47:36
That's the scariest thing I've ever heard.
47:39
And this is why we Bitcoin this next one.
47:41
Shouts out to our friend, Mike whole Barb AKA dr.
47:45
Doom. And this is a George Orwell
47:48
quote from 1984. And this is, I think, you know,
47:51
Is have to reiterate these kind of messages, because this is
47:54
where we are right now, football beer and above all gambling,
47:58
filled up, the horizons of their minds to keep them in control
48:02
was not difficult. This is the uphill battle that
48:05
has bitcoiners are continuously dealing with in everyday life.
48:10
It's very hard to convince someone to go into hard money
48:14
when they are following the bread.
48:16
And circuses next one by Ghost of MTC and he goes terrible
48:20
choice. But here We are and it's the
48:24
meme of this. Usually it's a super super hero
48:27
guy about the pick which button and it goes Embrace sound money
48:31
or hard for Humanity. And of course they want a hard
48:35
for Humanity and I forget who this guy is anyways, old rich
48:40
guy in a suit. This is this next one is by at
48:44
Bitcoin wisdom he goes I can't stop educating myself about
48:47
Bitcoin and we got Lisa early in the morning, drinking some
48:51
coffee. The coffee is titled Bitcoin
48:53
podcast, Bitcoin, Twitter, and Bitcoin books.
48:57
And it's just me already all in continuously devouring the
49:01
Bitcoin content. This next one shuts out the
49:04
Copernicus at Copernicus. Son, 6 on Twitter and we got a
49:09
guy with a think he's bleeding. He's got a hole in his back and
49:15
it's got a Bitcoin logo and it goes I love you with all my SATs
49:20
and his girl goes, huh? What?
49:22
And it goes heart. I love you with all my heart
49:25
Savage. All right, there's next one,
49:27
Allenby W, Nogales BTC a portal to a better world and I
49:32
absolutely love this meme. You know, it's a it's a guy
49:37
walking through a digital landscape and the door going
49:42
into the galaxy is the Bitcoin logo.
49:45
And I think this is a super super cool view, right here.
49:48
Love this art piece. Think he just put the Bitcoin
49:50
logo on another art? Peace, but I love it.
49:53
She's out to you Alan watch. Okay okay let's see.
49:56
Oh yeah I got my meme review. Score chat right here but drop
50:01
yours in the chat so that we can cover it live on the show.
50:05
I've been holding onto this one. Remember, I told you my sister
50:08
bought me a gag gift of a bunch of Bitcoin sticker.
50:11
So this one is I told you so with the Bitcoin logo and also,
50:17
it kind of has that like The Obama change branding on it.
50:27
Be the change. You want to see in the world.
50:29
Okay. Okay.
50:31
Alright Nica what is your mean? Boo scored my mean review score.
50:40
PTC pins presents limited edition.
50:45
Father, hold it higher. Hold it, higher, you zoomed it
50:48
all. Look at that.
50:52
Shout out BTC pants. That's that's my that's me.
50:56
That's my meme review score. Anyways guys this is simply
50:59
Bitcoin live, I know, right? This is simply Bitcoin live so
51:04
while you guys drop us the meme score so we can read them live
51:07
on air. I want to give a shout-out to
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our awesome clothing. Sponsor represent.
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Anything off the store. Don't forget to look at that.
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It's beautiful. Awesome.
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Awesome merch. Anyways, Opti, let's get to some
51:41
of these scores are Opti Netflix and chilling with Janet Yellen,
51:50
louder watching, Charlie and the Chocolate Factory while she role
51:52
plays an Oompa Loompa. I know how to say it now.
52:00
Haha, next one, the p man. Van I give the memes.
52:04
Christine, lagarde's Fiat, Prince eatable untrue.
52:11
Yeah. All right last one.
52:17
No, we got two more scores and then the buzzer by Jasmina.
52:21
I give the memes five chicken, tenders.
52:23
Very good. That's it.
52:24
That's my favorite. Chicken, 10, DS and E's and fill
52:27
see, says I give the memes one SBF, I'm sorry.
52:33
And then I'm sorry the buzzer guys, check out the written
52:35
version. I'm so sorry show.
52:37
We're dropping hot fire. Check out.
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Simply Bitcoin unfiltered W dot simply Bitcoin dot news.
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Also check out Simply Bitcoins telegram telegram group has over
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700 people in their www.misnylaw.com plea, Bitcoin
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TV, every Sunday. Also shout-out Darth is throwing
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a Twitter spaces, but on telegram.
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So it's I think it's called a telegram spaces.
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Anyways, if you guys need your fix of Simply Bitcoin jet,
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definitely check out the telegram spaces, every Sunday,
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shout-out Darth for Holding it down.
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Anyways, everybody. We got a pub site.
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Alright guys, so today's site is the Bitcoin Vortex.com.
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So it shuts out the Neko. He hit me to this one but join
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and represent yourself in the south Florida, Bitcoin Community
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As We Gather for our first Bitcoin more Tech.
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They Confluence a Bitcoin meetups highlighting the
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expanding efforts to bring education adaption to the future
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of money. So here's a bunch of the event
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for the Bitcoin Vortex and and the Bitcoin Vortex and all
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participating event exists, due to the efforts of the South
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Florida, Bitcoin community. So I think Nico will probably
54:23
show up at some of these, right? Like this is this is your neck
54:26
of the woods. So if you are in South Florida,
54:31
I got check out the Bitcoin Vortex.com or if you're going to
54:34
travel down to Florida, check out when these dates are and
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when these events are, maybe you can hang out with me comb
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person. May be a next time.
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I'm down there, we'll have to maybe make it 100% speaking of
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events guys. You don't want to miss bit
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those tickets of course, opting. I will be there as well.
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Well, guys, we love you all. Don't forget to check out the
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audio version of Simply Bitcoin anchor Spotify.
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Apple Fountain Opti pulls up the fountain.
55:24
In fact, the pleb site, segment or the software.
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What are you up to you? We should we should we should
55:30
leave it on the pups and the flipside segment, we will be
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reading out the fountain comments that you guys are so
55:35
kind to drop us over the week. So definitely check that out
55:39
guys. We love you all.
55:40
Thank you so much for joining us.
55:42
Another episode of Simply Bitcoin live.
55:44
You enjoyed the show notes, do smash that.
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Revolution forward. The party will continue all the
55:55
way to 2 p.m. Eastern Standard.
55:58
Time Opti will be holding down the spaces with our friends.
56:02
Over at Swan, Bitcoin.com best place to Stacks at with the one,
56:07
the only legendary producer Jacob.
56:10
Anyways, guys, love you all will see you tomorrow, 12:15 p.m.
56:13
Eastern Standard Time. Keep an eye out.
56:15
Because our buddy Ruston is dropping some awesome Clips as
56:19
well. Keep an eye out for that one but
56:21
we'll see you tomorrow. 12:15 p.m.
56:23
Eastern 12:15 p.m. Eastern Standard Time for
56:26
another episode of Simply Bitcoin live.