Latest / Simply Bitcoin / El Salvador Wins BIG with the Bitcoin Freedom Visa | EP 890

Transcript

El Salvador Wins BIG with the Bitcoin Freedom Visa | EP 890 · Simply Bitcoin

• 0:05
  It's. All going to zero against
• 0:08
  Bitcoin. It's going on forever.
• 0:10
  You're against Bitcoin. You're against freedom.
• 0:23
  Yeah. Welcome to another episode of
• 0:25
  Simply Bitcoin Live. We're your number one source for
• 0:29
  the peaceful Bitcoin revolution. Code breaking news culture,
• 0:31
  dramatic warfare. We'll be your guide through the
• 0:33
  separation of money and state. Speaking about the separation of
• 0:37
  money and state, there are some nation states that exist, ladies
• 0:39
  and gentlemen, that they they already accepted Bitcoin.
• 0:43
  They already said Bitcoin come here.
• 0:45
  And that is of course the shining country on a hill.
• 0:47
  I'm talking about the savior El Salvador, and they have this new
• 0:53
  visa program called the Freedom Visa.
• 0:57
  Shout out to Max and Stacey. Max and Stacey, man, like, holy
• 1:00
  cow. They've they've really, really
• 1:03
  pushed that hard. They they've really pushed, you
• 1:06
  know, Naimbu, Kele and El Salvador to taking this like pro
• 1:11
  Bitcoin stance and just being accepting of Bitcoin in general,
• 1:17
  you know, fighting off the shit coins from trying to infiltrate
• 1:21
  the company, the the country. So shout out to them for doing
• 1:25
  all that, but it's incredible what's happening over there.
• 1:29
  Then you know, if you contrast that, which would really what
• 1:32
  we're going to focus on, we're going to really focus on that
• 1:35
  today. The contrast between El Salvador
• 1:40
  and the United States and Europe.
• 1:45
  And you'll see the, the, the striking differences between the
• 1:51
  countries, you know and how they're dealing with this.
• 1:56
  And what you see in El Salvador is aligned incentives.
• 2:01
  And I think we live in a world of misaligned incentives because
• 2:04
  of Fiat money. I I think Fiat money brings out
• 2:07
  the worst of mankind. It brings out the worst of the
• 2:11
  human species and I think the Bitcoin brings out the best.
• 2:16
  I'm not, of course, it's in black and white.
• 2:18
  Some people lose their minds. Rodger Ver and Craig Wright.
• 2:22
  And you know, and that's my opinion by the way, but yeah,
• 2:28
  so, but in general, I think Bitcoin brings out the best and
• 2:33
  best in people and because the reason it brings out the best in
• 2:36
  people is because it's an aligned incentive structure.
• 2:39
  So like and I'll talk about me and OPTI and I'll talk about
• 2:43
  simply Bitcoin. We talk about we show up every
• 2:46
  single day and or or you know five days a week and we tell you
• 2:51
  about Bitcoin and you know how it's hopeful and you know how
• 2:55
  you know it could help you you know economically to save for a
• 2:58
  better future. How you can change your
• 3:00
  operating system from this nihilistic you know dark poverty
• 3:07
  slavery type of mindset which is the you know, which is the the
• 3:13
  Fiat mindset to this optimistic mindset, this, this mindset of
• 3:18
  of opportunity and prosperity and you know and all this
• 3:23
  goodness, right. And you know at the end of the
• 3:28
  day like we wear this on our chest and somehow this is kind
• 3:32
  of it's very strange because this is kind of attacked in the
• 3:35
  Bitcoin community like I and I and I don't apologize for this
• 3:40
  whatsoever. I I'm a capitalist.
• 3:42
  I like making money and at the end of the day this show is you
• 3:46
  know is sponsorship based. Hopefully we'll get to becoming
• 3:50
  subscriber based in the future but we provide a ton of value in
• 3:53
  the process. Now, here's the thing, Because
• 3:57
  the incentive structures are aligned, just because we're
• 4:01
  talking to you about Bitcoin and in a way that helps us because
• 4:04
  we're holding Bitcoin and doesn't hurt the other side,
• 4:10
  right? Because if you're purchasing
• 4:13
  Bitcoin or if you're hearing the Bitcoin message and you're like,
• 4:15
  yeah, that's a good message. I kind of like that.
• 4:17
  Like, I'm going to buy some Bitcoin.
• 4:18
  I'm going to hold some Bitcoin that's going to help you, right.
• 4:21
  And this applies to, like, all fronts, right?
• 4:24
  So if you're a miner, you're not mining Bitcoin out of the
• 4:27
  goodness out of your heart. You're mining Bitcoin out of the
• 4:29
  pursuit of profit. But in the process, you're
• 4:31
  making the Bitcoin network stronger.
• 4:33
  If you're running a node, I recommend the start 9.
• 4:35
  By the way, this one I have, and there's a discount code, you can
• 4:38
  use it, It's in the video description.
• 4:41
  You're you're running that node because you don't want to trust
• 4:44
  someone else's node. You're like, no, I don't want to
• 4:46
  trust someone else's copy of the blockchain.
• 4:47
  I want to trust my copy of the blockchain.
• 4:50
  But in the process, you're, if you want to know, you're
• 4:52
  decentralizing the network, right?
• 4:55
  So and if you're a Bitcoin holder, you're you're another
• 4:59
  person who's opted out of the system, out of their system.
• 5:04
  And in the process you're making everyone just a little bit
• 5:06
  wealthier, right? So like you're seeing an aligned
• 5:11
  incentive structure and then what you see in Fiat is a
• 5:14
  misaligned incentive structure. So like in Fiat there's a
• 5:20
  bureaucratic elite or there's an elite better said that benefit
• 5:24
  from the printing of fake money or or counterfeiting money of
• 5:28
  the of this paper money. But not everyone else has that
• 5:32
  privilege right. And then it creates this like
• 5:35
  dilemma where every time they print money, essentially it's a
• 5:40
  wealth redistribution mechanism from the lower middle classes
• 5:44
  because they don't have the means to save an assets to the
• 5:48
  very wealthy and back to the government.
• 5:50
  So if you're a government politician and you, you know,
• 5:56
  what are you incentivized to do, you're not incentivized to do
• 6:00
  goodbye your constituents. You're just incentivized to get
• 6:04
  as close as humanly possible to the money spigot.
• 6:09
  That's your incentive, that's that's what you need to do, like
• 6:12
  that's what you want to do. And then that creates a society
• 6:17
  where the politicians are almost like this ruling class.
• 6:22
  They're not representing their people, the ruling over their
• 6:28
  people, because they don't need to represent their people
• 6:31
  because that's not where the money's coming from, right.
• 6:35
  And I think really what you see in El Salvador is, I think
• 6:40
  you're seeing an example really for the first time of a society
• 6:46
  with an aligned incentive structure.
• 6:49
  I don't think that it's a coincidence that the first
• 6:51
  country that made Bitcoin legal tender also has the most popular
• 6:58
  president in the Americas who's actually doing the things that
• 7:02
  he said he was going to do if he was elected.
• 7:05
  Like, what is the role of government?
• 7:07
  The role of government is to protect your property, to
• 7:12
  provide safety. It's gone above and beyond that.
• 7:18
  It's like Frankenstein into some something.
• 7:21
  So I'm so when I see El Salvador especially as a lot in America,
• 7:26
  I mean simply Bitcoin is you know and our boy Ruston of
• 7:30
  course. But the host of Simply Bitcoin
• 7:33
  Live, me and OCTI, we're both Hispanics, right?
• 7:37
  And you know, like for me it it's, it's absolutely inspiring
• 7:41
  what is happening in this Central American country that,
• 7:45
  you know, a decade ago you would have been like that's a lost
• 7:48
  cause. And now it's bringing hope to
• 7:50
  the region. And I think eventually it's
• 7:53
  going to become a model for the region, to be honest.
• 7:57
  And that's why you have, of course, the legacy media you
• 8:00
  know, freaking out the way they're freaking out.
• 8:04
  Anyways, I'm. I'm going to end it with this.
• 8:06
  Remember they're freaking out because and Naimbu Kele's quote
• 8:10
  from Don't drink the Elites kool-aid.
• 8:12
  Their most important weapon is their control on the truth.
• 8:15
  Well here's the thing guys. If Bitcoin works on a public
• 8:19
  company level and it has right Michael Saylor's vindicated and
• 8:24
  Bitcoin works on a nation state level and it has Naimbu Kele is
• 8:29
  in the green ever since Bitcoin broke 40,000.
• 8:34
  There's no amount of media spin that they could throw at us to
• 8:39
  convince us or to convince the world that Nayan Boukale didn't
• 8:44
  make the correct decision. That's why they're freaking out,
• 8:49
  because they didn't want to get it.
• 8:50
  They didn't want it to get to that point where they couldn't
• 8:54
  spin it. Now it's got to the point where
• 8:56
  they cannot spin it. So they have to face the reality
• 8:59
  and they just have to argue. They have to like confront the
• 9:02
  truth which I don't think a lot of these guys are have been have
• 9:07
  been put in a position to do that.
• 9:10
  But anyways so we're going to go through all the receipts.
• 9:12
  We're going to do all the comparisons.
• 9:14
  It's going to be a great show. We also have you know the the
• 9:18
  Wall Street is starting to fund commercials for the spot Bitcoin
• 9:23
  ETF. So we'll we'll play you guys
• 9:25
  that it's going to be a great show.
• 9:26
  I'm feeling festive Jacob. My Christmas hat comes in
• 9:29
  tomorrow. I'm going to be wearing a
• 9:30
  Christmas hat for the rest of the week.
• 9:32
  And also guys announcement. We're going to be telling you
• 9:35
  guys the rest of the week just in case you guys don't know
• 9:37
  what's going on next week. We are going to be taking the
• 9:40
  holidays off. We have not taken time off for
• 9:43
  three years in this channel's existence.
• 9:46
  I work 2 jobs for anyone that doesn't know.
• 9:49
  I work over at Swan Director of Content Strategy and I work at
• 9:52
  Simply And yeah, you overworked Slash burned out very very soon
• 10:01
  is definitely getting there. So I'm going to need.
• 10:03
  I'm going to take some well needed rest and so is Opti and
• 10:06
  so is Ruston. But we'll be dropping some
• 10:09
  things here and there but we'll be back stronger than ever
• 10:13
  Monday and simply Bitcoin is. I'm so excited for 2024 it's
• 10:19
  going to be amazing. Anyways, enough of my rambling.
• 10:22
  I'm excited. I was sick as a dog on Friday.
• 10:29
  Literally. I was hallucinating with the
• 10:31
  fever that I had. It was pretty crazy, but I'm
• 10:35
  glad to be back in the saddle. Opti, how you doing my friend?
• 10:39
  Well, I am doing well as well. My my health was not the best
• 10:45
  last week. I struggled the beginning of the
• 10:47
  week. Somehow we made it through the
• 10:49
  week and Nico called me. What Friday morning is like, yo,
• 10:53
  I am dying. Can you fill in today?
• 10:55
  Like whatever we got to do, bro, whatever we got to do, but on
• 10:59
  another. I did simply sessions with Ben
• 11:01
  on Thursday and like, I was like, I was like if you see my
• 11:06
  face, I was not OK, I was not OK And then Ben's like like Niko,
• 11:11
  what are you doing here? And I'm like, I don't know.
• 11:14
  You asked me to be here, bro. I'm like, I don't know.
• 11:17
  I don't know. No.
• 11:17
  What did I say? What did I say?
• 11:18
  I was like, we have to defeat the monetary demons.
• 11:21
  That's what I said anyways. Anyways, what are we going to
• 11:23
  talk about during the culture? Wait, before we get to the
• 11:24
  culture, you know, I did not have the Most Interesting Man in
• 11:28
  the World talking about Bitcoin on my bingo card for 2023.
• 11:32
  So here we are, guys, you know, I know, I know the chat, Savage.
• 11:36
  And they're like, like, who cares about institutions coming
• 11:40
  into Bitcoin? But we've, I've been telling you
• 11:41
  this was going to happen for a while.
• 11:43
  The biggest institution asset managers in the world are now
• 11:47
  going to do what we try to do every single day except for, you
• 11:51
  know, paint millions of dollars behind their marketing
• 11:55
  strategies to educate their customers and look off rent.
• 11:59
  We got the most interesting man in the world doing a commercial
• 12:02
  for Bitcoin. You just like, bro.
• 12:04
  I really think you guys are all being very, very bearish out
• 12:08
  there and don't don't understand how big this next bull run is
• 12:12
  going to actually be. Of course, you know, we have all
• 12:15
  these receipts now and moving forward we will, we will have
• 12:18
  more time. That's the only thing going on
• 12:20
  here, guys. Like we know we're winning.
• 12:22
  It's only a matter of time That will make the Normie understand
• 12:26
  that. Oh my God.
• 12:27
  OK, they are actually right. Anyways, we'll talk about that
• 12:30
  during the show. I don't know if you guys were
• 12:33
  watching the men pools over the weekend, but it got absolutely
• 12:35
  crazy. And so I am once again here to
• 12:39
  tell you to consolidate your UTXOS.
• 12:43
  You know, do a little high level explanation of what's going on
• 12:46
  for the new people in the back that don't understand that, hey,
• 12:49
  if you are stacking into a wallet with a bunch of UTXOS,
• 12:55
  tiny UTXOS, you might be wrecking yourself.
• 12:57
  So we want to make sure you guys are aware of what's going on
• 13:01
  because I had a conversation with my family my my younger
• 13:03
  brothers and I I think I might have orange peeled them but as I
• 13:08
  was talking to them Nico, I had the same you know light bulb go
• 13:11
  off in my head it's like oh man it's going to be extremely hard
• 13:15
  to explain to them all the intricacies of Bitcoin.
• 13:17
  So here we are, let's try to, let's try to do this live for
• 13:21
  them and and hopefully just we'll we'll we'll circle around
• 13:24
  every once in a while, make sure you guys have the best wallets,
• 13:27
  understand what's going on with UTXOS, understand what's going
• 13:29
  on on the network instead of just you know having interviews
• 13:34
  and and getting stupidly bullish on this show.
• 13:35
  I'm going to make sure you guys have some at least some tools
• 13:38
  under your tool belt. So hopefully I do justice today.
• 13:41
  OK. OK.
• 13:42
  Yeah. No, the and it's very fitting to
• 13:44
  talk about this topic because. Yeah, the fees this weekend were
• 13:48
  crazy. Bro, no, the fees are just
• 13:50
  absolutely nuts. I I I'm I'm a bit of a savage
• 13:53
  here. Like if it means paying $1000
• 13:56
  per transaction but keeping Bitcoin.
• 13:58
  Truly. I'm a monetary maximalist as
• 14:00
  well, but. I'm also, I don't.
• 14:01
  Think everyone out there have the funds to do this, so let's
• 14:05
  protect them. I'm all for.
• 14:06
  No, neither do I, dude. I don't own anything.
• 14:08
  Me neither. So but anyways, happy holidays.
• 14:12
  Going to be great. Five more simply Bitcoin
• 14:16
  episodes for for the rest of the year, man.
• 14:19
  Let's, let's get one of those. Yeah, let's let's end the year
• 14:24
  strong. Let's do it.
• 14:25
  All right, everybody, let's start the show.
• 14:29
  The Bitcoin numbers. Is your Bitcoin and cold storage
• 14:33
  really secure? Is your seed phrase really
• 14:36
  secure? Stamp seeds?
• 14:37
  Do it yourself. Kit has everything you need to
• 14:40
  hammer your seed words into commercial grade titanium plates
• 14:45
  instead of just writing them on paper.
• 14:47
  Don't store your generational wealth on paper.
• 14:51
  Papers prone to water damage, fire damage.
• 14:53
  You want to put your generational wealth on one of
• 14:55
  the strongest metals on planet earth, Titanium.
• 14:59
  Your words are actually stamped into this metal plate with this
• 15:02
  hammer and these letter stamps. And once your words are in, they
• 15:05
  aren't going anywhere. No risk of the plate breaking
• 15:08
  apart and pieces falling everywhere.
• 15:11
  Titanium stamp seeds will survive nearly triple the heat
• 15:14
  produced by a house fire. They're also crush proof,
• 15:16
  waterproof, non corrosive, and time proof.
• 15:19
  All things that paper is not allowing you to huddle your
• 15:22
  Bitcoin with Peace of Mind for the long haul.
• 15:25
  Stamp your seed on stamp, seed. All right, everybody.
• 15:34
  You it got an aneurysm. No dude, It's like don't
• 15:39
  operate. Don't update your MacBook.
• 15:42
  Apparently because it just messes everything up anyways.
• 15:46
  It wasn't as bad as that first time scan the QR code on your
• 15:49
  screen. It will take you directly to the
• 15:51
  stamp Seed website. Don't store your generational
• 15:54
  wealth on paper. Store on one of the strongest
• 15:57
  metals on planet Earth, Titanium.
• 16:00
  Got to do that. Got to do that.
• 16:03
  Stamp seed. Use promo code simply to get 15%
• 16:06
  off anything on the Stamp Seed website at the time of
• 16:10
  recording. The Bitcoin price is 41,545
• 16:16
  SAT's per dollar. 2407 block height 821,806 blocks to halving
• 16:25
  18,194 Halving Estimate April 19th, 2024 Total Lightning
• 16:32
  Network capacity 5014 Bitcoin capacity value 208 million U.S.
• 16:39
  dollars Realized Monetary inflation 1.75% The market
• 16:44
  capitalization of Bitcoin 813 billion Bitcoin versus gold
• 16:49
  market cap 6%. All right, ladies and gentlemen,
• 16:53
  moving on. Here's a legendary Mandrake
• 16:57
  literally sold baklava for Bitcoin in 2011.
• 17:01
  Absolute legend, If you know, you know he's a great dude and
• 17:05
  he gives away baklavas. Apparently he's not going to be
• 17:08
  doing that anymore, but he gives away.
• 17:10
  He used to give away baklavas at Bitcoin conferences and he'd
• 17:13
  walk around and they're every every year.
• 17:15
  The recipe would just get better.
• 17:17
  And he just added chocolates and stuff.
• 17:19
  It was delicious. It's.
• 17:20
  So. Delicious.
• 17:21
  Anyways, he has this epic wall. I'm I'm building up my epic wall
• 17:24
  behind my green screen of Bitcoin art and like Bitcoin
• 17:27
  memorables and all that stuff but there's this you know
• 17:33
  there's this very famous saying that we all say that.
• 17:36
  I I know that you guys are familiar with which is huddle or
• 17:40
  huddling. Where does that come from?
• 17:42
  Well 10 years ago today December 18th, 2023.
• 17:48
  Sorry 2023 December 18th 2013 A member of the talking the like
• 17:57
  what? What is the name of this forum?
• 17:58
  Opti. It's super famous is where
• 17:59
  Satoshi. Bitcoin Talk?
• 18:01
  Bitcoin talk. Yeah, so his name was DTCXMNMC.
• 18:06
  Says I type D that type twice because I knew it was wrong the
• 18:11
  first time. Still wrong.
• 18:13
  Whatever. Girlfriends out at a lesbian
• 18:15
  bar? Bitcoin crashing?
• 18:16
  Why am I holding? I'll tell you why.
• 18:18
  It's because I'm a bad trader and I know I'm a bad trader And
• 18:21
  yeah you good traders can spot the highs and low pip Paddy pip
• 18:25
  Wong wing Wong Wang just like that and make a million O bucks.
• 18:30
  Sure. No problem.
• 18:31
  Likewise, the weekends are like, Oh no, it's going down.
• 18:35
  I'm going to sell he, he, he. And then I'm like, Oh my Oh my
• 18:39
  oh God, my asshole. That that The small traders who
• 18:43
  know what the what the F they're doing buy back.
• 18:46
  And but you know what? I'm not part of that group.
• 18:50
  When the traders buy back, I'm already part of the market
• 18:53
  capital. So guess who?
• 18:55
  You're cheating day traders. Not me.
• 18:58
  These taunt threads saying, oh, you should have sold.
• 19:01
  Yeah, no shit, no shit. I should have sold.
• 19:03
  I should have sold moments before every sell and bought
• 19:07
  moments before every buy. But you know what?
• 19:09
  Not everybody is as cool as you. You only sell in a bear market
• 19:13
  if you're a good day trader or an illusion noob.
• 19:17
  The people in between hold. In a 0 sum game such as this
• 19:22
  traders can only take your money if you sell.
• 19:25
  So I've so I've had some whiskey.
• 19:27
  I actually it actually on the bottle it's spelled whiskey
• 19:31
  whatever sue me but only if it's payable in Bitcoin and the you
• 19:35
  know the the the the subject of this post and he posted is
• 19:41
  called I am Huddling Now apparently you know this was
• 19:47
  this was misspelled and then it became a meme and then it you
• 19:51
  know it lived on in bitcoin's history.
• 19:55
  So it's very historic moment in bitcoin's culture and bitcoin's
• 19:58
  history and it has stuck around and Hoddle is an epic meme.
• 20:04
  Anyways, Opti, what's your take on this brother?
• 20:08
  Yeah, well first and foremost, I absolutely love this.
• 20:12
  This post. It's like the funniest post
• 20:14
  ever. What's that one like?
• 20:16
  Piff Pap Waddy Whop or whatever. Like that cracks me up every
• 20:19
  single time and it is just sums up all of us on Twitter and and
• 20:24
  shuts out the toxic Sophie and the chat.
• 20:25
  He's like yeah this sounds like Opti tweeting yeah we are all
• 20:28
  high level regards out here you know we're not all we know is
• 20:33
  Bitcoin everything else is is not our Forte.
• 20:36
  That's obviously a joke. But yeah, man, like, it's
• 20:39
  amazing that this is a decade old and the hotel is a decade
• 20:43
  old and it's still as true today as ever.
• 20:46
  Anytime I have a conversation with someone I I do my best to
• 20:50
  not just talk about Bitcoin in in memes and and in words that
• 20:56
  only we understand because I don't know if you've ever talked
• 20:58
  to someone outside of the Bitcoin space.
• 21:00
  But when you start using like the nomenclature and and the
• 21:03
  slang that we're used to, they're like like what do you
• 21:06
  say? Are you even speaking English
• 21:08
  right now And then you got to explain all the back end.
• 21:10
  So I was literally having this conversation with with my family
• 21:14
  over the weekend and I was just trying to explain huddling to
• 21:17
  them. You know, as as we always do,
• 21:19
  that is just simply saving. But it's so much easier once
• 21:22
  they understand the wording. That's just just huddle, bro.
• 21:25
  Just hold the Bitcoin, keep on going.
• 21:27
  But it's really blows my mind that this is 10 years old and
• 21:29
  and that's today and it is just a piece of history here.
• 21:31
  But on another note, and every time this post comes up, I feel
• 21:36
  like it's my duty to always say that we've had some updates
• 21:39
  about this guy since I am pretty sure he turned into I don't.
• 21:43
  I don't remember if it's AB casher or BSV or something, but
• 21:46
  basically he's a shit coiner now.
• 21:48
  So you know, ripped him. Hopefully he did huddle those
• 21:51
  coins and he didn't get absolutely devastated in the
• 21:54
  shit coin markets. But hey, the wisdom still
• 21:57
  remains guys. Don't trade your Bitcoin.
• 22:02
  Don't try to time the market. Time in the market beats timing
• 22:05
  the market. All you really need to do guys,
• 22:08
  is saving Bitcoin. Hold it for long term and go and
• 22:11
  live your life. Become a productive member of
• 22:13
  society. Build your skills, save in
• 22:15
  Bitcoin and keep doing this. Yes, we say huddling, but it's
• 22:20
  it's very simple financial advice.
• 22:23
  All you're doing is saving in the hardest asset and the best
• 22:26
  money in the digital world. And of course, that is Bitcoin.
• 22:29
  Some call it huddling, some call it saving.
• 22:31
  It's all the same thing, guys. All you need to do is hold on to
• 22:34
  this Bitcoin because they aren't going to make more of it.
• 22:37
  So happy decade to the huddling meme.
• 22:42
  And it's just it's just amazing that we got that from a, you
• 22:46
  know, drunk guy, drunk guy in a forum and it just got, it just
• 22:50
  goes on forever. It's so it's so awesome.
• 22:54
  What a what a trip. What a trip.
• 22:58
  Yeah, dude, what a trip. What a legend.
• 23:00
  Speaking of an absolute trip, check this out.
• 23:05
  This is also, this is also Steven Luka, man.
• 23:09
  I, I, I, I don't call Steven Luka.
• 23:12
  You know, first of all, I love Steven Luka #1 and I I have been
• 23:17
  calling Steven Luka Apollo because I feel like it's a more
• 23:21
  fitting name. Apollo's the God of the sun.
• 23:24
  You know, Steven. Dude, don't die if I am.
• 23:27
  Just just just soaks in the sun all the time.
• 23:31
  So the Apollo. Bitcoin Apollo anyways.
• 23:34
  So Bitcoin Apollo, AKA Steven Loca.
• 23:37
  I can't believe Wall Street is about to spend $100 million
• 23:40
  marketing Bitcoin for their ETFs.
• 23:43
  And of course, Steven hit the nail on the head.
• 23:46
  That's exactly what they did. Wait.
• 23:50
  When did he post that? Go back?
• 23:52
  Go back to it? When?
• 23:52
  When was that tweet? Of course, December. 1st 2023.
• 23:56
  Of course, always. Yeah, the prophetic AF.
• 24:01
  And then here is Michael Saylor. Let's check it out.
• 24:10
  You know what's interesting these days?
• 24:12
  Bitcoin. Look for bitwise my friends.
• 24:19
  Bit wise ETFs backed by crypto specialist.
• 24:22
  What I mean by Bitcoin specialist because it's it's,
• 24:24
  it's ETF, it's a Bitcoin ETF, it's not and whatever ETF but
• 24:28
  whatever, you know, people don't know.
• 24:31
  Well, again, remember Nico, I I think the Larry Fink wisdom here
• 24:35
  might be in play where they can't necessarily say Bitcoin,
• 24:40
  they can only say crypto. He said that a while ago.
• 24:42
  So I I'll give them the benefit of the doubt on that front.
• 24:45
  And then also most people think of when they think of crypto,
• 24:48
  they think of Bitcoin. So of course it is Bitcoin only,
• 24:51
  but I I think we understand at in hindsight what they're doing.
• 24:56
  Maybe we we we don't want to give them too much leeway, but I
• 25:01
  think that's what's going on here.
• 25:05
  Yeah, absolutely. I mean but look still like look
• 25:10
  guys do you understand the the Effing Tsunami that is is on the
• 25:16
  way. Do you know like like it's a 15
• 25:19
  second commercial but you know how much that costs like the and
• 25:22
  and like OK, you know we have some type of background in
• 25:26
  production, OK. But for a professional set up
• 25:30
  like that perfect lighting, perfect hair and makeup, you
• 25:34
  know, actors, right. Like you know just kind of like
• 25:37
  going around. But those are professional
• 25:39
  actors like doing their, their part to create that atmosphere,
• 25:42
  to create that scene. That ain't cheap, bro.
• 25:46
  That's not cheap. Like even though it's a 15
• 25:49
  second that ain't cheap. And I'm telling you like it's
• 25:52
  not that it's hard to do. It's professionals need to do
• 25:55
  that. Like professionals have to do
• 25:57
  that, right? So yeah, I'm just so excited
• 26:01
  because you know, last cycle it was just these shit coins, shit
• 26:05
  coinery, you know, and and they weren't even promoting like
• 26:09
  Bitcoin or Bitcoin ETFs, like they're promoting the shit coin
• 26:13
  casinos. So I'm so excited about this to
• 26:16
  be honest. But we have to we have to remain
• 26:20
  wary as bitcoiners because this could be positive for the price
• 26:23
  action. But remember, this is the
• 26:26
  separation of money and state and an ETF is does not separate
• 26:31
  money from state. An ETF is captured Bitcoin,
• 26:34
  right? Of course I think that
• 26:36
  inevitably it will lead to more people taking self custody as
• 26:40
  people realize, wait a second, I'm paying fees on this Bitcoin?
• 26:44
  Like what? What is going on here?
• 26:47
  But whatever, you know, baby steps, baby steps.
• 26:50
  Anyways, I do want to give a very special shout out to our
• 26:55
  sponsor. And of course I'm talking about
• 27:01
  Bitcoin 2024 now. Bitcoin, oh, I'm going to make
• 27:05
  it holidays because it is the holidays now.
• 27:08
  Bitcoin 2024 is going to be the largest.
• 27:12
  No, it's just cursive. It doesn't have the little
• 27:14
  snowman. Wow, I thought it was going to
• 27:17
  have the snowman. Anyways, back to the usual one
• 27:20
  that looks much better. So Bitcoin 2024, it's going to
• 27:24
  be the largest Bitcoin conference of the year.
• 27:26
  It's going to be in Nashville, TN.
• 27:27
  It's not going to be in Miami this year.
• 27:29
  I definitely don't want to miss it.
• 27:30
  It's July 25th through the 27th, 2024.
• 27:34
  It's going to be awesome. You can use promo code simply to
• 27:37
  get 10% off your tickets. You do want to get your tickets
• 27:40
  quickly and soon because the price will go.
• 27:42
  The prices will go up soon for a festival ticket.
• 27:46
  You can get it for 349 Ford Industry Pass.
• 27:49
  You can get it for 1099. For AVIP Pass, you can get it
• 27:54
  for 4999. The VIP Pass gives you exclusive
• 27:58
  access to the Deep Backstage, VIP Lounge, premium seating and
• 28:03
  VIP viewing area, and all inclusive premium food and open
• 28:07
  bar and coffee bar. The Industry Pass, which is the
• 28:10
  one that I recommend for anyone trying to get a job in the
• 28:12
  industry, that gives you admission to three days of the
• 28:15
  conference, including Industry Day.
• 28:18
  You definitely don't want to miss the biggest Bitcoin
• 28:20
  conference of the year in Nashville, TN July 25th through
• 28:24
  the 27th 2024. If the World Economic Forum is a
• 28:29
  contillionaire conference, the Bitcoin conference is the
• 28:33
  Freedom Conference. So if you stand for freedom, I
• 28:36
  definitely, definitely recommend going to the Bitcoin Conference
• 28:39
  in Nashville, TN promo code simply to get 10% off your
• 28:43
  tickets. Anyways, everybody, let's hit
• 28:45
  the news. We got a lot to talk about
• 28:47
  today. Let's check it out.
• 28:53
  Daily News. I want to give a shout to our
• 28:57
  sponsor, Foundation Devices. It's self custody done right.
• 29:01
  They built a premium grade hardware wallet called Passport
• 29:04
  right here in the US. It's fully open source and
• 29:07
  verifiable. It's the most intuitive Bitcoin
• 29:10
  wallet designed with the UX, reminiscent of a simple feature
• 29:14
  phone so you will know how to navigate it and use it the
• 29:17
  moment you pick it up. Get your Bitcoin off exchanges
• 29:20
  and into your into your own hands in just a few minutes.
• 29:23
  Experience the Peace of Mind that comes with taking ownership
• 29:26
  of your own keys. After a massive sell out during
• 29:29
  Bitcoin Miami 2023, the passport is back in stock at
• 29:33
  foundationdevices.com. Bitcoin only.
• 29:36
  Open source. Verifiable completely Air gap
• 29:39
  security model. Gorgeous design, craft premium
• 29:42
  grade materials. If you're thinking about getting
• 29:44
  your Bitcoin off exchange changes, this is the one for
• 29:46
  you. Check out the passport link in
• 29:49
  the show notes below to learn more.
• 29:53
  All right everybody guys, remember, not your keys, not
• 29:57
  your Bitcoin. Get yourself a hardware wallet,
• 30:02
  Not your cheese, not your Bitcoin.
• 30:08
  The Foundation device is completely open source.
• 30:11
  It's easy to use. It feels familiar.
• 30:13
  It's comfortable. Has an awesome copper plated
• 30:18
  background. It's completely air gapped.
• 30:20
  The USB is only powered. It's no data.
• 30:23
  Highly recommend this. Also has a camera you could scan
• 30:27
  QR codes with the camera on the back to sign transactions.
• 30:31
  Highly recommend it. It's the one I use for my multi
• 30:33
  sig setup. Get yourself a passport by
• 30:36
  Foundation Devices today. All right, everybody, let's get
• 30:40
  to the news. And I want to start it off with
• 30:44
  this because, like, like what? WTF, man.
• 30:48
  But it's great because it's going to allow us to compare and
• 30:52
  contrast between the two, right? So let's start off with the ECB,
• 30:59
  the ride. The ECB stands for the European
• 31:01
  Central Bank, of which Opti's ex-girlfriend, Christine Lagarde
• 31:04
  is the head of. She's a convicted felon, I might
• 31:07
  add. That's not just me saying that
• 31:10
  she's actually a convicted felon.
• 31:13
  And it says this, this meme, this post which only has 36
• 31:18
  likes and it they have basically 3/4 of a million, 3/4 of a
• 31:25
  million followers and only 36 likes and 45 comments.
• 31:29
  Seems like they got ratioed. Once again, I don't know who's
• 31:33
  who who this is for anyways. The rise in climate related
• 31:37
  disasters makes it harder to forecast inflation accurately.
• 31:40
  This means we we, this means we face more challenges when
• 31:45
  deciding on monetary policy. Like, let me just break, let me
• 31:49
  just simplify it. They're blaming inflation on the
• 31:53
  weather. That's what they're doing.
• 31:55
  That's where we are. And this isn't the first time
• 31:58
  they've done this, by the way, So let me reframe that.
• 32:02
  They're blaming inflation on the weather again, which is just
• 32:06
  like it's so ridiculous. They blame everything and
• 32:11
  anything but themselves. But they are the sole cause of
• 32:17
  this. They're the sole cause, nothing
• 32:20
  else. They are central banks are the
• 32:24
  only institution that could legally counterfeit.
• 32:28
  This is kind of contradictory, Legally counterfeit without
• 32:32
  going to jail, right? Or better said, they're only
• 32:36
  institution that can counterfeit without getting locked in a box.
• 32:41
  So when you create more money, you debase the money supply and
• 32:47
  you make all the other, you know, you make the units
• 32:50
  cheaper, right? But they can't say that.
• 32:54
  So they blame, they blame everyone else.
• 32:56
  One of the other excuses that I loved that that they came up
• 33:00
  with was when they blamed, when they blamed the workers.
• 33:05
  They're like people are asking for higher wages, bad inflation,
• 33:09
  inflation bad. So yes, so this is what's
• 33:11
  happening in Europe. This is what's happening in the
• 33:15
  US We all know Elizabeth Warren. She really doesn't like you
• 33:21
  holding 12 to 24 words. And you know we dedicated an
• 33:26
  entire episode last week to to talking about you know, her
• 33:31
  latest move which is the Digital Asset Anti Money Laundering Act
• 33:37
  that she just got 5 new senators.
• 33:40
  They have 20 senators that are signed up for this by the way in
• 33:45
  in the US Senate. They have two Republicans and
• 33:51
  they have 20 Democrats. Then I said make no mistake the
• 33:56
  bill that Senator Warren has introduced in the Senate
• 33:58
  continues to gather momentum and would be a de facto ban on self
• 34:01
  custody and peer-to-peer transactions in the United
• 34:03
  States. So you know they addressed
• 34:07
  unhosted wallets, digital wallets.
• 34:08
  You guys know this. We we covered this on, on, on
• 34:12
  couple episodes last week. So kind of recap.
• 34:17
  European Central Bank is blaming the clouds on inflation.
• 34:21
  Elizabeth Warren doesn't want you to hold 12 words.
• 34:25
  I'm pretty sure she dated OPTI too.
• 34:29
  And let's compare, let's compare this with El Salvador, right.
• 34:34
  El Salvador, the land of freedom, opportunity, hope,
• 34:38
  truth. The last one.
• 34:40
  I like the land of truth because I don't think you'll find truth
• 34:47
  coming from a central bank or a government as long as they have
• 34:51
  the power to create money for free that everyone else has to
• 34:54
  work for. So the IMF urges El Salvador to
• 34:58
  address Bitcoin. Bitcoin's risks right?
• 35:03
  This came out February 11th, 2023.
• 35:06
  Mind you, this is the same IMF that gave Argentina a bailout.
• 35:12
  But part of that bailout came with the condition that the that
• 35:15
  the Argentine government had to de incentivize the population of
• 35:19
  Argentina from adopting Bitcoin. So let's see how the IMF's
• 35:24
  prediction came. Let's see how it worked out.
• 35:30
  Fast forward December 4th, 2023, El Salvador's Bitcoin
• 35:35
  investments turned profitable. Bukale's Central American nation
• 35:41
  made Bitcoin legal tender. Bukale is running for re
• 35:44
  election in in February. El Salvador's Bitcoin Invest
• 35:47
  investments turned profitable after the recent rally in their
• 35:50
  cryptocurrency, according to Nayan Bukale.
• 35:53
  Bukale, who stepped down as president last week to focus on
• 35:57
  the campaign, said on X the country's Bitcoin investment are
• 36:00
  up 2.81%, netting the country 3.6 million million in profit.
• 36:06
  He said the government has no intention of selling its Bitcoin
• 36:10
  and will hold its position as part of its long term strategy.
• 36:13
  By the way, Walker of America pointed this out when Naimbu
• 36:17
  Kele said that El Salvador was going to buy Bitcoin a week, it
• 36:23
  was right here. It was the bottom of the bear
• 36:26
  market. So take that IMFI.
• 36:31
  Mean like while Like, while you guys continue to lie blaming the
• 36:37
  weather gods for inflation, while Elizabeth Warren also
• 36:43
  continues to misrepresent facts about how much terrorist funding
• 36:51
  is coming from Bitcoin, right. The land of freedom and
• 36:58
  opportunity continues to win and I think because it continues to
• 37:02
  win, it's going to attract other freedom loving individuals and
• 37:09
  truth seeking individuals. So This is why they offered the
• 37:15
  the Freedom Visa. This initiative that was pushed
• 37:19
  by the National Bitcoin office of which Max and Stacey are part
• 37:23
  of. And according to this article or
• 37:28
  according to this, it says El Salvador expects to sell out
• 37:31
  Bitcoin Freedom Visa by end of year.
• 37:35
  It goes on to say El Salvador's National Bitcoin Office says
• 37:39
  it's $1 million. Freedom Visa program has already
• 37:42
  received hundreds of inquiries since its launch on December 7th
• 37:46
  and expects it to sell out before the end of 2023.
• 37:50
  In comments emailed to Coin Telegraph, a spokesman for El
• 37:54
  Salvador's National Bitcoin Office said at hundreds of
• 37:57
  inquiries and quote many dozens of applications online and in
• 38:01
  person at its assemblies and and consulates.
• 38:05
  Based on the current level of interest, we expect the program
• 38:08
  to sell out by the end of year. Launched by the the El Salvador
• 38:13
  government on December 7th in partnership with stablecoin
• 38:16
  issuer Tether, the Freedom Visa is a citizenship by donation
• 38:21
  program that grants a residency visa pathway to citizenship for
• 38:25
  1000 people willing to put down a 1,000,000 Bitcoin or tether
• 38:29
  donation toward the country. The ONBTC spokesman clarified
• 38:33
  that the program is limited to 1000 slots per calendar year.
• 38:38
  Market commentators such as Altana digital Currency Chief
• 38:42
  Investment Officer Al Allistar Millin described El Salvador's
• 38:48
  $1,000,000 Visa program as uncompetitive.
• 38:51
  I mean, you could say that because let's say St.
• 38:55
  Lucia, like Malta and a couple of other places, do offer, you
• 39:02
  know, citizenship for cheaper. But I like the response.
• 39:06
  And the response was essentially the national Bitcoin office says
• 39:12
  that $1 million price tag for the Freedom Visa was more than
• 39:15
  fair. If anything, in fact, it is
• 39:18
  actually under price. While there are many citizenship
• 39:20
  programs available in the world, there is only one Bitcoin
• 39:24
  country. That's true, right?
• 39:25
  It's the only country that's made Bitcoin legal tender.
• 39:28
  Despite the high high price tag relates to other visa programs,
• 39:31
  the numerous pro Bitcoin policies and incentives
• 39:34
  established by President Ng Bukele over the past few years
• 39:37
  could entice Bitcoiners looking for a sea change.
• 39:40
  In September 2021, Buchelli recognized Bitcoin as legal
• 39:43
  tender, removed all capital gains taxes for Bitcoin
• 39:46
  investors. He later scrapped all forms of
• 39:49
  taxation for tech and crypto firms that choose to set up
• 39:52
  operations in the country. So I mean there's only 1000 of
• 39:56
  these, so if you have $1,000,000 to do to spare or sorry, better
• 40:01
  said, only it's it's limited to 1000 slots per year.
• 40:06
  So you know, if you do have $1,000,000 to spare and you want
• 40:10
  to move to El Salvador, you better said you want to become a
• 40:12
  citizen of freedom country. There you got, you got your
• 40:16
  opportunity, get yourself a El Salvador's freedom visa.
• 40:20
  And also just to kind of do some math real quick, right.
• 40:23
  This is a huge, huge economic win for the country because if
• 40:27
  you multiply 1000 * 1,000,000, that is a billion dollars in
• 40:36
  potential revenue for Freedom Country, which is awesome, mind
• 40:40
  you, you it's, it's it. You don't have to pay for that
• 40:45
  in Bitcoin, You could also pay for it in USDT and I think
• 40:49
  Tether has been helping over there.
• 40:52
  So anyways, very exciting stuff and you know it, it continues to
• 41:02
  alternative places to live, continue to pop up.
• 41:06
  And I think this reminds me, this is exactly, this is
• 41:11
  literally exactly, this is exactly what was happening with
• 41:16
  this is exactly what's happening in the book.
• 41:18
  The sovereign individual, this is what they were talking about.
• 41:20
  They're talking about this like this is exactly what they were
• 41:23
  talking about. They're talking about
• 41:27
  essentially jurisdictions competing for your business.
• 41:32
  And this is an example of that. There will be more examples of
• 41:35
  that. And when these jurisdictions
• 41:38
  start to compete for your business all of a sudden, and
• 41:41
  I've had friends, by the way that have given up their, I mean
• 41:44
  I'm not going to name any names that have give really good
• 41:46
  friends that have given up their American citizenship.
• 41:49
  And I said, dude, like, weren't you scared?
• 41:51
  Like, I had this conversation Vegas, actually, not too long
• 41:53
  ago. And I said, I'm like, dude,
• 41:54
  like, weren't you scared? Like, didn't you, like, weren't
• 41:57
  you worried like you would wake up and like Hillary Clinton
• 42:00
  would be like right next to you and be like, hey, but, like,
• 42:03
  he's like, no, that didn't happen.
• 42:04
  And I was like, aren't like, are they not going to let you back
• 42:06
  in the US or something? He's like, no, bro, Like, I I
• 42:08
  gave up my citizenship. It was like super chill.
• 42:11
  And then and then I applied for a visa to get back in and it was
• 42:14
  and it was easy, right? I'm not saying you should do
• 42:17
  that, but I'm also saying I'm also not not saying you
• 42:22
  shouldn't do that or you should do that.
• 42:24
  But the picture that I'm trying to paint is this is a brave new
• 42:29
  world, right? And because of the Internet,
• 42:32
  because of Bitcoin, you can, you know, you can work remotely
• 42:36
  anywhere around the world and you can take your wealth with
• 42:40
  you easily. So that kind of changes the the
• 42:43
  equation in your head where you're just like, look like, I
• 42:47
  love where I live. But if it becomes hostile
• 42:51
  towards businesses or the taxes go astronomically high, like
• 42:57
  maybe I want to move to some place where it's, you know, it's
• 43:01
  friendlier for me, it's friendlier for my business,
• 43:04
  friendlier for my family, It's safer for my family.
• 43:07
  Like, why am I paying so many taxes if the government doesn't
• 43:11
  even want to take care of, you know, basic safety?
• 43:14
  And I'm not talking about, you know, all states in the US, but
• 43:18
  there's some states that, you know, have people literally
• 43:21
  barging into CVS's, looting the entire store.
• 43:25
  And those states happen also to have some of the highest state
• 43:29
  income taxes as well, right? If the government fails at the
• 43:35
  one thing the government is supposed to do, you know, maybe
• 43:40
  it's time to move. Maybe it's just maybe.
• 43:43
  Maybe it's time to take a look at El Salvador.
• 43:46
  Anyways, Opti, what's what are your thoughts on all this?
• 43:48
  Yeah, so when this news came across, you know my my mind
• 43:52
  share it. It did seem like pretty high
• 43:55
  considering what's going on in other countries and how much
• 43:58
  passports cost and how much citizenry is.
• 44:01
  But I don't even think we've gotten full, like a full list of
• 44:04
  what the perks would be if you do buy your citizenship through
• 44:08
  this El Salvador program. And I'm sure there's got to be
• 44:11
  something on this list to like, make it more worthwhile than
• 44:14
  just like, yo, this is the country of freedom to me for
• 44:18
  that price it it. There's got to be like red, red
• 44:21
  carpet services for you guys as Bitcoin citizens.
• 44:24
  But it does play into what we've been saying for a long time on
• 44:28
  the show, that this is the sovereign individual thesis
• 44:31
  playing out in real time and you just absolutely love to see it.
• 44:34
  At first it was just a thesis. It was just a theory.
• 44:37
  We, you know, we had an inkling of like this is how it's going
• 44:40
  to work out. And now we know for a fact that
• 44:41
  other countries are going to do their best to try to persuade
• 44:46
  and incentivize bitcoiners to come to the country.
• 44:49
  And of course, El Salvador is the first, first country to do
• 44:52
  this. So you just love to see it.
• 44:54
  I'm sure they will get more competitive moving forward and
• 44:57
  this is just the beginning of it and and again, like this is so
• 45:01
  early in the experiment. How long has El Salvador been on
• 45:03
  the Bitcoin standards? Like 2 years.
• 45:05
  It hasn't even been a whole cycle yet.
• 45:07
  When El Salvador gets to a whole cycle, it's going to be
• 45:10
  extremely clear to everyone watching without without, you
• 45:15
  know, having their negative bet on this, that this is the right
• 45:17
  move. And if you want to continue to
• 45:21
  have a a country that that is progressing forward in the
• 45:24
  truest sense of the word, then you are going to want to have
• 45:28
  entrepreneurs coming to your country.
• 45:30
  And what are bitcoiners? But the I would say the best
• 45:33
  entrepreneurs in the world we have to be profitable or else
• 45:37
  we're going to get wrecked on the Bitcoin standard.
• 45:39
  We don't have the the luxury of a money printer.
• 45:41
  So I just think this is this is the the foundation for a future
• 45:46
  on a Bitcoin standard and you just love to see it.
• 45:48
  It just it just goes to show that what we're doing is, is is
• 45:53
  right and that it. To me, I think the the signal
• 45:57
  here is the fact that this program maybe this is just
• 46:01
  marketing and you know we're we're marketers we we understand
• 46:04
  how this works as well. The fact that this is almost
• 46:06
  completely sold out, at least via their own words, I think
• 46:09
  it's probably the most telling. It just goes to show that people
• 46:12
  are feeling the pain and they're like yo why am I living in a
• 46:15
  country that doesn't want me here.
• 46:16
  Like I'm going to up and move and add Nico you even you even
• 46:19
  like tweeted something and and like again my my Latino and me
• 46:23
  kind of hurt. You're like, wow, if it's
• 46:26
  Elizabeth Warren's bill passes, me and the whole Simply Bitcoin
• 46:29
  team are going to move and I wanted to do it like.
• 46:31
  I I OK, look, I'm I'm making it clear I'm going to be full
• 46:34
  screen and like make it clear if that pill, if that pill passes,
• 46:41
  I like, I'm moving to El Salvador.
• 46:43
  I'm bringing Opti with me, Wolf, bring Rustin with me.
• 46:47
  We'll we'll bring as many of our crew as as possible and and set
• 46:53
  up a simply studio there and whatnot.
• 46:55
  Because yeah, like, I'm not gonna live in a country that is
• 47:00
  gonna lock me in a box for writing down 12 words.
• 47:06
  I'm not going to do that. I just made the official
• 47:09
  announcement, all right. Opti inserts LeBron James
• 47:13
  looking at me and like, what the fuck?
• 47:16
  Yes. I don't know if I'm fully on
• 47:20
  that bandwagon yet, but I know where the sentiment is going.
• 47:23
  You don't have a choice here, dog.
• 47:25
  I'm sorry, dude. There's something about me that
• 47:28
  I'm just like, yo, I I, you know, so much of sacrifice to be
• 47:33
  in America. I'm not going to let them take
• 47:35
  America yet. I'm sorry.
• 47:37
  I'm looking. At that bill passes.
• 47:38
  They've taken America. It's just it's not going to
• 47:41
  pass, OK, I I'm putting a line in the sand here.
• 47:43
  It's not going to pass, but I think it just goes to show you.
• 47:48
  Should have treated her better, bro.
• 47:52
  I think this just goes to show one thing.
• 47:55
  You know, the the politicians and the central bankers, they
• 48:00
  are no, like we can't say any more that they are naive and
• 48:04
  they don't understand what's going on.
• 48:05
  I I think they know for a fact what's happening.
• 48:08
  But it's very interesting to see the reaction from Wall Street
• 48:12
  and it's again, the bitcoins incentives are pure and hey, the
• 48:16
  best money in the world, the truest incentives will win out
• 48:18
  in the end. And it's upon us.
• 48:20
  It's a time thing. It's upon us to make sure that
• 48:24
  more people know what's actually going on, because if it's up to
• 48:27
  these politicians, they will gaslight their way into total
• 48:31
  dystopia. And this is not the world I want
• 48:33
  to live in. So this is oh man, the chat's
• 48:37
  crazy. Anyways, Nico, you.
• 48:39
  You put the final. Thoughts of this?
• 48:40
  I was going to pull it up, but I can't.
• 48:42
  I can't. All right, before we move on to
• 48:45
  the culture, I do want to give a very special shout out to our
• 48:49
  sponsor. My my voice just broke my I
• 49:00
  can't say it. Sorry guys, I'm still the most
• 49:07
  trusted place to buy, sell and host mining equipment.
• 49:10
  You got to check out their racks.
• 49:11
  You could do that by scanning the QR code on your screen or
• 49:14
  check the link in the video description.
• 49:17
  You could buy mining equipment with them, check out their
• 49:19
  massive inventory and you can connect with a member of their
• 49:23
  sales team. They make purchasing their
• 49:25
  products easy and transparent. You could also sell your mining
• 49:28
  equipment with them. Access their vast network of
• 49:31
  domestic and international customers.
• 49:34
  When you sell your mining equipment with them, they'll
• 49:36
  make it incredibly easy. Guys, check out Kaboom racks,
• 49:39
  the most trusted place to buy and sell host mining equipment.
• 49:43
  Check out their racks today. Wow, it is really cracked, Max.
• 49:55
  Oh man, oh man. I I don't have it anymore.
• 49:58
  I don't have it. Just.
• 49:59
  Keep going. Keep going.
• 50:01
  I don't have it anymore. All right, everybody, let's hit
• 50:04
  the culture. Let's hit the culture.
• 50:10
  The Daily Culture. Brought to you by swan
• 50:14
  bitcoin.com Swan is the best way to build your Bitcoin stack with
• 50:18
  automated Bitcoin savings plans and instant purchases serving
• 50:22
  clients of any size from $10 to $10 million.
• 50:26
  We love Swan because they incentivize self custody and
• 50:29
  dollar cost averaging. What are you waiting for?
• 50:32
  Visit swanbitcoin.com today all. Right guys, So as I was telling
• 50:39
  you and I and I got a whole whole bunch of stuff here, but
• 50:42
  let me go full screen, I I think I need to give apsi in context
• 50:45
  for this. So I have friends on both sides
• 50:48
  of the aisle right now. I have like myself, monetary
• 50:52
  Maxis where I think Bitcoin should be purely for
• 50:55
  transactions. I have friends on the ordinal
• 50:57
  sign that think it's really cool to be able to inscribe data into
• 51:02
  the Bitcoin blockchain. I'm not here to pick sides here.
• 51:06
  I know what I'm doing. I I think Bitcoin should be for
• 51:08
  pure monetary reasons. But I think what's what I saw
• 51:12
  over the weekend and I I got a bunch of tweets and I and I got
• 51:15
  I'll give you guys some solutions or I rather you know
• 51:18
  some advice here. The fees are getting absolutely
• 51:21
  crazy guys. The the the manpoles are getting
• 51:23
  slammed right now. There's a lot of interest in
• 51:28
  this. You know, ordinals,
• 51:29
  inscriptions, BRC 20 NFTS on Bitcoin, putting, you know, you
• 51:34
  know, Dick butts on the blockchain or whatever the hell
• 51:36
  you call them nowadays. Whatever the cool kids are
• 51:38
  doing, you know, they were having fun on the network.
• 51:41
  We're seeing this happen. But a video came across my
• 51:44
  Twitter over the weekend that I find very interesting and maybe
• 51:49
  it's giving credence to the idea that there is an active attack
• 51:52
  going on on Bitcoin. In 2017.
• 51:55
  We saw the big blockers. If you haven't read the block
• 51:57
  size war guys, I highly recommend you read it right now
• 52:00
  so you can be aware of what's going on.
• 52:03
  But it seems that the men pools are getting crazy guys.
• 52:06
  I just checked this morning and the fees are going up again and
• 52:09
  there's like 30 Bitcoin in pending fees right now.
• 52:12
  It's getting absolutely crazy and I've been telling you guys
• 52:15
  for a while. Again, I'm like the Bernie
• 52:17
  Sanders mean here like I am once again here telling you to
• 52:20
  consolidate your UTXOS when the men pools clear up.
• 52:24
  Because I do feel. That is super off.
• 52:26
  I know it's all right. Do it.
• 52:28
  Do it. Try it.
• 52:28
  Try it. I don't even know the action.
• 52:30
  I can't do it. I don't have a.
• 52:32
  Once again asking you. Okay.
• 52:35
  Small donation. Wait, wait, wait.
• 52:40
  All right, let's get into this. All right, so guys, it's been
• 52:43
  getting crazy. But this video resurface and it
• 52:46
  just goes to show that I, I think there is an active attack
• 52:49
  right now on the Bitcoin network.
• 52:52
  And don't don't take my words for it, but we're seeing the
• 52:55
  manpools get absolutely slammed right now.
• 52:58
  So let's pull this up and let me show you this video that I find
• 53:03
  very interesting. Just, you know, I'm not here to
• 53:07
  speculate on it. Just know what's going on and
• 53:09
  you'll see why we're in a position that we're in right
• 53:12
  now. Opti, I can't hear anything.
• 53:22
  It's silent. But hold on, let me let me redo
• 53:26
  this again then. All right, in the meantime,
• 53:32
  there we go, filling up the BTC blockchain.
• 53:38
  What's happening with ordinals is, is that the big blockers of
• 53:41
  Bitcoin like myself, we are simply waging a war with art and
• 53:48
  we are filling up the BTC blockchain with pictures.
• 53:52
  Right now one picture of 4 megabytes fills up the entire
• 53:56
  BTC blockchain and as we are talking right now, they will be
• 54:00
  doing now minting series of 102 hundred where every 100 blocks
• 54:07
  are going to be completely full. And guys, we're just doing art
• 54:12
  and having fun. We're following the rules of the
• 54:15
  game and guess. What we just did.
• 54:17
  We completely dust. It sounds like a Dita.
• 54:20
  No, no, we're just doing art. Just standard mental gymnastics.
• 54:25
  Anyways, what's this mean for you guys out there?
• 54:28
  It means that fees are getting slammed right now.
• 54:32
  And if you haven't. So hold on like because he's
• 54:36
  like he's like, you know, we're just doing our, we're just doing
• 54:38
  our like these must be some rich ass fucking artists, bro.
• 54:41
  That's what, Well, that's where we're going to go.
• 54:44
  That's where we'll end this with on this is you know they'll run
• 54:48
  out of money at a certain point and and again the reason I
• 54:51
  started, the reason I started this was like I have friends on
• 54:53
  both sides of this argument. It's because like I really do
• 55:00
  think some bit corners just agree with the idea like this is
• 55:05
  a pretty cool technology and and then there's sleeper agents out
• 55:08
  there like this clip that's this was in February guys.
• 55:11
  So it it's been all year, you know they're they're attacking
• 55:16
  the blockchain with art. You know they're following the
• 55:18
  road. Anyways, let's look at this.
• 55:21
  You can see the mempool sets for bytes and this is as historical
• 55:27
  as mempool dot space has been around.
• 55:29
  But you can see the fees are getting pretty high, you know
• 55:32
  almost as high as what was going on in 2018 and they're actually
• 55:36
  higher right now. So we saw that over the weekend,
• 55:39
  we we saw some incredibly high fees.
• 55:41
  So again, like Nico said, I don't know where these artists
• 55:45
  are getting these fees for, for these pictures are getting
• 55:48
  described in the blockchain. But it seems to be like there's
• 55:52
  some deep pockets that is pushing this stuff and we don't
• 55:55
  know how long this is going to go on for.
• 55:57
  Hopefully we get back to what I would say, you know, natural
• 56:01
  levels of people wanting to use the blockchain.
• 56:04
  This to me seems a little superficial, It seems rather
• 56:07
  artificial. And so anyways, why did I want
• 56:10
  to bring all this up is because I realized when I was having a
• 56:12
  conversation with my with my family over the weekend that
• 56:15
  most people don't really understand that the
• 56:17
  technicalities of how the Bitcoin blockchain works.
• 56:19
  And we've been telling you guys constantly, don't leave your
• 56:21
  Bitcoin on an exchange. And maybe we haven't been as
• 56:24
  clear as we should have throughout the year.
• 56:25
  And I and I always try to clarify our messaging here.
• 56:29
  You know, I always told you get a good threshold coming off an
• 56:31
  exchange. Don't just be withdrawing, you
• 56:34
  know, five 10/15/20, forty $50.00, because you might find
• 56:37
  yourself in a position where you can't spend those bitcoins.
• 56:40
  And here Beautyon lays this out perfectly.
• 56:43
  And I'm not going to get into Beautyon's whole argument but
• 56:46
  you can see over the weekend on chain fees got up to like 40
• 56:49
  bucks it was it was incredible and you know the Wizards out
• 56:53
  there are are applauding there You know we're making Bitcoin
• 56:56
  fun we're breaking Bitcoin and all those bitcoiners that just
• 56:59
  want to transact on the network and and further people that
• 57:02
  don't have as much money as some of the first world bit corners
• 57:05
  that are have this first world privilege here are getting
• 57:08
  absolutely slammed And here beauty on goes on chain fees and
• 57:10
  this was over the weekend when when you post this this was
• 57:14
  Friday I believe on chain fees are $41.72.
• 57:19
  That means anyone with less than that amount cannot send on chain
• 57:22
  from their wallet. Assuming that people want to
• 57:24
  actually use Bitcoin. Anyone who has say $30.00 on
• 57:27
  chain in their wallet is now locked out of their Bitcoin.
• 57:30
  It would be an interesting experiment to see how this is
• 57:33
  explained to someone who is new to Bitcoin and doesn't have
• 57:35
  enough to spend it. All of a sudden, all the
• 57:38
  narratives of saving for the future will not make sense to
• 57:40
  them, and neither will any ornate philosophical interviews
• 57:43
  about the protocol suffice. Angry users will want their
• 57:47
  money back out of the wallet. And as as fees continue to rise
• 57:51
  either quickly or or at the expected pace, this is going to
• 57:53
  become more and more common for anyone trapped on chain.
• 57:57
  And this is the point of this conversation today.
• 57:59
  Guys like, yes, this is how Bitcoin works.
• 58:02
  Yes, once we get enough demand on Bitcoin, you know fees will
• 58:06
  go up. But is this artificial, or is
• 58:09
  this just a natural phenomenon of people actively wanting to
• 58:13
  use Bitcoin? I would kind of say this, you
• 58:15
  know, ordinal stuff is is artificial, but I don't think
• 58:20
  it's going to stop right away. I don't think we can completely
• 58:23
  stop this. I know, you know, Luke Dasher
• 58:25
  and the Oceans team's been doing their best job.
• 58:27
  There's been so much commotion around this.
• 58:30
  Anyways, I just wanted to give you guys, you know just the
• 58:33
  basic tool belt, what is going on so that you understand what
• 58:36
  is happening. Because I realized talking to my
• 58:39
  little brother, like how am I going to explain to him, you
• 58:41
  know dust levels and and transaction fees and all this
• 58:44
  stuff when I'm just kind of like yo, saving Bitcoin, taking off
• 58:48
  an exchange, you know, just giving them the basics here.
• 58:50
  Well, we have Ryan Trolls here and he goes which on ramp to
• 58:53
  actually communicate to and warn users about the economics of UTX
• 58:57
  home management. And Yon from Swan gave us a good
• 59:00
  post and I'm going to read his post because I think he's doing
• 59:02
  a great job about it And he says, you know over at Swan we
• 59:06
  do our best to educate our customer base.
• 59:09
  And so here we are we're over on the facts and it goes, what is
• 59:12
  the largest and smallest amount of Bitcoin I can withdraw from
• 59:14
  Swan. Of course there is no tried and
• 59:17
  true you know science to this. It it is kind of a personal
• 59:22
  choice and I even had higher calling in the beginning of the
• 59:24
  show go. So like you know what do I want
• 59:28
  to do with my UTXOS? Just have as few as possible And
• 59:31
  again I think it depends on what you want to do.
• 59:34
  I'll give you kind of my what I think about this.
• 59:36
  Anyways, I got a highlighted portion here and goes look
• 59:39
  Bitcoin costs more to spend when more small chunks AKAUTXOS must
• 59:43
  be combined in a single transaction.
• 59:45
  For example, it will cost more to spend point 110,000,000 Sats
• 59:49
  that you received as 10 separate million SAT withdrawals than it
• 59:52
  does to spend 110,000,000 SAT UTXO that you received as a
• 59:56
  single withdrawal transaction. Think of it like handing someone
• 59:59
  $100 bills versus handing them the same amount as 10,000
• 1:00:02
  pennies. Bitcoin transaction fees are
• 1:00:04
  proportional to the weight of the transaction, or roughly the
• 1:00:08
  count of the different chunks rather than the amount you're
• 1:00:10
  sending. Thus, keeping your Bitcoin in
• 1:00:12
  larger chunks may be beneficial to your future ability to spend
• 1:00:15
  it. As Bitcoin fees are predicted to
• 1:00:17
  rise in the future, it is to your advantage to avoid small
• 1:00:20
  chunks of Bitcoin that could turn into unspendable Bitcoin
• 1:00:23
  dust. And again, I'm over here on
• 1:00:26
  Bitcoin dot Stack Exchange the. Kind of.
• 1:00:27
  You know you guys, you guys could go look this stuff up but
• 1:00:30
  I'm giving you guys the overview.
• 1:00:32
  So like what is Dust? The Note Dust is a colloquial
• 1:00:35
  term used to refer to a any UTXO is a vanishingly low value and
• 1:00:40
  for UTXO that are uneconomical to create or spend at the
• 1:00:43
  current fee rate. Usually you know Dust is kind of
• 1:00:46
  like this this name. But here it's PTPKA transaction
• 1:00:50
  546 sets. So again guys, if you're sending
• 1:00:53
  500 sets on chain, you shouldn't be doing this.
• 1:00:57
  This is going to wreck yourself, go into higher, you know,
• 1:01:00
  lightning networks. But as the fees begin to rise as
• 1:01:05
  beauty on showed us, maybe your $2040 UT XL may be considered
• 1:01:11
  dust and this is going to happen moving forward.
• 1:01:13
  We we know that this is how Bitcoin works.
• 1:01:16
  So just protect yourself today and look, I'm over here on
• 1:01:20
  manpool dot space guys. If you don't use manpool dot
• 1:01:22
  space, you technically don't have to.
• 1:01:25
  All your most wallets today, Much HD wallets today will give
• 1:01:28
  you pretty decent fee estimations.
• 1:01:31
  Again, you can be like the OG bitcoiners out there and just
• 1:01:34
  wait for your one set, two set, three set, five set transaction
• 1:01:38
  to get through, but as you can see, they're getting crazy on
• 1:01:41
  the blockchain right now. You the the no priority.
• 1:01:44
  Literally. If you don't send a 40 SAP per
• 1:01:47
  fee transaction right now, it's not even gonna get into anyone's
• 1:01:51
  men pool. So what?
• 1:01:52
  $2.00 is still cheaper than using Western Union.
• 1:01:56
  It's probably still cheaper than using like your credit card
• 1:01:59
  transaction at the store, but you can see like 159 cents,
• 1:02:02
  almost $10.00. Of course that's still cheaper
• 1:02:05
  by most metrics, but over the weekend we saw I think it was
• 1:02:09
  like 600 SAT fees like it. It's getting crazy.
• 1:02:13
  They're they're bloating the blockchain as far as I'm
• 1:02:15
  concerned they're knocking off you know all the UN economical
• 1:02:18
  rather all the pleb stackers out there that don't have the
• 1:02:21
  insurance money that are just trying to save their life
• 1:02:23
  savings. Anyways, just to show you guys
• 1:02:27
  you know you can check in here. You can see who's mined these
• 1:02:30
  pools. You can see what's going on in
• 1:02:31
  the blockchain. You know it looks like there's
• 1:02:33
  some big transactions in here. Go to manpool dot space check
• 1:02:37
  this stuff out and you'll see what's going on.
• 1:02:39
  You can see you know to get into the last block roughly 150 stats
• 1:02:43
  per byte. Again it's it got pretty crazy
• 1:02:46
  over the weekend. But what's this mean for you
• 1:02:48
  guys? OK, did did Nico.
• 1:02:52
  Oh, Nico popped off on me. Nice.
• 1:02:53
  OK, what's this mean for you guys?
• 1:02:57
  As higher calling was saying, does this mean that you want
• 1:03:01
  just a bunch or as little as UTXO is possible?
• 1:03:06
  I would technically say yes, but also understand what you want to
• 1:03:10
  do with your Bitcoin. It's.
• 1:03:12
  So I'm going to just use this for some some basic math guys.
• 1:03:16
  You know if you have one Bitcoin AKA 100 million SAT, what would
• 1:03:20
  you want to do? You know there is some privacy
• 1:03:23
  concerns if you're going to transact.
• 1:03:26
  So like personally I'd probably do like a 50 million, like
• 1:03:30
  220,000,000 UTXOS and maybe like a 10 million UTXO that you're
• 1:03:36
  going to use the transact with. You know it's because if you
• 1:03:40
  have 100 million UTXO, yes your fees are going to be less, but
• 1:03:45
  if you're going to transact with it, you might be exposing your
• 1:03:48
  whole holdings and and you don't want to do that.
• 1:03:51
  So there's things to consider. But one of my friends said
• 1:03:55
  basically like if you're going to hold your Bitcoin for long
• 1:03:57
  term, I would recommend probably at the very minimum 10 million
• 1:04:02
  SAT UTXOS .1 BTC. It seems to be kind of like a
• 1:04:06
  good common idea of of what your UTXOS size should be for the
• 1:04:11
  long term. And I know that this could be a
• 1:04:15
  concern for people out there that are just yes, I am talking
• 1:04:20
  about Coin control. Guys FYI yes Foundation does.
• 1:04:26
  If you go back to the interview we just did with Q and AI think
• 1:04:30
  it was Friday, Envoy just released Coin control.
• 1:04:34
  Coin control is a feature for most wallets have coin Control,
• 1:04:38
  some wallets don't. But anyways guys, all you have
• 1:04:42
  to do to consolidate UTXOS, look the the network I think will
• 1:04:46
  clear out let's let's go back here in the beginning.
• 1:04:49
  You can see right now it'll you know if if you have a lot of
• 1:04:54
  Bitcoin $7.00 to consolidate some UTXOS moving forward, it
• 1:04:58
  might be the cost that you want to pay.
• 1:05:01
  But if you want to wait, I think it's going to clear out, but
• 1:05:05
  consolidate your UTXOS. And what I mean is just, you
• 1:05:08
  know, send a certain size transaction, it'll consolidate
• 1:05:11
  your old UT XLS But if you're consolidating, say you know, I
• 1:05:15
  forget what the upper limit is of transaction outputs that you
• 1:05:18
  can put into one transaction. It's going to cost you a lot to
• 1:05:22
  consolidate. So maybe do this in chunks.
• 1:05:24
  Maybe do this when the mem pools are starting to clear out.
• 1:05:27
  Maybe do this when the inscribers aren't abusing the
• 1:05:30
  blockchain. Let me see.
• 1:05:32
  Let me attack. Let me see what's going on in
• 1:05:34
  over here in the in the chat. Yeah, Samuel Adams says, you
• 1:05:39
  know, point O one, point O 5.1. Yeah, look, I even have this
• 1:05:44
  tweet here by yawn again. Let's pull this one up and
• 1:05:47
  you'll see what they're saying. Like, here's Swans U UX again.
• 1:05:52
  You know, a lot of this is arbitrary and you're just going
• 1:05:56
  to have to make up your mind for yourself.
• 1:05:58
  I don't know what your funds are, but these are just kind of
• 1:06:01
  ideas to give you because like we know that this is going to
• 1:06:05
  happen in the future. So once this kind of clears out
• 1:06:09
  a little bit, make sure you are consolidating your UTXOS.
• 1:06:12
  I've been telling you guys this for months.
• 1:06:14
  I didn't think that the blockchain, the mempools were
• 1:06:16
  going to get this clogged up. But hey here we are and I I just
• 1:06:20
  want you guys to protect yourself because in the future
• 1:06:23
  who knows how high fees can get and if you have I don't know a
• 1:06:27
  bunch of $100 UTXO transactions in Fiat terms there may be a
• 1:06:31
  time when those are unspendable so consolidate them and and it's
• 1:06:35
  hard to like really tell you what to do because I I don't
• 1:06:38
  want to tell you to like leave your Bitcoin on an exchange but
• 1:06:41
  there should be a certain threshold before you're
• 1:06:43
  withdrawing off an exchange and you can see yawn.
• 1:06:45
  Here he goes like an example of Swans UX around this.
• 1:06:48
  We tried to educate the user in line with the withdrawal.
• 1:06:51
  We've had this feature for few years now preparing for high fee
• 1:06:54
  environment. We will continue to invest in
• 1:06:56
  the UX of withdrawals to educate clients and other sensible
• 1:06:59
  default so that people don't shoot themselves in the foot.
• 1:07:01
  This is what it's all about a PSA.
• 1:07:03
  So you don't shoot yourself in the foot moving forward because
• 1:07:06
  we're trying to figure out a way to onboard the the masses as as
• 1:07:10
  easy as possible without them hurting themselves.
• 1:07:13
  Maybe that means going straight into lightning layer two.
• 1:07:16
  Maybe it's kind of what bitcoins have been saying for years now.
• 1:07:19
  That on chain is is for the real high net worth individuals.
• 1:07:24
  The you know, the institutions, the big whales, maybe all of us,
• 1:07:29
  bitcoiners, all of us average people will just transact on the
• 1:07:32
  layers above. But you can see here when do you
• 1:07:35
  want your Bitcoin Withdrawing your Bitcoin once it reaches A
• 1:07:37
  threshold reduces future fees and improves your privacy.
• 1:07:40
  And you can see here weekly zero BTC point 01.025.05 You're going
• 1:07:47
  to have to adjust these thresholds for yourself.
• 1:07:52
  Personally, I I like kind of the the meme metrics of like 10
• 1:07:58
  million sats 20,000,050 million if you if you're, you know a a
• 1:08:03
  big whale out there and you can hold like one Bitcoin, 100
• 1:08:07
  million sats, UTXOS. Not only does it make the glass
• 1:08:10
  nut metrics go up, but it feels good.
• 1:08:12
  I'd suppose so. I think the point here guys, is
• 1:08:16
  fees are going to get crazy. Let me let me just show you this
• 1:08:19
  one more time. We know this is going to happen.
• 1:08:21
  This is how Bitcoin works. But I think right now we're
• 1:08:24
  seeing some artificial attacks on Bitcoin.
• 1:08:27
  I'm not saying my friends out there that are ordinallers are
• 1:08:30
  attacking Bitcoin. I think they do think there's
• 1:08:33
  something cool going on with the technology.
• 1:08:35
  But there seems to be an active attack by big blockers using
• 1:08:40
  art, you know, to have fun on the network and hey, we're all
• 1:08:44
  paying for it and you know, it just it's really unfortunate
• 1:08:49
  that, and I I hate using this word, but like the first
• 1:08:52
  worlders out here, you know, us with the, what they call it, the
• 1:08:56
  financial privilege are are abusing the network.
• 1:08:59
  So, you know, it doesn't really matter if you're just huddling
• 1:09:02
  your Bitcoin long term if you don't have to transact on the
• 1:09:05
  network. Hopefully you already have your
• 1:09:08
  UTXO hygiene in line. But if you're like the other bit
• 1:09:12
  corners that need to survive on the network, you're going to be
• 1:09:14
  paying some exorbitant fees right now just to survive.
• 1:09:18
  And that's because people are having fun on the network.
• 1:09:20
  And now how do we explain this to an army?
• 1:09:23
  It's going to be damn near impossible, guys.
• 1:09:25
  So maybe get them on lightning. Maybe just get them directly to
• 1:09:31
  download a Phoenix wallet. I know there will be a swap,
• 1:09:34
  atomic swap transaction fee that that you're going to have to
• 1:09:37
  explain, but this is the game where we are right now.
• 1:09:41
  I think this will clear out, but as you can see, this will happen
• 1:09:45
  over and over and over again. So hopefully we clear this out
• 1:09:49
  and and and we get a steady, steady incline of adoption of
• 1:09:54
  people wanting block space. But as Bob Burnett's been saying
• 1:09:57
  lately, guys, block space is a commodity.
• 1:10:00
  It is becoming more and more expensive.
• 1:10:02
  And as more and more people join Bitcoin, it will continue to
• 1:10:05
  rise. It will continue to become
• 1:10:07
  expensive. So just be aware of this.
• 1:10:11
  And you know, for better or worse, let's try to communicate
• 1:10:15
  this message to our normies out there because we don't want them
• 1:10:18
  to get wrecked. You know, I don't want to scare
• 1:10:19
  people off with all the technicalities of Bitcoin.
• 1:10:22
  We do our best to try to not scare people off, but there is a
• 1:10:27
  certain level of of education that needs to happen.
• 1:10:29
  And yes, Samuel Adams hit the nail on the head.
• 1:10:31
  You know, .05 and .1 is like a $500.00 bill and $1000 bill
• 1:10:37
  Chunks of value. This is all we're saying.
• 1:10:39
  Breakdown, you know, on a on another little story, my my, my
• 1:10:44
  grandfather, for better or worse.
• 1:10:47
  You know, when you have dollar bills in your wallet.
• 1:10:50
  I grew up with the same kind of mimetics as my grandfather.
• 1:10:54
  I would, I would put them in a line, so like, you know, $1.00
• 1:10:56
  bill, then a $5.00 bill, then a 10/20, a hundred.
• 1:11:00
  And I would always kind of organize them in my wallet so
• 1:11:03
  they sit correctly, so I know what's going on.
• 1:11:06
  So I know how much money I actually have in my wallet
• 1:11:08
  quickly. Well, that's kind of how you
• 1:11:10
  should think of this UTXO management.
• 1:11:13
  UTXO hygiene is just kind of the same thing.
• 1:11:15
  Yes, there's some different technicalities.
• 1:11:18
  Yes, there's there's a you know, a new paradigm shift that you're
• 1:11:21
  going to have to get over once you're on the Bitcoin standard.
• 1:11:24
  But just you know, consolidate and organize your money every
• 1:11:28
  once in a while. And if you're just huddling long
• 1:11:30
  term, you don't have to do this right now.
• 1:11:33
  You just just let this madness pass.
• 1:11:36
  But if you are like the other bit corners that are transaction
• 1:11:39
  and surviving on the network, you might want to re consolidate
• 1:11:43
  your transactions. If you're if you're an ADCA or
• 1:11:45
  out there and you're withdrawing your you know 1015 twenty $50 a
• 1:11:50
  week into a wallet and you haven't consolidated your UTXOS
• 1:11:55
  you you may be in for a surprise when you try to transact and the
• 1:12:00
  fees are going to get crazy. So make sure you're checking
• 1:12:03
  manpool dot space. Make sure you consolidate your
• 1:12:06
  UTXOS. Once it comes back down, I'm
• 1:12:08
  convinced it's going to come back down again.
• 1:12:10
  And let me see some notes here guys.
• 1:12:13
  Again, the solutions is your UTXO size, You know, make sure
• 1:12:18
  you're breaking up your Bitcoin into the the chunks of value
• 1:12:22
  that you want. Do you want big bills?
• 1:12:24
  Do you want tiny bills to spend every single day?
• 1:12:27
  If you want big bills, that means you're storing long term.
• 1:12:29
  If you have tiny UTXOS, that means you're going to be
• 1:12:32
  spending it and you don't really care about the the outputs and
• 1:12:35
  the inputs of your of your spending money because you're
• 1:12:38
  like, hey, I'm going to spend it this week anyways, so doesn't
• 1:12:41
  really matter. And then of course, guys, we've
• 1:12:44
  been telling you all year, maybe you wanted to open up some
• 1:12:47
  lightning channels. Maybe once it cools back down,
• 1:12:50
  you download Phoenix Wallet and you send, I don't know, a 10
• 1:12:55
  million UTXO. 10 million. Set UTXO into your Lightning
• 1:13:00
  wallet. Open up a Lightning wallet and
• 1:13:01
  then you're able to transact how you want to.
• 1:13:04
  This is the user experience that is is currently going to get
• 1:13:08
  fixed It people are working on it.
• 1:13:10
  They've been working on it all year.
• 1:13:12
  So I don't think this is anything to be afraid of.
• 1:13:14
  But we're seeing that there is an attack on Bitcoin right now
• 1:13:17
  and they're using our rules against us.
• 1:13:21
  They're not breaking the rules. Somehow they have all this money
• 1:13:24
  to spend on, you know, Dick butts on the blockchain and this
• 1:13:29
  what they call art and they're having fun and all this,
• 1:13:31
  whatever, whatever, whatever, whatever.
• 1:13:33
  But just be aware of this I think is what we're talking
• 1:13:37
  about and and I saw Elaine earlier say like you know where
• 1:13:40
  the fees usually your wallet will show you what the fees are.
• 1:13:44
  But I really enjoy mempool dot space.
• 1:13:46
  You can check it here. Let me let me show you again how
• 1:13:50
  to get here guys. So like go to mempool dot space.
• 1:13:53
  Here's the homepage click chart. You can see historically what's
• 1:13:57
  going on with the fees. You can see where we are
• 1:13:59
  historically on the time chain. So you can see the fees are
• 1:14:03
  getting high because of I. What I would say is this
• 1:14:06
  artificial demand for ordinals and pictures and NFTS on the
• 1:14:09
  blockchain. It to me it's like it's
• 1:14:13
  whatever, you know my thoughts on this, I'm a monetary
• 1:14:15
  maximalist. I want people to transact on
• 1:14:18
  Bitcoin, people to save and store their wealth on Bitcoin.
• 1:14:21
  But who am I? I'm just a guy.
• 1:14:22
  You can see like the transaction, the fee per byte is
• 1:14:26
  going down, but right now it's $10.00 for a high priority to
• 1:14:29
  get into the next block it will cost $10.
• 1:14:31
  Still relatively cheap if you're considering sending you know
• 1:14:34
  millions of dollars, but for US maybe you know the the big
• 1:14:40
  blockers out here that are that are running around and and
• 1:14:43
  feeling like they're they're winning the race.
• 1:14:45
  You know if you want to buy your coffee it might get very
• 1:14:47
  expensive. Just be aware of this.
• 1:14:49
  Use manpool dot space for your calculations for your fee
• 1:14:52
  estimations and once you see the manpool start to clear out guys,
• 1:14:56
  I highly recommend you consolidate your UTXOSI think at
• 1:15:01
  a certain point in time. Is it now?
• 1:15:03
  Probably not. The fees will stay really high
• 1:15:07
  and that just means there's so much capital moving through the
• 1:15:10
  Bitcoin network that we're going to have to move up on layers on
• 1:15:14
  top of it. And this is just the name of the
• 1:15:15
  game. So let me see.
• 1:15:17
  Let me get over some of these comments real quick and then I'm
• 1:15:19
  going to roll this one out. Yeah, look at this is a good
• 1:15:23
  one. Hard Hoddle.
• 1:15:25
  Just stop touching your cold storage so often.
• 1:15:27
  You're fine if your bitcoins in cold storage, you don't have to
• 1:15:29
  worry about this. So yeah, Phil C again, doubling
• 1:15:34
  down on what I say, that's exactly what's going on.
• 1:15:36
  Those with financial privilege are driving up the cost on
• 1:15:38
  everyone out of spite. They're having fun, man.
• 1:15:41
  It's I'll. I'll leave it there.
• 1:15:44
  OK. Let's see son of Satoshi's.
• 1:15:47
  I have no issues with them doing the regarded thing that is more
• 1:15:50
  I I kind of beg to differ. I think this is artificial
• 1:15:53
  adoption but we know this is going to happen so prepare
• 1:15:55
  accordingly. Today let's see Rave elevator
• 1:15:58
  when fully first layer redeemable paper Bitcoin for
• 1:16:01
  fast Peters just transaction. I'm sorry bro.
• 1:16:03
  I don't know what's going on there.
• 1:16:06
  All right. Let's see last one and then I'll
• 1:16:07
  roll this one out. BTC session does a fee
• 1:16:11
  management tutorial and save myself some fees with lightning
• 1:16:14
  swaps, liquid swaps etcetera. Yeah man.
• 1:16:16
  Highly recommend you guys check out sessions, his channel BTC
• 1:16:20
  Sessions on YouTube. He's got great tutorials.
• 1:16:22
  He will show you this from front to finish.
• 1:16:25
  I'm just kind of giving you guys an over like a a big wide lens
• 1:16:28
  view on what's going on. But he will show you the nitty
• 1:16:31
  gritty. Yeah guys like downloading
• 1:16:35
  wallets with good coin control is is highly recommended.
• 1:16:39
  There will be easier options moving forward.
• 1:16:42
  I think a lot of a lot of wallets are are looking at this.
• 1:16:46
  A lot of developers are wondering how to solve this.
• 1:16:48
  Quote UN quote for you guys out there, man.
• 1:16:50
  Just wait till the man pools. Clear up a little bit,
• 1:16:53
  consolidate some UTXOS, put some big chunks of transaction UTXO
• 1:16:58
  transactions that you're not going to touch moving forward.
• 1:17:01
  Maybe throw some spending money into a lightning wallet.
• 1:17:04
  Again, there's so many different trade-offs here and I'm just
• 1:17:07
  trying to give you guys the high level view of what's going on.
• 1:17:10
  TLDR it does seem like there is. I don't know where the money's
• 1:17:15
  coming from, but they're flooding the chain with
• 1:17:18
  inscribers, inscriptions and Dick butts and pictures and you
• 1:17:21
  know it's all the rage. I don't see the value in owning
• 1:17:24
  a jpg. Personally, I don't right click
• 1:17:27
  save. I don't know.
• 1:17:28
  I'm not here to get into the politics of all this.
• 1:17:30
  All I'm trying to do is to show you what you should be doing,
• 1:17:32
  what you should be watching out for, and how do we explain this
• 1:17:35
  to our normies out there guys? So no need to get all crazy in
• 1:17:41
  a, you know, mental spiral spin off of this.
• 1:17:44
  Just let it cool down. Consolidate UTXOS, think about
• 1:17:48
  opening some lightning channels. Get some Bitcoin into lightning.
• 1:17:51
  Onboard your friends into Lightning.
• 1:17:54
  I think this is probably the best way to do this.
• 1:17:57
  Let's see. Yeah, most of you guys should be
• 1:18:00
  unaffected if you're using most of the stuff we've been
• 1:18:03
  recommending all year and you're actively doing it.
• 1:18:05
  But if you have been sleeping and you didn't think about
• 1:18:09
  consolidating your UTXOS because you had time, I think we all
• 1:18:12
  kind of had this idea. Do it next time guys.
• 1:18:16
  Maybe do it now. Maybe bite the bullet depending
• 1:18:18
  on what your what your scenario is.
• 1:18:20
  Anyways guys, we love you. Thanks for hanging out with us.
• 1:18:24
  We appreciate you. We will be back for the end of
• 1:18:27
  the week. So as we told you, this is going
• 1:18:31
  to be a break for us next week. We're going to be gone for
• 1:18:34
  Christmas break. We will be dropping clips, we
• 1:18:37
  will be dropping shorts, but we are not going to be doing the
• 1:18:40
  live show. So the live show will come back
• 1:18:43
  at the beginning of January. So this the last four four
• 1:18:48
  simply Bitcoin episodes of the year.
• 1:18:51
  We're going to give you guys the best content possible.
• 1:18:53
  Like share, subscribe. We're here for you guys.
• 1:18:55
  Hey, you guys know my Twitter? I might have actually, I might
• 1:18:59
  have shut off my my DMS. I forget now I was getting all
• 1:19:02
  kinds of crazy spam comments, but hit me up.
• 1:19:05
  Let me know what you guys want to talk about.
• 1:19:07
  I will do my best to cover this. Toxic Sophie me and you have
• 1:19:10
  been talking about some stuff so let's let's work on some of that
• 1:19:14
  stuff and and guys, I just want to make sure you have the best
• 1:19:18
  practices moving forward. I'm trying to make this as
• 1:19:20
  simple as possible so we can explain this to everyone but
• 1:19:23
  spread all the Bitcoin content. We're here for you guys.
• 1:19:25
  We want to provide as much value as possible.
• 1:19:27
  Want to make sure your head's on straight?
• 1:19:28
  We're going to cover the news, culture, memes, all that stuff.
• 1:19:31
  The memes will come back on Friday but look at this.
• 1:19:34
  We only did 3 sections. We're already an hour and 20
• 1:19:36
  minutes. As you can tell the show's going
• 1:19:38
  longer. We're maturing a little bit,
• 1:19:39
  we're rebranding a little bit, but we love you long time.
• 1:19:42
  We appreciate you. We will see you tomorrow.
• 1:19:44
  And on that note guys, get outside, get your body moving,
• 1:19:48
  eat some good food and hang out with your friends and family
• 1:19:50
  over the holiday breaks. Peace out guys.
• 1:19:52
  We love you.