Latest / Simply Bitcoin / CONFIRMED: Wall Street Giants FIGHTING Over The Last 1.2M Bitcoin! | EP 1235

Transcript

CONFIRMED: Wall Street Giants FIGHTING Over The Last 1.2M Bitcoin! | EP 1235 · Simply Bitcoin

• 0:00
  Go after we speculated on this yesterday, we now have
• 0:04
  confirmation that another multi trillion dollar giant has joined
• 0:10
  the race to accumulate as much Bitcoin as they can before
• 0:16
  Michael Saylor and Jack Mahler's buy it all up.
• 0:20
  Literally hours ago we got the news that the $10 trillion giant
• 0:24
  Charles Schwab is launching a Bitcoin product in the next 12
• 0:30
  months. Not only Charles Schwab, Morgan
• 0:33
  Stanley has also confirmed as well.
• 0:36
  The biggest banks in the world might have trillions of dollars
• 0:40
  of assets, but there are only $250 billion worth of Bitcoin
• 0:46
  left on exchanges. Talk about a potential incoming
• 0:51
  supply shock the world has never seen before.
• 0:55
  Before we start diving into the historic supply suffocation,
• 1:00
  let's hear from the CEO of this huge firm with Rick Worster.
• 1:05
  I hope I pronounced that correctly.
• 1:06
  Let's check out the clip and then we'll talk about it.
• 1:09
  So moving gears to Donald Trump again, he has definitely vowed
• 1:14
  to be the crypto president and we have already seen some moves.
• 1:18
  To sort of rollback some of the harsher or tougher regulation on
• 1:22
  crypto, you have signaled your intentions to get bigger in
• 1:25
  crypto. Talk to me about what your
• 1:27
  latest sort of crypto business looks like and where you see
• 1:31
  things going. We think we're the premier
• 1:34
  destination for investors interested in investing in
• 1:36
  crypto. We custody the most crypto ETF
• 1:40
  assets in the industry. We are working on a plan to
• 1:45
  launch spot crypto in the next 12 months, ideally this year,
• 1:49
  but but in the next 12 months, we have lots of ways for clients
• 1:53
  to get invested in crypto. They can buy the ETFs and again,
• 1:56
  we're the number one destination for doing that.
• 1:58
  They can buy Bitcoin futures, They can buy closed end funds,
• 2:02
  which track the the, the price changes of crypto.
• 2:06
  So there's lots of ways to get invested and we have education
• 2:10
  around that. And what we saw in the fourth
• 2:11
  quarter of last year when there was a real uptick in interest in
• 2:15
  crypto is we saw a 400% increase in the traffic to our crypto
• 2:21
  site at Schwab. 70% of those people were were prospects.
• 2:26
  So what that says to me is that when clients become interested
• 2:30
  in crypto and they've learned more about it, the first place
• 2:33
  they want to turn is Schwab, because they trust us and they
• 2:37
  know we'll give them unbiased advice and that they can keep
• 2:40
  their assets safe with us. Well, how do you get to spot
• 2:43
  crypto given the regulatory environment?
• 2:45
  What do you have to do? What do you need to hear from
• 2:47
  regulators for you to get comfortable with launching that?
• 2:50
  I, I, I think there's a very clear path for firms like us to
• 2:54
  be able to launch crypto. There was a rule called SAB 131.
• 2:58
  What that rule did is it it mandated that for every dollar
• 3:03
  of client crypto assets we had to hold capital against that.
• 3:07
  Of course client equities and client fixed income assets we
• 3:10
  don't have to hold any capital against.
• 3:12
  But because people were particularly worried about
• 3:15
  crypto, you as a bank holding company, we would have had to
• 3:18
  hold capital against it. That made it impossible for us
• 3:21
  to be in the market. That rule has been changed and
• 3:24
  and regulators broadly, other regulatory bodies have followed
• 3:27
  that guidance. And so I do think there is a
• 3:30
  clear path for. Hi everybody, we are back.
• 3:37
  Let's talk about this supply shock that I that I was
• 3:40
  mentioning in the intro. And, and there you are.
• 3:43
  You had the CEO of Charles Schwab talking about could you,
• 3:47
  could you ever have imagined this in a million years?
• 3:52
  They're literally offering spot Bitcoin.
• 3:54
  And here's the thing about Charles Schwab.
• 3:56
  And no, I mean, most of our audience, you guys are, you
• 3:59
  know, between the ages of 35 and 55.
• 4:03
  So you, you guys probably have, you know, an account with
• 4:06
  Schwab. Me and Abby don't.
• 4:08
  We're like Bitcoin only, but I'm assuming a lot of you guys have.
• 4:12
  I mean, and this is like, you know, I love, I love the
• 4:16
  boomers, love the, there's, there's awesome Bitcoin boomers
• 4:19
  like Larry Leopard, Gary Leland, but you know, most boomers that
• 4:24
  are haven't been exposed to Bitcoin, they like their Schwab
• 4:27
  account, like my father-in-law, He's a huge maxi on the, on the,
• 4:32
  you know, the, the, the Schwab account, right?
• 4:34
  So the fact that he's going to be able to buy spot Bitcoin
• 4:37
  directly from his Schwab account is massive.
• 4:40
  And remember, the boomer demographic is the demographic
• 4:45
  that has the vast sum of the world's wealth currently, right?
• 4:50
  So the fact that they can just go, oh, Schwab, buy some spot
• 4:54
  Bitcoin is absolutely massive. Now, I did mention a supply
• 4:59
  shock. Let's talk about that a little
• 5:01
  bit. So this is the amount of Bitcoin
• 5:05
  on exchanges and it's essentially reaching an all time
• 5:09
  low, right? So yeah, in in of 2022 June
• 5:14
  2022, you know, there was roughly 3,000,000 Bitcoin on
• 5:21
  exchanges and Fast forward a couple years, there's 2.5
• 5:26
  million Bitcoin on exchanges. So this is just going down while
• 5:30
  the price is going up. So yeah, I mean pretty, pretty
• 5:34
  crazy. Anyways, so it's not only
• 5:36
  Charles Schwab, it's Morgan Stanley and this is what we
• 5:39
  always talk about. Like it bitcoins incentives and
• 5:41
  you know, like essentially the way that you should look at it a
• 5:46
  couple years ago when Robin Hood introduced Bitcoin, like being
• 5:51
  able to buy spot Bitcoin and PayPal, initially they didn't
• 5:55
  have the ability for you to withdraw your Bitcoin from
• 5:59
  PayPal or from Robin Hood. So it was like, OK, you could
• 6:02
  buy it on the exchange and you can leave it there, but you
• 6:04
  can't withdraw. Cash App allowed people to buy
• 6:10
  and withdraw. So essentially market forces,
• 6:14
  we're putting pressure on PayPal and PayPal, and I forgot the
• 6:21
  other one I was talking about, but PayPal and Robin Hood to
• 6:24
  essentially allow withdraws, right?
• 6:27
  So market forces are amazing. We're big, huge fans of markets
• 6:31
  here at Simply Bitcoin. And what markets do to people is
• 6:34
  that markets are the best incentive, like capitalism and
• 6:37
  just free markets create the best incentive because the other
• 6:40
  option is coercion. It's like top down control
• 6:44
  coercion. It always leads to suffering
• 6:46
  poverty. You know, it sucks, right?
• 6:49
  So big fans of of free markets and capitalism in general here
• 6:53
  at simply Bitcoin. But anyhow, so because of all
• 6:57
  the pressure coming from markets, from the success of
• 7:00
  micro strategy, the success of, you know, Jack Mahler's new
• 7:03
  company that he partnered with Tether and SoftBank, they're
• 7:07
  seeing this, right? And they're also seeing a lot of
• 7:10
  the so-called Bitcoin and crypto exchanges apply for banking
• 7:16
  charters. So it's not like they like
• 7:20
  Bitcoin, it's that they don't have a choice but to essentially
• 7:24
  get on the Bitcoin train or get left behind.
• 7:28
  In fact, we played you guys a clip yesterday of the
• 7:31
  president's son basically saying exactly that.
• 7:35
  If banks don't get on the Bitcoin train, you know, they
• 7:39
  risk themselves becoming dinosaurs.
• 7:41
  So let's get to this article by Crypto Slate.
• 7:44
  The audio, The headline for our audio listeners is Morgan
• 7:47
  Stanley and Charles Schwab. I Crypto Trading As US
• 7:51
  regulations ease, two of Wall Street's most established firms,
• 7:55
  Morgan Stanley and Charles Schwab, are reportedly preparing
• 7:59
  to offer access to crypto trading.
• 8:03
  Morgan Stanley Morgan Stanley reportedly plans to roll out
• 8:06
  spot crypto trading on its E*Trade platform by 2026.
• 8:11
  To support this integration, the firm is exploring partnerships
• 8:15
  with crypto native companies. While Morgan Stanley already
• 8:18
  offers crypto ETF exposure to it's high net worth clients,
• 8:22
  this new development will expand access to a broader base of
• 8:26
  retail investors. And you know what's really
• 8:28
  bullish about this? This is spot Bitcoin.
• 8:33
  This isn't ETFs. This is spot Bitcoin.
• 8:36
  And I guarantee you a very strong word that eventually
• 8:39
  Morgan Stanley is gonna have to enable withdraws because if not,
• 8:44
  they're in a weaker position compared to their competitors,
• 8:47
  right? So anyway, could you imagine
• 8:49
  that? Could you imagine hearing that
• 8:51
  five years ago? Anyways, on the other hand,
• 8:53
  Charles Schwab is also reportedly positioning itself
• 8:56
  for a crypto entry and it goes on to say the the CEO Rick
• 9:01
  Worcester recent statement during its earnings call, which
• 9:05
  suggested that the financial powerhouse is working towards
• 9:08
  enabling direct spot crypto trading for its users.
• 9:11
  We just played you guys a clip, but I'll read this quote.
• 9:13
  Anyhow, we're confident we will be a great destination for
• 9:16
  investors interested in crypto. Our expectation is that the
• 9:20
  changing and regulatory environment, we are hopeful and
• 9:23
  likely to be able to launch direct spot crypto and our goal
• 9:27
  is to do it in the next 12 months.
• 9:30
  So why is all of this happening? I mean, a little bit was talked
• 9:33
  about during the clip. It was the repeal of SAB 121,
• 9:37
  which President Trump did via executive order.
• 9:40
  And then this kind of final loop, you know, to bring this
• 9:45
  back together to weave it back in.
• 9:47
  When we were talking, we were focusing so much on elections
• 9:53
  and politics. Last year, late last year,
• 9:56
  because of the presidential election, we are focusing on
• 9:59
  that. We got a lot of heat.
• 10:00
  We're like Nico, like shut the F off.
• 10:02
  You guys are a Bitcoin channel. What are you doing talking about
• 10:05
  like politics? This is why elections have
• 10:10
  consequences. If the other candidate would
• 10:14
  have won, forget about all of this happening, forget about the
• 10:18
  freedom of Ross, forget about the repeal of SAB 121, forget
• 10:23
  about the end of Operation Choke .2 Point O.
• 10:27
  So that's why we talked about it.
• 10:29
  That's why we focused on it. I mean, the President of the
• 10:32
  United States, who was the president-elect at the time,
• 10:35
  literally went on stage the video, the live stream got
• 10:38
  millions of views and literally told the entire world, don't
• 10:43
  sell your Bitcoin, have fun with your Bitcoin.
• 10:45
  And then a couple months later that led to the White House from
• 10:49
  their X account, their Twitter account, basically really
• 10:52
  announcing to the world that the United States has every
• 10:56
  intention to become not crypto, the Bitcoin capital of the
• 11:00
  world. Elections have consequences.
• 11:04
  Bitcoin has been in the shadows because it was very small.
• 11:08
  No one was really paying attention to it.
• 11:10
  It is no longer in the shadows anymore.
• 11:13
  It is a massive asset. Eventually, inevitably it was
• 11:17
  going, there was going to be some type of, of politics
• 11:21
  involved just because the asset was getting so big.
• 11:24
  And the, the, the thing that I'll say is, would you rather
• 11:27
  have a pro Bitcoin government supporting you or an anti
• 11:30
  Bitcoin government, right? Like I don't want to keep, just
• 11:33
  keep running away for the rest of my life.
• 11:36
  Like that's not the case. Now, does that mean that you
• 11:39
  need the president of the US or the president of any country to
• 11:43
  support Bitcoin for it to succeed?
• 11:45
  Absolutely not. You can just take your Bitcoin
• 11:48
  and go to another jurisdiction that treats you better, right?
• 11:52
  But it does make life easier. It does have these types of
• 11:56
  consequences where essentially Wall Street, the world's largest
• 12:00
  capital markets in the United States, get the green light to
• 12:04
  be able to offer, you know, Bitcoin to their clients.
• 12:08
  And not even Bitcoin exposure through ETFs or MicroStrategy,
• 12:11
  actual spot Bitcoin. The biggest banks in the US
• 12:16
  literally have announced that they're going to be offering
• 12:19
  spot Bitcoin purchases to their clients within the next 12
• 12:24
  months. Absolutely bullish.
• 12:27
  And the price is pumping. It's a really, really great
• 12:30
  Thursday. Opti, what's your take, man?
• 12:33
  I'm already getting comfortable with this mock studio that I
• 12:37
  built because the Wi-Fi in my house was essentially just
• 12:41
  completely destroyed. Like we got a little blue
• 12:44
  astronaut. But anyways, I like it, man.
• 12:47
  I built it. We got a black, a block, a block
• 12:49
  clock in the in the back. It's pretty cool.
• 12:52
  Anyways, Optia, what's your take on this bullish news?
• 12:55
  I mean, simply Bitcoin is tomorrow's Bitcoin news today,
• 12:58
  bro. Because yesterday we were
• 13:00
  speculating that this was going to happen.
• 13:03
  Today we got the 100% confirmation.
• 13:08
  Yeah. I mean, first of all, I am being
• 13:10
  reminded of like 2017 when we all thought the institutions
• 13:14
  were going to be here. Like that was the meme that was
• 13:16
  going to save the 2017 bull run. The institutions are here and we
• 13:20
  got rug pulled then and it was a brutal bear market.
• 13:23
  But now we do have confirmation that Wall Street is here.
• 13:26
  So, you know, the huge opposition that we've been kind
• 13:29
  of facing for a long time that Wall Street is the big enemy
• 13:32
  here. And, you know, they haven't been
• 13:34
  able to touch Bitcoin with a 10 foot pole.
• 13:36
  Now we're seeing that that is switching on a dime.
• 13:38
  I mean, it's obviously because of a more favorable
• 13:41
  administration, a more favorable regulatory environment in the
• 13:45
  United States around Bitcoin and quote UN quote crypto.
• 13:48
  Now, of course, as someone that is here for the separation of
• 13:52
  money and state and then remembers that the genesis block
• 13:54
  did have to do and deal with banks and the great financial
• 13:58
  crisis. You know, I it is AII am kind of
• 14:01
  conflicted on this because like as much as I understand that
• 14:05
  this is was inevitably going to happen.
• 14:07
  This is how hyper Bitcoin ization happens.
• 14:08
  I do like the meme that Jack Muller's was saying the other
• 14:10
  day. It's not that Wall Street is
• 14:12
  entering Bitcoin, it's that bitcoins entering Wall Street
• 14:15
  and this is how we fundamentally change the game.
• 14:17
  It's a long term game, you know, you could argue that these are
• 14:20
  the very people that have financialized and and kind of,
• 14:23
  you know, resource stripped of planet Earth.
• 14:26
  And so as much as you may not like this, as we've been saying,
• 14:30
  Bitcoin is for any anyone. Bitcoin is for enemies, it's
• 14:32
  permissionless network and we knew that they would be
• 14:35
  incentivized to get into Bitcoin.
• 14:36
  And someone was basically saying in the chat, something on the
• 14:40
  lines of like Satoshi said, I'm trying to find the comments.
• 14:43
  Satoshi created Bitcoin for the separation of money and here we
• 14:47
  go GLM Ms. Satoshi created Bitcoin to free us from the very
• 14:51
  institution. Simply Bitcoin is inviting to
• 14:53
  the party. We're not inviting anything to
• 14:55
  the party. This has nothing to do with us.
• 14:57
  They're here and now we have more confirmation that they're
• 15:00
  here. And therefore, you know, this is
• 15:03
  this is where we are in the story right now.
• 15:05
  But we do always emphasize that you probably shouldn't be using
• 15:09
  Charles Schwab. You should be buying Bitcoin
• 15:10
  directly taking Bitcoin into custody.
• 15:13
  So until they are allowing people to withdraw that Bitcoin
• 15:16
  and it's not just on their platform, there's still a lot of
• 15:19
  work to be doing. Now, one other point I do want
• 15:23
  to make here is the I think the big idea with the biggest
• 15:27
  trading houses, the biggest banks in the world embracing
• 15:30
  Bitcoin is that this is a clear signal to everyone out there
• 15:33
  that, hey, if these institutions are embracing Bitcoin, then you
• 15:37
  probably should fundamentally change your or rather
• 15:41
  fundamentally dive into what Bitcoin is and make an opinion
• 15:45
  on whether this is good for you and your personal portfolio or
• 15:49
  your business, etcetera, etcetera.
• 15:51
  Obviously, the fact they're embracing Bitcoin, I I would
• 15:53
  argue that that means that you should probably buy some
• 15:56
  Bitcoin. You know, the, the only winning
• 15:58
  move is not or yeah, the only winning move is to get off 0
• 16:01
  here. And so I think these stories, if
• 16:04
  more people hear about this stuff, they're going to
• 16:06
  fundamentally change their view around Bitcoin.
• 16:08
  It's no longer just like this Internet, you know, phenomenon,
• 16:12
  you know, is locked into the corners of the Internet.
• 16:15
  It's becoming like we've been saying for a while or the last
• 16:17
  couple months, it's like coming, I would argue, obviously I'm
• 16:21
  biased like the de facto macro asset in the morning in in the
• 16:25
  moment, like Bitcoin was made for this moment when people are
• 16:28
  finding, you know, it uneasy in the traditional markets, they're
• 16:32
  looking for alternative assets, alternative investment vehicles
• 16:35
  or maybe even a better money. Bitcoin was designed for exactly
• 16:39
  this moment. And now the signals getting out
• 16:41
  there, of course, the big bucks, the smart, the smart money, the
• 16:45
  people with the actual capital are trying to get into the game.
• 16:47
  And as the new themes kind of popping up, you know, the the
• 16:51
  suit coiners are here. And this just means we have to
• 16:54
  continue to be more vigilant. Though I do want to relate.
• 16:58
  I do want to relate a funny little story here.
• 17:00
  We start wearing suits, bro. I mean bro, that episode that I
• 17:03
  did in DC before. Interviewing Nika, I don't even
• 17:07
  know. I remember that that episode
• 17:09
  bro, like that was like one of the first episodes that like we
• 17:12
  got over 1000 live viewers on YouTube.
• 17:15
  I was wearing a suit bro. We should start wearing suits.
• 17:20
  Should we? Should we run the poll?
• 17:21
  Let's run a poll right now. Anyways, I didn't mean to to
• 17:23
  interrupt. You I will only wear shoot if if
• 17:27
  you buy me one. I don't even know one.
• 17:29
  All right, no, I I just wanted to relay a story that like I I
• 17:34
  was reminded of when you were talking about the Charles Schwab
• 17:36
  that like I literally wouldn't be a bitcoiner if it wasn't for
• 17:39
  Charles Schwab denying me a trading account.
• 17:42
  When 2016 ish I went to Charles Schwab.
• 17:45
  I asked one of my friends like, Hey, you know, you know,
• 17:47
  investment, like I was learning about the Fiat system was like,
• 17:50
  Hey, the only the, all the rich people that I know, they own
• 17:53
  stocks and, you know, they trade and, and they have a, a
• 17:56
  portfolio. And so I went to one of my
• 17:58
  friends whose father kind of taught him how to trade and, and
• 18:01
  had a portfolio and he admitted this.
• 18:03
  The funniest part, He literally sat me down and watched hard
• 18:06
  money with Jim Cramer and basically told me to go to
• 18:09
  Charles Schwab and create an account.
• 18:12
  And so I did that. I had no clue, right?
• 18:14
  No idea. And I go to Charles Schwab and
• 18:18
  they're basically like, OK, awesome.
• 18:19
  Like sit down. We will, we will create an
• 18:21
  account for you. Like how much money do you want
• 18:24
  to invest? And I'm like, I had like $300.00
• 18:27
  at the time. And I was like, I have like 250
• 18:30
  bucks. Like can can I open an account?
• 18:32
  And they're like, yeah, sorry, you need 2500 to open an
• 18:36
  account. And I was like, oh, all right,
• 18:38
  well, later guys. And you know, shortly after that
• 18:41
  is when I found Bitcoin. So if it wasn't for Charles
• 18:43
  Schwab denying me a stock account, I might not be a
• 18:47
  Bitcoiner. So come coming full circle, it's
• 18:50
  interesting that now they're getting into Bitcoin what 8-9
• 18:53
  years later. So look it looks like Bitcoin is
• 18:57
  winning. It is fundamentally taking over
• 18:59
  the collective mind share of planet Earth and it is entering
• 19:02
  a new paradigm here. Bitcoin is a legitimate asset
• 19:06
  now or legitimate money or legitimate store of value,
• 19:09
  however you want to frame it in the eyes of the people that
• 19:12
  control the system. And so as much as we may not
• 19:15
  like the Larry Finks or the Wall Street firms to get into
• 19:19
  Bitcoin, I think if you really did the game theory, you would
• 19:22
  know that this was going to be an inevitability.
• 19:24
  Now we just got to make sure that the the true Bitcoin ethos
• 19:29
  continues to move on, that, you know, the Bitcoin network itself
• 19:32
  does not get compromised and that people are taking Bitcoin
• 19:36
  into custody and running nodes. Like that's how we continue to
• 19:39
  kind of take over the culture. It's going to be a slow, slow
• 19:42
  grind, but it goes to show that a lot of the things as
• 19:45
  Bitcoiners have been saying forever is actually playing out
• 19:48
  and not to get like too hyped up or too excited about it.
• 19:51
  It's just like this is this is the objective reality that we
• 19:55
  live in right now. And one of the things about
• 19:56
  being a Bitcoiner is, you know, you align yourself with reality
• 20:00
  and where things are. And that's why bit corners are
• 20:03
  who they are. And so this is where we are.
• 20:06
  Anyways, enough renting. Yeah well dude, first of all, I
• 20:12
  do want to give a shout out to the live stream. 620 of you guys
• 20:16
  watching live on YouTube, 1700 of you guys watching live
• 20:20
  between YouTube and X and shout out to the Rumble audience
• 20:23
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• 20:29
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• 20:36
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• 20:54
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  your first purchase and with those 3 tosses, every single
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  toss, you have an opportunity to win up to 1,000,000 Satoshis,
• 21:47
  which we're going to be doing live for you guys right now.
• 21:49
  So the way this works is you buy Bitcoin on Bitcoin.
• 21:52
  Well, if you earn points and you could redeem those points
• 21:57
  towards the wishing well contest.
• 21:59
  By the way, if you earn enough points, you can get a stamp
• 22:02
  seed, you can get a leather mint wallet, or you can get a simply
• 22:05
  Bitcoin hoodie, which by the way, are currently back in
• 22:08
  stock. We'll talk about that a little
• 22:10
  bit later or a cyber truck. If you earn 69,000,000 points,
• 22:15
  an orange cyber truck. So we're going to do a live
• 22:18
  giveaway on the show right now. Get your Lightning wallets ready
• 22:22
  again. If you go to
• 22:24
  bitcoinwell.com/simply, first person to scan the QR code is
• 22:28
  one 408 SAT. If you go to
• 22:30
  bitcoinwell.com/simply today, you sign up, you make your first
• 22:34
  purchase, you get 3 tosses into the wishing well.
• 22:37
  Every single toss you have an opportunity to win up to
• 22:40
  1,000,000 SAT. That's like $1000 right now just
• 22:43
  for signing up. It's like literally a win win.
• 22:45
  All right everybody, let's get to the news.
• 22:48
  I mean the numbers, we have tons to talk about.
• 22:50
  We will be right back in just a second.
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  not allowing you to huddle your Bitcoin for the long haul.
• 24:02
  I mean, here is the plate that they crushed, they put in water,
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  they put a blowtorch to it. And as you can see, the words
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  on their store. Head over to stampse-ed.com
• 24:21
  today. All right, everybody, we are
• 24:28
  back. Let's take a look at that poll.
• 24:31
  I asked everybody. There's 130 votes so far a 655
• 24:36
  people watching live on YouTube. I said.
• 24:38
  Should Opti and I start wearing sleek suits on the show instead
• 24:42
  of hoodies? 54% of you guys said no, 46% of
• 24:46
  you guys said yes. So please let us know down in
• 24:49
  the poll anyways at the time of recording.
• 24:52
  By the way, we got a very important comment by Z Logic and
• 24:57
  I do want to address it. Z Logic says, are you guys going
• 25:02
  to discuss Bitcoin Core today? We absolutely are.
• 25:06
  In fact, we tried to get Bitcoin Mechanic to join us on today's
• 25:09
  show. Unfortunately, I don't think his
• 25:11
  schedule worked out. We're going to try to get him on
• 25:14
  in a couple of days, but we're absolutely going to cover that.
• 25:16
  And that's what the culture segments for, right?
• 25:19
  And Opti has that lined up. Anyways, at the time of
• 25:22
  recording the Bitcoin price is 97 $1120.
• 25:26
  Block height 894,761 sets per dollar 1030 market cap 1.93
• 25:34
  trillion Bitcoin versus Gold Market cap 8.52% Percentage
• 25:39
  issued 94.56% Decline from all time high -11% Realize monetary
• 25:46
  inflation continuing to take Fiat currencies to absolute
• 25:51
  effing school .84% anyhow, guys, I do have a clip of the Black
• 25:59
  Rock CIO and about that I do have a clip of the Black Rock
• 26:05
  CIO and she is talking about how institutional investors are
• 26:11
  largely focused on Bitcoin right now and something interesting
• 26:16
  that I'll say, and I think I've been tweeting this out the
• 26:19
  actually the last couple of days.
• 26:20
  In fact, I tweeted it out not too long ago, but it goes like
• 26:25
  this. From a news perspective, this
• 26:28
  has been by far the best cycle in Bitcoin's history, like by a
• 26:34
  very, very large margin. I have no doubt that the price
• 26:40
  is eventually going to follow. I mean, if you take a look at
• 26:43
  what's happening, you had the CEO of Charles Schwab, I mean,
• 26:46
  basically say, look, we're, we're going to, we're going to,
• 26:49
  we're going to allow spot Bitcoin purchases, right?
• 26:52
  So anyways, BlackRock, the world's largest asset manager,
• 26:55
  she's telling you that institutions are largely focused
• 27:00
  on Bitcoin right now. Absolutely crazy.
• 27:02
  This is what we dreamed of back in 2018, except back in 2018 and
• 27:07
  2017, we got the price action, right.
• 27:11
  It's funny how that works. So I'm going to make Opti and I
• 27:14
  full screen for a second so that we can kind of feel bad and
• 27:17
  reminisce. So 20/17/2018, Opti, we got the
• 27:22
  price action of our dreams. And all this news that we wanted
• 27:27
  never came to fruition, right? Like the institutions weren't
• 27:30
  coming, governments weren't coming.
• 27:32
  And now 2025, things are in reverse.
• 27:35
  Like the institutions are here, governments are here, but the
• 27:39
  price is boom, we got the opposite.
• 27:42
  I mean, it's, it's funny how life works.
• 27:44
  Anyways, I'm going to shut up. I'm going to play you guys this
• 27:46
  clip that me and Opti are going to talk about it.
• 27:48
  Smash the like button. In the meantime, we'll be right
• 27:50
  back. I'm not a deep enough student of
• 27:55
  kind of the institutional ecosystems in the other coins
• 27:59
  right now. But in terms of the
• 28:01
  conversations that we've had with institutional investors,
• 28:06
  they are really largely focused on Bitcoin right now,
• 28:12
  particularly in this environment.
• 28:15
  Ethereum is still a a distant second, so distant second.
• 28:19
  Yeah. So we're not even talking about
• 28:21
  revenue generating protocols or anything like?
• 28:24
  That and remember, we're talking about, you know, the, the, you
• 28:27
  know, institutional investors who are, you know, broadly in
• 28:32
  6040 actually bond portfolios and, and looking to figure out
• 28:37
  what that what the new sources of return and diversification
• 28:41
  will be for them. They want both of those, and
• 28:43
  that's what's bringing them to. Happen behind the scenes and
• 28:46
  will become more public is you know we so stablecoin started
• 28:50
  with. But in terms of the
• 28:52
  conversation. I said, do you actually think
• 28:55
  are investable right now from an institutional lens?
• 29:01
  All right, I'm just going to leave it right there.
• 29:05
  Couple things, couple things. So thing number one is Ethereum
• 29:12
  is a distant second. I think it's I think I think
• 29:15
  Ethereum's over man. It's it's done it pack it up I.
• 29:18
  Mean distant second, I think says that in a nice way.
• 29:22
  Yeah, I mean it. That's a very nice way of saying
• 29:24
  it. You can't match Bitcoin's
• 29:27
  characteristics. Like it's 21 million guys.
• 29:30
  No one could change the rules. You know, that's what it comes
• 29:33
  down to that that's why Bitcoin is, is, is the superior asset.
• 29:37
  And I don't think anything in this world is could match
• 29:40
  Bitcoin's characteristics. And, you know, Bitcoin's
• 29:44
  absolute scarcity. That's why Michael Saylor is so
• 29:48
  confident that Bitcoin is this black hole.
• 29:50
  Like I mean it's self-explanatory, right?
• 29:54
  That's why number goes up right? Anyhow, Opti what the F is going
• 30:01
  on man? Charles Schwab CEO talking about
• 30:05
  adding spot Bitcoin. The chief investment officer for
• 30:10
  BlackRock basically saying Ethereum is gone and that
• 30:14
  institutional investors are extremely interested in Bitcoin.
• 30:19
  What world are we living in, bro?
• 30:21
  Like this is crazy. The only thing that hasn't
• 30:25
  happened yet is the price hasn't caught up.
• 30:27
  That's the Frank ark in the chat quote.
• 30:30
  There is no distant second. I love that.
• 30:33
  So yeah, like, what is going on Opti?
• 30:36
  Like, why hasn't the price caught up, man?
• 30:38
  Like, like, you know, Trump said you guys are going to get sick
• 30:44
  of winning and tired of winning. It's like, yeah, from a news
• 30:47
  perspective, this is winning for sure, bro.
• 30:50
  But from a price perspective, bad, not good.
• 30:55
  I mean, look, I am a 45 IQ Bitcoiner, so I like to break
• 31:01
  down things very simply. If the price isn't running up,
• 31:04
  there just means there's more sellers than buyers.
• 31:06
  You got to remember for every buy, there's checkmating.
• 31:10
  This is literally how Bitcoin works.
• 31:12
  For every buy, there's an equal and opposite sell.
• 31:15
  So someone selling the Bitcoin, but on the flip side, someone's
• 31:19
  buying that Bitcoin. So I think we've been kind of
• 31:22
  covering it for a long time wondering where these sells are
• 31:26
  coming from, considering we are seeing an incredible amount of
• 31:31
  quote, UN quote buys, spot buys from institutions and ETFs,
• 31:35
  etcetera, which does beg the question, if the price isn't
• 31:39
  pumping, is there a big, is there a lot of paper Bitcoin?
• 31:42
  And obviously we'll never know until something blows up.
• 31:45
  But on that point, you know, call the bluff and and buy
• 31:47
  Bitcoin and take into custody. Though.
• 31:49
  The main point here though, and I think I've heard this, I
• 31:53
  forget where I heard it from, it might have been Simon Dixon or
• 31:56
  like Tom Luongo, but it really made sense to me in what we're
• 32:01
  seeing in the restructuring of the monetary order.
• 32:03
  So as we all know, recapping a little bit, Larry Fink, the
• 32:07
  biggest institutional asset manager in the world, launched
• 32:10
  the ETF last year. It's the most successful ETF
• 32:13
  launch ever. And that was a huge signal, I
• 32:16
  would say, to, you know, every macro trader, anyone in global
• 32:21
  markets, essentially projecting where they're going.
• 32:25
  And so as we're seeing this year, the beginning of the Trump
• 32:28
  administration, we're seeing this whole trade war, tariff
• 32:31
  war. And a lot of people are
• 32:33
  speculating that that is to lower the bond rates, the bond
• 32:36
  yields here and so that they can refinance their debt.
• 32:40
  And so we're seeing two different things play out.
• 32:43
  We're seeing that the US government is doing whatever
• 32:45
  they can to kind of incentivize people to go into bonds because
• 32:50
  they need, you know, they need they need people to buy the
• 32:52
  government debt. And we're seeing Larry Fink is
• 32:55
  kind of signaling, signaling the opposite in the essentially,
• 32:58
  it's like they see that there's something going on on the
• 33:01
  horizon. And we can also talk about, you
• 33:03
  know, what's it it was which one from Berkshire Hathaway died?
• 33:08
  Is it Munger or is it? I think Buffett.
• 33:11
  Yeah. So, and we saw Buffett basically
• 33:14
  sell all his stocks, go into cash and he basically scooped up
• 33:17
  everything when everything crashed.
• 33:19
  So we're seeing that the people with money understand that there
• 33:23
  is a monetary restructuring going on.
• 33:26
  Now, I think the interesting part about it is this idea of
• 33:29
  Larry Fink signalling to all of his customers, hey, we're going
• 33:32
  into Bitcoin in a big way. So essentially to me, that's
• 33:35
  saying, hey, they understand, look, if we're heading into
• 33:38
  this, you know, multipolar world here and the US is becoming a
• 33:43
  little more isolationist and people don't want government
• 33:46
  debt, then what's going to be the big winner here?
• 33:48
  Obviously a neutral apolitical money that isn't controlled by
• 33:52
  someone, which Larry Fink went all in on.
• 33:54
  And so I think that is the big signal here is that the
• 33:58
  institutions are seeing what we've been seeing for a long
• 34:01
  time that hey, if you want to own something that isn't
• 34:04
  controlled or rather isn't a part of the traditional
• 34:07
  financial system, you're not going to go into gold, you're
• 34:09
  going to go into Bitcoin. And the least risky move has
• 34:13
  always been treasuries. Now we're seeing the signal
• 34:16
  spreading that the least risky thing for obviously as younger
• 34:19
  people that are digitally native is like where it's Bitcoin.
• 34:22
  But now we're seeing that the big bucks, the deep pockets are
• 34:24
  also seeing the same game that we're seeing.
• 34:26
  And they're like, all right, do I want to go to the analog or
• 34:29
  what what they say? Do I want to go to the physical
• 34:31
  Bitcoin AKA gold, or do I want to go to the real Bitcoin, which
• 34:35
  is, you know, that the Bitcoin BTC that is going to go up
• 34:40
  exponentially. And so we are, I think, seeing a
• 34:44
  fork in the road here where anyone that pretty much jumps
• 34:47
  into the traditional store value assets, whether that's bonds or
• 34:51
  gold or tries to park their wealth.
• 34:53
  And you know, the the more profitable equities is going to
• 34:58
  get left behind. And if you dive into Bitcoin,
• 35:01
  then you have all the potential of basically an asset or store
• 35:05
  value that gets monetized in real time time.
• 35:07
  And so obviously, I think if you understand all the different
• 35:10
  dynamics going on, you're not going to be buying Ethereum
• 35:13
  here. Everyone knows Ethereum's a
• 35:15
  freaking heaping pile of mess ever since they left proof of
• 35:18
  work and even before that. And so it is interesting that
• 35:21
  when you compare the institutional demand for ETH
• 35:24
  compared to what it is for Bitcoin, it's like everyone
• 35:27
  knows, hey, why am I going to put my money in ETH?
• 35:30
  Yeah, it sounds like, you know, like a like a leverage play on
• 35:34
  the Bitcoin markets. But people want a safe bet.
• 35:37
  Right now. We're seeing there's all kinds
• 35:39
  of uncertainty. People want a safe bet.
• 35:41
  The safest bet in the quote UN quote crypto industry is
• 35:45
  obviously Bitcoin. It's the only one that really
• 35:48
  does what it says it does. It's the only one that's been
• 35:50
  going up. It's the only one that's being
• 35:51
  monetized. It's the only one that's really
• 35:53
  being used for what they say it's being used.
• 35:56
  And so I think, you know, as as easily as it is to say that
• 36:01
  these institutions are naive and, you know, they're just dumb
• 36:03
  money with deep pockets, they understand what we understand.
• 36:06
  Imagine if you understood the plumbing of the financial
• 36:08
  system. You think you're going to be
• 36:10
  buying ETH. It's like, no, you're going to
• 36:11
  be buying Bitcoin because it is the apolitical neutral money
• 36:15
  that no one controls. And it's hard capped at 21
• 36:18
  million. So like, am I surprised that
• 36:20
  this is happening? No, again, this is, you know,
• 36:22
  the Bitcoin conference headline embracing the game theory.
• 36:25
  We're seeing that the world is embracing the game theory.
• 36:28
  Bitcoins going to win. Bitcoin is in the winner take
• 36:31
  all category of money. Bitcoin is being monetized in
• 36:34
  real time. And so hey, if you understand
• 36:36
  finance, it's like it's it's literally a no brainer.
• 36:38
  You're like, what? When am I going to buy this
• 36:40
  this, you know, Fiat, digital Fiat, AKA every other crypto or
• 36:45
  am I going to buy this thing that isn't controlled?
• 36:46
  It's like, yeah, we're going into Bitcoin.
• 36:48
  No one, no one. I don't think anyone that
• 36:50
  understands anything is thinking any other way.
• 36:52
  It's very simple. 100%, man, I completely agree with you, dude.
• 36:58
  People are waking up, man, people are waking up.
• 37:00
  You know, it's, it's Bitcoin only.
• 37:02
  It's, it's going to be like that.
• 37:04
  It was, it was difficult for us, you know, last cycle, 'cause,
• 37:09
  you know, a lot of these altcoins were just getting these
• 37:12
  crazy, crazy percentage gains and people are like, oh, why are
• 37:16
  you guys Bitcoin only? It's like, 'cause we always knew
• 37:18
  the characteristics, the fundamentals are there.
• 37:21
  Like all you got to do is pay attention.
• 37:24
  You know, nothing beats absolute scarcity.
• 37:26
  Nothing beat beats bitcoins characteristics like Bitcoin is
• 37:30
  the only money that essentially the that people can't change the
• 37:35
  rules like that. That's what makes it special.
• 37:37
  So it protects like the little guy right?
• 37:40
  Whether it's Ethereum, XRP, Fiat, doesn't matter.
• 37:44
  Essentially, the people that control that said money change
• 37:49
  the rules to benefit themselves at the expense of everyone else,
• 37:52
  right? Bitcoin is for the little guy
• 37:55
  because it doesn't matter that Michael Saylor, you know, owns
• 37:58
  3% of the supply. He can't change the rules to
• 38:01
  benefit themselves that benefit himself right so anyways, that's
• 38:05
  what makes Bitcoin unique guys. We got a jam packed show for you
• 38:08
  guys. I do want to give a shout out to
• 38:09
  the stream it's popping off today 2324 live viewers between
• 38:14
  X and YouTube 700 live viewers on YouTube and 342 live viewers
• 38:21
  on rumble. If you guys are enjoying today's
• 38:23
  show, make sure to smash that like button.
• 38:27
  All right everybody, I do want to give an update on the on the
• 38:30
  poll. Should Opti and I start wearing
• 38:33
  sleek suits on the show instead of hoodies?
• 38:35
  41% of you guys said yes and 59% of you guys have said no.
• 38:42
  Smash that like button guys, we're at 215 likes.
• 38:46
  Help us break 250 likes in the in the next 10 minutes or so.
• 38:52
  Anyways guys, we will be right back.
• 38:54
  We're going to hit the new segment.
• 38:55
  We have tons to talk about. Let's check it out.
• 38:57
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• 41:08
  All right, everybody, we are back and I do want to talk about
• 41:13
  today's story. What are we going to talk about?
• 41:17
  We're going to be talking about the thing that I've been wanting
• 41:19
  to talk about these last couple days, but we haven't had the
• 41:21
  time. Quick update on Samurai.
• 41:24
  So again, it kind of goes back into this goes back into this
• 41:32
  idea of that elections have consequences.
• 41:34
  We've been talking about this, you know, for many, many months
• 41:38
  now. We got a lot of heat in the
• 41:40
  beginning and guys like the reality is that, you know, if
• 41:46
  the other candidate would have won in November, it operation
• 41:53
  choke point 2.0 would have accelerated.
• 41:55
  That's the reality. SAB 121 one have been repealed.
• 42:00
  Ross Ulbricht would essentially still be, you know, in prison,
• 42:06
  right? So, you know, a lot of these
• 42:09
  things are, are happening slowly.
• 42:12
  And Opti and I were really we're, we're, we're one of the
• 42:15
  first to kind of identify it when they were going after
• 42:18
  Tornado Cash. And I remember I saw like I had
• 42:21
  white in my eyes because I was, I was like thinking about, I was
• 42:23
  like, holy, like, holy crap. Like essentially they're trying
• 42:27
  to set a precedent where they can sanction open source
• 42:31
  software. And you know where that leads.
• 42:34
  That leads to, you know, what else is open source software?
• 42:37
  Bitcoin, right? So you know, it's, it's pretty
• 42:40
  crazy, right, that essentially and, and remember, sanctions are
• 42:43
  meant for individuals and nations.
• 42:47
  Like the whole idea that you can like software is a neutral piece
• 42:51
  of technology, right? Like it's like you can use it.
• 42:56
  It's like basically saying like you can use a car in a in a
• 43:00
  legal fashion, in a illegal fashion.
• 43:02
  So you're going to sanction a car.
• 43:04
  Like the vast majority of people that were using samurai were
• 43:09
  using it because they value their privacy, right?
• 43:14
  And it was only a small percentage of those people that
• 43:17
  were using it for illicit purposes.
• 43:20
  Now, why does everyone else have to pay the the, you know, pay a
• 43:25
  cost for, you know, a, a small percentage of those people using
• 43:29
  samurai the incorrect way like that, that that makes absolutely
• 43:32
  no sense. And I don't think it had
• 43:34
  anything to do with the fact that they was just a small
• 43:37
  subsect of those people that were using samurai for illicit
• 43:41
  purposes. And the reason for that is
• 43:43
  because when a bank launders money or mixes money for an
• 43:47
  illegal entity like TD Bank had like one of the largest fines in
• 43:53
  history, they're literally laundering money for the Mexican
• 43:56
  drug cartel. You don't hear the CEO of TD
• 44:00
  Bank going to prison, right? I think this was a directed
• 44:07
  attack against our industry, part of Operation choke .2 point
• 44:11
  O because there are members of government that want to roll out
• 44:15
  a central bank digital currency. Bitcoin is competition and they
• 44:19
  don't want competition. They want a monopoly over money.
• 44:22
  That's what it comes down to. I honestly, I used to be on the
• 44:26
  fence. Opti used to make fun of me, the
• 44:28
  infamous Opti gate. Like now it's just like no, no,
• 44:33
  no, no, no, no, they they want to go after Bitcoin because they
• 44:36
  they want to CBDC. That's what it that's what it
• 44:38
  comes down to. And This is why, like guys, I'm
• 44:40
  telling you, you think it's over just because a pro Bitcoin
• 44:44
  president won the presidency. No, the midterms are in two
• 44:48
  years. What do you think's going to
• 44:50
  happen? Like Elizabeth Warren is still
• 44:52
  in office, right? She still sits on the Senate
• 44:55
  Banking Committee just to like you guys just got to get get get
• 44:59
  your head in the game anyways and TuneIn to simply Bitcoin of
• 45:02
  course, because we'll you know we'll keep you informed anyhow.
• 45:06
  So samurai wallet feds asked for time to Mull dropping crypto
• 45:11
  mixer case right goes on to say U.S.
• 45:15
  Federal prosecutors and the Co founders of the crypto mixer
• 45:18
  samurai wallet have asked the court for more time to consider
• 45:22
  potentially dismissing the case after the Justice Department
• 45:26
  rolled back it's crypto enforcement elections have
• 45:30
  consequences. Lawyers for Samurai Wallet, CEO
• 45:34
  of Mr. Rodriguez and Chief Technology Officer Mr. Hill said
• 45:38
  in an April 28th letter to Manhattan Federal Judge Richard
• 45:42
  Berman that they jointly requested with the government
• 45:45
  quote for a continuance of the pretrial motion scheduled by 16
• 45:50
  days. The Samurai executive lawyer
• 45:52
  said on April 10th that they wrote to acting Manhattan US
• 45:56
  Attorney Jay Clayton to request a dismissal of the case after an
• 46:01
  April 7th memo from Deputy Attorney General Todd Blanche
• 46:06
  shuddered the Justice Departments crypto team quote.
• 46:09
  On April 24th, 2025, the defense counsel met with the prosecutors
• 46:14
  and their supervisors in person at the US Attorneys Office to
• 46:18
  discuss this request Quote. The defendants believe that a
• 46:21
  continuance of the pretrial motion schedule is warranted to
• 46:26
  permit defendants to avoid the significant expense of preparing
• 46:31
  their motions while the government determines its
• 46:33
  position. It added that prosecutors agreed
• 46:36
  to adjourn Quote without expressing any views on the
• 46:40
  merits. Samurai wallets.
• 46:42
  Rodriguez and Hill were uncharted.
• 46:44
  Were charged with conspiracy to commit money laundering and
• 46:48
  operating an unlicensed money transmitting business in April
• 46:52
  2024, to which they both pleaded not guilty.
• 46:56
  Blanche's memo said, quote, the Department of Justice is not a
• 46:59
  digital assets regulator and it would abandoned enforcement and
• 47:03
  investigations besides those which, quote, focus on
• 47:07
  prosecuting individuals who victimized digital asset
• 47:10
  investors and those who use digital assets in furtherance of
• 47:15
  criminal offenses. It goes on to say currently
• 47:18
  motions in the Samurai's executive cases are due May
• 47:22
  13th, responses are due on June 10th and replies on June 24th.
• 47:27
  The letters proposed to push to put this back to May 29th for
• 47:31
  motions. The continuance would not affect
• 47:34
  the trial date which is slated for early November.
• 47:37
  It goes on to say quashing crypto litigation list
• 47:41
  lengthens. The move is the latest in a long
• 47:44
  list of court actions to have prosecutors crypto cases quashed
• 47:49
  under the Trump administration's favorable stance towards the
• 47:52
  industry. It goes on to say on April 9th,
• 47:56
  Safe Moon CEO Brandon John Carney, who is charged with wire
• 48:00
  fraud and money laundering decided Blanchin's directed in a
• 48:04
  bid to get his case dismissed. Meanwhile, on a on April 28th,
• 48:10
  the defy education fund petitioned the White House to
• 48:12
  drop charges against Tornado cash Co founder Roman storm
• 48:16
  requests immediate action to discontinue the Biden era
• 48:20
  Department of Justice lawless campaign to criminalize open
• 48:24
  source software development. Out of this entire article right
• 48:28
  here, this is the most powerful line and this will you guys have
• 48:32
  to the, you know, wrap around your head.
• 48:34
  I don't know if the Overton window is there for me.
• 48:37
  I mean, I've said it I've I've dropped little hints to it here
• 48:39
  and there, but I'm going to I'm going to reserve I'm going to
• 48:42
  reserve my opinion on this but anyhow, this quote right here is
• 48:45
  the most important quote out of out of this entire article.
• 48:49
  Discontinue the Biden era Department of Justice lawless
• 48:53
  campaign to criminalize open source software development.
• 48:57
  And remember the proposed 30% Bitcoin mining tax.
• 49:01
  The target the target the the target on CZ, it's a serve
• 49:08
  prison time. The target on Arthur Hayes who
• 49:10
  recently just got a pardon by President Trump.
• 49:14
  The arrest of open source software developers.
• 49:16
  The attack on the Bitcoin mining industry.
• 49:19
  The attack on Bitcoin self custody.
• 49:21
  You want to know why we endorsed endorsed RFK Junior and Trump
• 49:27
  last November? This is why.
• 49:29
  And you want to know what the consequences are of them winning
• 49:31
  an election. I mean, we started off with the
• 49:33
  intro where you have the CEO of Charles Schwab basically saying,
• 49:38
  you know what, Now that's Saab 121 is repealed.
• 49:41
  We're probably going to get into it.
• 49:43
  Elections have consequences. Bitcoiners live in this
• 49:48
  idealistic world where they read the sovereign individual and
• 49:51
  they think, you know what, I got my Bitcoin I have in myself
• 49:54
  custody. It's good.
• 49:55
  Yes, that is extremely important.
• 49:58
  That's very important. You should focus on that without
• 50:00
  a shadow of a doubt. However, while we transition
• 50:04
  from the Fiat standard to the Bitcoin standard, where
• 50:07
  essentially the separation of money and state makes politics
• 50:10
  irrelevant, I hope that's what happens.
• 50:14
  Elections have consequences. And I remember I was beefing
• 50:17
  with a lot of people where they were like, yo, like, what?
• 50:20
  Like what are you doing? Like, like, like, what do you
• 50:23
  like it? Just this doesn't matter.
• 50:24
  Like, you know, Trump is this Trump is that he might be, there
• 50:28
  might be some things that you might not agree with him from a,
• 50:32
  you know, a social perspective or you know, a regulatory
• 50:35
  perspective on, on social issues or the immigration stuff or
• 50:38
  whatever. But this you're not tuning into
• 50:41
  simply Bitcoin to hear political commentary on all those things.
• 50:44
  You're tuning into simply Bitcoin to talk about Bitcoin,
• 50:47
  to talk about the separation of money, say, which by the way, is
• 50:49
  going to fix all of those things.
• 50:51
  You can make a very solid argument that immigration, the,
• 50:57
  the, the, the cost of goods going up, essentially the
• 51:02
  politically, the, the, the, the political upheaval.
• 51:05
  You can make a very strong argument that all of those
• 51:09
  things are caused by broken money, which is why we focus on
• 51:13
  fixing the money, because if you fix the money, you fix the
• 51:16
  world. So this is big news.
• 51:18
  I wish I, I, I hope that these cases continue to get dropped.
• 51:23
  I hope the Tornado Cash gets dropped, case gets dropped.
• 51:27
  I hope the Samurai case gets dropped.
• 51:30
  And yes, this is important. And again, guys, you have the
• 51:34
  ability here, you have the ability to speak up, you have
• 51:37
  the ability to get involved. All you got to do, you know, in
• 51:40
  this narrative trench warfare that we live in on the battle
• 51:43
  that we're fighting on in the battlegrounds of the Internet,
• 51:45
  is just shoot out a tweet, make a video, make a live stream,
• 51:50
  make your voice heard. As much as it hurts me to say
• 51:53
  this, vote in the Fiat elections because remember, it was enough
• 51:58
  of us voting that got Ross freed.
• 52:01
  And I think as time progresses and Bitcoin gets bigger and its
• 52:06
  political implications get bigger with it, yes, it's
• 52:10
  inevitable. Guys.
• 52:11
  Listen, if you're not in the room while the deal is being
• 52:15
  made in Washington, DC, you're not in the deal.
• 52:18
  We are in the room now so and of course, thanks to all of your
• 52:23
  efforts. So someone in the chat says go
• 52:26
  pull it up. Opti.
• 52:28
  We're just we're getting trolled.
• 52:30
  We're getting trolled. Opti stain stock said I will
• 52:33
  only ever vote for Opti for Bitcoin president.
• 52:36
  I will die on this hill. That's that's absolutely Opti
• 52:40
  running for president would be great.
• 52:41
  Me and Opti both. Can't.
• 52:43
  I can't. Me and Opti both can't run for
• 52:45
  president 'cause we we're not we weren't won the.
• 52:47
  Stakes. But I appreciate it.
• 52:50
  Thank you, guys. Appreciate it.
• 52:51
  I mean, Opti, we should just run for senators, bro.
• 52:53
  F it, dude. Senators, bro, let's do it.
• 52:56
  Let's do it. What's what's the senator from?
• 53:00
  What's the senator from Pennsylvania?
• 53:01
  He doesn't even wear suits, bro. What's his name?
• 53:05
  I forget. Fetterman.
• 53:07
  Fetterman, bro, he doesn't. He doesn't give 2FS, bro.
• 53:10
  He's wearing hoodies. He's wearing Crocs, you know.
• 53:13
  Let's, you know, we don't have to cross the line of going to
• 53:15
  suits, but can we cross the line of wearing, you know, basketball
• 53:18
  shorts in public? You know, like that's that I
• 53:21
  think that's too much for me. That's too far gone, especially
• 53:24
  if you're at the house anyway. Anyway, let's, let's, let's talk
• 53:26
  about this. So obviously when we first heard
• 53:29
  that that court ruling or, or that court note, we were super
• 53:34
  hyped about it. We, we were like, yes, this is a
• 53:36
  huge win. Super excited for this.
• 53:38
  We seeing some, some good directional, you know, news
• 53:42
  going for tornado cash and the samurai wallet stuff.
• 53:46
  And I think the the main point here is like, this isn't over
• 53:49
  until they're officially out of jail, like until this case is
• 53:52
  dropped. Then I will kind of hold my
• 53:55
  breath on this idea of is Operation Choke .2 point O
• 53:59
  officially over. Yes, we're seeing a more
• 54:01
  favorable regulatory environment, but until they this
• 54:05
  gets dropped and we can finally go back to using privacy, not
• 54:09
  because we're criminals quote UN quote, but because, you know, as
• 54:12
  many people say privacy is the right.
• 54:15
  I I don't think this fight is over.
• 54:16
  So I'm super excited to see well, maybe more interested and
• 54:21
  curious to see how this will end.
• 54:23
  Obviously I want to free the samurai devs.
• 54:25
  I I think that's that's going to be a huge, huge win when they do
• 54:29
  walk free. And I think that's going to be a
• 54:31
  very, very big moment for not only the Bitcoin community, but
• 54:34
  for privacy in general. And and if that does happen,
• 54:38
  then, you know, as much Flack as you've gotten on the show, Nico,
• 54:41
  about the quote, excuse me, guys of the quote.
• 54:45
  You know, elections have consequences.
• 54:47
  I think at that point, you know, this conversation will of, of
• 54:52
  finally be moot. And the we can we can kind of
• 54:55
  move on to the next, you know, thing to get mad about, which is
• 54:57
  basically what we're going to be doing here on the show in a
• 55:00
  minute. But yeah, I, I, I think this is
• 55:02
  favorable. And I think this is like a we're
• 55:04
  going in the right direction. And it seems like the courts are
• 55:07
  kind of agreeing with what US bit corners have been saying.
• 55:10
  We'll see how this judge rules and hopefully the Samurai wallet
• 55:14
  devs are free soon. You know, they said what May
• 55:17
  13th is the next day and then maybe by June, we'll, you know,
• 55:21
  they can walk out. So maybe they'll be walking out
• 55:24
  by summertime. And then the Bitcoin price
• 55:26
  starts pumping and you know, we can, we can have a little
• 55:28
  kumbaya moment. So until they're finally free,
• 55:31
  this isn't over. And, and this is, this is one of
• 55:33
  those big stories that we definitely have to, you know,
• 55:37
  highlight and keep talking about because this is a, a complete
• 55:40
  injustice. And as we've been covering for a
• 55:42
  while, a complete weaponization attacking our industry.
• 55:46
  And so, you know, I want to see them free.
• 55:48
  And until that happens, I think we're we're going to have to
• 55:51
  keep covering this. Absolutely.
• 55:53
  I do want to give a shout out. We got a super chat appreciate
• 55:56
  the $20 Mexican huddle says make a simply Bitcoin men underwear
• 56:02
  that is. That is absolutely hilarious.
• 56:06
  Appreciate it dude. Thank you for the $20.
• 56:09
  Anyways, guys, you guys are going to want to stick around
• 56:11
  for the culture segment because there is some some things going
• 56:15
  down in Bitcoin land. I was trying to get Bitcoin
• 56:17
  mechanic to come on today's show going to make it due to his
• 56:20
  schedule. But we there's, there seems to
• 56:25
  be some things going on with with Bitcoin core.
• 56:29
  So we're going to be talking about that in just a second.
• 56:32
  Let's check it out. Here we go.
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  today. All right, everybody, we are.
• 58:38
  Back. OK, guys here.
• 58:42
  Actually, let's go back here. That's why I had me here.
• 58:44
  All right, guys. So you guys have been wanting
• 58:46
  this and you know, Full disclosure, I would say this is
• 58:50
  above my pay grade here, but I had to give it a couple of days
• 58:54
  because we had guests and also had to kind of parse through all
• 58:56
  this information. So we're going to be covering
• 58:58
  what's going on with the Bitcoin Core OP return debate
• 59:01
  controversy going on on Twitter right now.
• 59:04
  I'm going to be as fair as possible.
• 59:05
  I'm getting both sides of the argument here and we can chat
• 59:08
  about it and you guys can make up your minds about it in the
• 59:11
  chat. So I am starting this with a
• 59:13
  meme, guys. So shout out to my boy Greg Zaj.
• 59:16
  He did the Office meme or wait, no, it's Arrested Development
• 59:19
  meme here. And he goes, I don't know what's
• 59:21
  happening with the core devs and at this point I'm afraid to ask.
• 59:23
  So you know, I needed a little time to actually parse through
• 59:26
  the information. I have a lot of tweets here from
• 59:29
  respected bitcoiners. I have both sides of the
• 59:31
  argument. So I'm going to try to run
• 59:32
  through this as quickly and eloquently as possible.
• 59:35
  And hopefully I do this, you know, fairly and actually get
• 59:39
  get give you guys the the true signal here again.
• 59:42
  But my pay grade I I'm just a bitcoiner.
• 59:44
  I run a note, etcetera. Anyway, starting here 1st I'm
• 59:47
  going to start with learnmebitcoin.com.
• 59:50
  So we got to start with OP return.
• 59:51
  So it's all about this OP return thing going on.
• 59:55
  That's where the controversy started.
• 59:56
  So I'm giving you the definition here.
• 59:58
  So OP return storing data on the blockchain.
• 1:00:01
  OP return refers to a standard locking script that can be used
• 1:00:04
  to store data inside transactions.
• 1:00:07
  While this is an OP code on its own and can be used in a variety
• 1:00:10
  of different scripts, the name OP return is also used to refer
• 1:00:13
  to a standard script pattern used for storing arbitrary data
• 1:00:16
  inside transactions. And that's primarily what we're
• 1:00:19
  talking about. Now it started with this OP
• 1:00:22
  return or this pull request by Peter Todd and it is removing
• 1:00:26
  the arbitrary limits on OP return data.
• 1:00:29
  Carrier outputs number 32359 and you can see here.
• 1:00:33
  As per recent Bitcoin dev mailing list discussion, this
• 1:00:37
  pull request also removes a code to enforce those limits,
• 1:00:39
  including the data carrier and data carrier size config
• 1:00:42
  options. Those these limits are easily
• 1:00:44
  bypassed by both direct submission to minor manpools,
• 1:00:48
  example Mara slip scheme and forks, a Bitcoin core that do
• 1:00:51
  not enforce them, EG Libre relay.
• 1:00:53
  Secondly, protocols are bypassing them by simply
• 1:00:56
  publishing data in other ways, such as unspendable outputs and
• 1:00:59
  script sigs. The form of data carrier outputs
• 1:01:02
  remains standardized, a single op return followed by zero or
• 1:01:05
  more data pushes. Non data op codes remain non
• 1:01:08
  standard. So Peter Todd has kind of pushed
• 1:01:10
  something similar two years ago and it really didn't get any
• 1:01:13
  traction. But now it's getting all kinds
• 1:01:16
  of controversy and it's spilled over from not only GitHub and
• 1:01:19
  the mailing list, but it's gone on Twitter.
• 1:01:21
  And this is where the whole controversy started from.
• 1:01:23
  So we have a lot of guys from the Ocean team tweeting about
• 1:01:27
  this and we have Jason Hughes. Here, guys, hold on, hold on.
• 1:01:30
  Can you break it down like I'm 5?
• 1:01:32
  What? So what's the controversy?
• 1:01:35
  I'm getting to it. We're getting to it.
• 1:01:36
  So essentially, they're trying to remove the OP return limits
• 1:01:40
  and basically allow more, more data to be put into the
• 1:01:44
  blockchain. And the controversy is what I'm
• 1:01:47
  covering right here. So this is where things start
• 1:01:49
  getting, you know, a little hairy and a lot really heated on
• 1:01:52
  Twitter. So we have this tweet.
• 1:01:54
  Bitcoin Core developers are about to merge a change that
• 1:01:56
  turns Bitcoin into a wordless altcoin.
• 1:01:59
  And no one seems to care to do anything about it.
• 1:02:01
  I've always subjections lost sleep over this.
• 1:02:03
  And despite clear community rejection of the pull request,
• 1:02:06
  it's moving. And then Bitcoin mechanic
• 1:02:08
  follows up and he goes, someone pushing for a major change to
• 1:02:11
  Bitcoin is affiliated with the company whose current exploit of
• 1:02:14
  Bitcoin was the motivation for the change.
• 1:02:16
  And then pointing this out on the GitHub discussion has
• 1:02:19
  resulted in me being banned. And this is where things start
• 1:02:23
  getting really crazy on Twitter and everyone is, you know,
• 1:02:26
  fighting each other. And this is where like the main
• 1:02:28
  controversy has happened. It is the fact that Bitcoin
• 1:02:32
  mechanic got banned on the GitHub.
• 1:02:34
  And I'll, I'll kind of break it down as we move forward.
• 1:02:36
  So again, we have Chris Gueden. He goes, what is going on with
• 1:02:39
  Bitcoin Core? Core devs used to be dedicated
• 1:02:41
  to remaining neutral. Now if you point out a conflict
• 1:02:44
  of interest, your comments are marked as abusive.
• 1:02:47
  This is a really, really bad look.
• 1:02:49
  Now going back to Bitcoin mechanic, he goes, the language
• 1:02:54
  has changed. It was understood that core devs
• 1:02:55
  follow the community consensus SegWit slash taproot things we
• 1:02:59
  want or at least don't object to.
• 1:03:01
  The current narrative from apologist, however, is if you
• 1:03:04
  don't like Core, go run something else.
• 1:03:06
  That is a change in attitude that's noteworthy.
• 1:03:08
  And the conversation around this malicious pull request is
• 1:03:11
  mirrored in credentialism in ivory tower condescension.
• 1:03:14
  Remember, this isn't an especially technical debate.
• 1:03:17
  Many bitcoiners aren't interested in being forced to
• 1:03:19
  relay junk around the network from self declared attackers.
• 1:03:23
  Ignoring feedback to the effect is runaway arrogant.
• 1:03:26
  So by removing the off return, we have the the you know, as
• 1:03:30
  they're kind of called on Twitter, the filter boys
• 1:03:32
  basically saying like, look, I want pure monetary transactions
• 1:03:36
  on the point network. The other side, which I'm going
• 1:03:38
  to cover a little more, is essentially saying this off
• 1:03:41
  return limit thing isn't even working right now.
• 1:03:44
  Now we got some more Eli 5 S Bruce Fenton goes, can someone
• 1:03:47
  Eli 5 mean and Jameson lop chimes in.
• 1:03:50
  He goes ideological desires are rudely clashing with technical
• 1:03:53
  reality. And someone says my I my 5 year
• 1:03:55
  old doesn't understand this and he goes, Alice wants Bob to stop
• 1:03:58
  peeing in the men pool. But even if she grabs Bob to
• 1:04:01
  stop him, the pee will still slip through and go everywhere.
• 1:04:04
  Alice cried because she can't stop the P.
• 1:04:06
  Now here, you know, breaking this down a little more, I found
• 1:04:10
  this good tweet by Brian 10309 and he goes here's my honest
• 1:04:14
  opinion. Peter Todd's pull request number
• 1:04:16
  32359 proposing to remove the 83 byte limit on OP return is
• 1:04:21
  logical if you're being brutally honest about how Bitcoin is
• 1:04:24
  already being used. People are already putting
• 1:04:27
  arbitrary data onto Bitcoin through taproot outputs and
• 1:04:30
  other scripts that bypass the OP return limits.
• 1:04:32
  In that sense, the spirit of the old limitation is already dead.
• 1:04:36
  Peter's point is basically quote stop pretending the restriction
• 1:04:39
  matters and just clean up the code base.
• 1:04:41
  And I think he's technically right, but I think the critics
• 1:04:44
  like Luke Dasher have a very valid strategic point.
• 1:04:48
  Bitcoin was never intended to be a blockchain for everyone's dog
• 1:04:51
  pictures, NFT junk and vanity messages.
• 1:04:53
  The more junk data you allow, the more the blockchain bloats,
• 1:04:56
  note operators cost rises, centralization pressures
• 1:04:59
  increase. Bitcoin's role of Sal money
• 1:05:02
  could be slowly eroded by creep from quote blockchain as a
• 1:05:05
  playground behavior here. So my verdict is Peter Todd is
• 1:05:08
  technically correct, but long term it's a dangerous cultural
• 1:05:11
  signal to normalize even more arbitrary data spam.
• 1:05:15
  The core problem is bigger Bitcoin never enforce A strict
• 1:05:18
  cultural firewall between financial settlement layer and
• 1:05:21
  quote do whatever you want users taproot ordinals, BRC 20 it's
• 1:05:25
  all just following incentives. If the community doesn't find a
• 1:05:28
  way to realign incentives, example stricter relay policies,
• 1:05:31
  minor policies, even a soft fork in the future, Bitcoin risk
• 1:05:35
  becoming harder to defend as a global financial base layer.
• 1:05:38
  Now here's where many, much of the controversy comes out on
• 1:05:42
  Twitter. So again, we're we're talking
• 1:05:44
  like people that are trying to, you know, filter the the Bitcoin
• 1:05:48
  blockchain from spam, AKA nothing, everything else that is
• 1:05:51
  in a financial transaction. And then those that are trying
• 1:05:54
  to, you know, put jpegs on the on the blockchain, but
• 1:05:57
  essentially saying, look, people are already routing around this
• 1:06:00
  OP return, so let's clean up the code base and it's like people
• 1:06:04
  are already doing it anyways. And so here's the next tweet
• 1:06:07
  here and you know, there was a moderation here and then we have
• 1:06:11
  Orkum, who I believe he is, yes, from Citrio, which is the
• 1:06:15
  company in question. He goes literally brain dead
• 1:06:18
  here. Like Lop said, we are using the
• 1:06:20
  block space one way or another. If you think you can prevent it
• 1:06:23
  with your quote policies, feel free to try and see.
• 1:06:26
  We are building something that's actually good for Bitcoin.
• 1:06:28
  Try spending your time doing something similar.
• 1:06:30
  So a lot of back and forth and then Anthony Towns times and he
• 1:06:34
  goes polluting the UTX O set is one of the most harmful things
• 1:06:37
  you can do to Bitcoin. If it was a newbie mistake,
• 1:06:39
  maybe that's forgivable, but it certainly doesn't put you on the
• 1:06:42
  moral high ground and then they keep going back and forth
• 1:06:45
  polluting the UTXO set is definitely not ideal.
• 1:06:48
  That's what this pull request is already trying to solve but you
• 1:06:51
  don't want that either Bitcoin doesn't work by or need ethics.
• 1:06:54
  It's a collective network that relies on economic incentives
• 1:06:57
  and you know that better than I do and then he goes all I'm
• 1:06:59
  saying is that a company that starts by polluting the UTXO set
• 1:07:02
  isn't one that I trust to be acting for the good of Bitcoin.
• 1:07:05
  If you are now also saying that you don't consider ethics
• 1:07:09
  necessary, then that just lowers my opinion further.
• 1:07:11
  Now moving forward we have Giacomo kind of chiming in with
• 1:07:14
  something similar and he goes the point is that discussing
• 1:07:16
  companies trying to change Bitcoin software in a way some
• 1:07:19
  users dislike to adapt to their business model is useful and not
• 1:07:23
  quote brigading, especially when the information is not otherwise
• 1:07:27
  readily available in the discussion.
• 1:07:29
  Continuing on the same vein, Bob Miguel Rath goes all this drama
• 1:07:33
  about off return is coming from the startup Citrium who are
• 1:07:36
  trying to and put the EVM on Bitcoin, including storing state
• 1:07:38
  on Bitcoin. You know, because Ethereum is
• 1:07:40
  such a wild success. I don't see any reason I don't
• 1:07:44
  see any reason anyone using Bitcoin should support them Co
• 1:07:46
  opting it Now going further again, you know, kind of
• 1:07:49
  breaking this down, Giacomo did a huge reply.
• 1:07:52
  I'm not going to read the whole thing, but he goes, hey Giacomo,
• 1:07:55
  what do you think about this? Of course the the pull pull
• 1:07:58
  request and he goes many things. One, I agree with one team that
• 1:08:01
  Bitcoin is a very spam prone system due to global consensus.
• 1:08:06
  2, I agree with the opposite team that consensus rules to
• 1:08:08
  rule out spam completely are probably unfeasible and that
• 1:08:12
  even manpool filters to do so will never be an ultimate
• 1:08:15
  complete, stable or even elegant solution.
• 1:08:17
  Three, I agree with the former that Manpool filters, even when
• 1:08:20
  when incentive incompatible, have always been the default
• 1:08:23
  Bitcoin Core strategy and proved to be effective and beneficial
• 1:08:26
  in spam mitigation over the years.
• 1:08:28
  Four, I agree with the latter that currently the spam budget
• 1:08:30
  may be so high and the mining concentration so bad to render
• 1:08:34
  the above cat and mouse game increasingly harder and more
• 1:08:36
  expensive. 5 I agree with the former that had changed ship
• 1:08:39
  with the Taproot soft fork inadvertently increase the spam
• 1:08:43
  attack surface a lot, interacting with another change
• 1:08:46
  ship with SegWit to incentivize malicious behavior. 6 I agree
• 1:08:49
  with the latter that if one doesn't believe fixing the bug
• 1:08:51
  is relevant or desirable anymore, then maybe at this
• 1:08:54
  point it's more philosophically consistent elegant to just let
• 1:08:57
  all the incentive incompatible men pull filters go for good.
• 1:09:01
  Seven, I agree with the former that rushing such change as a
• 1:09:04
  default for everybody in Bitcoin core, removing even an opt out
• 1:09:07
  choice for the users, while some long term contributors and many
• 1:09:10
  important power users and builders are against that with a
• 1:09:13
  fake sense of urgency, which is also logically inconsistent.
• 1:09:17
  OK now moving forward again some more takes here so we can kind
• 1:09:20
  of wrap our head around what's going on.
• 1:09:22
  We have not grumbles and he goes.
• 1:09:23
  Removing the off return limit because someone is using
• 1:09:25
  unspendable outputs is an admission that harmful spam
• 1:09:28
  exists and there needs to be a way to mitigate the damage.
• 1:09:31
  There is just a disagreement on how to mitigate mitigate that
• 1:09:34
  damage. Everyone concedes there is
• 1:09:36
  damage being done however, and then our boy Ben the car man
• 1:09:39
  proposes our fork. That stops it then.
• 1:09:41
  Otherwise you're just virtue signaling.
• 1:09:43
  And then this is where the huge controversy happened.
• 1:09:47
  So Jemison lob tweeted. Every so often someone gets
• 1:09:50
  upset their argument in a Bitcoin core pool request failed
• 1:09:53
  to convince contributors so they take their grievance to social
• 1:09:56
  media. Then many non contributors pile
• 1:09:58
  into the pool request under the naive assumption that Core is a
• 1:10:01
  democracy governed by votes. And then Sampson, Mao and Adam
• 1:10:05
  Back respond. And so Sampson goes.
• 1:10:07
  Bitcoin Core is not a democracy governed by votes.
• 1:10:10
  It's supposed to be based on rough consensus.
• 1:10:12
  Anyone can see that there is no consensus on relaxing off return
• 1:10:15
  limits. Pushing ahead on this change is
• 1:10:17
  going down a slippery slope. With Adam Back following.
• 1:10:20
  It'd be more edifying to people on GitHub.
• 1:10:22
  Explain the rationale. The stuff that's spilled over to
• 1:10:25
  Twitter doesn't seem to have an argument for deleting filters.
• 1:10:27
  The argument for not deleting filters have been made.
• 1:10:30
  Presumingly there is one on GitHub somewhere.
• 1:10:33
  TLDR Githubbers question mark and Samsung now follows and
• 1:10:36
  goes. Excuse me?
• 1:10:38
  From what I see their argument is that it's already broken
• 1:10:40
  because people can spam via tap group.
• 1:10:42
  So we should normalize spam and OP return.
• 1:10:45
  Now this is where Samsung dropped.
• 1:10:47
  Like a really big tweet here and kind of followed what Mechanic
• 1:10:53
  was saying in the beginning and he goes the rhetoric that you
• 1:10:55
  must be a core debt for your opinion.
• 1:10:57
  The matter is not conducted for good faith discussions to reach
• 1:11:00
  consensus. However, there are many things
• 1:11:02
  you can do to mitigate this. If Bitcoin core debts are going
• 1:11:05
  rogue, as Matt Crater says, there's actually a lot you can
• 1:11:08
  do. You can punish and defund
• 1:11:09
  developers that act in bad faith.
• 1:11:11
  You run a node and your economic power behind the Bitcoin
• 1:11:14
  network. Could you, could you, let's
• 1:11:16
  focus on that one guys, right, Because we've asked you we've,
• 1:11:20
  we've done, we've done many polls on simply Bitcoin.
• 1:11:23
  We asked you guys if you guys take self custody, majority of
• 1:11:26
  you guys say yes, 80%. And then we asked you guys if
• 1:11:30
  you guys run a node, only 30% of you guys do you don't have a
• 1:11:36
  vote on this. If you don't run a node, your
• 1:11:40
  note you when you're running it. Node is just basically a very
• 1:11:43
  fancy way of saying you're running your own version of a
• 1:11:46
  bit of the Bitcoin software on a computer.
• 1:11:48
  That's essentially what it means, right?
• 1:11:51
  But you get to choose which version of the Bitcoin software
• 1:11:54
  you want to run, and that gives you a vote.
• 1:11:57
  Essentially. If you don't run a node, you're
• 1:12:00
  essentially relying on someone else's Bitcoin software or
• 1:12:03
  someone else's node, and they get to decide which version of
• 1:12:07
  the Bitcoin software they want to run.
• 1:12:09
  So it's better for Bitcoin the more people run nodes because
• 1:12:14
  that's more people picking and choosing which versions of the
• 1:12:17
  Bitcoin software they want to run.
• 1:12:21
  So yes, run a node. There's in the video
• 1:12:25
  description, the podcast description, there's a, a promo
• 1:12:29
  code for start 9. If you don't want to build 1,
• 1:12:32
  you will just want to buy one that's plug and play completely
• 1:12:34
  open source run a node so that you have a vote, right?
• 1:12:38
  Opti's running a node. I'm running a node.
• 1:12:40
  Opti and I are not, you know, tech guys, we're media people
• 1:12:45
  and it it's so easy. Literally start 9 makes it so
• 1:12:48
  easy. So anyways.
• 1:12:50
  Yeah, yeah. OK.
• 1:12:52
  So, yeah, like you said, run a node, or rather if you already
• 1:12:55
  run a node, as a lot of people are saying on Twitter, maybe the
• 1:12:59
  fix is you run Bitcoin knots instead of Bitcoin core.
• 1:13:02
  And then of course, you know, stop funding some organizations,
• 1:13:05
  reach out to the the ETF providers, talk about this at
• 1:13:10
  your conference. Of course, talk about this on
• 1:13:12
  your podcast, as we're doing. There's a lot that we can do.
• 1:13:15
  Now. Here's the last couple tweets
• 1:13:17
  here to kind of I think sum up this conversation.
• 1:13:20
  We have shinobi going. The blockchain grows at the same
• 1:13:22
  rate if blocks are full, regardless of what they're full
• 1:13:25
  of. And Mr. Hoddle responds and
• 1:13:27
  goes, but one use case might outstrip another use case.
• 1:13:30
  And from the looks of things, there will be no sharing of the
• 1:13:33
  Utxos anytime soon. And then this is like where we
• 1:13:36
  kind of sum this up and you know, are a little terrible to
• 1:13:39
  Bitcoin core here. So MBK goes core is always in an
• 1:13:42
  impossible position by design. But I think through beyond this
• 1:13:46
  world, some cool heads always found the can't the the Palmer
• 1:13:50
  camel patience, calmer patience to discuss, no matter how
• 1:13:54
  extreme things were. This time it's handling things
• 1:13:56
  with a little less patience. And that's a massive mistake.
• 1:13:59
  And then Giacomo falling up. Someone asked him, sorry to
• 1:14:02
  bother you, Giacomo. Will Bitcoin be dead?
• 1:14:04
  And Giacomo goes, no Bitcoin will survive.
• 1:14:07
  Worst case scenario, the GitHub core repo will follow in disuse
• 1:14:11
  and it will become harder to coordinate soft forks in the
• 1:14:13
  future, leading to earlier layer one consensus rules
• 1:14:16
  ossification. And then of course, that big
• 1:14:18
  take and the last one song. A lot of people are getting
• 1:14:22
  anxious about the latest flare up in core.
• 1:14:23
  But here's the thing, users are sovereign and they get to decide
• 1:14:26
  what their note is running. And I think that's the best way
• 1:14:29
  to sum this up. That's it.
• 1:14:30
  That's it right there. Like if you want to summarize,
• 1:14:34
  first of all, excellent job optics.
• 1:14:36
  That was incredible. But hopefully I no, that was
• 1:14:39
  incredible. You, you laid out exactly what
• 1:14:41
  was happening. Could you could you repeat that
• 1:14:44
  last line by Jimmy Song? Because that's the TLDR out of
• 1:14:48
  all of this. Yeah.
• 1:14:49
  So here I'll pull pull it up last tweet.
• 1:14:52
  A lot of people are getting anxious about the latest flare
• 1:14:56
  up in core. But here's the thing.
• 1:14:58
  Users are sovereign and they get to decide what their node is
• 1:15:01
  running. So this is where the
• 1:15:04
  conversation kind of goes on. First of all, you should and
• 1:15:08
  need to be running a node. If you aren't running a node,
• 1:15:11
  you are literally not participating in Bitcoin.
• 1:15:14
  I repeat, if you are not running a node, you are literally not
• 1:15:18
  participating in Bitcoin. Yes, you may get the Bitcoin
• 1:15:21
  price exposure, but by running the literal software that
• 1:15:25
  Bitcoin is built on, that's how you actually participate in
• 1:15:28
  Bitcoin and not just running 1 and you know, downloading the
• 1:15:32
  initial block download, like connecting it to your wallets
• 1:15:35
  and verifying your transactions. If you do not verify your own
• 1:15:38
  transactions, you don't know if you're actually holding Bitcoin.
• 1:15:41
  That's the main take away here. First of all, if that 70% of you
• 1:15:45
  guys wait, was it 30% running notes or 70% of you guys that
• 1:15:48
  don't run notes, you should figure out how to run a note.
• 1:15:51
  It's really not that complicated.
• 1:15:53
  And if you're willing to pay a little bit like get yourself a
• 1:15:56
  pure, it's super, super easy. It's easy and.
• 1:16:00
  I'll tell you guys about the the start night, right.
• 1:16:03
  So first of all, these guys are awesome.
• 1:16:06
  You don't have have to buy the hardware.
• 1:16:08
  You can literally download the software and put and flash it
• 1:16:13
  onto an old computer. So you don't even need to spend
• 1:16:15
  money that you have an old computer that's laying around or
• 1:16:18
  whatever. You can literally take the start
• 1:16:20
  9 software and you can put it on that old computer and boom,
• 1:16:25
  you're running a note or. You can pad and put start.
• 1:16:29
  OS on it or or you can just buy a plug and play option.
• 1:16:35
  I I love Matt and I love the guys that start 9.
• 1:16:38
  This is why we literally recommend them.
• 1:16:41
  You can just buy a plug and play option.
• 1:16:43
  The server peer is really interesting because it's
• 1:16:45
  completely open source, right? Even like the like the kernel,
• 1:16:50
  like the very like the like when you come with a computer, it
• 1:16:53
  comes with all this like background software that could
• 1:16:56
  potentially be used for surveillance and blah, blah,
• 1:16:58
  blah. They've literally gutted this
• 1:17:00
  device completely to the point that it's only running the start
• 1:17:05
  9 software. Even the Intel software that
• 1:17:08
  comes with the chip. They managed to get that off.
• 1:17:12
  So I really recommend the server pure and then if you want like a
• 1:17:15
  a cheaper version, which also is completely open source, the
• 1:17:19
  server one think about this as like a dedicated computer that
• 1:17:23
  you have at your house that essentially continuously runs
• 1:17:29
  the Bitcoin software. Yeah, like my my.
• 1:17:31
  My server up here is literally sitting right next to my
• 1:17:33
  Internet router. It's just chilling.
• 1:17:35
  It's just chilling and same same situation with me.
• 1:17:38
  It's like I literally have it. And then what's really cool guys
• 1:17:40
  is that if you have Sparrow or electrum or whatever wallet or
• 1:17:43
  blue wallet, you can connect your blue wallet, your Sparrow,
• 1:17:48
  your electrum to your your node. So you don't have to connect to
• 1:17:52
  someone else's node. And then in the process you're
• 1:17:54
  doxing yourself. So I do believe we have a start
• 1:17:57
  9 promo code. By the way, we're not sponsored
• 1:18:00
  by them. I just absolutely love their
• 1:18:01
  product. Just go to start 9, use the
• 1:18:05
  simply promo code. You can buy one pre built if you
• 1:18:08
  don't want to feel like, if you don't feel like you don't want
• 1:18:09
  to spend money, you can just take their software and upload
• 1:18:13
  it to an old computer and boom, you have a node.
• 1:18:15
  If you don't have a node, you don't have a vote in all of
• 1:18:18
  this, right? And that's the most like, that's
• 1:18:20
  the most important take away from all this, right?
• 1:18:23
  And if yeah, keep going. Sorry, I don't mean to cut you
• 1:18:26
  off. I'll I'll just add after.
• 1:18:27
  So like if you want to vote in this kind of Bitcoins had many
• 1:18:32
  civil wars, the block size war was pretty crazy and the people
• 1:18:38
  essentially the TLDR of the block size wars is some of the
• 1:18:41
  most powerful Bitcoin companies tried to increase the size of
• 1:18:46
  the blocks, which in the process would essentially centralized
• 1:18:52
  Bitcoin because it would increase the barrier barrier to
• 1:18:56
  entry. In order for you to run a note.
• 1:18:59
  Let me give you an example of what that means.
• 1:19:01
  So the reason Etherium is so centralized is because of the
• 1:19:05
  resource requirements that it takes to run an Etherium node.
• 1:19:09
  It's like thousands of dollars worth of equipment.
• 1:19:12
  So the vast majority of Etherium nodes are actually run on AWS.
• 1:19:16
  So Amazon Web Services the the the majority of them, right.
• 1:19:21
  What makes Bitcoin different and unique is that there is a
• 1:19:24
  decentralized node network all around the world and the
• 1:19:29
  resource requirements needs to be a low enough.
• 1:19:32
  So it's inexpensive enough for the average everyday person to
• 1:19:37
  run their own version of Bitcoin, right?
• 1:19:40
  So yeah, I mean, this is just another kind of mini Bitcoin
• 1:19:44
  civil war. And if you want to get involved,
• 1:19:47
  make your voice know. I mean, Samson, you know, walk
• 1:19:50
  you through the process. But if you really want to vote
• 1:19:52
  in this whole thing that's going on run a note.
• 1:19:57
  I recommend start 9. Buy yourself a pre pre built
• 1:20:00
  version. Or you can just flash the
• 1:20:03
  software on an old computer. I recommend the pre built
• 1:20:06
  version. It's absolutely bad.
• 1:20:07
  I love it. I've had it for years now when
• 1:20:09
  Matt first announced it. I the the the Futurama meme.
• 1:20:13
  I'm like take my money and I literally have not regretted
• 1:20:17
  that purchase sense. Anyways, Opti, what were you
• 1:20:19
  saying? Yeah, yeah.
• 1:20:20
  And that just a second thing, like the, the real quote UN
• 1:20:23
  quote vote, I guess here would be whether you're, you're going
• 1:20:26
  to run Bitcoin core or Bitcoin knots here.
• 1:20:28
  So, you know, hopefully I, I gave you enough information so
• 1:20:32
  you can kind of make up your mind.
• 1:20:33
  Obviously, I would recommend that you dive a little deeper in
• 1:20:36
  this. I, I, I had so many tweets this
• 1:20:38
  morning and the last couple of days to kind of, you know, put
• 1:20:42
  up on the show, but I just kind of had to parse the, you know,
• 1:20:45
  kind of simplify it for you guys.
• 1:20:47
  You know, on the one hand, I am a monetary maxi.
• 1:20:50
  I, I, I want, you know, pure monetary transactions.
• 1:20:54
  I will be looking into, you know, running Bitcoin Knox on my
• 1:20:58
  start 9. There's some things I have to
• 1:21:00
  consider as well. You know, I think one of the
• 1:21:04
  other takeaways here is like it's making it, it's, it's being
• 1:21:07
  projected as if it's like this very urgent thing.
• 1:21:10
  And I think as we've always see in Bitcoin, we always fight
• 1:21:14
  about stuff and I think that's very healthy.
• 1:21:16
  But I think the, the, you know, the controversy we've seen on
• 1:21:20
  Twitter, it might have been a little blown out of proportion
• 1:21:23
  here, but hey, I tried to cover it as best as you can and you
• 1:21:27
  guys have been wanting this. So hopefully we did a good job
• 1:21:29
  for you guys. Again, above my pay grade here.
• 1:21:32
  I'm, I'm, I just plugged my note and verify my transactions.
• 1:21:37
  I'm not a core dev. I tried to, to learn to be a
• 1:21:39
  developer. It's not, it's not in my
• 1:21:41
  wheelhouse here. So I, you know, someone said I
• 1:21:44
  tried to explain it with crayons for you guys.
• 1:21:46
  And hopefully that made sense and you guys have a better idea
• 1:21:49
  of what's going on. Yeah, absolutely, 100%.
• 1:21:53
  Anyways, guys, before we wrap up today's show, I do want to give
• 1:21:58
  an incredibly special shout out of course to our conference
• 1:22:03
  sponsor. And I am talking about the
• 1:22:06
  Bitcoin conference. It's going to be the largest
• 1:22:09
  Bitcoin conference of the year. It's going to be in Las Vegas,
• 1:22:13
  NV at the Venetian Hotel simply been we'll have a booth.
• 1:22:18
  We will be we will be making content from the conference
• 1:22:21
  floor. Guys, I hope we don't miss you
• 1:22:24
  at this Bitcoin celebration. It's May 27th through the 29th
• 1:22:30
  of 2025. So it's coming up this month in
• 1:22:33
  27 days at the Venetian Hotel in Las Vegas, NV Again, Bitcoin
• 1:22:39
  2025, the world's largest Bitcoin event in brace to game
• 1:22:45
  theory, Get your tickets quickly before the prices increase scan
• 1:22:50
  the QR code check the link in the video description use promo
• 1:22:54
  code simply again promo code simply to get 10% off your
• 1:23:00
  tickets to Bitcoin 2025. We hope to see all of you guys
• 1:23:05
  there. Anyways guys love you all.
• 1:23:07
  Appreciate you all vote. Vote in the poll real quick.
• 1:23:10
  Vote in the poll real quick while we end the show.
• 1:23:11
  Korver's nuts wrap up Nico. Yeah, let's do it.
• 1:23:15
  That's a great, that's a great poll.
• 1:23:16
  I mean, right now it's 505027 votes.
• 1:23:19
  We'll, we'll keep it rolling. 28 votes, 5050.
• 1:23:24
  It's at 5050 right now, 5050. 28 it's not statistically
• 1:23:29
  significant. Everyone vote right now.
• 1:23:31
  Give us 20 seconds. Vote right now, hit the YouTube
• 1:23:34
  chat and vote so we can have a little bit of voters here. 30
• 1:23:37
  Not just not just rising. I'm going to end it right there
• 1:23:44
  all right, so Knotts, it wasn't enough.
• 1:23:47
  It wasn't enough votes, but 52% voted for knotts.
• 1:23:51
  But this is the beauty of Bitcoin.
• 1:23:52
  You have the choice to run what version you want to run if you
• 1:23:56
  run a note, which is why we recommend it anyways guys, we
• 1:23:59
  love you all. We appreciate you all smash the
• 1:24:02
  like button consider subscribing.
• 1:24:03
  I'm your host Nico. It's my legendary Co host
• 1:24:05
  Optimus fields. We are simply Bitcoin and Opti
• 1:24:08
  will be back tomorrow. I'm going to be doing a very
• 1:24:11
  special interview tomorrow, but Opti will be in the host seat
• 1:24:14
  tomorrow with Luke Mikic. It's going to be a great Friday
• 1:24:18
  show and I'll see you guys back on Monday.
• 1:24:20
  Peace out everybody. Love you all, take care.
• 1:24:23
  Today's episode was brought to you by bitcoinwell.com, a
• 1:24:27
  Bitcoin only platform on a mission to enable financial
• 1:24:30
  independence.