Latest / Simply Bitcoin / Major US Bank Admits We Are Still Early to Bitcoin | EP 517

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Major US Bank Admits We Are Still Early to Bitcoin | EP 517 · Simply Bitcoin

0:04
Welcome back everyone. We're simply Bitcoin.
0:06
We break down the news. The daily fail mean review.
0:09
Software releases Hardware releases and the plebiscites
0:13
joining us today friend of Simply Bitcoin fellow Bitcoin
0:18
ER, and the Bitcoin propagandist at Treasure.
0:22
I'm talking about SAS Joseph, my dude, thank you very much for
0:25
joining us. Hey guys, nice to be here.
0:28
Very cool, right. You know what?
0:30
R going, we're diving into the numbers, let's do it.
0:32
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Today at the time of this recording, the block height is
0:55
740 2577. The Bitcoin price 20,000 I've
1:00
chained rewrite day 783. Total public, lightning
1:04
capacity, 3940 dot 87, Moscow, time 4825 blocks of the having
1:11
97,000 423 and the samurai Whirlpool unspent capacity,
1:16
Samurai Whirlpool is a coin or collaborative spend.
1:19
It is not a mixing service and the unspent capacity for that
1:23
pool is 4750. 9.80 9pt, see Nico, we had Some turbulence
1:30
this morning in the numbers but they are somehow still
1:33
completely steady. Don't know what that means.
1:37
Yeah. Bitcoin is a new stable coin at
1:39
20K. Whoo.
1:40
Last time I was saying that I totally jinxes anyways, before
1:45
we get SATs, Joseph's, his thoughts, let's check this out.
1:49
This was a report that came out from Wells, Fargo Wells, Fargo
1:54
in investment Institute and it's very freaking bullish.
2:00
Let's check it out, shall we? So it gets into Bitcoin price
2:04
history that it goes into we understand the too late to
2:07
invest argument but we do not subscribe to it.
2:10
That's right. Wells Fargo is telling you
2:12
you're not early to bitcoin. I mean you're not late to
2:15
bitcoin your early keeps on going why we believe it is early
2:21
but not too early. So you're not too early but
2:24
you're still early. Let's keep going down that the
2:28
chart technology as Es curve and it, you know, it puts everything
2:33
together, right? It has electricity back in the
2:36
early 1900's, right? And you see that the adoption is
2:41
parabolic specially, when it's a technology, that changes.
2:44
Everything you have the cell phone, you have the internet,
2:48
you have electricity electricity was actually pretty slow radio,
2:52
right? So these technologies that
2:54
absolutely change the world, you see most of them have gone
2:58
parabolic specially and As you approach the more modern era,
3:02
right? The more the parabola, you know,
3:05
defines itself. Anyways, let's keep going down
3:08
internet usage, history versus crypto uses users, right?
3:14
Check this out internet users. As you can see, we haven't even
3:18
hit the ramp up yet, right? It's making these comparisons,
3:22
but the part, this is also really cool Market size of
3:26
Select assets and trillions. These Bitcoin and shit coin.
3:31
It's a to largest market cap company in the S&P 500.
3:36
It's a three gold is 11.5. If Bitcoin just reaches the
3:40
market cap of gold, that's a five hundred thousand dollar
3:42
Bitcoin from here, stocks are 119 and bonds are at 123, and my
3:48
opinion. I think Bitcoin is superior to
3:50
bonds. But bonds are the, it's the,
3:53
it's the, it's the, it's the pillar of the financial system
3:57
and it's a shitty pillar. Anyways, moving on to this part
4:03
and I want to read the summary and then I'll get you guys a
4:05
thoughts for today's investors. Trying to figure out if we are
4:09
early or late to cryptocurrency. Investing looking at technology
4:13
investing in the mid to late 1990s.
4:15
Seems reasonable. At that time, the internet hit a
4:18
hyper adoption phase and never looked back, cryptocurrencies
4:22
appear to be at a similar stage today.
4:24
Cryptocurrency investment options today.
4:27
However, are still maturing and we advise Agents.
4:30
See that part. I disagree.
4:32
I think they're looking at shit coins are looking at Bitcoins.
4:36
I think Bitcoin is this mature baby.
4:39
It's already the legal tender of three countries Central African
4:42
Republic El, Salvador and Panama, I know Panama it's not
4:46
legal tender but to be honest I like the Panama law better than
4:50
it being legal tender for. Now we suggest a consideration
4:53
of only professionally. Managed private placements.
4:57
We do not recommend it. No it doesn't.
4:59
To be managed, you just got to buy Bitcoin.
5:02
And forget we do not recommend any of the other current
5:06
investment options, such as mutual funds ETFs, grantor
5:10
trust, and individual curto currency speculation.
5:14
Now here's the thing, they're trying to remain relevant,
5:17
they're trying to remain relevant, you need us to manage
5:21
your money, right? Know if Bitcoin, it's simple,
5:24
you buy Bitcoin, you take it into self.
5:26
Custody you forgot about it. We are hopeful that Later
5:30
regulatory Clarity and 2022, brings higher quality investment
5:34
options. Now the last part is a bit of a
5:37
sync signal because this is what Michael sailor has been echoing
5:42
as well, right? Is that more regulatory Clarity
5:45
will give other companies, other public companies confidence to
5:50
use Bitcoin as an alternative to Fiat money, right?
5:54
And sailor is absolutely spot-on and Fiat money. 2% inflation,
5:59
the goal 2 percent inflation. Isn't that bad?
6:02
Right? If you're holding 10,000 bucks,
6:05
right? But if you're holding hundreds
6:07
of millions of dollars in cash, like, for example, Apple that 2%
6:12
he's brutal, right? So something like Bitcoin that.
6:15
Yeah. Perhaps in the short term, the
6:17
volatility on a yearly basis sucks.
6:20
But we know that if you zoom out and also due to the having right
6:25
Bitcoin is literally programmed, To go up in value, right?
6:29
So in my opinion it's actually Superior to Fiat specially if
6:32
you zoom out, right. But the part that I find,
6:35
absolutely hilarious is like don't individually speculate on
6:39
these assets. Let us the money managers do.
6:43
And here's the thing in the traditional Financial system and
6:46
the traditional Fiat world where everyone's trying to chase yield
6:49
and stuff. Yeah, you could totally make an
6:53
argument that you need a full-time person, you know,
6:56
Investing For You. You but it Bitcoins very easy,
6:59
you buy it, you take Bitcoin into cold storage and you forget
7:03
and this goes to something that I forget whether he we've
7:07
brought it up many times on the show, Parker Lewis wrote an
7:10
article, it was actually Matt with the article, the, the
7:13
episode that mad Odell came, right.
7:15
Something called did D financialization, because
7:18
essentially, the reason that the financial companies are so big,
7:23
right? Is that because of inflation,
7:25
right? Let's say you make a lot of
7:26
money. Let's say you're Dentist, and
7:28
you make a lot of money, right? You are literally forced to
7:32
become a part-time investor just to maintain value, right?
7:37
Whereas in Bitcoin you could buy it.
7:39
You could forget and you could focus on being the best dentist
7:43
that you ever could. But now you're really stuck
7:47
between being a part-time investor or Outsourcing that
7:50
responsibility to companies like Wells, Fargo, right?
7:53
So wolf Bitcoin really does change anything.
7:56
I'm going to pass it on to say That's Joseph.
7:58
Joseph what are your thoughts on this?
8:00
This was very bullish. I know that they had another
8:03
intention with that which is like this is the beginning you
8:06
need us but the way that I'm seeing it right?
8:09
Just put the noise aside is dude I think that their analysis on
8:13
the fact that we are still early to bitcoin is really spot on.
8:19
Yeah, so I've seen I've been quite surprised with the quality
8:23
of the analysis from like the big banking houses and the past.
8:27
Three years. So this is from Wells, Fargo, I
8:30
haven't read it, but it looks as you say, it was bullish, it
8:33
looks great, and they definitely know like what's going on,
8:37
what's Happening? They have some really skilled
8:39
analysis in that in there. And I've seen similar, for
8:42
example, from Citibank GPS and the study is called Bitcoin at
8:47
the Tipping Point very well written study.
8:51
Its it has like 100 pages and also Fidelity recently and that
8:57
was called Bitcoin first and in that study, the Fidelity
9:02
analysis. Basically describe it going as a
9:04
monetary good and have a beautiful comparison of Bitcoin
9:08
gold and Fiat. So they understand what's going
9:12
on. But as this piece of art behind
9:14
me says, do you still Trust Banks get smart saving Bitcoin?
9:19
You don't have to press these custard hands.
9:22
They are trying to establish themselves as they are trying to
9:27
position. From themselves in this new
9:30
paradigm where Bitcoin is taking over, they are talking our
9:35
language language. They are saying it's a monetary
9:38
good and it's it has this S curve and stuff like that, but
9:43
you don't have to trust them and we have seen both Celsius with
9:46
block fi what's happening. What will happen if you trust
9:50
these huge custody ins, it doesn't matter if they are like
9:54
Kryptonite, a flex Celsius or some old.
9:57
Dinosaur houses because they are going to leverage your coins.
10:02
They are going to leverage your deposit and they are right.
10:05
They will try to chase that yield to skim something of the
10:09
top and give you like a half a percent yield.
10:12
So just turn to it, just be your own bank, hold your coins, in
10:17
the treasure in your wallet, any kind of void and you'll be much
10:21
safer muted, my turn. Okay, okay so like the the
10:27
Thanks, right. The banks have an existing tool
10:30
set and they need to create this narrative.
10:33
That this tool set is not only relevant but required going
10:39
forward. So, rather than seat because the
10:42
not the other piece to this is that banks have never actually
10:44
had to create any real value, right?
10:47
Like when you go in for a loan it doesn't make a difference.
10:49
How much Bank the money has poof they create depth for you out of
10:53
nowhere. It makes no difference.
10:55
Yeah, sure. Will lend you that money.
10:56
So imagine In always being able to create a source of income out
11:01
of nowhere and now all of a sudden in a Bitcoin space you
11:05
can no longer do that. So it's it's kind of like this
11:09
mental hurdle that they as a I guess as an industry that they
11:13
can't seem to get around. So rather than using resources
11:16
to create value in a new space, they're going to just simply try
11:20
to shoehorn the new industry into their model.
11:24
And there's a really even though I don't like gloating this Until
11:27
lab. There's a great book that he
11:29
wrote that was called the bed of procrastinate.
11:31
He's right? And the bed of procrastinators
11:33
is exactly this, right? When you when essentially what
11:37
would happen is is that when progressed he's had a guest come
11:42
over. Okay.
11:43
What would happen is that he would, if the guest was too
11:47
small for the bed, he would stretch the guest out to fill
11:49
the bed, right? And if the guest was too tall
11:52
for the bed, he would cut off the limbs till he fit in.
11:55
So always shoehorning Yeah, but that's the thing.
11:59
This is what's going to be interesting, right?
12:01
The bank's because there are banks that are going to win in
12:05
this and the banks that are going to win are the ones that
12:08
figure out how to create services and products for the
12:12
Bitcoin space that do offer value and that bitcoiners and
12:18
that bitcoiners actually see as something that they need or that
12:22
they enjoy using with, which they are willing to separate
12:26
themselves from their site. So Wells, Fargo, good step in
12:31
the right direction but you tried a little too hard with
12:36
the. You need us narrative.
12:38
I 100% agree and you hit the nail on the head feel, right?
12:42
They have to reinvent themselves, the whole
12:45
rent-seeking model it's done and dusted.
12:49
Now, what you always say, I'm going to steal this from you
12:51
feel. They're actually going to have
12:53
to find a way to provide real value.
12:56
But anyways, Phil, it's Time for the Daily News.
12:59
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The big news is Big story today. Now we're going to get to the
13:29
Daily fail. Anyways, check this out, ecv,
13:32
Chief Lagarde crypto and defy could pose real risks to
13:37
financial stability. Remember what I always say about
13:39
Central bankers and projection? Now, here's the thing, I want to
13:44
make the case, why, what? They're really there.
13:48
It's twofold, right? Obviously Their Fear for their
13:52
jobs, right? Because Bitcoin is a threat to
13:55
that. But what I would like to make
13:56
the argument today Is that what they really care about is the
13:59
care about losing control? And what that control gives them
14:04
what ability, that gives the central Bankers in the
14:07
politicians enable for them to control their populations,
14:11
right? And I'm going to give you an
14:12
example of what that is, right? So ECB Chief Lagarde Krypton,
14:17
defy could pose real risks to financial stability.
14:19
It's always Financial, it's just generic term.
14:23
What is financial stability? Does it mean her financial
14:25
stability? Does it mean the financial
14:27
stability? The of the central bank, right?
14:29
We believe we are in, as we are embarking on the on this work,
14:33
concerning crypto assets, and the risk that they pose the
14:37
crypto assets and decentralized finance really should be called
14:40
C Phi. At this point, have the
14:42
potential to pose real risks to financial stability.
14:45
It's always these generic statements that they don't get
14:47
into the details. Why why did why is that, right?
14:51
The ECB Chief noted that she's encouraged by the progress of
14:54
em? I see a which we have covered
14:56
many times on the show. So however, she added that to
14:58
her understanding, it will not be implemented until 2024, which
15:03
she stressed is a long way. Now, here's a signal guys, fully
15:07
cover fully covered decentralised finance and
15:10
regulated kryptos taking and lending activity.
15:13
She said that's what the em. I see a covers.
15:16
Remember what I always told you guys that something that isn't
15:19
sufficiently decentralized will be inevitably captured by a
15:24
government. The ECB boss hears, the signal,
15:27
That the current em. I see a bill does not cover
15:31
Bitcoin but she hopes it will be covered and em.
15:35
I see a to how do you cover Bitcoin?
15:37
We know that Bitcoin can't be descent regulated because it's
15:41
decentralized and because it's on proof of work, that's why
15:43
they want to ban proof of work, by the way.
15:46
So what is this? You mean regulating the on and
15:49
off ramps? Because that's really what they
15:51
can do. Now, check out this article by
15:54
Forbes, it looks like the Chinese Communist Party agrees
15:59
with Christine Lagarde. Check this out.
16:02
Here's a headline heading to zero China issues shock bitcoin
16:06
price warning amid. Huge trilli, two trillion dollar
16:10
crypto crash. A Chinese Communist Party
16:13
newspaper. Has warned investors should be
16:15
prepared for the Bitcoin price to hit zero.
16:18
Bitcoin is nothing more than a string of digital codes and it's
16:22
returns mainly come from buying low and selling High, the
16:25
economic daily. Wrote.
16:27
It was reported by the South China.
16:29
China Morning Post in the future once investors confidence
16:32
collapses are when Sovereign countries declare Bitcoin
16:35
illegal there's the signal when Sovereign countries declare
16:39
Bitcoin illegal it will return to its original value which is
16:42
utterly worthless. Now, this is something that
16:44
Christine Lagarde and the Chinese Communist Party.
16:47
Have to understand there's an army of US debt would rather go
16:53
down with the ship 20, then go back to the Fiat slavery system,
17:00
that's not going to happen. And we end by the day, this Army
17:04
keeps getting bigger, remember what we covered yesterday on the
17:06
number segment. The number of addresses with
17:09
point zero, one point one and one Bitcoin continues to go.
17:13
Parabolic people are stacking the dip Last year he
17:18
comprehensive Crackdown on bitcoin and cryptocurrencies, a
17:20
China sent the Bitcoin price into Free Fall after the CCP
17:24
ordered all Bitcoin miners who use powerful computers to secure
17:27
the Bitcoin Network in Valley, transactions in return for fresh
17:30
Bitcoins to shut down. Remember what happened when that
17:33
happened, right? The hash rate decentralized and
17:36
the hash rate return to all-time high in six months because of
17:41
the profit incentive alone. So it looks like their theory of
17:46
depending on sovereign. Countries to ban this because
17:48
that's, that's what Christine Lagarde.
17:50
Is hoping for as well at the end of the day, she might not say it
17:53
outright, but this is how central banks and Banks Stamp
17:57
Out Financial Innovation, they use the heavy hand of government
18:01
to regulate it into Oblivion. You want to know why PayPal is
18:05
such a shitty experience? It's because they regulated it
18:09
to Eternity. That's why, but they can't do
18:12
that with Bitcoin anyways, in September China's, Central Bank,
18:16
declared all Bitcoin and crypto currency.
18:18
Transactions, illegal promising to take action against anyone,
18:21
facilitating crypto transactions and warning off.
18:24
Show off shore, exchanges away from China now.
18:28
It's funny because this is such a, you know, strong statement,
18:31
all we could ban it, we can make it go to way.
18:33
It's estimated that 10% of the hash rate is still located in a
18:36
China. So the profit incentive is
18:39
greater than the coercion something that I always say on
18:41
this show. Now why is Christine Lagarde so
18:44
obsessed with regulating Bitcoin?
18:47
Why is the Chinese Communist party?
18:49
So obsessed with regulating this thing.
18:51
Here's why. Because people on a Bitcoin
18:54
standard cannot be controlled, that's why?
18:59
Christine lagarde's case. You can't inflate people away
19:02
under a Bitcoin standard. It sucks for the central
19:05
planners. Anyways, Chinese calm Chinese
19:08
officials. Use the pandemic health code
19:10
system to stop a bank run. They turned all the would be
19:15
withdrawals codes, read before they can get to the bank.
19:19
Effectively unperson them. If you want to know why.
19:26
They ban Bitcoin. This is why if you want to know
19:30
why Christine Lagarde and the Chinese Communist Party are
19:34
mirroring the same thing. We have to regulate it.
19:36
We have to get rid of it as dangerous as dangerous to the
19:39
financial system. This is the financial system.
19:41
They Envision US Financial system of Central Bank, digital
19:45
currencies. This is the future they want for
19:49
you. And this is a central planners
19:50
wet dream. Oh, you went to a protest that
19:54
you don't like your QR code just turned red.
19:58
I'm sorry about that. This is exactly what we saw in
20:01
China. So Christine Lagarde Chinese
20:04
Communist party, go pound sand. The honey badger doesn't care,
20:10
our incentives are much better than yours.
20:13
You could use coercion as much as you want, but time isn't on
20:18
your side because number technology number, go up
20:20
technology is on the side of Freedom sucks for you guys.
20:25
Anyways, Joseph, what are your thoughts?
20:29
Well, you're on fire Niko. It's hard to follow up on that
20:34
but they say I've got the T-shirt actually, Honey, Badger
20:36
doesn't care. You don't care about what they
20:40
think they can regulate it can control because it's simply not
20:44
the case between cannot be regulated.
20:46
And I'm talking a lot recently to people from poor developing
20:52
countries that are not part of the privilege club countries
20:55
like Zimbabwe, South Africa, Cuba, Venezuela, Argentina, And
21:01
Bitcoin in those countries is absolutely Unstoppable because
21:05
there are no device exchanges, no, single points of failure,
21:09
everything is purely peer-to-peer and these people
21:13
actually get it from the get-go. If they are introduced to
21:16
bitcoin, they understand it straight away straight away
21:20
because they know their money sucks, it has sucked for a long
21:23
time. If you've read, for example,
21:27
Alex guts, teens article, On the CFA system in Africa, the
21:31
colonial Frank system, South Central African Republic is
21:36
actually one of the countries that made Bitcoin the legal
21:38
tender and they are part of the CFA system and it's obvious for
21:42
them. And there is no way to stop it.
21:45
Stop it because it's all peer-to-peer.
21:48
So, this is 11 point where we could actually learn like, we
21:55
westerners Europeans Americans where we could actually learn.
21:59
On the unprivileged to make Bitcoin more peer-to-peer in our
22:04
communities, we have a duty to stack without kyc straight into
22:09
our wallets and just Bond, like, with Farmers with local
22:15
merchants and stuff, and don't drive them to the centralized
22:19
exchanges. But to do stuff, like basic or
22:21
what we are actually building in Satoshi laps is like a
22:25
peer-to-peer Bitcoin on kyc All right, cut platform that we are
22:32
going to roll out probably by the fall and we need to cite
22:37
these because if people like Lagarde or people from the
22:41
European commission, decides to ban 24 for work or Bitcoin, they
22:48
have quite an easy job in front of them because they can ban
22:52
people from, for example, withdrawing from the exchanges
22:56
and most of these users will be alone.
22:59
That's why that's a problem. So we need to build these
23:05
parallel systems where Bitcoin is used as it should be
23:09
absolutely. And I think you really hit the
23:12
nail on the head with the centralizing everything and that
23:16
means the on and off ramps, right?
23:19
I actually have a pin to eat on my profile taking Bitcoin into
23:22
Cold Storage as a revolutionary act.
23:24
If enough people do it, we win, right?
23:26
Because it creates a Bitcoin circular economy.
23:29
All right. They could only really control
23:32
the on and off ramps. Right.
23:33
That's the only thing they can control.
23:36
They can't regulate Bitcoin. That's why they want to kill
23:38
roof proof of work. That's why you hear.
23:40
Christine Lagarde in the Chinese Communist Party said it's going
23:43
to 0. I promise it's to stay away from
23:46
that. If you look at the actual facts
23:48
and the data Bitcoins never been healthier.
23:50
Even with this price correction Bitcoin, today has never been
23:53
more decentralized has never been healthier than it is at
23:56
this moment, right? So yeah, they can.
23:59
Continue to pound sand, take self, custody because if you
24:02
don't take self custody, you are in danger of people from
24:07
Christine like Christine Lagarde and the Chinese Communist party,
24:10
right? Because that's really what they
24:12
can only capture. They could capture the
24:14
businesses that are prone to judicial regulation but they
24:19
can't capture the individual and individuals transacting with
24:23
each other and platforms like bisque.
24:25
And I'm really curious to hear more about what you guys are
24:29
working on a Satoshi Labs, right?
24:31
They facilitate peer-to-peer transactions and actually in in
24:35
most countries that don't have developed Financial where ails,
24:39
the majority of Bitcoin trading happens, peer-to-peer?
24:43
It's telegram chats. It's WhatsApp chats, right.
24:47
And that's how people trade they don't trade over these
24:51
exchanges. That we have the privilege to
24:53
use in the west, but just because it's a privilege.
24:56
It's also a weak spot, right? Because It can be captured by
25:00
governments and I think it's just a matter of time.
25:02
Anyways. Phil why don't you try Min
25:04
brother? Yeah.
25:05
The Bitcoin going to 0 thing, I think is a really great counter
25:11
indicator and if people remember what happened during the
25:15
mortgage crisis, as Freddie, Mac, and Fannie Mae were going
25:19
down the tube. The investment houses were
25:22
giving them amazing ratings right these, These are great.
25:26
They've got these loans are secured.
25:29
Okay? Now, I know that's not the same
25:30
thing as a country saying that Bitcoin is going to zero, but
25:34
that should tell you the type of the, the type of narrative that
25:41
they need to present in order to continue to Kick the Can down
25:45
the road, okay? So the central Bankers they
25:47
understand, right? Like they, they completely
25:49
understand that their System requires everyone believing in
25:54
having faith and being trustful. But besides that, we all need to
25:59
be fearful fearful that if we don't follow the system, we are
26:03
going to get in trouble, right? Bad.
26:06
Things are gonna happen to us, we just have to do what we're
26:08
told, and it's going to be okay, never forget people were doing
26:11
what they were told before the mortgage crisis.
26:14
Okay, that didn't stop that from happening.
26:17
So this is complete nonsense. People did what they were told
26:20
during The most recent poll endemic didn't change anything.
26:26
It's just very, very strange. So the thing is this, right?
26:29
What we need to remember is a scapegoat is needed, okay?
26:33
Because keep in mind approximately every six to eight
26:36
years, there is a bust of some type, some type of a financial
26:40
bust. We're pretty much coming up on
26:41
that six to eight year time frame.
26:44
We need a scapegoat and what better scapegoat the best
26:47
scapegoat is one that is completely transparent one that
26:50
everyone can look at everything that's scapegoat like Bitcoin.
26:55
So I I think that it's completely hypocritical the
26:57
other piece to this is where is the actual data.
27:01
Like, they always tell you that Bitcoin is going to 0?
27:04
How, how is Bitcoin going to 0? When when is it going to 0 you
27:09
have such intimate Financial knowledge, right?
27:13
These amazing financial instruments, you should be able
27:16
to tell us beyond the shadow of a doubt how it's going to 0,
27:19
right? You should be able to dismantle
27:21
the Bitcoin use case but they can't.
27:23
They cannot so All they have is fun and the last piece to this
27:28
is the hash rate. The hash rate went higher than
27:32
its previous all-time high. We watched it you and I we
27:37
watched it happen after they banned it.
27:40
It got chopped by 50%, then came back to its previous all-time
27:44
high. And then went approximately 15%
27:47
higher than its previous all-time high.
27:50
That's not that, that's not something, that's dying.
27:53
That's telling you right there that the people who understand
27:57
censorship, the people who understand what it's like to
28:00
have the government freeze. Your bank accounts.
28:03
Stop you from transacting. These people understand why
28:07
Bitcoin specifically Bitcoin is very important and don't think
28:12
for a second that people like Christine Lagarde.
28:14
Don't understand why it's important.
28:16
She understands very well why it's important which is all the
28:19
more reason why The rhetoric is intensifying.
28:23
It's getting louder. I mean think about it at this
28:25
before it was it was just the criminals the environment.
28:29
Now they pulled out all the stops, it's just going to 0.
28:32
That's it. It's it's flat-out.
28:34
It's gonna zero. There's nothing that you can do
28:36
to stop it so that that should tell us right there, the most
28:40
perfect counter indicator. Just let's keep our heads down.
28:44
We're going to stack our SATs. We're going to continue to learn
28:46
about Bitcoin. We're going to continue to learn
28:48
about self sovereignty. E and self custody and making
28:52
sure that we keep our Bitcoin off the exchanges.
28:55
Because there's always another shoe that drops for some reason
28:59
when it comes to these services and these platforms where we
29:03
trust them with our Bitcoin. So I like sat Joseph, what you
29:07
said, I did not know, the treasure was working on a
29:11
platform like this. And like Nico said, I'm very
29:13
curious as to, as to what you guys are doing.
29:16
So I'll thank you in advance, will definitely have to bring it
29:20
back. On the show to talk about it.
29:22
When there's more information out, guys, pay attention to the
29:26
signal Wells, Fargo investment arm saying, Bitcoins going to
29:29
the Moon, Hillary Clinton, Donald Trump, the Chinese
29:33
Communist Party Christine Lagarde, Warren Buffett, the
29:37
world economic Forum. All, hey Bitcoin, that's a
29:41
signal right there baby. Anyways, Phil, it's time for the
29:44
daily fail brought to you by Swan, check them out.
29:48
So on bitcoin.com. Mom, that's right.
29:51
Automated Bitcoin savings plans. Instant purchases they've got an
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app coming out. Swan Bitcoin is the best place
30:00
to build your Bitcoin stack. Check them out.
30:02
The link is down below before we dive into our shit coin fail,
30:06
just on the heels of explaining the block fi debacle The Celsius
30:12
debacle from last week, the Babel finance that Nico keeps
30:15
mentioning. Here we go.
30:17
Voyager. Digital digital provides.
30:20
Market update. This is June 27 2022.
30:24
And here we go Voyager digital today, announced that its
30:27
operating subsidiary Voyager, digital LLC has issued a notice
30:32
of default to three arrows, capital for failure, to make the
30:36
required payments on its previously, disclosed alone, a
30:39
15,000, 250 BTC and 350 million. USD, see Voyager intends to
30:48
pursue recovery from three hours.
30:50
Rose Capital and is in discussions with the company's
30:53
advisors as to the legal remedies available.
30:57
Now, I don't think this is the end, I think that we're going to
31:01
see a lot more of this, but moving on, from the Grim unhappy
31:06
stuff that is happening in these Financial Services, which really
31:09
should not have been, okay? Because they were offering
31:11
yield, which they couldn't do hoping that the Bitcoin price
31:15
just goes straight up like a hockey stick.
31:19
You know, I mean, don't get me wrong, I'd love for that to be
31:21
true, but it just doesn't so moving on.
31:24
We're going to go to something a little more lighthearted, but
31:27
still total train wreck total train wreck.
31:31
I thought I had seen it all Nico with that, that whole sex to pay
31:35
or whatever the hell that was. But here we go guys, it's the
31:39
step app. That's right.
31:41
Apparently exercising and your health wasn't enough.
31:45
What if we could put your Fitness Hour Fitness, On the
31:49
blockchain, right? I could see SATs Joseph, he's
31:52
already excited. He's thinking, man.
31:53
How do I get in on this crap? Now, I'm kidding.
31:57
Nobody wants this. Okay, let's dive into it.
31:59
Here we go. Traditional Industries are
32:00
currently facing an ultimatum either embrace the new
32:04
technology or succumb to Old methods.
32:07
So get ready. You think that I'm explaining to
32:09
you? You know this this new pay to
32:13
Fitness or Fitness to pay ecosystem.
32:17
But really what's happening is is we're gonna sell you some
32:20
Sizzle for absolutely no reason and that is exactly what this
32:24
article intends to do, going to fill it up with a whole bunch of
32:27
puffery to make you think this is, this is gonna happen and I
32:31
can't miss out that you gotta love this about how they, how
32:34
they spin articles. Anyways, here we go.
32:36
Corporations will spend nearly 20-billion on blockchain
32:40
Services. By 2024 blockchain has emerged
32:43
as a revolutionary disruptive technology, creating
32:46
opportunities across Finance real estate.
32:49
Attainment, Healthcare and gaming.
32:51
It's also pivotal to web three and is undoubtedly here to stay.
32:56
Boom, we've got the buzzword Bingo.
32:58
We've got web three in there, and the best part is they've got
33:01
a number for you to focus on, right?
33:03
That's that's the best part. 20 billion dollars by 2024.
33:07
If only, we could capture a piece of that market, tell me
33:11
how One of the industries that is undergoing significant
33:15
changes due to blockchains impact is Fitness.
33:19
You're probably wondering really Fitness, the sector was worth
33:24
ninety six point seven billion globally in 2020, immense
33:29
opportunity for projects integrating blockchain and
33:32
fitness. Here we go.
33:34
Enter the step app. It aims to build the first ever
33:39
Fitness Finance metaverse, Fit, fi that's right.
33:44
Virtually working out. Now I'm kidding.
33:46
It's actually really working out but getting paid in shit, coin,
33:49
because that matters fusing Fitness, finance and crypto,
33:53
fit. Fi incentivizes individuals to
33:56
stay fit and live healthily step app.
33:59
For instance, has introduced move to earn or m2e.
34:03
I always, I always loved the acronyms.
34:04
They always make me feel like this is just a little more Tech
34:07
and futuristic. The incentivisation model
34:10
rewards users who achieve Various fitness goals on the
34:14
platform. Step Up runs on Avalanche and
34:18
features. A native token KCAL because you
34:22
couldn't possibly work out without a native token.
34:27
You couldn't pay somebody in Bitcoin or in traditional fiat
34:30
currency. No, no.
34:32
It needs Fitness needs its own money and they are here to solve
34:36
this problem. The KCAL token is based on
34:40
Avalanches Arc, 20 standard. Moreover it's a deflationary
34:45
asset with a maximum supply of five billion.
34:49
Oh wow. So the central issuer is letting
34:52
you know, it's finite and there's only five billion.
34:54
They're never going to make any more of this users can earn KCAL
34:58
by running and in turn can spend them to purchase sneak and FTS.
35:03
They can also stake these n FTS to earn more cake.
35:06
I thought we were exercising Sounds to me like just a bunch
35:10
of shit coining again. Anyways, the team is thus
35:13
expressed its dedication to web three principles.
35:15
There we go. Calling in web 3, the magical
35:18
powers of web three that will instantly bring you into the
35:21
future and decentralization aiming for a genuinely.
35:24
There we go. Be centralized economy.
35:26
This decision. Also, minimizes the risks of
35:29
Wales dominating the Project's future.
35:31
So look, instead of the whales, you only have to deal with the
35:34
central, issuing authority, better so much, better step up
35:38
implements. Their token distribution
35:39
mechanism. Centralized, of course, that's
35:42
how they Implement that, it'll circulate 14% of the tokens who
35:46
will circulate 14% of those tokens in a public sale, 30%
35:50
through Mining and the move to earn model.
35:53
Additionally users can earn 20% of the tokens through staking
35:57
liquidity and in-game incentives.
36:00
So in other words a rug pull to come but it's okay.
36:03
Have no fear of not going to rug because here we go.
36:06
Step step apps team and the advisors are completely doxxed
36:12
while we've never seen anyone that's completely dark.
36:14
Strong pull before Alex Mission ski.
36:17
Anyways, the people behind this Venture are also deeply
36:20
experienced in Fitness. Ah, that means they know about
36:25
money, for sure, that means they know about blockchain step,
36:28
CEOs, kiril volgin, was formerly the CFO and Z re on a trusted
36:34
multi chain wallet for web 3. It's ETO Dimitri Gordy.
36:38
A Chuck is also a Pioneer in defy, so you know, that wrecked
36:43
leaderboard that we show you all the time, with all those with
36:46
all those drunk pulls that, that's the defy world.
36:48
So he's well-versed. He's a Pioneer in that defy
36:51
world that already brings me, the warm and fuzzies, and that's
36:54
what people want when they make an investment, several raised in
36:58
which users can earn in-game rewards.
37:00
They can complete using staking governance tokens with a 2.5.
37:06
Percent fee on the winning pool. There we go.
37:09
Again, the governance tokens. What was that shit coin?
37:12
Oh yeah, I think it was Solana where a million dollars worth of
37:15
the government. Stoke governance tokens were
37:18
able to manage what 270 million dollars.
37:22
Worth of Solana was going to do, think that's what just happened,
37:25
but have no fear about the governance tokens.
37:28
Let's continue on with the use case, winning tournaments
37:31
rewards players with unique Avatar, skins, and a dedicated
37:34
leader board doesn't need to be Money to get started.
37:38
Users must first register themselves and then they receive
37:42
fat tokens and sneak and FTS. That's right.
37:45
Before you start working out, you're getting fat tokens, okay?
37:49
Players must burn the collected fat tokens, very clever and earn
37:53
KCAL tokens to earn while walking.
37:57
So I get a fat token and then I lose weight and get KCAL tokens.
38:03
All right, users who successfully complete quests can
38:05
also earn Learn unique and valuable and FTS.
38:09
That's right. And FTS are once again an
38:12
investment use case. So here we go.
38:15
The project strongly intertwines its social dynamics with
38:17
tokenized learning mechanics focusing on experience based
38:21
consumption to guarantee the token emissions are offset by
38:25
leisurely spending What the fuck was that?
38:30
That, that made actually, no sense to me at all, but I, but I
38:33
had to read it because I thought it was funny.
38:35
It's gonna help people reimagine their fitness goals, moving
38:37
forward working to lay the foundation for a healthier more
38:42
active World. Alright, so here's a crazy.
38:44
Thought this is, this is a crazy thought.
38:46
Number one, this doesn't need to be money.
38:49
Number two, if you want to make a fitness app and you want to
38:52
pay people, you can do that, okay?
38:55
You don't need to make a shit coin that's created out of thin
38:57
air. Where you're creating the
38:59
illusion of providing value to the people that are giving you
39:04
their Fitness data. Because really, that's what's
39:06
happening. They're giving you a shit coin
39:08
that they meant for free and really what they're getting in
39:12
return is Fitness data. So I'm going to propose that
39:15
they are going to attempt to sell this Fitness data and the
39:19
last piece to this is this If you're going to exercise your
39:24
reward should be that you in turn have better health, you
39:30
intern feel more fit. You do not need to get a shit
39:35
coin, okay? You do not need to get rug
39:37
pulled. You don't need to trust these
39:39
people. This move to earn stuff is
39:41
complete garbage. Why would somebody pay you to go
39:45
jogging? They are not paying you to jog
39:48
right now. There is no actual use cases.
39:52
To pay you to do exercise. That is a personal decision that
39:57
you make for yourself. Anyways, sot Joseph.
40:01
I I saw you smiling throughout that.
40:04
And I just are, what are you thinking about this?
40:07
This pay to Fitness. I don't even know what the thigh
40:09
fit, whatever. Yeah, I love that.
40:12
It has everything. It's like 2017 Ico on steroids.
40:18
There's. And if these Bears defies they
40:22
And like they just improved the formula from 2007 PPM but it
40:27
makes absolutely zero sense. As you say, nobody is going to
40:30
pay us for exercising, that's just insane.
40:36
And yeah, if they wanted to pay the users with actual money,
40:41
they would probably integrate lightning Network as we've seen
40:44
with stuff like CBD and projects like that that right to actually
40:50
make something valuable. So yeah, Pope just steal clear
40:55
away of these bullshit apps and like why would I trust these
41:01
guys? They are just creating another
41:03
tokens and their bio has nothing to do with exercise.
41:07
Nothing to do with building successful, exercise apps.
41:12
Yeah. They created some tokens before.
41:16
Why would I cross them? So yeah.
41:19
Just just focus on the signal. There are 20,000 Bitcoins out
41:22
there and there is only one that matters that there, there's
41:26
Bitcoin. Absolutely beautiful.
41:29
I think you said it. Perfectly look, Nico.
41:32
If it had value, they wouldn't be giving it out for free.
41:36
Why, why do none of these apps give out Bitcoin because
41:40
actually worth something? Are you going to fit fine Eco?
41:44
I mean honestly, I just like anything that could become a
41:49
shit coin. What I learned this cycle hat?
41:52
They've managed to make it a shit coin and Phil hasn't missed
41:56
one and it just like how I don't know if they're going to be able
42:00
to keep this up. Like what happens next cycle?
42:03
People aren't going to buy into this BS, right?
42:05
We lived in that, we lived through the icy.
42:07
Oh boom, that went away. Then the nft boom and then just
42:13
create shit coins for absolutely no frickin reason.
42:17
Boom. What's going to happen to an
42:19
expo Market 2024 2025? What?
42:22
Happens then. Well, we also had the liquidity
42:24
pools, right? Which was essentially a very
42:27
clever way of taking everyone else's liquidity away so that
42:31
you can you know have way more of your Bitcoin or whatever it
42:35
is that you were, you know, whatever it was that you were
42:37
stacking because there are plenty of Fiat maximalist out
42:39
there. So again, right, we've come to
42:42
the point where there's nothing left like.
42:45
Now, at this point, they have to trick you so hard.
42:48
It's either it's one of the two either they have to make it so
42:51
complicated. X.
42:52
And so strange that they confuse you into thinking that this is
42:56
worth it or they have to make it.
42:58
So incredibly stupid that unfortunately, only the most
43:02
gullible are going to get stung, right away.
43:05
Yep. So stick to bitcoin, guys.
43:08
Don't get rug pulled by the running up.
43:10
Anyway, so it's time for the daily meme review brought to
43:14
you, by Citadel 21. It's the best.
43:16
Bitcoin cultural scene is stories articles Comics but
43:19
actual bitcoiners is the artwork while you attend.
43:22
This is artwork for volume 11 and this is artwork for volume
43:25
to Volume 2 is almost sold out because there's only 1000
43:28
physical copies made per volume. So get your prints of Citadel 21
43:31
today before they run out. Check this out.
43:33
Sometimes we review images that are memes.
43:36
This is, this is a total clown show.
43:40
Latest status on C, Phi, lenders Celsius, crypto, lender The Firm
43:45
description, relevant, status 11 billion dollars.
43:48
Crypto under custody current status, pause withdrawal.
43:52
Three arrows Capital, three billion dollars under
43:56
management, exposures include investment in.
43:58
Luna have already faced four hundred million dollars in
44:01
liquidations block, fi 15 billion dollars under under
44:05
management act, attained revolving credit line of 250
44:09
million dollars Genesis sold or hedged all liquid collateral on
44:15
hand and losses to be netted against balance sheet nexo debt
44:20
obligations total for point. 96 billion claims no exposure to
44:24
three arrows capital B. Max six million dollars,
44:27
exposure, three arrows, Capital, fin blocks withdrawal.
44:31
Limit of 500 dollars per day up to fifteen hundred dollars per
44:35
month. Babel Finance, three billion
44:38
dollar loan book, suspended withdraws, preliminary
44:41
agreements with counterparties. Oh man, Maple, Finance exposure.
44:45
The it's just like this is the domino effect, right?
44:50
This is what's affecting Compass.
44:51
This is It's all connected. It's all a sea of shit coin
44:55
during all coming down. When the bear Market hits.
44:58
Remember guys I'm going to keep repeating this and bull markets
45:01
to shit Corners look like Geniuses oh my God, it's
45:04
outperforming Bitcoin. Oh man blah blah blah blah blah.
45:08
But when the bear Market inevitably wins Bitcoin is King
45:12
anyways, rope. And by the way, a lot of those
45:14
shit coins will not make it to the previous all-time highs.
45:18
So, don't get caught into this idea of.
45:20
Oh, I could just hold it. No, no.
45:23
Look back look, don't trust. Don't take my word for it.
45:26
Look, back, one coin market cap. And look at the top 10 cryptos
45:30
and you'll see, they always change and only Bitcoin remains
45:33
on top. Anyways, check out this meme by
45:35
rope as piece of art ride the wave and on.
45:38
That's right, survive until the next bull market, especially you
45:42
miners out there. All right, here's Cedric, young
45:45
woman, awesome podcast, by the way, Asshole.
45:48
John other guys are starting their own businesses and you're
45:51
just messing around with some weird Bitcoin thing.
45:54
You seriously think you're smarter than them, we need to
45:56
break up. There's no future staying with
45:58
somebody like you. This text came from 2011 2017.
46:02
Hi John, how are you? Well getting girlfriends.
46:07
Okay, here's Anna normies. Bitcoiners, government's
46:12
bitcoiners. I've heard violation reflected
46:15
on the sunglasses. B LC shit coiners.
46:20
Holding a koi koi bitcoiners, is I'm talking about bitcoiners are
46:23
chilling during these during these times, I can't believe
46:27
this is, I can't believe they actually implemented.
46:30
This is the orb coin that we covered the world's coin
46:33
collecting my world's coin and she's literally looking into a
46:38
like How does she not think about all the dystopian movies
46:43
and nothing like oh man. Okay, collecting her data?
46:46
Yep. Collecting your iris data.
46:49
All right. Why would a fly land on
46:52
something like this? A rat should be ashamed for
46:54
falling in this trap Bears. This is ridiculous.
46:57
Whoa, 40% apy on web 3D fine of teaser.
47:00
So scarce cryptos, amazing haha. It's so true man, right?
47:06
Hopefully a lot of people learn their lessons for that.
47:09
I'm going to give it A special dish in crypto, cloaks grenade.
47:13
It's a blue one. It's a crypto cloaks grenade toy
47:19
special edition blue. Anyways, what about you feel?
47:22
Alright, alright, I am going with.
47:25
Something that Nico keeps teasing me that I'm gonna have
47:28
to wear but I'm avoiding it at all costs.
47:31
It is my Studio headphones. Whoa, I have them but I don't
47:37
like them. One day, one day, it's gonna
47:42
happen. Joseph.
47:44
What would you give those memes? Yeah, I've got something
47:48
special. You know, it was the Father's
47:50
Day. We simply.
47:51
Yeah. So I got this one for my
47:53
daughter. It says for the daddy and is
47:57
there's a Bitcoin logo in a heart and inside there are so I
48:03
can, you know, there's a letter for my daughter saying like I'm
48:09
the best father because I talk about it Go and I'm inflation
48:13
and I bring her stuff from the Bitcoin conference First.
48:17
So she's pretty orange pill by now so this is something
48:20
special. Yeah, bullish, you're bullish,
48:23
you're a great father. She doesn't know.
48:25
She doesn't know that generational wealth that she's
48:28
going to inherit as she'll be. She'll be able to pass on to her
48:31
kids etc, etc. This is the power of Bitcoin.
48:35
Wow, great gift. That was very inspirational made
48:38
me feel warm and fuzzy inside. Anyways guys, we want to know if
48:41
you agree with our scores, you disagree, let us know down in
48:43
the comment section. Make sure to subscribe to us on
48:46
Video platforms like, Rumble.com and our personal favorite
48:48
Bitcoin tv.com and join our telegram group.
48:52
It's a party in there and if you're listening on Twitter
48:55
spaces, make sure to stay to the very end where Optimus fields
49:00
and Jacob are going to be doing a hangout Q&A, it's really cool.
49:04
Anyways, Phil there was an open source software released today.
49:07
One is everybody about it software releases brought to you
49:11
by Cipher safe. Check them out.
49:13
Cipher safe dot IO. I'm not using paper.
49:15
That's Joseph Using paper and I do Niko's not, we are storing
49:19
our seeds in the steel. That's right, store your seed in
49:23
the Cipher wheel or the all new Cipher grid.
49:26
They both come with a tamper-resistant wire and the
49:29
grid comes with a punch tool. All right?
49:31
All you knowed Runners out there if you didn't know already.
49:35
Now, you do my node version 0.12.10 7 was released the link
49:41
to that is down below in the show notes, guys, don't forget
49:45
to check us out. We are on audio, only platforms
49:49
like apple, podcasts Spotify, an anchor.
49:53
If you want to check us out if you sorry if you want to stream
49:55
a SATs check us out on Fountain. Dot f m--, you could stream a
49:58
saps through Breeze. Awesome.
50:00
Thank you, Phil. All right guys, that was our
50:02
show before we go. I want, I give a special
50:05
shout-out to the Legendary Pirate.
50:07
Beachbum, we teamed up with him to bring you guys simply
50:12
Bitcoin, unfiltered. That's right.
50:14
If it's your first bear Market, you Don't know what to do.
50:17
We got you check out Simply Bitcoin, unfiltered, will link
50:21
it down below. Definitely check out our awesome
50:23
clothing sponsor. Represent LTD.com Phil and I
50:27
wear the hoodies every single day.
50:29
Phil's wearing the Bitcoin merge.
50:30
I'm wearing the black camo where it's he's coming out with simply
50:33
Bitcoin merch, and Bitcoin merch.
50:35
It's stylish. It's comfy.
50:37
Check out represent LTD.com. I also want to give a very very
50:42
very special shout-out to our awesome guest.
50:45
The legendary SATs Joe fit Joseph.
50:48
He is the head of propaganda at Treasure and he's a contributor
50:52
to bitcoin magazine. Anyways guys, that was our show.
50:55
If you enjoyed the show you what she's made.
50:57
Of course, want to continue hearing the Bitcoin.
51:00
Use the fails. The memes.
51:03
All of it. Whole nine yards.
51:04
If we consider subscribing to Simply Bitcoin.
51:06
And we'll see you tomorrow guys. For a brand new episode, the
51:09
Central Bank, our train wreck just got even worse at this
51:13
point. Bitcoins just going as 0.