Latest / Simply Bitcoin / China Quietly Supports Hong Kong’s Bitcoin ETF | EP 967

Transcript

China Quietly Supports Hong Kong’s Bitcoin ETF | EP 967 · Simply Bitcoin

• 0:03
  It's. All going to zero against
• 0:05
  Bitcoin. It's.
• 0:07
  Going up forever, you're. Against Bitcoin, you're against
• 0:17
  freedom. Yeah.
• 0:23
  Welcome to another episode of Simply Bitcoin Live.
• 0:25
  We're a number one source for the peaceful Bitcoin revolution,
• 0:27
  incorporating news, culture, matic warfare.
• 0:29
  We will be your guide through the separation of money and
• 0:31
  state. Ladies and gentlemen, welcome to
• 0:33
  Simply Bitcoin, the most watched daily Bitcoin live show on
• 0:36
  YouTube. Rumble, Annex.
• 0:38
  Sit back, relax and enjoy the ride.
• 0:40
  We have a lot to talk about today, specifically coming out
• 0:43
  of China. And I think it was actually
• 0:46
  Arthur Hayes who initially said this, right.
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  The we have the ETFs here in in the US and you know China needs
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  some ETFs as well. But China's in a in a tough spot
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  specifically because you know they they ban Bitcoin mining,
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  they ban the ownership of Bitcoin.
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  But what it seems like they're doing is that they're using the,
• 1:07
  they're using Hong Kong as kind of like this proxy to be able to
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  benefit from number, go up technology, benefit from
• 1:15
  Bitcoin, but at the same time, same time keep the mainland
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  isolated, right, to keep the mainland, you know, still with
• 1:22
  the CBDC, still with total control and then use Hong Kong
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  as you know like kind of benefit from it.
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  It's very interesting what's happening.
• 1:30
  So we'll make the case for you guys today.
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  Make no mistake, these Hong Kong Bitcoin ETFs would not be
• 1:37
  approved unless Beijing gave specific approval.
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  We have evidence for you guys as well to back up that fact from
• 1:44
  Bloomberg. This is actually something we
• 1:46
  covered quite a while ago. This this, this Bloomberg
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  article if my memory serves me correctly correctly is from like
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  mid 2023. So we'll make the case for you
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  guys on that as well. But this is just another example
• 1:58
  of bitcoins incentives. Doing what bitcoins incentives
• 2:01
  do best. Eventually everyone bends the
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  knee including, you know, some of the most tyrannical
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  authoritarian governments in the world like you know, the CCP
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  which is currently in control of of China and Hong Kong and Macau
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  and all that. So yeah, we're going to talk
• 2:16
  about that. We'll make the case for you guys
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  very interesting. Again, Bitcoins, incentives stay
• 2:22
  winning. And the case that we've been
• 2:24
  making you making for you guys for quite a while now I actually
• 2:28
  tweeted it out yesterday is the reason that we believe Bitcoin
• 2:31
  has already won and Bitcoin's going to continue to win is
• 2:34
  because it has a superior incentives full stop everything
• 2:39
  else including specifically government money like Fiat which
• 2:44
  is I think bitcoins chief political chief political as the
• 2:48
  Freudian slip there but I'm going to stick to it chief
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  political and economic opponent. It requires coercion like
• 2:55
  governments have to coerce people into use to, to, to using
• 2:58
  that. You you see that with the
• 3:00
  Elizabeth Warren bill that's currently in in Congress as 20
• 3:05
  senators signed up to it, which would basically be a de facto
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  mining ban in the United States. She used Pierre Rashard's words,
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  not mine. And also she went after self
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  custody. And you see this in the European
• 3:19
  Union as well. You see that with those, you
• 3:21
  know, arbitrary bans like if it's a transaction over €3000
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  somehow, if that's anonymous, you're a criminal.
• 3:30
  Like, it's so absurd, right? So we're gonna unpack all of
• 3:33
  that. We're gonna have a conversation.
• 3:35
  But the reason that you know Bitcoin's gonna win at the end
• 3:38
  of the day is because it doesn't require coercion.
• 3:41
  It just, it's the incentive structure is there.
• 3:44
  People adopt it because they're incentivized to adopt it versus
• 3:50
  Fiat money, you know, legal tender laws, all this stuff.
• 3:53
  Governments are trying to ram it down people's throats.
• 3:56
  Usually when you have to build some type of wall to try to keep
• 4:01
  people using your system, it tends to not work.
• 4:04
  Just history is a great, like, kind of indication of that.
• 4:07
  So I think at the end of the day, incentives are going to
• 4:10
  rule the day, which means that Bitcoin is going to rule the
• 4:13
  day. That's something that's
• 4:14
  incredibly obvious to anyone who's adopted a Bitcoin
• 4:16
  standard. But the rest of the world is
• 4:19
  just waking up to that. But I think over the next couple
• 4:21
  of cycles, I think this cycle even, you know, you're going to
• 4:24
  see another public company follow MicroStrategy, follow
• 4:28
  Tesla's footsteps. I think you're going to see
• 4:30
  another nation state, follow Naim Boukele, follow El
• 4:33
  Salvador's footsteps. I think Bitcoin is inevitable.
• 4:36
  I think Bitcoin has already won. Why?
• 4:38
  Because it has superior incentives.
• 4:41
  Even with the CCP China mining ban, they ban this thing and
• 4:45
  look, they're coming back. It's estimated that between 10
• 4:48
  to 15% of the hash rate is still located in mainland China.
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  There's a tremendous amount of volume still being traded in
• 4:56
  mainland China. So in one of the most
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  totalitarian countries in the world, people will risk going to
• 5:02
  jail just because they want to interact with Bitcoin, right?
• 5:05
  This is a testament of bitcoins incentives and I'll give you
• 5:08
  I'll drop you guys a another example then we'll introduce our
• 5:12
  guest for today. When China banned Bitcoin mining
• 5:15
  within its borders, hash rate dropped 50%.
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  It's part of the reason I don't think we hit 100K last cycle,
• 5:21
  but the hash rate recovered within nine months without any
• 5:25
  CEO or central party telling those miners to be plugged back
• 5:28
  in. It was just people following
• 5:30
  their incentives. So, you know, they they they
• 5:32
  wanted profit, right? That's that's the beauty of the
• 5:34
  Bitcoin network. It's like you could say that
• 5:36
  it's like it's like this, you know, it's it's this autonomous
• 5:41
  network that has captured humanity in a way to ensure its
• 5:45
  survival. Like, it's so interesting, such
• 5:47
  a deep rabbit hole. Anyways.
• 5:49
  Well, we're almost at 300 people already.
• 5:51
  Guys, if you're enjoying the show, make sure to smash that
• 5:53
  like button and consider subscribing if you feel like
• 5:55
  we're providing you value. Anyways, I do want to bring up
• 5:57
  our guests for today. We have Paul and Pat.
• 6:00
  Paul and Pat are with the Kansas City Cattle Company as
• 6:06
  Bitcoiners. We absolutely love steak and
• 6:10
  beef. So it's great to have you guys
• 6:12
  on the show. Paul, how you doing today?
• 6:15
  Great, man. How you guys doing?
• 6:17
  Great, man. Thank you so much for joining
• 6:18
  us. Really, really appreciate it.
• 6:20
  And how you doing, Pat? I'm doing great man.
• 6:22
  Thanks for having me on. It's gonna be a great show.
• 6:24
  Also during the news segment as well before we we talk to our
• 6:28
  guests for a little bit, we have some interesting news.
• 6:32
  It's kind of like a tale of two cities, two different
• 6:34
  approaches. We've told you about the Kingdom
• 6:37
  of Bhutan. It was a Time article that came
• 6:39
  out actually Time magazine article that came out basically
• 6:42
  it uncovered that you know this small country in the Himalayas
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  has been mining Bitcoin like you know, kind of on the, you know,
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  on the on the down low for a while.
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  Why? Because it's a, it's a country
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  that has a tremendous amount of a, a, a a a tremendous amount of
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  excess electrical capacity, right.
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  They have they have huge rivers. They these rivers power the
• 7:04
  country. They tried to export some of the
• 7:07
  electricity, but of course, you know some awesome entrepreneurs,
• 7:10
  the government itself to figure it out like okay, you know some
• 7:13
  we could turn some of that excess power, excess electricity
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  into sweet, sweet Satoshi. I think this is a story that
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  you're going to continue to see all over the world, right.
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  And then Bhutan has decided to, you know take that route of
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  scaling up operations, which means that clearly things are
• 7:30
  going going in the right direction.
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  The Paraguay which is a country that has accumulated a lot of
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  hash rate due again to a lot of the a lot of the natural
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  resources there. I believe, I believe it's, I
• 7:45
  believe it's hydro but in Paraguay they're they're mulling
• 7:49
  over a a temporary Bitcoin man. Right.
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  And we've we've known how this ends up like you know this this
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  happened in China already. Like Bitcoin didn't go away.
• 7:59
  Those miners relocated to Texas, they relocated to Kazakhstan.
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  They're not gonna go back to China, right.
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  Like that's like a that's a one way door right.
• 8:08
  So any government that kind of does this is unfriendly to
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  Bitcoin mining. I think in the long term, I
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  think not only do they hurt their citizens, but I think
• 8:17
  they're gonna regret what they're doing anyways.
• 8:19
  Opti, what's your take on this? I mean, we know guys, everyone
• 8:22
  knows out there that has studied Bitcoin at all, that Bitcoin is
• 8:26
  the real ESG project, even though I hate using that meme.
• 8:30
  And what do we say? You know, anyone that fights
• 8:33
  against Bitcoin is just shooting themselves in the foot metaphor.
• 8:37
  Metaphorically, yeah. So we're still early on YouTube,
• 8:39
  metaphorically. But hey, this just goes to show
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  that Bitcoin incentives are strong.
• 8:44
  And if you are in energy production, if you are close to
• 8:48
  energy production, you need to have a Bitcoin strategy or else
• 8:52
  you are going to have fun staying poor.
• 8:54
  But before we go on, I do want to you know give some context
• 8:58
  here guys about our guests. So Pat and Paul are from the
• 9:02
  Kansas City cattle company. They just went on the Bitcoin
• 9:06
  standard. Pat himself has is is a new
• 9:09
  convert to Bitcoin. So guys, we're going to be
• 9:12
  talking about steaks and Bitcoin.
• 9:13
  You guys know me. That's one of my favorite
• 9:15
  favorite conversations to have. So I think you guys are going to
• 9:18
  really enjoy this 1A. 100% It's going to be a great show.
• 9:21
  I know Bitcoiners absolutely love steak.
• 9:24
  They love beef. So I'm excited, man.
• 9:26
  I'm excited. Lots, lots to talk about today
• 9:29
  and I think we don't know for sure, but we might be able to do
• 9:33
  a Simply Bitcoin live show from the floor of Bit Block.
• 9:36
  Boom. Tomorrow.
• 9:37
  We're going to go today. If we work hard enough later.
• 9:40
  Yeah, we're going to go and try to try intent to or try to.
• 9:44
  We're going to give our best shot at setting up today, see if
• 9:46
  we have it already. If we have it already then we'll
• 9:49
  be streaming live from Bit Block Boom and that should be a should
• 9:53
  be a good show. I'm excited, man.
• 9:54
  Having partying the Bit Block Boom back-to-back.
• 9:56
  Dude, we're working so hard. No, we're on fire.
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  Oh my God, I just burped. Excuse me, We're on fire.
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  All right, everybody, let's jump into the show.
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  store. At the time of recording the
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  Bitcoin price is $69,700 SATS per dollar 1435 block height
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  838,770 blocks to having 1230 having estimate April 19, 2024
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  Total lighting network capacity 4363 Bitcoin capacity Value 304
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  million U.S. dollars. Realize monetary inflation
• 13:35
  Optic, could you put that comment down please?
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  1.73% The market capitalization is 1.37 trillion.
• 13:43
  Bitcoin versus gold market cap is 9.93%.
• 13:47
  In the Graham scheme of things, we're just getting started.
• 13:49
  I heard that every single time Bitcoin reaches 10% of the gold
• 13:55
  market cap, the Peter Schiff sheds a tear.
• 13:58
  It's a rumor though, hasn't been confirmed, but that's what I'm
• 14:01
  hearing anyways. I do want to get to the China
• 14:05
  news right off the rip. And again, this is something
• 14:07
  that we've been covering for quite a long time.
• 14:10
  And it seems like again, Chinese officials are taking advantage
• 14:16
  of how the, how Hong Kong is structured and how, you know,
• 14:21
  the mainland is structured. And it seems like again they're
• 14:24
  kind of using like Hong Kong as like a like a proxy to benefit
• 14:28
  from Bitcoin but and and actually Alex Gladstein wrote an
• 14:31
  incredible article on this. He in basically in in the the
• 14:35
  name of that article is is Bitcoin is basically a freedom
• 14:39
  enabling technology area and one of the things that he says in
• 14:42
  that article is I'm paraphrasing here and hopefully I'm not
• 14:44
  butchering it is that number go up technology and freedom
• 14:47
  enabling technology are inextricably linked.
• 14:49
  You can't disconnect the two. Oh, I remember now.
• 14:53
  It's the name of the article is Bitcoin is a Trojan Horse for
• 14:55
  freedom. Right.
• 14:56
  But it's interesting the lengths to which governments will go to
• 15:01
  to again not to try to benefit from NGU.
• 15:04
  Like they can't resist NGU like this is bitcoins incentives.
• 15:08
  But they just like, OK, we want NGU, but but like the freedom
• 15:11
  stuff like you can just leave that at the door.
• 15:12
  We don't want that. It's just it's just very
• 15:14
  fascinating how that works. Anyways and again this is a
• 15:17
  country that has banned Bitcoin mining more times that I can
• 15:21
  count the the more the the most serious ban that happened that I
• 15:25
  think that they did this on purpose to attack The price to
• 15:27
  be honest, was in in 2021 they banned Bitcoin mining, 50% of
• 15:32
  the hash rate just shut off overnight and you know all the
• 15:38
  trading and all that stuff and you know, you know they couldn't
• 15:42
  resist. It's still estimated 10 to 15%
• 15:44
  of the hash rate's still located in China.
• 15:47
  There's this tremendous amount of trading volume.
• 15:49
  I remember I hit up a friend of mine who lives in mainland
• 15:52
  China. I said, man, like, are you
• 15:53
  worried? And, like, he said it would like
• 15:55
  a, you know, like a thick accent.
• 15:56
  He's like, he's like, and it's so funny like how US bitcoiners
• 16:00
  and Bitcoin cultures just know it's it's propagated around the
• 16:04
  world, this mean culture. And he said Nico, it doesn't
• 16:07
  kill the honey badger, makes it stronger.
• 16:08
  Like could you imagine that bro? Like, you know, a thick accent,
• 16:12
  you know, halfway, like thousands of miles away from me
• 16:14
  and he's like speaking the same lingo like that is super badass.
• 16:18
  Anyways, the name of the article is from Bloomberg.
• 16:21
  It says Hong Kong's crypto ambitions win quiet backing from
• 16:24
  Beijing, right? Very interesting.
• 16:26
  By the way, this article came out February 21st, 2023.
• 16:30
  It goes on to say in in October, Hong Kong ruled out the red
• 16:33
  carpet for crypto businesses to help revitalize the embattled
• 16:37
  financial hub. Signs are now emerging The push
• 16:40
  has has under the radar backing from Beijing, providing impetus
• 16:44
  for the for mainland Chinese firms to return.
• 16:46
  Representatives from China's Liaison Office and other
• 16:49
  officials have been frequent guests at the city's crypto
• 16:52
  gatherings over the past month, swapping business cards and
• 16:55
  WeChat details, said people familiar with the matter who
• 16:59
  asked not to be named discussing private information.
• 17:02
  The encounters have been friendly, with officials
• 17:04
  checking on developments, asking for reports and in some cases
• 17:08
  making follow up calls, the people said.
• 17:10
  Mainland and overseas firms are taking the cue, pushing to
• 17:13
  register their businesses and planning a return to the Chinese
• 17:16
  territory 15 months after Beijing slapped a ban on the
• 17:20
  industry and forced many to set up shop abroad.
• 17:23
  Quote As long as one doesn't violate the bottom line to not
• 17:27
  threaten financial stability in China, Hong Kong is free to
• 17:30
  explore its own pursuit under One Country, Two systems.
• 17:35
  Now that's what they're telling you on paper.
• 17:37
  But you guys remember the Hong Kong protest.
• 17:39
  You guys remember how China cracked down on free speech and
• 17:44
  they, you know, they jailed some political dissidents in Hong
• 17:46
  Kong. So, like, this is what they're
• 17:48
  telling you, right? But I think in reality, I I
• 17:52
  don't think that they'll be OK. I look and it this article says
• 17:56
  it itself, you know, I don't think these Bitcoin ETFs, and
• 17:59
  I'll get to that in a second, would ever be approved if
• 18:02
  Beijing didn't give the thumbs up.
• 18:04
  I think Beijing again is taking advantage of the quote UN quote
• 18:08
  1 country two systems to benefit from NGU technology.
• 18:14
  Here's the recent article that I do want to cover today.
• 18:17
  It came out April 10th. It's on Reuters and it says Hong
• 18:20
  Kong set to approve its first spot Bitcoin ETFs in April.
• 18:25
  It goes on to say spot Bitcoin exchange traded funds could be
• 18:28
  launched in Hong Kong this month, with the first approvals
• 18:31
  likely to be announced next week.
• 18:33
  Two people familiar with the matter said the timeline would
• 18:36
  make Hong Kong's Asia's first city to offer the popular ETFs
• 18:39
  is much faster than the industry expectations of launches
• 18:43
  sometime this year. Regulators have speed up the
• 18:45
  approval process according to one of the people.
• 18:48
  So think about how crazy that is, right?
• 18:52
  So regulators that have to get the approval of mainland China.
• 18:55
  So the CCP, you know, same CCP that bans, you know, ban Bitcoin
• 19:00
  mining, same CCP that's rolling out these crazy central bank
• 19:04
  digital currencies with expiration dates in the social
• 19:07
  credit system. That same CCP is like, you know
• 19:09
  what, regulators hurry your ass up and roll out these Bitcoin
• 19:14
  ETFs. Why?
• 19:15
  Because the United States has a Bitcoin ETF and of course these
• 19:20
  ETFs I think really function as a proxy for these governments.
• 19:24
  I think BlackRock is a proxy for the US government.
• 19:26
  I think you can make the argument that the same thing
• 19:29
  that these ETFs in Hong Kong serve as a proxy for the the
• 19:34
  Chinese government. At the end of the day.
• 19:35
  Look, it says it in the disclosure of a lot of these
• 19:38
  ETFs. And not to mention the fact that
• 19:41
  at least here in the United States, the vast majority of
• 19:44
  this Bitcoin that these ETFs supposedly have bought in are
• 19:48
  custodied with coin base. And the reason that that FDR was
• 19:51
  able to get a rate with the 6102 order in the 1930s was because
• 19:56
  of the centralization of the custody of gold, right.
• 19:58
  So it kind of creates like a a very similar situation.
• 20:01
  The geopolitical implications of this are fascinating in the
• 20:05
  sense that like these very powerful governments, you know,
• 20:09
  that have these powerful central banks that, you know, been known
• 20:13
  to hear even in the US, right. You know, shut down political
• 20:17
  dissent, you know, came out with the Twitter files here in the
• 20:19
  US, even with the 1st Amendment, you know, these these behemoth
• 20:22
  of these governments, these giant bureaucracies, they can't,
• 20:27
  they can't help but to, they can't help resisting bitcoins,
• 20:31
  incentives. It's it's beautiful to see.
• 20:34
  And this is what I'm trying to say.
• 20:35
  This is what I've been trying to make the case for since the
• 20:38
  beginning of the episode, is that bitcoins going to win at
• 20:41
  the end of the day, fundamentally because it has
• 20:43
  superior incentives and no one can resist them.
• 20:46
  If you take an ideological stance against Bitcoin, your
• 20:51
  competitor next to you is going to say, OK, you know, I'm
• 20:55
  Vanguard, I'm not adding a Bitcoin ETF.
• 20:58
  Blackrock's like, OK, that's a great opportunity for me, bro,
• 21:00
  right. So yeah, I I I think this is
• 21:03
  just bitcoins incentives doing what Bitcoins incentives do
• 21:06
  best. It goes on to say the article.
• 21:08
  Having lost much of its shine as a global financial hub due to
• 21:11
  restrictions during the pandemic, China's faltering
• 21:14
  economy and Sino US tensions, Hong Kong authorities have been
• 21:18
  keen to do what they can to improve cities.
• 21:21
  The The city's attractiveness for financial trading quote The
• 21:24
  significance of Hong Kong's ETFs is far reaching as it could
• 21:28
  bring in fresh global investment as well as pushing crypto
• 21:32
  adoption to a new high. Goes on to say the US launched
• 21:35
  the first US listed exchange First First ETF to track spot
• 21:40
  Bitcoin in January, drawing roughly $12 billion in that
• 21:44
  inflows. Data from Bit Mex Research shows
• 21:47
  Bitcoin has gained more than 60% this year.
• 21:49
  Hit an all time high of 73,803 in March.
• 21:53
  It was trading at around 69,000 on Wednesday.
• 21:56
  At least four mainland Chinese and Hong Kong asset managers
• 22:00
  have submitted applications to launch the ETFs keyword.
• 22:03
  At least four mainland Chinese asset managers Again, right?
• 22:10
  It's not just Hong Kong. You have to read between the
• 22:12
  lines, right? Beijing had to approve of this.
• 22:16
  This is just, this is nuts, man. This is nuts.
• 22:20
  It's no one could resist bitcoins incentives.
• 22:22
  Everyone eventually bows down to the king, and that includes one
• 22:25
  of the most, you know, tyrannical totalitarian regimes
• 22:29
  on planet Earth. Man.
• 22:30
  That's Bitcoins incentives for you anyways.
• 22:33
  Opti, what's your take on this? And we'll pass it on to our
• 22:34
  guests. Yeah, I mean, I think this is
• 22:37
  something I've been saying for a minute on the show and I know as
• 22:40
  bitcoiners always have the meme of like slay your heroes and all
• 22:43
  that stuff. But ever since Larry Fink has
• 22:46
  gotten into Bitcoin, ever since the BlackRock ETF, everyone and
• 22:50
  their mother out there, all the people that have called us
• 22:52
  stupid, all the people that say Bitcoin is, I don't know,
• 22:55
  whatever, an asset for money laundering.
• 22:57
  Now they all have to check the premises and they all have to
• 22:59
  have a Bitcoin stance. So what do we always say?
• 23:02
  You know, if you're against Bitcoin, you're against freedom.
• 23:04
  If they don't have a Bitcoin strategy at this point, then
• 23:07
  they're going to get left in the dust.
• 23:09
  Now I think the most interesting thing is we've been seeing the
• 23:11
  receipts here for a while. It's a once Larry Fink got into
• 23:14
  Bitcoin, it gave Bitcoin a sense of legitimacy to high net worth
• 23:18
  individuals, Wall Street institutions, and now we're
• 23:21
  seeing that China is waking up to this and they're like, oh
• 23:24
  shit, if there's a spot Bitcoin ETF, we probably need a Bitcoin
• 23:29
  ETF. And I think the most interesting
• 23:31
  part about this is remember that one caveat in the Black Rock ETF
• 23:37
  line that like they can support whatever fork they want to.
• 23:41
  And so I think this is now not only is it the game theory
• 23:45
  playing out on nation state levels, excuse me guys, but the
• 23:49
  game theory is playing out right now that if BlackRock or Larry
• 23:52
  Fink or any of their friends try to do some fuckery with Bitcoin,
• 23:56
  they're going to get left in the dust.
• 23:57
  So now that the US has to compete with Bitcoin on an ETF
• 24:01
  level, the game theory is really going to start to play out.
• 24:05
  And it's going to get very interesting because hey, if
• 24:07
  Larry Fink tries to throw his whole weight behind some kind of
• 24:11
  competing fork and China's like, on the back end, they're like,
• 24:14
  no, I'm good. And then all of us are stacking
• 24:16
  the real Bitcoin. It's really when the game theory
• 24:20
  starts playing out, It's really when you start to see that
• 24:24
  people are competing for the the, the accumulation of as much
• 24:28
  Bitcoin as possible. And now you're seeing that, hey,
• 24:31
  the people that are so used to not having to compete are going
• 24:36
  to have to compete on the free market.
• 24:38
  No longer can you have the the regulatory arbitrage from the US
• 24:42
  government to protect your Moat. Now everyone's competing on a
• 24:46
  global, international level for the hardest money in the world.
• 24:50
  Guys continue to stack stats, continue to accumulate, take it
• 24:53
  into Bitcoin self custody. This is the way we're winning.
• 24:57
  We're out here winning every day.
• 24:58
  It's so. Easy.
• 24:59
  It might be a good idea to get some just in case it catches on.
• 25:02
  Anyways, I do want to pass it on to our guests.
• 25:05
  I'm going to start with Pat. Pat, what's your take on this?
• 25:07
  I mean it's this is so obvious in hindsight.
• 25:10
  I mean we've been we've been covering this topic for for
• 25:13
  many, many months now. Yeah, I mean everyone bows down
• 25:17
  to the king. What's your take?
• 25:19
  Yeah, I'm a big fan of government staying out of the
• 25:21
  way for people to to do the things they enjoy personal
• 25:24
  freedoms. Obviously with the CCP, there's
• 25:29
  probably always some nefarious back underlyings under that and
• 25:33
  trusting them is probably never a good idea.
• 25:34
  So always had your bets there. Yeah, absolutely.
• 25:39
  Paul, what's your take on this? Incentives rule the world,
• 25:44
  right? Like everything that they put in
• 25:46
  front of them is almost like a show at this point.
• 25:48
  To me. It's like everybody realizes the
• 25:50
  same thing. We all need to hold Bitcoin, and
• 25:53
  I don't really trust anything. I I follow the money.
• 25:55
  So, like, it's always like they're going to accumulate it.
• 25:58
  They know the incentives. I don't trust anything.
• 26:02
  Yeah, the intensive structure, there's nothing to trust like
• 26:04
  it's just the the incentive structure is set up in a way
• 26:07
  where you know, like it's just you kind of have you you have an
• 26:11
  idea of like what you know, even if again like one of the most
• 26:14
  totalitarian countries in in in one of the most tyrannical
• 26:18
  totalitarian countries in the world, right, that the the
• 26:21
  history of the CCP is not exactly you know, a a good one.
• 26:25
  They can't even resist it themselves.
• 26:27
  You know, they want to benefit from from Bitcoin and even if
• 26:30
  that's not the case, like even if you can make the argument
• 26:33
  like no, Nico, they don't want to benefit from Bitcoin.
• 26:38
  I think that from a on a geopolitical standpoint, I think
• 26:41
  that they put themselves at a disadvantage to the United
• 26:45
  States, which they obviously see as their political rival.
• 26:48
  If you know, if they get left behind, like you know, if they
• 26:52
  if they don't adopt Bitcoin, at least they don't bring in some
• 26:55
  hats, have some type of exposure to Bitcoin.
• 26:57
  I think that's really what these ETFs are all about.
• 27:00
  So yeah, I mean this is crazy bro, like everyone's just
• 27:02
  competing for Bitcoin and in the process for anyone who's holding
• 27:05
  Bitcoin, that means you win. This is awesome guys.
• 27:07
  Congratulations, you frant ran walls, Wall Street Nation.
• 27:11
  Now you frant, ran Xi Jinping. Man.
• 27:17
  Anyways, Opti. Any last?
• 27:20
  No, man, let's keep it moving. We're out here winning guys just
• 27:23
  accumulate as much Bitcoin, take it into self custody and
• 27:26
  continue to spread the signal. This is as.
• 27:29
  Amen to that. All right, everybody.
• 27:30
  I do show off our newly released collection.
• 27:34
  Of course, I'm talking about the Simply Bitcoin Artist Collection
• 27:37
  01. We teamed up with a Bitcoin
• 27:40
  artist named Asanoa. We have different merch.
• 27:42
  We have the Peaceful Bitcoin Revolution T-shirt, We have the
• 27:44
  Bitcoin Pill T-shirt, We have the gold Bitcoin snapback.
• 27:48
  We have the gold Bitcoin Dad hat.
• 27:49
  We have woman merch as well. By the way we brought a lot of
• 27:53
  us some, some, some. We bought some some merch with
• 27:56
  us to bit block Boom. So if you're going to Bitlock
• 27:59
  Boom this weekend, you can come to us and we'll have some merch
• 28:02
  for you guys at the news desk. The, you know, kind of the front
• 28:05
  of Bitlock Boom, which would be a lot of fun.
• 28:07
  Anyways, ladies and gentlemen, no more delay.
• 28:09
  Let's get on to the news section.
• 28:10
  We have a lot to talk about today.
• 28:12
  Let's check it out. Here we go.
• 28:17
  The Daily News. I want to give a shout out to
• 28:21
  our sponsor, Foundation Devices. It's self custody done right.
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  the show notes below to learn more.
• 29:15
  Right ladies and gentlemen? Remember guys, not your keys,
• 29:19
  not your cheese. Opti, could you send Russ in the
• 29:23
  address because he's air being he's Ubering to the Airbnb
• 29:27
  anyways and it's not ready guys. Scan the QR code on your screen
• 29:31
  right now and it'll take you directly to the Foundation
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  devices website where you guys to get yourself a Passport
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  hardware wallet. It's completely open source.
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  It's super easy to use, especially when you pair it up
• 29:42
  with the Envoy app. I highly recommend it.
• 29:45
  Remember guys, not your keys, not your cheese.
• 29:48
  Anyways, I do want to talk about again you guys have been tuning
• 29:52
  into simply Bitcoin, which I highly suggest you do subscribe
• 29:55
  if you guys are new to the live stream, not should not have come
• 29:59
  as a surprise to you. But there was a very famous
• 30:02
  article that came out of Time magazine out of all places.
• 30:05
  And the article was basically making you think that that that
• 30:10
  the Kingdom of Bhutan was secretly mining has been
• 30:13
  secretly mining Bitcoin for years.
• 30:15
  They've been using their excess hydroelectric capacity, which
• 30:21
  they tend to export to other countries.
• 30:24
  It's a very small country, not that many people, and they've
• 30:27
  been using that to mine Bitcoin, right?
• 30:30
  People have to understand that Bitcoin monetizes stranded
• 30:34
  energy. Bitcoin gives value to energy
• 30:37
  that was already going to waste. No, nothing in the world does
• 30:41
  that, right? And there's a couple things
• 30:42
  about electricity that people don't know about.
• 30:44
  You have to kind of use it when you produce it.
• 30:47
  It's it's not efficient to store.
• 30:50
  It's also it's very difficult to transport over long distances.
• 30:54
  If you transport over long distances, you lose a percentage
• 30:56
  of the electricity while you're transporting it.
• 30:59
  So you tend to want to use it on site or or as close as possible
• 31:03
  to where it is produced. And this is where Bitcoin mining
• 31:07
  shines because if you know you have a dam in the middle of
• 31:10
  nowhere, it's far away from a city.
• 31:14
  It's far away from, you know, a factory manufacturing.
• 31:18
  What are you going to do with all that power?
• 31:19
  Right. This is why Bitcoin mining took
• 31:22
  off in China, right? This is what's happening in
• 31:24
  Bhutan, right? They have a tremendous amount of
• 31:27
  of of hydroelectric capability and that's where Bitcoin miners
• 31:31
  are going to fundamentally change the world.
• 31:34
  You're going to see towns, cities anywhere around the world
• 31:38
  that before, before they were, you could make the argument they
• 31:41
  were poor. There's not that much
• 31:42
  opportunity there. But let's say they have a
• 31:44
  tremendous amount of natural resources, the ability to
• 31:47
  generate power extremely cheaply.
• 31:49
  All of a sudden Bitcoin miners, it could make that city thrive
• 31:52
  because it gives that stranded energy that was already going to
• 31:55
  waste value, right. So Bitcoin mining really, really
• 31:59
  changes the conversation and I think the world is really going
• 32:02
  to start to wake up to that. As you know, hyper
• 32:06
  bitcoinization continues to accelerate over time.
• 32:09
  So the article that I'm reading here is Bhutan to ramp up
• 32:13
  Bitcoin mining capacity to 600 megawatts as having looms.
• 32:18
  It goes on to say Bhutan's investment arm Truck Holding and
• 32:22
  Investments and Bit Deer Technologies are planning to
• 32:25
  ramp up their Bitcoin mining operation to help offset the
• 32:29
  revenue impact of an upcoming Bitcoin halving.
• 32:33
  It goes on to say, quote, the planned upgrades will increase
• 32:36
  the Himalayan Kingdom's mining capacity by 500 megawatts by the
• 32:41
  first half of 2025, Matt Kong, chief Business Officer at Bit
• 32:45
  Deer, said in an interview. This would bring Bhutanese total
• 32:49
  capacity to 600 megawatts. Really interesting also, by the
• 32:53
  way. So do you see that jump?
• 32:55
  So if you subtract obviously 500 megawatts that they're trying to
• 32:58
  bring on and the you know they says the total capacity is 600,
• 33:03
  that means that they're jumping from 100 MW capacity to 600.
• 33:07
  So like what is it like a 5X increase?
• 33:11
  I mean and again this isn't cheap to do.
• 33:13
  This is a tremendous amount of mining infrastructure bit Deer
• 33:18
  is also a publicly traded company.
• 33:19
  So they have to be wary about, you know, their shareholder
• 33:22
  price and all that stuff. They have to make their
• 33:24
  shareholders happy. So yeah, I mean this is bull.
• 33:27
  And again, they're doing this going into a halving.
• 33:30
  So they're doing this knowing that they're technically their
• 33:33
  profits are going to get cut in half in nine days or give or
• 33:38
  take and they're doing it anyways.
• 33:40
  So what does that tell you about how Bhutan, right, a country, a
• 33:45
  nation state and how bit Deer feel about the future price of
• 33:49
  Bitcoin? If they didn't expect that the
• 33:52
  future price of Bitcoin was going to absolutely moon, they
• 33:56
  wouldn't be making this investment at this time.
• 33:59
  If you're making an investment in Bitcoin mining with the
• 34:02
  halving right around the corner, you're bullish on the future of
• 34:06
  Bitcoin. You don't lay out this
• 34:08
  infrastructure unless you believe that number is going to
• 34:12
  go up. And this is in complete contrast
• 34:15
  with a lot of the competing altcoins.
• 34:17
  So if you look at the Bitcoin Cash hash rate, if you look at a
• 34:20
  lot of these, the old, you know, proof of work coins or whatever,
• 34:25
  they'll have one thing in common, which is their hash rate
• 34:27
  is literally going sideways. The Bitcoin Cash hash rate, the
• 34:31
  BSV hash rate has literally been going sideways since its
• 34:34
  inception. I think Bitcoin Cash
• 34:36
  artificially had a competition with with Bitcoin when it first
• 34:39
  launched Jihan Wu and Roger Ver. They artificially, you know they
• 34:44
  they they basically set money on fire and they put they pointed a
• 34:48
  lot of the hash from Bitcoin to Bitcoin cash to convince the
• 34:52
  network that it was Bitcoin hash that was leading that miners
• 34:54
  wanted to back Bitcoin Cash. That never happened.
• 34:57
  Like, you know, it came out that that was artificial, that wasn't
• 35:00
  market forces doing what market forces do best.
• 35:03
  Anyways, it goes on to say the capital for this operation will
• 35:05
  be obtained from a $500 million fund initiated by the duo in May
• 35:10
  last year. At that time, they revealed
• 35:12
  intentions to utilize Bhutan's plentiful hydroelectric power
• 35:16
  for Bitcoin mining. Kong Kong anticipates that the
• 35:19
  fund will be fully raised by July.
• 35:21
  The nation's 500 mega 500 MW boost will be built on Bit
• 35:26
  Deer's latest hardware to lower costs and improve computing
• 35:29
  power. Goes on to say both DHI and Bit
• 35:32
  Deer remain confident that they can keep their operating
• 35:35
  operations efficient even if bitcoins price falls following
• 35:39
  Bitcoin having. According to Kong, Bit Deer
• 35:42
  boast one of the industry's lowest expenses per Bitcoin
• 35:45
  mine, costing only $20,000 per coin.
• 35:49
  Holy cow. Anyways, so that's what's
• 35:52
  happening in Bhutan and is this is in stark contrast with what's
• 35:57
  going on in Paraguay. Now the reason that I'm bringing
• 36:00
  this up, if we just talked about this in in isolate like in
• 36:04
  isolated like it would just be like this is just noise, this is
• 36:06
  news. But I, I, I kind of want to talk
• 36:09
  about and connect it with what we were talking about in the
• 36:11
  numbers section about bitcoins, incentives and even in China
• 36:17
  with the mining ban, even with, you know, their political
• 36:20
  ideology, their stance, they couldn't resist Bitcoin's
• 36:24
  incentives and what happened when?
• 36:27
  Do you think China's at a better place with all the miners
• 36:31
  leaving the country or do you think it's in a worse place
• 36:34
  geopolitically, economically, right.
• 36:36
  You can make a really good argument.
• 36:37
  So I think any country or jurisdiction that is hostile
• 36:42
  towards Bitcoin mining, you're hurting the citizens that live
• 36:46
  in that jurisdiction. You're you're basically banning
• 36:49
  yourself from the benefits of Bitcoin.
• 36:52
  You're not stopping Bitcoin, right.
• 36:54
  So because again, if you ban it here, if Paraguay decides to go
• 36:59
  down this path, all you're doing is that you're creating an
• 37:02
  incentive for another nation state like Bhutan to say, OK,
• 37:06
  you know what, you don't want to mine more Bitcoin for me, that's
• 37:09
  you want to make that decision, that's up to you.
• 37:11
  So anyways, the article from No BS Bitcoin says Paraguay moles
• 37:16
  temporary Bitcoin mining ban citing energy issues.
• 37:19
  He goes on to say the proposal presented on April 4th includes
• 37:23
  14 senators who advocate for the halting of crypto create,
• 37:26
  cryptocurrency creation, storage and the operation of Bitcoin and
• 37:29
  other cryptocurrency mining farms in the country.
• 37:32
  It goes on to say the proposal would ban the the proposed ban
• 37:36
  would remain in effect for 180 days or until proper regulations
• 37:39
  are devised. The proposal is driven by the
• 37:41
  belief that it's sensible to restrain such activities until
• 37:45
  regulations are put in place. The ban is intended to continue
• 37:48
  until Paraguay's National Electricity Administration can
• 37:51
  ensure that they have adequate infrastructure to meet the
• 37:54
  energy demands of Bitcoin and crypto mining without the
• 37:57
  straight destabilizing the rest of the grid.
• 38:00
  The draft that's the draft states that Bitcoin miners have
• 38:03
  gravitated towards the Alto Panera region, located in the
• 38:06
  southeast of the country near the borders of Brazil and
• 38:09
  Argentina. This region is home to the Itai
• 38:13
  IPO hydroelectric dam, the world's third largest, which
• 38:17
  fulfills all of Paraguay's domestic electricity demands.
• 38:20
  Since February, there have been 50 instances of power outages in
• 38:23
  the region due to minors secretly and illegally tapping
• 38:27
  into the electric grid, which stated in the bill now, OK, you
• 38:32
  could say that, right. They say that in Texas.
• 38:35
  Elizabeth Warren has made the case for that in Texas as well,
• 38:37
  that Bitcoin is going to destabilize the grid.
• 38:40
  It's going to be, you know, it's going to be horrible.
• 38:41
  It's going to be this. The case that I would make is
• 38:44
  what I was saying initially, right?
• 38:46
  That if that electricity was in demand, then it would be too
• 38:51
  expensive for Bitcoin miners. Bitcoin miners can't just set up
• 38:55
  shop in the middle of Manhattan, It's not economical to mine
• 38:58
  there. Bitcoin miners have to go where
• 39:01
  electricity's cheap, Electricity tends to be cheap when it's not
• 39:05
  being used, right? And that was kind of the, the,
• 39:09
  the theme that I heard in Texas. You know we heard we we saw so
• 39:13
  many politicians here in the US attack the Texas grid where in
• 39:17
  reality, you know in the in the Texas grid it it it's a curtail,
• 39:20
  right. So essentially the the, you know
• 39:25
  if there's there's, if there's excess demand in Texas for
• 39:28
  electricity, if there's like a tough winter or something the
• 39:31
  Bitcoin miners shut down. It actually provides grid
• 39:34
  stability, right? I, I, I, I, I don't think it
• 39:38
  provides, you know, I don't think it does the opposite, you
• 39:41
  know, might be different in Paraguay, but it's just basic
• 39:44
  supply and demand in my opinion. And again, I think any country
• 39:48
  that, you know, basically creates A disincentive, a
• 39:53
  situation where it's being hostile towards the Bitcoin
• 39:57
  mining industry, I think you're really, you know, you're hurting
• 39:59
  yourself in a way. And I think, you know, China is
• 40:02
  a great example of that. Like, look at what they did.
• 40:04
  They literally banned themselves from the benefits of Bitcoin.
• 40:07
  And now they're, you know, turning around and saying, you
• 40:09
  know what, actually, we like this Bitcoin ETF.
• 40:11
  Let's bring it to Hong Kong. And you know, it's still
• 40:14
  estimated that between 10 to 15% of Bitcoin miners are, quote to
• 40:19
  use, you know, the CCP's words, illegally mining Bitcoin within
• 40:22
  within their borders. So yeah, that's my take on this.
• 40:26
  Let's see what happens. But anyways, Opti, what's your
• 40:29
  take? Wait, wait, the comments
• 40:32
  section? Absolutely going bananas?
• 40:35
  I'm not gonna read that. But This is why you should watch
• 40:39
  the show, cuz that's absolutely hilarious.
• 40:41
  Anyways, what's your take off T? Well, my first thought while you
• 40:45
  were reading that, I mean, we have China in the news today
• 40:47
  with the ETF, but didn't Paraguay hear about China trying
• 40:50
  to ban Bitcoin mining? And it didn't work and look
• 40:53
  where that got them. Oh man, I, I I just love seeing
• 40:57
  governments trying to stop Bitcoin because it always
• 41:00
  reminds me that we are right and that they're afraid of people
• 41:04
  finding the exit valve. So like bitcoins, the exit valve
• 41:07
  for value, Bitcoin mining is the exit exit valve for energy and
• 41:13
  it's decentralized. It's individuals out there
• 41:16
  taking action, human action, purposeful human action and
• 41:19
  realizing that, Oh my God, it's more profitable.
• 41:22
  And it's better for me to join this Bitcoin network than it is
• 41:25
  to participate in the regulatory modes that are the Fiat standard
• 41:29
  anyways, I just absolutely love free market competition.
• 41:32
  It it's it's the greatest thing on planet earth and and no
• 41:35
  status can stop this. Anyways, I do want to read one
• 41:39
  comment from from Rumble. I'll pull it up right here,
• 41:41
  shouts out the Narwhar Tacos and he goes.
• 41:43
  Keep in mind we only learned about Bhutan's mining because
• 41:46
  they were mentioned in the Celsius legal case.
• 41:48
  Otherwise, we don't really know how many sovereign nations are
• 41:52
  mining. So you know.
• 41:54
  And and and that's an incredible point of Narwhal and and by the
• 41:57
  way, Narwhal had an awesome other comment as well and I have
• 42:01
  to say it and it is relations to the ETF.
• 42:04
  He said the CCP needs centralized SAT stacks to seize
• 42:07
  just like the US does. It's so true.
• 42:09
  Anyways, going back to that comment, yes that came out and
• 42:13
  that that was part of the tent Time magazine article is that
• 42:17
  only came out due to the Celsius bankruptcy.
• 42:21
  They they weren't going to tell anybody.
• 42:23
  I mean now that bit Deers involved obviously it's a
• 42:26
  publicly traded company they have to make that that
• 42:28
  disclosure public. But they weren't they weren't
• 42:30
  saying anything and they didn't want the media attention.
• 42:33
  Like they saw what was happening in El Salvador.
• 42:35
  They saw what was happening. You know how much, how much you
• 42:39
  know how much S El Salvador got when they made Bitcoin legal
• 42:42
  tender. They're like, yo, I don't, I
• 42:43
  don't want any of that like let's why do we have to tell
• 42:45
  anybody you know And that's such a good point.
• 42:47
  So you know what what other nation state that has a
• 42:51
  tremendous amount or an excess amount of you know, electrical
• 42:56
  production capacity is secretly mining Bitcoin.
• 42:59
  That's a really good question. I think, you know, over the next
• 43:02
  couple years, I'm telling you, I don't think we're only just
• 43:06
  going to see Bitcoin. I'm thinking we're only going to
• 43:08
  see more Bitcoin legal tender laws.
• 43:10
  But I think you're going to start to see more of these, you
• 43:13
  know, more of these countries come to the realization that
• 43:16
  holy cow, you know, we can monetize this stranded energy,
• 43:19
  we can monetize this excess energy.
• 43:21
  It's a no brainer. Look do you think that you know
• 43:25
  the people over the great people over in Bhutan are mining
• 43:28
  Bitcoin for ideological reasons Like we are like yeah Bitcoin
• 43:31
  corner slavery. No they're like dude, like like
• 43:34
  This is Money right. Like they're they're they're
• 43:36
  doing it out of the pursuit of the profit.
• 43:38
  They're not doing it out of the goodness of their heart.
• 43:40
  Right. So that's an incredible point by
• 43:42
  Narwhal tacos. Also seems like we got a super
• 43:44
  chat Opti that we missed. Yeah yeah we did let's pull up.
• 43:47
  So by Thomas Hera appreciate the $2.00 man.
• 43:50
  He says Bitcoin must be the only coin I'm.
• 43:53
  Looking for it? I'm looking for it, yeah.
• 43:55
  We'll pull it up. Appreciate the Super chat.
• 43:58
  Thomas says Bitcoin must be the only coin.
• 44:01
  Bitcoin is the only coin. I mean like look if if you want
• 44:03
  to buy a a shit coin for whatever reason, that's totally
• 44:07
  up to you. That's your prerogative, it's
• 44:08
  your money. But you.
• 44:10
  I mean once you see bitcoins, incentives like once you
• 44:13
  understand Bitcoin, you understand that Bitcoin truly is
• 44:16
  the only coin. And by the way, I'm including
• 44:18
  Fiat in this as well. Fiat is Fiat is like like
• 44:23
  government backed, violent backed shit coinery.
• 44:28
  Essentially it's like a government holds its populist
• 44:31
  hostage and under the threat of violence.
• 44:33
  It's like you guys must use this shit coin that is constantly
• 44:37
  losing value or else like it's so absurd once you see it that
• 44:41
  way. Anyways, I do want to get.
• 44:43
  Our, our. I want to say one last thing
• 44:44
  before we pass it over. Profits are good guys.
• 44:47
  Do not let them sigh up you into believing that profits are bad
• 44:50
  and that you're a greedy capitalist.
• 44:51
  Profits are what makes the world go round.
• 44:54
  All right, who said otherwise? I I, I would drop the C word.
• 44:59
  But the collectivists out there think that profits are bad and
• 45:02
  you're a greedy capitalist and you should do more for people.
• 45:04
  Profits are great. We got a we got some MG Smith
• 45:08
  coming in hard, says Opti is an insider.
• 45:10
  Just ask Chris. OK.
• 45:15
  I guess. All right.
• 45:16
  Let's let's go with Pat first. This time I didn't see the last
• 45:20
  part. Pat what's your what's your
• 45:21
  thoughts on this I mean you're you're a farmer bro so you
• 45:24
  understand energy protection. I think someone I I think it was
• 45:27
  you or maybe it was Paul that said no it's Paul.
• 45:29
  Sorry. So Pat, Anyways, what's your
• 45:31
  thoughts on all this? You're you understand energy.
• 45:34
  You you create energy and can you make it into tasty,
• 45:36
  delicious food? Yeah I'm I'm really just here
• 45:39
  for the comments and things are off the hook and just sitting
• 45:43
  here listening to you to speak and watching these things roll
• 45:45
  is really what I'm here for. You know the on with the I said
• 45:51
  it previously and I I'm not afraid to sound like a Canary
• 45:53
  yet. You know the more the government
• 45:54
  can stay out of your way and allow you to go do the right
• 45:57
  thing and the things that benefit your family.
• 45:58
  I'm always for that. I think we've gotten away from
• 46:01
  that as a country and you know, I hate seeing stuff like this
• 46:03
  and hopefully it goes the way that CCP did and they they roll
• 46:07
  it back in a few years. Definitely, they they're going
• 46:10
  to definitely have to roll it back.
• 46:13
  You kind of love free market competition.
• 46:15
  All right, Paul, jump in and and you also have some some other
• 46:18
  insights on this. So jump in on this.
• 46:20
  Yeah. So I think you and I align on
• 46:22
  like we think ranchers are then going to be the new wealthy.
• 46:25
  And what's what's the interesting segue here is like
• 46:28
  when I showed up to the farm in KCI said Pat do you smell that?
• 46:32
  What does that smell? And he's like, it's cow shit and
• 46:34
  I'm like actually we can turn cow shit into money.
• 46:37
  And his face was like, you know, it was like a combination of
• 46:40
  like stay the fuck away from my family and.
• 46:43
  You. And like, leaning in and I was
• 46:46
  like, I'm not going to get to that level with Bitcoin with him
• 46:48
  just yet. But that to me is so
• 46:50
  interesting. Like our R&D plan really could
• 46:52
  include how do we turn this methane into Bitcoin, right?
• 46:56
  That's fucking crazy. I don't know if we can, but it's
• 46:58
  fun to think about. Yeah, you actually can.
• 47:01
  You definitely can. I've definitely heard of of
• 47:03
  Bitcoin companies that are like they there's companies that are
• 47:07
  like literally specializing in doing just that you know and and
• 47:10
  again I think it. I'm so glad that you brought
• 47:12
  that up because it's just another example of like, OK,
• 47:17
  guys just to put it bluntly. Oh, we got another super chat.
• 47:20
  Gabe Harris, appreciate it brother.
• 47:22
  Thank you for the $10. Gabe Harris said, God bless you
• 47:26
  too. Been listening on Spotify for
• 47:27
  more and for on Spotify more and more the last year.
• 47:31
  Simply, Bitcoin is definitely improvable.
• 47:33
  I appreciate it. Thank you so much for the
• 47:34
  support. It really means a lot to us.
• 47:37
  Anyways, so back to the topic at hand.
• 47:42
  Bitcoin monetizes shit. I mean, how else do you want to
• 47:45
  put it? Like, it's as simple as that.
• 47:47
  Like even shit Bitcoin can monetize, which is absolutely
• 47:51
  crazy. So yes, this is what we mean by
• 47:55
  Stranded energy. That's an that's an example with
• 47:58
  with our friends over here. And you know it.
• 48:00
  It's just like it's it's just nothing else.
• 48:02
  OK, tell me, how else are you gonna monetize shit?
• 48:05
  OK, fine. You could you could turn it into
• 48:07
  what? You could turn it into
• 48:08
  fertilizer, right? I think.
• 48:09
  I'm pretty sure. Yeah, turn into bombs.
• 48:11
  Of course. We live in the Fiat world.
• 48:15
  I don't recommend it, but that's what they do, Nico.
• 48:19
  That's not what bitcoiners do. OK, bitcoiners don't do that.
• 48:23
  We are peaceful. I didn't even know that you
• 48:25
  could do that. But apparently it's true.
• 48:29
  Apparently it would. That's from the movie Fight
• 48:30
  Club, isn't it? Yeah, and and the Anarchist
• 48:34
  Cookbook, I think. But hey.
• 48:36
  What do I know? How does OPTI know that?
• 48:38
  I don't know, but no. But this is a peaceful
• 48:42
  revolution. At the end of the day,
• 48:44
  Bitcoiners don't make bonds but bombs.
• 48:47
  But governments sure do make a lot of bombs.
• 48:49
  No, what I was saying is that the Fiat world is a perpetual
• 48:53
  war machine, and that's their only use for fertilizer.
• 48:56
  We make food. We we make energy out of it.
• 49:00
  Exactly. We make Satoshi's.
• 49:03
  We make toasters. Essentially.
• 49:05
  Really hot toasters anyways. The chat's wild and out today.
• 49:13
  Anyways, ladies and gentlemen, let's.
• 49:15
  Get to Let's talk steaks. Let's, let's get to the culture.
• 49:18
  We have a lot to talk about. Let's talk steaks.
• 49:20
  Let's talk beef. Let's talk.
• 49:22
  Let's talk protein. Anyways, before we do that, I do
• 49:25
  want to give a very, very special shout out to one of our
• 49:29
  sponsors. And of course I am talking about
• 49:31
  the orange Pillap guys. It's extremely important that
• 49:34
  you stack friends who stack SAT's.
• 49:37
  Orange Pillap is the Bitcoin social layer.
• 49:41
  Bitcoiners are going to be some of the most influential and
• 49:43
  powerful people in the next 5 to 10 years.
• 49:46
  It's probably a good idea to build up that rolodex of
• 49:49
  bitcoiners around you. You pull up the orange pull up.
• 49:52
  It has a clever filtration system so that you won't find
• 49:55
  any all corners on there. You won't find any scammers on
• 49:58
  there. You'll find bitcoiners and if
• 50:00
  you go to a city you don't know anyone, you don't know anyone in
• 50:03
  your area, it will show you the bitcoiners near you.
• 50:06
  That's what the orange pull up is for.
• 50:08
  It allows you to message them and allows you to connect with
• 50:10
  them. It's also the number one
• 50:11
  resource for creating Bitcoin only events.
• 50:15
  Also Simply Bitcoin has an exclusive simply Bitcoin Orange
• 50:19
  Palap group chat. I tend to post there every
• 50:22
  single morning, Bitcoin or slavery or something like that,
• 50:24
  and I also take the time to try to reply to each and every
• 50:28
  single one of you. That's one of the best ways to
• 50:29
  reach me. If you want to connect with me,
• 50:32
  download the Orange Palap Stack Friends who stack SAT's.
• 50:35
  You could scan the QR code or check the link in the video
• 50:38
  description. Again, this is an excellent
• 50:40
  resource to connect with fellow bitcoiners who are near you
• 50:44
  geographically. All right, everybody, let's get
• 50:47
  to the culture. We have lots to talk about.
• 50:48
  Opti's cracking up. I want to know the.
• 50:50
  Chat's going crazy today. The chat's going crazy.
• 50:52
  Oh man, I saw that. Oh God.
• 50:58
  The Daily Culture. The chat, The chat, The chat.
• 51:07
  All right guys. I also want to give a shout out
• 51:09
  to our sponsor, KB Max. They're the most trusted place
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• 51:52
  All right, we wanted to talk to our guests.
• 51:55
  Our guests are with a quick reminder, the Kansas City Cattle
• 52:00
  Company and coincidentally you guys are bitcoiners.
• 52:03
  Now that's absolutely awesome. I mean they.
• 52:05
  Just went on the Bitcoin standard.
• 52:06
  Bitcoiners and cat and steak, just they go hand in hand.
• 52:11
  I feel like it's like a match made in heaven.
• 52:13
  So you guys, Opti just said you guys just went on the Bitcoin
• 52:17
  standard. Why?
• 52:18
  Why? What happened there?
• 52:19
  How did you guys come to that realization?
• 52:21
  How did you guys take the orange pill?
• 52:22
  How did you guys have the Eureka moment?
• 52:24
  I have so many questions. I can take that.
• 52:27
  I so I'm kind of new to the industry.
• 52:29
  I know fuck all about it, but I wanted to help Pat and just like
• 52:33
  if I could get some Wagyu beef out of this, that'd be amazing.
• 52:36
  And when you kind of dig into what's happening for these
• 52:39
  farmers in this industry, it's corruption at the at the highest
• 52:43
  levels. And like local farmers and
• 52:45
  ranchers, they cannot win by playing that game.
• 52:48
  There's something happening in which I'm calling like a
• 52:51
  consolidation or an economies of scale of balance sheets.
• 52:54
  These BIG4 producers of beef that import all of our beef, 85%
• 53:00
  of our beef from Brazil, Australia, New Zealand, they all
• 53:03
  kind of share the same vendors on their balance sheets.
• 53:05
  So like the money to be made in cattle is not, it doesn't go to
• 53:09
  ranchers, it goes to insurance companies, it goes to pharma, it
• 53:12
  goes to land, it goes to banks, OK, They're and they're all
• 53:16
  really in bed with each other and you, you can't win that
• 53:18
  game. So you kind of have to change
• 53:20
  the game a little bit and so like getting pat up to speed on
• 53:23
  like why and how this is possible is like we start with
• 53:27
  basic assumptions are your anything we spend, anything we
• 53:32
  charge, all of our costs in terms of Fiat will go up
• 53:35
  forever. Everything we take in Bitcoin,
• 53:39
  everything priced in Bitcoin will go down forever.
• 53:42
  If you want to challenge our strategy, definitely challenge
• 53:44
  that assumption like, but we believe that if we're going to
• 53:47
  have to buy Cap X or inventory in the future, we need to make
• 53:51
  sure that our balance sheet or our assets go up in value and
• 53:55
  appreciate in purchasing power. The alternative is just a slow
• 53:58
  March to death. It's it's really not possible to
• 54:01
  win in this industry in my opinion, without getting on a
• 54:04
  Bitcoin standard, without appealing to bitcoiners that
• 54:08
  like can sniff out bullshit and call attention to the education
• 54:11
  that needs to happen. I just don't think you can win
• 54:13
  in this industry and beat the big four unless you have
• 54:17
  bitcoiners behind you and your balance sheet is Bitcoin. 100%
• 54:21
  couldn't agree more. Couldn't agree more.
• 54:23
  But before before we get in a little more of like what the
• 54:26
  farmers are facing, I think it's a great story to hear how Pat
• 54:30
  just became a bitcoiner. I think this is a message that
• 54:33
  more people need to hear. So Pat, you're the recent
• 54:36
  Bitcoin convert here you were telling me you have you have
• 54:39
  literally cows right behind your wall.
• 54:41
  Rehab people can with their Superman X-ray vision.
• 54:44
  See behind. Mind you, the cows are right
• 54:46
  there. So what was your Eureka moment
• 54:48
  like? What made you finally realize
• 54:51
  what is happening in Bitcoin? Yeah, I think, I think the
• 54:54
  biggest thing for me is, you know, since I've gotten out of
• 54:56
  the military about 10 years ago, I've watched both sides of the
• 55:00
  government just not really care about having a balanced budget
• 55:03
  anymore. And, you know, fundamentals of
• 55:05
  business, if you don't have a balanced budget and you're just
• 55:07
  tacking on debt, you know, eventually that doesn't work out
• 55:10
  for you and us as taxpayers. It's really frustrating to
• 55:13
  watch. And you know, Paul, Paul and I
• 55:16
  met back in October and you know, he's become a integral
• 55:18
  part of the company and he's just a an awesome guy and it
• 55:22
  often comes up in conversation with them when you're talking
• 55:25
  about anything else Bitcoin is related.
• 55:28
  And you know, I started doing my own research and you know,
• 55:31
  finally pulled the plug and and started buying in about two
• 55:34
  months ago. Man.
• 55:36
  Awesome. Let's go.
• 55:37
  Welcome to the party, man. Welcome to the party and and
• 55:40
  like you got you put your whole company on the Bitcoin standard.
• 55:43
  Love to see it. Actually, we got a super chat
• 55:45
  here guys, so I gotta give you some context here.
• 55:48
  So last week we had lightning goats Come on and he has this
• 55:52
  lightning enabled goat feeder that they can send you guys
• 55:56
  sats. And so Thomas Hara goes super
• 55:58
  chat $2.00. Appreciate it bro.
• 56:00
  He's like oh wait this is wrong, He goes can you name one of your
• 56:02
  cows Satoshi? And then everyone else is going
• 56:04
  in the chat. That's not Satoshi Bro.
• 56:07
  Could you name one of your cows? Satoshi, I think that's a typo.
• 56:11
  That's a typo. That's a typo.
• 56:12
  That's it. But anyways, the other thing was
• 56:14
  you need to make a cow feeder so that they can feed your cows
• 56:19
  live and directly. The chat wants this feature.
• 56:24
  Here, it probably wouldn't be that tough.
• 56:26
  Yeah, exactly. It's been done before.
• 56:28
  What do you what do you feed? Cows.
• 56:31
  So that's a that's a big thing Paul and I got when we initially
• 56:34
  started talking, you know, he was big on the grass fed and
• 56:37
  stuff like that. And for Wagyu beef, you want it
• 56:39
  to taste good, right? Like so if you look at how
• 56:41
  traditional Japanese Wagyu were raised, it used to be on like
• 56:45
  some rice ingredients and things like that.
• 56:47
  But they've since gone to importing corn and things like
• 56:51
  that because it's the best thing you can feed a cow for, for
• 56:54
  taste quality, right? And the difference in that fat
• 56:57
  composition in the finish between grass fed and a grain
• 57:00
  fed cow is about .6 of a difference.
• 57:03
  So if you drink a beer a week, you don't really have much room
• 57:06
  to talk about there. So.
• 57:09
  So I have AI have a question. I want to, I want to kind of
• 57:11
  double back to what Paul was saying because buried so much
• 57:15
  good information there, said that basically small farmers are
• 57:19
  not able to compete with these large farms that have economies
• 57:23
  of scale and you're basically making the argument that Bitcoin
• 57:26
  fixes that. So could you elaborate a little
• 57:29
  bit more on that? Sure.
• 57:31
  So first you just, I think it's an important point to say that
• 57:35
  the game is is definitely like rigged for the bigger guys and I
• 57:38
  mean specifically the big four, OK.
• 57:41
  Who? Who are the BIG4?
• 57:43
  Cargill, JBS, Tyson, National Beef Human Republicly traded and
• 57:51
  digging in on this, right. I don't know anything about this
• 57:53
  industry. So I'm like, where are the
• 57:54
  incentives? Where do you find those that's
• 57:56
  on a balance sheet or an income statement for a publicly traded
• 57:58
  company? You can kind of come through
• 57:59
  those. I'm looking at JB, s s and I'm
• 58:02
  like, I don't understand what's happening here.
• 58:04
  Like, what am I not getting? This is just an income
• 58:06
  statement. I thought their numbers were
• 58:07
  different. Well, their number, their
• 58:09
  numbers are denominated in real Brazilian real.
• 58:12
  OK, So that's what we're up against here.
• 58:14
  And like, and what happened just yesterday was, I said, Pat, like
• 58:18
  we need to look at this insurance line item.
• 58:21
  Let me put you in touch with one of my guys.
• 58:23
  We thought we were going to get our insurance premium lowered
• 58:26
  with an RFP. It turns out we have to pay a
• 58:29
  lot more. OK, So what's happening is not
• 58:33
  only are the BIG4 proliferating, but they're in bed with the USDA
• 58:36
  and the way that they attack farmers is through regulation.
• 58:40
  It's like the shit that just happened yesterday.
• 58:42
  Not only are we trying to like make this work on razor thin
• 58:45
  margins, but those costs are going up for us and it's through
• 58:49
  insurance. It's through like having to pay
• 58:50
  more for whether it's fertilizer or feed or something like that.
• 58:55
  Those farmers, or sorry, the local farmers are outside of the
• 58:58
  game. They don't get to play in that
• 58:59
  game. And so you do really have to
• 59:02
  change the traditional rails. In fact, like even our payment
• 59:06
  from PayPal, which was like 100K that was sitting in an account
• 59:09
  we did an event for, we couldn't withdraw that money from PayPal.
• 59:13
  They had some arbitrary reason that we couldn't take that out.
• 59:16
  And these guys have margins already to begin with and you're
• 59:20
  watching this play out and if you if you just look at what's
• 59:24
  happening and you look at basic numbers and costs like they're
• 59:27
  they're not going to be local farmers around at all.
• 59:30
  So they're playing dirty. They're playing dirty.
• 59:33
  This is the I I think this is just the container effect, like
• 59:36
  just kind of like playing out in the, you know, in the food
• 59:40
  space. And then of course, like, you
• 59:42
  know if you have a, I'm a huge fan of local farmers just
• 59:46
  because what tends to happen is just the quality is so much
• 59:48
  better in in the steak and the meat and with these like jar
• 59:52
  like huge like factory farms, you know it's it's it's kind of
• 59:56
  disgusting what's happening kind of in the back, you know.
• 59:59
  So yeah. Wow.
• 1:00:01
  OK that's interesting. And and and Bitcoin gives like
• 1:00:05
  it, it gives a small farmer a, a fighting a fighting chance
• 1:00:08
  essentially. Right.
• 1:00:10
  Yeah it's it's it's a it's the confluence.
• 1:00:14
  Like the strategy and what I'm trying to like pitch to Pat
• 1:00:18
  without sounding crazy is there's a there's a confluence
• 1:00:21
  of a few things with this community and what this what
• 1:00:23
  this thing actually is is the craziest thing to to realize is
• 1:00:27
  that if you save in Bitcoin, things get cheaper forever.
• 1:00:31
  If you save in Fiat, things get more expensive forever.
• 1:00:34
  And that goes for our customers too.
• 1:00:36
  If you buy a cow from us in Fiat right now, the next time you
• 1:00:40
  come in to buy a cow, it's most likely going to be more money
• 1:00:43
  because our costs went up. If you buy cow in Bitcoin, hint,
• 1:00:47
  hint, Now in a few months and a year you're going to buy another
• 1:00:53
  cow in less Bitcoin. That's that's where we need to
• 1:00:57
  change the game. The other thing that's happening
• 1:00:59
  is like, it's really with the community.
• 1:01:01
  Like we're not going to make a dent in this industry unless you
• 1:01:04
  get bitcoiners who in my opinion are like this is a a term I've
• 1:01:09
  coined. Like they are the perfect
• 1:01:11
  assholes. Like we need them to dig in on
• 1:01:14
  this industry and and call out what's happening.
• 1:01:17
  And we also get them as customers and we when we will
• 1:01:21
  lose them as fast as if we if we take a shit coin, if we say
• 1:01:24
  something we don't know about, if we lie or do something or you
• 1:01:27
  can't verify our meat, we kind of know that that's the game
• 1:01:30
  we're playing. It's high risk, high reward, but
• 1:01:33
  not if you're just honest and authentic And we think we can
• 1:01:36
  differentiate, as can local farmers on the verifiability of
• 1:01:40
  where their meat comes from. That is like music to bitcoiners
• 1:01:44
  ears and they will show you that they're loyal, right?
• 1:01:46
  Like we once we tweeted that thing out about our treasury, we
• 1:01:50
  got a bunch of new customers and they're like don't take a shit
• 1:01:52
  coin and we'll drop you and like we get it.
• 1:01:54
  Like we know the game. And so I think the way that we
• 1:01:57
  win and what local ranchers win is by appealing to the Bitcoin
• 1:02:01
  community, getting off Fiat rails, getting off even
• 1:02:04
  traditional comms rails like so. So walk us through your site a
• 1:02:09
  little bit. So if you go to
• 1:02:11
  kccattlecompany.com right you go and you have different.
• 1:02:18
  I'm on the bundles. Here's some bundles guys.
• 1:02:21
  Right. So you have one month, you have
• 1:02:23
  could you up, could you up, you have one month, you have every
• 1:02:26
  one month, every two months, every three months.
• 1:02:28
  So and then you get to kind of customize your box a little bit.
• 1:02:31
  So you got to go down a little bit.
• 1:02:32
  So you get to customize your box.
• 1:02:35
  You can you know have a WAGOO. You have a Wagyu flank steak,
• 1:02:38
  kind of Wagyu, flat iron steak, Wagyu.
• 1:02:42
  So and then you I'm assuming you set you have Picanha as well.
• 1:02:47
  You have Wagyu skirt. I'm getting hungry just reading
• 1:02:49
  this. You have Wagyu summer sausage.
• 1:02:53
  You have just a bunch of awesome really really delicious types of
• 1:02:57
  food. So, so you order a box and then
• 1:03:01
  it's I guess it's like a subscription service and then
• 1:03:04
  they they they deliver it to to your home, is that is that how
• 1:03:08
  it works? Sure.
• 1:03:09
  Like and I'd love to just kind of chat at how we think we need
• 1:03:12
  to change our business model a little bit to be different as
• 1:03:15
  well And where we're going to how we think we differentiate
• 1:03:18
  and when is by some of the changes that are happening.
• 1:03:21
  So what you're seeing right here is a is a you can build your own
• 1:03:25
  bundle and the more you add the more obviously we can discount
• 1:03:28
  it because we pay less in shipping, less in fees.
• 1:03:32
  So our goal there is to like find these customers that are OK
• 1:03:35
  with planning to the in the future and buying a bundle.
• 1:03:38
  It's where we can give them and pass on those savings.
• 1:03:42
  That's one piece of the strategy.
• 1:03:43
  We're really appealing to people that are like it makes sense for
• 1:03:46
  me to have an external freezer and buy my beef for the year.
• 1:03:50
  The other thing that we're doing and and kind of the innovation
• 1:03:53
  here is we're now working with Little Belt Cattle Company out
• 1:03:57
  of Montana that's a rancher, that's a former Navy SEAL who
• 1:04:01
  feels the same way about how you need to raise your cattle as we
• 1:04:04
  do. So we sell Little Bell Cattle
• 1:04:06
  Company in bulk on our site as well.
• 1:04:09
  Now where we think the business model changes and and benefits
• 1:04:13
  everybody is where we can make sure everyone's incentive
• 1:04:16
  incentives align. That's how we save the most
• 1:04:18
  money for customers. What our value is going to be is
• 1:04:23
  reaching out to ranchers who believe the same things we do
• 1:04:26
  about our cattle. They can focus on the quality,
• 1:04:29
  they can focus on the animal life.
• 1:04:31
  We can do our best to curate customers and have something
• 1:04:35
  like you have something like a like a Costco model where if you
• 1:04:39
  pay a membership fee for a year, I know that has like a negative
• 1:04:42
  connotation, but it's really getting you access to the best
• 1:04:45
  possible beef in the world. And what that does is aligns
• 1:04:48
  everyone. Incentives like the ranchers now
• 1:04:50
  get a little bit of a margin to take care of their cattle and
• 1:04:54
  not necessarily have to play the e-commerce game, not have to
• 1:04:57
  play the, you know, the excess land or insurance game.
• 1:05:01
  We can help them find customers and the customers get to come to
• 1:05:04
  the site and say, I know this is the best American beef in the
• 1:05:08
  country and it's on this site. And the more customers that we
• 1:05:11
  have coming and ordering from us, the more we can go back to
• 1:05:13
  ranchers and say we can give you the demand.
• 1:05:16
  We can tell you how much demand is coming in from our customer
• 1:05:19
  base that saves them so much time in money that they're just
• 1:05:22
  not getting right now and they have to drive into town and
• 1:05:24
  peddle this at local farms. So we're we're really trying to
• 1:05:28
  align incentives here and make it very public that our costs go
• 1:05:30
  down. The more eyeballs are on our
• 1:05:32
  site, the more amazing ranchers come, come and they're involved
• 1:05:36
  with the with the site and they get to focus on quality.
• 1:05:39
  We get to go back to our customers and say we've curated
• 1:05:41
  the best beef in the country. It's from one of these farms we
• 1:05:44
  can verify it and the more eyeballs we get, the more we can
• 1:05:47
  kind of bring costs down by helping ranchers with their
• 1:05:50
  demand and sending them steady customers.
• 1:05:53
  Love it. OK, one quick question though
• 1:05:56
  for for everyone in the chat. Where where are you guys
• 1:05:58
  shipping? Where?
• 1:05:59
  What can it? Is it all 50 states?
• 1:06:01
  What's What's the deal with people ordering meat from you
• 1:06:04
  guys? Yeah, it's all 50 states plus
• 1:06:06
  Canada. Wow, wow, amazing.
• 1:06:09
  OK, so buy more beef. It's cheaper shipping and you
• 1:06:13
  can get it everywhere. What's like estimated shipping
• 1:06:17
  times? Yeah.
• 1:06:19
  So with perishable shipping, it is a little, little weird,
• 1:06:21
  right? So we ship Monday through
• 1:06:23
  Wednesday. If you order on a Monday, it's
• 1:06:24
  going to go out Tuesday. You'll have it by, you know,
• 1:06:26
  Thursday at the latest. So you know, if you're ordering
• 1:06:29
  on a weekend, it'll go out on Monday or Tuesday.
• 1:06:31
  You'll get it two days later. Love it.
• 1:06:33
  Love it. OK, I have.
• 1:06:35
  Well, I have actually one question for you, Pat.
• 1:06:38
  Why? Why?
• 1:06:39
  Why I got you. Actually, I want to hit Paul and
• 1:06:41
  Pat on both of this. What would be like your
• 1:06:44
  two-minute elevator pitch to other farmers out there about
• 1:06:48
  getting involved with Bitcoin, getting involved with the
• 1:06:50
  community. So I'll start with you, Pat.
• 1:06:51
  What would be your elevator pitch for people?
• 1:06:54
  Well, I think most people that are involved in the ranching AG
• 1:06:57
  community as a whole, it's just kind of a rebel spirit at this
• 1:07:00
  point. You you don't get into it unless
• 1:07:03
  you're you're a glutton for pain because it's hard work, it's low
• 1:07:06
  profits, you know, it's heavily regulated no matter which side
• 1:07:10
  of the AG business you're in. So anyway, you can increase your
• 1:07:14
  profit margin, even if it's by a little bit, and kind of hedge
• 1:07:16
  your bets against the future of what the United States Fiat
• 1:07:20
  currency looks like. It's always a good idea.
• 1:07:22
  Love it. Love it.
• 1:07:23
  OK, Paul, what would be your two-minute elevator pitch?
• 1:07:26
  OK, so there's this phrase like first time founders think about
• 1:07:29
  products, second time founders think about distribution.
• 1:07:33
  You're literally if you get on a Bitcoin standard, not only are
• 1:07:36
  your costs going down forever compared to Fiat, but you're
• 1:07:40
  walking into the most loyal customers and distribution
• 1:07:45
  channel from people. That won't stop buying your
• 1:07:47
  beef, they'll tell everybody about it and all you have to do
• 1:07:51
  is be honest about this being the standard and you will get
• 1:07:54
  new customers. You don't worry about
• 1:07:57
  distribution or paying Facebook like you just literally say we
• 1:08:00
  saving Bitcoin. We charge in Bitcoin and you
• 1:08:03
  will get all of these customers that are absolutely insane in a
• 1:08:06
  good way. Love it.
• 1:08:09
  Love it. Yeah, when I actually can we
• 1:08:11
  touch on that cause Paul, you were talking about earlier in
• 1:08:13
  the show and and before we went on about just what were you
• 1:08:17
  calling it like lovable assholes or?
• 1:08:19
  They're they're perfect assholes.
• 1:08:21
  Perfect assholes. Yeah, the the Bitcoin cult
• 1:08:23
  member mentality that like, bro, you love me, you guys love
• 1:08:28
  Bitcoin, you understand Bitcoin. It's like there's a whole new
• 1:08:32
  market there. And I I think people
• 1:08:34
  underestimate the the lunacy of bitcoiners.
• 1:08:37
  And in a good way, like we're ride or die for companies that
• 1:08:40
  are doing good stuff. We see the problems of the Fiat
• 1:08:43
  world and it's like all right, we would much rather send our
• 1:08:46
  Bitcoin to other people creating quality stuff considering that
• 1:08:50
  most of the stuff we see in the in the world now is all
• 1:08:52
  superficial, especially in meat that you know the nutrients are
• 1:08:56
  diminished and and we want to eat tasty, delicious steak, like
• 1:09:00
  that's the point, what else? What else are you going to spend
• 1:09:03
  your money on? But good food like delicious
• 1:09:05
  steaks are the way. So let's jump on the community
• 1:09:08
  idea for a moment. So I think what's great about
• 1:09:12
  the Bitcoin community is like, if I say something that I don't
• 1:09:15
  know about, like I'm going to be absolutely taking the task and I
• 1:09:19
  I kind of love that. I think we need more of that in
• 1:09:21
  the world. And my intro to Bitcoin was
• 1:09:24
  actually like, I'm a I'm, I'm an Angel investor.
• 1:09:27
  And like, I look for customer bases that are just psychotic,
• 1:09:31
  like calling Bitcoin customers or bitcoiners A cult.
• 1:09:34
  I'm like amazing. Like you're going to, that's
• 1:09:37
  what you're looking for. And so, like my my entry road to
• 1:09:41
  the community was like when Clubhouse was just kind of
• 1:09:43
  starting and I was in these Bitcoin chats and I heard like a
• 1:09:47
  really unique tonality of things, which was like, I hadn't
• 1:09:51
  really heard it before. It was like a combination of
• 1:09:53
  like confidence, a little bit of arrogance, more frustration, but
• 1:09:58
  also a lot of rigor. And it was like a Bitcoin fixes
• 1:10:00
  everything, kind of chat and people were tossing up shit like
• 1:10:04
  healthcare, cancer, whatever. And you heard these guys and and
• 1:10:06
  gals just kind of riffing and it's like, and this, this is so
• 1:10:10
  interesting, like these guys have all kind of done their
• 1:10:12
  homework. And then you, you, you think
• 1:10:15
  about the community a little more.
• 1:10:16
  And like, what made me gravitate more towards it is like, I love
• 1:10:19
  entrepreneurs. They have to, they're a certain
• 1:10:22
  type of person. They have to kind of look
• 1:10:24
  stupid, silly. Nobody thinks you're very alone,
• 1:10:27
  OK? Everybody thinks you're crazy,
• 1:10:28
  but you kind of do it anyway. And there's a lot of humility
• 1:10:32
  with that. And like, as funny as bitcoiners
• 1:10:34
  are, like there's a lot of humility with them too.
• 1:10:36
  Because we've all had to say, like, hey, look, this whole
• 1:10:40
  money thing, we kind of were full of shit.
• 1:10:41
  Actually, we didn't. We don't really know how money
• 1:10:43
  works. And you saw guys like you know
• 1:10:46
  Larry Leppard or James Lavish who've done this their entire
• 1:10:48
  life, Greg Foss and they're like guys, look I I'm, I'm coming in
• 1:10:52
  from being in the in the pits here.
• 1:10:55
  This is the best asymmetric trade that you've ever seen in
• 1:10:58
  your life. Those guys were also the ones
• 1:11:00
  that were clearly explaining some of the challenges with it,
• 1:11:04
  some of the challenges with Fiat.
• 1:11:06
  Those guys put me on to the the US debt clock and explaining
• 1:11:09
  what unfunded liabilities are. So you had this insane community
• 1:11:13
  of, you know, it's a very humble person that starts out and says
• 1:11:17
  I don't know how money works and I'm very public about it.
• 1:11:19
  And then they were really good at doing their research and
• 1:11:21
  their work. And so I the more you kind of
• 1:11:24
  recognize that and then you know, you'd see them put out a
• 1:11:27
  meme of like when the price is dropping of a of a frog doing a
• 1:11:30
  lion a green candle line or something like that was like
• 1:11:33
  they also have a sense of humor. They're not afraid to look
• 1:11:36
  silly. Like these are for sure my
• 1:11:37
  people and like who I naturally would gravitate to towards.
• 1:11:41
  And so the community was really what attracted me to us from a
• 1:11:47
  capitalistic perspective of like constantly looking at retention
• 1:11:51
  charts, constantly looking at where are things that you don't
• 1:11:54
  have to reacquire customers. I saw the long term holder
• 1:11:58
  supply chart and I was like blown away like an 80% drawdown
• 1:12:02
  in value of a product. Any other product in the world,
• 1:12:05
  you wouldn't you wouldn't have a business anymore with this one.
• 1:12:08
  Not only are they excited, they buy more and that we we've just
• 1:12:11
  never seen that before in the history of our species.
• 1:12:15
  So it to me it was like, you've got this community, you've got
• 1:12:18
  the savings, technology, and there's something really
• 1:12:21
  interesting here. And if you appeal to the
• 1:12:23
  community in the right way and you understand them as being
• 1:12:26
  like perfect assholes, they're the type of people that will go
• 1:12:30
  and look at this beef industry, do the work and be like, hey,
• 1:12:32
  this isn't right and they'll speak up about it.
• 1:12:34
  They're not afraid to. So it's just a really special
• 1:12:37
  community to like be a part of. Love it.
• 1:12:40
  Love it. Couldn't agree more.
• 1:12:41
  All right, we did get one question in the chat that I want
• 1:12:44
  to throw Pat's away. Let me let me try to get this
• 1:12:47
  set up. I don't know who it was.
• 1:12:49
  It was. It was early in the show, but
• 1:12:51
  they're looking for what's the best way to prepare your steak?
• 1:12:54
  So he said 24 hours before meal I had a sirloin in the freezer.
• 1:12:59
  How do we prepare this the best way to cook the steak?
• 1:13:02
  What is your thoughts on this as a guy who literally grows it
• 1:13:05
  from, you know, from birth to grill?
• 1:13:08
  It was Gabe. I saw that comment come through,
• 1:13:11
  but I'm not cutting you off because it's really important to
• 1:13:13
  me for people to cook steak the right way.
• 1:13:15
  So for sirloin steak, really any of the steaks you buy from us,
• 1:13:20
  let it. Let it thaw in the fridge
• 1:13:21
  overnight. If you have to thaw in the sink,
• 1:13:22
  no issues there, there's no harm to the meat there.
• 1:13:27
  Put it out on your counter, let it come up to room 10.
• 1:13:30
  If you can do it like 3 hours before you're going to cook it,
• 1:13:32
  great. The minimum is about 30 to 45
• 1:13:34
  minutes. When you pull it out, take some
• 1:13:38
  coarse salt, so some kosher, some sea salt, and you want to
• 1:13:41
  cover all sides. If you're not a big salt fan,
• 1:13:44
  you're you're more than welcome to wash that off before you prep
• 1:13:47
  it or cook it. But the big thing that salt does
• 1:13:50
  is pull the moisture out of the steak so it allows it to cook
• 1:13:54
  evenly while you're doing it. From there, get a cast iron if
• 1:13:58
  you're doing it inside your house piping hot.
• 1:13:59
  I mean, you want that thing if you put some water on it, you
• 1:14:02
  want it to evaporate immediately.
• 1:14:04
  Sear it both sides. You're you're shooting for 100
• 1:14:08
  and 25130°. Just remember it's going to cook
• 1:14:11
  another 10° if you let it rest, which you should for 10 minutes.
• 1:14:16
  Oh man, I'm so hungry. That was great.
• 1:14:18
  Great advice. I got one.
• 1:14:20
  I saw one more about grass fed too.
• 1:14:22
  OK, just. It was somebody that that
• 1:14:24
  mentioned cows would always choose grass over grain 100%.
• 1:14:28
  Not true. Man, I could take this computer
• 1:14:30
  outside right now and prove it, but like, just think about
• 1:14:33
  putting a fat kid in a candy shop with like an Isle of
• 1:14:35
  broccoli and like a bunch of candy.
• 1:14:39
  I I don't think they're going to choose the broccoli, right?
• 1:14:42
  Amazing. Amazing.
• 1:14:43
  OK, Love it. Love it.
• 1:14:44
  Yeah. You know, one of the one of our
• 1:14:46
  favorite things to do when we bring on guests is them
• 1:14:48
  acknowledging the people in the chat because they we we just got
• 1:14:51
  savages in the chat. You're like, no, guys, let me,
• 1:14:54
  let me tell you, let me tell you what's going on.
• 1:14:57
  All right. So we we are running a little
• 1:14:59
  long today. So I want to give you guys one
• 1:15:01
  last moment. So Paul, what?
• 1:15:03
  What? What's the final message?
• 1:15:05
  You want to leave with the audience?
• 1:15:07
  And then we'll get to Pat. We I don't think we win in this
• 1:15:12
  industry. I don't think we bring American
• 1:15:14
  beef back to America unless we get the help of bitcoiners
• 1:15:18
  calling out the bullshit. And if you think about what that
• 1:15:23
  means, if we don't win, you're just not going to know where
• 1:15:26
  your beef comes from, what's in it.
• 1:15:28
  It's not going to taste good. And if you're planning on
• 1:15:30
  raising a family and staying in the United States, you kind of
• 1:15:33
  have to attack this industry next, and we 100% need the help.
• 1:15:37
  Love it. Love it.
• 1:15:38
  OK, Pat, what's your last message?
• 1:15:40
  You can be about anything. Whatever you want.
• 1:15:42
  What's the last message you want to leave with the audience?
• 1:15:44
  Yeah, I'm going to kind of piggyback off of what Paul just
• 1:15:46
  said, 'cause I think it's incredibly important.
• 1:15:48
  You see JBS that is a Brazilian processor, right?
• 1:15:52
  You see National Beef that's 40% owned by a Brazilian processor.
• 1:15:55
  You see Smithfield, it's owned by the CCP.
• 1:15:59
  It it's it's becoming very scary in this country what's
• 1:16:02
  happening. Food is national security and I
• 1:16:04
  I believe that wholeheartedly. If you can't eat you can't do
• 1:16:06
  anything else especially spend your Bitcoin and we're I I feel
• 1:16:10
  like people are kind of having this blindfold put over their
• 1:16:12
  heads. You can't trust the labels at
• 1:16:14
  your grocery store. We're seeing our inventory for
• 1:16:16
  cattle shrink to the lowest level it's been in 100 years and
• 1:16:19
  there's like this war on domestic beef and it's going to
• 1:16:23
  be a really crazy place and we need people to support their
• 1:16:26
  local farmers, absolutely. Love it.
• 1:16:28
  Absolutely love it Guys, remember what we always say.
• 1:16:30
  You know weak men make a bad society.
• 1:16:34
  Well it is no coincidence that the food they are feeding us is
• 1:16:38
  making us dumb and is making us fat.
• 1:16:42
  So guys, make sure you are getting good nutrition.
• 1:16:45
  Get good beef in you. Make sure your your your diet is
• 1:16:49
  high in protein. You know, I I know people will
• 1:16:51
  say otherwise, but we live off steaks.
• 1:16:54
  We live off steaks. This is the ideal diet is mainly
• 1:16:58
  steaks. All right, Nico, take it away.
• 1:17:01
  Let's let's wrap this one up. Anyways guys, if you enjoyed the
• 1:17:03
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• 1:17:05
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• 1:17:07
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• 1:17:09
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• 1:17:12
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• 1:17:14
  The way that we do that is by sharing Bitcoin media, Bitcoin
• 1:17:17
  art, Bitcoin food. That's how we do it.
• 1:17:20
  I do want to thank our guests, Pat and Paul.
• 1:17:23
  Yeah, wait, actually for the audio listener guys, where where
• 1:17:25
  can people find you? Where where do you want to push
• 1:17:27
  them? Yeah.
• 1:17:30
  So you can follow us on socialmedia@kccattlecompany.com
• 1:17:33
  or you can jump on our website kccattlecompany.com and shoot us
• 1:17:38
  an e-mail to contact us at kccattlecompany.com if you have
• 1:17:41
  further follow on questions, because I saw a lot of those
• 1:17:45
  come through that we didn't get to.
• 1:17:47
  Awesome. All right.
• 1:17:48
  All right, fellas. Thank you so much for joining us
• 1:17:50
  today. Really appreciate it, guys.
• 1:17:51
  That was another episode of Simply Bitcoin Live.
• 1:17:54
  The chats going absolutely bananas today.
• 1:17:56
  I'm getting wrecked. We are going to try to set up at
• 1:17:59
  Bitlock Boom. If we're able to do so, we'll be
• 1:18:01
  doing a simply Bitcoin live from the floor of Bitlock Boom.
• 1:18:05
  We will be streaming the entire conference on Saturday, so if
• 1:18:08
  you guys see us at Bitlock Boom, we'll be selling merch as well.
• 1:18:11
  And make sure to stop by the news desk.
• 1:18:13
  Love you all. Make sure to smash the like
• 1:18:15
  button like I said, and we'll see you tomorrow for a brand new
• 1:18:18
  episode of Simply Bitcoin Live. So it was brought to you by
• 1:18:23
  bitcoinwell.com, a Bitcoin only platform on a mission to enable
• 1:18:27
  financial independence.