Latest / Simply Bitcoin / Gary Gensler Hits Kraken with a $30 Million Fine | EP 674

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Gary Gensler Hits Kraken with a $30 Million Fine | EP 674 · Simply Bitcoin

0:00
Yo welcome to Simply Bitcoin live your number one source for
0:02
the peaceful Bitcoin Revolution record, breaking news called
0:04
traumatic Warfare. We will be your guide through
0:07
the separation of money and State.
0:10
Interesting. Interesting.
0:12
It just came out, looks like the SEC and basically, the
0:16
government connect us, because we've been covering this for the
0:19
last two or three days, right? Nick Carter wrote an excellent
0:22
piece which we covered on yesterday's episode also by
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Nance was stopping US. Dollar withdrawals or transfers,
0:29
right? And then another thing that just
0:31
happened, right? Which is the SEC agreed on a
0:34
settlement with Kraken. Kraken agreed to pay Thirty
0:37
million dollars and they also agree to stop.
0:40
Staking in the u.s. all the crap coin exchange Casino owners are
0:46
freaking out, that's a huge part of their business model, right?
0:49
We know that aetherium since they move they, since they
0:51
migrated to proof of stake that's like a big portion of
0:55
their validator thing. So it's not going to be allowed.
0:58
Is that going to be legal? What's going on here?
1:00
A lot of questions, but I think this highlights the fact that
1:03
once again, right, things that are not actually, decentralized
1:08
are easy targets, Are low-hanging fruit for the state.
1:12
And I think that is what we're witnessing here.
1:16
And I think that this will continue to happen.
1:18
And, of course, all the thing that actually lit, the match was
1:22
the ft x blow up, right? But this was I think this was
1:25
going to happen. Anyways, I think this is
1:27
inevitable, like we said in the beginning and show this is the
1:29
separation of money and say, do you think that the state isn't
1:32
going to fight back? And I know a lot of people are
1:34
thinking it's like this is a good thing right?
1:36
You know the US government is shutting down You know, these
1:40
the shit coin casinos or you know they're stopping people
1:43
from getting fraud. I come from a more perspective
1:47
of let the free market do with the free market does best.
1:49
And I think Bitcoin is just going to dominate it in that
1:52
field. Anyways I don't think it needs
1:53
help and again like I just I'm not a big fan of government
1:59
intervention, that's my take. But anyways, we have all the
2:02
details about the news in regards to, you know, the the,
2:06
the, the Kraken. Fine.
2:08
Also very interesting news coming out of the Mississippi
2:10
Senate, they passed a historic bill in regards the Bitcoin.
2:14
So we have the video, we're going to talk about all that
2:17
before we start the show on a bring up.
2:19
My legendary co-host. He's filling up for Opti today.
2:23
He is the third member of Simply Bitcoin.
2:25
His name is Russ and he's dropping some amazing Clips.
2:28
I think we might we I think we should definitely talk about
2:33
that potentially during the culture, especially your last
2:36
bit and get into an idea of what these clips are for what they're
2:39
about. About what their purpose is.
2:41
Anyways, how you doin Russian doing good Nico but but my yield
2:47
bro, what happened? Who's next on The Chopping
2:52
Block, that's what I'm looking forward to hear some interesting
2:55
things sec. I mean it's like here's Gary you
3:00
know coming right through the Door.
3:03
Keep Your Head on a swivel shit Corners, he's coming for you.
3:07
Oh man. Oh man.
3:08
Yeah dude it's A bad day to be a sip shit Corner, that's for
3:13
sure. And look the reactions from, you
3:16
know, the head of coinbase has been honestly has been quite
3:20
entertaining to be honest. That's just my two SATs.
3:22
Anyways, everybody, let's start the show.
3:24
We have a lot to talk about. The Bitcoin numbers brought to
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Alright guys, I also want to tell you about the biggest
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It's going to be Fleet don't want to miss it, you can take
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advantage of the promo code all caps simply to get a 10%
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discount on your tickets, of course, Opti Rustin and myself
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in the flesh. I want to go and give a shout
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out to some of the speakers which it's going to be
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absolutely Bonkers speaker list. Includes, Michael sailor, Lynn,
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Alden. Alex gladstein, Matt Odell and
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many many more. Like I said, you could take
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advantage of the promo. Simply to get a discount on your
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Bitcoin, 2023 tickets. Anyways, at the time of
4:41
recording, the Bitcoin price is 21,600 SAS per dollar 4630, one
4:47
block height, 775,000, 907 reachable, Bitcoin nodes 13,600
4:53
30 blocks of The Happening. 64,000 93.
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Having estimate. April 24 2024, total lightning,
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network capacity, 5360, to capacity value 152. 18 million
5:04
dollars realized monetary inflation 1.76 percent and the
5:08
market capitalization of Bitcoin is four hundred and sixteen
5:10
billion dollars. I also want to welcome our
5:12
guests who just joined the show. How you doing Nolan?
5:15
Welcome to Simply Bitcoin. Seems like he is having some
5:22
audio issues right now. So continuing with the show.
5:25
Anyways, also want to check out this video.
5:28
We could talk about it during the number segment.
5:32
This is a historic moment. Mississippi Senate.
5:35
Mississippi Mississippi, Senate passes a bill protecting
5:39
Bitcoin. Let's take a listen on to what
5:41
that sounded like. Let me pull it up.
5:44
Here we go. So let's take a listen to what
5:47
that sounded like crazy crazy day.
5:49
I mean, So and I want you also guys to pay attention to the
5:54
opposing forces and it's basically the better flag
5:56
Theory, right? Where you know some
5:59
jurisdictions are going to be hostile towards Bitcoin.
6:02
Some jurisdictions are going to be friendly towards Bitcoin.
6:06
And then the end look so New York State hostile towards
6:09
Bitcoin and that presents an opportunity for another state to
6:13
pick the pick that up. We saw that when China banned
6:15
Bitcoin mining within the borders, the hash rate recovered
6:18
within nine months and also the hash rate decentralized all over
6:22
the world. So unless there's like this
6:24
worldwide combination of governments Banning Bitcoin all
6:27
at the same time which is completely unlikely highly
6:30
improbable, you know, it just it presents an opportunity for
6:34
someone else to pick. Pick up where, you know, and and
6:37
Opti says it best, right. And that's a quote that I'm
6:39
going to use, right? You can't ban Bitcoin, you can
6:41
only ban yourself from Bitcoin anyway.
6:43
So check out this video, which is not recognized by legal
7:03
tender, by the United States government.
7:05
It also says that if you are buying or selling or issuing or
7:09
taking custody of virtual currency or receiving virtual
7:13
currency, which will not require obtaining a money transmission,
7:16
license in order to do so it's in Section 5, there is a reverse
7:19
repealer, we're still working with some folks on some
7:23
definitions making sure we Haven't missed anything.
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I think, 30, over 30 states have set up, definitions in statute
7:31
across the country for digital currency in Mississippi is just
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joining the ranks those that are doing so that is explanation of
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the so dude. Absolutely crazy, right?
7:43
Protecting protecting the right to self custody.
7:45
I think that's really the signal there.
7:48
And I think that's huge because I think that was one of the
7:50
things that was going to be attacked also protecting Bitcoin
7:55
transactions. He's right, so that you don't
7:57
need a money transmitter license.
7:59
I was something that people were freaked out about.
8:01
So I think this might be a state, a state issue, I think
8:04
states are going to fight for, you know, for what's best for
8:08
their people. And I think some states are
8:10
going to be hostile. We've already seen that in New
8:12
York state. So I mean this is crazy but you
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see the fight you know, gearing up bro.
8:19
You see the hostility from the federal government we really
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read your that piece yesterday from Nick Carter and then you
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see a state being Into Bitcoin, but it's not also a state,
8:28
you're seeing also countries as well.
8:30
And this country happens to be somewhat wouldn't say hostile,
8:34
but let's say the US government is hostile towards the country
8:37
Russian government subsidizes crypto, Mining facility in
8:40
Siberia, right? So you have states and countries
8:44
being old friendly towards Bitcoin, the Bitcoin industry
8:47
and then you have countries like China, you know, you have the
8:51
current B Administration which is how towards Bitcoin mining.
8:54
So it's really interesting to see this play out.
8:56
Out and you know what, what stays in my mind's that quote
8:59
from Opti right? You can't ban Bitcoin, you can
9:01
only ban yourself from Bitcoin. Are you doing Reston man, doing
9:06
good? Good stuff right there.
9:08
I like laying down. There is cracking.
9:10
Cracking just might be. I wonder if like Jesse Pal kind
9:14
of knew ahead of time and we can see in Mississippi someone was
9:19
doing a lot of work down there, maybe Dennis, Porter planted,
9:22
those seeds, and provided some good education.
9:25
So those People understood the benefit to the grid and the
9:29
benefit to renewable energy and the incentive.
9:31
The Bitcoin mining provides there.
9:33
And like you said, the game theory is playing out with
9:36
different states and Nations. The thing is the Bitcoin
9:40
benefits, everybody involved, regardless of where they are,
9:46
what their political affiliation is, or whatever it may be, for
9:50
example, Bitcoin protects Russia from authoritarian, sanctions
9:55
through the UN and the these different things cutting them
9:57
off from the Swift system. But also the u.s. you benefit
10:02
from adopting Bitcoin by maybe you maintain and can still be
10:06
that shining City upon the hill for decades and decades to come
10:10
and you can save yourself from the cycle the inflationary cycle
10:15
and from a why Mar type Collapse by eventually weaponizing the
10:19
dollar and backing it with Bitcoin as some have theorized
10:23
absolutely anyways. Let's see how our guest.
10:27
It seems like he's still having some audio issues, but
10:30
hopefully, he'll join us soon. Anyways, everybody, oh, seems
10:33
like he came on, Nolan, could you hear us?
10:41
I can hear you, but it ain't going.
10:43
Well, guys, I'm going. Well, I run a Daily restream
10:48
Show for an hour every morning, and I don't have trouble.
10:52
I'm on a sailboat right now being American authorities.
10:58
Well, actually, just making sure I don't spend too much time on
11:02
on our Fiat back Shores. So, We might have to reschedule
11:09
team. I really, I don't think this is
11:12
going. Well, it seems like you're
11:14
coming in good though, bro. Your audio is good so we could
11:16
roll with it and see see where this goes, if you want, it's all
11:21
up to you. I don't know.
11:27
Anyways, everybody the anything guys, this is all good, all
11:30
good. Anyways guys, this is the live
11:32
show. We have to, we have to roll with
11:33
it. Let's get to the news.
11:35
We have a lot to talk about. The Daily News brought to you by
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Alright, everybody at the time record seems like Nolan was
12:16
having continuing to have some technical difficulties.
12:18
So we are going to show must go on, right?
12:20
Anyways, at the so check this out.
12:22
I was going to say at the time of recording, is a lot going on.
12:24
Nowadays, guys, bear with me. So check out this, this tweet is
12:28
by Eleanor. Eleanor is a journalist.
12:31
And she went on to say this was before the news drop.
12:34
By the way, says, Gary Gensler is embarking on a Midnight
12:37
massacre in an attempt to bring all of crypto under his control
12:41
in the coming weeks to SEC gov and why DFS.
12:44
And the usoc see will be bringing a me Rod of enforcement
12:48
actions against exchanges and Banks.
12:51
Here is the CEO of the largest shit coin, casino coinbase
12:56
before the news dropped. He said we're hearing rumors
12:58
that sec would like to get rid of kryptos taking in the US for
13:01
retail customers. I hope that's not the case.
13:04
As I believe. It would be a terrible pass for
13:06
the u.s. S, if that was allowed to
13:08
happen. So and then the hammer fell
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cracking agree to shutter us Crypt, kryptos taking operations
13:15
to settle SEC. Charges goes on to say, Kraken
13:19
has agreed to shut down its cryptocurrency staking
13:22
operations to settle charges with the US Securities and
13:24
Exchange Commission according to an Industry Source.
13:27
Briefed on the matter, the SEC on the settlement during a
13:30
closed-door, commissioner commissioner meeting on Thursday
13:33
afternoon and an announcement may come later in the day, the
13:36
industry person Old coin desk, a crack in spokesman declined to
13:39
comment and SEC spokesman declined to comment.
13:41
After the publication of the article, the SEC confirmed
13:44
Kraken would shut down. It's taking services for us.
13:48
Customers. After the publication of the
13:50
article, Kraken offers a number of services under its taking
13:53
umbrella including a crypto lending, prod product offering
13:57
up to 24 percent yield. This is also expected to shut
14:00
down under the settlement. The issue industry person said,
14:04
Kraken staking service offered a 20% A py promising to send
14:08
customers taking rewards twice per week according to the
14:11
website, Bloomberg reported that Kraken was close to a settlement
14:14
with the SEC over offering unregistered.
14:16
Securities on Wednesday. The vote comes a day after
14:20
coinbase CEO, Brian Armstrong, we just covered that.
14:23
So anyways and then the the fine that coinbase receive.
14:28
I mean, sorry that crackin recedes was around 30 million
14:32
u.s. dollars. Now, a couple interesting points
14:34
here, so interesting point number one, Why is that?
14:38
This is going to force these exchanges overseas.
14:42
This only applies to you as customers.
14:45
So if you're u.s. customer I don't think you'll be able to
14:48
stake stuff but I mean if you're a Bitcoin ER we've been telling
14:51
you stay away from that. That's a scam.
14:54
Stay in Bitcoin. Anyways here is this clip from
14:58
Gary Gensler, he was on CNBC. Let's check it out and we'll
15:01
talk about it. It's great to see you this
15:03
morning as it is a phrase online where they say, tell it to me
15:08
like I'm five. So for those who are uninitiated
15:11
until what happened here, tell it to me, like I'm five, what
15:15
was crackin doing? And what was the problem that
15:18
you were trying to solve Andrew? What Kraken was doing, was
15:22
asking the American public for their points, crypto tokens and
15:31
saying, I'll give you you a return for percent to 21 percent
15:35
returns. And the problem was that they
15:37
were not disclosing to the investing, public the risk that
15:42
the investing public was entering into and we have a
15:45
basic bargain in the United States.
15:47
Since the 1930s you can take whatever risk you want companies
15:52
like crackin can offer investment contracts and
15:56
investment schemes but they have to have full fare and truthful
16:00
disclosure and This puts the investors who watch your program
16:04
in a better position. That's our basic bargain.
16:07
They were not complying with that basic law.
16:10
So how does this though? Differ for example from some of
16:15
the other firms out there including coinbase, who offer
16:18
yield products, Whether you caught the labels don't matter
16:24
long ago, Supreme Court Justice Marshall said this so
16:27
eloquently. It's not about the labels, it's
16:31
about the underlying economics, and this really should put
16:36
everyone on notice in this Marketplace, whether you call it
16:40
land, whether you call it earn, whether you call it yield,
16:43
whether you offer what's called an annual percentage, yield apy,
16:47
that's doesn't matter if somebody's Taking their tokens
16:52
and transferring it to that platform.
16:54
The platform controls it. And guess what happens if they
16:57
go bankrupt, you stand in line at the bankruptcy court, there's
17:01
a saying in crypto that says, not your keys, not your coins.
17:06
So, those other platforms should take note of this and seek to
17:11
come into compliance, do the proper disclosures and
17:14
registration and the like of it. So, but here's one of the big
17:17
issues as I think, you know, which is This taking service is
17:21
going to no longer be available to customers in the US but
17:25
interestingly they're going to still offer the same product
17:28
internationally abroad outside of the United States.
17:31
And so it raises this larger policy question as to whether
17:36
crypto a these types of products is move offshore.
17:39
Maybe that's what you want. And that's a good thing.
17:41
But then whether what you do about the American citizenry,
17:45
who's been using vpns, and all sorts of other things, to to
17:49
skirt around. And what's Happening Here?
17:53
Look, we're technology-neutral at the SEC, but we're clearly,
17:57
very focused on investor protection, 330 million.
18:01
Americans are our clients. These firms crackin knew how to
18:05
register, others know how to register.
18:07
It's just a form on our website. They can come in talk to our
18:12
talented people and disclosure review teams and if they want to
18:16
offer staking we're neutral come in register because investors
18:22
need that disclosure. What are you doing with the
18:24
tokens or you trading against the tokens?
18:27
Are you borrowing against the token?
18:29
Are you using them for your own purposes?
18:32
And we've seen this in the crypto field.
18:35
So investors not only need that disclosure but it's the law.
18:41
What are your thoughts on that Rustin?
18:44
Well, we know Gary, right for those that may not know he
18:47
taught a Bitcoin course at MIT. He understands that technology
18:51
he has come out and said, satoshi's creation is real and
18:56
he's very skeptical about pretty much everything else and it's
18:59
almost like, I don't know for years people have been screaming
19:02
that these things were Securities and that coins were
19:06
being re hypothecated and then this happens and everyone
19:10
surprised. They're not going to go at
19:13
individual tokens XYZ, that that stupid that's a waste of
19:16
resources. Why do they call it?
19:18
Operation choke point, right? So you get to the root of it,
19:22
which is the exchanges. So if they go there, then you
19:25
can, you can get more bang for your buck if you're in St, C
19:28
enforcement. If that makes sense, right?
19:30
So you're saying this isn't about protecting the people.
19:32
This is politics is what you're saying.
19:35
I'm saying for Gary to get after, as many unregistered
19:39
Securities and and One pop as possible.
19:43
It's to go hit the exchanges and he knows what's going on there.
19:46
He's familiar with the technology.
19:48
It's not going to, you're not going to sneak things by him.
19:51
So yeah. Coinbase, they've talked about
19:53
paxos and the different stable coins, anything where you're
19:56
doing yield and staking. Oh, what about a protocol that
20:00
operates on proof of stake? Maybe they just shot them self
20:03
in the face. Yeah, dude.
20:06
And that's in, it's in. It's 100% true.
20:08
And then kind of tag this or combine this with What we saw
20:12
when the US Treasury released that blog posts that inevitably
20:16
led to you know like it was like 60 to 70%.
20:19
Last time I checked 60 to 70% of the etherium validators actively
20:23
censoring for the government. So is this are they really
20:26
compliant? Yeah we're exactly is that
20:28
recent post where there was a DOT ether like begging and
20:33
shillings to put their cdc's CBD seized on ethereum.
20:38
I mean just look at the statist mentality.
20:41
Yeah dude. It's absolutely Bonkers.
20:43
So check this out. This came out a day after Brian
20:46
Armstrong tweeted, what he originally said, he said we will
20:50
we will keep fighting for economic freedom quote or
20:53
parentheses our mission at coinbase some days being the
20:56
most trusted brand in crypto means protecting our customers
21:00
from government. Overreach like, oh man.
21:03
Oh man. Oh man.
21:03
So many comments. Let's check out some of the the
21:06
bitcoiners so Stefan the various has coin basis, promoted and
21:09
sold so many scam coins. I don't see.
21:11
How you can claim to be the most trusted brand, be to the most
21:15
trusted brand in crypto. It's a meme and says how to buy
21:19
shit coin. And then this person says, I'm
21:24
protect government overreach. Yet Udall, has stood xrp.
21:27
Like, you know, and just it's an absolute clown show.
21:30
Anyways, I want to go back to the specifics of the find that
21:35
was paid. So there's a coin.
21:38
Des Art of article for audio. Listeners is crackin to shut
21:40
down. U.s.
21:41
Dos taking service pay Thirty million dollar fine and SEC
21:45
settlements. The announcement by the US
21:47
regulator confirms a coin. Death Scoop from earlier
21:50
Thursday, crypto exchange Kraken will immediately end its kryptos
21:55
taking as a service platform for us customers and pay Thirty
21:58
million dollars to settle Securities and Exchange
22:01
Commission. Charges, it offered unregistered
22:04
Securities. The US agency announced
22:05
Thursday. The decision come decision
22:07
confirms a coin, death Scoop from earlier in the day Pee-wee.
22:11
Ventures, Inc and pay word trading, the registered
22:14
companies that made up crack in, will end staking services and
22:17
programs at SCC said, the programs offered the general
22:21
public access to staking Services since at least 2000
22:25
2019, quote, the compliant, the complaint alleged alleges that
22:29
Kraken touts that it's taking invest program offers an
22:33
easy-to-use platform and benefits that derive from
22:36
Krakens efforts on behalf of investors including Krakens
22:39
strategies to obtain regular It returns and payouts in a blog
22:43
post, cracking said he would automatically unstick any assets
22:47
Stakes by us clients except for steak ether.
22:50
Interesting, isn't that which would be unstated until the
22:53
etherium networks Shanghai? Upgrade takes effect.
22:56
U.s. clients will also be unable to stake, new assets, non us
23:01
clients are unaffected, which is fascinating, man.
23:05
So, I mean, look, is this another example, Rustin of the
23:11
US, and Again, like this is such a tricky subject because the
23:15
Bitcoin or and me is like, fuck. Yeah.
23:17
This is awesome. And then the kind of like the
23:20
libertarian and me is kind of like okay, like here is the US
23:25
government getting involved, it's conceding basically.
23:28
It's giving opportunities to businesses overseas, to flourish
23:32
and connect this. What we were talking about
23:34
yesterday with the operation choke point, right?
23:37
Operation choke point, isn't going to destroy the industry.
23:40
It's just going to force the Three overseas, right?
23:43
So I mean, like, it's bittersweet.
23:46
Of course, if you're a Bitcoin, ER, if you've taken Bitcoin into
23:49
self custody, none of this would affect adieu, you're watching on
23:52
the sidelines with popcorn and you're just like, wow, this is
23:54
interesting. So, I mean, but holy cow.
23:58
I mean, this is another example of the US government's continued
24:02
hostility towards the industry. And but look, there is a, there
24:07
is a silver lining in. The Silver Lining is That I've
24:11
heard from multiple Regulators that they see Bitcoin as a
24:16
commodity, and not a security, but I'm hesitant to that
24:20
language. Because again, it's not just
24:24
hostility towards the shit coin industry.
24:27
There, they've been also hostile towards the Bitcoin mining
24:30
industry as well. And this is what makes me
24:33
bullish on localization, right? I'm so bullish on local
24:37
governments. I'm bullish.
24:38
That that law for Mississippi. That's Played it in the very
24:41
beginning, not only protecting Bitcoin mining, but also
24:44
protecting individuals and Mississippi protecting their
24:48
ability to transact with a non-state currency.
24:52
Right? Which I thought was absolutely
24:53
incredibly important and I think they see the writing on the wall
24:57
Rustin. I think they see the moves, the
25:00
shadow moves by the federal government in the background,
25:03
the hostility towards the industry.
25:05
And then they say, okay, we gotta get ahead of this and also
25:08
Cynthia lummis introduced a bill right did From if my memory
25:11
serves me, correct we correctly where she wants to protect the
25:15
right to self custody as well, or it might have been worn
25:17
Davidson, but I think they see the writing on the wall.
25:20
I think they see that as the next attack vector.
25:23
And I think you're already seeing this with the with the
25:25
vocabulary. That's being floated around like
25:27
the terms like on hosted wallet, right?
25:30
The hostility from, you know, European Regulators.
25:34
So anyways dude, this is going to be a fight.
25:36
This is the separation of money and state after all.
25:39
It's a, it's a good day. A to be a bit koiner you feel
25:42
Vindicated? You feel like I told you so but
25:45
I'm also wary, I'm weary right? Because I'm weary whenever
25:49
there's government intervention, I want Bitcoin to beat the shit
25:53
coins which I know it can has better incentives on the free
25:56
market. I'm not a fan of the government
25:58
picking and choosing the losers, the winners and losers.
26:01
Now, one last thing before I pass it on to you Russian, I'm
26:04
curious. What's going to happen with
26:05
etherium now, right? The vast majority of people
26:09
don't have the hardware Are they do not have the hardware to run
26:12
aetherium. So is this going to force even
26:14
more centralization, right? And then, is this individuals
26:18
that can't stake either or is this just exchanges.
26:21
Because if they're setting the precedent with exchanges, how
26:24
does that relate to proof of State coins?
26:26
Right? It's all very important
26:27
questions. I have no idea where this is
26:29
going, but again, this is another shot and the separation
26:33
of money and state. I know if you're a Bitcoin or
26:35
you're celebrating, but I would ask you to be wary, I would ask
26:39
you to be wary. These types of moves are not
26:43
just going to affect certain things.
26:45
And again, Gary Gensler or the by demonstration, they're not
26:48
incentivized. They want to keep that power.
26:50
They want to keep that privilege of being able to issue money for
26:53
free that everyone else has to work for.
26:55
So again like you could celebrate but at the same time
26:58
like be cautious and I that's how I'm feeling right now.
27:02
I'm feeling cautious about this. Your Bitcoin is doesn't affect
27:05
you though you know. Anyways what's your take rest
27:07
and we'll move on to the culture.
27:10
Yo, Fiats Max said it good down there.
27:12
Um, interesting was the fact that Gary was promoting self
27:17
custody. Hmm, right.
27:19
Now, isn't it much easier to regulate and keep track of
27:23
everything when you're just purchasing?
27:24
And and then taking self custody of your whatever shit coronary
27:29
or whatever it may be, now it should be Bitcoin.
27:32
But is he pushing people in that direction?
27:34
Because then it's less of a regulatory burden in the future.
27:39
I don't I don't know. Or is he pushing people to
27:41
understand what a truly decentralized protocol is
27:44
possibly possibly another thing. Mr. Robot was right.
27:48
Armstrong is a cuck. And I had another, I had another
27:53
thought is what if just? What if it's a test to see what
28:00
what protocols can actually stand up to certain pressure
28:03
points like this and to verify the Bitcoin is what it is before
28:09
the The, the United States were to truly adopt it.
28:12
I don't know. Getting hypothetical here.
28:13
Okay, okay, so you're taking a more optimistic approach.
28:16
Okay. Your you see your again?
28:19
Slur fan. I take it, not a fan but I'm
28:22
just, I'm just trying to look at and think of all the
28:25
possibilities that could be there, right?
28:27
Like praxeology, what are all the possible outcomes?
28:30
And then we trickled down into what is the outcome and Fa
28:33
Hayek, you know, he talked about this future where you would have
28:37
competing Monies We'll all the rest are showing themselves that
28:41
they can't because they can be controlled silence, stopped
28:45
mitigated by the state. And so, this one true protocol
28:49
is starting to rise to the top, to be that one for money, that
28:52
originated from the market. And we're seeing that and all
28:55
these new developments with Bitcoin.
28:58
Don't know where to go with that yet.
29:00
Personally, but I just see Austrian economics playing out.
29:04
We're seeing Game Theory play out and we're seeing the what
29:07
would you say that honey badger? Of the Bitcoin coming out and
29:11
all this shit that happens in all these people throwing their
29:13
hands up. Well, if you're a bit corny,
29:15
you've already got your Bitcoin and cold storage self.
29:17
Custody, you sleep. Well at night, well these guys
29:21
are I don't, can you understand? I'm stake your meth meth
29:26
theorem. Like I don't know how the hell
29:28
this works. If we are in Uncharted
29:30
Territory. We are an entire surgery.
29:33
Did it there him kill itself? I think they might have, they
29:37
might have, dude. And like what he did spot on
29:41
they might have this might. Oh man, so funny.
29:44
So funny and that explains like why they're so cozy up to
29:48
Chancellor is Loki exposing them in a way like he's never made
29:53
that out as an intention. He said that their Securities.
29:56
No one came around a register. Now he has nothing to do, but to
30:00
enforce it and to get the most bang out of his buck with each
30:03
enforcement and that's to set precedence and that's to get
30:06
certain choke points with the ages.
30:09
Yep, I completely agree. Oh man, oh man.
30:12
Oh man, oh man. All right everybody.
30:14
Let's get to the culture, get a lot to talk about.
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Anyways. Today during the culture, I want
31:33
to highlight a new new types of content that are coming out of
31:37
Simply Bitcoin. I want to talk about the Clips
31:40
in. This is why rut we have rust and
31:41
on today we're going to check out some of his Clips.
31:44
So this is a clip that he did on Friedrich Hayek Bitcoin.
31:47
Changes money. It's a new day.
31:49
It's a new type of Simply Bitcoin content, it's completely
31:52
different. It's in the shorter form.
31:54
I'm going to play some of the video today and we'll talk about
31:58
it. Let's check it out.
31:59
I'm almost unique among Economist.
32:01
So some reputation of practical never having been tied up in
32:05
government work, nothing. It's just been done me a lot of
32:09
good. Government book, every second of
32:14
every day, the hard-earned money of the world citizens, is
32:17
devalued by government policies and money printing.
32:20
They're making prices rise when they should be falling and
32:22
making it more difficult than ever for people to plan and save
32:25
for the future Nobel. Prize, winner, fa Hayek rightly
32:28
blamed governments for the inflation of the 1970s.
32:30
In a short book, The D nationalization of money.
32:34
He offers a novel proposal, our Hayek's ideas relevant today,
32:38
look no further than Bitcoin and the separation of Of money and
32:41
state Revolution is the greatest misfortunes could happen in the
32:49
field of economics. If people ever cease to believe
32:52
from the quantity theory of money, except that you've ever
32:57
come to take a little, in fact, you're really arguing.
33:01
That monetarism is an example of the more general error of
33:05
thinking that you can know too much, you can know all of the
33:08
facts of some economic problem. Yes, you can put it this way
33:13
that the Aggregates or a girl. Sums averages which statistics
33:22
offer you our new substitute for the detailed knowledge of every
33:28
single price in generations to each other.
33:31
Which really guide economic activity.
33:34
That is a mistaken attempt to overcome our limited knowledge.
33:39
So that doesn't seem to be any great difference between you on
33:42
policy. Hmm?
33:43
Really, if you look at forget about nothing for the moment,
33:47
completely We agree the again, flea markets, we've been not
33:51
entirely agree, which form of monetary system is most
33:56
favorable to an efficient market operation of the market because
34:00
he would prefer that and to have competing money.
34:02
So that, oh, I'm absolutely convinced that no government is
34:07
capable, or, for politically, or intellectually of providing the
34:14
exact jezik and mounds of money, which is needed for Moo's
34:19
Economic Development and I should be all in favor.
34:23
In fact, I'm convinced is return never have decent money in game.
34:28
Before we take from government, the Monopoly, fishing money and
34:33
allow competing institutions of course, under different names,
34:38
what? Issues the same money but
34:40
competing manners and that people decide which kind of
34:44
money they prefer to use born in. 99 in Vienna F.
34:49
A Hayek is a legend of sorts in voluntarist, libertarian and
34:53
free market. Economic circles.
34:55
Hayek declares that the only way to return to sound money is to
34:58
take it out of the hands of government.
35:00
He goes on to describe and spine-chilling Lee fortuitous
35:04
fashion. A money that requires no
35:05
permission and no Central Authority.
35:08
Hayek was a key thinker. An innovator of the Austrian
35:11
School of Economics. The Austrian system is a classic
35:14
economic model in which government interference in the
35:17
free market. Is undesired and viewed is
35:19
harmful and illogical. The conflicting Viewpoint in
35:23
economic model which holds suede today.
35:25
Is that of the Keynesian system that governments must be
35:29
actively involved in economies via centralized regulation.
35:32
And force backed implementation of monetary policy.
35:35
The most purposes, you have practically no choice but to use
35:40
the established currency. I think that has to change and I
35:47
doubt even though the present governments would not
35:53
effectively suppress at ones any developing that direction.
35:57
They are very keen on preserving their Monopoly because of course
36:03
they are ability. To pursue something like
36:09
monetary policy deep insult is from operative are polishing the
36:15
government monopolies, issuing money would deprive governments
36:19
of the possibility of pursuing monetary policy.
36:22
That's what I want to say, yes. But most people believe by m
36:26
police is an essential tool of government.
36:30
Cutbacks or dollars are Keynesian manifestations that
36:34
impoverished and lead to destruction, both foreign and
36:37
domestic. Stick driven by Terror to near
36:39
Insanity. Well, the view of almost all
36:45
modern nation-states is that interest rates must be set via
36:48
policy. This would, in fact, be defined
36:50
as a form of policing and intervention, adherence to the
36:53
Austrian School view, the market as an organic entity functioning
36:57
by its own natural rules, boom and bust Cycles in business and
37:00
things like stock market. Crashes are natural consequence
37:03
of artificially instituted credit bubbles though, Keynesian
37:07
policy. Currently holds sway, many take
37:09
issue with the fact that prescribed government
37:11
interference and assistant seems so often to take the form of
37:14
disruptive Market. Corrections Hayek viewed,
37:17
economic Cycles, as signals that an organic adjustment was in
37:21
progress. Much like a headache can signal
37:23
dehydration or stress decreased demand and less spending signal
37:27
hesitancy on the part of Market, actors and call to readjust and
37:31
recalibrate according to Fresh real-time Market signals as
37:35
witnessed in 2008 with the mega Bank.
37:37
Bailouts. This Austrian bitter pill is not
37:40
really allowed to function. Instead Keynesian Economist
37:43
create more credit and debt, which taxpayers must ultimately
37:46
hold to save all the Bad actors and institutions that would have
37:50
otherwise failed. I wonder if we could talk for a
37:53
minute about how money involved without the help of governments
38:00
and to in present times it seems very much the hindrance of
38:03
money. But from government
38:04
interference, Carl me. Her talked about the evolution
38:09
of money as a sort of a natural phenomenon.
38:13
How did money come about? And what's happened today to
38:16
mess up things? So much?
38:18
See the great trouble. This, the money wasn't allowed
38:20
to develop further after two or three hundred years of coins or
38:25
gal put their hands and stopped any further developments even
38:29
allowed to experiment on it. Many has been improved many of
38:34
his other become worse in the course of time.
38:38
Because unlike see you refer to Mayor and it's quite true Samia
38:44
and before inhuman mender will meet law language money.
38:52
The three paradigms of spontaneously cone institutions.
38:58
Now, fortunately law and languages have been allowed to
39:02
develop many his originated in the original form, but as soon
39:06
as it were there, Most primitive form.
39:08
Just Frozen come and said, must not develop any further and what
39:14
we have had since in development are matters of government
39:17
inventions mostly on mostly abuses of man.
39:21
And I have come to the position of asking his monetary policy
39:26
ever done any good. I don't think it has.
39:29
I think there's done only harm. Let's buy him now.
39:32
Pleading for what I've called, D nationalization of manner.
39:37
The predictions of Hayek in the Austrian Economist stand in
39:40
stark contrast to Keynesian a primary advocate of Classical
39:44
liberalism Hayek. Believed it was markets, not
39:47
states that guaranteed individual liberty.
39:49
For Hayek Liberty is quote a policy which deliberately adopts
39:53
competition markets and prices as its ordering principles.
39:57
Furthering this idea in his highly renowned the road to
40:00
serfdom. He argued Germany in the Soviet
40:02
Union's mistakes were in their state planning because it
40:05
interfered in the natural operation of.
40:07
Markets disrupted, Liberty and set Society down a one-way
40:11
Street towards slavery. Many modern austrians and free
40:14
market Advocates argue. Bitcoin is the antithesis of
40:17
state bureaucracy by breaking. Its Monopoly on the volume of
40:20
money in circulation as well as. All right.
40:22
I'm stopping it there. If you guys want to watch the
40:25
full video, definitely check out Ruston's clips that he's
40:28
dropping dropping four times a week nowadays, right?
40:33
Yeah, doing for so different things.
40:35
We're looking at like they're you, we take the big ideas of
40:39
Hayek and try to make that understandable and relative to
40:41
anyone. So we try to take people maybe
40:45
from that Austrian libertarian, well realm and bring them into
40:48
Bitcoin. Bring them into our fold, but
40:50
we're looking at doing education news, Austrian economics, all
40:54
those things we can do to benefit our viewers and also
40:59
bring in new people to bitcoin and try to break down.
41:02
A coin and make it as simple to understand.
41:05
And for me, understanding Austrian economics beforehand is
41:08
why Bitcoin dislike the value proposition clicked with me real
41:13
quick because of that background knowledge, thanks to Ron Paul
41:16
and Hayek and I was going to say, Bangarang go read read road
41:21
to serfdom. It will change you I promise.
41:23
All right, that old guy is a legend and you see like in some
41:26
of his videos like his Charisma. He was in this is like Bitcoin
41:30
sound money time preference and These things right?
41:33
He was old but he still was like, young and spirit laughing
41:37
and talking shit on the government.
41:38
Like he never lost his rebellious nature or approach.
41:44
Pretty impressive guy, Hayek me, sees, all those guys in beat
41:48
Bitcoin is like the actionable living proof of those Austrian
41:52
sound money, theories, actually, being played out and Beauty on
41:57
had mentioned that and we got a clip of Beauty on in that video,
42:01
but tons of stuff guys. Hopefully if you got newbies or
42:05
something, they need some educational material, go ahead
42:07
and share it out and we'll be hitting up tons of fresh news.
42:11
We try to keep some comedy in there and to add our own flavor
42:14
to it. So yeah, they'll be coming and
42:18
we're just going to keep getting better as we keep building.
42:21
Absolutely man. And what is your, what is your
42:24
goal with these? Like what, you know what, what
42:27
makes you passionate about making these?
42:31
I think a lot of people, and, man, I had some students and
42:35
this is where we got into Hayek at the beginning when he says
42:38
government work corrupts. Well, I used to be a teacher.
42:41
I had to get the hell out of there, because I'm a freedom
42:43
maximalist, I'm a bit corner, like through and through.
42:47
I couldn't deal with that. But I've had students and I had
42:52
some, they were big in like, AOC and stuff like that.
42:56
And, you know, I tried to introduce them to different
42:59
ideas because Thing is everybody, identifies the
43:04
problems we can see it, you know, there's Mass poverty,
43:06
there's drug use, there's wealth disparity, but who's presenting
43:10
Solutions? And by saying, well, we just
43:14
need more government in these things.
43:15
So, the young people are attracted to that sort of idea,
43:19
because they see some sort of solution in it without
43:22
understanding. There is, what would you say
43:26
intervention? This is Austrian, economics
43:28
intervention begin, its intervention.
43:30
So, Past intervention in the market will create unintended
43:34
problems and consequences that more law and more bureaucracy is
43:37
going to have to come in and fix.
43:39
And over time, this is how you have the blown-up bureaucratic
43:43
bureaucratic and administrative state that we have today.
43:46
But I said and they were younger ladies.
43:49
So I said, hey you ever heard of Tulsi gabbard?
43:52
You ever heard of Joe Jorgensen? You know so I passed them some
43:56
of that material and then they'd come back.
43:59
Hey mister what I kind of like that.
44:00
That was cool. Heard that kind of stuff before
44:02
and I was like, that's exactly what happened with me and Ron
44:05
palm and it changed my life. You know, once you get opened up
44:08
to the ideas of Liberty, the the partisan politics and those
44:12
things just kind of go to the Wayside, you see how stupid it
44:15
is? And you see how at the end of
44:16
the day, they kind of are both on the same side they're going
44:20
to print money they're going to have the welfare state and
44:22
they're going to start wars and they're going to keep keep keep
44:26
increasing the debt and blowing up that bureaucratic State and
44:30
unleavened Austin money, printer.
44:32
It's a money. Printer, do that that affect the
44:35
money. Printer just makes the the
44:36
government bigger, and it's a redistribution mechanism.
44:39
I completely agree. It's lower middle classes.
44:42
They don't have the means to save and assets.
44:44
It's a wealth. Redistribution method, bro.
44:46
It, you know it's it takes from them.
44:47
That's save and Fiat and it gives it to the government and
44:51
it gives it to the very wealthy that do have the means to save
44:53
an assets. And yeah, it's completely
44:55
continuing effect and I think it's led to a lot of the well, I
44:59
completely agree with you. It leads.
45:01
So a lot of the woes that I think, as a society, we're
45:04
experiencing today. Anyways, I'm super bullish on
45:07
more of these. Which ones?
45:09
Could you give the audience a little sneak peek on what Rustin
45:13
Clips? You're going to be dropping in
45:15
the next week? What we're going to do one,
45:19
maybe a bit, maybe a little rehashing of today.
45:23
But did etherium kill itself. What's going on out there?
45:26
With all these layoffs is, is the market crash imminent?
45:31
What does the past? Tell us about these things,
45:34
we're looking at maybe different things in the bond and treasury
45:37
market. We're going to be looking at
45:39
what's going on in Mississippi. We've already dropped one on the
45:43
various States that had been adopting Bitcoin so far, so you
45:46
can go check that out. At out and just you know
45:50
everything everyday is a Bitcoin moves, very fast and there's
45:55
never a shortage of information or news to cover and we've got
46:00
tons of like flood busting articles and different things.
46:04
We're going to be dropping and educational material, so keep up
46:07
to date with that. It'll be on Twitter.
46:09
Will be dropping those clips on Twitter on YouTube.
46:12
We've got the amazing written material with the sub stack.
46:16
Zach, kaboom And who else we got?
46:20
We got wine and kiss, just killing all those guys man,
46:23
they're killing it. Be sure to check that out.
46:24
Share that with your friends and family orange pill Grandma.
46:28
Yes. Grandma needs Bitcoin to
46:30
everyone needs Bitcoin but absolutely so, and if you guys
46:33
subscribe, you will get the simply Bitcoin newsletter and I
46:36
think in the future will be Droppin maybe weekly or daily
46:40
rundowns of the material that's out there and maybe newsbytes
46:44
you can all check out there so be sure to subscribe there.
46:47
Subscribe here. Here and share the signal with
46:49
everybody because we're not stopping and we're going to keep
46:51
bringing more and more. Absolutely, bro.
46:54
All right, everybody, let's get to the meme of you come back.
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I haven't done this in a very very very long time.
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But good memories good memories. Anyways.
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First meme is by the Bitcoin therapist says drop your shit
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coins. Choose Bitcoin for audio
47:43
listeners it's Bitcoin is extending the hand and disguise
47:47
hanging on a branch. Ranch and he has to choose
47:49
between grabbing the hand or grabbing his bag of shit coins.
47:52
And yeah it's just true. I love this one.
47:54
Shut up Bitcoin therapist. Great meme.
47:57
All right next one by the accountants on Twitter at CDC
48:01
m99 if you're new relax go with the flow and hottel.
48:06
There's a pre Corner in the plane.
48:07
A hudler a noob and OG Bitcoin, take the plunge, absolutely love
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that next one. Bye.
48:13
Dennis Parker. It's the to, you know, it's the
48:16
mean with the two guys, It's like Arnold Schwarzenegger that
48:19
it's from the Predator man and they're you know they're just
48:22
like this like strong handshake says bitcoiners crypto has no
48:25
value and crypto Skeptics uh interesting.
48:29
Alright next one by Maxis Club. Drop an awesome memes me
48:32
pretending to have an opinion on bitcoin development issues
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Taproot the internet of money. What kind of discount is this
48:41
next one by dick? Whitman aetherium vitalik 70%,
48:46
pre mind centralized proof of stake on Ray.
48:47
Mr. Security Unlimited Supply AWS servers.
48:50
That is absolutely hilarious. Next one by lightning Ventures
48:54
eight billion people only 21 million Bitcoins.
48:56
Simple math, 21 million Bitcoins, 8 million people.
48:59
Amazing amazing. Very, very good.
49:03
Oh man, for those memes, Rustin I'm going to give it this how
49:08
Finney Bitcoin Lego. Oh, it's like bag.
49:12
I'm gonna put it together. I put in a my girlfriend, put in
49:14
a plastic bag for the move. So shout out to her that You for
49:18
doing that for me. Anyways that's my score.
49:20
What's your score? And then we'll move on to the
49:21
audience. All right, so we talked about
49:23
his Gary so I got a little Jack Torrance.
49:26
Little guy over here. Let me see if you can see him.
49:28
Fuck yeah, yeah I love it. Yeah.
49:31
Shit Corners be aware of Gary's coming.
49:33
All right, dude, badass, absolutely badass.
49:37
Anyways guys, you know what the deal is is simply Bitcoin live.
49:40
Drop us your scores in the live chat.
49:42
We will read you on the show but before we do that while you guys
49:45
do that, I want to give a shout-out to our awesome.
49:47
Um clothing sponsor Rustin is wearing the Hat.
49:50
The bit, the simply Bitcoin hat, check it out, it's stylish.
49:53
Oh simply Bitcoin in the back and this is of course represent
49:56
on the side and check out the simply Bitcoin Merchants.
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This hoodie is sold out in small, medium large.
50:01
I think there's still xxl's lot left.
50:04
You want it? You want to get it while
50:05
supplies last. Of course you can take advantage
50:07
of the promo code simply Dash Bitcoin gets a ten percent
50:11
discount. Anyways let's get to some of the
50:15
scores first one by José José. Say, says, I give the memes opt?
50:19
He's new gilf, girlfriend planet Earth.
50:24
I give the memes and eith definitely, definitely shot
50:26
itself in the face of coin model with my fault.
50:30
Staking, oh man, Lauren I give the memes a vergence at the
50:35
never sat on ordinal inscription attached to it and we got your
50:39
set. We got BTC sessions saying, you
50:42
know, those simply shirts are my fav new swag.
50:45
Oh man. Love you too Ben.
50:47
We're going to touch the Oops. It's coming soon if you know you
50:49
know and we're talking about our hair of course, SpongeBob
50:53
SquarePants. I'll coin have shot themselves
50:55
in the foot at the very beginning.
50:57
Anytime there is a pre mine or presale.
51:00
The coin is captured coin. Only coin truly decentralize is
51:03
BTC look very nice Jones. Nico P, Jones, Nico P Jones PhD,
51:09
the P stands for puff Candace. Today's propaganda score Gary
51:13
going on the warpath because Opti stole Janet Yellen harder.
51:19
Oh man, the plebs going hard in the plane.
51:21
All right guys, that was our show will be back on Monday for
51:26
a new episode of Simply Bitcoin live.
51:28
Don't forget to join our telegram group.
51:31
It's absolutely free. Got to go to
51:32
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51:37
mentioned it earlier, check out our sub stack also free WWMT
51:41
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51:45
You guys are absolutely slaying it.
51:47
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51:50
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51:52
find us on anchor Spotify, Apple Fountain.
51:55
If you're a big fan of the, oh forgot to read Opti, we forgot
51:59
something, we forgot to read the fountain comments, we will do
52:02
that on next week's episode maybe on Monday, don't you worry
52:06
but love you all. Anyways guys thank you so much
52:08
for joining us. Another episode of Simply
52:11
Bitcoin live Opti will be back on Monday.
52:13
Shout out to Ruston third member of Simply Bitcoin thanks for
52:17
coming. On the show today and I'm really
52:19
looking forward to some more of those awesome clips that we give
52:22
you guys a sneak peek of on today's episode love, you all
52:26
will see you on Monday for a brand new episode of Simply
52:29
Bitcoin live.