Latest / Simply Bitcoin / BREAKING: BlackRock Now Owns 70,000 Bitcoin | EP 918

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BREAKING: BlackRock Now Owns 70,000 Bitcoin | EP 918 · Simply Bitcoin

• 0:03
  It's all going to zero against Bitcoin.
• 0:07
  It's going up forever. You're against Bitcoin.
• 0:17
  You're against freedom. Yeah.
• 0:20
  Welcome to another episode of Simply Bitcoin Live.
• 0:22
  We're your number one source for the peaceful Bitcoin revolution.
• 0:25
  Cover breaking news, culture, Matic warfare.
• 0:26
  We will be your guide through the separation of money and
• 0:28
  state. Today we have a very, very, very
• 0:31
  special guest. We have the chief.
• 0:33
  We have the honor of having the chief strategy officer at Bit
• 0:37
  Farms and Bit Farms. I totally butchered that because
• 0:40
  my friend is he he they just IPO D But no it is bit dear and of
• 0:45
  course I'm talking about Harris Bassett, Paris.
• 0:48
  Thank you so much for coming on the show.
• 0:50
  I literally was just talking to Ben Gagnon about the the the bit
• 0:55
  farms IPO and I got it mixed up in my head and I totally
• 0:58
  butchered it. But anyways Harris thank you so
• 1:00
  much for coming on the show. It's a true honor and I'm
• 1:03
  really, really excited about the conversation we're going to have
• 1:06
  today regarding the, you know the R&D that you guys are are
• 1:09
  doing over there at Bitdeer also Semiconductors also you
• 1:13
  mentioned AI before we went live and really looking forward to
• 1:17
  the conversation. Thank you so much for coming on
• 1:18
  the show today. Yeah.
• 1:21
  No, thank you. I I really appreciate the chance
• 1:23
  to talk to you and your audience.
• 1:26
  Appreciate it. Thank you Harris.
• 1:28
  It's my legendary Co host. Always optimistic, he has a
• 1:30
  smile on his face. And of course, I'm talking about
• 1:32
  optimist fields. How you doing Opti?
• 1:34
  I'm doing well, man. God is good.
• 1:36
  Life is good. Happy Friday, everyone.
• 1:38
  We made it another week it it's great to be here and and I'm
• 1:41
  actually super excited for today's culture.
• 1:43
  So this is going to be interesting and for you guys
• 1:45
  that don't know bit deer they you guys are the third largest
• 1:48
  public Bitcoin mining company in the space.
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  So there's a a wealth of information here for you guys in
• 1:53
  the audience. So this is going to be a great
• 1:55
  conversation today. Absolutely, 100%.
• 1:59
  Also, we're going to also talk about the BlackRock as well.
• 2:02
  BlackRock now holds 70,000 Bitcoin, which is an
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  astronomical amount. Clearly there's a lot of
• 2:08
  institutional interest, so we're going to cover all that.
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  It's going to be a great show. Let's get started everybody.
• 2:13
  Let's get to the numbers. But before we do that, I do want
• 2:15
  to give shout out to our new flagship spawn, flagship sponsor
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  All right everybody, let's let's get to the numbers.
• 2:36
  We have a lot to talk about. Let's check it out.
• 2:38
  Here we go, The Bitcoin numbers. Is your Bitcoin in cold storage
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  Stamp your seed on stamp seed. All right guys, at the time of
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  recording, the Bitcoin price is 43,220 SATS per dollar 2314
• 3:46
  block height 828,597 blocks to having 11,403 having estimate
• 3:54
  April 19th, 2024 Total Lightning Network capacity 4929 Bitcoin
• 3:59
  capacity value 213 million U.S. dollars Realized monetary
• 4:03
  inflation 1.75% The market capitalization of Bitcoin
• 4:08
  currently is at $847 billion. Bitcoin versus gold market cap
• 4:13
  6.15%. All right, ladies and gentlemen,
• 4:17
  I do want I have this video for you guys was posted by our
• 4:20
  friends over at Bitcoin Magazine.
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  And of course the BlackRock ETF. The ETF in general continue to
• 4:26
  It's just the there's a tremendous amount of
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  institutional interest. BlackRock now holds 70,000
• 4:31
  Bitcoin. I'll show you guys the stats in
• 4:33
  a second. But first, I do want to play
• 4:35
  this video. Let's check it out.
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  What have you seen in terms of flows and are they making you
• 4:38
  confident? Yes, is the extremely short
• 4:42
  answer to that question. At the end of the day, these
• 4:44
  clothes have been really promising.
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  It's one of the best ETF launches of all time.
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  We've seen north of $600 million in assets come into our product
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  just in the last couple of weeks.
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  That's really exciting. It's coming from a diversified
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  base. And so while, yes, you're seeing
• 5:01
  some churn through legacy products, you're seeing movement
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  towards new product in the market that actually has a lot
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  of really critical features towards welcoming advisors into
• 5:13
  the community, which is ultimately I think how we're
• 5:16
  going to start to see the crypto ecosystem evolve from here.
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  Of course 21 shares is and here is the latest stats out of
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  BlackRock and currently they are, They have 70,000 Bitcoin,
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  which is absolutely crazy. You heard it, you know, you
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  heard it from one of the industry members.
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  Tremendous amount of institutional interest,
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  tremendous amount of inflows. Now I have a question for you,
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  Harris Harris, does this change anything from the public miners
• 5:45
  perspective? Is this a good thing for
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  Bitcoin? Is this the first legit?
• 5:48
  This is more legitimization for the industry.
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  What's your take? No, I think it's definitely more
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  legitimization for Bitcoin in general with the the public.
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  And you know, I know that many of us have been involved in
• 6:03
  Bitcoin for a long time and we, you know, we're self custodying
• 6:06
  and holding Bitcoin in a variety of ways.
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  But for the average person, those are just too complicated.
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  People don't spend that much time thinking about how they're
• 6:15
  going to do their savings or their investments.
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  And having an ETF I think is a is a very good thing for the
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  vast majority of people to enable them to get into Bitcoin,
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  maybe as a starting point, but maybe also just as their primary
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  way of interfacing with Bitcoin. And I think having, you know,
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  substantial, really legitimate companies like BlackRock and
• 6:39
  Fidelity be sponsoring this, I think that is a very good thing
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  for the industry. I think it will help.
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  It will help in the long term get a lot more folks involved
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  with Bitcoin. And I think the long term
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  effects of this will be quite substantial because, you know, I
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  think the way people will use these ETF's is, you know, they
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  may change their allocation for their retirement plans to have a
• 7:10
  few percent into Bitcoin, but that really won't have an effect
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  except over time, right? Going forward, there's only a
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  handful of people that are going to just switch a bunch of money
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  from one investment into Bitcoin.
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  You know, that's sort of small. The larger play is millions and
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  millions of people adding a few percent of their allocation into
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  one of these Bitcoin ETFs. And then over time that really
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  does build up to a very substantial number.
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  And I think that will reduce the volatility of Bitcoin in
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  general, increase, you know, the adoption of it and make it more
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  politically stable because there'd be so many people who
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  have, you know, a significant amount of their savings in
• 7:52
  Bitcoin. So I think those are all good.
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  I think for the the Bitcoin mining industry, there's sort of
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  multiple things that are happening here.
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  One is that, you know, people who had been investing in a
• 8:07
  Bitcoin mining company because it was a proxy to Bitcoin and it
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  was easier for them than buying Bitcoin directly.
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  Some of that money will flow out of the Bitcoin mining companies,
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  right? And now Bitcoin mining companies
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  will really have to compete on operational basis.
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  How good are you at actually doing mining?
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  You're not just a proxy for Bitcoin because there are other
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  arguably better proxies for Bitcoin itself.
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  Though we would argue that we're actually still a pretty good
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  proxy for Bitcoin and you know a leveraged proxy in that sense.
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  But but operationally, how good are you?
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  How low is your cost of energy? How well can you operate, how
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  stable are you? All of those things will matter
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  and I think that's actually the right place to be.
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  We would love to compete purely on an operational basis because
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  we feel on that basis you know we're the most efficient, we're
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  the most well run Bitcoin mining company around.
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  So we're looking forward to competing on that basis amongst
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  the other, amongst the other companies and I think that's a
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  result of of people having another way of investing in
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  Bitcoin. I think Michael Saylor's company
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  will see the same thing that, you know that was a proxy for a
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  Bitcoin which is becoming, you know, there are other
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  alternatives now. So you said something
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  interesting about how the Bitcoin mining, if if you own a
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  public Bitcoin mining company like the stock, essentially you
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  said something about leverage. Could you elaborate a little bit
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  more on that what what did you mean by that?
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  Well, leverage may not be the right word, but it's, I mean the
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  whole point of mining Bitcoin is that you can get Bitcoin more
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  cheaply, at least for from a financial perspective that you
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  can obtain Bitcoin more cheaply than just buying it on the
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  market. And you know, and so there is an
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  advantage in that in terms of obtaining bitcoins, if you
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  invest 100 million in mining rigs and mining operation, you
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  should get more Bitcoin than if you just bought $100 million
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  worth of Bitcoin. And so that's what I meant by
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  the, by the, you know, change that $100 million number to
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  whatever number makes sense to you.
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  But the same thing applies. Gotcha.
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  Gotcha. Yeah.
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  And and another thing also is, you know if my memory serves me
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  correctly, BlackRock and they own a a large percentage of
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  these public miners and is that just because they're an index
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  fund or or is is just that the market showing interest, is that
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  like a strategic move on their part?
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  To my knowledge, none of those large institutions have made
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  active decisions to purchase mining companies at this time
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  and it's all just part of an index fund or something like
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  that. I don't have first hand
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  knowledge of it, but I talk to investment bankers all the time
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  and that's what they're telling me.
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  Gotcha. OK, so it's more so because it's
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  an index. Yeah, part of an index, yeah.
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  Gotcha. Interesting.
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  Interesting. OK.
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  Opti, any questions? No, I just kind of wanted to
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  touch on a few things that I forget what the girl's name was
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  from BlackRock. But guys you know I know a lot
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  of people in our chat is always talking about and we say it all
• 11:18
  the time that you guys should be buying spot Bitcoin over a a
• 11:22
  Bitcoin ETF. But if you are getting exposure
• 11:25
  through say your company or 401K or whatever, like the fact that
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  we have the biggest and best asset managers now on the
• 11:33
  marketing team of educating their customers about Bitcoin,
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  we saw the signal there. She said this it might be one of
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  the best ETF launches ever. And and I think that's just for
• 11:44
  the proof that there is so much demand for Bitcoin and we're
• 11:48
  just starting to see it and it's been what like two or three
• 11:51
  weeks since it's been launched. So I think 2024 is going to
• 11:55
  amount for a big year and then of course 2025 as well.
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  So I just wanted to touch on that one, Nico.
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  Yeah. So.
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  Go ahead, me, I think. I think the audio came out in my
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  end. Oh, did did?
• 12:14
  I didn't say anything. OK, Wapti, what were you saying?
• 12:17
  No, no, I I'm. Yeah, I I wrapped it up.
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  We're good. OK.
• 12:21
  OK. All right, everybody, let's hit
• 12:23
  the let's hit the news. We have a lot to talk about.
• 12:25
  I mean, let's hit the culture. So we talk talk to Harris about
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  it. Let's go the daily culture.
• 12:38
  All right. So Harris, I was taking a look
• 12:40
  at an interview that you did recently and you said that at
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  Bit Deer, it's a technology focused company.
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  You said that 25% of the people are focused on D Could you
• 12:50
  elaborate a little bit more on that and why Bit Deer has chosen
• 12:53
  that approach? Yeah.
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  So let me start with why we've chosen that approach first,
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  right? So if you look at Bitcoin
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  mining, Bitcoin is a commodity, right?
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  Everyone's Bitcoin is identical to everyone else's.
• 13:09
  And then the cost of energy for mining Bitcoin is going to
• 13:14
  become pretty similar among everyone because people who are
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  mining with higher cost energy are typically not going to be
• 13:22
  mining for very long. And so you're mining A commodity
• 13:25
  that's, you know, the exact same as everyone else.
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  You're using energy prices that are roughly same as everyone
• 13:30
  else and then you're buying mining rigs from you know one of
• 13:34
  three typical suppliers. And So what value does the
• 13:38
  management really add there? You know, you can say
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  operational efficiency. There's some mining companies
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  that have an energy background, but it becomes a commodity
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  business. And then you know, commodity
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  businesses usually have margin compression and then they get
• 13:55
  lower and lower margins and you know you're really operating on
• 14:01
  a very thin margin in the long term.
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  So how do you get out of that? And then the way to get out of
• 14:06
  that, you know one is maybe you have scale, but that's got some
• 14:09
  limits and I think scale is important.
• 14:11
  You do have to be large and we are.
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  But the other thing is technology to give you an unfair
• 14:17
  advantage, you know, at a market advantage where you can do that.
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  And that's sort of in our DNA, right?
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  My DNA is semiconductor design. I've been doing that for
• 14:27
  decades. Jihan, the Chairman and founder
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  and then Matt our CEO. They've got technology product
• 14:35
  background. Jihan of course is the founder
• 14:37
  of bit Main as well. And so it's in our DNA to really
• 14:40
  go after products and technology.
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  Now we started with the very important products and
• 14:47
  technology but less high tech. So we have for example
• 14:51
  containers, air cooled containers, immersion cool
• 14:54
  containers and you know containers specialized for
• 14:58
  operating in hot desert environments or humid
• 15:01
  environments and we have the lowest cost of that
• 15:05
  infrastructure. So if you buy those containers
• 15:07
  from us, you will have the lowest possible cost of
• 15:10
  establishing mining infrastructure that you can
• 15:13
  have. And then the next step up and we
• 15:15
  also provide software services and support services for sort of
• 15:19
  full-featured right. If you want to start your own
• 15:21
  Bitcoin mine, we can sell you the containers.
• 15:23
  We can help you with the software and and support And the
• 15:28
  thing that was missing and the thing that we're starting now
• 15:31
  and we announced in December that we ordered wafers from TSMC
• 15:36
  is to start making our own mining rigs.
• 15:39
  Now we haven't announced when we'll release those.
• 15:41
  And you know semiconductor design is sometimes an iterative
• 15:45
  process. So it could easily be delayed a
• 15:47
  little bit. But we're expecting middle of
• 15:49
  this year to hopefully have our first set of mining rigs out and
• 15:55
  we're actually have multiple teams working on design of
• 16:00
  generate different generations of mining rigs.
• 16:02
  And so if you look at the profits to be made in Bitcoin
• 16:07
  mining, a lot of that happens in the bull market.
• 16:10
  You know that happens usually six months or nine months after
• 16:14
  having and a lot of the profit, the lion's share of that profit
• 16:19
  in the past has gone to the company making the mining rigs
• 16:24
  because they simply keep increasing the price of the
• 16:27
  mining rigs. The supply of mining rigs goes
• 16:30
  down and so the people who buy them to do mining are paying far
• 16:34
  more for the rigs. And as it is, the cost of the
• 16:36
  mining rig can be you know 75 or 80% of the cost of the capital
• 16:41
  that you need to establish mining.
• 16:43
  So by having our own supply of mining rigs, by being able to
• 16:50
  have very efficient mining rigs available especially during the
• 16:53
  bull cycle, that's the technological advantage.
• 16:56
  And of course we would sell these as well to you know our
• 17:01
  customers including customers who are hosting at our sites,
• 17:05
  customers who have partnered with us and you know customers
• 17:09
  in general. But the goal here is to
• 17:13
  basically leverage our expertise in semiconductors and in a
• 17:19
  hardware and get an advantage over other companies in this
• 17:24
  field by having lower cost of the mining rigs and better
• 17:28
  supply of them as well and far more efficient mining rigs than
• 17:32
  everyone else. And that would make you one of
• 17:35
  the only publicly traded mining companies that manufacturers
• 17:40
  their own A6, is that correct? I think it would make us the
• 17:43
  only publicly traded mining company that manufacturers our
• 17:46
  own rigs, yeah. That that's that's that's a
• 17:49
  pretty big. Deal again, I want to say that,
• 17:51
  you know it's I've done many, many chips for many different
• 17:55
  things and there's always, you know, a little bit of a learning
• 17:59
  curve. You know we have some very solid
• 18:02
  teams put together here that have a lot of experience in
• 18:04
  this. But it's it's a matter of
• 18:08
  predicting the exact time frame is very difficult and so I don't
• 18:11
  want to mislead anyone about the exact time frame here, but you
• 18:15
  know we're working on some very, very aggressive technology here.
• 18:19
  Gotcha. So Moore's second law, which
• 18:21
  states that the cost of a foundry double S every four
• 18:24
  years, with the cost of entry increasing this fast, doesn't
• 18:27
  this reduce innovation and competition in the industry?
• 18:31
  Yeah. There's only a handful of people
• 18:34
  who have the expertise to do this.
• 18:38
  And the capital, the capital, you know, to tape out a chip now
• 18:42
  is somewhere around $20 million on on, you know, the leading
• 18:46
  edge processes. So it's a lot of capital, but
• 18:49
  it's not huge. You know, the the thing that's
• 18:52
  really missing is the expertise. Bitcoin mining chips are not
• 18:58
  like other big digital chips. And the history of that is
• 19:03
  pretty interesting. I was teaching entrepreneurship
• 19:07
  at Berkeley, not teaching, helping teach entrepreneurship
• 19:11
  at Berkeley back in 2011, 2012. And then in 2013, some of my ex
• 19:17
  students came to me and said, hey, we've got a great idea for
• 19:21
  a company. We want to do a ASIC to mine
• 19:24
  bitcoins. And so I looked at it and at the
• 19:26
  time there were, you know, a lot of people were planning on doing
• 19:29
  that because, you know, there's been this progression from
• 19:33
  mining using software to using GPUs to using Fpgas.
• 19:39
  And then the natural progression was to use ASICS.
• 19:42
  But the thought that occurred to me was that, well, you really
• 19:46
  wouldn't have much advantage over everyone else because
• 19:48
  everyone else would have access to TSMC or other foundries that
• 19:52
  so they'd have the same manufacturing process available.
• 19:56
  And if all you did was synthesize a ASIC using their
• 20:01
  standard design blocks, then you know, it's very hard to get an
• 20:05
  advantage there. So.
• 20:08
  I had a lot of background designing chips for the military
• 20:10
  and for military applications and they tend to be much smaller
• 20:14
  and a lot more design effort goes into getting those right
• 20:20
  and and to getting them highly optimized.
• 20:24
  And nobody does that for big digital chips because it would
• 20:29
  take way too much effort and too much time.
• 20:32
  But what I realized about the Bitcoin chips were that while
• 20:35
  they were big digital chips, they were really small circuits
• 20:38
  repeated hundreds or thousands of times on the chip.
• 20:42
  So you could use those design techniques, develop and hone,
• 20:46
  especially by, you know, people designing chips for the
• 20:48
  government to to this application.
• 20:52
  So I took those techniques and I had a lot of people that I knew
• 20:55
  that were expert at that. And so it's full custom design
• 20:59
  where every transistor, every wire is individually, you know,
• 21:03
  placed and designed as opposed to larger blocks that you just
• 21:06
  get from TSMC. And that took a lot more effort,
• 21:11
  but it gave substantial, you know, incredible performance
• 21:15
  advantages. And then we worked with Bit Main
• 21:19
  and Bit Main ended up with the technology.
• 21:22
  That's a long story that I shouldn't go into here, but and
• 21:26
  that really allowed Bit Main to dominate this field.
• 21:29
  And then what happened was that everybody else, you know, so if
• 21:34
  you look at the BTC or Canaan or even the newer companies like
• 21:39
  Oredyne or Chain Reaction, they're all adopted basically
• 21:43
  this architecture, this full full custom analog, you know,
• 21:47
  every transistor, every wire approach to design.
• 21:51
  And that was started in 2014. It's been the same since then
• 21:56
  and had an interesting thing where I went to Oredyne and they
• 22:00
  explained to me how they, you know, they've done, they've done
• 22:03
  some of the best digital chips in the world at their previous
• 22:05
  jobs and how this Bitcoin chip was so much different than
• 22:10
  difficult in a way. And you know, but that's what
• 22:13
  Bitcoin people have been doing since 2014.
• 22:17
  And so our goal is to adopt that and then to improve it to come
• 22:20
  up with a new architecture that will be radically different,
• 22:24
  better. And you know, that architecture
• 22:27
  has served us well since 2014, but it's time for a new one and
• 22:32
  that's where the innovation comes in.
• 22:33
  So the number of people that can program an Intel box to run
• 22:38
  Bitcoin code, you know, that's probably in the millions.
• 22:41
  The number of people that can, you know, program a GPU or an
• 22:45
  FPGA, you know, it's it's still probably in the 1,000,000, but
• 22:48
  it's it's substantially fewer than just writing the software
• 22:51
  code. The number of people that can do
• 22:53
  a traditional digital ASIC is, you know, much smaller still.
• 23:00
  To do a full custom ASIC like it's done now for Bitcoin,
• 23:03
  there's very few people that really have that kind of skill
• 23:07
  to do it well. And then as we go to the next
• 23:10
  generation, the number of people that can do that is even fewer.
• 23:13
  So it's really this skill set. I think it's a underappreciated
• 23:18
  art that how unique the design of a Bitcoin chip is compared to
• 23:24
  almost any other large digital chip out there. 100 and the
• 23:28
  history of it is fascinating, right?
• 23:30
  Because it started with CPUGPU then you know the ASIC, right?
• 23:35
  And then a bit main, you mentioned it earlier played a a
• 23:38
  very big role in that and I know that Jihan was one of the
• 23:41
  original founders of that company.
• 23:43
  Yes, yes. And so yeah, I knew Jihan from
• 23:47
  back then when we interacted in 2014.
• 23:50
  And then and then, you know, I didn't really get into Bitcoin.
• 23:55
  You know, I since 2014 I've had other jobs mostly in the
• 24:00
  semiconductor or electronic space running companies for
• 24:03
  Stanford Research Institute and even had one company that was an
• 24:07
  agricultural company for a while that was very interesting.
• 24:10
  That's still working. But then Jihan called me, you
• 24:17
  know about a year ago or so and I had this idea about getting
• 24:22
  back into the the chip business. And so you know we talked about
• 24:27
  it, I thought there was huge opportunity here to improve the
• 24:31
  state-of-the-art to get to the next level and so and you know
• 24:35
  Jihan, he's all about you know breaking new ground and and and
• 24:44
  and putting the investments in to do that.
• 24:46
  And so I felt like this was the right place for me to go.
• 24:50
  And you know, I I I like Bitcoin.
• 24:52
  I love trip design and I think this is absolutely the best
• 24:55
  place to be. So, and I have a question for
• 24:58
  you regarding that. So material science, printed
• 25:01
  circuits, the extreme ultraviolet technology are all
• 25:04
  intrinsical to the semiconductor industry.
• 25:06
  How do you see them evolving the next few years?
• 25:08
  You did mention that there's tremendous opportunity here.
• 25:11
  What new technologies can be expected?
• 25:15
  So in semiconductor manufacturing, that's a big
• 25:19
  lift, right? That's really a lift that's
• 25:22
  going to be done by TSMC, Samsung, Intel, Micron.
• 25:27
  And that's not something that any Bitcoin company today anyway
• 25:33
  can really do. So the creativity comes not from
• 25:37
  the manufacturing, but from the design.
• 25:40
  And there's a a huge amount of creativity that you can get from
• 25:44
  the design and that's where I think we have had not great
• 25:50
  advancement since 2014, right. It's been, you know you could
• 25:55
  look at a 2014 fifteen chip and a chip today and they're very
• 25:59
  similar except for the process technology, the manufacturing
• 26:03
  technology. So most of the money in
• 26:07
  semiconductors is made in design.
• 26:10
  You know, if you look at the NVIDIA, right, they don't have a
• 26:12
  manufacturing for semiconductors and you look at Apple, they're,
• 26:16
  you know, they don't have manufacturing for
• 26:18
  semiconductors. They do tons of design.
• 26:20
  They design their own chips and that's where a lot of the value
• 26:24
  is. And in fact I listened to one of
• 26:27
  the founding and long time CTOS of TSMC and he said it wasn't
• 26:32
  that TSMC so much won the semiconductor battle as the US
• 26:38
  companies decided it wasn't profitable and it was much more
• 26:41
  profitable to not have manufacturing and to simply be
• 26:44
  in the business of designing. But that actually turned out to
• 26:47
  be right on an individual company level.
• 26:49
  You look at the how well NVIDIA is done versus how well Intel's
• 26:53
  done which kept their manufacturing or and you can see
• 26:57
  that there's a very big difference.
• 26:58
  It has been much more profitable to be on the design side, to be
• 27:03
  on the system side. But you know as a as a nation of
• 27:08
  course it's important to keep that manufacturing to very
• 27:10
  critical national resource. And so we have to make perhaps
• 27:14
  different decisions you know as as a nation than an individual
• 27:17
  company would or we have to incentivize manufacturing and I
• 27:21
  think the CHIPS Act is doing that.
• 27:23
  I was a little bit of a skeptic of the CHIPS Act when it first
• 27:26
  came out because I thought well 52 billion, you know that's what
• 27:29
  it that's what TSMC spends in their capital budget over a year
• 27:33
  or so. How is that going to make a
• 27:34
  difference? But you know, I think it has
• 27:37
  made a tremendous difference because it's incentivized a lot
• 27:39
  of private capital from, well, from Intel, from Samsung, from
• 27:43
  TSMC, right. You have Samsung building out in
• 27:47
  Texas. I just drove past their facility
• 27:49
  in Taylor, TX a little while ago, yesterday in fact.
• 27:53
  And then you know TSMC is building out in Arizona, Intel's
• 27:58
  building in Ohio. So I think it's, it's a good
• 28:01
  thing. You know it's there's always
• 28:02
  been that partnership between government incentives and
• 28:07
  semiconductor industry going back, you know since the
• 28:10
  beginning of semiconductors really.
• 28:12
  And I think that's important. But to re emphasize the the
• 28:18
  advances are going to come from design, from a handful of people
• 28:22
  sitting in front of monitors with being forced to live with
• 28:26
  the existing manufacturing process and figuring out a way
• 28:29
  to do the design completely different, differently thinking
• 28:32
  of it as a physics problem instead of a electrical
• 28:37
  engineering problem, things like that.
• 28:38
  So that that's where we're focused because that's where we
• 28:42
  can have the biggest bang for the OR the biggest impact for
• 28:47
  the dollar. That is OK.
• 28:49
  That is fascinating. That is really, really cool.
• 28:52
  So it's not the actual manufacturing, it's the design
• 28:55
  of the chips themselves, that's where.
• 28:58
  How you which transistor you use, how you connect them?
• 29:02
  You know, the circuit topologies, things like that.
• 29:04
  And that's that's where you that's essentially that's where
• 29:07
  you have the edge that's bit deer's edge, that's where you
• 29:10
  guys are like you know leading the pack, the vanguard that is
• 29:13
  really, really interesting. Let me just say hopefully, I do
• 29:17
  think we are, but you know I have to be careful.
• 29:19
  There's a lot of lot of hard working smart people in this
• 29:22
  field and you never know. But you know, that's where we're
• 29:25
  putting our efforts that we think there's huge gains to be
• 29:30
  made right there in the design. Well, Harris, you're make as a
• 29:34
  bitcoiner, you're making me extremely bullish.
• 29:38
  So I I I will say this though you you did mention, you did
• 29:43
  mention earlier you said you said that there hasn't really
• 29:47
  been quite a lot of innovation since 2014.
• 29:52
  Why is that? Well, that innovation that
• 29:56
  happened in 2014 was quite fantastic to begin with.
• 29:59
  And so I mean that is the nature of circuit design.
• 30:04
  I mean that's in Bitcoin. If you go back and you look at
• 30:07
  the, the basic circuit topologies of other digital
• 30:10
  circuits, those have been static for much longer, no pun
• 30:15
  intended. It's static CMOS and basically
• 30:17
  people have been using, you know, the same static CMOS
• 30:22
  technology for much longer than, you know, it's 20 or 30 years at
• 30:26
  least, right. So that stuff changes
• 30:30
  infrequently, and there was a substantial, huge change in
• 30:35
  2014, and the fact that it's lasted 7 or 8 years is not
• 30:39
  surprising at all. Gotcha.
• 30:41
  And and then what you're referring to is the application
• 30:45
  of the ASIC application specific integrated circuit like the
• 30:49
  moving from the GPU to the ASIC that was the innovation then
• 30:54
  making the ASIC specific to mine Bitcoin.
• 30:56
  Yeah. So let me see if I can get it.
• 30:58
  So it's, it's, it's running the algorithm on an Intel box,
• 31:03
  right, as software and running it as software on AGPU, right.
• 31:08
  So at this point, you haven't touched any hardware design.
• 31:12
  You've just used AGPU instead of ACPU.
• 31:16
  And the GPU is faster because it, the basic Bitcoin algorithm
• 31:19
  is pretty light and easy, but you need to do it thousands or
• 31:24
  hundreds of thousands of them in parallel.
• 31:26
  And AGPU has a lot of highly parallel processing units.
• 31:30
  And so that's why a GPU is better than ACPU in this.
• 31:34
  And then moving from a GPU to an FPGA, now there there's a little
• 31:40
  bit of hardware design because the FPGA is a field programmable
• 31:44
  digital circuit and that's quite a bit more efficient than a GPU.
• 31:49
  And then from there, it was an ASIC and an ASIC is where you
• 31:53
  know you application specific IC, but that covers a lot of
• 31:59
  different design technologies, right.
• 32:00
  It could be a pure static CMOS one that's uses the libraries
• 32:05
  that TSMC provides or it could be something that you've
• 32:10
  handcrafted where every transistor and wire are
• 32:13
  individually placed by the designer.
• 32:16
  And so that range is what I'm talking about within that, all
• 32:21
  of that falls within the ASIC, you know nomenclature there.
• 32:27
  And let me ask you something here.
• 32:28
  So what is it? So obviously you have a
• 32:30
  tremendous amount of experience. You have a lot of time, you
• 32:34
  know, manufacturing, designing, you know, semiconductors.
• 32:38
  What is it that attracted you? Why did you want to come back to
• 32:41
  Bitcoin? What, what is it?
• 32:42
  What, what was that calling? What did you did?
• 32:45
  You just see like we can make this more efficient.
• 32:47
  We can make this more energy efficient.
• 32:49
  What? What?
• 32:50
  What was that calling? Yeah, it's energy efficiency is
• 32:54
  the Holy Grail, right. I mean it's, it's the Holy Grail
• 32:57
  in electronics of getting from one node to the next.
• 33:01
  The primary reason people go from one node to the next is to
• 33:05
  get more energy efficiency. You know, especially for, you
• 33:08
  know, if you talk about Apple and Qualcomm and NVIDIA and the
• 33:11
  other people that are going from one node to the next, it's
• 33:14
  mostly energy related, but also you know how much work you can
• 33:17
  do with that much energy, right? So and Bitcoin lends itself to a
• 33:24
  lot of innovation because it is a relatively straightforward,
• 33:29
  simple circuit. You can experiment with things
• 33:34
  that you could never experiment with on a more complicated chip.
• 33:37
  You're doing ACPU. You know you have so much design
• 33:41
  effort, you cannot and and it's not focused on just one block.
• 33:46
  So you have to, you have to use techniques that allow you to do
• 33:51
  a large design effectively. And that means you can't, you
• 33:56
  know place every transistor and wire because you'll never finish
• 34:01
  the design. And you know you'll need an army
• 34:04
  of people that are much better trained than the army of people
• 34:07
  you already have and larger. And by the time you're done with
• 34:10
  the design, the product will be irrelevant.
• 34:13
  Bitcoin is not like that because there's, you know, a much
• 34:16
  smaller circuit that you can hand design and then replicate
• 34:22
  it hundreds of thousands of times on the chip.
• 34:25
  So it lends itself to much more creativity in the design space
• 34:30
  than anything else. You know, the other thing that
• 34:32
  comes close to this actually is, as I mentioned, GPUs or or chips
• 34:37
  meant for AI because they're also relatively smaller
• 34:41
  processing units that are repeated, you know, dozens or
• 34:44
  hundreds of times on the chip. More complicated than Bitcoin
• 34:47
  for sure, but still, if you know these energy saving techniques
• 34:52
  that we're looking at in in subsequent generations, work out
• 34:56
  that they can be applied to areas other than just Bitcoin.
• 35:01
  Gotcha. And let let's talk about that
• 35:03
  because we were, we were talking about it early like before we
• 35:06
  went on air, the AI operations in Singapore that you guys are
• 35:11
  doing over at Bitdeer. And my question you know and I
• 35:14
  think a lot of people are thinking this is perhaps in the
• 35:15
  chat is what does AI have to do with Bitcoin mining.
• 35:18
  So what is it at? What attracted you guys to AI as
• 35:22
  a company? So AI and actually running AI
• 35:27
  data centers does have, you know some synergy with running a
• 35:33
  Bitcoin data centers. Both AI data centers more than
• 35:37
  any other type of data center except for Bitcoin is very
• 35:41
  energy intensive. So an AI data center is much
• 35:43
  more energy intensive than a normal, you know data center
• 35:46
  that Amazon might have for non AI uses because it's basically
• 35:52
  an AI chip is pretty much busy all the time and at 100%
• 35:58
  utilization, whereas in a typical data center you rarely
• 36:02
  get anything close to that kind of utilization of the hardware.
• 36:05
  So there is this thing where energy, energy intensity, energy
• 36:09
  cost is far more important in AI than it is in other data centers
• 36:13
  and of course that's an expertise that we've honed over
• 36:16
  a long period of time. The other thing is that we just
• 36:21
  have this really solid partnership with NVIDIA where
• 36:24
  NVIDIA and bit Deer want to penetrate basically the small
• 36:30
  and mid sized AI companies in Asia primarily and NVIDIA is
• 36:37
  helping us with that, they're helping us establish that those
• 36:40
  relationships and to service that market where we have you
• 36:45
  know a significant amount of connections and sales expertise.
• 36:50
  So it's not just selling bare metal where you know someone can
• 36:54
  come in and rent time on on NVIDIA GPU from bit tier but
• 36:59
  it's it's supporting their models supporting their
• 37:02
  applications and software and and that's you know that's not
• 37:06
  needed by the larger AI companies.
• 37:08
  But everyone is almost everyone is trying to get into AI now and
• 37:14
  the smaller and the mid sized firms need more help with that
• 37:18
  and that's the part of the services that we can provide and
• 37:21
  that's analogous to what we're doing in in Bitcoin, right.
• 37:24
  We're not just mining Bitcoin, we're hosting Bitcoin miners.
• 37:28
  We are providing hardware and services to Bitcoin as well.
• 37:32
  So we see that a fair amount of overlap in those areas and you
• 37:39
  know we we're just getting started in AI.
• 37:42
  We've got our first super pod in Singapore up and running and you
• 37:47
  know, we think we're like everyone.
• 37:49
  We're excited about AI, but we think we have a lot to
• 37:51
  contribute there. It's essentially you guys are
• 37:55
  branching out essentially. It's not necessarily Bitcoin
• 37:59
  mining specific, it's that there's opportunity to AI and
• 38:02
  you guys want to attack it. Is is.
• 38:04
  Would that be a correct way to put it?
• 38:07
  Yeah. It's an additional revenue
• 38:09
  stream. It's an additional business area
• 38:11
  that we've gone into, yes. Understand.
• 38:13
  It's not displacing or substituting for Bitcoin mining,
• 38:17
  though, it's adding to it. Of course.
• 38:19
  So you see an opportunity. I love how you explained that I
• 38:24
  really made some light bulbs in my head, pop light up, which is
• 38:29
  the idea of it's not necessarily the manufacturing ego, it's the
• 38:33
  design itself. And that really started to make
• 38:36
  sense to me. So you did an interview not too
• 38:39
  long ago where you mentioned the Kingdom of Bhutan and how you
• 38:42
  guys have a a mining operation there.
• 38:44
  And there's a very famous Forbes article or not famous, I guess
• 38:48
  famous in Bitcoin circles. But essentially the article
• 38:51
  headline is the Kingdom of Bhutan has been quietly mining
• 38:54
  Bitcoin for years. And I saw, I I heard you say in
• 38:57
  an interview that you guys have an operation there itself and
• 39:01
  Bhutan from from my research essentially it has a tremendous
• 39:04
  amount of hydroelectric power capacity.
• 39:08
  So could you talk a little bit about that?
• 39:10
  Yeah. So Bhutan is a constitutional
• 39:14
  monarchy. It's a, it's a relatively small
• 39:17
  country that's just north of India, up in the Himalayas and
• 39:22
  they've been a stable constitutional monarchy for 117
• 39:27
  years now. They, it's a a very safe, very
• 39:33
  easy place to do business. They rank very high on the OR I
• 39:37
  should say very low on the corruption index.
• 39:39
  They're, you know, on that index, they're less corrupt in
• 39:42
  the United States and great place to do business.
• 39:46
  We're working with the government and the government
• 39:48
  has been involved in Bitcoin mining for I think close to 10
• 39:53
  years now. And we're working with DHI,
• 39:56
  which is a a sovereign wealth fund and our partner in this, we
• 40:01
  have 100 megawatts up and running in Bhutan.
• 40:03
  Now Bhutan has about 2 1/2 gigawatts of hydroelectric
• 40:09
  power. So it's all, you know, carbon
• 40:13
  free, environmentally safe electricity.
• 40:17
  But the usage of that electricity, there's only about
• 40:20
  half a GW, It's only about 20% of it is needed by the country
• 40:25
  itself. So there's a lot of extra, you
• 40:28
  know, effectively stranded power there and we're helping them
• 40:32
  monetize that. So we've got the hundred
• 40:33
  megawatts up and running as of August of 2023.
• 40:38
  We're working now on a project to do another 500 megawatts, so
• 40:42
  a total of 600 megawatts in Bhutan.
• 40:45
  The 500 megawatts will eventually have you know some 27
• 40:49
  Exa hash just in that one project.
• 40:52
  So in that one project will be more Exa hash than the largest
• 40:57
  public miners have today across all of their sites.
• 41:00
  So it's very exciting project. We really like working in Bhutan
• 41:06
  and you know it's politically stable.
• 41:09
  They they love Bitcoin like we do and they've got low cost of
• 41:13
  energy. The climate is good for Bitcoin
• 41:16
  mining. It's cool, it's dry most of the
• 41:19
  time. And so it's you know it's it's a
• 41:24
  great place to do mining. We like also just having a
• 41:27
  geographic and jurisdictional diversity, right.
• 41:30
  We we have our largest operation right now is in Texas.
• 41:35
  We also operate in Tennessee, in Washington state and we will be
• 41:40
  operating in Ohio soon. We have two very large sites in
• 41:43
  Ohio that will be starting up in the next year or two and we have
• 41:49
  two large sites in Norway and then the Bhutan site of course
• 41:52
  we'll have one, we have one site there now we'll have another
• 41:55
  site there in this year. So that jurisdictional and
• 42:01
  geographic diversity is just a way of, you know, you never know
• 42:05
  what's going to happen in terms of weather or climate events or
• 42:09
  energy. And so it's good not to have
• 42:13
  everything concentrated in one location.
• 42:15
  You know, Texas is a very cheap and inexpensive place to mine,
• 42:18
  very good place to do mining. But we don't want to put all,
• 42:22
  you know, GW or 1 1/2 gigawatts into that one location because
• 42:27
  the unexpected is, you know, something that you should need
• 42:30
  to plan for. And so this diversity and
• 42:34
  jurisdictions, geographies, I think it's a way to build more
• 42:39
  strength into the company. Absolutely.
• 42:41
  And very, very, and I completely agree and it's very, very
• 42:45
  interesting. And I do want to ask you about
• 42:48
  the Norway operation. I'm assuming it's a very similar
• 42:52
  set up as Bhutan in the sense that there must be excess
• 42:56
  capacity. I'm assuming this is north of
• 42:58
  the north of Norway, right? Yeah.
• 43:00
  So this is in the northern parts of Norway where they have a lot
• 43:04
  of hydroelectric power. So again, carbon free
• 43:08
  electricity. But most of the people in Norway
• 43:10
  actually live in the South part of Norway and the transmission
• 43:13
  infrastructure between the North and South is not great.
• 43:15
  So that energy is a little bit stranded also.
• 43:19
  And so we're there using that monetizing it and you know it's
• 43:26
  it's a great place to to have a Bitcoin mine as well.
• 43:29
  We we've been very lucky to have that site.
• 43:32
  And so and and it's very interesting the the, the like
• 43:36
  it's essentially the way that I'm looking at it is you know
• 43:38
  Bitcoin mine, Bitcoin mining gives stranded energy value.
• 43:43
  You could, you could make the argument that before Bitcoin
• 43:45
  mining you know what what were you going to do with that excess
• 43:49
  energy? What were you going to do with
• 43:50
  that stranded energy? Do you see this fundamentally
• 43:54
  changing the world in terms of making you know the energy
• 43:57
  sector more efficient more innovations what what what is
• 44:01
  your, you know 5 to 10 year view of how Bitcoin mining could
• 44:06
  potentially revolutionize the you know the energy industry in
• 44:09
  in worldwide? Well, I think there's, I think
• 44:13
  we're doing a lot. I think we can do more in the
• 44:15
  future and I think we should try to do more in the future.
• 44:19
  So right now, you know, I'll just take Texas for example,
• 44:21
  because it's it's a well known case.
• 44:23
  You know, by having a Bitcoin mine there and being you know,
• 44:29
  operating during times of normal energy availability, we make it
• 44:37
  more likely for people to build more base power so that there's
• 44:40
  more just base power available because there's a need for that
• 44:45
  from the mining community and we can purchase that power.
• 44:50
  And then at the same time when there's a shortage of power or
• 44:54
  there's a peak events or things like that, we can very quickly
• 44:57
  shut down. So there's less need for peak
• 45:01
  power that's typically much less clean and much more expensive.
• 45:05
  And in that way we help stabilize the grid first.
• 45:09
  We help the grid become more capable by justifying more
• 45:13
  investment in base power and then we reduce the need for peak
• 45:19
  power and make it more stable during those times by being able
• 45:24
  to shut down quickly when called on.
• 45:27
  So I think that that's a net good effect on you know a grid
• 45:33
  like Texas and you know we think we'll have the same effect in
• 45:36
  Ohio as well. But there's on top of that, I
• 45:41
  think that we can in the future work more closely with renewable
• 45:46
  energy sources to help justify their establishment.
• 45:51
  In the 1st place, if you, a colleague of mine has been
• 45:54
  involved in a lot of trying to get a lot of renewable energy
• 45:57
  off the ground. Things like you know using
• 46:01
  methane out of basically you know waste and where you have
• 46:10
  large dumps and then they generate methane that basically
• 46:13
  is released into the atmosphere to basically capture that
• 46:16
  methane and use it for energy. And the problem with
• 46:20
  establishing those is usually they don't have good initial off
• 46:25
  takers that they can bank on. And if we can get to a point
• 46:28
  where we can have Bitcoin mining be that initial off taker and
• 46:31
  justify the establishment of these sources then we can
• 46:35
  actually make a much bigger impact on the amount of carbon
• 46:39
  that gets put into the air. And so you know things like
• 46:43
  that, I think that's I think it's more we can do going
• 46:46
  forward as the industry grows as our we're much more reliable as
• 46:52
  an initial off taker and bankable for these large
• 46:55
  projects. I think that makes it easier for
• 46:58
  more renewable energy projects to get off the ground.
• 47:01
  Very very exciting. So we are, I do want to be
• 47:04
  respectful of your time here is we're getting to to the time and
• 47:09
  I just want to give you an opportunity what, you know if
• 47:11
  you had a final message for the audience in regards to bit deer,
• 47:15
  you know what are you, what are you guys looking forward to the
• 47:17
  next two or three years? Well, the next two or three
• 47:21
  years I think are going to be very exciting for Bitcoin, but
• 47:25
  especially for bit deer. You know we are the sad, we're
• 47:29
  getting involved. We're growing substantially with
• 47:32
  you know we're at a close to 900 megawatts today.
• 47:36
  By the end of say 25, we could be at over 2 gigawatts expanding
• 47:42
  into Ohio and Norway and Texas and Bhutan.
• 47:45
  And then there's this expansion into the hardware space which
• 47:50
  I'm very excited about and you know we should have our second
• 47:53
  generation of machines out by 25 first generation out this year.
• 47:59
  And so you know a lot of exciting things.
• 48:02
  I think I think we have the right business model.
• 48:06
  I think we're you know focused on the right things to stand
• 48:10
  out. I think there will be you know
• 48:12
  consolidation in the industry and you need a, a, a, a way of
• 48:18
  getting at an advantage and A and a uniqueness to your company
• 48:20
  that lets you not just survive but thrive over the next several
• 48:25
  years. And I think, I think we're doing
• 48:26
  that. Absolutely.
• 48:29
  Well, ladies and gentlemen, Harris Bassett from Chief
• 48:32
  Strategy Officer at Bitdeer Harris, thank you so much.
• 48:34
  It's been an honor to have you on Simply Bitcoin Live.
• 48:37
  We really, really appreciate you coming on and your time, of
• 48:39
  course. Thank you very much, I really
• 48:41
  enjoyed it. Thanks, Harris.
• 48:44
  All right guys, it is time for the news.
• 48:47
  Let's get to it. Here we go.
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  more. All right everybody.
• 50:50
  So interesting kind of change up.
• 50:54
  Speaking of Argentina, you guys know we like Argentina.
• 50:57
  We'd like Argentina in general, but let's just say we especially
• 51:01
  like the current president. The current president who was
• 51:04
  just elected, of course, Javier Malay.
• 51:07
  And he's dropping bombs at the container conference, talking
• 51:10
  about essentially how money printing is a way to control
• 51:15
  people shifting the Overton window.
• 51:17
  I've been seeing in the chat, people were asking when Nico's
• 51:19
  gonna say Overton window. I just did.
• 51:22
  So anyways, let's check out this article Argentina President
• 51:25
  Javier Malay Drops Crypto Tax Plan It goes on to say
• 51:28
  Argentina's President Javier Malay has opted to remove
• 51:31
  proposed cryptocurrency taxes from a controversial omnibus
• 51:34
  reform package. It's a strategic move to
• 51:36
  expedite the approval of the sweeping set of reforms and
• 51:40
  avoid long debates on matters he deems less critical.
• 51:43
  The lay omnibus bill, formerly known as the Law of Basis and
• 51:47
  starting points for the freedom of Argentines, initially
• 51:50
  included provisions requiring taxpayers to declare ownership
• 51:53
  of previously undeclared assets, including crypto currencies.
• 51:57
  However, in removing those clauses, Minister of Interior
• 52:00
  Guillermo Franco said that there is a greater need for rapid
• 52:03
  economic development and legislative efficiency.
• 52:06
  Quote, the tax part was a smaller and delayed treat and
• 52:10
  delayed treatment, Franco stated, emphasizing the
• 52:13
  government's focus on achieving consensus on more agreeable
• 52:16
  aspects of the bill. With the legislative pivot, the
• 52:19
  implications for cryptocurrency holders in Argentina remain a
• 52:22
  topic of concern and confusion. Holding crypto or paying with it
• 52:26
  is not and won't be taxed, apparently.
• 52:28
  But selling big amounts as profit is, quote, in the case of
• 52:32
  an individual, merely purchasing what the law refers to as
• 52:35
  digital currency does not incur a tax, Marco Sarko, an
• 52:39
  accountant for knowledge of the matter, told Argentinian news
• 52:42
  outlet I pro up quote. Income tax applies to the profit
• 52:46
  made from the sale, and there's also a threshold below which no
• 52:50
  tax is due. For cryptocurrency investors,
• 52:52
  legislative shift brings more nuance.
• 52:55
  On one hand, the government's decision alleviates immediate
• 52:58
  concerns about the potential increase in tax obligations
• 53:01
  associated with the lay omnibus. On the other hand, it
• 53:04
  underscores the evolving and sometimes precarious nature of
• 53:07
  cryptocurrency regulation and taxation.
• 53:11
  It goes on to say the mission of the crypto tax from the ominous
• 53:14
  bill speaks to a broader strategy by the Malay
• 53:16
  administration, taking a few steps back following major
• 53:19
  public pushback, a set of national strikes and protests,
• 53:23
  and major criticism over the initial proposals.
• 53:26
  The goal of the lay omnibus is primarily to introduce
• 53:29
  comprehensive economic, social, administrative reforms which
• 53:32
  Malay say can foster economic development and freedom.
• 53:35
  Well, here's the thing, as much as I love Malay as much as you
• 53:38
  know, he advertises himself as a libertarian.
• 53:41
  I mean dude, like report having to report your quote, UN quote,
• 53:47
  Bitcoin and and altcoin holdings and then paying, you know a 10
• 53:52
  to 15% just by holding it. Like going back to the idea of
• 53:59
  you essentially pay taxes when there's a quote, UN quote
• 54:02
  capital gain like and and that whole idea I think is BS also
• 54:08
  because like there's a capital gain compared to the currency
• 54:13
  that is designed to lose purchasing power.
• 54:15
  And of course I'm losing the, I'm talking about the dollar,
• 54:18
  there's the capital gain. But I mean like did you kind of
• 54:21
  understand that like why should be you be penalized for, you
• 54:25
  know, that game. But I mean I guess it's a step
• 54:28
  in the right direction but also it kind of makes me question
• 54:32
  male a little bit, right. And a lot of people are like
• 54:34
  don't trust a politician. I think I absolutely right to
• 54:37
  say that and to feel that. But the whole idea, coming from,
• 54:41
  you know, a so-called libertarian administration, the
• 54:43
  idea of taxing your holdings just to tax them, like
• 54:48
  penalizing you for, you know, and then what incentive do
• 54:52
  people have to report it in the 1st place?
• 54:54
  Like, I I don't, I don't understand that.
• 54:56
  Like, I don't quite understand. I don't get it.
• 54:58
  But I think that's going to be a very important discussion, which
• 55:02
  is why should you be penalized and why should you be taxed
• 55:05
  differently for using Bitcoin as money versus using the local
• 55:09
  Fiat currencies if the local Fiat currencies punish you in
• 55:13
  the 1st place for just holding them?
• 55:16
  But that's a really important discussion.
• 55:17
  That's a really important debate that I think has to be had,
• 55:20
  right? It's like, why should I be taxed
• 55:22
  for holding money that doesn't decrease in purchasing power?
• 55:25
  Why should I be taxed for choosing money that increases in
• 55:28
  purchasing power? Like, why is that a thing?
• 55:32
  I don't understand, right? And I think that's a really
• 55:35
  important discussion. I think that's why what Naim
• 55:38
  Bukele did in El Salvador is so important with the legal tender
• 55:42
  laws, right? Bitcoin is treated equally as
• 55:46
  the dollar. They're on equal footing,
• 55:48
  meaning you don't have to pay capital gains when you're using
• 55:51
  Bitcoin to purchase something, that's really important, right?
• 55:55
  In the US, it's a giant cluster. F like it's it's a disaster,
• 55:59
  right? You literally, it's an
• 56:00
  accounting disaster that unless you want to get in trouble for
• 56:05
  not paying your taxes, you have to do every year.
• 56:08
  And it sucks if you use Bitcoin as money, right?
• 56:12
  So yeah, I mean, like, I guess it's a step in the right
• 56:15
  direction. I mean, I don't see it as a
• 56:17
  celebration because what they were proposing in the 1st place
• 56:20
  wasn't that great. And they're just regressing back
• 56:24
  to essentially how the tax on Bitcoin works in every other
• 56:28
  country and which is basically you get taxed on the capital
• 56:32
  gain when you quote, UN quote, sell your Bitcoin.
• 56:35
  But the whole concept of that is crazy, right?
• 56:38
  If you are a bitcoiner and you're still thinking of selling
• 56:42
  your precious 21, one of 21 million Bitcoin for something
• 56:47
  that there's an infinite amount of, you still don't get it yet.
• 56:51
  And you should definitely tune into more simply Bitcoin
• 56:53
  episodes because you still have a while.
• 56:55
  The whole point of Bitcoin is that you don't sell it back to
• 56:58
  dollars. That's the whole point of it.
• 57:00
  But we still got a whole lot of work to do as you know as
• 57:05
  Bitcoiners, as the Bitcoin industry because like to be
• 57:08
  frank, like to be perfectly frank with you guys to be
• 57:10
  perfectly fair, like The thing is that it's not it you it's
• 57:15
  almost an impossibility running a business on Bitcoin, it's like
• 57:20
  Fiat is just better to get paid in, right.
• 57:23
  And I'm not saying hold it, but it's just easier, less friction,
• 57:27
  less tax friction. The rails are just a little bit
• 57:31
  better. It's just a it's a more
• 57:32
  efficient way. And then not to mention of
• 57:34
  course bitcoin's volatility which is a feature not a bug but
• 57:37
  we're not at a place yet where you can run a business on
• 57:41
  Bitcoin. Like I I just don't see it.
• 57:43
  I I don't see it yet. So we have a lot of building to
• 57:46
  do as bitcoiners and then to add into all this, you know, and
• 57:51
  this is something that me and Opti and you know Wine went
• 57:54
  through personally not too long ago.
• 57:57
  It's still not a plug and play solution to run Lightning.
• 58:01
  If you want to run a self custodial lightning node, it's
• 58:04
  not easy. And by the way, I was like I I
• 58:07
  was so I was so what's the word? I was so relieved when I heard
• 58:11
  this. Who was the guest the other day?
• 58:13
  Opti. It was Shock Net or Shockwallet,
• 58:17
  right? Yeah, exactly.
• 58:19
  So it's like. Someone, I believe.
• 58:20
  It is like he's even admitting it himself.
• 58:22
  He's like this is like this is not like plug and play.
• 58:25
  Like this is not easy, right. So you know it's not.
• 58:29
  It's not only just coming from, you know, Bitcoin Youtubers and
• 58:32
  content creators that are saying this.
• 58:34
  It's like people that are from other sectors of the industry
• 58:37
  are also telling you that like this lightning thing is not that
• 58:41
  easy. Like for me like from a consumer
• 58:44
  perspective unless something's like plug and play at this point
• 58:47
  like you know like unless I want to like fiddle around and you
• 58:51
  know kind of experiment which is cool.
• 58:52
  And I and I I've done that with multi sig and other Bitcoin on
• 58:57
  chain stuff. But with with lightning,
• 58:59
  lightning isn't easy everybody and maybe that's controversial
• 59:02
  maybe people are getting pissed off in the chat.
• 59:04
  But like that's true. Like that's the truth.
• 59:07
  Lightning is not easy at the moment.
• 59:09
  The wallet of Satoshi was dope. Phoenix wallet is dope, but it's
• 59:12
  not perfect. So like, you know, like, but I
• 59:16
  get it like a lot of people are like Nikko Wallace Satoshi's
• 59:19
  custodial, blah blah blah blah blah.
• 59:20
  Like yeah, totally it's custodial, but it's easy as hell
• 59:24
  to use. You download it and you can
• 59:25
  receive lightning in like 5 seconds, which makes it
• 59:29
  appealing to the masses. And by the way, I'm not the only
• 59:32
  one who has this opinion. Beauty On feels this way too,
• 59:35
  right? Like unless you make something
• 59:37
  easy to use appealing to the masses.
• 59:39
  Look back in the 80s and 90s. The prediction was that, you
• 59:43
  know, personal computing would be in everyone's home, and the
• 59:48
  original idea of it was that everyone would have a keyboard
• 59:51
  and a mouse and a screen and that would be and everyone would
• 59:55
  have a personal computer. What they failed to envision and
• 59:59
  realize is that they got the prediction right.
• 1:00:03
  The problem is that it wasn't the keyboard and the screen and
• 1:00:07
  the mouse. It was this, right?
• 1:00:09
  This is human, intuitive. Anyone can pick up a smartphone
• 1:00:13
  and flick it, and it's easy to use and it makes you feel good.
• 1:00:15
  And there's a little haptic to it, right?
• 1:00:18
  Unless we get to that point where you feel good, right,
• 1:00:21
  using it. Let me ask you something else.
• 1:00:23
  Have you guys used Apple Pay? That shit is like Ding and even
• 1:00:28
  Ding. I've used it with Bitcoin.
• 1:00:30
  Company with the Bitcoin company?
• 1:00:32
  Yeah, exactly. It vibrates when you make it
• 1:00:33
  makes you feel good for paying. Like what you shouldn't feel
• 1:00:36
  good for doing is like Spang sucks, right?
• 1:00:38
  You're giving your money, right? Whatever.
• 1:00:40
  You know you're paying for a product.
• 1:00:42
  But the point is, is that we still have a lot of work to do.
• 1:00:46
  Like, there's still, like from A-Z, there's a lot of Rd. that
• 1:00:51
  we need to cover. There's a lot of things that we
• 1:00:54
  need to do in order for the experience to be as good or
• 1:00:59
  nearly as good as as something like Apple Pay here in the US,
• 1:01:04
  right? Anyways, I know I went a little
• 1:01:07
  bit of a tangent bro, but like. Wait, this is the you're you're
• 1:01:10
  he's not allowed here anymore. This is no longer simply
• 1:01:13
  Bitcoin. It's simply bearish.
• 1:01:15
  Dude, I mean, hey, is it simply bearish?
• 1:01:18
  Or is it simply not simply? Realistic.
• 1:01:19
  Realistic. It's simply realistic.
• 1:01:21
  I mean like bro, like look like great, like the the Argentina
• 1:01:25
  thing, I remember when it was first dropped, it's like
• 1:01:27
  Argentina not taxing. It's like you guys are just
• 1:01:29
  taking like you guys are just going back to how it was before.
• 1:01:32
  It wasn't like Argentina dropping, you know, taxes for
• 1:01:35
  Bitcoin, right. It wasn't like that at all.
• 1:01:38
  I mean, look, I'm not a fan of legal tender laws.
• 1:01:41
  I'm really not like the whole government mandated, like
• 1:01:44
  currency. But I will say that.
• 1:01:49
  I will say that like, you know, the fact that the Bitcoin is on
• 1:01:52
  equal footing to the dollar in El Salvador and the fact that
• 1:01:56
  you can use those current like currencies, you know,
• 1:01:59
  interchangeably. Like I think, you know, I think
• 1:02:01
  that's a good thing. Niko's and altcoin are now or
• 1:02:04
  something. When did I say altcoins?
• 1:02:07
  All this stuff has to be built on Bitcoin has to, it has to be
• 1:02:09
  built on a solid base layer All the altcoins have like that's
• 1:02:13
  that's the that's a great conversation.
• 1:02:15
  We'll go there. Fine.
• 1:02:18
  Yeah. OK.
• 1:02:19
  The thing about altcoins is they they say, OK, it's more
• 1:02:24
  efficient, right. Like Solana, like Oh my God,
• 1:02:26
  efficient payments. It's very cheap, like blah,
• 1:02:28
  blah, blah, blah, blah. But they all, there's, there's a
• 1:02:32
  counter, they're trading off something for that.
• 1:02:35
  What they're trading off is decentralization, right?
• 1:02:38
  There's a reason that the Bitcoin blocks are the size they
• 1:02:42
  are, and the reason for that is decentralization above all.
• 1:02:46
  If something is not decentralized, it will
• 1:02:48
  inevitably be Co opted by a government or a powerful
• 1:02:52
  institution or a nation state. And the only cryptocurrency that
• 1:02:57
  is truly decentralized is Bitcoin.
• 1:03:00
  The only cryptocurrency that is truly backed by the most
• 1:03:03
  powerful decentralized computing network in the world is Bitcoin.
• 1:03:08
  Nothing else comes close. Let's talk about Ethereum.
• 1:03:11
  Ethereum Proof of stake. They're talking about Proof of
• 1:03:14
  stake, How it's energy efficient.
• 1:03:15
  Try running an Ethereum node. Did you guys know that the vast
• 1:03:18
  majority of Ethereum nodes are run on servers of which the vast
• 1:03:23
  majority of those are Amazon Web servers?
• 1:03:26
  So if you actually wanna see who runs Ethereum right, it's Jeff
• 1:03:31
  Bezos. Like if you really wanna have
• 1:03:32
  that conversation. So decentralization above all,
• 1:03:37
  if something is decentralized, OK, it can resist.
• 1:03:40
  It can enable the separation of money and state.
• 1:03:42
  If it's not decentralized, it will be Co opted.
• 1:03:44
  And Ethereum already has Ethereum's already censoring for
• 1:03:47
  the office of foreign asset control.
• 1:03:49
  So yeah, so no, all coins are not the solution.
• 1:03:52
  The solution is second layer. The solution is the third layer.
• 1:03:56
  That's the solution. But we're just not quite there
• 1:03:58
  yet. We're not.
• 1:03:59
  Lightning still needs a lot of work.
• 1:04:01
  I'm a fan of what Blockstream and the whole team over there is
• 1:04:05
  doing with Liquid. Very cool stuff.
• 1:04:06
  What's being built out over there?
• 1:04:08
  But yeah, like, that's my take. I mean, bro, like how can you
• 1:04:12
  get upset at me? Like, that's the truth.
• 1:04:13
  Ben the car man wrote a great a post on Stacker News and he was
• 1:04:18
  covering about the current state of liquid they're doing great
• 1:04:21
  job at. Lightning on lightning.
• 1:04:24
  It was lightning. And exactly, like the state of
• 1:04:27
  lightning. So yeah, I mean, that's my
• 1:04:30
  thoughts. Maybe I am Nico Nico's bearish,
• 1:04:32
  but like bro, I don't know dude. Well, well, I'm not here.
• 1:04:36
  I'm not here to defend Nico's alt cornery.
• 1:04:38
  But he's just joking. I'm just trolling.
• 1:04:41
  I'm just trolling, dude. But you do have a point.
• 1:04:44
  And and like. Wait, so if I criticize, if I
• 1:04:47
  criticize, if I'm like, I'm like, dude, like, what is this a
• 1:04:49
  fucking cult? Like, yeah, dude, we got a lot
• 1:04:52
  of work to do. Lightning isn't easy, dude.
• 1:04:54
  No. And and that's the point.
• 1:04:55
  Like, guys, we got to remember. Look, not everyone on planet
• 1:05:00
  Earth is as obsessed with Bitcoin like we are, and we're
• 1:05:03
  willing to deal with the learning curve or the
• 1:05:07
  clunkiness. It's a fucking cold, bro, the
• 1:05:10
  clunkiness of Bitcoin. But we got to be honest with
• 1:05:12
  ourselves. And coin can't scale on the base
• 1:05:16
  layer like everyone. You have to understand like,
• 1:05:18
  look, we want hyper bitcoinization, right?
• 1:05:21
  We want hyper bitcoinization. Everyone wants hyper
• 1:05:23
  bitcoinization. Bitcoin cannot scale on the base
• 1:05:26
  layer. It has to be second layer or
• 1:05:29
  third layer solutions. That is a massive problem if we
• 1:05:32
  want hyper bitcoinization right now.
• 1:05:36
  I don't think that would be possible with current second
• 1:05:38
  layer solutions. Why is that so controversial to
• 1:05:41
  say, bro? This is so good, all right?
• 1:05:46
  And before Nico defended himself because he's guilty here, I'm
• 1:05:51
  trolling. I'm trolling.
• 1:05:53
  I'm trolling, I'm trolling. Let let Nico's triggered in the
• 1:05:55
  chat, all right? We we got to be honest with
• 1:05:58
  ourselves and most people, normal people, Bitcoin.
• 1:06:01
  Can be luminous waves. Bitcoins can.
• 1:06:04
  Think Bitcoin could be better? No, fuck no.
• 1:06:06
  Bitcoin is perfect the way it is.
• 1:06:08
  Don't touch Bitcoin. Bitcoin is fine, right?
• 1:06:11
  What is not fine is we need second layer solutions.
• 1:06:18
  Which have to be built. On top of Bitcoin?
• 1:06:20
  Oh man, this is too good. This is too good, All right.
• 1:06:23
  All right? Am I wrong?
• 1:06:25
  You're 100 percent 100% right? So everyone in the chatted this
• 1:06:29
  Friday Nico's Moving the Overton window of the discussion between
• 1:06:33
  Bitcoiners. We have Litecoin.
• 1:06:35
  No, don't. That's counterpart.
• 1:06:36
  No, don't use, don't use the shit coins, man.
• 1:06:41
  That's just that's just delaying the inevitable.
• 1:06:43
  Bitcoin wins here. Look here, here.
• 1:06:47
  Matthew J has a great comment. Lightning is on cash app.
• 1:06:51
  Speed app is good too. On Lightning, Fetamines, Cashew
• 1:06:54
  and other options will continue building.
• 1:06:56
  Absolutely 100 percent, 100%. Elaine's saying now we know how
• 1:06:59
  to trigger Nico. Yeah, by calling him a shit
• 1:07:02
  coiner. That's a great way to trigger
• 1:07:03
  me. OK, OK.
• 1:07:04
  All right. Before Nico gets triggered
• 1:07:06
  again. It's it's very it's very simple.
• 1:07:08
  If you talk to normal people guys, they're going to trade
• 1:07:11
  convenient over everything. And so This is why I think the
• 1:07:16
  killer app, you know, everyone's in Bitcoin looking for the
• 1:07:18
  killer app. That's why Wallace Satoshi was
• 1:07:21
  so was what why it took off so so well is because people are
• 1:07:25
  very willing to trade convenience over everything.
• 1:07:28
  And that's, you know, I'm not here to judge that.
• 1:07:30
  I'm just here to kind of acknowledge human psychology and
• 1:07:33
  until Bitcoin with the Bitcoin ethos that we all believe and
• 1:07:37
  we're all trolling Nico about in the chat.
• 1:07:39
  Until we give people the best practices of Bitcoin and give
• 1:07:44
  them the convenience we we still have a long road ahead of us.
• 1:07:47
  So I I do agree with Nico and and I don't think we have to
• 1:07:50
  trigger him anymore. Anyways let's go back let's go
• 1:07:52
  back to that news story because it's very interesting like that
• 1:07:56
  taxing unrealized games is absolutely crazy.
• 1:07:59
  Talk like what? It it's really amazing.
• 1:08:02
  Like when you heard, when I heard this, this headline, on
• 1:08:05
  the surface it sounded like really good.
• 1:08:07
  You know, it sounded like, oh wow, they're making a
• 1:08:08
  jurisdictional arbitrage play. Like they're trying to
• 1:08:11
  incentivize people to go down to Argentina.
• 1:08:13
  Maybe they're trying to incentivize Argentinians to use
• 1:08:15
  Bitcoin. And then when you get into the
• 1:08:17
  nitty gritty, it, it seems like it's setting a very horrible
• 1:08:21
  precedent or it's moving backwards.
• 1:08:23
  So it it's very interesting how things propagate on Twitter.
• 1:08:28
  And I don't know, man, once Nico read some of that stuff, you're
• 1:08:32
  like, oh man, like I I thought this was a good thing.
• 1:08:35
  Now it doesn't look like a good thing at all.
• 1:08:37
  It's like it sounds even worse than maybe not even talking
• 1:08:41
  about Bitcoin and just letting it do its thing.
• 1:08:43
  So I don't know, man. Maybe maybe This is why so many
• 1:08:47
  people in Argentina are using Tether because there is some
• 1:08:50
  backwards laws and and thinking in place and and this is the
• 1:08:55
  work that we all have to do to educate people and kind of you
• 1:09:00
  know push the best practices and and ensure that people are using
• 1:09:03
  Bitcoin correctly and understand what Bitcoin is and what the
• 1:09:06
  point of Bitcoin is. And Nico, we still got a job for
• 1:09:09
  a while. They they they they're using
• 1:09:12
  tether because of like the mimatics of the US dollar like
• 1:09:17
  let's be 20% right. Like if you pre 2009, if you
• 1:09:22
  lived in a developing country, the global South, you did it.
• 1:09:25
  You probably did not have a stable Fiat currency and the
• 1:09:28
  dollar was like the thing to have like if you had dollars you
• 1:09:32
  are you're a king essentially that still hasn't like you know
• 1:09:38
  that programming that mindset still hasn't really changed.
• 1:09:43
  So but however however Tether is a foot in the door and the
• 1:09:48
  reason it's a foot in the door is because it gives them
• 1:09:49
  exposure to a non state controlled system.
• 1:09:55
  So a non like a like you can have money on your phone, you
• 1:09:59
  can have money on a hardware wallet that you don't have to
• 1:10:02
  interact with with a bank right. Like that's why I think it's a
• 1:10:05
  step in the right direction. It wasn't, it wasn't only me
• 1:10:08
  just saying this, we had Samson now and simply Bitcoin IRL and
• 1:10:11
  his wallet the one that he just released Aqua wallet actually
• 1:10:15
  has tether integrated with it using the the liquid network.
• 1:10:19
  So yeah, I mean, look, we're definitely in the right
• 1:10:24
  direction. We have a lot of work to do as
• 1:10:26
  educators, as Bitcoiners. You guys got to get involved,
• 1:10:30
  take action, take agency. It's not just about listening to
• 1:10:33
  simply Bitcoin. Get involved, right?
• 1:10:35
  You know, speak to your family, speak to your friends, Be a
• 1:10:38
  force multiplier, right? Speak to the people around you.
• 1:10:41
  You could definitely do that. It's within you.
• 1:10:43
  All you have to take is individual agency.
• 1:10:45
  Anyways, that being said, I do want to give a shout out to our
• 1:10:50
  sponsor. So first up of course we have.
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  I am pulling it up. I am slow today.
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  It is Friday. Holy cow.
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  Anyways, I want to talk about Bitcoin evangelism, planting the
• 1:11:01
  seeds for the decentralized revolution.
• 1:11:04
  This is a book by our friend Brian De Mint.
• 1:11:08
  He is the head of Marketing at the Orange Pill app.
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  We have 10 million people to Orange Pill.
• 1:11:12
  I was just talking about this Bitcoin evangelism by Brian De
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  Mint is an absolute beast of a resource for orange peeling, no
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  corners and all corners alike. This is a book for bitcoiners
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  who know Bitcoin but have a hard time explaining it to their
• 1:11:24
  friends. It's a book for bitcoiners.
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  We're trying to explain Bitcoin only to all coiners.
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  You could scan the QR code on your screen right now.
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  It'll take you directly to the Amazon marketplace.
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  I also want to give a shout out to Cappy.
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  Max are the most trusted place to buy, sell, and host mining
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  can connect with a member of their sales team.
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  customers. When you sell your equipment
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  with them, check out Kaboom racks.
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  I highly recommend them Kaboom racks.
• 1:12:13
  All right, everybody, let's hit the meme review.
• 1:12:15
  It is Meme Review Friday, so let's check it out.
• 1:12:17
  Here we go, the Daily Meme Review.
• 1:12:29
  All right, all right, guys. I got them.
• 1:12:32
  I got them. Yeah, you are.
• 1:12:33
  You are the meme today. All right, guys, You guys, you
• 1:12:38
  guys thought we were going to rug pull you on the memes.
• 1:12:40
  It is Friday. You guys are yelling us in the
• 1:12:42
  chat. You already know the deal.
• 1:12:43
  It is Friday. It's no longer the Daily Meme
• 1:12:45
  Review. It is the Weekly Meme Review,
• 1:12:46
  which gives me a lot more ammo to give you guys some solid
• 1:12:50
  memes. So keep tagging me in them.
• 1:12:52
  I'll make sure that I pull up the best ones, or at least the
• 1:12:55
  ones that I think are the best, and maybe encapsulate all the
• 1:12:58
  stuff going on in the week. Of course, you already know.
• 1:13:01
  Well, maybe not all of you tweet to the bullets.
• 1:13:04
  Memes are the artillery. We are in a mimetic war.
• 1:13:08
  We are the frontline soldiers. Our weapon of choice is truth.
• 1:13:13
  We have truth on our side. So continue to combat the
• 1:13:17
  corporate press, continue to ridicule the corporate press,
• 1:13:21
  continue to get the calls of action out there and spread the
• 1:13:25
  Bitcoin signal. And then of course continue to
• 1:13:29
  make the funnies. So your friend's head stay in
• 1:13:31
  the game. OK 1st meme is by Sampson Mao
• 1:13:34
  and he goes pay attention to the Bitcoin ETF intake rates and we
• 1:13:38
  got the classic classic meme template here of hi I'd like to
• 1:13:43
  make a wake up call. The guy in the hotel is bad and
• 1:13:46
  he's calling what do you call it the the service downstairs.
• 1:13:49
  And so he goes hi, I'd like to make a wake up call and she
• 1:13:52
  picks up the phone and goes. It's impossible that ETFs keep
• 1:13:55
  accumulating at this rate without price going parabolic.
• 1:13:59
  Let's go, guys. It's only a matter of time until
• 1:14:02
  the meme pump. All right, next meme.
• 1:14:06
  Dude, it's fucking Friday, dude. I'm fried.
• 1:14:09
  All right, next meme, next meme. Coins Back Co Infinity on
• 1:14:12
  Twitter. Can I take this over?
• 1:14:13
  Can I take this over? Oh, you're going to butcher the
• 1:14:15
  memes now? OK, you got it.
• 1:14:16
  All right guys, so I want to explain this meme first.
• 1:14:20
  It's Anakin's. I'm sorry.
• 1:14:24
  I'm going to get back to Mike to Opti.
• 1:14:26
  OK, OK, Nika's not going to butcher the music.
• 1:14:29
  All right, First one is Coinfinity on Twitter and he
• 1:14:31
  goes, good morning, What do you think of my new bag, Hashtag
• 1:14:34
  Bitcoin. And this is the classic Anakin
• 1:14:37
  Skywalker template with what's her name, Padme, I believe.
• 1:14:40
  And we got Anakin here and he's doing the look over and he goes,
• 1:14:43
  I bought you a new bag and then Padme goes with Bitcoin and he
• 1:14:47
  looks of Bitcoin. Keep buying your bags of
• 1:14:51
  Bitcoin, keep stacking. This is the way.
• 1:14:53
  And then Pad May is freaking out because of course your wife or
• 1:14:56
  girlfriend, if you have one of those, wants a new bag and a
• 1:14:59
  less bag of Bitcoin. But no, we guide them towards
• 1:15:02
  the promised land and you keep stacking that Bitcoin.
• 1:15:04
  Okay. The next one is by our boy, the
• 1:15:05
  BTC therapist on Twitter. And he goes stay humble and
• 1:15:08
  stack sats hashtag BTC. And we got a dog here, a very
• 1:15:13
  disciplined dog here. I I don't even know how this is
• 1:15:17
  possible. This must be Photoshop.
• 1:15:18
  But we got a Labrador. We got Labra here.
• 1:15:21
  Very disciplined Labra. And he's got, I don't even know
• 1:15:25
  how many cookies and treats Jenga on his nose and he's
• 1:15:29
  sitting there just letting his owner stack them.
• 1:15:32
  And the Jenga of dog treats is the bull market and the Labra,
• 1:15:38
  the the infamous Labra himself is the Bitcoin hodlers.
• 1:15:40
  Guys, continue to huddle that Bitcoin.
• 1:15:43
  Do not go back to Fiat. Make sure you huddle them
• 1:15:47
  bitcoins. OK, this next one's a little
• 1:15:48
  more intricate. Shouts out the Zeus if you have
• 1:15:51
  a lightning wallet or you're looking for a lightning wallet
• 1:15:54
  if you run your own lightning node.
• 1:15:55
  Highly recommend Zeus AK at under score Bitcoin Zeus on
• 1:15:58
  Twitter and he goes hashtag Bitcoin ranks have been updated.
• 1:16:01
  Hope you like them better. And here we go.
• 1:16:04
  I'm gonna start at the bottom. So you guys know the classic
• 1:16:08
  meme of the the hierarchy of Bitcoin hodlers?
• 1:16:12
  Well, we got a new one that just hit the interwebs and we have a
• 1:16:15
  debt slave on the bottom that either has dust or no sats.
• 1:16:19
  We have a humble pleb with over 1,000,000 sats and you can kind
• 1:16:23
  of see the pictures here. I'll zoom in and we have pleb
• 1:16:25
  soldiers with over 1,000,000 sats and under 25,000,000 sats.
• 1:16:32
  We have a pleb mercenary with 25,000,000 sats to half a
• 1:16:35
  Bitcoin. We have a pleb Yeoman with half
• 1:16:38
  a Bitcoin to one whole Bitcoin. We have a pleb knight with one
• 1:16:42
  to three bitcoins. We have a pleb Baron with three
• 1:16:45
  to 10 bitcoins with a pleb Lord with 10 to 20.9999999 Bitcoin
• 1:16:51
  and we have Pleb kings with more than 21 Bitcoin.
• 1:16:55
  Do not drop in the chat which one you are, just.
• 1:16:58
  Mentally get this Bitcoin What is Bitcoin?
• 1:17:00
  Yeah, we don't have Bitcoin. We just do a show about it.
• 1:17:03
  We we don't have Bitcoin. All right, there's last one.
• 1:17:06
  This is a hot take from everyone's favorite yellow
• 1:17:09
  journalist, AKA the. Bitcoin.
• 1:17:11
  Google Why yellow journalists? And you go look it up.
• 1:17:14
  It's an actual term. It's, it's a real term.
• 1:17:17
  Yellow journalism. Look it up right now and you can
• 1:17:19
  tell them at the end of this meme review.
• 1:17:22
  It basically means satire. Anyways, the Bitcoin bugle on
• 1:17:25
  Twitter and you can see here it's a very beautiful picture of
• 1:17:28
  a sunset, golden sunset with some birds flocking in the sky.
• 1:17:32
  And it goes, The Bitcoin bugle goes.
• 1:17:34
  The days of sitting around listening to Think Boyd laser
• 1:17:37
  ride podcaster philosophers is over.
• 1:17:39
  The age of the Fiat celebrity transitioning to the Bitcoin
• 1:17:41
  celebrity has dawned. It's a new age.
• 1:17:46
  Calling me shit corners. I I I honestly bugle.
• 1:17:52
  I don't know if I should feel attacked here.
• 1:17:55
  Or am I Am I transitioning into the E Thought celebrity Bitcoin
• 1:17:59
  eager? I don't know yet.
• 1:18:00
  I've seen Opti shorts, they're so dope.
• 1:18:04
  Opti I'm proud of. You Which shorts?
• 1:18:06
  Shorts, bro? Oh, my short.
• 1:18:07
  Oh my short. I thought you meant like my
• 1:18:08
  actual shorts. I was like, yeah, 5 inch short
• 1:18:10
  to the way, like, all right, all right, all right.
• 1:18:16
  Why did I have to picture that in my head?
• 1:18:19
  Dude, Hey, if your thighs and knees aren't out, you're short
• 1:18:22
  for too long. Guys, come on.
• 1:18:24
  This is called style. All right, all right.
• 1:18:27
  Drop your meme of your score in the chat, guys.
• 1:18:31
  This has been a Good Friday special, bro.
• 1:18:33
  I'm enjoying this. Dude, we we gave him some
• 1:18:36
  technical, technical conversation.
• 1:18:39
  We trolled. We trolled, Nico.
• 1:18:41
  Dude, that guy is so smart. Holy cow.
• 1:18:43
  We we trolled Nico that he's an alt coiner now, undercover alt
• 1:18:47
  coiner. And before that.
• 1:18:51
  Would happen anyways. We got some memes and Great
• 1:18:56
  Friday. OK, dropping Meme Review Score
• 1:18:57
  in the chat. But before we get.
• 1:18:59
  Bro, no all coins here dude. OK, wow.
• 1:19:04
  I this was this way. Yeah, Get your story.
• 1:19:06
  I'm gonna get mine. My.
• 1:19:07
  Favorite shows? I'm not gonna lie, it started
• 1:19:09
  off rough, but you know, it ended up and it ended with a
• 1:19:13
  bang. So I'm gonna give it these
• 1:19:15
  unconfiscatable dye that Tone Vase gave me at my wedding.
• 1:19:21
  Thank you, Tone. I love you bro.
• 1:19:23
  Appreciate. It are they official Casino Dye
• 1:19:25
  and do they? Are they weighted?
• 1:19:26
  Confiscatable merch dice. I don't know if.
• 1:19:30
  Are they the weighted ones with? The ones, bro, but this is some
• 1:19:32
  good memorabilia. You know.
• 1:19:34
  Die and I appreciate you Tone. Thank you so much for giving me
• 1:19:36
  this on. My way.
• 1:19:37
  All right. I am going to give this an
• 1:19:40
  unopened bag of pistachios. Oh, you can't see it.
• 1:19:44
  Roasted and salted bag of pistachios.
• 1:19:48
  It was actually like one of the gag gifts.
• 1:19:50
  I don't know why my mom gave me this for Christmas and it's been
• 1:19:53
  a month late. I.
• 1:19:54
  Haven't opened it shitting on me today.
• 1:19:56
  I don't do drugs. All right, all right, all right.
• 1:20:00
  All right, guys. Well, you already know we're not
• 1:20:02
  wearing the merch today, but there is still a few shirts, and
• 1:20:06
  it's a few hoodies, too discounted.
• 1:20:08
  Discounted. Maybe, maybe.
• 1:20:10
  Maybe the intern took that off, if I remember correctly, but
• 1:20:13
  we'll see. We'll see.
• 1:20:14
  Anyway, scan the QR code. I do.
• 1:20:17
  I do. Yeah, no more.
• 1:20:19
  It's no more. It's empty.
• 1:20:20
  It's empty. It's empty.
• 1:20:21
  Nico Nico Got a filter? Pick it up, Nico.
• 1:20:24
  Fridays I got it. I.
• 1:20:25
  Understand. Yes.
• 1:20:26
  Yeah, dude, It feels so good that the Chad's not picking on
• 1:20:29
  me for once. This is.
• 1:20:31
  Great. This is awesome.
• 1:20:32
  Every Friday pick. On Nico Fridays pick on Nico.
• 1:20:38
  Fridays, it's under my skin, all right?
• 1:20:40
  Every Friday everyone's gonna be like Nico's a shit coiner
• 1:20:43
  anyway. Let's see.
• 1:20:44
  Play the music, bro. Yeah, I got it.
• 1:20:46
  I got it. All right.
• 1:20:48
  OK, here we go. Elaine Simply Chap promises to
• 1:20:52
  rebuild Nico's reputation as a maxi in the coming weeks.
• 1:20:56
  Elaine Savage, Igor I give the memes a third party liquid
• 1:21:01
  submarine swap posing as a Lightning TX.
• 1:21:04
  Shots fired. OK, next one.
• 1:21:07
  Justin Boy Vin Meme score. Shaky Foundation Alt Shit Coin.
• 1:21:16
  Wait, wait, wait, Can we read this?
• 1:21:18
  Simply Bitcoin has no Bitcoin treasury and hauls Nikko Coin.
• 1:21:21
  So now the show is simply slavery.
• 1:21:25
  Simply Nikko Coin, here we go. UTXOI give the memes the bowl.
• 1:21:34
  I don't do drugs, oh man. Matthew Ji give the memes one
• 1:21:42
  simply Bitcoin Tuxedo T-shirt. Wait, OK, before I go to rubble,
• 1:21:47
  I want to read annoyed opossums. This is weird.
• 1:21:49
  This is like a weird version of Show and Tao.
• 1:21:52
  Yes. Wait, it wasn't.
• 1:21:53
  I don't understand. This is the meme review.
• 1:21:56
  All right, One more here on. YouTube, you're new.
• 1:21:59
  You haven't been exposed to the meme review.
• 1:22:01
  Welcome to the meme review. OK, torn up Huddle meme score
• 1:22:05
  MVDXR. Made.
• 1:22:07
  By the way, huge fan. Should I grab it?
• 1:22:11
  I'm going to show it. Yeah, I'm going to show it.
• 1:22:12
  I'll read this meme score Maid X-art the teeth to bite the Fiat
• 1:22:16
  hands at Feed If you know, you know.
• 1:22:19
  This is just one of my few Maid XS.
• 1:22:22
  Absolutely incredible. Highly recommend this amazing
• 1:22:25
  Bitcoin art X Every Maid x-art has an open dime with some few
• 1:22:29
  sats in the back. So free shield for Maid X.
• 1:22:32
  But yeah, it's absolutely incredible art, 100%.
• 1:22:36
  Next one Roman Meme score. I second the Simply Tuxedo
• 1:22:40
  T-shirt. OK, all right, heard, heard.
• 1:22:42
  All right, let's see. We have a few on rumble.
• 1:22:49
  Here, let me let me give you guys, I think this is a sound
• 1:22:52
  request. First one is by Don Bali and he
• 1:22:56
  goes, I am Pleb. Wait, no Moran score?
• 1:23:03
  I am building. And then last one is Narwhal
• 1:23:06
  Tacos Meme Score 21 Sats. I had a full week to come up
• 1:23:08
  with a score and that's the best I could do.
• 1:23:11
  OK. Esther from Nigeria.
• 1:23:14
  What's up, Esther? I am in Nigeria anyway.
• 1:23:18
  Very cool. Now, Nico Shilling physical
• 1:23:22
  NFTS. Yes, I do love art.
• 1:23:26
  I actually do love art. I love art.
• 1:23:28
  Art is dope. I highly recommend it.
• 1:23:33
  Hold on for Anika today is a yeah. 100% hate that again bro.
• 1:23:40
  Man. Okay.
• 1:23:45
  We out cha. We out cha.
• 1:23:46
  All right. Of time guys.
• 1:23:48
  I hope you enjoyed the Friday edition of Simply Bitcoin Live.
• 1:23:52
  We're going to be more playful on the Fridays.
• 1:23:55
  We're going to spice it up. We're always going to throw a
• 1:23:57
  curveball for the Friday episodes because it's the ones
• 1:24:00
  where me and Opti are already burnt out from the week.
• 1:24:03
  So So yeah, it's going to be a lot of fun.
• 1:24:05
  But anyways, guys, I hope you enjoyed the show, Harris.
• 1:24:09
  Incredible conversation, guys. Check out Bit Deer.
• 1:24:13
  What they're doing over there innovating not only mining
• 1:24:15
  Bitcoin, but potentially making Bitcoin ASICS.
• 1:24:18
  That's incredibly exciting. So super super he super happy he
• 1:24:21
  came on the show. Go check out Bit Deer.
• 1:24:24
  I'm your host Nico. This is my legendary Co host
• 1:24:26
  slash brother Optimus Fields. We're simply Bitcoin live and
• 1:24:30
  we'll be back Monday. Ruston's going to be dropping
• 1:24:32
  hot fire, though, so check out the Simply Originals.
• 1:24:37
  And next. Week we should be dropping some
• 1:24:39
  more fire for you guys. So everyone enjoy the weekend.
• 1:24:42
  We'll be back Monday for branding episode of Simply
• 1:24:45
  Bitcoin Live. Love you guys all.
• 1:24:46
  Peace out, everybody.