Latest / Simply Bitcoin / GAME CHANGER: Big Oil's Bitcoin Mining Experiment Successful | EP 470

Transcript

GAME CHANGER: Big Oil's Bitcoin Mining Experiment Successful | EP 470 · Simply Bitcoin

0:07
Welcome back everyone. We're simply Bitcoin.
0:09
We break down the news. The daily fail mean review.
0:12
Software releases Hardware, releases the plebiscites and
0:16
joining us today fellow Bitcoin ER, fellow pleb content creator,
0:24
and development and host at Bitcoin magazine live.
0:29
I'm Going about q q is joining us.
0:32
How's it going, my friend? What's up, everyone?
0:34
Thank you, guys so much for having me.
0:36
All right, we are diving into the numbers.
0:38
We're Takin Q on a little journey.
0:39
Here we go. Brought to you by not alone.
0:43
They make some of the best Bitcoin nodes.
0:45
Remember guys, if you don't run your own note, you're using
0:48
someone else's. This is the dot noddle Dojo,
0:51
it's red, so that means it's faster, run your own version of
0:55
Bitcoin core run. The lightning Network, all from
0:57
the comfort of your own home. Get yourself an idol today at
1:01
the time of this recording. The block height is 730, 2924
1:05
the Bitcoin price 43725 chain, rewrite day 737.
1:11
Public, lightning capacity, 3670 9.99.
1:15
Moscow time 24:55 blocks to The Happening 107,000 76 and the
1:23
samurai Whirlpool unspent capacity, Samurai Whirlpool is a
1:27
coin joint or collaborative spend, it is not a mixing
1:31
service and the unspent capacity in that pool is 4500 and 6.11.
1:38
BTC guys, those are the numbers. Numbers.
1:44
I like numbers man. Frozen and fucking time.
1:47
That's to say these numbers. Yesterday, we in fact we
1:52
actually tricked everybody. Phil said the exact same thing
1:55
he said yesterday, I'm just kidding.
1:58
I wasn't a joke. The fact that you don't know
2:01
whether we're joking or not proves my point.
2:03
That this thing is literally is Frozen in time.
2:06
Anyways, Phil you actually sent me a very interesting thread.
2:10
I die. It was perfect because we could
2:12
riff off this in the in the number section and check this
2:17
out. Well I don't know why he's
2:19
saying, oh no, I haven't written to be my fail.
2:23
Joke. God.
2:25
Oh God, oh God in the wrong section.
2:28
And then I realized that I'm like, oh no.
2:31
Oh well, I'm too late through it.
2:33
You up to I'm deciding when I was taking it from you this on
2:36
camera. It's mine now.
2:38
Okay. Anyways, but it's just too good.
2:41
Anyways. Got so yeah, it is really good,
2:43
preciate, Phil but Phil slipped up and then ended up in the
2:47
number section. Anyways, let's check it out.
2:49
This is a thread by Simon. If you're new to bitcoin,
2:54
welcome. I'd like to introduce you to a
2:55
key, archetype meet the hot ler. And these are the people.
2:59
What does Phil? Yeah, I'm an idiot.
3:02
I'm just a burnout. This isn't even the article I
3:04
was talking about. Oh goddamn.
3:08
I'm screwing this all on. You does Mike someone just mute
3:11
his mic for like two minutes. Welcome to Simply Bitcoin.
3:13
It was for 20 yesterday man. Okay.
3:16
If you're if you're in this for 20 today it's 4:20 every day,
3:20
okay? If you're new to bitcoin,
3:22
Welcome. If, you know, you know, I'd like
3:25
to introduce you to the key, archetype meet the hot Oiler.
3:28
These are the people, the world thought were batshit crazy until
3:31
a couple weeks ago. Hot rollers are the heart and
3:33
soul of the Bitcoin Community understanding how they think is
3:36
vital. If you're going to play this
3:38
game in which they hold all the cards or coins, many hot rollers
3:42
bought in mind Bitcoin in the beginning.
3:44
Like when it was one set a dollar five dollars a hundred
3:47
dollars, they own a vast majority of the Bitcoin in
3:50
existence control, the market, they never sell.
3:52
And probably never will, the reason hollers never cells,
3:56
because they see Bitcoin as replacing fiat currency, they
3:59
don't want to own dollars, they want to kill the dollar to them.
4:02
This isn't about making profits. It's about changing the World,
4:05
by the way. Phil, I think me, and you have
4:08
said this a million fucking times, right?
4:11
Are we? Oh, jeez.
4:12
Like this, maybe not. Right?
4:14
But still, this is what we call. Maybe, we're not the, the oh,
4:19
Jihad lers. But we're the plebs.
4:21
Where the plants. Um, but anyways think about it.
4:25
These people saw Bitcoin go from nothing to a thousand.
4:28
They didn't sell and went all the way back down to 100 and
4:31
they didn't budge. Then they've rocketed up to
4:33
15,000 the ultimate hollers Toshi.
4:37
Nakamoto himself Soto. She owns the keys to billions of
4:40
dollars of big worth of bitcoin and has its old spent percent or
4:44
spent any of it Hollywood's believe.
4:46
Bitcoin will go to 100,000 and Beyond when it does, no one will
4:50
have to exchange Bitcoins for dollars.
4:52
It's because the world will be using it as cash.
4:55
The hot Allure is the best kind of crazy.
4:57
The kind that changes the world. They are all Satoshi.
5:01
We are all Satoshi, except for Craig Wright and now.
5:03
So are you anyways, dude? Awesome freaking thread man,
5:09
right? Awesome thread.
5:10
But I think that you got something wrong man, right?
5:14
I'm not as OG, right? As you know, these people.
5:18
I wish I got five dollar Bitcoin.
5:20
That'd be great. I think I was too young.
5:22
And I was like you know worrying about partying and girls at that
5:25
time, right. But still dude like I'm just as
5:31
Just as invested in this peaceful Revolution as who he
5:36
calls the hotter and I know Q feels the same way I do.
5:39
Feel feels the same way, right? This is a peaceful Revolution.
5:43
This is about freeing Mankind from the tyranny of Central
5:47
Banking. This is about the separation of
5:50
money and state. The state will never be not
5:53
corrupted as long as it controls the money supply that is the
5:57
root of all evil, right? That is literally the Boom,
6:01
that's what bitcoiners fight for every day.
6:03
But we say fight, all it means is just buying Bitcoin and
6:08
putting into self custody into Cold Storage.
6:11
That is, that is the fight that is, that is, that is the act of
6:15
resistance. That is the act of.
6:17
I'm not complying with you, I'm opting out of your political
6:21
money garbage, right? So that thread was amazing but
6:24
hey man the plebs might we might not have bought Bitcoin at $5
6:29
but body, we're still fighting. Fighting.
6:31
We're still fighting with you man.
6:33
We just might be a lot smaller Phil.
6:38
Yeah we just have a lot less corn to throw at the Battle
6:41
right? We have a lot less corn to throw
6:42
at the battle but we have just the same amount of heart.
6:46
Yeah, it's have the same amount of heart, and this is the thing
6:48
about Bitcoin, right? A lot of us are.
6:50
Yeah, I hate throwing, I hate painting everyone, with a broad
6:53
brush, but, you know, there's a lot of us that came to bitcoin
6:57
for Fiat gains. A lot of us came to it for
6:59
different ideologies that Much less noble than what it can
7:03
really be used for. And once you come to the
7:05
understanding that Bitcoin actually fixes the world because
7:10
it fixes the base layer of our value transmission and our value
7:14
retention, okay? It changes everything and you
7:18
are no longer just sitting here for Fiat gains, you understand
7:20
that, you're part of something that is revolutionary that is
7:24
changing the world. And it's, it's finally
7:27
something, right? Like this is something that
7:29
desperately needs to get fixed like She is the mother of all
7:32
invention. We had like there was no choice
7:34
like we there's a saying that I learned early in Bitcoin Bitcoin
7:38
was inevitable and it's true when you look back at our human
7:42
history, Bitcoin was absolutely inevitable.
7:44
Satoshi was inevitable. The cypherpunks, were
7:46
inevitable, all of these people. All of these things were
7:49
absolutely inevitable based on the, the actions that were put
7:53
into motion years ago and the terrible decisions by stupid,
7:58
power-hungry humans. Anyways, I would I would even
8:00
say I wouldn't even say that it's necessarily a terrible
8:04
decisions. Phil, what I would say mostly is
8:07
that the incentives of the Fiat system are misaligned in the way
8:13
that that the, the central Bankers, they're just working.
8:17
They're just, they're just pursuing their own incentives.
8:21
It just happens that their own incentives hurt.
8:23
A lot of people write in are terrible decisions and are
8:26
terrible. It's but for them in the, for
8:29
that, for that, for that. For them for them.
8:32
Not it's great, right? And this is the tragedy of
8:35
Central Banking right? Is that it's a bad system if the
8:38
beauty of Bitcoin is that everybody could win?
8:42
Which is it and it's so unbelievable that when you tell
8:45
a no Corner this they're in there and freaking shock.
8:47
Anyways, cute! What are your thoughts on this?
8:49
But I think Phil put it really well when you have just
8:52
historically speaking, the way money has come and gone and with
8:55
the global standard of what money is has changed repeatedly
8:59
over time but the Banking system is flawed inherently.
9:04
I disagree with one thing that you said though, Nico where
9:07
these Bankers, they created the incentive structure that they
9:11
are playing it. They are essentially both the
9:13
players and the referees and the commissioner of the game that
9:18
you and I are playing against them on.
9:19
And at that point it's like all right dude, I might as well just
9:23
be playing against the Harlem, Globetrotters.
9:25
At that point. Like I have no chance at winning
9:26
that game. They're always like those crazy
9:29
stories, or whatever, like, Grandma bought a bunch of Apple
9:32
stock. No one knew where she hid it and
9:34
then boom. All of a sudden she dies.
9:35
And now, we're all millionaires. Sure, congratulations to those
9:38
of you who had that opportunity. My dad slept on literally all of
9:41
those stocks. At the same time, though, like
9:46
there's a second layer to this where and if you guys haven't
9:49
had a chance to check it out, check out Pete Rizzo's article
9:52
that he wrote for Forbes where he essentially breaks down.
9:55
Like there are now two classes of bitcoiners, it's goes back
9:58
now to like the older original hollers and like those It's like
10:01
a little hablar, need me code. Well we're just we just got into
10:05
this like this is not like we were buying a Bitcoin at a
10:08
dollar. Even $100, like, still kicking
10:11
myself for genuinely, not wanting to use Silk Road in
10:15
college, because my friend was like, no, you can't use dollars
10:17
like you got to go by this thing called Bitcoin.
10:20
That was, that was the moment. I said.
10:22
No not. Oh, I'm going to send illegal
10:24
drugs to myself in my college dorm.
10:26
Well, that was not my problem. My problem was like, no, I don't
10:28
want to spend more time learning about something else and Doing
10:31
all this so well. Well, about overpriced weed here
10:34
in d.c., there is there is inherently two classes of
10:40
bitcoiners at this. Present moment there are the oh
10:42
geez that are essentially the platform maximalist is as Rizzo
10:46
calls it which is they believe in the technology behind this.
10:49
They believe that everything that we interact with on the
10:51
Internet is going to end up being built on top of Bitcoin to
10:54
make it a more Equitable more evenly distributed and more
10:58
accessible form of communication and just frankly Better
11:01
internet, then there are those and I will put myself in this
11:04
category that are more the monetary Maximus.
11:07
I came into Bitcoin because I was a finance guy, my buddy kept
11:10
hounding me about Bitcoin the moment we spend time talking
11:13
about it. I was like, yo, you're
11:14
absolutely right like from a financial standpoint, like dude
11:17
we can make a ton of Fiat dollars just buying up some
11:20
Bitcoin and it's going to rip like it might not rip tomorrow
11:23
but it will. Thank my lucky stars that I was
11:27
a broke-ass assisted in Hollywood at the time because
11:30
Bitcoin just hit 19 thousand dollars.
11:32
When we have that conversation, I had no money to put in it and
11:36
if I had done it at that moment and then watched it go from like
11:39
1920 down to 3K. I would have been so turned off.
11:43
I'd be like yeah like no I'm out.
11:45
Don't even talk to me about Bitcoin.
11:47
I lost too much on it. Thank God.
11:49
I literally had to wait eight months get promoted.
11:51
And then finally got like, fairly be described as a livable
11:55
wage as a legitimate agent in Hollywood and then I was able to
11:59
start buying Bitcoin. Man.
12:01
Oh man. But you so but you skipped all
12:04
due to soak you. You haven't done a full cycle
12:07
yet. No.
12:08
So my first by was 2018. Okay, I'm now for years, okay,
12:12
I'm technically speaking for years in, you still have an
12:16
experience of their Market buddy.
12:19
Ha ha, ha. Not even that, wish that is
12:22
where your balls calcify. That is like, when, you know,
12:27
you're literally watching a like years.
12:31
And years of salary dissipate before your eyes, it is, is the
12:35
most terrible feeling I never forget.
12:38
End of 2017, early. 2018, I was like, God damn, I think I need,
12:43
I need to get Anita work. I need to go back to work and
12:46
real estate. What is this?
12:48
God damn, this sucks. I'm poor.
12:51
But yeah, then that's honestly when you start solidifying your
12:56
beliefs, right? You're just like dude, like like
12:59
yeah, the money's nice. But I I'm staying for the
13:03
freedom, I'm staying for the freedom, what, what?
13:05
What what self custody enables an individual to do is freaking
13:10
Priceless, and that's why I stayed and then ngu technology
13:14
is kind of like a side effect but I definitely going to check
13:17
out that article that that sounds really fascinating film
13:20
it, it's awesome. I want to throw one more number
13:23
of I can if I can interrupt you because like, you're absolutely
13:27
right. I haven't really lived through a
13:28
bear market, like you can call what we are on.
13:31
A technical basis, a bear Market because we have more than a 20%
13:33
decline. But the truth is and I have this
13:36
conversation just this morning with our team on bitcoin
13:39
magazine live. Like you look at the 30-day
13:42
trailing correlation between the nasdaq-100 and Bitcoin and
13:46
that's above 90% And it's been holding that level for over a
13:50
month. Now then you even expand that
13:52
out to 40 days. And now you have over a 67
13:55
percent correlation between NASDAQ 100, the best 100 tech
14:00
stocks. Stock market and then Bitcoin,
14:03
which is more or less at this point, a tech asset class that's
14:07
being traded. I still study and trading in the
14:11
public markets just because like I have that ability to and I'm
14:15
not going to not make money. I-i've been a net seller since
14:19
December and I'm waiting and watching for this Market to
14:23
really collapse in March of 2012, in the same way, it did in
14:26
March, 20, 20. But if I also buy into this idea
14:30
that right now, Now in 2022, Bitcoin trades like a tech asset
14:35
asset class. No different than the public
14:37
markets. Well, if I'm anticipating a
14:38
sell-off in this public market, I'm also going to anticipate A
14:42
Hard Sell Off in Bitcoin. I'm gonna take a little bit of
14:46
hope you. I'm here.
14:47
And my expectation is that's going to be the decoupling
14:50
that's when we finally see Bitcoin separate from the NASDAQ
14:52
and whatnot. But that's the, that's the real
14:56
bear Market that I'm waiting for.
14:57
Yeah, I, you know, I agree with that and I agree.
15:01
This enemy, in terms of I think that this still this puppy still
15:05
has, you know? And again, speculation tinfoil
15:08
hat time I still think that we have the I still think that this
15:12
cycle isn't over yet, I still think we have one last Catalyst,
15:17
one last leg up, but you know who knows?
15:20
Let's see how plays out and I completely agree and I was
15:23
actually talking to a buddy of mine who works at who still
15:27
works at Goldman. I've been trying to Orange Peel
15:28
this guy for six years so doesn't listen to me.
15:31
And one of the things that he brought up when we were talking
15:34
is hey what about the correlation between the NASDAQ
15:38
and Bitcoin? What's the deal with that?
15:40
And it's undeniable right? But I suspect that's temporary.
15:45
So I agree with your sentiment but anyways Phil it's time for
15:48
the daily fail. Brought to you by Amber app.
15:52
Check them out. Amber dot app.
15:54
We've all got a stack. Use an app that's by bitcoiners
15:58
low fees Fair, spread smart. Nation.
16:01
The link is down below. Ammo.
16:04
Smart. Wait, stop sounds.
16:06
So we got to fails today we're going to dive into a great, a
16:10
great thread from Sam Callaghan. Okay, fellow Bitcoin, or who we
16:13
had on last week. I think should have had this
16:16
article then but anyways the first thing we're going to do
16:19
though is we're going to follow up to yesterday's fail with
16:22
these shell flew. Answer accounts that charge.
16:26
Okay, so look one of the ways you know, I'm not and again, I'm
16:29
not judging anybody. D.
16:31
Well, I am, but fuck it. It doesn't matter.
16:33
Who am I right? But look, at the end of the day,
16:35
you want to get paid to show garbage.
16:37
That's your business, right? You're the one that has to live
16:38
with yourself, that's that's totally your prerogative.
16:42
Go right ahead, okay? But in social media, I find that
16:46
like, if you if you give in to the people that are that are
16:50
calling you on your bullshit, you're gonna help them call you
16:55
on your bullshit a whole lot more.
16:57
Then you may draw some more eyes, maybe eyes that you don't
17:00
want. People that know how to dig up
17:02
data. Figure out, you know how to find
17:04
interesting pieces of information.
17:05
Anyways, so just a recap from yesterday.
17:08
Here's the, here's the, the stupid chart of the the
17:11
influencer list and what they're charging and yesterday, we
17:14
mentioned it just so happened that we mentioned, zubi.
17:16
Right, just so happens. So anyways, zubi, definitely got
17:21
shit on a lot on bitcoin Twitter yesterday.
17:25
Anyways, let's let's dive into it a little bit.
17:28
Okay, here was one of the responses to Hot or not.
17:31
Okay. As I've said several times, I
17:34
was not paid by twitch nor do I have any business partnership
17:37
with them but I see it's let's make false allegations about
17:40
zubi day. So have at it?
17:42
I've already been accused of worshiping Satan being on
17:44
Putin's payroll and being Illuminati, okay?
17:47
And here we can you know we can see you know some of some of
17:51
those rubies tweets. I've got all my sponsors.
17:53
I've turned down a lot of money over the years, right?
17:55
So that means any shit coin that I said yes to is obviously
17:58
quality because I've said no to certain People means the people.
18:02
I've said yes to this means something.
18:04
All right, here we go. We have a cringe freaking tweet
18:08
from the bsv lawyer. Jimmy new Ian, welcome to be
18:13
music to Twitch app and bsv and here's a here's a tweet that
18:17
he's retweeting from zubi, May 19 20 21 recently joined to a
18:21
chop, okay? So didn't get paid for that
18:23
either. All right, sure.
18:24
So here's here's a tweet, here's another tweet from Hot or Not
18:26
that I picked up what type of moral gymnastics.
18:28
Do you employ to tell yourself this because Essentially, right.
18:32
He doesn't think that he's done anything wrong.
18:35
Okay isn't that anything wrong? That's fine cardano, he is a
18:40
massive account right here we go Schilling nft projects, great,
18:45
boom, Schilling the Twitch app, wonderful.
18:48
Melt them to mirrors. Also also showed that as well.
18:51
Alright, so here we go, here's the original tweet from zubi.
18:57
If I've broken the law, please let me know which one because
19:00
that's Very strong accusation. And I don't take kindly to it.
19:04
As usual, none of you will even use your name nor photo online
19:08
yet. You're trying to hold everybody
19:10
else accountable. The irony is never lost on me
19:13
and the Tweet. He's retweeting just says nah,
19:16
just when you, she'll scams that you got paid for undisclosed,
19:19
it's called breaking the law and being a scumbag.
19:22
So then Adam back who does show his face and is using his real
19:27
name. Response bitcoiners tend to
19:30
prefer free. Markets to regulations.
19:32
But as you asked, and here's the SEC link.
19:37
So let's take a look at this. I don't know.
19:39
Zubi might have something to worry about the Securities and
19:42
Exchange Commission. Today announced settled charges
19:45
against professional boxer, Floyd Mayweather and music
19:48
producer. Khaled Khaled known as DJ Khaled
19:50
for failing to disclose payments.
19:51
They receive for promoting investments in icos.
19:55
These are the SE C's First cases to charge touting violations,
19:57
involving ico's, the SE c--'s orders found that Mayweather
20:00
failed to disclose promotional payments from three Ico issuers.
20:06
So Yeah buddy. You Shield a bunch of crap and
20:11
you didn't disclose that you did and the Bitcoin is called you on
20:14
it. And the worst thing that you
20:15
could have done was sit there and scream about it.
20:19
You know what, I do have to give some Applause to a lot of the
20:23
other people on that list who just sat there and just pretty
20:26
much were like, yep, that's what I do.
20:27
Fuck it, and they just went on with their lives.
20:30
This guy called all kinds of attention to it and forced
20:33
people to and force people to poke and dive in.
20:36
Anyways, Zoombies wrecked. Yeah dude, it's the Streisand
20:40
Effect right? You know when it's on the
20:44
internet, dude. You as soon as you point
20:45
something out, even if you want to point it out in a negative
20:48
light, you're still pointing it out and you're still driving
20:51
traffic to that specific topic. Whether that's an account,
20:55
whether that's, you know, anything that it is right now.
20:58
In terms of zubi, do die. If on for, he had some really
21:03
base takes that, I appreciated over the over the time.
21:07
But true, this is just. Another example of don't have
21:10
any heroes in Bitcoin. Like, that's literally another
21:13
example of that, it's unfortunate, you know that he's
21:17
taking, you know, the shit coin payments.
21:19
But dude, look, we're Libertarians at heart dude.
21:22
If that's what you want to do, go for it.
21:24
That's fine. Right?
21:26
But only its but don't own it. But own it.
21:29
You can't have your cake and eat it too.
21:31
Right. You can't have your cake and eat
21:33
it too. And I know.
21:34
Q knows this, right? It is Stream, Lee hard to grow
21:40
on YouTube and to grow into whatever Bitcoin only and
21:44
keeping your soul without talking about price and certain
21:49
little buzz words, every single video is extremely hard to get
21:53
people's attention right. So dude, like I don't blame him,
22:00
right? The the shit coins are so
22:02
enticing than terms of the money, right?
22:04
But Bill's right, see pay the bills crazy.
22:07
Dude, I would rather keep my soul but that's just me.
22:11
Yeah, you do you. I do me.
22:12
We could all be friends. Right?
22:14
Anyways. Q.
22:14
What are your thoughts on this? I'm going to preface by saying,
22:18
like I spent so much time with Zoo be at the Bitcoin
22:21
conference. I view this guy's a friend, like
22:25
a genuinely enjoy, and appreciate his perspective on
22:27
just the world in general, you're both absolutely right.
22:31
You are entitled in this world especially in a free market,
22:35
free market to make money how you see, fit, they're scumbags
22:39
who own private prisons, all over this country and they make
22:43
money off of that. There's a very interesting, I
22:45
think. Station on Ft stuff.
22:48
Where, you know, like I think you guys would agree with me.
22:52
Most nft is right now are not valuable.
22:54
You could probably make some quick money here.
22:56
They're like buying one selling it real quick.
22:59
Boom. Oh, I made a couple Grand doing
23:01
this, like, cool. All you're really doing is just
23:04
passing the bag onto the next person, because inevitably bags
23:07
gonna drop, but the truth is, it's no different than, like,
23:10
when I trade a stock, I'm not really selling a stock because
23:13
I'm like, oh, this is going to keep going up.
23:15
But so, like you could it's your turn to Make some money.
23:17
It's like no, I'm selling it to you because if I'm doing my
23:19
calculations right, like you're probably gonna lose money behind
23:22
this stock. So go for it.
23:25
There's a second layer to this and y'all might not like my take
23:29
on this but like rip me apart for it.
23:32
And if he's the technology behind it, are here to stay how
23:36
it's being used today. That that's right.
23:40
Click save like move on. Like I don't give a damn about
23:42
your digital artwork best examples.
23:45
Right now are both in the Sports World and in music and I'll get
23:49
to music because it relates back to zubi.
23:51
But this season there were two sections in the I used to work
23:56
there when it's called Verizon Center, I refuse to look up what
23:58
it's called now, but the DC stadium that hosts.
24:00
The capitals Wizard, and the Wizards, and their WNBA team.
24:03
They and two sections this year exclusively to sell tickets is
24:07
mfds. Because now, the team can
24:10
collect money off of the secondary and tertiary Market
24:13
ticket sales, that never existed before you have Dynamic pricing,
24:16
that moves the price up based on who's coming into town, or what
24:20
players are playing or who the starting, pitcher that exist all
24:23
across Sports by the end of this decade.
24:24
It You will be able to get real Baseline ticket prices because
24:27
these teams will find new revenue streams in the secondary
24:30
markets because of these smart contracts.
24:33
The same is going to happen in the music industry.
24:35
I think this is where the juubi of it all kind of fits in.
24:38
I think he is genuinely curious at exploring how he can use
24:42
blockchain technology at large within his music career.
24:46
Keep in mind, this guy is an independent music rapper artists
24:50
entrepreneurs, so that element of it I think is what made him
24:54
curious. But like unfortunately he just
24:56
you went down the wrong Rabbit Hole, I personally like I'm
25:01
floored in a little bit like aghast at the way.
25:03
He's been reacting. Attacking people call them on
25:07
what they look like and what not like dude you got got, take your
25:12
lumps and then move on. Let the next news cycle, new
25:14
story, pick it up. He Fanning the Flames a little
25:17
bit with this and I really nothing but love and respect for
25:20
the man. I wish you did differently but
25:22
like, dude, this is this is why you're becoming friends with bit
25:24
corners and Like talk to all of us, more get to know what this
25:28
technology really can do, because I think ultimately with
25:32
what, he preaches as his values in the way he sees the world and
25:36
the things that he wants to see done like Bitcoin solves those
25:38
problems. This is a man who travels across
25:41
countries and literally can't open a bank account because he
25:44
doesn't have a credit line in his home country.
25:46
Like what, what solves that problem, Bitcoin solves that
25:50
problem. You know, what does he cardano
25:52
bro? It just does it.
25:53
Yeah you know you know it really is gonna happen.
25:55
With all that cardano stack that someone like gifted you for
25:58
free, the speculative that there's no substitute
26:01
substantives proof of that happening but these bullshit
26:06
shit coins are just pre mind to a point where literally Audrey
26:12
be every time you get listed on coinbase, every time you get
26:14
lists on some of these larger platforms like a Robin Hood.
26:17
The chart, literally just goes straight down.
26:19
Why do you think that happens? Because all you fucking big bag
26:22
holders, start selling to the unsuspecting.
26:25
People who don't know any better because we look up to you, we
26:27
appreciate what you say, your words have meaning impact and
26:30
influence, even those us plebs here, the fact that you're
26:34
listening to us talking like we understand recognize the Merit
26:37
and value. And what our words, say, I think
26:42
It's going to be a very interesting shift over these
26:45
next few years. I think, if all of these shit
26:48
coins were really marked as Securities.
26:52
I know what I'm essentially alluding to and saying like
26:54
let's bring in some regulation over this industry at large and
26:58
start calling security Securities Aisha corners and
27:01
should coins are securities that changes the game.
27:04
Then all of a sudden you're not really going to be tweeting
27:06
about cardano. You're not going to see Elon
27:08
Musk tweeting about those. You're not going to see a nephew
27:10
projects getting shield in the way that They are getting
27:13
shelled now. Well, that, and that's the big.
27:15
That's the big Crux of it, right?
27:17
And look going back to the whole thing.
27:20
Listen, your nft could be launched on top of Bitcoin.
27:24
Like, if you want, if you're into that and I'm totally for
27:28
that. But we're against is this?
27:31
It's not, it's not that we're against it, we just call it out.
27:33
You can do whatever your heart desires, but it's like you are
27:37
launching an NF t on an inferior chain.
27:41
Because that inferior attain gives you more power through
27:46
marketing and through the celebrity endorsements to be
27:49
able to dump on unsuspecting bad coulter's, right?
27:52
It's a lot more boring to build on top of Bitcoin than it is to
27:56
build on the next great Solana, etc, etc.
28:00
So, you know, I think it's, you know it perhaps a lot of the you
28:04
know the the maximalist like ourselves.
28:07
Perhaps we don't freeze it right?
28:09
It's not necessarily that we were Hence, these Technologies
28:13
is that they could be built on bitcoin and they will be better
28:17
if they're built on bitcoin because Bitcoin is the most
28:20
secure base layer of all time by far Phil.
28:25
So yeah, we've--. Yeah.
28:27
We've-- said this, we've actually said this before I
28:29
appreciate your take about nft, he's definitely, the technology
28:32
is not going away. There's nothing wrong with that
28:34
technology. In any way, shape, or form, the
28:36
issue is the marketing and the disingenuous messaging.
28:41
Oh, okay. When people look at this
28:42
technology and think that it needs to be quote unquote money,
28:46
okay? Like I have no problem with what
28:48
they're doing with these secondary markets and the ticket
28:50
sales and creating you know, dynamic dynamic pricing, and all
28:54
that, that's fantastic. But none of that needs to have
28:57
its own token, in order to perform its function as a smart
29:02
contract or in a secondary market like I'm sorry, the token
29:06
is completely separate. And the problem is, is that the
29:10
what we've seen right now, Current application of n FTS is
29:13
that they've given people this false notion number one that
29:17
they own the, the attached jpeg or image or whatever it is that
29:23
is being claimed to be the nft. That's, that's the first problem
29:27
in the second problem is that it's pitched as an investment.
29:31
So you know what I mean? Like look what people don't
29:34
understand is why do you think baseball cards?
29:36
Why do you think a Honus Wagner rookie card?
29:38
Like I brought this up before but like what?
29:39
You think it's so expensive, right?
29:40
It's not like like he was like the best player necessarily just
29:43
a very rare card and it's very much desired, you know, like
29:47
that's what happens with a lot of these things.
29:49
Like, my parents are boomers, they had cards in the 1950s,
29:52
right? The only reason those cards.
29:54
One of the main reasons, those cards became incredibly valuable
29:57
is the desirability because of the Nostalgia, number one, and
29:59
number two, the Rarity because most of those cards were used to
30:03
play a stupid game, a really fun game, called Topsy's, okay?
30:07
Where they would sit there and throw cards against the wall,
30:09
instantly making them on manse. Okay.
30:12
And then if the card fell on top of the other one you keep both
30:15
of them but who cares. They're not even meant anyways.
30:17
So my point is is that mfds okay though it's exactly what you
30:22
said it is the application that is incorrect and it's
30:24
disingenuous messaging. So they're screwing their
30:27
fleecing people out of their money and if any bills that's
30:31
the big problem and it's built on top of fucking Bitcoin, if
30:34
it's Builders know, I'm a big boy, I'm a big fucking fan.
30:37
If it's built on top of Bitcoin, it's not built on top of
30:39
Bitcoin, you're literally building on something that is
30:42
less secure because you want to pump your own bags, right?
30:46
Which is instance ears. Fuck anyways.
30:48
Phil what's the next fail? Do we have time for the next
30:50
fail. I think we went a little bit,
30:53
don't get me wrong. We might have to save it for the
30:55
for the next episode 10. It's 10 points from Sam
30:58
Callaghan and their killer but this was this was an awesome
31:01
Rim. Yeah.
31:02
And dude Q we fucking love your responses manner.
31:05
Yeah, we're pick one. It would be kind of you know,
31:08
contrarians is be like no, we don't Your opinions, bro.
31:12
Fuck you, you know, like, you'd be surprised at how many
31:15
Bitcoins who literally say not fuck, you know, because I really
31:18
have to think about it, right? Like if you like and we have,
31:21
unfortunately, we have taken the time because we've gone through
31:25
the nft frickin circus a million times and we have come to the
31:30
conclusion. We're like okay this Tech is
31:32
okay but it's the fucking bullshit.
31:34
That's all around it. That is the problem and it
31:36
shouldn't be built on aetherium. I think I think this is a really
31:39
interesting one laughs. I think we have one.
31:41
One. Good thing to talk about in
31:43
terms of Q you you you know, you maybe prefer government
31:47
regulation. I'm from the libertarian
31:49
perspective. I think I agree with you, dude.
31:52
It's like, they're so rampant in the scams but we have to figure
31:57
out how to do it without the heavy hand of government.
31:59
That's my opinion fil. How do you feel about it or do
32:02
you go, go ahead? No, no, Phil, Phil go.
32:05
I'm going to be quick. Anyways, I complete.
32:07
I completely agree. I'm also of the, you know, of
32:10
the mind that it can Be done without government intervention.
32:14
I think the big issue is that nobody really has taken the time
32:18
to attempt it. I think that that's the big
32:20
issue. Everybody automatically goes for
32:21
the crutch, you know? And that's okay again, right?
32:24
This is this is part of being humans.
32:26
This is part of us learning, right?
32:27
We have to fail, right? We we don't learn by getting
32:30
everything perfectly right away. Otherwise what the hell?
32:32
You know, we wouldn't be here. Yeah, maybe we quick closing it.
32:36
I don't disagree. I don't look for the government
32:39
to be like my savior. Like come save the day, but
32:43
given the system that we are in and the rules that we have to
32:46
play by based on that, that's the best sort of scenario to
32:50
help. I think ourselves, as well as
32:53
the people at large, because it can also help us separate
32:56
Bitcoin from crypto. Yes.
32:57
Yes, okay, fair enough. Hey, good, good points.
33:01
This is what it's all about. Anyways, Phil it's time for the
33:04
daily meme review, brought to you, by Citadel 21, they are the
33:08
best Bitcoin, cultures, Enid stories, articles, By bitcoiners
33:13
and they're scarce. There's only 1000 copies made
33:15
per volume. Get your physical print of
33:18
Citadel 21 today before it runs out.
33:21
This is volume 10. This is volume 11.
33:23
Got a belt Citadel 21.com. I don't know, I kind of think
33:27
this is the magazine everyone needs and wants and should have
33:31
all right, cut it cut it. That's not going to make it in
33:33
the show we're taking that out. Anyways, moving on to the meme
33:37
review. All right everybody we had some
33:40
some some things It happens that weren't planned for, but it's
33:44
okay. It's okay.
33:45
Yeah, Phil Phil loud, the guests to speak for some reason.
33:50
Anyways, moving on first beam, is brought To Us by or well and
33:54
good Millennials. Come on collapse.
33:59
BlackRock no, dude, I'm fucked up for anyone who doesn't know.
34:07
BlackRock essentially, is this in.
34:11
So institution that literally owns a piece of every single
34:15
company in the existence of mankind and they just started
34:19
purchasing single hint family homes in the US and their
34:23
outbidding first-time homebuyers.
34:27
Like it's so fucked up, right? Anyways, so yeah.
34:32
Great freaking meme net. And by the way, Bitcoin actually
34:35
does fix this next one. Moving on to Jose.
34:39
I love this template. If a theorem is a To shift to
34:42
proof of work. So could Bitcoin no mining can
34:45
make productive. Use of surplus energy from Hydro
34:48
wind and solar plants excess energy.
34:51
Could be diverted to other markets hydrogen production
34:53
could take excess energy. There is no excess energy, what
34:56
the fuck, dude, it's very deep, very deep, very deep and, and
35:02
you know what, I've actually had that moment myself, so I could
35:05
relate anyways. Next one, it's by Adam Koch.
35:11
Yecch, you got 1400 dollars in inflation, the Predator class
35:15
got billions a country that cannot be named a virus that
35:20
could not be named basically distractions and excuses for the
35:24
risk to use government. To get richer at the expense of
35:26
everyone else. That is 100% true.
35:29
Let's print a bat a bag billion dollars inflation runs at 10%
35:34
fucking Vladimir Putin. Ha ha ha.
35:39
Oh The Boy The Boy. Is in the house.
35:42
All right, who did this fucking whining to the right?
35:46
Yeah. Well, this is great template
35:50
Tuesday. We give me a plate.
35:52
You make the me magic, I present to you Niko plus potato.
35:57
That was awesome. Fucking hilarious.
36:00
Thanks guys. I appreciate the love and
36:02
support. No, don't take off the pole
36:04
Mass. We're almost at the ratings.
36:06
Okay, next one is by Richmond, dezso bike.
36:11
Coin at bottom prices buying lottery tickets with one in 88.
36:15
It's so true. So true.
36:16
It's so true. You are lots of being hit by
36:19
lightning three times in a day than you do of winning the
36:22
lottery. Last but not least Bitcoin,
36:25
Central bank's authoritarian governments.
36:28
It's so true cuz that's actually about her reacting with their
36:31
responses. Anyways, Q, I'm gonna pass it on
36:34
to you. What would you give that Meme?
36:37
The last one we just saw all of them, all of them.
36:39
It's all all the cars. The visually or altogether
36:43
honestly that those memes are just going to start a bull run
36:46
for Bitcoin at that point. Oh my God, I was laughing so
36:48
hard at those obviously, my favorite one was Potato Head.
36:53
Ha ha ha. Oh man, are you calling me a
36:56
potato? But no, just kidding.
36:58
Phil ready potato, those all the potatoes, Phil, would you give
37:01
those memes? All right, look, those memes
37:04
made me extremely bullish and for that, I am giving it this, I
37:08
am orange pilled sticker, I don't remember.
37:11
Brr where I got it from at the conference but it was an awesome
37:14
booth. And I took as many as I could
37:17
because he'll I feel really likes free stuff for those
37:20
memes. I'm going to give it because
37:22
we're in a Zine were right now. The best Bitcoin cultural Zine.
37:26
It's still. It's still 21 and the Q.
37:30
What he s best Bitcoin magazine out there This is the best
37:42
cultural Z-Best culture of zine right here.
37:45
Okay. Anyways, you guys get the point
37:48
isn't gonna end well, we're on this, we're on the same team but
37:51
the infighting safety, but fuck you.
37:55
Anyways, guys, we want to know. Of course, if you agree with our
37:59
scores, you disagree, let us know down in the comments
38:02
section. Of course, make sure to join our
38:04
telegram group. So you can link us, some dank
38:06
dank dank Bitcoin, memes to review, And subscribe to us on
38:09
alternative video platforms. Like, Rumble.com.
38:11
And our personal favorite Bitcoin tv.com.
38:13
They don't censor their because Bitcoin TV kind of be
38:16
paradoxical of Bitcoin TV censored, wasn't it?
38:18
Mmm. Anyways, Phil it's time for the
38:21
Daily News brought to you by crypto.
38:24
Cloaks are you too lazy to 3D print your own shit?
38:27
That's why you have to go to three a crypto.
38:29
Cloaks.com, they make the best 3D printed Bitcoin merch.
38:33
Like the famous Bitcoin art sculpture grenades.
38:37
This one's in Gold. I haven't shown it to you guys
38:39
yet. This one's in.
38:40
Lock can also get this in any custom color, your heart desires
38:43
and you can take advantage of Link down below 45 percent off.
38:45
So I'm gonna go back to this last meme, right?
38:49
Of these dudes, kind of freaking out, right?
38:52
This is just government's response is responses to it and
38:56
I think this article really highlights it and it highlights
39:00
essentially what the problem is, when the incentives are
39:04
misaligned and I'll get to that in a second.
39:06
So Bank of England, Taps banks for funds to increase scrutiny.
39:10
Of crypto assets. Think about what that just set.
39:14
The bank of England is asking Banks to pay for the compliance
39:20
Department of Bitcoin and she coins Talk about misaligned
39:26
incentives. Anyways, the Prudential
39:29
regulator regulation Authority, which is part of the bank of
39:32
England is planning to raise 321 million pounds from the firm's
39:37
it regulates for the for the year.
39:42
Through February 20 23, that's an increase of 8% on the
39:46
previous year. The bank of England is pushing
39:49
for the role of regulators to be expanded on crypto.
39:52
It sounds like they're using Crypto in Bitcoin, as of, as of
39:58
reason, as an excuse to raise more money from the people that
40:03
they're supposedly regulating. I just think that this is a
40:07
perfect example of the misaligned incentives of the
40:10
Fiat system. This is total clown World
40:13
garbage. The regulator levied 297 million
40:19
pounds from its regulated firms and 12 months to February 20 22,
40:23
24 million. Pounds lower than its current
40:26
Target. Do you know how insane that
40:28
sounds dude? Am I reading this correctly?
40:32
Is it because a pleb has a Bloomberg subscription and he's
40:35
reading this and it's like, what the fuck?
40:37
They think of you as tax cattle? That's honestly, that's why I'm
40:41
reading that dude. And I'm just like, okay, but
40:45
what is stopping this regulatory Authority from saying that more
40:50
crimes are being committed so that their budget is increased
40:53
even more and Is the scapegoat always Bitcoin.
40:58
Why? It's like the ugly kid in the
41:02
class. For that always gets picked odd.
41:04
Why is Bitcoin that person? It's always it's like it's like
41:09
dude, the terrible situation in Ukraine.
41:11
It's Bitcoins fault. Like what the fuck is going on,
41:14
man? Anyways, film thoughts.
41:17
Yeah, they found a great excuse for everything.
41:21
Every incompetence, every ridiculous stupid Idea that they
41:25
want to throw out into the public now.
41:27
Hey, listen. We need to stop Bitcoin.
41:29
We need to stop the illicit activities.
41:31
We need, we need to fix the planet, right?
41:33
And we definitely need to fix sexism by by regulating Bitcoin
41:40
out. Really what I want to say about
41:42
this is that if you pay attention, Okay?
41:45
A lot of these businesses, right?
41:46
Especially the banking business like notice how the average
41:48
person can open a bank, right? Like I mean look if you have
41:51
millions of dollars hundreds of millions of dollars, why can't
41:54
you just In a bank and decide to give out loans to people, you
41:57
have to go through a lot. And don't get me wrong.
41:59
Yes, to a certain extent, you can do this with enough
42:02
regulatory hurdles but that's exactly what this does, right?
42:06
Every single time. These agencies, raise the amount
42:09
of money that has to be paid. In order to enforce these
42:13
regulations, it continues to raise the moat, the regulatory,
42:17
motiva higher and higher making it even more, I guess you'd say,
42:23
even more of a Hatched Ivory Tower so to speak.
42:27
And it just creates these entities that are seemingly
42:32
untouchable. Anyway, that that stuff.
42:35
But that's what I see. It's the regulatory moat that
42:38
you're describing fill a exactly spot-on, man.
42:41
Anyways, Q thoughts on this look it's there are a couple things
42:47
here by initialize. You were explaining in my first
42:50
thought when 20 this sounds exactly.
42:51
Like when the wine companies paid for the study that came out
42:56
with the results. Saying a glass of red wine is
42:58
actually good for your heart health.
42:59
It's like, okay, cool. Like you actually gave me just
43:02
like shitty Stan one subset of a larger scale, but as you like
43:07
kind of expanded out and really think about this.
43:10
Every single country is a corporation, the government that
43:15
that that operates in that country is sort of the board,
43:19
the executives or whatever. And the citizens are the clients
43:23
and our tax dollars are their revenue.
43:25
So that's all they're doing. They're just figuring out a
43:27
different Revenue stream any way they can and when you start to
43:31
realize like wait a minute going back to what we talked about.
43:33
Earlier, the people who make the rules, dictate how they're going
43:37
to go out and follow up and execute.
43:39
These rules are also the ones who benefit from sad rules.
43:43
It's no wonder why in this country at least like you're
43:47
never going to see term limit because the people who get to
43:49
make that decision or the ones, who are going to impose that
43:51
restriction on themselves. It's why you're never going to
43:53
see a salary for congress, go down because it's them who
43:57
decide what their salary is? No different than this example.
44:00
Where you have the bank of England, literally making the
44:03
determination Based on the money that they are going to receive
44:06
as a result of the study that they want to then produce.
44:10
Yeah, like, like Nico to answer your question that was
44:13
rhetorical nothing is going to stop them from turning around
44:16
say, actually, no, you know, we need a, let's crank this budget
44:19
up a little bit. You need to give us more money
44:20
to go and execute this. Meanwhile, what's really going
44:23
on? It's two guys in the back.
44:25
Cubicle playing Minesweeper with each other their boss like you
44:28
know you have that report done? No need an extension.
44:30
Cool. Yeah.
44:32
Another five million dollars for us.
44:33
Anyways, yeah, I wasn't freaking matter and a pension I million
44:37
dollars and a pension, right? But yeah, no, I think you hit
44:41
the nail on the head and the incentives are always going to
44:44
be misaligned as long as state and money are in cahoots.
44:50
Like that's just a reality of it, right?
44:52
It shouldn't be. That the power of the United
44:56
States is centered around Washington.
44:58
D.c. that? That that shouldn't be.
45:01
It that it's not a productive City.
45:02
What do they do? It's just a bunch of bureaucrats
45:05
right and Bitcoin is our only hope to fix this and I think
45:10
that a lot of shit coins give that illusion but because
45:13
they're not sufficiently decentralized, they won't be
45:15
able to survive the onslaught. Now guys I picked up on some
45:19
very very very good signal today.
45:22
We reported on this when it came out right so just to give you a
45:26
recap right Exxon huge oil and gas company right is mining
45:31
Bitcoin in North Dakota very big Deal.
45:34
Right? And but check this out, this is
45:36
what I noticed, right? The devil's in the details,
45:39
ExxonMobil has been working with denver-based Crusoe Energy
45:42
Systems to mine Bitcoin in North Dakota.
45:47
Flared gas, Bitcoin, mining Pioneer, kurisu Energy raises
45:51
505 million dollars, and this came out by you guys, by the
45:56
way. So Q six hours ago, what does
46:00
that mean? That means that their little
46:04
experiment is paying off. So yeah, just connect the dots
46:11
right? They wouldn't be able to raise
46:13
half a billion dollars if You know, they're their pilot
46:18
program, right? And for anyone who doesn't know,
46:20
I have to give a little bit more context.
46:21
Essentially, some really smart bitcoiners have figured out how
46:25
to turn that excess, flared gas. That is usually gets vented out
46:29
into the atmosphere that methane and they turn that into energy,
46:34
and they turned that into Bitcoin.
46:35
Why? Because it's very hard to
46:38
transport electricity over long distances, and it's actually
46:41
very difficult to transport gas, right?
46:43
So, it's a lot easier to just vent it out.
46:46
But now, Bitcoin has given stranded energy sources all
46:50
around the world value, which goes back to something that
46:54
we've been just beating the drum on the show every single Oil,
46:59
and Gas and energy. Company is going to end up
47:02
becoming a Bitcoin miner. It's inevitable.
47:05
And this news today that the company that Exxon Mobil used
47:11
raised, half a billion dollars is more evidence.
47:16
That I suspect that this is the this is where it's going
47:20
watching. The game theory of Bitcoin.
47:22
Play out is absolutely fascinating and I think we're
47:25
all privileged to live through a time like this Q.
47:29
What are your thoughts? There are two scenarios you
47:33
describe one which is all of these oil and gas companies
47:36
owning some sort of Bitcoin mining.
47:39
There's a second scenario that I think this half-a-billion-dollar
47:42
sort of investment into a pure Bitcoin mining.
47:46
Company kind of alludes to which is the Bitcoin miners, turn
47:52
around and go and buy the traditional oil and gas
47:54
companies. Today's a certain point.
47:57
Look at look at Marathon for example.
47:59
How much Bitcoin are they just sitting on their mining Bitcoin
48:02
if they don't sell any of it, I believe.
48:04
The last count I saw was something to the tune of 10,000,
48:07
10,000 Bitcoin. All right, let's say they finish
48:10
out with 25,000 in total but we're looking at a bitcoin price
48:14
of well above six. Yours.
48:16
Well let me tell you those billion-plus dollars.
48:19
All of a sudden that they're just sitting on their reserves.
48:21
A lot of their money is going to be spent in that process of
48:24
getting the 25,000 Bitcoin on energy costs.
48:28
Well, how do you control the cost of energy?
48:30
You control the energy. So all of a sudden it's going to
48:33
be on on these Bitcoin mining companies more specifically
48:36
those in the public markets because they're going to be
48:38
incentivized. Hey we need to create sort of a
48:41
an opportunity for our investors.
48:43
We need to separate from the broader Bitcoin mining Please
48:46
you're going to look. I'm going to pull up this clip
48:50
it gears from now Marathon Riot. Potentially even companies like
48:54
Hut core scientific they're going to end up owning Exxon
48:58
shell some some parts or facets of these businesses because then
49:03
they in turn can control how much they have to pay for the
49:06
energy, they're using to mine Bitcoin and then all of a sudden
49:08
it's wait a minute. Now our energy costs got went
49:11
down. We're still mining Bitcoin
49:12
Bitcoin is Bitcoin. Mining is so profitable and it's
49:15
even more because Margin has expanded.
49:18
Boom, this has happened before in different Industries.
49:21
You watch tobacco, go and eat up all other Vice type companies,
49:25
we'd watch Hollywood, my old industry, get eaten up by the
49:29
biggest industry at its time during each generation because
49:32
hey we want to control the messaging that goes out.
49:35
So let's control these companies that send out said messaging
49:38
it's the same thing over and over just in a different
49:40
industry. The oil Gas Energy industry as a
49:44
whole has a clock on it. It right now, dude, Q, it's
49:48
very, very, very early. I very rarely find myself in a
49:54
position where I hear something from a guest that I have not
49:58
thought of or I have not heard of before or heard from someone
50:02
else. And that's the first time
50:04
someone has ever, you know, pointed that out to me, and it's
50:07
so freakin obvious, right? So, yeah, man, absolutely blew
50:12
my mind there, right? Did the whole Nico give thing
50:15
from, you know, From Twitter. Phil what are your thoughts on
50:18
this? Are your mind blown just as yeah
50:20
me, bro, I was just going to say, as, as Q is blowing, my
50:23
mind. He's in his hair.
50:24
His hair was expanding. His hair was getting bigger and
50:28
laser eyes started to come out like yours.
50:31
Like It's like you don't understand what the rate is not
50:35
the oil companies that will my thick Point later.
50:38
It's the miners that will buy the oil companies as he saying
50:45
that. I'm thinking of I'm thinking of
50:47
poor helpless until you know with with their the and they're
50:51
making miners, right? I'm like okay you know like as
50:54
he's you know as you're explaining this Q I'm like okay
50:56
so what happens to these guys because look let's be honest
50:59
right? Sure there's a lot of money in
51:01
Bitcoins as a lot of money. The miners and everything like
51:03
that, but these companies right companies like, Exxon, Mobil,
51:06
and stuff like that. They've got billions of dollars.
51:08
They've got War chests, Intel, War chests.
51:12
Okay. So nothing is going to when they
51:15
see how much money that they can make, right, like putting
51:18
putting the miners aside, right? Letting the letting the oil and
51:21
gas companies run freely right when they, when they start to
51:25
realize, how much how much profit they can make from mining
51:28
Bitcoin, their next step is going to be to figure out how
51:31
they can make it all cost less. So they They are quickly going
51:33
to turn to Intel and whoever else came on board because I
51:37
believe AMD is going to join the party and start to offer minors
51:40
at some point in the in the near future.
51:44
When do they go to those companies and say, alright, you
51:47
need to make these chips a lot cheaper.
51:49
You need to figure out how to make them all cost less, how to
51:52
weigh less. There's something that people
51:53
don't understand about about engineering, or most people
51:57
don't would, it's something called value-added engine or
52:00
value-added engineering. Okay.
52:02
And essentially what happens is that every cycle of Hardware
52:05
that you create okay, every single time you create a device,
52:09
you have to use the the point of the value-added engineering is
52:12
to make things cheaper and cheaper, make them cost less and
52:15
less. Now don't get me wrong in a Fiat
52:17
world, it's been working fantastically trying to keep
52:20
profits afloat, right? For a lot of companies.
52:23
But when you have these oil companies that are spending
52:27
millions of dollars on mining equipment, They're gonna want a
52:32
solution and these companies like Intel, like AMD, I believe,
52:36
like in the video is eventually going to join.
52:38
They are going to, they are going to come to the party and
52:40
don't get me wrong. I would be very surprised but
52:44
also kind of like wow that maybe oil companies start buying out
52:50
chip manufacturers serious. Like we as the cannibalism that
52:56
can occur in all these different Industries because we've never
52:59
had Bitcoin. We've never had Something like
53:01
sure people use computers in those Industries but they're not
53:04
using chips in the same way to make them money in the same way.
53:08
So this changes the Dynamics anyways dude if I can feel I can
53:12
pour some gas. Absolutely.
53:14
I'll pour it on bro. Pour the gas because you're
53:16
absolutely right but I'll take it a little step further right
53:20
now. You have every single Miner
53:22
talking about. We're going to get to a hash
53:24
rate of over 300 by this year based on projections of when
53:28
they're going to receive new Miners And when they're going to
53:30
roll out, Out. However, and shout out to my
53:32
boy, Sam rule, who's part of our Bitcoin magazine protein, if
53:36
you're not subscribed, check it out because their analysis is so
53:38
spot-on. On some of this stuff, dude, the
53:41
supply chain issues exist across the board for food for cars for
53:45
technology that also includes Bitcoin technology that includes
53:48
Bitcoin miners that specifically includes those hardship, hard
53:52
drive chips that Intel's trying to build out an Nvidia builds
53:55
out. So watch as all of a sudden some
53:58
of these companies don't get enough miners this year and
54:00
These decals and started get kicked a little bit in The Shins
54:03
on their stock price. Well, what happens?
54:06
I'll tell you what happens until this is a small subset of their
54:11
broader business. They don't give a flying rat's
54:15
ass if they participate what they're trying to do.
54:18
Let's build it enough and we have like we have the designs.
54:21
We have the models like you want to just buy this branch of our
54:24
company from us for 100. Yep two hundred million dollars
54:28
boom. And then all of a sudden no
54:30
watch watch. These Bitcoin miners turn into
54:32
Amazon, blonde streaks. Will their supply chain from
54:35
start to finish 100%, dude, block stream acquired, you know,
54:39
spawn Doodles. Or I can't still can't pronounce
54:42
that name right track. Doris.
54:43
He's getting Mondelez, maybe Jack Dorsey, right?
54:46
Buys, that's it. Dude, cute spot on spot about
54:49
guys, we're running out of time so I'm not going to be able to
54:52
cover essentially the developing story.
54:55
We were actually one of the first to tell what was going to
54:58
happen yesterday when The US Treasury announced the sanctions
55:03
against Russian miners, I correctly assumed that this was
55:07
going to affect Compass mining. Luckily.
55:09
Before the episodes release, I was able to get a comment from
55:13
wit Gibbs. The CEO of compass mining, he
55:15
did release an official statement.
55:17
I wanted to go over that today and what the implications of it
55:20
are, but we ran out of time, unfortunately.
55:22
But we'll get to it tomorrow. But anyways, Phil there was an
55:25
open source software release today.
55:26
Why do you tell everybody about it software releases brought to
55:30
you by Seifer safe, check them out.
55:32
Cipher safe dot IO guys. I've been harping on the fact
55:36
that you can burn paper. Not only that somebody could
55:40
feasibly wipe their ass with the paper, be careful.
55:44
Okay. This is why you need to store
55:45
your seed in steel. You kind of wipe your ass with
55:48
the Cipher wheel and you can't do it with the cipher grid.
55:52
They both come with a tamper-resistant wire but the
55:54
grid comes with a punch tool. All right we've got Specter
55:57
desktop version 1.9 dot 0 that was Least it's down below in the
56:01
show notes guys, don't forget to check us out on our Audio, Only
56:06
platforms Apple podcasts Spotify.
56:10
A tanker. If you want to stream us SATs.
56:12
Check us out on Fountain. Dot f m--.
56:13
You could stream them with Breeze.
56:16
Awesome. Thank you for.
56:17
All right, guys. Before we go, I want to give a
56:18
very special shout-out to her awesome clothing.
56:21
Sponsor represent represent LTD.com they just came out with
56:25
Bitcoin merch to it, just dropped.
56:28
It's coming in the mail. I'll soon be able to show it.
56:30
It off and I also want to give a very special guest to the
56:33
legendary Q. You'll get more follow at Q
56:37
underscore like the letter. I believe I actually read that
56:42
he is he is the host of Bitcoin magazine live death guys.
56:46
Definitely check it out. If you're probably if you're
56:47
subscribed to channel your polish subscribe to that channel
56:50
Q. Awesome to have you on the show
56:51
guys if you enjoyed the show you know what to do smashed.
56:55
And of course you're going to continue hearing the Bitcoin
56:56
used from the plead plead perspective.
56:58
Definitely consider subscribing to Simply Bitcoin knows, he's
57:02
our guys, Friends episode reduce your exposure to clown, World,
57:06
by Bitcoin, and self custody.