Latest / Simply Bitcoin / Michael Saylor: Bitcoin is a Lifeline | EP 835

Transcript

Michael Saylor: Bitcoin is a Lifeline | EP 835 · Simply Bitcoin

• 0:07
  It's all going to zero against Bitcoin.
• 0:10
  It's going up. You're against Bitcoin.
• 0:20
  You're against freedom. Yo, welcome to another episode
• 0:28
  of Simply Bitcoin Live. We are your number one source
• 0:32
  for the peaceful Bitcoin revolution.
• 0:34
  Recovery, Breaking news culture, Matic warfare.
• 0:37
  We will be your guide through the separation of money and
• 0:41
  state. Sailor tweeted something very
• 0:43
  interesting yesterday. Anything it when it when you
• 0:47
  tweet a picture. I really call it a meme, right?
• 0:49
  Because memes. Are a form of, you know,
• 0:53
  graphics memes. They're they're really what
• 0:56
  they're forms of transmitting information.
• 0:58
  Transmitting data, Right. So I'm just going to call it a
• 1:01
  meme, even though, you know, by the usual definition, it's not a
• 1:04
  meme, It's a bunch of statistics, a bunch of data.
• 1:06
  But for the sake just to simplify, it was a meme tweeted
• 1:11
  a meme about the inflation rates of all Fiat currencies around
• 1:17
  the world. And what he said, the tweet that
• 1:22
  he said is if you don't have access to dollars, Bitcoin is a
• 1:27
  lifeline. I mean, and it's very
• 1:30
  interesting because if you don't have access to dollars, thing is
• 1:34
  like if you have a bunch of piles of crap, right?
• 1:43
  The dollar is the smallest, less smelling pile of crap.
• 1:49
  Right. It's still crap, but it is the
• 1:53
  least worst of all of them, right?
• 1:56
  And what I think is happening, especially in the global S the
• 2:02
  developing world, is you are seeing a lot of people adopt
• 2:06
  alternatives to state money. But the pattern that you're
• 2:10
  seeing is people aren't really adopting Bitcoin per se.
• 2:13
  Of course there's a percentage of Bitcoin adopters, but what
• 2:16
  you're really seeing? Is people adopting stable coins,
• 2:19
  specifically USDT or you know, the USDC or whatever, any
• 2:25
  specific type of stable coins that is a U.S. dollar stable
• 2:29
  coin. And the thing about those things
• 2:32
  is that they provide a false sense of financial sovereignty,
• 2:35
  #1 because they can freeze it, and #2 because I think
• 2:42
  eventually because due to its centralization they will
• 2:46
  inevitably be coopted. And they still have inflation
• 2:51
  baked in, right? So like, it's it's a multitude
• 2:54
  of factors. But This is why this whole thing
• 2:56
  is is going to be multigenerational, right, I
• 2:59
  truly believe. And the analogy that I always
• 3:02
  always use and I hide and I know it's cliche, the movie, the
• 3:06
  Matrix, blah blah blah blah blah.
• 3:07
  But this analogy is so useful. Neo was just exposed to The
• 3:15
  Matrix. And Morpheus and Neo are in the
• 3:18
  construct and Neo goes into denial and he's like, no, this
• 3:22
  isn't real. And he goes crazy.
• 3:25
  They pull him out, he gets out of the chair and he just
• 3:28
  collapses on the floor. And you know, and he just, he
• 3:32
  just passes out. He can't believe he can't.
• 3:34
  It's too much for him to take. And then the next the following
• 3:37
  scene, Morpheus is standing over Neo while Neo wakes up and
• 3:43
  Morpheus looks at Neo and he says Neo.
• 3:45
  I apologize. After a certain age, we don't
• 3:49
  pull people out of the Matrix because it's too much for their
• 3:52
  minds to for their minds to handle.
• 3:54
  And I think it's a very fitting analogy to the Fiat matrix if
• 3:59
  you've lived the majority of your life using paper money that
• 4:05
  has faces of old people on it. Or faces of structures, or faces
• 4:10
  of things. You're used to stay issued
• 4:13
  money, you're used to banking, you're not used to taking self
• 4:18
  custody of your wealth. It is a very, very radical idea.
• 4:23
  It's not to say that you can't do it, but it's you have to go
• 4:29
  through a process of unlearning. And then learning something new
• 4:34
  versus what Naim Bukela is doing in El Salvador, where he's
• 4:37
  teaching the next generation about Bitcoin right off the
• 4:40
  gate. So they it's not a process of
• 4:43
  unlearning, it's a process of learning something new now in my
• 4:49
  specific career. And I know Opti, I'm pretty sure
• 4:52
  I'm pretty confident he's experienced the same thing
• 4:55
  before I bring him up. You know, I've been in Bitcoin
• 4:58
  basically 1/3 of my life, so. I had no idea about the
• 5:03
  traditional financial system and so I started making Bitcoin
• 5:06
  content and I thought, you know, when you start making Bitcoin
• 5:08
  content, okay, you're just going to talk about Bitcoin?
• 5:11
  No, it ends up being this macro geopolitical, you know, cuz
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  bitcoins fundamentally going to change the world.
• 5:18
  That's why we say in the beginning of the show,
• 5:20
  separation of money and state. And you have.
• 5:23
  You're forced to learn about the traditional financial system.
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  And holy cow, are you just like in all you're just like.
• 5:30
  Do things really work like that? That's absolutely insane, right?
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  So that's what I got to say is yes, absolutely.
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  If you don't have the dollar, Bitcoin is definitely the
• 5:44
  lifeboat. But that's not to say that
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  people are choosing Bitcoin. People are used, are choosing
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  stable coins again, because I think that they've been
• 5:54
  conditioned, right. I think that they've been
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  conditioned to this, to the belief.
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  That the dollar is very, very strong and in the global sense,
• 6:02
  like before Bitcoin. You could have made that
• 6:04
  argument and would have been a solid argument.
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  But I'll ask you guys. It's a very simple question.
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  If you have a currency that is designed to inflate and lose
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  purchasing power over time and can also be censored and
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  confiscated easily by the state, versus a currency that is
• 6:23
  designed to increase in purchasing power over time is
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  censorship resistant. I mean, what, what do you think
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  people are going to choose eventually?
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  Incentives matter. And bitcoins, incentives are the
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  best. And that's truly believe.
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  That's why I truly believe over the long run, enough people will
• 6:43
  wake up to that fact and adopt it.
• 6:45
  Right. Anyway, so we're going to talk
• 6:47
  about all that today. I know it rambled on for quite a
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  bit, but I want to welcome my very special cohost, always
• 6:54
  optimistic. He had a dream.
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  You had a dream, bro. You had a very interesting
• 6:58
  dream. You know, I started the Chrissy
• 7:00
  thing as a joke. I didn't think it was going to
• 7:04
  end up here. Yeah, well guys, if you didn't
• 7:07
  see my Twitter and I didn't even make this up, I legitimately had
• 7:10
  a dream last night that I was battling Christine Lagarde and
• 7:14
  she was a praying mantis and Claude Schwab was a locust and I
• 7:17
  had to. That was the third one.
• 7:19
  I can't remember the third person.
• 7:22
  Yeah, I don't remember who it was to be honest, but there was
• 7:25
  someone else there and I had to battle them.
• 7:27
  That was like a full Mortal Kombat scene in my dream where I
• 7:30
  was battling the unproductive parasites at B.
• 7:35
  Yeah, I can't make up. This is where my life is,
• 7:38
  actually. I mean, I I think it's because I
• 7:39
  watched Prometheus again last night trying to unplug and
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  there's that one scene of like the human spider thing.
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  Anyways. Anyways, anyways, that's that's
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  totally not here nor there to your point, Nico.
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  It's funny that once I looked through the world through the
• 7:53
  Bitcoin lens and trying to understand Bitcoin in its place
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  in the world, you start to learn a lot about the traditional
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  financial system, global geopolitical macro.
• 8:06
  And I think we were even having this conversation yesterday.
• 8:08
  It's like being in Bitcoin is just a crash course in how the
• 8:14
  normal world works. You know, how how all of the
• 8:16
  adult adults in the room see the world and how the financial
• 8:20
  system works. And then it's just funny because
• 8:22
  we always filter everything through that Bitcoin lens and
• 8:26
  you're just like we were saying it to to each other.
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  It's like Bitcoin changes everything.
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  And it's so simple and everything's so convoluted and
• 8:32
  so complicated in the traditional financial world.
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  And it's just like, I don't know, fix the money, fix the
• 8:37
  world. It it's just so simple.
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  But it it really gives you a crash course on life when you
• 8:43
  start to understand Bitcoin and you and you start to, you know,
• 8:47
  understand how Bitcoin works and and why the free up system is
• 8:50
  broken. And yeah, it it's just, it blows
• 8:53
  my mind that we have learned about the traditional financial
• 8:56
  system through Bitcoin and I never learned that before I
• 8:59
  found Bitcoin. It just it blows my mind. 100%,
• 9:02
  I mean, again, like, it's like we didn't have to in a way, you
• 9:06
  know, like, and then I can't even imagine our children.
• 9:11
  Like they're gonna be born in a world where Bitcoin has already
• 9:14
  existed, right. So it's just it's just crazy to
• 9:17
  think. It's like when we think about
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  our parents like they were born in a world or the Internet
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  didn't exist. You know, like people still read
• 9:22
  newspapers. Is that that blows my, like, I
• 9:24
  can't even conceive of like, you know of that world.
• 9:29
  But I think the paradigm. Is is going to be so great
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  because I don't think we've ever lived in a world where the money
• 9:36
  wasn't issued by the king or the emperor or the state or the
• 9:42
  government, you know, or the, you know, the democratically
• 9:45
  elected body, whatever this ruling class of people.
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  And every single time throughout history, the ruling class of
• 9:51
  people manipulated the money to benefit themselves at the
• 9:55
  expense of the populist at the expense of the public.
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  So now you have something like Bitcoin where they can't do
• 10:01
  that, right? It kind of levels the playing
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  field and it kind of changes the power dynamics of the whole
• 10:06
  structure entirely. It was very, very fascinating,
• 10:08
  the entire thing. But you know what turned from a
• 10:11
  joke into a meme ended up an opti's dream.
• 10:14
  And I think Chrissy as a praying mantis.
• 10:17
  If anyone can make that a I picture of that, that'd be dope.
• 10:21
  Please send it to us. We'll put it on the meme review.
• 10:23
  Anyways, everybody, let's jump straight into the numbers.
• 10:26
  We have a lot to talk about today.
• 10:27
  Let's check it out. The Bitcoin numbers.
• 10:32
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• 10:35
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• 10:38
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• 10:42
  words into commercial grade titanium plates instead of just
• 10:46
  writing them on paper. Don't store your generational
• 10:50
  wealth on paper. Papers prone to water damage.
• 10:53
  Fire damage. You want to put your
• 10:55
  generational wealth on one of the strongest metals on planet
• 10:58
  earth, Titanium. Your words are actually stamped
• 11:01
  into this metal plate with this hammer and these letter stamps.
• 11:05
  And once your words are in, they aren't going anywhere.
• 11:07
  No risk of the plate breaking apart and pieces falling
• 11:11
  everywhere. Titanium stamp seeds will
• 11:13
  survive nearly triple the heat produced by a house fire.
• 11:16
  They're also crush proof, waterproof, non corrosive, and
• 11:20
  time proof. All things that paper is.
• 11:22
  Not allowing you to huddle your Bitcoin with Peace of Mind for
• 11:25
  the long haul. Stamp your seed on stamp seed.
• 11:29
  All right guys, I made it easy for you guys.
• 11:31
  You could scan the QR code on your screen.
• 11:33
  It will take you directly to the stamp seed website.
• 11:35
  Use promo code simply to get 15% off.
• 11:39
  So you could store your generational wealth on Titanium.
• 11:43
  At the time of recording, the Bitcoin price is $26,870 sats
• 11:49
  per dollar. 3722 Block height 809,899 blocks to having 30,101
• 11:59
  having estimate April 21st 2024 Total Lightning Network capacity
• 12:06
  4397 Bitcoin Capacity value 118 million Realize Monetary
• 12:13
  inflation 1.75% The market capitalization of Bitcoin 500.
• 12:18
  $23 billion Bitcoin versus gold market cap 4.14% I always say
• 12:25
  this every single day. My favorite statistic out of all
• 12:28
  this is realize monetary inflation because it's going to
• 12:31
  continue to go down and take Fiat currencies to absolute
• 12:34
  school. Even if they get back to that 2%
• 12:37
  rate, Bitcoins inflation rate is still.
• 12:40
  Lower and it's going to continue to go down forever.
• 12:43
  And then the second is the Bitcoin versus gold market cap.
• 12:46
  Currently it's sitting at 4.14%. Eventually it's going to be 100%
• 12:50
  and then after that it's going to be 150% and after that it's
• 12:53
  going to be 200% at 100% gold market cap.
• 12:57
  That puts the price of Bitcoin at $500,000 per coin.
• 13:02
  I think it's going to happen a lot sooner.
• 13:04
  Than people anticipate because just Bitcoin is superior.
• 13:07
  You know, I I know a lot of gold bugs might get you know their
• 13:10
  feelings hurt on that and you know, I understand honestly.
• 13:14
  Like and I know this might be unpopular with bitcoiners.
• 13:17
  I'm a fan of physical gold. I am I if you ever hold like a
• 13:21
  little gold bar in your hand like it feels really really
• 13:23
  nice. But I I would rather hold
• 13:26
  Bitcoin. Why?
• 13:27
  Because of its physical characteristics.
• 13:29
  It's physical properties. I could, you know store you know
• 13:33
  an unlimited amount of Bitcoin theoretically on a 12 word seed
• 13:36
  phrase and I could send that Bitcoin anywhere around the
• 13:40
  world instantaneously for pennies on the on the dollar,
• 13:43
  right. You can't do that with gold and
• 13:45
  and that's his physical limitations, right?
• 13:48
  That's not to say you know, you know, gold bar, It feels nice in
• 13:51
  your hand and because of its physical characteristics.
• 13:56
  The price has been suppressed. There's obviously a lot because
• 14:00
  due to this, the centralization of the custody of gold, due to
• 14:05
  the fact that they issued, there's a lot more paper gold on
• 14:09
  the market than there is actual gold that causes a price
• 14:13
  suppression. That's something that Caitlyn
• 14:14
  Long said could actually happen to Bitcoin through high
• 14:18
  rehypothecation. But The thing is with Bitcoin
• 14:21
  has this beautiful, beautiful trait.
• 14:23
  Where people could take self custody very, very, very easy.
• 14:29
  That's so funny. I love that comment, Kaneda
• 14:31
  says. Nikko is an introverted gold
• 14:33
  bug. No, I I do.
• 14:35
  I don't actually own any gold bars.
• 14:37
  I don't actually own gold. Like I'm 100% Bitcoin.
• 14:39
  But I'm telling you hold the gold bar in your hand.
• 14:41
  It feels good. Like it feels nice.
• 14:44
  I don't have anything against that.
• 14:45
  I just think Bitcoin is superior in my opinion.
• 14:48
  I think gold like paper gold is like it's like same as paper
• 14:52
  Bitcoin like it's not the real thing.
• 14:54
  Not your keys not your Bitcoin not your physical gold not your
• 14:57
  gold I guess would be the meme anyways.
• 14:59
  So a lot of the things that happens when the the state.
• 15:05
  Has this money printer. They have the ability to create
• 15:09
  money for free that everyone else has to work for is the
• 15:12
  misallocation of capital and also funding things that
• 15:17
  normally they would not be able to afford and fund.
• 15:20
  And one of those things, out of the many, many things, are the
• 15:24
  endless wars and also the disconnect, the disconnection,
• 15:28
  from the political class, the bureaucratic elite that benefit
• 15:33
  from that money printer. At the expense of everyone else,
• 15:37
  right. So and the the disconnect, it
• 15:40
  becomes greater and greater and greater the more the money
• 15:42
  breaks, right. And here is Mitch McConnell.
• 15:47
  He is the Senate lead for the he's the leader of the
• 15:51
  Republicans in the Senate. So the minority senator, Senate
• 15:55
  leader and here very interesting comments that this guy had to
• 16:02
  say. So let's check it out.
• 16:05
  Providing assistance for the Ukrainians to defeat the
• 16:09
  Russians. That's the number one priority
• 16:13
  for the United States right now, according to most Republicans.
• 16:19
  So you have a politician saying that the number one priority for
• 16:27
  the Republican Party is sending billions of dollars to Ukraine.
• 16:34
  To fight a war that is the priority of the bureaucratic
• 16:41
  elite that benefit from the money printer.
• 16:45
  At the same time, 61% of Americans say they are living
• 16:49
  paycheck to paycheck. And I love the cherry on top of
• 16:55
  this article. Even as inflation cools,
• 16:59
  inflation cooling would basically mean that.
• 17:03
  The prices of things started to go down.
• 17:05
  That's not what it means. It means that the prices of
• 17:08
  things are not going up as fast as quickly.
• 17:15
  And there you have a politician saying our priority is sending
• 17:20
  billions of dollars overseas, which they can't afford to do
• 17:25
  that the US spends more than a trillion dollars every year.
• 17:30
  In deficit spending than it collects in tax revenue.
• 17:33
  How are they able to afford that?
• 17:36
  They're able to afford that through the money printer the
• 17:39
  hidden tax of inflation. And here an article that just
• 17:44
  came out very recently, July 31st, 2023.
• 17:46
  I think we covered it when it broke. 61% of Americans say
• 17:50
  they're living paycheck to paycheck.
• 17:54
  But the leader of the Republicans in the Senate is
• 17:56
  literally saying the top priority is to send money to
• 17:59
  Ukraine. And let's take a look at what
• 18:01
  President Zelensky says when he's asked about the US The and
• 18:08
  I love how they say U.S. tax money, but in a way it's a
• 18:12
  correct definition of what it is, but not in the way that you
• 18:17
  would think, because it isn't direct taxation that funds this.
• 18:23
  It's direct taxation, but also the indirect taxation of
• 18:28
  inflation. So while 61% of Americans are
• 18:32
  dealing or living paycheck to paycheck, while housing is
• 18:36
  becoming unaffordable for the millennials and the zoomer
• 18:39
  generations, the top priority of the politicians in in the
• 18:43
  Imperial City in Washington DC is to fund a war thousands of
• 18:48
  miles away. This is Fiat that.
• 18:56
  This is what Fiat is. And here is Szalinski, the
• 19:01
  president of Ukraine, who's benefiting from all this printed
• 19:06
  money. And let's take a look at how he
• 19:08
  reacts when he's asked some questions about it.
• 19:11
  We're firing. All you have to know all these
• 19:14
  cases, all the all these cases are not with the help and not
• 19:18
  connecting that in the podias not connected with the help of
• 19:24
  our partners. So it's not about that.
• 19:28
  Weapon of our partners or money for the weapon or money for the
• 19:35
  budget to give pensions social support etcetera.
• 19:40
  It's in other cases it's not about the partners.
• 19:43
  So you see these are Ukrainian. These are Ukrainian cases.
• 19:46
  But anyway, yes, but anyway it doesn't matter for me.
• 19:52
  Now we will fight and will in the and win in this war.
• 19:56
  But again, I'm underlining it's not the money of our partners.
• 20:01
  Also, it's important to know. Finally, 600 days of war for you
• 20:06
  nonstop work. How are you holding up and do
• 20:12
  you get depressed? How are you managing?
• 20:15
  No, no, no, I'm OK. So I can live with it.
• 20:21
  And I. Sometimes.
• 20:25
  Sometimes I don't. I don't have a lot of time, but
• 20:27
  sometimes I'm looking on my children.
• 20:32
  Yes, they are in Ukraine. They are very Ukrainian, so and
• 20:38
  let's take a look at the tweet, says Solinsky gets emotional
• 20:41
  when asked about the disappearance of U.S. tax money.
• 20:44
  Interrupts A/C NN journalist and says it's no longer U.S. tax
• 20:48
  money, it's Ukrainian money. Now you know, and it like I I
• 20:57
  don't even know what to respond to that.
• 20:59
  And here's the thing. Ron Paul, the legend that he is
• 21:03
  correctly identified this back in 2008.
• 21:07
  Ron Paul is a legend because he really started the libertarian
• 21:12
  movement here in the US The the end, the Fed movement, the
• 21:17
  revitalization of the Tea Party movement as well.
• 21:20
  You can make the case even though that you can make the
• 21:22
  case that that has recently been coopted.
• 21:27
  A lot of people like, you know, and This is why we hate talking
• 21:31
  about left and right politics and we hate talking about
• 21:33
  Democrats and Republicans. Because in reality both sides
• 21:38
  really believe in the Church of Fiat and both sides in the way
• 21:41
  are collectivists. And I think in the in reality
• 21:44
  it's not really about left verse, right.
• 21:46
  It's really about collectivist verse individualists, or the way
• 21:50
  that we like to phrase it, The party of green, The party of
• 21:53
  Fiat, central bank, digital currencies, slavery, nihilism,
• 21:57
  poverty, war versus a party of peace, Bitcoin, prosperity,
• 22:01
  freedom, optimism, hope. And here's Ron Paul in 2008 just
• 22:08
  pointing out, you know, the racket of war that, you know,
• 22:15
  the American taxpayer in in direct taxation and also the
• 22:19
  indirect taxation is currently paying for out of their pocket
• 22:23
  whether they realize it or not. And there you have the you, you
• 22:26
  know, you have the Ukrainian president who's benefiting from
• 22:28
  that? He's just like, Oh no, it's not
• 22:30
  the money of our partners. We're going to, we're going to,
• 22:32
  we're going to fight this war anyways.
• 22:33
  They wouldn't be able to fund the war without the funding.
• 22:36
  The war would end tomorrow. Right.
• 22:38
  So anyways, and again, like, look at the softball questions
• 22:41
  from the media. They're like asking him about
• 22:43
  his kids and shit. Anyways, let's check this out.
• 22:46
  Madam Speaker, I have a few questions for my colleagues.
• 22:50
  What if our foreign policy of the past century is deeply
• 22:53
  flawed and has not served our national security interests?
• 22:57
  What if we wake up one day and realize that the terrorist
• 22:59
  threat is a predictable consequence of our meddling in
• 23:02
  the affairs of others and has nothing to do with us being free
• 23:05
  and prosperous? What if propping up repressive
• 23:09
  regimes in the Middle East endangers both the United States
• 23:12
  and Israel? What if occupying countries like
• 23:15
  Iraq and Afghanistan and bombing Pakistan is directly related to
• 23:19
  the hatred directed toward us? What if someday it dawns on us
• 23:24
  that losing over 5000 American military personnel in the Middle
• 23:28
  East since 911 is not a fair trade off for the loss of nearly
• 23:32
  3000 American citizens, no matter how many Iraqi,
• 23:35
  Pakistani, and Afghan people are killed or displaced?
• 23:38
  What if we finally decide that torture, even if called enhanced
• 23:42
  interrogation technique? Is self-destructive and produces
• 23:45
  no useful information and that contracting it out to a third
• 23:48
  world nation is just as evil. What if it is finally realized
• 23:51
  that war and military spending is always destructive to the
• 23:55
  economy? What if all wartime spending is
• 23:57
  paid for through the deceitful and evil process of inflating
• 24:00
  and borrowing? What if we finally see that
• 24:03
  wartime conditions always undermine personal liberty?
• 24:07
  What if conservatives who preach small government wake up and
• 24:09
  realize that our intervention is foreign policy provides the
• 24:12
  greatest incentive to expand the government?
• 24:15
  What if conservatives understood once again that their only
• 24:18
  logical position military intervention and managing an
• 24:21
  empire throughout the world? What if the American people woke
• 24:25
  up and understood that the official reasons for going to
• 24:27
  war are almost always based on lies and promoted by war
• 24:31
  propaganda in order to serve special interests?
• 24:34
  What if we as a nation came to realize that the quest for
• 24:36
  empire eventually destroys all great nations?
• 24:40
  What if Obama has no intention of leaving Iraq?
• 24:44
  What if a military draft is being planned for for the wars
• 24:47
  that will spray out if our foreign policy is not changed?
• 24:49
  What if the American people learn the truth that our foreign
• 24:52
  policy has nothing to do with national security, that it never
• 24:55
  changes from one administration to the next?
• 24:58
  What if war, in preparation for war, is a racket serving the
• 25:01
  special interest? What if President Obama is
• 25:03
  completely wrong about Afghanistan and it turns out
• 25:06
  worse than Iraq and Vietnam put together?
• 25:09
  What if Christianity actually teaches peace and not preventive
• 25:12
  wars of aggression? What if diplomacy is found to be
• 25:16
  superior to bombs and bribes in protecting America?
• 25:19
  What happens if my concerns are completely unfounded?
• 25:24
  Nothing. But what happens if my concerns
• 25:27
  are justified and ignored? Nothing good.
• 25:31
  And I yield back the balance of my time.
• 25:33
  So again, Ron Paul, absolute legend and a lot of the things
• 25:39
  that he said, so let's go through it. the US pulled out of
• 25:43
  Iraq. It created a power vacuum and
• 25:46
  that created ISIS, right? And all the terrible atrocities
• 25:49
  that came with it. We remember the pullout of
• 25:52
  Afghanistan, right? The people falling out of the
• 25:54
  viral videos of people falling off the planes while they were
• 25:57
  evacuating the Kabul airport, right?
• 26:01
  Not to mention the suicide attack that killed 13 Marines.
• 26:06
  And it was very similar. It's very reminiscent of how the
• 26:10
  US pulled out of Vietnam, right? And as soon as that ended, as
• 26:14
  soon as that ended, the thing in Ukraine started.
• 26:22
  That's not a coincidence. That's a racket that that's like
• 26:26
  literally a racket. But again, you can identify it
• 26:30
  and you can say something about it and like Ron Paul has done
• 26:34
  it, but until now we have not had the tool to really
• 26:40
  effectuate change. And someone in the chat said
• 26:42
  voting doesn't matter. I disagree.
• 26:45
  I think voting does matter like like traditional voting, like it
• 26:48
  does matter, right? But I think the most powerful
• 26:52
  vote you can make is the vote of opting out of Fiat money, which
• 26:57
  is the enabler of not only the endless wars, but the enabler of
• 27:03
  collectivism. And I think Bitcoin starves
• 27:07
  collectivism, and if it's starves collectivism, it kills
• 27:12
  Fiat, right. So yeah, man, this is, you know,
• 27:19
  I, I really was putting this together this morning.
• 27:21
  And I know, I know, it's a little bit deeper than we
• 27:22
  usually go, but but when we say, you know, the peaceful Bitcoin
• 27:29
  revolution, separate money for from state Bitcoin or slavery or
• 27:34
  beauty on says it best Bitcoin or death.
• 27:37
  They might seem like hyperbolic statements, but they're 100%
• 27:42
  true. You either pick Fiat currencies
• 27:46
  in the traditional system and you will continue to have these
• 27:50
  endless wars, this endless bloodshed, or you choose to try
• 27:56
  something different, right? You choose to use the money that
• 28:00
  can't be inflated away. And if it can't be inflated
• 28:02
  away, that means that the government is forced to actually
• 28:09
  live within their means. Because if they want to spend
• 28:12
  more, they're going to have to convince the populace to raise
• 28:15
  taxes. And that's very, very unpopular,
• 28:19
  right? So the ability to inflate, to
• 28:22
  pay for things. Endless war.
• 28:24
  And we're just covering war today but it's it's it applies
• 28:28
  to like so many facets of society this total misallocation
• 28:34
  of capital. And Ron Paul, what a legend man
• 28:37
  called it out in 2008. Julian Assange called this as
• 28:41
  well. He there's a very famous video
• 28:44
  talking about the endless wars. Julian Assange is in, is in the,
• 28:48
  you know, he's he's he's in jail basically.
• 28:51
  And Ron Paul, you know he spoke at one of the biggest Bitcoin
• 28:56
  conferences to date, which was Bitcoin 2021.
• 28:58
  That was when Ninebukele made his, his famous famous
• 29:04
  announcement that that El Salvador is going to make
• 29:06
  Bitcoin legal tender. So yeah man, it's it's a crazy
• 29:13
  world. But Bitcoin truly does fix this.
• 29:16
  It really really does fix us. So opt out.
• 29:19
  Opt out. Don't and also don't like this
• 29:22
  whole idea where voting doesn't matter.
• 29:23
  That's bullshit. It does matter.
• 29:26
  Just the the vote that matters more is the vote that you
• 29:31
  choose. What money are you choosing to
• 29:33
  use? And more importantly, are you
• 29:36
  taking self custody of that said money.
• 29:39
  So end of rent. I know it was a little bit long
• 29:41
  today, but I went down this rabbit hole last night and I
• 29:45
  felt really passionate about it. Anyways, Opti, what's your take?
• 29:47
  Yeah, well, first and foremost, we say it all the time.
• 29:50
  You know, the only two votes that matters is with your
• 29:52
  pocketbook and your feet. And you know, Bitcoin allows for
• 29:56
  both of those. But that's a whole another
• 29:58
  tangent that we talk about all the time.
• 30:00
  And while you were talking, I was just reminded of the idea
• 30:03
  that they call us bitcoiners a cult.
• 30:07
  And it just it it reminds me that Fiat is the real cult.
• 30:10
  They're a death cult. Like they are just on this path
• 30:14
  to utter destruction and they don't even care like who gets in
• 30:17
  their way, even if it's themselves like they're they're
• 30:20
  it's literally like letting blood sucking leeches on your
• 30:23
  body and calling it health. Like calling this medicine and
• 30:26
  and medical advice and. You know, look, I'm no fan of
• 30:29
  printing money. We say it every single day.
• 30:31
  Printing money is the reason why we're so broke.
• 30:33
  It's the reason why the Fiat racket, the Fiat industrial
• 30:38
  complex is able. Military industrial complex is
• 30:40
  able to get away with so much stuff because most average
• 30:44
  people do not want to rob. And kill people.
• 30:48
  And it is not tasteful to go into other other countries on
• 30:54
  this path to war so that we that American corporations can
• 30:57
  profit. And so if the government had to
• 31:00
  ask people for their taxes to go to war, I am sure we wouldn't be
• 31:04
  in all the messes that we've been in throughout.
• 31:06
  I don't know the history of the United States.
• 31:10
  And again, maybe I am politically incorrect when I say
• 31:13
  this, but like. Is it wrong to wonder why the US
• 31:17
  is giving so much money to foreign countries?
• 31:18
  Like they're printing money out of control and they're giving it
• 31:22
  to countries that have literally no effect on the American
• 31:25
  people. Like.
• 31:26
  You know, I I don't, I don't mean to get like collectivists
• 31:29
  on this, but like, if they're going to print some money, you'd
• 31:30
  think they'd want to print money and give it to the American
• 31:33
  people instead of a country, you know, thousands of miles away
• 31:36
  like this. Just it literally makes no sense
• 31:39
  to me but and and it blows my mind.
• 31:41
  But you know what do I know? I'm not a politician.
• 31:43
  I don't. I don't understand what you know
• 31:46
  for President 2028. It's so simple.
• 31:48
  Like, wait, you're printing money and you're giving it to
• 31:51
  another country and this is supposed to benefit us?
• 31:54
  Like, wait, what? Like, how is this supposed to
• 31:55
  make sense? You know, like.
• 31:57
  But I'm sure Nico, if I did run on that platform, like I will
• 31:59
  print money for you citizen. I'm sure people would vote me
• 32:02
  in. But you guys know, you know,
• 32:04
  like This is why we're bitcoiners and and This is why
• 32:09
  we tell everyone to take as much of their wealth outside of the
• 32:13
  Fiat system. Because if you don't, if you
• 32:16
  don't believe in this stuff, then by participating in the
• 32:20
  Fiat system and of course we have bills, we have rent.
• 32:23
  You know, there's not that many, very many producers and
• 32:25
  merchants that are taking Bitcoin.
• 32:26
  So you need a certain amount of Fiat money so that you can
• 32:29
  survive in the world that we live in currently to survive in
• 32:32
  reality, but if you don't like what you see in the world.
• 32:37
  Then you need to hold on to some Bitcoin that you need to opt out
• 32:40
  as much wealth as possible and put it into Bitcoin because it's
• 32:43
  the only thing that can't debase.
• 32:44
  It's the only thing they can't tax and funnel that money and
• 32:48
  redistribute that wealth to things that you don't agree
• 32:50
  with. Like This is why we are
• 32:52
  bitcoiners. And This is why Bitcoin is a
• 32:55
  political and and being a political is a political stance.
• 32:58
  And I I know everyone in this in the chat saying like, oh,
• 33:01
  Bitcoin political whether you want it or not.
• 33:03
  And it's like, yeah, it's because it's apolitical.
• 33:05
  And that that stance is the most political stance you can take.
• 33:08
  And you take away their power of printing money and you take away
• 33:12
  all, well, not maybe not all but most of the atrocities of, you
• 33:17
  know, the last 100 years like it.
• 33:19
  What's the saying, Nico? It is no coincidence that the
• 33:21
  era of Fiat. Central banks is the bloodiest
• 33:25
  era ever. Like, there's no coincidence
• 33:27
  here and and actually another point that that kind of popped
• 33:31
  in my mind while you were talking about what's the
• 33:33
  statistic? It was like 63 or 61% of the
• 33:36
  American population is living paycheck to paycheck.
• 33:38
  Well since that article came out and I think this was last week,
• 33:42
  Americans have racked up their credit cards to an all time high
• 33:49
  of $1 trillion. That that means like.
• 33:53
  Money isn't going as far as it used to.
• 33:54
  They're like, everyone is feeling broke.
• 33:56
  And I saw some statistics this morning about like rent and
• 33:59
  groceries and car payments and it's like just the basic
• 34:03
  necessities of life are becoming more or even too expensive for
• 34:07
  the average person. And like people are, people are
• 34:10
  just supposed to like take it and be like, Oh yeah, this is
• 34:12
  normal. This is how things happen.
• 34:13
  And it's like, no, they have. Literally destroyed the money
• 34:18
  guys. And it's always about the money
• 34:20
  and the more they print money, even if it's for your favorite,
• 34:23
  feel good cause like it's making you poorer.
• 34:25
  Like why do we care about someone on the other side of the
• 34:28
  planet when you are getting poorer?
• 34:30
  Like you know, hey you need to let your cup overflow first and
• 34:34
  you need to have some savings or else you're the one that's going
• 34:36
  to not be surviving. Like, it's so simple, but a lot
• 34:40
  of times people sacrifice their own well-being for, you know,
• 34:43
  the collectivist idea that you're a compassionate.
• 34:46
  You know, good person. It's like, yo, I like living.
• 34:49
  I I'm not going to apologize for wanting to survive and going to
• 34:53
  a grocery store and wondering why my $100 isn't going as far
• 34:57
  as it used to. Like it just.
• 34:59
  Why are we getting poorer? And why should we just take this
• 35:02
  like it's a it's a normal thing and it just blows my mind that
• 35:05
  more people don't see that it's the money and the more they
• 35:07
  print the poorer we get. Like, it's very simple.
• 35:10
  Anyways, I see we're here with already 35 minutes and maybe we
• 35:13
  should It's a it's a it's a Friday episode so it's the
• 35:16
  Friday special. Anyways, guys, I want to give a
• 35:18
  very special shout out to our sponsor Bitcoin 2024.
• 35:23
  It's gonna be in Nashville, TN this year.
• 35:25
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• 35:34
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  the industry, I definitely recommend this one. 849 and for
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  Nashville, TN because the prices do go up.
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  Opti and I are going to be there.
• 35:55
  It's a party the biggest Bitcoin celebration of the year.
• 35:58
  Bitcoin 2024 use promo code simply to get a discount on your
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  tickets. Anyways guys, let's hit the
• 36:06
  news, the Daily News. I want to give a shout out to
• 36:14
  our sponsor, Foundation Devices. It's self custody done right.
• 36:18
  They built a premium grade hardware wallet called Passport
• 36:22
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  If you're thinking about getting your Bitcoin off changes, this
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  is the one for you. Check out the passport link in
• 37:06
  the show notes below to learn more.
• 37:09
  All right everybody, we got a wine, we got someone asking
• 37:12
  someone in rumble. By the way, shout out to our
• 37:14
  rumble audience, 50 live viewers.
• 37:16
  It's growing by the day guys. You could always catch the live
• 37:19
  stream if we're not on YouTube for whatever reason, on rumble
• 37:22
  and on Twitter. And of course shout out to our
• 37:24
  YouTube audience. If you're enjoying the stream,
• 37:26
  make sure to smash that like button really helps us with the
• 37:29
  algos. Help us maintain our streak of
• 37:32
  breaking 100 likes within the first hour of the stream.
• 37:36
  By the way, I made it easy for you guys.
• 37:37
  You could scan the QR code on your screen, take you directly
• 37:40
  to the Foundation Devices website where you can get by
• 37:43
  yourself. A passport hardware wallet?
• 37:46
  Not your keys, not your Bitcoin. Anyways, this is what Saylor
• 37:51
  tweeted and this is what we wanted to cover today.
• 37:53
  If you don't have access to dollars, Bitcoin is a lifeline.
• 37:57
  So check this out. It goes through some of those
• 37:59
  popular currencies in the world, The Argentine peso.
• 38:04
  Compared to the dollar, it's down 98%.
• 38:06
  The Turkish lira 92%. The Venezuelan Bolivar
• 38:09
  99.999998%. The Russian rubles 6066%.
• 38:16
  The Brazilian real 55%. The Japanese yen 34%, Australian
• 38:21
  dollar 31%, Mexican peso 25%, Canadian dollar 23%, the euro
• 38:27
  22%. Even the Swiss Franc, which is,
• 38:30
  you know, known to be one of the strongest currencies on earth
• 38:33
  that the the Swiss are known to be extremely disciplined, it's
• 38:36
  still down 1.6% against the dollar.
• 38:40
  So I completely agree because here's here's a couple things to
• 38:43
  break down guys. If you live in a lot of these
• 38:45
  countries, like for example, Venezuela, you know, Argentina
• 38:51
  that now that the President Meli like, it has a really good shot
• 38:54
  at winning, that Javier Meli has a really good shot at winning
• 38:56
  the presidency. You know, he wants, he wants to
• 38:58
  dollarize the the country. Venezuela has been dollarized.
• 39:01
  But just because something has been dollarized, right, doesn't
• 39:05
  mean that that you could have a U.S. dollar account, right?
• 39:10
  Like as a Venezuelan, you can't do that.
• 39:13
  Like you can't do that. Look, as someone in try opening
• 39:17
  a bank account with U.S. dollars, it's almost impossible.
• 39:21
  So what's what's happened is in a lot of these countries,
• 39:25
  specifically the countries that have a tremendous amount of of
• 39:29
  inflation is that people have opted out, but they've opted out
• 39:34
  into stablecoins, right. So we have a lot of stablecoin
• 39:37
  adoption in these in the global South and these developing
• 39:40
  countries. Of course, a percentage of that
• 39:42
  is bitcoiners, but you have a lot of stablecoin adoption.
• 39:46
  But here's the thing guys. This is what I mentioned in the
• 39:48
  very beginning, stablecoins provide a false sense of
• 39:52
  financial sovereignty #1. Because they can be frozen,
• 39:57
  right? It's not your keys, not your
• 39:58
  Bitcoin, right? It's it, it you.
• 40:01
  It could be frozen. I think they will inevitably be
• 40:03
  coopted due to its centralization.
• 40:06
  And then not to mention the fact that it's still inflationary.
• 40:09
  Here's the rational route and he's replying.
• 40:12
  He quote tweeted Michael Swaler's quote posted.
• 40:16
  Now that's not called Twitter anymore.
• 40:18
  And he responded to the Michael Saylor tweet and he said this is
• 40:21
  insane. Especially considering the
• 40:23
  dollar has been devalued nearly 50% over the last 10 years.
• 40:29
  So I said it in the very beginning.
• 40:31
  Like the dollar is the smallest, less smelly pile of crap out of
• 40:38
  this massive pile of dinosaur poop.
• 40:43
  If you guys seen the movie, the Jurassic Park movie and that
• 40:45
  meme that was made of it, you know what I'm talking about this
• 40:48
  giant pile of that, that's Fiat. And then maybe, you know, the
• 40:53
  dollars. Just, you know, this not so, not
• 40:55
  as bad, but still bad, right? And now the eventuality.
• 41:02
  And I think what Michael Saylor was trying to really make the
• 41:05
  case for this right Is that it? If you've been saving in
• 41:09
  Bitcoin, it tells a very, very different story.
• 41:13
  Because Bitcoin is better money, because Bitcoin has absolute
• 41:17
  scarcity, because it has a cap supply, repurchasing power
• 41:20
  increases over time. And let's compare it.
• 41:23
  So we we did this comparison not too long ago, but let's compare
• 41:27
  it to Fiat currencies, right? So here has the US dollar.
• 41:30
  If you've been saving in Bitcoin on a five year scale, the dollar
• 41:36
  is actually 75% cheaper. On a three-year scale, the
• 41:41
  dollar is 30% cheaper. On a one year scale it's 27%
• 41:44
  cheaper. Now if the dollar is 75%
• 41:50
  cheaper, Can you imagine how how different these numbers would be
• 41:54
  for all of these people in these countries especially like
• 41:57
  Argentina and and and and Venezuela and Turkey like
• 42:03
  Bitcoin fixes this like we we we we don't say that lightly.
• 42:08
  Look, the euro on a on a year time scale is 20% cheaper in if
• 42:13
  you've been saving in Bitcoin on a three-year scale, it's 63%
• 42:17
  cheaper. On a five year scale it's 77%
• 42:19
  cheaper. The Turkish Lira, it's 94%
• 42:23
  cheaper if you've been saving in Bitcoin on a one year time
• 42:26
  scale. It's 50% cheaper if you've been
• 42:28
  saving in Bitcoin. If you've been saving in Bitcoin
• 42:32
  on a three-year time scale, the Turkish Lira is 86 percent, 88%
• 42:35
  cheaper. And keep in mind, Bitcoin is at
• 42:39
  the bottom of a bear market. It's a bottom of a bear market.
• 42:44
  So it's like, I get what Michael Saylor is saying, you know the
• 42:49
  strength of the dollar. But there's this meme down here
• 42:53
  by by Pax B and it says the last 10 years all currencies fall
• 42:57
  against USDUSD, falls against Bitcoin.
• 43:01
  A sane pace person would try to find the root cause.
• 43:05
  And here is that meme pulled up full screen and here is 2011
• 43:11
  before. So you could, you could surmise
• 43:12
  this is 2010, right. And of course the law, the
• 43:16
  dollar just continues to lose purchasing power against
• 43:19
  Bitcoin. And that's why Michael Saylor
• 43:21
  says it's going up forever. And that's where that mean comes
• 43:25
  from. Infinity divided by 21 million,
• 43:28
  right. So yeah, man, look, if if the
• 43:31
  dollar is the lifeboat for, you know, the developing world, they
• 43:37
  seek refuge in the dollar and that's their lifeboat.
• 43:40
  Well, there's a lifeboat to the lifeboat because the dollar
• 43:45
  lifeboat is sinking, but the Bitcoin lifeboat is just getting
• 43:51
  stronger by the day. So yeah, if you're in the
• 43:54
  developing world, because I know we have a lot of people that are
• 43:56
  listening to us overseas, stable coins are a false sense of
• 44:01
  financial sovereignty. They will not protect your
• 44:03
  purchasing power against Bitcoin.
• 44:08
  They'll protect, They'll sort of protect your purchasing power
• 44:11
  against your local currency. But if you truly want to protect
• 44:14
  your purchasing power even against the dollar, because the
• 44:18
  dollar is losing purchasing power, the only option is
• 44:22
  Bitcoin. And it also comes with the
• 44:24
  benefits of censorship resistance.
• 44:28
  And it also comes with the benefits of being able to to
• 44:30
  take true self custody of it without the fear of
• 44:35
  confiscation. Easy confiscation from the state
• 44:38
  or from a hostile third party. So yeah man.
• 44:42
  Anyways, I think Michael Sealer got it right.
• 44:44
  I get the point that he was trying to make, but you know,
• 44:48
  it's like, yeah, the dollar, it's cool.
• 44:52
  It's it's the coolest of the pieces of shit, but it's still
• 44:55
  shit. Bitcoin is the answer.
• 44:58
  Bitcoin is the way. Anyways, Opti, what's your take?
• 45:01
  Yeah, well, obviously, you know, Sats are my stable coin as the
• 45:05
  memes go. Stable coins are only stable
• 45:07
  until they are not. But it kind of goes back to what
• 45:11
  we always say here and and a phenomenon that we've noticed in
• 45:14
  the US or first world countries is like we have technically, you
• 45:18
  know, the best heard in the room, which is the US dollar.
• 45:22
  So. And it has a semblance of
• 45:24
  stability because a dollar equals $1.00 except for the
• 45:28
  purchasing power of that dollar is constantly devalued, and so
• 45:32
  most people don't understand. That they are losing purchasing
• 45:36
  power like the dollar seems stable.
• 45:38
  And just imagine if you're holding one of these other
• 45:41
  currencies that are even weaker than the US dollar, you're
• 45:43
  obviously going to look for an alternative.
• 45:46
  And it kind of goes into what we say all the time on the show is
• 45:49
  that most people know what the problem is.
• 45:51
  They just don't know that Bitcoin is the ultimate solution
• 45:54
  and it will eventually by steps you know, by degrees of
• 45:59
  magnitude, people will start to shift into Bitcoin overtime as
• 46:03
  they start to understand. Economic reality of the world
• 46:06
  and it's just reminded me of Gresham's Law.
• 46:09
  You know what's what's exactly? It's like bad money drives out
• 46:13
  good money and that's what we're seeing happening around the
• 46:18
  world and and it's really what we say all the time, or rather
• 46:21
  what I say all the time. The Bitcoin price is a real time
• 46:24
  metric of people's understanding of what Bitcoin is.
• 46:27
  And so as we see more capital flow into Bitcoin, you can kind
• 46:31
  of just link it in your brain to being like, oh, more people are
• 46:34
  understanding that Sats are the stable coin, that Bitcoin is the
• 46:38
  risk off asset of the world and it's something that I need to
• 46:40
  hold. It is the best money in the
• 46:41
  world. And so as these people with
• 46:44
  these very terrible Fiat currencies start to understand
• 46:47
  like, Oh yeah, first I need to dollarize, I need to hold
• 46:51
  dollars. Second, maybe I should hold some
• 46:53
  gold. And then eventually they all end
• 46:56
  up on the Bitcoin standard. It's like, oh wait, actually
• 46:59
  Bitcoin is the best money. I need to hoard that and drop
• 47:02
  everything else. And so of course it is a safety
• 47:06
  line, of course it is the safety net for everyone around the
• 47:08
  world and it just it really. Taps into human psychology
• 47:13
  because of course it's not going to happen in in like 1 giant
• 47:16
  swoop where people are like okay, you know, I'm a in a
• 47:19
  shitty currency. Let me just go all in on
• 47:21
  Bitcoin. There is a learning curve where
• 47:23
  most people need to kind of be exposed to Bitcoin, be exposed
• 47:27
  to the Bitcoin signal and of course like the dollar for as
• 47:32
  long as most of us have been alive, is the strongest
• 47:35
  currency. But.
• 47:36
  As a bitcoiner, we understand that the dollar is still just as
• 47:38
  bad as anything else, it just has the world reserve currency
• 47:41
  status. Right now it just looks the best
• 47:43
  in the room. Whereas as more and more people
• 47:46
  start to wake up to Bitcoin being the best, you know, hard
• 47:48
  cap, censorship resistant, holding its value through time
• 47:52
  and space you know instantly, being able to transport it
• 47:55
  across the globe, on the Internet or lightning quick.
• 47:59
  Like, people will wake up to the idea that Bitcoin is the best.
• 48:02
  And so it's not only a safety net for people in developing
• 48:06
  countries, it's a safety net for everyone, because we're all
• 48:08
  getting poorer. Every country, every government
• 48:11
  in the world right now is either printing money.
• 48:15
  Or they are using a dollar that is getting printed out of
• 48:19
  control. So we all have the same problem
• 48:21
  and it's just a matter of people understanding that they need to
• 48:25
  hold some Bitcoin because it's the only thing that cannot get
• 48:28
  debased. And again, being an American
• 48:31
  public school student I am, the irony has never lost on me that
• 48:35
  we were never taught how money works.
• 48:36
  And I think this is by design and just, you know, going to the
• 48:42
  inevitable result of this. Everyone in the world just
• 48:45
  doesn't understand money. And This is why, as a bitcoiner,
• 48:48
  we have such an asymmetric understanding of the world and
• 48:51
  we're way ahead of the curve. And we are on the Bitcoin
• 48:54
  standard so we can protect ourselves.
• 48:56
  And as we are protected, more and more people will look to us
• 48:59
  and be like, wait, how come Bitcoin is going up?
• 49:01
  Wait, how come you guys are holding?
• 49:04
  All this Bitcoin wait, how come your purchasing power isn't
• 49:07
  getting destroyed? How are you living a good life
• 49:08
  when everyone is poor and it's like this is just the inevitable
• 49:11
  process and the humans learn through pain?
• 49:13
  So if everyone's holding those melting ice cubes well, they
• 49:17
  will eventually look for a solution.
• 49:19
  And of course Bitcoin is the answer to the Fiat money
• 49:23
  printing problem that we all find ourselves in.
• 49:25
  So, you know, maybe people that have out of control currencies
• 49:29
  will end up on Bitcoin sooner than maybe.
• 49:32
  Most people in the West because we are all complacent and we're
• 49:34
  load to sleep, but Bitcoin is here for all of us when we're
• 49:38
  ready because it's the only thing that cannot get debased.
• 49:41
  It's the best money in the world because of these reasons that we
• 49:44
  always talk about 100 percent, 100%.
• 49:47
  All right, before we move on to the culture, I want to give a
• 49:49
  very special shout out to our sponsor, Kaboom Rex.
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• 50:58
  Oh, are we are we doing Opti and Opti?
• 51:00
  No, no, no I'm not. Well I'm kind of ranting but not
• 51:03
  really ranting. Ranting like normal last week
• 51:07
  I'm I'm I'm reading what you guys are saying in the chat and
• 51:09
  I'm I'm trying to answer your guys's questions on the show and
• 51:11
  last week we got someone asking about like how to best have UT
• 51:19
  XL hygiene and consolidating UTX O's and and what they should be
• 51:23
  doing and of course there is no one-size-fits-all here guys and
• 51:27
  so. You know, I'm just kind of gonna
• 51:29
  give you a framework to think about this so that you can do
• 51:33
  what's best for yourself and you can kind of think through this
• 51:35
  process of what you want to do with the UTX O's that you have.
• 51:40
  Obviously we always recommend you take your Bitcoin off
• 51:43
  exchanges as soon as possible, but if you're just buying a
• 51:47
  small amount of Bitcoin every single day, and you'll have a
• 51:49
  bunch of small UTX O's and of course.
• 51:52
  UTXO stands for Unspent Transaction Output.
• 51:55
  Guys, it you I'm not gonna go into the whole details of how
• 51:58
  Bitcoin works in particular, maybe you guys need to do a
• 52:01
  little more research, but basically everything is a
• 52:04
  transaction, everything is a UTXO.
• 52:07
  And so if you are buying, I don't know say like 1-2, three
• 52:11
  4-5 dollars on in exchange. And then you're withdrawing that
• 52:15
  to your wallet. Well, you're gonna get a lot of
• 52:17
  these Utxos that stack up, and then you're gonna try to do some
• 52:20
  kind of payment, and your fees are gonna be ridiculous and
• 52:23
  you're gonna be like, what? Like my wallet robbed me or
• 52:25
  whatever. And so the best way to do this
• 52:27
  is obviously maybe getting some kind of threshold limit on your
• 52:31
  exchanges when you withdraw it to your wallet.
• 52:35
  So that you don't just have a bunch of ultra tiny UTX O's and
• 52:39
  they eventually get lost as dust.
• 52:42
  And so I got over here. I'm on Stack Exchange and before
• 52:46
  I go into too much details here. I wanted to just explain like
• 52:50
  what is Bitcoin dust And so here I'm gonna read this answer cuz I
• 52:54
  think it's one of the best answers and it kind of gives you
• 52:57
  the basics of what's going on here.
• 52:58
  So dust is often used colloquially to refer to any
• 53:02
  small amount. UTXL, Bitcoin Core's precise
• 53:05
  definition of dust, is used in mental policy to define define a
• 53:09
  minimum for output amounts in standard transactions.
• 53:12
  Bitcoin Core considers A transaction output to be dust
• 53:15
  when its value is lower than the cost of creating and spending it
• 53:18
  at the dust relay fee rate. The default value for dust relay
• 53:21
  fee is 3000 SAP per. I forget what kvb is.
• 53:26
  I think it's. Kilogram or what's it 1000
• 53:29
  virtual byte, which results in the same dust value as the prior
• 53:32
  dust definition used before Bitcoin Core .15 point OH.
• 53:36
  The previous dust definition tied the dust limit to the
• 53:38
  minimum relay transaction fee rate and the spending cost of an
• 53:42
  output exceeding a third of its value.
• 53:43
  So Dust equals input under score virtual size plus output size
• 53:49
  times 3 sat per byte at the default dust relay fee of 3000
• 53:53
  SAT. I forget what KVB is.
• 53:57
  Can you look that up Niko real quick?
• 53:59
  Given the size of a PTPKH input being 148 bytes, so P peer to
• 54:06
  public key hash. I have it over here being 148
• 54:10
  bytes and the size of a peer to public key hash output being 34
• 54:14
  bytes. Peer public key hash outputs
• 54:16
  worth less than 546. Attoshis are considered dust by
• 54:19
  Bitcoin Core for pay to witness public key hash.
• 54:23
  You can see over here. Again, pay to witness public key
• 54:27
  hash the output. What's it?
• 54:30
  Where'd it go? The considers output worth less
• 54:33
  than 294 sets. So what is all this saying?
• 54:36
  Basically it's saying if you are using traditional or legacy
• 54:40
  Bitcoin payments which are paid to public key, hash the ones
• 54:45
  that start with one. Then the dust limit is 546
• 54:48
  satoshi's. If you are using basically segue
• 54:51
  addresses which are BC1 then the dust limit is 294 sets.
• 54:57
  OK. That is all to basically say if
• 55:00
  you're making transactions on chain at 546 sets.
• 55:05
  Individually. Well, not only are you going to
• 55:08
  have to pay an extremely huge fee when you try to consolidate
• 55:12
  them all, but eventually those UTX O's are going to probably be
• 55:15
  unspendable. So the recommended idea is
• 55:19
  usually if you are trying to do small payments then use some
• 55:24
  kind of lightning wallet, maybe Wallace Satoshi, maybe phoenix,
• 55:27
  maybe mutiny so that you can make small payments and and do
• 55:31
  that quickly. And on chain is kind of
• 55:34
  considered more of the settlement layer.
• 55:36
  So you want to be doing probably bigger UTXO's on chain going
• 55:41
  into your wallet. So if you're coming out of like
• 55:43
  say Swan and you're buying a couple dollars a day, $5 a day,
• 55:47
  maybe you don't want to withdraw that $5 every single day.
• 55:50
  I think they do it like every Tuesday.
• 55:53
  And you might want to wait until there's a certain limit on your
• 55:56
  exchange. Maybe it's a million sets, maybe
• 55:58
  it's 500,000 sets. You know, personally, you can
• 56:01
  make this decision on yourself depending on how much you are
• 56:04
  actually buying on these exchanges.
• 56:06
  But the idea is, if you want some good UT XL hygiene, and
• 56:11
  we're telling you this now because the men pull is starting
• 56:13
  to clear out. I was seeing yesterday.
• 56:15
  We're almost back to like 8. 8 fee, 8 SAP fee rates.
• 56:20
  So we're getting lower and now is the time you want to be
• 56:23
  consolidating your UTX O's because when it gets crazy fees
• 56:27
  again, you might be overpaying and and This is why we tell you
• 56:31
  to do this stuff now when it's calm versus when it gets crazy.
• 56:35
  So that's just kind of the the basics of what a UTXO is and
• 56:38
  what the limits are. But the question we got in the
• 56:41
  chat was like how big should my UTX O's be?
• 56:45
  And obviously I don't know what your stack is.
• 56:48
  I don't know, you know what your personal holdings are.
• 56:51
  I don't know whether you've consolidated before.
• 56:54
  And I'm guessing that maybe you just have some Bitcoin.
• 56:58
  It's all in your wallet. There's a bunch of different
• 56:59
  sizes and and maybe you're using like blue wallet where you don't
• 57:02
  even know how big UTX O's are. And that's that's, you know,
• 57:05
  some technicals we can get into all that stuff.
• 57:07
  But just say you have like 1 Bitcoin.
• 57:11
  Say you have. One Bitcoin totaled in your
• 57:15
  wallet and you want to consolidate your Utxos and you
• 57:19
  wanna get some good UTXO hygiene?
• 57:22
  Well, obviously I can't really tell you exactly what to do, but
• 57:26
  my thinking would be. And there's there's some things
• 57:29
  to to consider here. Obviously.
• 57:31
  You know there's the vanity metric of like having 11 Bitcoin
• 57:36
  in a UTXL so we can have that level of 1 Bitcoin in a wallet.
• 57:40
  It just feels good. You're like, yeah, I got a one
• 57:41
  Bitcoin UTXL in my wallet like I'm a Chad.
• 57:44
  But there are there are privacy concerns with that, maybe.
• 57:51
  You know you're going to be using your Bitcoin to pay like a
• 57:55
  million sets here there, 10 million sets here there, and you
• 57:58
  don't want to expose to everyone that you transact with that you
• 58:02
  have one Bitcoin in your wallet. So if you have one Bitcoin UTX
• 58:07
  O's 100 million sets, I would highly recommend that you break
• 58:11
  that down into different UTXO sets if you are trying to
• 58:15
  consolidate. And obviously, there's no hard
• 58:18
  or fast rule here. This is kind of just something
• 58:20
  you might want to do for yourself, depending on how
• 58:22
  you're using your Bitcoin or whether you even care about your
• 58:25
  privacy. But I'd highly recommend you
• 58:26
  should care about your privacy, because you don't want to expose
• 58:29
  your holdings to every single person you're transacting with
• 58:31
  Bitcoin. So say we have that 100 million
• 58:34
  Sats, that one Bitcoin UT XL and maybe it's just the total on
• 58:40
  your wallet and you want to consolidate.
• 58:41
  What I may be advised, and again this isn't a hard, fast rule,
• 58:44
  this is just something to get your head to think about.
• 58:47
  Maybe you can consolidate maybe like 50 million sets, do like
• 58:51
  half a Bitcoin UTXO that's going to be that UTXO that you don't
• 58:54
  touch, that is just there for a long term.
• 58:57
  You know, you could always break off here there, use different
• 58:59
  wallets that you can break off and not expose your full
• 59:02
  holdings. And then you'd have, I don't
• 59:03
  know, say what like. 25,000,000 SAT UTXO and two 10 million SAT
• 59:10
  UTX OS and a 5 million SAT UTX OS and you breakdown these in
• 59:14
  thresholds so that you remember what you want to do.
• 59:17
  So like that 5 million Sats, like that's kind of like
• 59:20
  whatever my checking, you know I'm going to use this, I'm going
• 59:22
  to spread these Sats around. I am not really concerned about
• 59:26
  showing people that I have 5 million Sats.
• 59:28
  Again, with that 10 million SAT UTXO, you're going to maybe use
• 59:31
  that for some bigger payments? And then you can still
• 59:35
  consolidate and have like you know 25,000,500 million Sats and
• 59:39
  that looks good in in your in your wallet.
• 59:41
  You know, it feels good. But this is just something to
• 59:44
  think about. Just remember there are some
• 59:46
  concerns here. First is like why I started with
• 59:49
  the desk limit. You do not want a bunch of UTX
• 59:52
  OS, tiny UTX OS because for one you may not be able to spend
• 59:56
  them if we get into a high fee scenario and it gets under that
• 1:00:01
  desk limit. So you do not want to have UT.
• 1:00:03
  UX O's that are unspendable. Second, if you go to consolidate
• 1:00:09
  a UTXO, say you have to make like 100,000 SAT payment and you
• 1:00:14
  have what, hundreds of tiny little thousand SAT UTX O's,
• 1:00:19
  well, you're going to run into a really high fee and that's
• 1:00:23
  something you want to avoid. And so and then further, the
• 1:00:26
  last one is, is privacy concerns.
• 1:00:28
  Do you want to expose your holdings to every single person
• 1:00:30
  that you're transacting with? So you just got to remember
• 1:00:33
  these things and consolidate your Bitcoin in ways that you
• 1:00:37
  want to. It doesn't have to be perfect
• 1:00:39
  whole round numbers. Maybe you just look into your
• 1:00:42
  wallets. And again, some wallets don't
• 1:00:44
  really show you your different Utxos, they just kind of add
• 1:00:47
  them together. So maybe this is a reason why
• 1:00:50
  you might wanna use a different wallet over another one.
• 1:00:52
  But you just want to remember that we will be heading into a
• 1:00:56
  high fee scenario and I'm guessing this next bull run is
• 1:00:58
  going to get crazy. We've seen what the Wizards have
• 1:01:01
  done to Bitcoin. We see what all the people
• 1:01:03
  trying to have fun on Bitcoin are doing to the men pools and
• 1:01:06
  the fees can get crazy and I don't want you guys to get
• 1:01:09
  overcharged and then you guys freaking out.
• 1:01:11
  Why You know Bitcoin is so expensive and and or you know
• 1:01:15
  exposing your your UTXO holding your Bitcoin holdings to people.
• 1:01:19
  So again, I know this isn't like a hard and fast rule, and I
• 1:01:23
  didn't really give you like hard and fast rules on what you
• 1:01:26
  should be doing. But I think this is just a good,
• 1:01:30
  good mental paradigm to think about.
• 1:01:32
  What do you want to do with your Bitcoin?
• 1:01:34
  What are you trying to do with it?
• 1:01:36
  What, what is your goals with Bitcoin?
• 1:01:37
  If you're just trying to huddle some Bitcoin and you kind of
• 1:01:40
  want a vanity metric and you want to be a part of the, you
• 1:01:42
  know, the glass node charts of people holding one Bitcoin in
• 1:01:46
  their wallet and be part of those numbers, you know you can
• 1:01:49
  do that as well. But I think it's just important
• 1:01:51
  to remember that there are these different concerns.
• 1:01:55
  You don't want a a bunch of small little UTXO's because they
• 1:01:59
  might not make it past the desk limit.
• 1:02:01
  If you have a lot of small UTXO's and your fees when you
• 1:02:04
  try to consolidate them to make payments, they're going to be
• 1:02:07
  higher than they should be and you know, you don't want to
• 1:02:11
  expose your holdings to everyone.
• 1:02:12
  So again, guys, there's no hard and fast rules, but yes, like
• 1:02:18
  Clout Casino is saying here, I've been doing you to Excel
• 1:02:20
  Management with the fees so low and this is the time to be doing
• 1:02:23
  it. And I'm glad that you guys are
• 1:02:25
  asking these questions. I will follow up if there's more
• 1:02:27
  questions in the chat, just keep asking them and as when I have
• 1:02:31
  time to come up here and talk about the different stuff that I
• 1:02:34
  see in the chat, I will make culture specifically so I can
• 1:02:37
  kind of answer your question. Because if you're asking these
• 1:02:40
  questions and it seems that more people are asking the very same
• 1:02:44
  questions. So this is the point of the
• 1:02:45
  show, give you guys actionable advice.
• 1:02:47
  I know sometimes we don't get lost in the weeds because there
• 1:02:51
  are so many new people and we do kind of get a little more
• 1:02:54
  philosophical or geopolitical on the show.
• 1:02:56
  But every once in a while I'll jump in with some technical
• 1:02:59
  stuff and hopefully make sure you guys are up to speed because
• 1:03:03
  we are getting a lot of new people on the show and our views
• 1:03:06
  are going up. And so we're trying to get
• 1:03:08
  everyone on the same page. But I don't know, Nico, not to
• 1:03:11
  dox you, but what's your thoughts on different UT excel
• 1:03:15
  sizes? Yeah, so first of all.
• 1:03:19
  We hit 199 live viewers on YouTube, right?
• 1:03:22
  So it's a bit of a bit of a tease.
• 1:03:26
  I think we were like on a two week straight streak of 200
• 1:03:30
  viewers, just on YouTube of course, like through all the
• 1:03:33
  platforms, you know. I think Rumble right now we're
• 1:03:36
  at a 79 live viewers, so Rumble continues to go up.
• 1:03:40
  Holy cow, I appreciate all you guys watching make sure to smash
• 1:03:43
  that like button, what is and of course the Twitter live stream
• 1:03:47
  as well. What are my thoughts on UUTXO
• 1:03:49
  consolidation. So yes, it is a high, it's a
• 1:03:53
  highly technical, you know, highly technical discussion
• 1:03:57
  especially for people getting into the space.
• 1:04:01
  The way that I would like to describe it is.
• 1:04:03
  When you take self custody of your money, it not only are you
• 1:04:07
  taking personal responsibility of of not only are you taking
• 1:04:12
  personal responsibility of the custody of your wealth, but it
• 1:04:16
  comes with also other responsibilities.
• 1:04:18
  So if you don't consolidate and let's say you would draw from
• 1:04:23
  Swan, which by the way has free withdrawals, right, So you don't
• 1:04:26
  have to pay a fee or you withdraw from strike, I think
• 1:04:29
  they also have they offer free withdrawals as well.
• 1:04:33
  And let's say you withdraw every time you have like 10 bucks or
• 1:04:35
  something. You're going to send that to a
• 1:04:37
  new address every time by default, right?
• 1:04:41
  If you're doing it correctly. And because every time your
• 1:04:46
  wallet or let's say you, you use like blue wallet on your phone
• 1:04:51
  and you put receive, as soon as that wallet receives Bitcoin,
• 1:04:56
  blue wallet will move on to the next address, right?
• 1:04:59
  And if you're sending Bitcoin? To a new address every single
• 1:05:02
  time. And let's say it's like 10 bucks
• 1:05:04
  every single time, you will have to pay a fee to move that
• 1:05:09
  Bitcoin if it's coming from different addresses.
• 1:05:13
  So what you want to do, right, it's in the name, you want to
• 1:05:16
  consolidate it. So you want to, instead of
• 1:05:18
  sending, you know, $10 every single time to a new address,
• 1:05:22
  maybe wait until you have $500.00 or $1000 and then send
• 1:05:27
  it to that one address, right? So then when the time comes that
• 1:05:31
  you have to spend your Bitcoin, right, you pay less of a fee.
• 1:05:37
  I understand that, you know, we're more of an entertainment
• 1:05:39
  channel. We don't.
• 1:05:40
  We usually go into the technical weeds.
• 1:05:42
  But this is a good discussion. And this is all this all kind of
• 1:05:45
  comes with, with the personal responsibility of Bitcoin.
• 1:05:51
  Now there's there's one no, I was just going to answer this
• 1:05:53
  question. I thought we were going to go
• 1:05:55
  into the mean review, but you continue Nika.
• 1:05:58
  Yeah, So and then one thing I also wanted to tell you guys is,
• 1:06:02
  you know a lot of people are not aware of this is hardware
• 1:06:04
  wallets have limits. They have, they have physical
• 1:06:08
  hardware limits. Meaning if and this happened to
• 1:06:11
  me, like I've learned this from experience where let's say you
• 1:06:15
  don't consolidate and see this happen 1000 times, right?
• 1:06:17
  You don't consolidate, you're just new to Bitcoin.
• 1:06:20
  And you have your little treasure, your, your Ledger or
• 1:06:23
  whatever, you know now the hard way hardware wallets nowadays
• 1:06:26
  like the Passport, like these are bad boys and they they have
• 1:06:29
  the hardware capacity to sign a lot of transactions all at once,
• 1:06:33
  right? But they're limited.
• 1:06:35
  There's a there's a certain limit to how many they could
• 1:06:39
  sign. Like the Ledger you know, try
• 1:06:42
  signing 20 transactions at the same time from 20 different
• 1:06:47
  actresses trying to consolidate into one address.
• 1:06:50
  It's going to take a long time and you're going to look at your
• 1:06:52
  hardware wallet and you'll be like hole is this thing frozen?
• 1:06:55
  Like what happened? It's a little bit of a spook,
• 1:06:57
  right? So you know, it's best practice
• 1:06:59
  to consolidate every once in a while.
• 1:07:02
  In terms of privacy, I know that you mentioned that.
• 1:07:06
  I don't think it's that big of a deal, especially if you run your
• 1:07:09
  own node. If you don't run your own node,
• 1:07:12
  you you are daxing, you know. You are basically doxing your
• 1:07:17
  balances to whoever's running that node.
• 1:07:19
  You can even make the argument that you're doxing your IP
• 1:07:21
  address as well, right? So you definitely want to run
• 1:07:24
  your own node. What I run is the, you know, the
• 1:07:26
  start 9 pier, the they have different tiers.
• 1:07:29
  I run the highest tier. I highly recommend it.
• 1:07:31
  It's an absolute beast of a machine.
• 1:07:33
  I think I'm Uncle Jimmy Gnopti. So yeah man, consolidate every
• 1:07:40
  once in a while. I know that it's a complex
• 1:07:44
  topic. I highly suggest checking out
• 1:07:46
  BTC sessions. I'm absolutely sure he's made a
• 1:07:48
  tutorial about this and if you guys wanna see, go into the
• 1:07:52
  nitty gritty of it. And run your own note like it.
• 1:07:55
  You know, like this is all part of the Bitcoin rabbit hole.
• 1:07:59
  You know, we made it, see, we made it sound.
• 1:08:01
  We make it sound so simple every single day.
• 1:08:03
  Cuz I really believe we're at more top of a funnel show
• 1:08:06
  because we're more entertain and based.
• 1:08:09
  But yes, the the self custody rabbit hole goes very deep.
• 1:08:13
  You could start talking about multi cig.
• 1:08:15
  You could start talking about geographically separating your
• 1:08:18
  multi cig, right? Self custody becomes a a more
• 1:08:22
  complex technical topic because you start to think about how
• 1:08:28
  you're storing your Bitcoin if you start having a considerable
• 1:08:31
  amount of Bitcoin. OK, how am I going to protect
• 1:08:34
  myself from a $5 wrench attack, right?
• 1:08:36
  Oh, I'm going to use multi cig. I'm going to separate my seeds
• 1:08:39
  in different locations. OK, what if I don't have the
• 1:08:41
  technical know how? To to set this up, what if I
• 1:08:45
  don't trust myself holding all the keys?
• 1:08:48
  So there then there's collaborative custody models
• 1:08:50
  like that's offered that's offered by Casa.
• 1:08:54
  It's offered by Nunchuck Swan is is working on something.
• 1:08:59
  So an Unchained, of course, offers collaborative custody
• 1:09:03
  where they hold one key out of the two of three and you hold
• 1:09:06
  two of them. Right.
• 1:09:08
  So there's there's so many different you know we don't call
• 1:09:12
  the Bitcoin rabbit hole for no reason is definitely good
• 1:09:15
  practice to to consolidate your UTXO's every once in a while.
• 1:09:22
  That's something I definitely do.
• 1:09:23
  You get into the habit of it. But it all comes with taking
• 1:09:27
  personal responsibility of your money, right.
• 1:09:30
  The reason that this the complexity of this has been
• 1:09:33
  removed. From a lot of people's lives is
• 1:09:36
  because they've outsourced that personal responsibility to a
• 1:09:38
  bank, right? Or to you know, or to however
• 1:09:42
  which way you do it. But let's say you're holding
• 1:09:45
  physical gold bars and you are taking self custody of those
• 1:09:47
  physical gold bars. You're stacking them in a
• 1:09:49
  certain way, right? To organize them.
• 1:09:51
  You know, you're you're keeping them organized.
• 1:09:53
  You're not just spreading them all over.
• 1:09:55
  You know you're safe. You I'm sure you're stacking
• 1:09:57
  them in a certain way and you're, you know, you're
• 1:09:59
  organizing them in a certain way.
• 1:10:02
  It's in like that would be like the best physical example.
• 1:10:06
  Yeah, I was just gonna say that's such a good example.
• 1:10:08
  Like, you know, kilo, like a big brick bar of gold.
• 1:10:12
  Yeah. Would be your big UTX OS and you
• 1:10:14
  have little oz and you know you have some gold coins and like
• 1:10:18
  that's kind of how you should think of it in in a physical,
• 1:10:21
  physical sense of what you're trying to do with your UTX OS.
• 1:10:23
  Exactly, except this time you don't have to melt the gold, so
• 1:10:26
  just consolidate into one big bar.
• 1:10:29
  It's just a transaction. It's just a transaction to make.
• 1:10:31
  It easy, but yes, it is definitely good hygiene.
• 1:10:34
  I definitely recommend it. I didn't know we were going to
• 1:10:37
  get technical, but we could do technical.
• 1:10:39
  That's fine. A little little technical.
• 1:10:40
  Anyways, one more thing, because unless you're you're continuing
• 1:10:43
  to get. Yeah, if you guys get lost in
• 1:10:45
  the sauce with this and you guys are totally new to this and I
• 1:10:48
  get it. You know, you guys tuned in for
• 1:10:49
  the, you know, entertainment and the news and all that stuff and
• 1:10:51
  you guys are like, what the F are these people talking about?
• 1:10:53
  Check out BTC sessions. Yeah, I'm 99% sure he's made a
• 1:10:58
  tutorial on consolidating your Bitcoin Utxos.
• 1:11:01
  All right, I just want to get to this question.
• 1:11:03
  I Robert, I'm not fully sure what the question is per se, but
• 1:11:08
  you say what I don't know is if I use my core wallet associated
• 1:11:11
  with my node, do I Payless fees? No, no, it's just like the fees
• 1:11:16
  are dependent on what the what your man pool is reading and
• 1:11:20
  then also how many UTX OS you're consolidating into one
• 1:11:24
  transaction. There's a certain amount of
• 1:11:26
  stats that you will have to pay based on any transaction.
• 1:11:28
  There's a baseline and and I'm losing it off the top of my head
• 1:11:31
  right now. The next one is Johnny Rico.
• 1:11:34
  He says I'm just not going to worry about UTXO management, cuz
• 1:11:37
  I'm never. Selling You totally should.
• 1:11:39
  Yeah, exactly. You will need to worry about
• 1:11:42
  this eventually and now's the time while we're in this low fee
• 1:11:45
  environment. Sparrow, Sparrow, the more
• 1:11:48
  technical wallets like Sparrow, Electrom, Spectre, they'll make
• 1:11:52
  it. They'll list out.
• 1:11:53
  They'll list it out for you, what addresses have how, how
• 1:11:58
  much coins on them. And you know you can choose an
• 1:12:01
  option to consolidate by picking all the coins from a certain
• 1:12:04
  address and consolidating to 1 address.
• 1:12:07
  And then also KYC non KYC concerns as well.
• 1:12:10
  Don't call it consolidate those if you have been coin joining
• 1:12:13
  coins, because then you're just kind of wasting money.
• 1:12:17
  Another one, Opti says advice plans to do test transactions
• 1:12:20
  before actually doing it. Always, always, always do test
• 1:12:23
  transactions guys, because don't send all your Bitcoin at once
• 1:12:26
  and wrecking yourself. And then last thing before we
• 1:12:29
  move on. Hammer Saw is right.
• 1:12:31
  Yeah, Bitcoin technical scare the shit out of newcomers.
• 1:12:36
  At this point. At this point I you you still
• 1:12:42
  test address. I don't care at this.
• 1:12:43
  I'm so used to. I test only when I move to a new
• 1:12:46
  wallet. Like if I'm if I'm moving to new
• 1:12:48
  wallet with an I test transaction with 100% I'll do
• 1:12:51
  that but usually I I it's probably bad but like I I just
• 1:12:57
  barely I, you know barely verify that dress I.
• 1:13:01
  Like, yeah, I copy and paste. I didn't even type it in like
• 1:13:04
  we're good to go. Yeah.
• 1:13:05
  And and then someone brings up a good point, which is Michael
• 1:13:08
  Blast, which is Andreas Antonopoulos talks about it.
• 1:13:11
  Yes, Andreas is a legend. That's one of the people that
• 1:13:13
  originally orange filled me, him and Max Kaiser.
• 1:13:17
  Taking custody of your Bitcoin. Is life changing?
• 1:13:19
  Absolutely. And then going back to one of
• 1:13:20
  the one of the earlier questions and then we'll move on to the
• 1:13:23
  meme review. I know we're running a little
• 1:13:24
  bit long today, but it is the Friday show.
• 1:13:26
  So it is. This is the Friday special and
• 1:13:28
  we broke 200. So that makes me very happy
• 1:13:31
  about the idea that you'll pay less fees if you know you're
• 1:13:36
  running your own node. No.
• 1:13:37
  So the only thing running your own node is it's essentially if
• 1:13:42
  you if you don't use your own node.
• 1:13:44
  But you're trusting someone else's copy of the blockchain,
• 1:13:46
  right? So essentially you're asking
• 1:13:48
  someone else's computer, hey, what is the current state of the
• 1:13:53
  Bitcoin Ledger? I own these addresses.
• 1:13:57
  I wanna know, you know, how much Bitcoin are in these addresses.
• 1:14:01
  Please let me know. And you're asking someone else's
• 1:14:03
  computer by doing that. You're daxing yourself, right?
• 1:14:07
  So if you not only are you are you daxing yourself, but you're
• 1:14:11
  also trusting that other computer that they're not lying
• 1:14:14
  to you, right? Of course, you know that
• 1:14:16
  generally tends to not happen, but theoretically it could
• 1:14:19
  happen. So best practices to trust,
• 1:14:23
  minimize, trust your own copy of the Bitcoin blockchain, trust
• 1:14:27
  your own version of the of the Bitcoin software and when you
• 1:14:31
  broadcast a transaction, especially if it's going through
• 1:14:34
  Tor, right? Your IP address isn't getting
• 1:14:38
  docs whatsoever like that. That thing is just getting, you
• 1:14:41
  know, broadcasted throughout the world kind of anonymous and no
• 1:14:46
  one, no one knows where it's coming from.
• 1:14:48
  So best practices is to run your own node.
• 1:14:51
  You could build one, you can buy one premade.
• 1:14:54
  Highly suggest start nine. They got different levels to,
• 1:14:57
  you know, an entry level, midtier level.
• 1:15:00
  The the pure, the badass. Like, I think it's like a Core
• 1:15:03
  i7 or Core I9 like hardcore computer just dedicated to
• 1:15:07
  running a bunch of other you know, not only Bitcoin Core and
• 1:15:11
  the Electron server, but a bunch of other cool softwares as well.
• 1:15:15
  Anyways, and wait, last thing we said, this isn't simply Bitcoin.
• 1:15:18
  Yeah, this is this is complicated Bitcoin.
• 1:15:21
  This is a technical Bitcoin, but last thing.
• 1:15:24
  Technical Bitcoin Fridays. Yeah, yeah, maybe.
• 1:15:26
  That's a new thing. Last thing I want to say, guys
• 1:15:28
  like, I know, I know. Like Nico said, this is top of
• 1:15:31
  the funnel. So we're trying to get the
• 1:15:33
  newbies to understand exactly what they're doing.
• 1:15:36
  But as you do a little more deep dives into this stuff like this
• 1:15:39
  becomes second nature and you won't even think about it.
• 1:15:42
  It's super simple after you understand the concept.
• 1:15:45
  So we're just trying to help you along A. 100 percent, 100%,
• 1:15:49
  Yeah. So just keep that in mind guys,
• 1:15:52
  right? It seems complicated.
• 1:15:56
  Think about the matrix analogy that I gave you guys in the
• 1:15:58
  beginning, right? I didn't say that analogy
• 1:16:00
  lightly. Once you understand this stuff,
• 1:16:03
  it becomes a lot easier than banking.
• 1:16:06
  I swear to God, I promise you it is a lot less complicated.
• 1:16:10
  It just seems daunting initially because you know you're used to
• 1:16:14
  the Fiat matrix, right? Anyways, everybody, let's go
• 1:16:18
  down to the memes. We got a lot of memes to review.
• 1:16:20
  Let's check it out. The Daily Meme Review Yeah.
• 1:16:31
  Simply complicated, yeah? Straight up, bro, I didn't know
• 1:16:35
  you're gonna pull this. Well, they were.
• 1:16:37
  Asking about it, didn't even know you can cover complex
• 1:16:40
  topics. Yeah, did I try to keep it as?
• 1:16:44
  Simple as possible, but now people were asking about it and
• 1:16:47
  and again back. It's back to the same thing.
• 1:16:49
  If if we have one person asking about it in the chat then
• 1:16:52
  there's got to be more people that are wondering the same
• 1:16:54
  thing. They're just doing that.
• 1:16:55
  Like I am too afraid to ask me. Anyways, you already know the
• 1:16:58
  deal. This is the beam review where
• 1:17:00
  you tag me on Twitter at simply Bitcoin TV or my personal
• 1:17:04
  account at Optimist Fields. Tag your favorite memes.
• 1:17:07
  Meme tag your own meme. I don't care.
• 1:17:09
  I just want memes guys. And of course you can drop them
• 1:17:13
  in our telegram group T dot me slash simply Bitcoin TV.
• 1:17:17
  I look at those every morning as well.
• 1:17:20
  We broke 1000. We have a bunch of people in
• 1:17:22
  there as you guys know. You guys are the frontline
• 1:17:25
  soldiers. We are in an information war.
• 1:17:27
  Tweets of the bullets memes of their artillery continue to get
• 1:17:30
  the calls of action out there. Continue to ridicule the
• 1:17:33
  corporate press. Continue to make the funnies to
• 1:17:36
  keep your friends heads in the game.
• 1:17:38
  Anyways, the 1st meme is by the BTC therapist and he goes
• 1:17:41
  hashtag. Bitcoin is programmed to go up
• 1:17:44
  and it's a simple question. It goes, Are you bullish yet
• 1:17:47
  with the Bitcoin logo? And I'm guessing these are all
• 1:17:51
  of the old cycles. So we have the first one and
• 1:17:58
  what was it 2011, 2020, 10 cycle and it's it's not it's in the
• 1:18:03
  it's in linear chart. So it's not log chart but I
• 1:18:06
  can't wait till the God candles come back.
• 1:18:08
  Anyways, you can see here here is the crab market, we'll call
• 1:18:13
  it crab market 365 days and then it finally went nuclear and it
• 1:18:17
  just going straight up we're going to get those one day again
• 1:18:20
  and then the next one 539 days crab market and then it starts
• 1:18:25
  going nuclear 518 days and then it starts getting nuclear.
• 1:18:29
  Well, here we are at 532 days and we have yet to go nuclear
• 1:18:34
  and we have yet to break that all time high.
• 1:18:36
  So we're going to crab which means you can stack but one day
• 1:18:40
  soon we will be getting the God candles on the linear chart and
• 1:18:45
  I'm here for it. OK.
• 1:18:46
  This next one is by Ludacris Speed aka Mach 9D.
• 1:18:50
  And we got the news yesterday we've been covering or actually
• 1:18:54
  we covered Gary Gensler getting absolutely grilled yesterday and
• 1:18:59
  then after the show we got the ruling or the decision that the
• 1:19:03
  Black Black Rock Spot Bitcoin ETF decision was delayed.
• 1:19:06
  So we're like there's one more in next month October I think it
• 1:19:10
  was the 17th ish around there where we'll get one more
• 1:19:13
  decision on the deadline. It's looking like we're not
• 1:19:17
  going to see it until 2024 at the earliest.
• 1:19:19
  Anyways Ludacris speed dropped a meme here and it's Larry Fink
• 1:19:22
  and he goes, Gary, they keep front running us keep delaying
• 1:19:26
  the spot Bitcoin ETF so we can stack our bags.
• 1:19:28
  You guys know the playbook bud. Bitcoin stack your bags embrace
• 1:19:34
  Bitcoin profit. All right.
• 1:19:38
  This next one is by our boy run the banks AKA at empty under
• 1:19:41
  score banks. And he goes, good morning and we
• 1:19:43
  got Leota here. I'm pretty sure they're good
• 1:19:45
  fellas and he goes as far back as I can remember.
• 1:19:49
  I've never seen a Bitcoin cycle as dumb as this one is the
• 1:19:53
  sentiment on Twitter. Man.
• 1:19:55
  Everyone is going after each other.
• 1:19:57
  Everyone's going full regarded on Twitter.
• 1:20:01
  This is just part of bear market things.
• 1:20:02
  You can tell we are in the depths of the bear market by the
• 1:20:04
  sentiment on Twitter. Anyways, next meme is by Rd.
• 1:20:08
  under score BTC and I absolutely love this one bro.
• 1:20:10
  I I think this is such good framing and like I've known this
• 1:20:14
  inherently. Intrinsically, if I could use
• 1:20:17
  those words, but it I just I've never used this meme on someone
• 1:20:21
  and I think this is a great one. I'm going to be dunking on
• 1:20:23
  people all the time anyways. He just goes hilarious with some
• 1:20:26
  laughing emoji, he goes hashtag, feed out money, hashtag Bitcoin
• 1:20:29
  and it goes to them. Bitcoin has no intrinsic value.
• 1:20:33
  Me and you think paper money does LOL.
• 1:20:36
  And you got a person, a little kid sitting here with a stack of
• 1:20:39
  paper laughing, Oh man, it's such a good one.
• 1:20:42
  Anytime people tell you Bitcoin has no intrinsic value, pull out
• 1:20:46
  some paper money and you're like, and you think this does
• 1:20:48
  you literally believe in fairy tales that this paper money has
• 1:20:51
  value. And on that point, you know,
• 1:20:54
  sometimes you just got to meme yourself, put yourself in memes.
• 1:20:57
  And Max Kaiser here just drops literally the meme that is all
• 1:21:01
  of us. We got a MPC Wojack crying and
• 1:21:04
  goes, everyone in crypto hates Bitcoin maxi.
• 1:21:07
  Then maybe there is something wrong with you and not something
• 1:21:09
  wrong with everyone else. And then we got a picture of
• 1:21:11
  here. Max Kaiser, smiling, goes, if
• 1:21:13
  you're a Bitcoin maximus, you know you're a hated figure
• 1:21:16
  because nobody wants to face the fact that they've been dead
• 1:21:19
  wrong their whole lives about something so basic as money
• 1:21:23
  bars. OK, next one is by Wojack
• 1:21:26
  Bitcoin, he goes. Literally, me and we got the
• 1:21:30
  stressed out, dying woe Jack here.
• 1:21:31
  And it goes. I will have enough Bitcoin when
• 1:21:33
  I reach my goal amount. And then we got the Woe Jack.
• 1:21:36
  Laser eyed Bitcoin, it goes. Reaching my goal amount only
• 1:21:39
  made me want more Bitcoin. This is a vicious cycle.
• 1:21:42
  You're like, I'll be good once I meet my goals and then you meet
• 1:21:44
  your goals and you're like wait, I can stack more.
• 1:21:48
  Why am I going to take my gas off the my foot off the gas.
• 1:21:50
  All right, Nico, this next one you asked for this one.
• 1:21:53
  All right, You literally asked for this one at the beginning of
• 1:21:56
  the show. So if we got to censor him,
• 1:21:59
  we'll censor him. But an Opti Chrissy Lagarde
• 1:22:02
  praying mantis meme, and it's Copernic as he goes ask and ye
• 1:22:05
  shall receive. Chrissy, Brian told me you're
• 1:22:08
  into choke play now come over here, baby, And it's me
• 1:22:10
  attacking the Chrissy Lagarde Praying mantis.
• 1:22:13
  Could you like that? Oh man, there you go bro.
• 1:22:17
  Your dream just came. You just you just manifested
• 1:22:22
  your dream into reality, which is absolutely hilarious.
• 1:22:25
  Dude. That was literally my dream
• 1:22:26
  last. Night, Copernicus slowly
• 1:22:28
  redeeming himself. I told him too.
• 1:22:32
  I'm like maybe you might need to make this one a little more PG.
• 1:22:35
  Anyways, anyways, drop your me there.
• 1:22:37
  You score on the chat. Blind Copernicus Okay You went
• 1:22:41
  all the way. On the other side of that the
• 1:22:43
  other day. Okay okay meme.
• 1:22:46
  You score in the chat. In the chat.
• 1:22:47
  Yeah, in the chat. So it is Friday.
• 1:22:49
  My level of relaxation is is shade level 2.
• 1:22:52
  I'm gonna increase it to shade level three.
• 1:22:57
  Wow, look at you, dude. You look so relaxed.
• 1:22:59
  You can just tell his face gets more relaxed.
• 1:23:01
  Yeah. All right, guys, this is great.
• 1:23:03
  My meme review score, and I'm honestly surprised no one said
• 1:23:06
  anything about it, because the anything I do on the show,
• 1:23:09
  everyone everyone makes a point of it.
• 1:23:11
  My retired old glasses. I got a new prescription so your
• 1:23:15
  boy, your boy can actually see the computer now.
• 1:23:18
  Anyways, let's get in. Actually, actually actually
• 1:23:23
  support support us. Get yourself some simply Bitcoin
• 1:23:25
  merch shirts, hoodies. I will get you guys hats.
• 1:23:29
  We've been talking about getting you guys some some other new
• 1:23:32
  merch ideas. Let us know what you'd want from
• 1:23:34
  us. And of course we do have in the
• 1:23:36
  works some simply Bitcoin themed artist collaboration.
• 1:23:41
  So we will get you guys a bunch of cool stuff we want to
• 1:23:45
  provide. As cool as stuff as as possible.
• 1:23:47
  We want to give you guys value, but also, you know, support us,
• 1:23:51
  keep us on this channel, keep us as independent as possible.
• 1:23:54
  Get you a shirt. The hoodies are goaded shouts
• 1:23:57
  out to everyone that's bought something.
• 1:23:59
  And I think we have some scores in the chat, Nico, so let's get
• 1:24:08
  this going. I do have the music ready.
• 1:24:12
  Where to go? Where did the first one go?
• 1:24:13
  Get some merch. Get some merch because if not
• 1:24:16
  wine murder us. Wait, is this can I say this
• 1:24:19
  one? Yeah, yeah, yeah.
• 1:24:27
  No Opti scores. Troll them until the censorship
• 1:24:38
  dies. Today I drink to victory.
• 1:24:43
  The next one New bitcoiners find out.
• 1:24:45
  It's about money, but it's also about changing the world.
• 1:24:48
  Bitcoin will end forever. Wars.
• 1:24:50
  Let's go. You got to lift up the volume on
• 1:24:52
  the on the. It's loud on my end.
• 1:24:55
  All right, Cloud casino. I give the memes one Dianne
• 1:24:58
  Feinstein RIP crab dance celebrate good times.
• 1:25:02
  Come on. OK, OK.
• 1:25:05
  Very nice. Very nice.
• 1:25:06
  All right. Next one BTC truth score 10
• 1:25:10
  million Bitcoin Utxo's. OK, OK.
• 1:25:16
  Roman stacks that show meme review pronounced nuclear.
• 1:25:20
  Okay, okay. I like that.
• 1:25:22
  Okay, I like that. We're going long.
• 1:25:24
  There's one more, and it's auto coin trolling us.
• 1:25:26
  Okay, okay guys, thank you so much for sticking around.
• 1:25:30
  Thank you so much for singing around for Simply Bitcoin Live.
• 1:25:32
  We appreciate you guys. Thank you so much for tuning in
• 1:25:35
  and. Have an amazing weekend.
• 1:25:38
  Next week is going to be a little bit crazy because of the
• 1:25:41
  Pacific Bitcoin Festival. We are going to be doing a live
• 1:25:44
  show from there which should be a lot of fun.
• 1:25:46
  So the China, the times should be a little bit different than
• 1:25:49
  usual for the Friday episode. We might miss an episode next
• 1:25:54
  week due to traveling and all that.
• 1:25:56
  We'll try to be stay consistent and either Opti and I will be
• 1:25:59
  out and in and all that. I'll definitely do an episode
• 1:26:03
  from LA, so that should be a lot of fun.
• 1:26:05
  But anyways, guys, we love you all.
• 1:26:07
  We appreciate you. Thank you so much for tuning
• 1:26:10
  into Simply Bitcoin Live. If you enjoyed the show, make
• 1:26:13
  sure to smash that like button. Consider subscribing if you feel
• 1:26:16
  like we provided you value. But the number one thing you
• 1:26:18
  could do to push the peaceful Bitcoin revolution is share this
• 1:26:22
  content. In fact, share all Bitcoin
• 1:26:24
  content. Don't be exclusive.
• 1:26:25
  Be inclusive. Share it all.
• 1:26:27
  Don't share shit coin content. That's counterproductive.
• 1:26:29
  No spaces Today we're going to take a break.
• 1:26:31
  We have a very, very long week of traveling and just.
• 1:26:35
  Moving all the equipment and all that stuff ahead of us.
• 1:26:38
  So we're going to take a break on the spaces today.
• 1:26:41
  I know you love the spaces. Stay in, stay in for next week
• 1:26:44
  because we're going to be some special edition episodes from
• 1:26:47
  the conference floor from the conference.
• 1:26:50
  Hopefully we get some special guests and some interviews.
• 1:26:52
  I think Opti and Dell will be able to manage that from the
• 1:26:55
  Pacific Bitcoin floor. Wherever we get set up.
• 1:26:58
  So this should be, should be a very good week next week.
• 1:27:01
  I'm really, really excited for it and I'm your host, Nico's, my
• 1:27:04
  cohost Opti. We are simply Bitcoin live.
• 1:27:07
  Love you all guys, enjoy your weekend and we will see you next
• 1:27:10
  week. Peace out, y'all.