Latest / Simply Bitcoin / SEC Gary Gensler Wants to Shutdown Altcoins | EP 573

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SEC Gary Gensler Wants to Shutdown Altcoins | EP 573 · Simply Bitcoin

0:18
Yeah, welcome to Simply Bitcoin live.
0:20
Today is September 9th, 2022. We are number one source, for
0:24
the peaceful Bitcoin Revolution, we cover, breaking news culture,
0:28
me, Matic Warfare, we will show you why only Bitcoin can give
0:32
you true Financial sovereignty. We have an amazing show lined
0:36
up. We have a crazy line up.
0:39
We have Nick, he is the CEO of Luxor.
0:43
Mining pool. How you doing, buddy?
0:45
And really well, thanks for having me on today, guys.
0:48
And of course, the man, the myth, the legend Marshall long.
0:52
This Bitcoin OG was mining Bitcoin with a freaking laptop.
0:57
This is how long this guy has been in the game.
0:59
How you doing martial? Hey Nick, oh, good, good, good
1:02
to see you, Nick. Welcome to the show and of
1:05
course, my legendary co-host, the very optimistic Optimus
1:10
Fields. Well, I don't know about all
1:12
that. Today Nico.
1:14
I am just happy to be in this conversation with all these.
1:17
Ginger around here. I'm beyond the only not minor in
1:21
this chat today so this is going to be a fun one.
1:24
Yes guys. Alright, so in the culture
1:27
before Nico ass, I'm gonna, You Know, cover some some mining
1:30
misconceptions that are going out there on Twitter, hopefully
1:33
we get some Solace for you guys, so I think is going to be a
1:36
great show. I'm hyped for this one, he go.
1:39
Absolutely. So today, on the news guys,
1:41
we're going to cover the SEC. Basically, the glaring, death on
1:45
all shit coins. We're going to cover that we're
1:47
going to cover. Washington, no Wall Street
1:51
Journal. That's what I meant to say,
1:52
article by Gary guns or himself. And we're going to cover the
1:56
pool in use about how Pullin, you know, I don't know.
2:00
Marshall, has a different take on that.
2:02
We're going to cover how pool in stop paying out and how that led
2:07
other people to find other mining pools.
2:09
And we're also going to cover the news from the White House.
2:13
But these are all topics that we've covered earlier in the
2:15
week, but we don't have these We didn't have these mining Legends
2:19
to chime in a little bit and both of their careers depend on
2:23
Bitcoin mining. So they, it affects them.
2:25
So I think it's going to be a really great show.
2:27
Anyways. Let's get to the numbers, shall
2:30
we? If I could find the thing, here
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it is. Boom.
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That's right, guys. If you don't run your own
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That's a big No-No. Anyways, at the time of
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almost at 100 million dollars. It's at 99.7 realized monetary
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inflation, taking the US dollar to Absolute School, the 1.78
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percent market capitalization 406 billion dollars or the be
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Bitcoin is still a baby. Anyways.
3:48
What I want to talk about today during the numbers because I
3:50
want to take advantage of the new section just as just ask
3:54
these awesome guests and questions about mining what
3:56
happened this week? So I wanted to focus the numbers
3:59
on The recent Announcement by the SEC head, Gary Gensler.
4:03
But before I get to that we connect the dots for you guys.
4:07
It's simply Bitcoin. Gary Gensler wasn't also saying
4:10
this Cynthia lummis said this a couple weeks ago during the bit
4:13
block, boom conference. And I have a video for you guys
4:16
to check it out. It's a lot of progress on the
4:20
cftc side which is going to affect more bitcoiners than say
4:24
all coins, all coins are going to all end up over at the SEC
4:28
and have to struggle with the higher level of scrutiny
4:31
associated with consumer protection that the, and
4:35
disclosures that the SEC is really good at.
4:39
So, you know, it's, it's easier to talk to bitcoin people than
4:46
some of the other cryptocurrencies.
4:48
Is about this because your complete decentralisation status
4:54
is something that Federal Regulators under.
4:59
So, you heard it from the Bitcoin, Senator herself, and
5:03
these people are obviously. And when I say these people, the
5:05
SEC really mean business, they're forming a new office
5:09
specifically for crypto disclosures.
5:12
It says the Securities and Exchange Commission will
5:13
establish a new office for cryptocurrency.
5:16
Filings a mom told the audience. A legal conference in Washington
5:19
on Thursday at the SEC salt and you office is a necessary to
5:22
address unique and involving filings around crypto assets.
5:26
The vast majority of which the SEC views as Securities which is
5:29
very similar to what Cynthia lummis says.
5:31
Now here's the article by The Wall Street Journal going to
5:33
read a little bit Security and Exchange Commission.
5:35
Chairman Gary guns are signaled that he would support Congress
5:38
handling more authority. To the SEC sister markets,
5:41
regulator to oversee certain crypto currencies such as
5:43
Bitcoin mr. Genzler speaking at an industry
5:46
conference at Thursday. He looked Forward to working
5:49
with Congress to give the cftc added power.
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To the extent, the agency needs greater authority to oversee and
5:55
regulate crypto non security tokens and related
5:58
intermediaries when they mean that they're only talking about
6:01
Bitcoin. However there is a move to not
6:04
only include Bitcoin but also aetherium as well.
6:08
The only two cryptocurrencies that would be labeled
6:11
Commodities and not Securities are going to be Bitcoin and
6:15
etherium. That's what it looks like is
6:17
going to happen here. Is a, here's the legislation
6:20
being pushed by the Senate agriculture committee and they
6:22
would assign oversight to the largest to cryptocurrencies
6:25
bitcoin and ether while mr. Gensler is Comet suggest that
6:28
his agency shouldn't oversee Bitcoin.
6:30
The SEC has said, other cryptocurrencies are securities
6:34
that fall under its jurisdiction and should comply with investor
6:37
protection laws. Mr. Gensler has also repeatedly
6:40
demanded that crypto currency trading platforms, such as
6:43
coinbase, globalink register with agency.
6:46
As he Securities Exchange kid to the New York Stock.
6:48
Exchange NASDAQ and may the SEC nearly doubled.
6:52
The staff and enforcement unit. Focus on cryptocurrency.
6:55
So specifically in the u.s. maybe overseas, this is the
7:00
death of shit coin trading. That's the way that I see it,
7:03
right? A lot of these disclosures that
7:05
the SEC is going to force certain shit coins to do.
7:09
They're not going to be able to comply with a lot of these shit
7:11
coins are vaporware. There's nothing behind them,
7:14
right? And instead of What normally
7:20
companies are required to disclose because they're
7:23
creating a money, creating a token, they found a way for, for
7:27
a long time through this loop hole to basically sell these
7:30
shit coins to the open market. And here comes regulation, I
7:35
guess which as a Bitcoin ER I'm not a big fan of, to be honest,
7:39
but I think the writing's on the wall, man.
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I think that the days of Just releasing an IC o---- and just
7:46
selling it to the public are over specifically in the United
7:49
States now because it's cryptocurrency, could that mean
7:52
that a lot of the shit coining goes overseas, flows overseas?
7:56
I think so maybe this isn't going to shut them down but I
8:01
think in the u.s. it's going to be very difficult for an
8:03
American citizen to buy a lot of these shit coins, right?
8:07
It's just the reality of it. I think that unfortunately
8:10
aetherium was included there as well.
8:13
I think aetherium. Is going to be spared.
8:15
I think they have a lot of lobbying power, but dude, I
8:18
would say theorem is a security man.
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The fact that metallic could snack his fingers and then
8:23
change the entire protocol. Really looks like it at Seiler
8:27
said at the other day, the fact that the etherium foundation
8:29
could kill the entire etherium industry.
8:33
Doesn't sound like a commodity to me.
8:35
But I mean, dude, it is what it is.
8:37
You know what really moves? Washington is money, right?
8:40
So interesting, I think that the battle to come Come in the next
8:44
five to ten years is really going to be between Bitcoin and
8:47
etherium, and I think aetherium is really going to double down
8:50
on the fact that it is so called energy saving through its proof
8:54
of stake mechanism. And that's going to be a
8:56
tremendous amount of fun. That's where I see this going.
8:59
But in terms of the other shit coins, man, I think the party's
9:02
over for them, like I don't think it's going to be very easy
9:05
to a by a lot of these and trade a lot of these in the next five
9:10
years. Anyways Nick what are your
9:12
thoughts and then we'll move on to Marshall.
9:14
Yeah, I mean overall the entire industry is coming under more
9:17
scrutiny. Especially not just not just
9:21
through the SEC, but we've also got, you know, the executive
9:24
branch is now looking at Mining. And I think that overall we're
9:28
going to have to make sure that all everybody and all of these
9:31
industries have to cross cross their ts and thought their eyes
9:34
especially you know with this extra scrutiny.
9:38
Now when it comes specifically to you know to all coins or shit
9:41
coins uncertain, what's going to To them.
9:45
It doesn't matter to me too much but we'll, we'll end up seeing,
9:48
I guess. Yeah.
9:50
Marshall, what are your thoughts on this?
9:52
In general? I'm, I'm not a fan of all coins
9:56
just as much as anything else. However, I'm less of a fan of
9:59
Regulation. So anytime big brother wants to
10:02
come in and tell people what they can and can't do, I think
10:06
that's a net bad? I think overall people should be
10:09
allowed to make mistakes that they want to make that.
10:12
That's what our college. So Anytime, somebody's trying to
10:14
come in and say, Here's what you can spend money on.
10:17
Here's what you can't spend money on.
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That's a net bad. I see it.
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Akin to what happened, pre Bitcoin with the online poker
10:24
stuff where a lot of it went to the Caribbean.
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Lot of it went to Europe out of went to Eastern Europe.
10:30
You might see a similar thing happening here.
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If that does pan out the way it's looking.
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Yeah, no I agree. I think this is just going to
10:37
force this entire shit coin industry overseas, and what it
10:41
is it's really just locking out. Americans right.
10:45
That's that's really what it is. It's not actually stopping the
10:48
thing, it's just locking out Americans from being able to buy
10:51
said shit coins. But you know, being a
10:53
Libertarian, I completely agree. Why is the government getting to
10:56
dictate? What I can and what I can't do
10:59
with my money, you know if you want to buy up steaming pile of
11:02
shit. So be it.
11:03
But I mean, I think as an American you should have the
11:06
freedom to Liberty to do that, why do I need big daddy
11:09
government to step in and make that decision for me?
11:12
Not to mention the required Bureau.
11:13
Iraq. Recei that's going to have to
11:15
increase in order to enforce this.
11:17
Right? Anyways Opti, what are your
11:20
thoughts, brother? Well, I was just about to say
11:22
the same thing and I'm not not a fan of the government telling me
11:25
what to do. But hey, you know, they're going
11:27
to do what they're going to do and the American laws.
11:30
I guess are pretty clear like stop making Securities and you
11:33
won't get regulated like a security.
11:35
So it is what it is but I do like how Cynthia lummis says you
11:40
know spreading the signal that Bitcoin is the true
11:42
decentralization. And like, our Bitcoin has the
11:45
true decentralization in it built in the code, which makes
11:49
it different. There's Bitcoin.
11:50
And then there's shit coin. And furthermore, Nico, Nico
11:53
started the meme of eat This fed coin, so that's kind of why we
11:57
see it slipping through the cracks man.
11:58
Remember JP Morgan & Co owns a substantial part of eat
12:03
infrastructure. So like there's money backing it
12:06
and is Nika said, you know, the more money backing it the more
12:09
political pull it has. So I mean it is what it is.
12:13
If is the East, it is the the base layer of cbc's, man.
12:17
We were actually talking about that yesterday, so it doesn't
12:20
surprise me. But anyways, let's get to the
12:22
meat of the show. Let's get to the news.
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cloaks Dot. All right, all right, all right
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guys guys, here's the press release by the White House, the
13:01
report, climate and energy implications of crypto Assets in
13:04
the United States, just a little bit of a refresher / President
13:09
Biden executive order, the White House Office of Science and
13:11
Technology, submitted its report on Bitcoin mining is climate
13:14
impact. The report alludes to possible
13:16
executive orders and legislation from Congress to limit or
13:20
eliminate proof-of-work mining. Some of the cited resources have
13:24
been Sighs for biases to certain industries and spreading Miss
13:28
information. Now I know what the Bitcoin
13:31
policy Institute, guys. Did I love David?
13:33
He's a great guy and they have a more optimistic approach.
13:36
But I then I saw this, right? And here is comparing the
13:42
different consensus models or the consents.
13:44
Whatever. There's proof of work.
13:46
There's proof of stake proof of capacity.
13:47
Practical Byzantine fault tolerance different mechanisms I
13:51
guess. Now, what's really interesting
13:53
is if you go here Here, if you go to security, they said that
13:58
proof of work is high security is high, but for proof of stake,
14:03
high and high, which is latency medium medium to High Lie, low
14:09
to medium throughput low medium to high like, you know, the
14:14
electricity consumption. High, you know, for
14:16
proof-of-work, low for proof of steak.
14:19
Like, doesn't really sound like they're weighing the pros and
14:22
the cons. This sounds really freaking.
14:24
Bye. Bias to me, which, you know,
14:26
makes me believe that this report was a little bit
14:29
nefarious and really it was political propaganda like that.
14:33
That's what I believe but maybe I'm a little bit biased.
14:37
A little bit jaded because I've been covering this for over a
14:40
year and you start picking up patterns like New York State
14:43
Banning Bitcoin, mining like the country of Norway attempting to
14:47
ban proof-of-work Bitcoin mining even though the majority of
14:51
Bitcoin. Oh all of the Bitcoin miners in
14:54
Norway. You Is renewable energies, why
14:56
did they still want to ban it, right?
14:57
So I believe this is a political narrative, but it is very scary
15:01
that, you know, the top of the executive branch is saying
15:05
things, like Banning proof of work in the United States,
15:09
right? That is pretty freaking scary.
15:11
I think Texas is going to fight tooth and nail like will become
15:14
the Bitcoin Alamo State. I don't think they'll allow
15:17
that. But anyways, Marshall, what are
15:19
your thoughts on this bro? This must be scary for you
15:21
brother. Not really I can say that at our
15:27
sites in general rhodium, we've had over 50 political people
15:33
come Senators Congress people and they're all about it.
15:38
Let me tell you what. Large-scale Bitcoin mining does
15:41
its huge job. Creation.
15:43
Its massive infrastructure. Creation incentivized,
15:46
infrastructure Creation in Texas.
15:48
Specifically there's a lot of Renewables wind and solar that
15:52
make the grid. You can say Quasi unstable.
15:56
That being said, you've got a lot of issues that mining is
16:00
solving and Texas as its own ecosystem.
16:05
I think from a political standpoint is fully embraced the
16:09
The Narrative that Bitcoin mining is helping stabilize the
16:12
Texas grid Nationwide. I think it's let's just say they
16:17
try to Institute some kind of band, it's going to be very hard
16:22
to pinpoint. Anybody take China.
16:24
For example, there's still a my estimate 5 to 15 percent of
16:29
network still running in China, just not massive 400 megawatts
16:33
in one place. I still have many friends that
16:37
are still mining in China and they are doing just fine.
16:41
So I think the reality is I don't think we'll get to that
16:45
point. If we do enforcing that is going
16:49
to be implicit implementation nightmare.
16:54
So I Am I I think you won't see the data centers get pressured.
16:59
First, I'm more interested to see what Nick thinks because I
17:02
think your first point of pressure is going to be on the
17:05
service providers. Like Nick and the team looks or
17:08
make you wanna you want to hit that?
17:11
Yeah, it certainly would seem like there's more pressure here.
17:14
We also, you know, Pools by their nature, have more data if
17:18
you go after, say one of the big Pub codes or somebody like that,
17:22
that's just a single data, point pools, sir.
17:24
Certainly have more data so it would be a natural place to put
17:27
pressure as of now. Haven't seen anything yet but
17:31
certainly making sure that we cross.
17:33
Like I said cross our T's and Dot our eyes because I do see
17:37
that coming our way you know what Marshall mentioned it is
17:43
beneficial to the Grid in overall Bitcoin mining is going
17:47
to become. One of the reasons that we
17:48
catalyze a new Energy Future for not just America, but for the
17:53
world Most likely will continue to push the envelope, but right
17:58
now it's going to be a really easy target to point at a
18:02
Bitcoin miners. Especially when Europe is going
18:04
to go into a deeply deeply unstable, winter as they.
18:09
It's going to people are going to start getting cold and
18:11
they're going to see all these miners running.
18:12
And say, you know, let's make sure we shut those down.
18:15
So we can use that energy when it's actually relatively not
18:18
that much energy. It just happens to be very
18:20
concentrated and very visible. There's a lot of ways that I can
18:24
See this, this winter becoming a bit of a Rubicon moment for, for
18:29
Bitcoin and specifically Bitcoin mining.
18:31
Absolutely, and one of the things, one of the theories that
18:34
we came up with, on the show Marcia, I want to get your
18:36
thoughts on this. We made the case that perhaps
18:41
Bitcoin mining will go the route of the marijuana industry in the
18:45
United States where on a federal level it might be you know
18:49
federal government is hostile towards cannabis but on a state
18:53
level. They don't care, right?
18:56
California has a giant cannabis industry.
18:59
Do you see hypothetically Texas? Perhaps taking the same path?
19:03
We know that Greg Abbott, Ted Cruz are huge proponents of the
19:09
industry. Do you see Texas becoming a sort
19:12
of Alamo for Bitcoin Texas in general is kind of you know
19:18
don't regulate me type State I think If that were the case, you
19:25
get a lot of pushback from grids that need it, Texas, being I
19:29
think you could argue a strong point that Texas needs Bitcoin
19:32
mining in order to be a fully functional grid.
19:35
The nature of the ercot grid is that it's it's an ad-hoc
19:42
participation. So it's it's got an
19:44
efficiencies. But that has spawned
19:47
efficiencies to cover those things incentivizing
19:50
infrastructures is one of those things.
19:52
I think, if you turned off, Of in my estimate about 2,
19:55
gigawatts of Bitcoin mining in Texas.
19:57
Bitcoin is a very small percentage of the overall usage
20:02
of the Texas grid especially given that many of the
20:05
facilities or in places where nobody lives west Texas.
20:09
Not a lot of people live, there is a good amount of Bitcoin
20:11
mining going on West Texas. So I think if there was an
20:15
executive order where the states were somewhat compelled to
20:18
comply, you could expect a fair amount of pushback from Texas,
20:21
specifically because Texas kind of needs.
20:23
Is it at this point due to the nature of the deregulated
20:27
Market? That is nacho.
20:30
And that was that, that deregulated Market is a huge
20:33
attack, Vector. You see that in the media,
20:35
they're always bashing it. But it's funny because
20:38
California is regulated to high heaven, but you can't say that
20:42
it has more stability than Texas.
20:44
I would say it has a lot less stability.
20:46
So yeah, man. Interesting, Nick, do you what
20:51
are your thoughts on that, man? Do you believe that?
20:53
Certain states that benefit tremendously from Bitcoin.
20:57
Mining are willing to stand up to the federal government
20:59
similar to the Cannabis industry and saying, hey no I don't want
21:03
that. Yeah, I mean we're, you know,
21:05
Texas is always been like, like Marshall said, a don't regulate
21:09
me State. And I think that by getting in
21:12
deep with, with Texas, Bitcoin, Miners and made a really strong
21:15
strategic move here, where, you know, if Federal Regulation does
21:20
start coming down, Texas is going to turn around and Sue the
21:23
Federal Government right away because they're really they're
21:25
incentivized by, you know, that economic activity happening
21:29
within their State riot blockchain.
21:32
Good example. There they're very public about
21:35
participating in this free and open market by taking
21:38
electricity from the grid, when it's not needed and then putting
21:41
it back on the grid when it is, and actually making a profit by
21:45
providing by doing this, it can look somewhat predatory.
21:52
What? Right is doing, but if they're
21:55
crafting a really strong narrative that what they're
21:57
actually providing is service and I think that they're doing a
22:00
really great job and I'm sure that other there are other
22:04
miners doing this on their grid. I just know.
22:06
The riot is one of the more public, and they actually put it
22:09
in there in their filings and things like that.
22:11
So, is that narrative strong enough to stop the onslaught
22:17
because the Legacy Media loves to attack Texas because a
22:21
Bitcoin mining. Would think Marshall.
22:26
I think writes a good example, Nick.
22:29
They've done a good job of painting.
22:32
The picture of what large-scale mining does.
22:34
I mean right themselves. They employ several several
22:37
hundred people from a otherwise decimate, a population from a an
22:43
aluminum smelter, that the EPA shut down.
22:45
Well that's a perfect example of what mining at scale can do to
22:51
otherwise impoverished areas that frankly the government
22:55
hurt. Right.
22:56
So say what you will about, let's say, paper mill or
22:59
whatever, when the EPA shuts it down, that local community is
23:02
dead, people flee or our people are just stuck in poverty.
23:06
In mining is going to these centers and really bolstering
23:10
tax revenue for the places, you know, giving people skilled
23:14
labor teaching people how to become better at their jobs.
23:18
I mean, and we do that a rhodium to, we've got many people who
23:21
were trades, people who are now on high tech positions and now
23:24
have been given other skill set. And right in particular, does a
23:27
great job of painting that picture.
23:28
And I think it's it's one of the reasons that it's going to be
23:31
really hard to ban Bitcoin mining, simply because you're
23:36
literally going to be taking tax revenue away from local
23:39
municipalities and skilled jobs from people in those
23:42
communities. Absolutely.
23:44
So moving on to yes. But this is the separation of
23:48
money and state so I wouldn't I would have passed any I wouldn't
23:50
put anything past the state, any ways to kind of change topic a
23:54
little bit. I think we covered that.
23:56
Really. Well, let's talk about what
23:58
happened earlier on the week. Marshall, you were a bit vocal
24:02
about this, the pool and situation just to preface it a
24:05
little bit. I'm going to pass it on to you
24:07
guys. This happened earlier in the
24:08
week pool in one of the largest Bitcoin mining pools.
24:11
Suspended withdrawals from wallet service.
24:14
The pool in hash rate fell from around 10 to 11% and it's down
24:19
to 4.8%. Last time I checked clearly
24:22
Bitcoin miners are pointing their hash rate to other pools.
24:26
Everyone's to get paid, right? So Marshall, what is your
24:29
perspective? What happened there, my friend.
24:32
Sure. So first off, it's important to
24:35
kind of recognize what Poland's done in the industry and
24:38
ethernet Luxor. Did a great job of kind of
24:41
breaking that down on his Twitter and I recommend
24:43
everybody to go check it out. The pool and CEO started a bit
24:47
main 2013. That's what I met him.
24:49
Been friends with him for a long time, they've run a great
24:51
service. Them specifically, they mention
24:57
they have a liquidity issue. I think you can read into that
25:01
many different ways. Here's what I'll say, any time a
25:05
pool goes down in some form or fashion miners will vote with
25:09
their hash rate. That is why one of the reasons
25:12
why Bitcoin is so decentralized. Even though there's a few
25:15
selection of pools, I is a minor.
25:17
Can almost instantly vote by, putting my hat, read somewhere
25:22
else and that's what you're seeing.
25:24
When people don't get paid out, they go to another Pool.
25:28
I'm sure the guys at Luxor have have received more bound than
25:33
than previous month. So that being said, here's what
25:36
I'll say. With that, in mind, if you
25:41
simply turn your pool from pps2 PPL on us, I wanted to sick that
25:46
I want to give a good disclaimer here that what pull in and Luxor
25:53
and many of the other large pools do is not what everybody
25:56
does in the form of payoffs. So what Luxor and pool in and
26:02
almost every other large pull, does they run a payout schema
26:05
called PPS paper? Here, which you can think of as
26:11
a theoretical payout, meaning that the pool, soaks the
26:15
variance of mining, look up and down, and it takes an incredible
26:18
balance sheet and incredible treasury management to do that.
26:21
Hats off to the guys, at Luxor, and everybody else doing this
26:24
payout mechanism. They'll smooth payouts for
26:26
minors and the pool in turn soaps, the variance the
26:30
statistical probability of hitting a block, both up and
26:34
down. So there has to be a war chest
26:36
in order to view. That and in general pulls that
26:41
don't do that are following a payout schema called PPL NS.
26:46
So effectively you get paid out when they hit a block.
26:49
So pulls like slush, pool are a good example of that.
26:52
So what I'll say is they are not like every other pool where you
26:58
just pay when you get paid and that by itself.
27:01
If you run, bad luck back to back to back to back and I'm
27:04
sure Nick will go into this further.
27:06
Running a FP. Yes, pool or pee, PS, plus,
27:09
whatever you want to call it. Pool is not for the faint of
27:12
heart. It is a gut check at times and
27:15
it's awesome at times. So, that's the differentiator
27:19
here. And what I slam people on
27:21
Twitter for was people saying, oh, I'll pull in switch from
27:24
pps2, plms. That's why you should only mind
27:27
a slush, that's a false narrative.
27:30
There might be other things behind that specifically, with
27:33
pool in, however, switching your payout mechanism exclusively
27:36
from PBS to PBO. EP L and S, is it really mean
27:39
anything that just means that the pool might not have the
27:42
stomach to whether the variance storm that comes with running,
27:46
that type of pay on mechanism, very few pulls run, an automatic
27:51
switch. I know tighten, pull does this
27:52
automatic switch Nick and I were talking about this last week
27:54
that's somewhat unique. That when their reserves fall
27:57
below, they automatically switch over to PPL and S.
28:01
So, I wanted to make that segregation beyond that.
28:05
Look running a myth, a business and Coin when the price is going
28:08
down and the difficulties going up is hard period, end of story
28:13
and you know I'm not going to speculate about reasons or why
28:17
pool and may have done this and done that.
28:19
I'm just trying to give facts in a level base to talk about like
28:23
the the reality of running a PPS pool.
28:27
Gotcha. Yeah, no actually to you know
28:31
what? We actually covered this earlier
28:33
in the week and we said the same thing, right?
28:35
Obviously I didn't use all the, you know, the technical terms
28:38
like you did so well Marshall. But yeah, we said, you know, if
28:41
you want what I said, profit stability, write it for a pool
28:45
to provide that the reality is that they do have to shoulder
28:48
the, the, the, the, the variance, right?
28:51
That's just the reality. And look.
28:53
If you've been Bitcoin mining for a while, dude, you can get
28:56
very unlucky. For a for a good amount of time.
28:58
Of course, if you average it out over a long period of time, it's
29:01
pretty steady, right? But you could get unlucky for a
29:04
while and that could be painful. I'm going to pass it on to Nick
29:08
Nick. Yeah.
29:09
You what Marshall was saying you guys, you guys provide what I
29:13
call profitability? Maybe that's not the correct
29:15
term. How do you do that?
29:17
How do you shoulder the top? The the cost for?
29:19
Yeah, your clients are the people that mine with you.
29:22
Yes, we run at as Marshall mentioned, we run FPS which
29:26
means we payout for the expected value of your hash rate, whether
29:29
we find blocks or not, what that means is we have to have a
29:32
really large bankroll to ensure that were able to verify whether
29:37
those variants downswings, if you were a minor mining, its
29:42
Lush right now. Over the last six months, you
29:44
would have mind, probably six to eight percent less Bitcoin than
29:47
you would have. If you would mind at Luxor, just
29:49
because of variance in their in their payouts, the thing is, if
29:55
Luxor were to, you know, if After which we have been bearing
29:58
the brunt of that quote, unquote, bad luck, you would
30:01
never notice. But our downturn would be, you
30:04
know, you would see our hot Wallet balance decreasing over
30:07
time. But then you know, when things
30:09
get lucky and we had a lot of block like recently, you know,
30:12
you know, August was an incredible month.
30:14
September has also been an incredible month for Luxor.
30:17
We you'll notice the hot Wallet balance going up, but that is
30:21
mostly just a war chest for us to pay out from over time.
30:26
So that's that's That's a bit about how FPS in PPL and S work
30:30
and why you use it on our tax filings.
30:33
We put that Luxor is a variance mitigation service.
30:36
Like that's what, that's what mining real.
30:38
That's what mining pools actually do.
30:40
Is they aggregate. Everybody's hash rate up and
30:42
reduce the amount of variance in mind rewards, specifically, to
30:46
pool in. I can give a little bit more
30:48
context because I'm, I'm a little bit more going to be
30:51
maybe a bit more objective than than Marshall.
30:54
The they haven't paid out since the 21st.
30:57
Of August. And then they also, but they
31:01
didn't announce that they were turning off payments until about
31:04
six days ago. So that's certainly not very
31:08
transparent also, not very good service.
31:12
They also turned off their eith payments.
31:13
And I know we don't really talk about each year but and then
31:16
have been moving around, you know, you know, tens of millions
31:20
of dollars worth of etherium between different lending.
31:24
Protocols, it's hard for me to unwind.
31:27
It. I don't really know how to
31:29
unwind these. Like he's contracts that well
31:32
and I don't really care to but otherwise it is interesting to
31:35
see that BT store that data. Thief being moved into those
31:39
protocols and not moving out to minors.
31:41
Wallets leads me to believe that there is some sort of lending
31:45
issue happening here. They announced a partnership
31:48
with three arrows Capital as well as a block 5.
31:52
Both of which have liquidity issues.
31:54
So maybe they have a loan walked up there.
31:57
They need a club that they're trying to claw back uncertain
31:59
exactly what's happening there, but there's definitely something
32:03
going on. They haven't paid out in, you
32:06
know, now close to three weeks closing in on a month here and
32:11
the wallet has a lot of Bitcoin in.
32:12
It has over 3 is 3 right now looking at has 3038 Bitcoin in
32:17
it. They've mined they mined eight
32:20
blocks yesterday. They've mined five blocks today.
32:22
They're still mining a lot of Bitcoin, but I don't know why
32:26
it's It's hard. It's hard to speculate about why
32:29
it's not being paid out. And you know, what are the
32:32
future plans for all that Bitcoin?
32:34
That's 65 million dollars with a Bitcoin currently Marshall?
32:39
You want to do? You want to speculate on that?
32:41
What are your thoughts brother? If you feel comfortable if not
32:45
we could I have an idea. I mean in general I don't know
32:48
all the ins and outs, right? I've talked to Kevin, I've
32:50
talked to Danny about it and I think Nick's conclusions are
32:55
pretty pretty. Right, right on the right on the
33:00
money. As far as far as I can tell, I'm
33:03
not dug into the chain as much as I'm sure Nick has.
33:09
But at the end of the day, my biggest point is, it doesn't
33:12
really matter. I'll give it a give you another
33:15
another example in general as a pool and and I didn't receive
33:19
Nick agrees with this or not cash rate kind of begets more
33:23
hash rate. So an example I think it was
33:25
last year or maybe the year before Or okay coin pool.
33:28
Okay explore whatever it was called announced.
33:31
Well in events that they were going into maintenance for a
33:33
week. They had some bugs in their code
33:35
base, they're going to fix. They were a huge pool of time.
33:39
They went off for a week, came back on, nobody came back.
33:42
So the the beyond what kind of issues pulling may or may not
33:47
have. At the end of the day miners are
33:50
going to mine where they can get consistent payouts.
33:53
And that's the whole point of this, this decentralized
33:56
mechanism of Mining and Bitcoin. Although there might only be 10
33:59
or 15 service providers and the form of a pool I Can Vote with
34:04
my hash rate. So if I don't like what Poland's
34:06
doing, I don't like it. If you were on top of the ball
34:10
and you knew that you didn't get paid out your opportunity cost
34:14
is only going to be effectively one day of payouts.
34:16
It sucks. Yes.
34:18
It's not a rug pool in the sense that, you know, you put
34:22
everything into a defy contract and there was a bug and it got
34:25
ripped away whatever you have a maximum.
34:28
If you're a good operator, a maximum of one day that you lost
34:31
your your production of and then you should have switched another
34:35
Pool. Anybody else it's still on.
34:37
The pool is either a Speculator that they're going to be
34:40
rewarded. I know Kevin's publicly said
34:42
that he's thinking about doing like an equity offering to
34:45
people affected and what not. But in general, if you're a good
34:50
minor worth your soul, you probably should have switched
34:53
the day that you didn't get paid period.
34:55
End of story. Yeah, absolutely.
34:58
Well guys, I think we covered that.
35:02
Thanks optic. I think so.
35:03
I think we covered that really. Well, you're also bleeding into
35:07
opt. He's culture segment.
35:09
We're good, bro. That was sauce.
35:10
That was people want they want. That was that was pure sauce.
35:14
That was pure sauce. Really appreciate it.
35:16
Guys. We've had some misconceptions
35:19
and opt. He's done great research.
35:22
We're going to clear those up. Let's hit the culture.
35:25
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36:16
All right guys. Well, first and foremost, we
36:20
have a lot of Home miners out there.
36:22
And there's been a lot of sentiment out there that maybe
36:25
there shouldn't be home miners. It's not as profitable and I
36:30
found this tweet from Nico. This is a June 12, 20 22 and he
36:33
goes if you started mining the last two years, you are now
36:36
earning your stripes. If you survive to the next
36:38
having you will be rewarded and I know I know got we got home
36:43
miners in the chat right now. So what's your guys thoughts
36:46
right now? You know, I have another tweet
36:48
from Marshall. I will get to that one.
36:51
But what maybe give give the people out, there is just a home
36:54
miners out there may be some encouragement and and I don't
36:57
know. What's your thoughts right now?
36:59
In home Mining and whether whether people are going to make
37:02
it through this bear Market or not, And general, say look being
37:07
a pleb minor at the home is what Bitcoin is all about.
37:11
Every large-scale minor that I know started there they started
37:15
with graphics cards or a laptop, or a crappy little grid seed.
37:19
Asic every large come honor. Today started there.
37:23
And it's a big part of being part of the Bitcoin Community.
37:27
You running your own Asic. Even at a loss, there are
37:30
several benefits non kyc Bitcoin, no matter how you Get
37:35
it money at home, makes you a part of the true decentralized
37:39
nature of Bitcoin. Even if you're running at a
37:41
loss, there are several ways to kind of rationalize why you
37:45
would do it it teaches you a ton about how the network works.
37:50
It maybe you lose your ass on it.
37:53
If you hold that Bitcoin long enough you're not going to lose
37:55
your ass on it. It might be two years, it might
37:58
be five years but everybody, I've talked to who ever has
38:00
always regretted selling their Bitcoin from the beginning of
38:03
time and that is not going to change.
38:05
Age in the near future or even in the distant future.
38:07
So when you're mining at home, keep grinding.
38:10
Even when the wife tells you to turn it off, you tell her to go
38:12
dryer hair at her boyfriend's house because you're getting
38:14
these biddies. I love it Nick.
38:20
You want to hit that? Yeah, I mean, whole mining is
38:23
certainly be honest with yourself when you're going in.
38:27
You're not going to be competitive with Riot and
38:29
marathon on a, you know, on a per dollar basis.
38:32
Sorry, /, /, chair hash basis. But you are doing is you're
38:36
you're producing kyc free coins. You're producing coins that have
38:41
been generated directly from the blockchain, which is incredibly
38:44
powerful You can also use your Bitcoin miner for a lot of
38:48
different things. You can use that as a space
38:51
heater in the winter. You can put some firmware on
38:53
there and reduce the clock speed and the fans and make it
38:57
basically just a space. Heater, you can then also you
39:00
also have like the most modular space heater ever produced.
39:03
Like that thing can go from being a hundred watt space
39:05
heater to a 1300 watt space heater.
39:08
It's really, really incredible. So I would certainly say that
39:11
you should like almost any Bitcoin, miner should be mining
39:14
a little bit at home. Just because of the flow of SATs
39:18
into their wallet over time, and then also producing this kytc
39:21
free coins. Boom!
39:23
Boom, that doesn't Miko. Let's get your thoughts.
39:25
Dude, you're a minor? Come on.
39:27
Give the kids some more sauce about mining at home.
39:30
Yeah, dude. Glad bro, I when I first started
39:34
back in the day, I converted an entire like a closet in a guest
39:39
room. I made holes in the wall to vent
39:42
the hot air. And dude, you could hear the
39:45
buzz Ding sound from the living room in my house.
39:49
Yeah, it's a it holds a very special place in my heart.
39:52
Obviously, I'm not doing that anymore.
39:54
Now we have the black box, right?
39:56
It's incredible. You could have it outside,
39:58
definitely mine at home. I always tell people when you're
40:01
starting run, an S9. Don't get into it with think
40:05
because this is a number one mistake that I always see people
40:07
is they think they're going to get rich, you know don't get
40:11
don't get into it from that mentality, get into that from
40:13
the mentality of I want to learn And what tends to happen is you
40:18
either love it, you get addicted to it and then you start asking
40:22
questions. And inevitably that question
40:24
leads to, I'll never be able to get a good attractive power cost
40:28
at my house and you, you know, you either look and then you get
40:32
into the whole thing of, oh, if I host, but you're like, if I
40:35
host them, not gonna get before below, 728 kilowatt hours, maybe
40:39
if I get very lucky. So eventually, you know, you
40:42
start looking and, you know, you get lucky, you get a facility
40:45
and whatever. But that's kind of the rabbit
40:47
hole and I know Marshall knows what I'm talking about it.
40:49
I know Nick knows what I'm talking about.
40:51
So overall, it's a good experience.
40:52
It's something that all bitcoiners should experience.
40:55
It's something that most bitcoiners though don't even
40:58
know exist which is the actual infrastructure behind Bitcoin.
41:02
You'll learn something guarantee and the process you're going to
41:05
get a deeper appreciation for Bitcoin itself.
41:08
That's my phone, boom. All right guys.
41:11
Here's one more. I got another tweet here.
41:13
This is a marshal Long's tweet and Going to wrap this in into a
41:18
tweet. We got tagged in by mr.
41:20
Hot oil. Well he didn't tag us but we got
41:22
someone tagged Us in the Tweet so I'm going to read this for
41:25
the people in spaces. This is Marshall Long 20 goes
41:28
Bitcoin, mining difficulty pumping price dropping this is
41:31
where the real Legends of mining will be born and the larpers
41:34
will be massacred. And as you know we just kind of
41:37
covered that in a little bit but the tweet that we got tagged in
41:40
is mr. Hot on he goes remember when
41:43
some new people thought price follows hash rate Hey, so maybe
41:46
you guys could put your thoughts on the idea.
41:49
Does price. Follow hash real or does hash
41:52
rate follow price? Marshall, I think, in general,
41:58
for the people who run, highly efficient, mining Ops, and that
42:04
includes capex management topics, the whole gamut those
42:08
people will be the miners of Last Resort in the energy,
42:11
consumers of a last resort, and in that paradigm.
42:15
You can say that hash rate price follows Hatchery.
42:19
However, any time the price runs everybody in their dad thinks
42:24
that there are genius minor and then they can just plug in a
42:27
machine, and they're going to be rich.
42:29
And then ultimately, the difficulty goes up, those people
42:31
get rinsed, and the O G's in the space are still here doing their
42:35
thing. So, because of that, complete
42:38
dichotomy and the in the current and the past state of mining,
42:43
it's hard to say. I will say that that's been
42:45
Since 2013 that continues to be the case.
42:47
Now, any time, the price runs everybody, in their dad thinks
42:50
that there are genius and then when the price takes a hit,
42:53
everybody gets fleeced except for the people who really built
42:56
for winter Jon Snow style. Instead of trying to be the hot
43:00
person on the beach chilling in the summer, you built for the
43:03
winter and now you're reaping the rewards.
43:06
So as those clowns and amateurs fall off the Real G's, stay on
43:11
and they're reaping the benefit of mining more Bitcoin than ever
43:14
before. Boom Nick you want to hit that
43:18
school. So I mean hash rate Falls price
43:23
bottom line it doesn't matter what anybody says.
43:27
Price hash rate follows price price goes up more hash rate can
43:31
be built, that's why we're seeing all-time high hash rates
43:35
in difficulties right now, be cut, and this but this is
43:38
actually most of what we're seeing now is from the pump up
43:42
to 60, K over 65k, it takes a long time.
43:46
A mining facilities to get built.
43:48
This is still the this this amount of hash rate that's
43:50
coming online. Now is still from all of the
43:53
investment that was made by all the pub codes.
43:55
The billions and billions of dollars that they raised last
43:57
year when Bitcoin was over 60,000 dollars per and Mining
44:02
margins were the highest they've been since you know before the
44:06
S9 this is still the remnants of that.
44:10
Now who survives that's the most important who was Frugal enough.
44:15
Who was who Spared themselves, the frothiness and you know
44:19
didn't buy machines at $120 at are hash and didn't walk
44:24
themselves into nine Cent hosting contracts, who's who was
44:28
able to see through to the long-term vision and realize
44:32
we're headed back to an 8-cent /, 8 cents per Tara hash world.
44:36
And what does it mean? What do I, what does my
44:40
operation need to? Look like when we get there?
44:42
Boom boom. Yeah and I agree with you man
44:45
that the all the leverage that was taken out to by miters.
44:50
Holy crap. That was that was interesting to
44:53
say mean it was crazy. But it was, I mean, it was
44:56
really smart to. I mean, you had the opportunity
44:58
to get really cheap money and you know, companies like
45:01
Marathon are still living off of that.
45:03
They went and raised money at super low prices when Bitcoin
45:06
was really high. And now they're able to weather
45:09
this storm, you know, a lot of people thought Marathon would
45:11
have gone bankrupt by now. Because of how much leverage
45:13
they took out and how little hash rate they have online, but
45:16
they were able to get such cheap money that they're going to be
45:19
able to ride this out. So they actually they start to
45:22
look like they actually start to look quite quite intelligent
45:25
for, I wouldn't. So, yeah.
45:26
I was, I wasn't really criticizing the companies that
45:30
took I was criticizing the actual lenders.
45:33
That thought that was a good idea, that's who I am.
45:36
That's who I'm talking about the amount of lenders, to have
45:39
stopped offering lending services.
45:42
Kind of paints that picture very well.
45:44
I'm not going to name any names, but when you a mortgage lending
45:49
to companies and your recourse is to repo fifty thousand
45:54
servers, where you going to put them.
45:56
You can't run, you can't mine. I'm there.
45:58
Just a depreciating asset sitting in a warehouse so you
46:00
have no other option but to work out some kind of alternative
46:03
means and therefore to take a loss.
46:06
So that the financial sector and the Geniuses that were when
46:10
Bitcoin was running hot are really the It's paying the price
46:13
right now. Yeah, 100% Opti.
46:15
Boom. We got one more.
46:17
One more I do have a few more, but we can do one more.
46:21
This one might be a little more speculative guys.
46:23
And, you know, I just, I'd like to get your opinions on this
46:26
one, you know, you know, the rumors out there like, Bitcoins
46:29
bowling the ocean, you know, Bitcoin uses too much energy,
46:33
but I'd like to get your thoughts on the idea of does the
46:37
Bitcoin Network have enough hash rate, if we are to battle,
46:42
Against a nation-state attack and I have a have my little
46:45
tweet right here, where it's me? Joking.
46:46
I say this all the time. It's the sound is ledger in the
46:49
world. Should use more energy.
46:51
This is a feature, not a bug. So in your opinion, you know, is
46:56
there enough hash re on the Bitcoin Network to withstand an
47:01
outright attack from multiple nation states or is this
47:05
something we just won't know. You know, I like to say that the
47:08
Bitcoin market cap is the bounty on bitcoin and hey we're doing
47:12
pretty Good out there. So what's your, what's your
47:14
thoughts right now Marshall, I agree that the market cap is the
47:18
Bounty. I think the logistics behind
47:22
being able to co-op Bitcoin. With a Brute Force attack is
47:24
just so Monumental, and such a huge mountain to climb.
47:28
It's just not going to happen. That being said, let's just say
47:32
that that happened. There's many ways to kind of get
47:35
around that. So I guess in general, the
47:36
question is, is there enough security online?
47:40
I think the proof is there that there is however, Bitcoins
47:44
really good and incentivizing security, really good.
47:47
And in fact, almost the most perfect way to incentivize
47:50
security. And so you'll just see more and
47:53
more coming online. So I think it's never going to
47:55
be enough and it will always continue to grow for many
47:58
reasons. That's where I'll leave.
48:01
I didn't answer that's a great answer.
48:04
Nick, do you want to hit that? I would say that we it's a lot
48:10
less about the amount of hash it's actually not about the hash
48:13
rate. It's about the operators that
48:15
control it and I think right now it we are very well distributed
48:20
and it would be very difficult for a nation state to control
48:25
any meaningful portion of the hash rate right now, just
48:28
because of how distributed everything is.
48:30
Moving towards a more distributed ecosystem and world,
48:34
you know, Texas is effectively its own State.
48:37
We've got a lot of hash rate in Canada.
48:39
We have hash rate in northern Europe.
48:41
We've got hash rate all over the Middle East, a lot of action.
48:44
A lot of hash rate coming online in the Middle East, I've been
48:46
chatting with minors in Africa. Right now we're all over the
48:49
place from from where a hash from where hash rate is
48:53
generated perspective. And I think that we're, you
48:55
know, we're definitely trending in the right direction.
48:58
And so, I think it would just be right now.
48:59
It just be Really impossible to take over that much cash rate.
49:04
Yeah, I'm I'm on that same thing.
49:06
I think Bitcoin miners are like water.
49:08
They're going to flow to the, you know, place of least
49:10
resistance the Chinese. And this is what I say.
49:13
I say that in terms of Bitcoins history, there was the four
49:20
cores like the the, you know, the Bitcoin cash thing, right?
49:23
They artificially move the Bitcoin cash hash rate higher
49:26
than Bitcoin twice you know it only momentarily but still is
49:30
you looking at Like holy crap is that real we know after the fact
49:33
that it was artificial and they were setting money on fire to do
49:36
that. But there was that moment in
49:38
Bitcoins history and then the second moment that doesn't get
49:41
talked about enough. And in my belief, I think it was
49:44
a major factor in Bitcoin not reaching 100K in the last cycle,
49:48
Chinese Communist party Band, Bitcoin mining in the middle of
49:51
the frickin bull market and the price dumped from 69k and it
49:56
took a crap and it just went down and the hash rate also went
49:59
down, Now here's the beautiful part because of the incentives
50:03
provided by the difficulty adjustment dude.
50:06
It recovered in less than a year without any Central Authority
50:11
telling him to move those miners.
50:12
It was what you said, Marshall you nailed it.
50:15
It was the profit incentive alone, right?
50:18
So if you kind of apply what happened there and you apply it
50:21
to the game theory of a nation-state attacking Bitcoin.
50:26
What are they going to do? You know, like are there is that
50:28
country going to start mining it cell?
50:30
Like are they gonna Start acquiring a 6, right?
50:32
And if they do do that, if they do manage to acquire a
50:35
significant amount of basic, it's just going to be more
50:37
profitable to mind the thing than to try to cheat.
50:41
Right? So I think the profit incentive
50:43
alone is something that people don't Mick.
50:48
I agree with that statement, Marshalls incredibly handsome,
50:52
anyways that being said Opti it's the favorite part of the
50:57
show. It's the meme review brother.
50:59
Let's do it. Daily mean, review brought to
51:04
you by B box to bitcoin, only additional Hardware wallet by
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shift crypto crypto like cryptography.
51:11
It's secure, it's open source and it's so easy, your mom can
51:14
set it up. Self custody is the revolution
51:17
in the bit box. Makes it simple, do not leave
51:20
your Bitcoin on an exchange order.
51:22
A bit box today. Alright guys we are here for the
51:27
meme review and of course of course before I butcher Alice,
51:32
what's Nico? We say tweets are the bullets
51:35
and memes are the artillery in the information Warfare guys
51:38
continue to create the memes because you guys are pop
51:41
propagating the sound money gospel.
51:43
And here I found this one this morning and I had to, I had to,
51:47
you know, add it in honor of our guests today in the topics of
51:51
today. First, it was a it's a tweet by
51:54
guys. Want to goes, no climate
51:55
officer. I'm not calculating been math
51:57
problems. I'm just heating my basement and
52:00
then they got the ink. Glorious bastard, beam and math
52:04
problems in your heated basement.
52:06
Are you shouts out to Isaiah attorney?
52:09
That was a good meme, bro. Good me.
52:10
Next one is by our buddy, Rave elevator, he's in the chat, he's
52:14
dropping memes. We drop this meme of our own
52:16
green dodo. Gang back when Bitcoin Creek a
52:19
fat green candle and then he drops Harry Potter meme and he
52:22
goes, let's fucking go. What does this mirror do?
52:25
Professor? It shows us nothing more or less
52:27
than the deepest most desperate desires of our heart.
52:31
Green candles. I'm course on a day when we get
52:34
green candles. Everyone is happy and this next
52:37
one Nika. You know how much I love dunking
52:39
on Jim Cramer. I've told my origin story where
52:42
my friend was telling me that I should listen to hard money
52:45
because he's a Jim Cramer fan in hindsight, that probably the
52:48
worst advice he could have ever given me.
52:50
But here, you know, in honor of the queen.
52:52
I really love this tweet, Jim Cramer's, you're still a counter
52:56
signal and we got Jim Craner. I bet the queen will pull
52:59
through this man. Just lift, Jim Cramer the
53:02
ultimate counter signal. This next one, by our friend Rd
53:05
B TC and he goes, if you're new here, prepare to have your
53:08
worldview smashed to pieces and it's the train in the bus Meme
53:11
and he goes, do you know the Bitcoin is a train in the bus?
53:14
Is your worldview and Bitcoin just demolishing Your World
53:17
Views. I said it before, you know
53:19
before Bitcoin I went full Welk and then I woke up once I found
53:22
Bitcoin this is the way guys, the next one is I'm sure there's
53:28
still some some bitcoiners or quote, unquote, big cleaners.
53:31
I watch our show that still dabble in the shit coins.
53:33
And anytime I see this meme going around, you know, how took
53:36
to save Dean. I always have to add this and he
53:39
goes how to decide if you need a block chain.
53:42
And do you need digital cash? No then you don't need a bot
53:45
blockchain yes use Bitcoin. The only Block Chain that works
53:49
blockchain decision chart. I love it.
53:52
I love it and you know us we are huge and the FED Advocates.
53:56
Oh shouts out to my By Joe Rogers.
53:58
And, you know, it's the Time of the Season.
54:00
We're going in the fall and Autumn and so I just can't wait
54:03
for the fall of the Federal Reserve.
54:07
Alright guys. So of course, oh, I forgot to
54:10
say Drop Your Meme review before we get everyone's mean review
54:14
scrubber the Jack in the to it right now because I said so in
54:17
the live chat make opt-in, I feel uncomfortable will make
54:20
Nika feel uncomfortable. Alright, so today's score shouts
54:24
out. The bit Meg, she hooked me up
54:25
with some swag and I really like this shirt so I want to I want
54:29
to plug it a little bit. Check this shit out.
54:32
Free men. Don't ask how the back of this
54:35
shirt long sleeves. Sure.
54:36
That shit's fresh at out, to you really love this shirt.
54:40
All right. Onto you Nica.
54:42
Yeah, I'm going to. So I was a moron and when I
54:45
bought this Mike, it comes with this little hinge thing.
54:48
But I was like, oh, it doesn't come with the hinge thing.
54:49
I need to put them with the mic stand.
54:51
So I bought one on Amazon. It was $70 for this little
54:56
plastic thing and I didn't need it 70 dollars of wasted SATs.
55:01
And in five years, It'll be very painful.
55:04
Welcome to audio audio. Engineering Marshall, what are
55:08
you? What was your mean score?
55:09
What do you mean score? My mean score.
55:11
Today is going to be 69 liquid death, shut up by the way.
55:17
If you guys haven't had a liquid death it is the best sparkling
55:21
water. We don't get paid by them is the
55:22
best sparkling water you ever had.
55:24
Okay? Holy crap.
55:26
Is it delicious? Now, you look cool.
55:27
It looks like you're drinking a quart.
55:29
I know it. When you see that the first time
55:31
you like Pearl, what do you drink?
55:32
Gagging. It's like it's a liquid death
55:33
and then you drink, it's like, oh, it's sparkly water.
55:35
Ha ha, ha. Nick, when you get this.
55:38
All right, here we go. I have got this thing that
55:42
Marshall sent me from rhodium and I have no idea what it is.
55:46
It either is, I don't know if it's like for chalk like at the
55:49
gym or like if I mountain climbing or if it's like for
55:52
water for the dog, I have no idea what it is but I have it on
55:55
my desk and I was like, you know what, we're going to find out
55:57
right now. What the, what is that thing
55:59
Marshall? That's for when we're all
56:02
broken, poor to ask for tips on the, on the corner of the
56:06
street. Is this, this is, this is a bowl
56:08
for the for tips. That's awesome.
56:16
All right, all right. All right.
56:17
Let's start reading those. Nope.
56:19
Nope. Not a day, says, I give those
56:20
memes of italics, acne cream, never been used.
56:25
Alright, next one by Rave. I give those memes one gold coin
56:28
from one. I will ease treasure Hmm,
56:31
interesting. All right, let Frenchy CGI.
56:34
Give those memes my future bit Apollo minor.
56:37
Okay, Okay, Marshall knows what that is.
56:40
Diaw. Janice brother, answer my email.
56:42
I give those memes a Harry Potter and The Coincidence of
56:46
wants movie. That's a Planning Commission
56:49
doesn't play. I see you confused.
56:51
Yeah, yeah. I'm kind of a moron.
56:53
I give those memes, World, pirate satellite, okay?
56:59
Next one I give those memes the Moon.
57:00
Food of Ireland and Africa today is what the fuck, guys.
57:05
I give those memes and empty can of Guinness.
57:07
Cheers. Okay.
57:08
Very good. Last one.
57:09
Nope, we're over. It's done Opti sent for the
57:13
software Lisa Jo, well, I will check it out.
57:16
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57:46
All right, guys. Well, today we have Zeus version
57:49
zero point six point six release.
57:52
I swear we they're just killing it over there.
57:55
Shout out to Evan in the crew because they just keep dropping.
58:00
Bill that will do is give me cover this twice.
58:02
I think we might have got think it was another one.
58:04
Do another one. Okay, I don't know.
58:06
Anyways, shuts out the Zeus and Evan, and all the crew over
58:09
there, because they're killing it, man.
58:11
But of course, if you like what we're doing, guys, check us out
58:14
on Apple podcast, Spotify. And or on anchor.
58:17
And if you really think we're providing you guys value, we are
58:20
on Fallon and you can stream of some SATs.
58:23
We love you guys, we appreciate your time.
58:25
I hope you enjoyed the show so much mining sauce on this show
58:28
today a lot know they know I know the home miners out there
58:32
enjoyed this show so let's roll this one out and you go
58:34
absolutely before we go I want to give a very special shout-out
58:36
to our awesome clothing. Sponsor represent LTD.com Opti
58:41
show off the hoodie. Show off the hoodie bro that's
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off the back shot off the back. That's Right decentralised
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represent corpse and of course, I'm wearing the basic the
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represent black has the represent on the side.
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It's comfy. It's stylish makes Bitcoin
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merch. He's making simply Bitcoin
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merch. You can take advantage of the
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promo, code Down Below in the description to get 10% off,
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represent LTD.com. I also want to give a very
59:07
special shout-out to our awesome guests.
59:11
Nick Marshall, thank you so much for coming on the show Marshall,
59:14
where can people find out more about you?
59:17
Oh gbtc on Twitter. Awesome and Nick.
59:21
Thank you so much for coming on the show.
59:23
Where can they find more about you and luck sir?
59:26
Yeah, hash underscore bender on Twitter and then you can find us
59:30
more information about Luxor at Luxor.
59:32
Dottotech awesome. Thank you guys for joining us.
59:35
Today, I'm going to put you back stage for a little bit while I
59:38
close out the show guys. Thank you so much for joining us
59:41
on another episode of Simply Bitcoin.
59:43
Don't forget to join simply Bitcoins Telegram.
59:46
All you got to do is go to www.ah.mil me /, the simply
59:51
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59:54
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59:57
plebs in the chat. You definitely don't want to
59:58
miss it. It's absolutely free and check
1:00:01
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1:00:05
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1:00:12
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1:00:14
Smash the like button if you really I liked it, subscribe.
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1:00:25
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1:00:29
special Saturday being tomorrow.