Latest / Simply Bitcoin / El Salvador's Economy is BOOMING Because of Bitcoin | EP 837

Transcript

El Salvador's Economy is BOOMING Because of Bitcoin | EP 837 · Simply Bitcoin

0:09
It's all going to zero against Bitcoin.
0:13
It's going up forever more. You're against Bitcoin.
0:23
You're against freedom, yo. Welcome to another episode of
0:28
Simply Bitcoin Live. We're streaming from Santa
0:31
Monica, CA. Also in in you know in the
0:34
greater Los Angeles area because we're in LA for Pacific Bitcoin
0:39
Opti's currently on the move. He's he's traveling.
0:41
So we we, we got some people filling in for Opti.
0:44
Today we have my significant other who deals with my madness.
0:48
So deals with all the the Bitcoin talk slowly converted
0:53
her into Bitcoin slowly but surely.
0:55
Internet, Sophie. What's up?
0:58
What is up, everybody? We're gonna have to play
1:00
producer here because we are in the same room and we're gonna be
1:04
giving each other a little bit of feedback.
1:06
But I'm really excited to be here.
1:08
It's the first time on the show. I'm honored.
1:12
And yeah, let's get this rolling.
1:14
Yeah. So it's it's going to be, it's
1:15
going to be a special show. But we, we have a lot to talk
1:18
about today. We have we're going to talk
1:19
about El Salvador, how else out because those one of the things
1:22
that I've heard like one of the criticisms was that Bitcoin
1:26
wasn't directly responsible for El Salvador's economy doing
1:30
well. Well, there is a a report
1:33
released by Banco Santander of Spain and they said that Bitcoin
1:37
tourism was directly responsible for a lot of, you know, El
1:42
Salvador's economy improving also, not to mention the the
1:45
security stuff as well. And on top of that, the IMF
1:49
released not only the IMF, the IMF and Jerome Powell, who was
1:55
calling himself Jay Powell on Instagram are are starting to
1:59
release memes. They're starting to release
2:02
videos because they're realizing that they're losing ground on
2:06
the battleground of the Internet.
2:07
Now, unfortunately for them, we have home.
2:10
We have home turf advantage. Our mematics are better than
2:13
theirs because they're based on truth and theirs are based on
2:16
lies. So without their ability to
2:19
control the narrative, like the total narrative, their memes
2:22
will eventually fall short versus our memes again.
2:26
We have a we have the pillar of truth.
2:28
We have a proof of work backing us.
2:30
We have Bitcoin backing us. So I think we're gonna out meme
2:32
them. Not to mention it's a bunch of
2:34
boomers like trying to make Instagram videos.
2:37
Like it's it's kind of strange. We're gonna play it for you guys
2:40
and we're gonna talk about it. And also I wanna bring up my
2:43
cohost today, the legendary one and only Mike Hobart.
2:47
He's part of the Bitcoin Veterans podcast with Alex
2:51
Stanzik and Co How you doing Mike?
2:53
Thank you for for filling in for Opti today.
2:56
What up nerds? Yeah, you don't.
2:58
You don't have to thank me for that, man.
3:00
As you guys know. Specifically you and Opti.
3:03
Well, everybody else in the in the chat, I just enjoyed doing
3:06
this. So whenever you guys need some
3:08
assistance, there's as long as the schedule permits, I have no
3:12
problem helping cover down and talk about Bitcoin, dude.
3:15
Well, I appreciate, I appreciate you joining us Mike like always
3:18
And of course we got Steve now Steve is very interesting.
3:21
He is. He's a good friend of a
3:25
producer, Jacob, and apparently he has solved the Oracle
3:30
problem. Or better maybe.
3:32
Let me let me phrase it differently.
3:34
He's presented a interesting solution to the Oracle problem.
3:38
So there's two problems in in computer science, right?
3:42
There's the two. Let me make sure I don't butcher
3:46
this. The business in General's
3:48
problem, which is something that I hate savings saying that
3:51
Bitcoin solved. But Bitcoin came up with a good
3:55
solution for. And then there's the Oracle
3:58
problem, which is another problem in computer science.
4:01
And Steve, apparently a lot of people were going crazy when you
4:05
presented the solution. So could you talk a little bit
4:07
about what the Oracle problem is and what your solution does?
4:13
Sure. Yeah.
4:14
Thanks for having me on the show.
4:15
I'm not sure if I'd be quite so bullish to say I solved the
4:18
Oracle problem, but sure so. The Oracle problem is, you know,
4:24
who's the person that tells you what the USD price of Bitcoin or
4:29
who's the person that tells you what the outcome of any event
4:31
was? You know, bet not a football
4:33
game or betting on an election or something like that.
4:37
If you got some kind of contract that needs to be settled, both
4:41
of the people and the contractor, both the people and
4:43
the bet need to kind of agree that we are going to look to
4:47
this source, you know, like NFL.com or.
4:50
Whitehouse.gov or like coinbase.com connect to tell us
4:56
what you know. The official answer is on the
4:59
outcome that we're betting on. And this is a problem just
5:02
because you basically need a trusted third party or some kind
5:06
of centralized person to solve it.
5:10
And So what I've done is I noticed a long time ago that.
5:16
The USD price of Bitcoin was an emergent on chain feature of the
5:21
Bitcoin block chain and so I knew that I could tease out the
5:26
price on chain for a while now. I probably been in this for like
5:31
5 years now and I finally got around to doing it.
5:35
There's multiple ways it could be done, but I released the UTX
5:39
Oracle dot π dot PY. It's just a simple Python
5:43
script. You can get it at UTXO dot live
5:47
slash Oracle and this way everyone can run the exact same
5:52
very simple Python program and they can only communicate with
5:56
their own node and takes about a minute to run.
5:59
Reads in 150 blocks or so and you get the exact same price.
6:05
As everyone who runs this, definitely, yeah, it's kind of,
6:10
it's kind of nuts. I mean, there's there's
6:11
tradeoffs, there's pros and cons.
6:13
I won't say it's like the solution to the Oracle problem,
6:16
but like you said, just like Satoshi with Byzantine's general
6:20
problem, it's not like he solved it.
6:22
He just kind of like did some roundabout way about it.
6:26
Yeah, exactly. I don't think they're solvable
6:28
per se. I think that there's ways to
6:31
tackle them and they're of course, like you mentioned
6:34
earlier, there's trade-offs. But it's very, very interesting
6:38
because you used the basically data from Bitcoin to surmise the
6:44
USD price without relying you know on a single exchange or a
6:48
multitude of exchanges or whatever.
6:51
It just you're just relying on on chain data.
6:53
And I think that's absolutely fascinating and I think there's
6:56
something more there. I think we're just starting to
6:58
see the the first innings of that.
7:01
So Steve, we're super, super hyped to have you on the show
7:04
today. We're gonna dive more into what
7:07
Steve is working on his project during the culture segment.
7:09
But first we gotta get to the numbers.
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The Bitcoin price is 27,390 sats per dollar 3651 block height.
8:53
810,490 blocks to having 29,510 having estimate April 21st, 2024
9:02
total total lightning network capacity 4798 Bitcoin capacity
9:08
value 131 million U.S. dollars. Realize monetary inflation rate
9:13
my favorite stat out of all this.
9:14
And when we get to what we're about to cover, that number is
9:20
going to continue to go down forever and it's going to
9:22
continue to embarrass Fiat currencies and they don't have a
9:26
good explanation because money shouldn't steal from you.
9:29
And the video that we're going to see right now they talk about
9:32
inflation as if it's some natural like law.
9:36
Like it's it's like gravity like it just it just needs to exist.
9:40
You can't change it. It's this immovable force.
9:43
Like for some reason they've convinced.
9:45
Remember what Elon said. We covered this on yesterday's
9:48
episode. Elon said like someone posted a
9:51
meme basically saying what's a scam that is so implanted in
9:55
everyone's like psychology that like people don't even see it as
9:58
a scam anymore. And Elon said Fiat money so
10:01
slowly that Overton window is shifting.
10:04
If you live in countries like Argentina for example, that they
10:06
shattered, right, that you know they're about to elect a
10:10
hardcore libertarian president that is literally screaming off
10:14
the rooftops let's end the central bank.
10:16
So yeah that you know it depending on where you are,
10:19
right. The scam of of of of Fiat
10:22
currencies is is slowly starting to slowly starting to get
10:27
exposed. And I think it's a multitude of
10:29
reasons, right? Whether it's hyperinflation, if
10:30
you live in a country that isn't enduring that or or Bitcoin,
10:35
right when when you have an alternative that governments
10:38
can't shut down and they're forced to compete with.
10:42
It highlights the fact that not only can money exist without
10:46
inflation, but money can be deflationary meanings it meaning
10:49
it actually gains purchasing power over time.
10:52
Like that is something that they've been saying is
10:54
impossible, right. Anyways, so market
10:57
capitalization of Bitcoin, $534 billion Bitcoin versus gold
11:01
market cap 4.33%. All right, so let's get to the
11:04
video that I was talking about, what I was referring to.
11:07
Let's check this out. Obviously, it's a pretty long
11:09
video, so we don't have time to play the entire thing, but let's
11:13
see how much we can get through it without wanting to tear out
11:15
our eyeballs metaphorically. YouTube.
11:17
All right, let's check it out. Hi, I'm Cindy, left from the
11:20
IMF. And throughout this series I'm
11:22
going to be answering your questions about thorny economic
11:24
issues, breaking them down, and giving you straight answers
11:27
without all that fancy academic speak.
11:29
Let's get started. That's right, you're too dumb.
11:33
No fancy academic speech for you.
11:36
But this is interesting. I think you know, we all know
11:39
that Chrissy Lagarde or was the head of the IMF.
11:43
Maybe she did this as a response to OPTI on simply Bitcoin.
11:46
I don't know. Anyways.
11:52
There's been a lot of talk about inflation around the world, but
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what is it really and why is it happening?
11:58
So what is inflation? Inflation is a broad based
12:02
increase in the price of things. 1st when I say broad based, I
12:07
really mean that inflation is not about the price of broccoli
12:10
going up versus spinach because there's been some new diet fad
12:13
that says that broccoli is better for you.
12:16
It's about the prices of vegetables rising in general and
12:18
about the prices of other things rising.
12:21
Now for consumers like you and me, it's about a broad based
12:24
increase in the prices of things that we consume and pay for.
12:27
So that includes things like groceries, gas, subway passes.
12:32
For businesses, it's about a broad based increase in the
12:34
prices of things that they pay for.
12:36
So that includes the computers that we work with or the
12:38
electricity bill for the lights in this cafeteria.
12:41
There's a second related point. Which is that it's about the
12:44
representative basket of things that consumers actually consume
12:48
on average across the entire population.
12:51
So maybe subway pass prices are going up, but that's not going
12:54
to factor in the countrywide inflation in a major way unless
12:57
most people in the country actually ride the subway.
13:00
Now the reason that we care about inflation is that it can
13:03
lower people's living standards. When prices rise faster than
13:06
wages, people are effectively getting poorer.
13:10
A dollar that I have today is worth less than the dollar that
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I had last year. That makes me worse off.
13:15
That's why we say that inflation is the worst tax on the poor.
13:18
So why is it happening? Well, there's two big buckets of
13:23
reasons. The 1st is when the shortages in
13:26
supply or slowdowns in supply. So let's think about coffee
13:30
production. Since we're here in this cafe,
13:32
let's say that there's a bad harvest or a drought which
13:36
reduces the amount of coffee beans.
13:38
However, everyone in the world, including myself, is still going
13:40
to have the same demand for those coffee beans.
13:42
And that's going to nudge prices up.
13:44
Or take COVID as an example. A lot of people were asked to
13:48
stay home to avoid spreading the virus.
13:51
In some cases, that led to a shutdown in ports or shipping
13:53
terminals, limiting supplies. Again, that nudged up prices.
13:57
The other big bucket is on the demand side, so people demanding
14:01
or wanting more goods and services than there are
14:02
available. Sometimes economists call this
14:06
an economy overheating or running hot.
14:08
So what can governments do to do you notice that the money
14:14
printing was never brought up as a reason for inflation?
14:20
It wasn't even talked about. It wasn't even, it wasn't even
14:24
like, if you look at the M2 chart, right, the amount of
14:28
money that they print, they doubled the money supply.
14:31
That's never talked about. Now.
14:32
This is why we can call them out on their bullshit, right?
14:35
And it's very simple. And this is a website that I
14:38
show all the time. It's called price and Bitcoin,
14:41
right? And this is the power of a
14:42
deflationary currency. Now it compares Bitcoin to like
14:49
a crap ton of Fiat currencies, but also, you know, commodities
14:52
and you know the the S&P 500 and housing prices and a five year
14:57
on a five year scale. On a three-year scale, even with
15:01
Bitcoin at the bottom of a bear market, life has gone in
15:05
cheaper, hasn't gotten more expensive even though all of
15:08
those things happened. Right, all the let's let's take
15:11
her word for it. It has nothing to do with the
15:15
fact that government's printed this ungodly amount of money.
15:19
Let's not talk about that. Let's talk about the fact that
15:22
it has to do with here. It is literally and they were
15:28
telling you like there's no inflation coming when this was
15:30
happening. So, so let's not talk about
15:33
that. Let's not talk about the ungodly
15:35
amount of money that they printed.
15:36
They blame everything and anything but themselves, even
15:40
though they are the sole cause. They printed more money, they
15:44
added more money to the money supply and that debased everyone
15:48
else's currency. Now here's the thing, their
15:51
solution, What can governments do?
15:54
That's framing, right? So it's basically saying like
15:58
the government is the solution to this problem.
16:01
No, no, no, no government is the problem.
16:04
Government is the sole cause of this.
16:06
They cause this. It wasn't all the other reasons.
16:10
They printed the money. They devalued everyone else's
16:13
money. the US spends $1.5 trillion every single year, more
16:19
than it collects in tax revenue, even though it collects more tax
16:22
revenue year after year. How does it do that?
16:26
It prints the money. They can't afford the spending,
16:30
so they print the difference. So all what you just saw was the
16:34
definition of gaslighting and propaganda.
16:38
And when we talk about the importance of memes, when we
16:41
talk about the importance of making content, liking every
16:44
tweet in, for example, that was posted on Twitter, you get
16:49
involved. Literally go in the comments
16:51
section. Just go ham.
16:52
Drop a meme, drop like a witty response, Drop something, drop a
16:56
video. She is gaslighting you, and
16:59
she's trying to capture the uninformed part of the world to
17:03
try to divert their attention from what is the actual root
17:08
cause of these issues. The I MF is the problem.
17:12
The World Bank is the problem. Look at how the I MF reacted to
17:16
El Salvador. That tells you everything you
17:18
need to know. So yeah, look, it's just a bunch
17:23
of bullshit. Like it's just a bunch of
17:25
gaslighting bullshit. They they can make it clever and
17:28
put, you know, cool music and good production quality and, you
17:31
know, clever graphics and all that.
17:34
But you know, once you dig into the facts, once you, you know,
17:37
see what is actually going on, like you know it's rotten, it's
17:40
rotten back there. They're just fucking lying to
17:42
your face. And you can't say that they
17:44
don't know this. Like you can't say they're not,
17:46
they don't know this. So at what point do you say this
17:48
is not, this is malicious, like this is a malicious, this is a
17:51
malicious intent, like they must know they're not stupid.
17:56
So anyways, so if you go, go ahead, my kid it.
18:00
I was going to say it, it blows my mind.
18:04
Well, I guess it doesn't really blow my mind to the point of
18:06
they are propagandists at the end of the day.
18:08
But it's like it's just it's fascinating how like in all of
18:11
these conversations, regardless of whether it's these clips that
18:16
we bring up on simply or you listen in on spaces between
18:19
hedge fund managers, economists, financiers, in the in the lot
18:24
when it comes to inflation. It's always, it's your fault.
18:29
It's never the debasement of the currency and completely eroding
18:34
the financial power of like the the country's economic
18:38
capability, right. It's it's not, it's not the fact
18:41
that the dollars that you're earning per wage are being
18:44
devalued at like at continuously expediting rates.
18:49
It's never that. It's the fact that.
18:52
You're buying too much food. You're like using too much gas.
18:56
You're consuming too much. Even though the entire economic
19:01
health measurements of our country are based entirely on
19:05
consumption is. And the the the fact that I also
19:09
wanted to bring up that like when you say it's gas lighting,
19:11
it's important for you to understand it's gas lighting
19:13
specifically by avoiding the conversation.
19:17
Right. I guess just.
19:19
I. I think the last couple of years
19:23
have probably been a pretty powerful kind of lesson for a
19:27
lot of people, not just Americans, like Europeans around
19:31
like obviously the the Lebanese, the Turks, the Argentinians, the
19:36
Venezuelans. Like, they've all been learning
19:38
it and they've known it for a while, but like, dude.
19:41
I get fired up when I see these videos, Nico, like where they're
19:44
just completely avoiding the most important aspect in the
19:46
fact that they are the arsonist calling the fire department for
19:50
the fire that they started 100%. A hundred 100% agree with that
19:54
statement. I hope the audios a little bit
19:55
better, guys started, bit of tech, bit of technical
19:58
difficulties on our side just due to the Internet connection
20:01
from the hotel room. Anyways, Steve, what was your
20:05
reaction to that video, man? Hey, yeah, just sad.
20:14
Like, I mean sad in a way that everyone's just so fooled by.
20:19
They think house prices just rise.
20:21
They just, they think the stuff just rises.
20:23
And you know, no one gets around to telling them that like, hey,
20:27
nothing has risen in terms of Oz of gold for like 200 years.
20:32
It's you know it. Everyone just thinks it's
20:36
something else and it's not the devaluation of the dollar.
20:39
And you know, we're just so fortunate to have Bitcoin here,
20:42
to educate a much larger group of people on the fact that
20:47
prices don't rise. The only thing that happens is
20:50
Fiat currency devalues itself and it's it's such a hard mental
20:55
shift to do. I mean, I'm a pretty smart guy,
20:59
and it took me several years to totally shift my mind away from
21:04
thinking that prices rise. But yeah, man, I it sucks.
21:09
I don't know. It's it's it's it's really
21:11
strong propaganda. Like, it really is like for us
21:14
to be a society, for us to be incepted with this idea that
21:18
somehow money needs to lose purchasing power, it's just
21:21
absolutely nuts. Sophie, you've been making
21:24
content for Simply. What was your reaction to, you
21:28
know, that piece of content from the IMF?
21:31
Well. I think it's really sad that
21:36
this type of video is just going to reinforce the convenience of
21:41
the institutions, because Bitcoin is something that is
21:45
kind of difficult for people to grasp.
21:47
And it's money. It's it's the tech, the
21:51
technological innovation of money.
21:53
People have a hard time adopting it.
21:56
So when an institution like the I MF tells everybody, oh, it's
22:01
going to be okay. Don't worry.
22:03
We're in hell and everything is expensive and you're miserable.
22:07
But we're going to tell you. We're here to tell you it's okay
22:11
because the government is going to save you.
22:14
We haven't saved you before. We've never done it once in the
22:17
history of ever. But we're going to do it, not
22:21
just trust us. It's going to be okay and people
22:24
who want to believe the lie. Are going to use this as
22:28
ammunition to be like see, Bitcoin is just a scam.
22:32
We don't need it. The, like the government's got
22:34
us. It's all right, but it's it's
22:38
all a lie. And that's the part that makes
22:41
me so sad when I go out and do the street interviews.
22:45
People don't want to believe that we're in hell, even though
22:49
they're not saving money, even though everything they're buying
22:52
at the grocery store is significantly more expensive.
22:57
It's it's it's honestly really sad because it's it's great
23:02
promo and it and it it helps them believe the lie.
23:07
Dude, see, this is what happens when you live with a bitcoiner
23:12
24/7. It passes on, Opti said.
23:15
Something hilarious. Where was it?
23:19
Well, Sophie speaks better than both of us, Nico, I'd agree.
23:22
That was that was very, that was very impressive.
23:24
Sophie. That was very, very impressive.
23:26
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So you definitely don't want to miss these conferences.
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Whether you're in the US or in Europe, you have no excuse.
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And I heard when Brandon came on Brandon from Bitcoin Magazine
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that they're also gonna be throwing a conference in in Asia
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as well. So use promo code simply to get
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or Bitcoin Amsterdam. All right, everybody, let's jump
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into news. Let's do it.
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foundation. All right, everybody.
26:18
So more mematic warfare. And again, this is not a
26:21
coincidence that the I MF is releasing videos.
26:23
It's not a coincidence that, you know, a Jerome Powell is posting
26:29
vertical videos or shorts on Instagram.
26:32
They're losing ground. They're losing ground, right.
26:35
So they have to this is their form of of, you know, fighting
26:39
back ever so slowly. I just think it's just fatting,
26:42
like falling fat flat on its face.
26:46
I think that the IMF video definitely succeeded a lot more.
26:49
The production was the production quality was a lot
26:51
better. But.
26:53
But let's check this out. This is Jerome Powell.
26:56
He's the chairman of the Federal Reserve.
26:58
Let's look. They even added subtitles.
27:00
Let's check out what he has to say.
27:01
Hi, I'm Jay Powell. I'm the chair.
27:03
Of the pay power. And I want you to know that the
27:05
Federal Reserve is now on Instagram and threads. the Fed
27:09
is America's central bank working to promote a healthy
27:11
economy and a strong financial system.
27:13
That mission starts with you. October is National Economic
27:17
Education Month, and throughout the month and beyond we'll be
27:20
posting here with information, links to events, and other
27:24
resources about how Fed decisions affect you, your
27:27
family, and your community. Sounds like a hot hi, an account
27:32
that I'm going to follow, man. This just completely this just
27:35
completely reassured the fact that Instagram is dead and that
27:40
we knew we should bury it along with Facebook.
27:43
We should just never log on again.
27:45
So what's go ahead? I was.
27:48
Going to say it's another question.
27:49
It's like, why are you guys doing just the the Facebook
27:52
conglomerate? Why aren't you going to Twitter?
27:54
I'm asking that facetiously because we know why.
27:57
Dude, So what? What's really funny?
27:59
First, first no tie, right this number one.
28:03
Then his name is not Jerome anymore, he's J pal.
28:08
And then again, he's. Channeling his inner He's
28:11
channeling his inner David Beckham.
28:14
He's kind of. Giving that, I know it's
28:17
disgusting. I'm surprised they're not
28:19
posting on TikTok, all these young people who have no idea
28:23
what's going on, that's. Actually, an even better point,
28:26
Sophie. It's like, why the Facebook and
28:29
Instagram? I get it's an echo chamber.
28:31
There's nobody's gonna fight them, They can just use the
28:33
algorithm to their advantage. But why aren't you on TikTok?
28:37
Like that's gonna be more viral than Instagram or threats.
28:40
Yeah, I kinda wanna make a rap with like just dressed up as
28:44
him. Be like, yo, I'm Jay Powell.
28:46
I look like an owl. I don't sleep at night, so I
28:50
just print money in my sleep. Man, Sophie Sophie's bringing on
28:54
the rhyme. So so what's really interesting
28:58
though? Okay so like cuz you gotta put
29:00
these two videos together alright?
29:02
Cuz they're absolutely hilarious.
29:04
Is that just the amount of bullshit that is, like,
29:07
condensed in a short period of time?
29:10
Like, please tune in to our Instagram account so that you
29:14
can have the right information about the economy and what the
29:18
Fed is doing for you. I know what the Fed is doing for
29:20
me. It's devaluing the fucking
29:22
currency of everyone. It's been an absolute disaster.
29:26
If in in terms of, you know, the wealth inequality, the the
29:30
worsening of the recessions and depression, this is what they
29:33
don't tell you. But the worst recessions and
29:35
depressions in American history have happened under the Federal
29:38
Reserve. And that was the reason they
29:40
sold the American public as to why a central bank was
29:43
necessary. Right.
29:45
So yeah, like, I forgive me if I don't believe you, especially if
29:49
you're a zoomer or a millennial. Yeah, you stole our future, bro,
29:55
for printing all that fucking money.
29:57
So yeah, it's just it's just funny to see guys go ham in the
30:01
comments, let them know. Because if people see this video
30:05
and then they look at, they always look at the comments.
30:06
It's like what 99% of people do, You know, there's some, there's
30:10
going to be some, some bitcoiners in there.
30:12
Letting him, the guy, letting him know what, what the fuck is,
30:15
what the fuck is actually happening anyway, Steve, what's
30:17
your take on all this, bro? Dude, I try to stay away from
30:23
the news. I can't stand looking at that
30:25
guy. I hate seeing everybody like
30:27
that on TV. I really like Sophie's rap
30:30
there. That was pretty impressive.
30:32
Did you come up with that on the spot?
30:34
Yeah, I did. I did.
30:38
Yeah, what's not to trust, dude? What's not to trust?
30:43
Okay. All right.
30:44
Moving on to the El Salvador news.
30:47
El Salvador stays winning and again, like I've been saying
30:51
this for a while, I actually got a lot of heat.
30:54
I do believe that El Salvador is winning because they fit, they
30:56
fix the base layer. The base layer is no longer
30:59
corrupted. The base layer no longer needs
31:01
lies to function. So all of a sudden aligns as a
31:05
society's incentives and the person that is duly elected is
31:09
actually doing the things that he said he was going to do when
31:12
he was running for office. Right.
31:14
Which kind of makes sense under a Bitcoin standard, right?
31:17
But anyways, here's Stacy Herbert, you know, wife of Max
31:21
Kaiser, and she says Bitcoin tours sent them their notes.
31:25
The importance of Bitcoin tourism to El Salvador's booming
31:28
economy. Right, Because one of the one of
31:30
the criticisms that I got was like Nikko adopting Bitcoin or
31:34
making Bitcoin. The goaltender had no has
31:36
nothing to do with El Salvador's, you know, economy
31:41
doing better. That's that's bullshit, you
31:45
know? It's recovery from the pandemic.
31:47
Everyone recovered. Well, it looks like, you know,
31:50
we actually have some data that says the exact opposite.
31:53
Not only is it the Bitcoin tourism, but also most
31:57
importantly, the security right, which is extremely popular with
32:01
the local El Salvadorian population.
32:03
That's why 9 Bukele has an 85 to 90% approval rating, and if you
32:07
compare that to Western leaders. That are like basically saying
32:10
El Salvador is a threat to democracy, whether that's Joe
32:13
Biden or Justin Trudeau. They're in the low they're
32:15
either in the mid 40s, low or high 30s approval rating.
32:19
So, you know, I just find it interesting.
32:21
And then this goes to something that I said on Simply Sessions
32:24
the other day, which is the iron law of political central banker
32:28
projection. Like they project onto us what
32:30
it is they are guilty of themselves.
32:32
Anyways, let's check out this article, says Santander.
32:34
US Capital Markets published a new report on El Salvador.
32:37
According to this research shared by El Salvador's
32:39
president, I'm Bokele, the tourism growth the the country
32:43
is experiencing is led by the new level of security that the
32:46
country is living in. And the adoption of Bitcoin is
32:48
legal tender in 2021 quote, the obvious beneficiary of improved
32:52
security is higher tourism, the report states.
32:55
Besides not being popular among the Biden administration, the
32:58
emergency state declared. Decreed by Nambu, Kelly's
33:01
government in 2022 is working. There has been 2.3 homicides per
33:06
100,000 inhabitants inhabitants since the beginning of 2023 with
33:10
a 30% year to year surge in tourism arrivals.
33:14
For Santander, the potential growth is yet to be discovered
33:17
due to its geographic proximity, the dollarization of the
33:21
economy, and as Bitcoin tourist preferred destination, El
33:24
Salvador is becoming a more common trip for U.S. citizens.
33:27
Figures are far away from places like the Dominican Republic,
33:30
which is over 7 million arrivals per year versus the 2.1 million
33:34
arrivals of El Salvador. But the interest is growing
33:36
faster. Quote the number of tourists
33:38
from the US has doubled on 29 in on 20/19 visitor numbers.
33:42
Much of that increase can be attributed to Bitcoin policy,
33:45
either directly or indirectly heard about El Salvador because
33:48
of the free marketing by news coverage of it, said Stacy
33:51
Herbert. Head of the Bitcoin office of El
33:54
Salvador. Through her ex account in
33:56
Bitcoin terms, the interest in the country is vivid.
33:59
For example, companies like the Bitcoin payment processor Strike
34:03
and the Bitcoin rewards app Fold already announced their interest
34:07
in relocating or expanding their business their business in the
34:10
country. Also, the Bitcoin conference
34:12
adopting Bitcoin is experiencing growth, according to one of its
34:16
coorganizers, newer Auda El Bawad.
34:21
The conference receives 600 attendees in 2021 and up to 1000
34:26
in 2022. The next conference will happen
34:29
in early November, so. Goes on to say, besides the boom
34:34
in tourism, there's another indicator of the new health of
34:37
El Salvador society. There's a more vivid interest
34:39
among the among the Salvadorian despora to return to their
34:43
country. Santander qualified these as
34:45
reverse immigration, pointing out that it could also impact
34:49
direct foreign investment, which is absolutely unheard of usually
34:54
when. Central Americans or South
34:57
Americans migrate to the US They don't go back, right?
35:00
If they make it to Miami, it's like the promised land.
35:02
If they make it to the US, it's a promised land.
35:04
So the fact that you're hearing people actually want to return
35:08
to their country is unheard of, but I think it's a testament.
35:11
To not only nine, but Kelly's leadership, but most
35:14
importantly, what happens to a society, a country when they
35:18
adopt A Bitcoin standard. I think it's clear as day, and I
35:22
think it's going to become clear and clear.
35:23
It's going to become undisputable.
35:25
And I think that's why the I MF hates it.
35:27
That's why the Biden administration dislikes it like
35:30
the I MF. You saw the video, we played it
35:32
for you guys, right? Those are the same people that
35:35
went crazy when then they made a Bitcoin legal tender in El
35:39
Salvador. Those are the same people that
35:42
asked Argentina when they provided them a bailout, another
35:46
bailout. They said you have to
35:47
deincentivize the adoption of Bitcoin in your country.
35:50
What are they so scared of? If they believed in the shit
35:54
that they were telling you in that video, then they wouldn't
35:57
talk shit about Bitcoin. The problem is that Bitcoin
36:00
highlights the bullshit in that video and they can't refute it.
36:05
That's the fucking issue that they're having.
36:07
So bring it on I MF bring on the memes.
36:10
We got the truth on our side. You guys are you guys are gonna
36:12
have to rely on narrative and censorship like that's that's
36:15
you know and that doesn't that only works for so long.
36:18
Eventually people wake up. So I'm really glad.
36:21
So shout out also to Max and Stacy for pushing that forward,
36:23
pushing that initiative forward. And El Salvador stays winning
36:27
because El Salvador adopted a Bitcoin standard.
36:29
Anyway. Sophie, what's your take?
36:33
I mean, the fact that they're trying to put it down is so
36:38
cheap and obvious. Because now we have the power of
36:41
the Internet, now we have the power of memes and comments and
36:45
people all over the world being able to verify a fact and come
36:50
together and call people out on their lie.
36:53
So it's only a matter of time before their narrative starts to
36:56
crumble. And it's only a matter of time
36:59
before people realize, well, like I have nothing to lose by
37:03
just buying a little bit of Bitcoin, putting 1 to 5% of my
37:07
net worth into this. Thing, because everything else
37:11
I've put my money into has gone down.
37:14
Remember that Bitcoin is the best performing asset since it's
37:18
been in discovered, and it's the best performing asset year to
37:22
date, even today in a bear market.
37:25
So it's just a matter of time before we win with the truth and
37:30
these people end up, you know? Being called out for all of
37:34
their lives. 100%, Beautifully said.
37:37
I'm very impressed. Sophie, she This is what happens
37:40
when you live with a bitcoiner for what, 7 years now?
37:43
Yeah, the first two years, she's like, you're an absolute madman,
37:46
but the number go up does its thing.
37:48
Here's the thing. I asked a lot of questions.
37:51
And when you ask a lot of questions and when you hear the
37:54
same thing over and over and over again, you can't help but
37:57
put the pieces together yourself.
37:59
What I went through is what everybody who is falling for the
38:02
narrative. Currently is going to eventually
38:04
go through. They're going to eventually hear
38:06
what we have to say over and over and over again.
38:09
That's why repetition is very important.
38:11
And they're going to end up saying wow.
38:14
This starts to make sense because all it takes is planting
38:18
a seed. And once you plant the seed, the
38:21
water and the sun and the stuff that makes it grow into a plant
38:25
is all of the supporting evidence.
38:27
So it just takes a little bit of time and the time will come.
38:32
I think we have competition. I dropped a pole.
38:34
I think, I think, I think you guys are putting yourselves out
38:38
of a job by bringing. Something.
38:39
I think so too. You guys should have me on more
38:41
often. I will.
38:42
Literally. I will be here.
38:44
We live together. OK, so Sophie's gonna start
38:46
doing the Friday shows. You heard it here first.
38:49
Anyways, Mike, what's your take on on the shining country on a
38:54
hill, El Salvador? I honestly, I think it's pretty
38:59
impressive. Like, I like, I've one of my, I
39:03
guess, strengths and weaknesses is that I'm always skeptical of
39:06
things and so like when else, and I have to admit, when El
39:09
Salvador first did the Bitcoin thing, I was like interesting,
39:12
exciting potential for it to backfire.
39:15
But let's wait and see. Like find out what happens and
39:18
dude, it has been nothing but good things for them because
39:21
like on top of the whole Bitcoin.
39:23
Position and then basically using the the, the, the growing
39:28
of the Bitcoin position or the health from the Bitcoin position
39:31
to like power the cold kind of like squelching out of the the
39:35
gang violence that was there. And then on top of that there's
39:39
there's a a further kind of like exposure of how well El Salvador
39:45
is doing since this Bitcoin stuff got started is that I
39:48
think it was put out yesterday that they.
39:52
Through investment of like five or six other Central American
39:55
countries, they've also expanded A380 MW natural gas power plant.
40:02
So they're they're going to also be supplying power to other
40:05
countries. So like dude like I, where where
40:08
is El Salvador losing is probably a better question than
40:12
where are they winning? Because they're winning
40:14
everywhere. Yeah, 100% they they they won't
40:18
stop winning because they they adopted that sweet, sweet
40:21
Bitcoin standard. The comments are absolutely
40:23
hilarious. We got apparently Sophie for our
40:26
95% male audience. They appreciate the feminine
40:31
perspective. I think they just like the sound
40:34
of my voice. All right, Opti and I are out of
40:38
job. It is now simply Bitcoin by
40:40
Sophie. Anyways, Steve, what's your take
40:43
on this before we move on to the culture?
40:47
Dude, imagine if El Salvador did this right before bull market it
40:52
it blows me away that El Salvador is doing so well when
40:56
they did this in a bear market and you know it could be easy
41:00
to. I mean, I don't know when they
41:02
officially did it. I don't know, maybe we're back
41:04
to about the price when they went all in or whatever, but.
41:07
They went down for a while price of Bitcoin did after they bought
41:11
in and there's a chance they're looking dumb but and they've
41:14
done all this stuff in a bear market like imagine when the
41:17
bull market hits imagine how good they're going to be looking
41:19
then just I was just really proud of them Yeah dude El
41:23
Salvador is going to be looking good and then also micro
41:26
strategy so like on the public company level it's going to be
41:28
undeniable that the the Bitcoin strategy is the move and then on
41:32
a country on a nation state level it's going to be
41:34
undeniable absolutely hilarious comment by by Opti I can't so
41:40
fucking funny but yes Opti I know what you mean bro.
41:43
OK guys, before before we we move on to the culture to talk
41:49
about Steve's project, I want to give a shout out to our sponsor,
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42:32
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All right everybody, we are We are currently at 84 likes.
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Help us maintain our streak of breaking 100 likes within the
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already done so, smash that like button anyways.
43:28
Rally up, nerd. Heard we got a girl on the show
43:32
today. Mike, it's it's not a nerd show
43:34
anymore, bro. It's.
43:35
Oh, she's She could still be a nerd.
43:37
She could happily be a nerd. I'm definitely a nerd at heart,
43:40
especially. Let's go.
43:42
Yeah, and we'll we'll get more women on the show.
43:45
Actually, if we get 200 likes, I'll bring my friends.
43:50
So these friends are dope. They're dope.
43:53
All right, So yeah, yeah, smash that like button for the
43:57
culture. All right, everybody.
43:59
So let's talk about Steve. Steve, thank you so much for
44:02
joining us today. This man solved, kind of solved,
44:09
came up with the solution for the Oracle problem, which we
44:13
touched upon in the very beginning of the episode.
44:17
So Steve, why don't you talk to us a little bit about what 1st
44:22
I'm going to, I'm going to ask you to repeat yourself.
44:31
Hey, can you guys hear me? Sounds like you cut out there.
44:34
Yes, we can hear. You OK?
44:38
Yeah. Thanks for having me on the
44:39
show. And I did not know that the
44:41
segment of the show is going to be called the culture, but
44:44
that's awesome. I think this is happy to
44:47
represent the Bitcoin culture and the nature of the program
44:51
that I wrote is definitely in line with like Bitcoin ethos of
44:56
open source. Decentralized this is a software
45:00
program that everybody can run. I'm not part of a company or
45:04
anything. I'm not pushing any changes to
45:06
Bitcoin. This is just a script for that's
45:09
just everybody out there. So it's it's definitely Bitcoin
45:12
culture ethos style. So if you're looking at the
45:18
video right now and it's live show so soon, everybody is is
45:22
the my screen is being shown right?
45:26
Okay, so let's just start with like the very basics.
45:30
This is my visualization of the Bitcoin blockchain.
45:36
So all that that heat map, the data that that heat map is made
45:40
from, every single one of you that is running a Bitcoin node
45:44
has this exact same data in your computer.
45:48
If you were to run that visualization on your node, it
45:51
would produce exactly the same. Plot because we all have the
45:55
exact same Bitcoin blockchain, you can see that.
45:59
So just kind of to go over what you're looking at, the Y axis
46:05
there is Bitcoin amount, the date on the X axis is time.
46:11
So that's going back to 2016 there.
46:15
You could do this back to 2009. I just kind of like this view
46:19
better and then the color. Is the number of transactions
46:25
that were created at that Bitcoin amount and at that time.
46:30
So, you know, when you do this kind of thing, you have to
46:33
average over some kind of bins, you know, So it's about a day
46:37
resolution, the pixels, and then the day resolution on the X axis
46:42
and then on the Y axis. There's about 200 increments
46:46
between each 10X of Bitcoin. So you notice that the Y axis is
46:50
going up log scale. Zero sets, ten sets, hundred
46:53
sets, you know, and then the middle is 1 Bitcoin, 10 bitcoins
46:57
under Bitcoin. So that that's important to
46:59
notice. That's log scale.
47:01
And so the colors, you know, we go from blue to pink to yellow
47:07
to bright white and those go from 1 transaction and all the
47:10
way up to 10,000 transactions. So the yellow, you know yellow
47:17
we're talking about 5000 ish transactions.
47:21
And again that's averaged over a day.
47:24
So you can see like the bottom of that graph is the what's
47:27
called the dust limit sort of allowing around like 546
47:31
transactions and then you can it got a little bit lower with
47:35
SegWit there. I realize that I can just talk
47:38
about this image forever, but it it kind of is important both to
47:44
understand where this data comes from and how this is connected
47:48
to your node and so. Every time someone makes a
47:52
transaction, that results in a UTXO, so an unspent transaction
47:58
output. So all of these were UTX O's at
48:03
one point. Some of those have been spent
48:05
since then. Some of those are still there.
48:08
But you can see that, you know, it's very clear the distribution
48:13
of how people spend. I mean, look at that.
48:15
It's like it starts at the dust limit.
48:18
Then a ton of people spend a lot of transactions in between .001
48:24
and .1, and then once you get up to like 10 Bitcoin, 100 Bitcoin,
48:30
you're only seeing a handful. Like less than 100 transactions
48:36
per day are at that like 10 to 100 to 1000 amount.
48:42
So I I really just kind of like, look at this, give you a broad
48:45
scale view of like what does the Bitcoin blockchain look like.
48:50
This is I think the best view of it.
48:52
Obviously I'm biased, but I've been working on these
48:55
visualizations for, you know, like 8 to 10 years now and then
49:00
so where does UTX Oracle come in?
49:02
So if you look at the yellow stuff, you'll see these kind of
49:07
WAVY lines that are all sort of concurrent with one another.
49:12
Did you guys see that? So those WAVY lines are all
49:18
people sending each other rounds amounts of U.S. dollars.
49:23
And because the what $100 is in Bitcoin is different every day.
49:28
That line goes up and down, but it all goes up and down together
49:33
with people spending. $100 or $5 or $10 or $1000.
49:39
There's about 17 different round amounts of U.S. dollars that I
49:44
use. So I mean, I let me just say one
49:50
more thing and then I can take some questions if you want.
49:52
But so I've been looking at this for ages.
49:54
You know, I've, I've known this for a long time.
49:57
Sometimes I'm just like, did the price of Bitcoin go up or down?
50:00
Let me just look at the heat maps.
50:02
Like it's very simple to look by eye.
50:05
And just tell if the price of Bitcoin went up or down.
50:08
And so eventually I was like you know for several years like man,
50:11
I should just write some kind of like pattern matching algorithm
50:15
of just pulled this out of there.
50:17
I mean it's so easy. It's so obvious.
50:19
I mean look at that bright yellow.
50:20
We're talking about 5000 transactions, right at $100,
50:25
it's so easy to see the next day where those 5000 transactions
50:29
move to. So there's a I finally just
50:33
wrote a algorithm that just. Does what you can do by I very
50:37
easily and that's basically all you text Oracle is.
50:41
That means dude, it's so badass that you're able to surmise that
50:47
with just the data on the Bitcoin blockchain itself.
50:53
That is incredible. But I'm gonna stick to it.
50:57
I think that this is maybe like on a technical level.
51:00
Maybe this isn't like a perfect solution, but it definitely you
51:04
definitely tackled the Oracle problem for sure 100%.
51:11
Yeah, thanks. Yeah, it's really, I mean
51:16
definitely tackled it. So if you want to talk about
51:18
kind of applications or whatever.
51:22
Definitely. There's a lot of people that
51:24
need some kind of decentralized way to say what the price is.
51:27
And it's really powerful that everybody can run the exact same
51:30
code on their local node and they can come up with the exact
51:33
same number. I mean, I have maybe 10 or 20
51:36
people running it every day now, and it's not like anyone ever
51:39
comes up with anything different.
51:41
It's always exactly the same. So it's, yeah, I think it's like
51:45
pretty powerful. Yeah man, I mean that that's
51:48
that's absolutely incredible. Could this be applied to
51:51
anything other than the USD Bitcoin price?
51:58
Well, people a lot of times ask me, are there other currencies
52:03
besides USD that you're seeing there?
52:06
And the way I answer that is just like if you just look at
52:09
those heat maps like do you see any other currencies other than
52:13
USD there might be? But it it might be the case that
52:17
those other currencies are so correlated to USD that you know
52:22
they all just go up and down together.
52:25
But I don't think that's quite true.
52:28
I I think if there were a a significant amount of non USD
52:35
like other countries money being transacted round the mouths of
52:39
those, I think you would see lines that kind of didn't stay
52:43
together so well. I think you would see things
52:46
trailing off and trailing down and there's a little bit of
52:49
that, but you know it's it's 99% U.S. dollars it seems like to
52:55
me. Is that is that what you were
52:56
asking? Yes, that's what we.
53:02
Meant yeah, if you. If you don't, if you don't mind
53:04
me asking Steven, like so in what ways can bitcoiners or
53:10
Bitcoin companies use this information As far as like.
53:15
Your quote UN quote solution or work around to the Oracle
53:18
problem like I'm assuming you have ways in mind that led to
53:23
you developing this whole kind of project to begin with.
53:29
I mean, I don't really, actually it wasn't, you know, So I think
53:35
people can get the motivation wrong a little bit here because
53:39
it it, it might look like I was determined.
53:42
To provide the USD price in a decentralized way.
53:46
And it was more just like I've just saw this one day and I was
53:50
like, oh this is cool. I was like I should just make
53:52
this available to people because this is just kind of awesome.
53:56
And I have a friend Daniel, who Daniel's the coauthor of the
54:01
Bitcoin Magazine article on UTX Oracle, and he works for an
54:07
exchange called S Fox. And he was kind of the one that
54:11
motivated me to go ahead and just write the program and go
54:14
ahead and write the article and release it.
54:17
Because from his end, you know, he is one of these people that
54:21
deals with these contracts, these futures contracts and
54:23
stuff that really need to know the Bitcoin price.
54:27
And you know, what is the Bitcoin price?
54:30
I mean it is the Bitcoin price what Coinbase says it is, is it
54:34
is the Bitcoin price what finance or you know, bit tracks
54:37
or? You know it all these exchanges
54:40
have different prices, right? And so there is really no one
54:45
Bitcoin price. There's no like authoritative
54:48
view. I mean, yeah, you can do
54:49
weighted average of those, but how do you come up with the
54:51
weights for your average? I mean, do you trust it's?
54:55
Actually a good point that you could use this kind of solution
54:58
to provide a more accurate and dynamic.
55:02
Kind of like price fluctuation mechanism, right?
55:04
Rather rather than relying on the specific like handful of
55:08
exchanges you've got how like however many thousands of
55:11
different inputs this is aggregating all into one image.
55:15
It could be very useful for like for example Coinbase is now
55:19
bringing on perpetual swaps for derivatives trading.
55:23
So like stuff like that like and I know Bitcoiners like we we
55:26
don't like talking about margin trading and things but when you
55:30
come to like getting. Like it becoming a more
55:33
financialized, institutionalized asset.
55:35
Or like even in Bitcoin mining, there's going to be use of
55:37
derivatives and options for for hedging because Bitcoin miners
55:41
need it. So, like, I'm sure that they'll
55:42
use this product, dude. Yeah, I mean it, it could be
55:46
Daniel kind of says like it could be a backup option.
55:49
But let's say you are actually in entering into a contract with
55:53
someone and you guys have to agree on somebody to provide you
55:58
the price. Let's say you chose FTX.
56:01
To provide you the price. And then like what happens if
56:05
your contract was over six months and FTX disappeared, You
56:11
know what would happen to your contract or what if you know
56:15
you're you're talking about Coinbase price at the end of the
56:19
day, like the last trade of the day or something.
56:21
Well, you know, can somebody go in there and manipulate the last
56:25
trade of the day because they know that your contracts going
56:29
to be affected. There's there's a lot of reasons
56:34
that you kind of put yourself in a strange position with a green
56:38
on a centralized or some companies Oracle price to
56:42
determine your contract because you know what if that company
56:46
goes out of business, I mean that so that company also has to
56:49
like put out their price, right. They have to have like a
56:52
division of their business that's providing the DLC.
56:57
It's price. What if the company's like,
56:59
yeah, we're going to go in different direction, We're not
57:00
going to have that division anymore.
57:03
What happens to all the contracts that were relying upon
57:05
that? I mean, you going to take them
57:07
to court or something? I mean like, no, this is
57:10
Bitcoin. So you know, if we have
57:13
something like UTX Oracle and by the way, you know, I'm not,
57:17
there's multiple ways to do this.
57:18
It's not like everyone has to use my thing.
57:20
There's, but if we have something like UTX Oracle,
57:24
that's just on chain decentralized.
57:27
I think that's a very robust thing to add into whatever work
57:33
other oracles you might use for the price. 100 percent, 100%.
57:37
I agree with that statement, but dude, this is a this is really
57:41
cool stuff is really neat. I think it's just like another
57:45
another example of, you know, the many, many things that you
57:47
could do with Bitcoin. So yeah, dude, I'm I'm a huge
57:51
fan of this project. Where can people, if they're
57:54
curious about it, they want to access it.
57:56
Where can people find it? Yeah.
57:58
Would you mind sharing my screen again?
58:02
Yes. OK, so let's see this.
58:05
So if you click on, if you go to UTXO dot live right now, we're
58:10
on the Outputs tab, but if you click on the Oracle tab,
58:14
hopefully you'll see that. Do you see that change on
58:16
screen? Yes.
58:19
Okay, so this is UTXO dot live slash Oracle and here I've just
58:25
kind of done a black and white image that really clearly shows
58:28
how these price lines are just absolutely obvious on chain.
58:33
And then UTX Oracle dot PY. That'll take you directly to the
58:38
Python script that you can download yourself.
58:41
Here I just show you exactly. The price history all the way
58:45
back to 2020 and you can copy paste that into excel and you'll
58:50
see that it's it's spot on it's it's never off And then yeah UTX
58:56
Oracle dot PUI, this is a Python script.
58:58
Python scripts open in your browsers guys, you don't have to
59:01
go to get up you can actually just read it.
59:04
So give you an introduction here, A little quick start, a
59:08
little like you know this is how this short this Python script
59:12
calls your Bitcoin node. And I write my programming style
59:18
is very like for the user to read it, not for, you know,
59:24
great efficiency gains. So instead of like jumping back
59:27
and forth, you know, scrolling up and down trying to see where
59:30
this function goes, this thing just proceeds linearly.
59:34
Part 1, read it. Part 2, read it.
59:38
This thing just goes straight down to the bottom.
59:43
So. Xo dot live slash Oracle And
59:48
were you guys seeing my thing? OK yeah, let me just click back
59:51
here. Yeah, UTXO live dot Oracle.
59:55
And you can get the script there.
59:57
Awesome. Well, dude, I am.
1:00:00
This is incredibly cool. This is what the culture segment
1:00:03
is all about, highlighting, you know, all the different
1:00:06
bitcoiners from all walks of life and what they're working
1:00:10
on, what their experiences are, and the.
1:00:12
This is absolutely incredible, man, so shout out to you and
1:00:15
thanks for coming on the show. But, ladies and gentlemen, the
1:00:18
time that you've all been waiting for it, it is time to
1:00:21
review some memes. The Daily Meme Review All right,
1:00:36
everybody, let's start reviewing some of these memes.
1:00:40
So let's start with this one. Maxi's club.
1:00:44
And you know it like refers to like back in school, if you
1:00:48
misbehaved, it's like it's like a Pepe meme.
1:00:52
And they've written. They've written it on the on the
1:00:55
chalkboard. I won't sell my Bitcoin to
1:00:57
BlackRock. I won't sell my Bitcoin to
1:00:59
BlackRock. I won't sell my Bitcoin to
1:01:01
BlackRock. Absolutely hilarious.
1:01:03
Shout out to Maxi's club too. They drop some really, really
1:01:06
great memes. All right, so here is Pablo a
1:01:09
Palo Arduno. He is the CTO of Tether and I
1:01:13
think he's also part of bit Fenex and it's like a horse,
1:01:16
like we kind of look inside eye. And he says when bitcoiners hear
1:01:20
the word decentralized in the context of any blockchain that
1:01:23
is not Bitcoin, absolutely hilarious and spot on.
1:01:27
Remember guys, our memes are better than theirs.
1:01:30
They have to rely on lies and narrative and spin
1:01:33
misrepresentations. We have truth on our side.
1:01:35
So it's it's easy to make memes when when you have truth because
1:01:39
truth is the common denominator. Anyways, so here's a here's a
1:01:43
Godfather just like kind of like looking with you know the the
1:01:48
the epic iconic Godfather you know face.
1:01:52
And I think it's come from the first scene of like the first
1:01:54
movie and he says you come into my house on the day of my
1:01:57
daughter's wedding to be married.
1:01:59
And you asked me where does the yield come from.
1:02:02
Absolutely hilarious. If you watch the movie, you
1:02:05
would understand that reference. But yeah, absolutely spot on.
1:02:08
He's like petting his cat like while this is happening, like
1:02:11
it's such an iconic movie scene. All right, next the the Pierre
1:02:15
where the Pierre memes are back. That definitely means that
1:02:17
confirms that we are heading back into a bull market.
1:02:21
This one says the best part of the next bull run is getting to
1:02:25
choose which Bitcoin pier you'll be.
1:02:28
And of course this is the VP of Riot, Pierre.
1:02:31
And this is the, you know, Pierre after, I think this
1:02:38
Pierre is gonna come back, man. I think he's gonna come back
1:02:40
strong. I couldn't grow a beard when I
1:02:43
started simply Bitcoin. And then all of a sudden, you
1:02:45
know, the more I got into Bitcoin, the the, the, the
1:02:47
thicker the beard got, the longer the beer became.
1:02:50
I don't know what happened. There's the signal.
1:02:53
Bitcoin is good for testosterone.
1:02:55
Is what you're saying just increases testosterone levels?
1:02:58
That's that. I would agree with that.
1:03:00
All right, next. Next meme is by the legendary
1:03:04
Rope Baby. Remember the money we saved up
1:03:07
to buy our dream home? Sophie, how do you?
1:03:11
Feel about this. What's your reaction?
1:03:13
I feel personally attacked by this.
1:03:15
Meme I think that, you know, we don't have art on our walls
1:03:18
right now because we because we, well, technically we do have a
1:03:22
lot of art. We just haven't hung it up yet.
1:03:23
No, we have a lot of art in your.
1:03:26
Studio we don't have art with. The only art we have hanging in
1:03:30
our living room is a tiny little canvas that I painted.
1:03:34
Of an alien South Beach. Which, yeah, maybe It sounds
1:03:39
like you should paint. More art than?
1:03:40
Sophie Yeah, yeah, I think it's. A lot cheaper than buying your
1:03:45
own art, so definitely gonna have to get on it.
1:03:49
It took me like 5 hours though bro.
1:03:52
Painting is really hard. I thought I'd just do it in like
1:03:55
2. Took a long time.
1:03:58
Yeah, I would agree with Nico's. Mike went out.
1:04:04
Oh no. No, I'm back.
1:04:05
I'm back. I would agree with that.
1:04:06
All right, last meme, we have a dancing squirrel TikTok one hour
1:04:10
party. Oh my God, are we supposed to
1:04:14
explain? This online right?
1:04:15
Now, no, no, I'm just. I'm putting you on the spot.
1:04:18
Oh, OK Well, squirrels. Are the coolest animal in the
1:04:22
world because they plant all of your trees, but it they do it on
1:04:27
accident because they don't know where they put their nuts.
1:04:31
So don't be a squirrel and forget where you put your your
1:04:34
24 words. You don't want to do that cuz
1:04:36
then you'll lose your Bitcoin. Don't misplace your nuts, guys,
1:04:40
that's what that's. Sophie's saying yeah, don't.
1:04:43
Yeah, cuz it won't plant trees. Like, don't misplace your nuts
1:04:48
and not only don't lose your 24 word seed phrase, properly
1:04:52
secure it. Do it on titanium.
1:04:53
Scan the QR code. Get yourself a stamp, seed,
1:04:56
titanium seed plate. Anyways, 15% off simply promo
1:05:00
code. Alright guys I'm going to give
1:05:02
it this hotel room in Los Angeles.
1:05:07
That's my score. So if you what's your score?
1:05:09
My score is. The free coffee downstairs that
1:05:14
didn't have to pay for so I saved some sats and drank some
1:05:19
delicious coffee with delight, French vanilla and hazelnut.
1:05:23
It was very good. That that's.
1:05:25
There's still a little bit here. That's that's a good score.
1:05:27
Mike Hobart, what would you give those memes my meme review?
1:05:31
Is going to be a book. So I've been reading book called
1:05:36
Driven which was published by one of the guests that we had on
1:05:41
Bitcoin. Bitcoin Veterans is a book about
1:05:45
actually that goes into like the.
1:05:47
Biology, Physiology and psychology behind driven
1:05:52
individuals that also have a DD. So I think a lot of bitcoiners
1:05:55
and a lot of viewers of this show would probably enjoy that
1:05:59
book. So like real quick is driven.
1:06:01
If you guys want to see it, that's the title.
1:06:04
Or that's at least the, yeah, the title of the book.
1:06:06
And then the author was Randy Kelly, and that's KEL.
1:06:13
Awesome. Yeah, I mean that.
1:06:15
That's cool. I haven't.
1:06:16
I'm gonna check that out. That sounds really, really
1:06:18
interesting. Driven.
1:06:19
OK. All right.
1:06:21
Thanks, Mike. That's a great score.
1:06:22
Very deep score. Yeah, very deep.
1:06:24
I feel bad now giving it a hotel room.
1:06:26
Like, Sophie took it up a notch with describing her coffee.
1:06:29
And then you're you're getting deep, and I like that.
1:06:31
OK, Steve, what would you give those memes?
1:06:34
Oh, what object would I give those beams?
1:06:37
Off my desk feeling color number.
1:06:40
This is show and tell this is. The the bitcoiner.
1:06:43
Version of show. And tell well I want.
1:06:47
Why you give your score? I'm going to bring back the
1:06:50
dancing squirrel, OK, yeah, I did.
1:06:53
I. Love that dancing squirrel.
1:06:54
I love Pierre Rashard. I kind of like the decentralized
1:06:57
horse thing, but in terms of object I bought for my meet up
1:07:02
today. They don't even know about this
1:07:04
yet, but I bought just actual green candles.
1:07:08
They're on my desk right now, so I think what I'm going to do is
1:07:11
I'm going to like light this candle and walk into the meet up
1:07:14
and see if I can make it like a tradition, like church or
1:07:16
something like acolyte, light the green candle.
1:07:20
So that's why I give to them. It's not a bad idea.
1:07:25
That's that's a great score, but having some issues.
1:07:29
I don't know why. It's the cable.
1:07:31
It's the cable, yeah. It's the cable anyway.
1:07:45
All right, everybody. So it seems like we have a bit
1:07:48
of some technical difficulties, but don't worry, there's a
1:07:50
dancing score on Squirrel on screen to have you entertained
1:07:54
while we kind of figure it out. Anyways, drop your scores in the
1:07:58
live chat and we'll get to them. First, that green candle?
1:08:02
That's pretty bad. It's very it's very poetic.
1:08:05
It's very poetic. All right, first score by rave
1:08:08
elevator. I score the memes.
1:08:10
The laptop fan repair I did myself to save some Sats.
1:08:14
The next one by Opti says my score to SBHR department for
1:08:19
triggering. My next one by Phillip Russo.
1:08:24
I give Opti's mustache growing one hair after smash buying at
1:08:27
30,000 feet. All right, Next one by Igor.
1:08:30
I give the means a user data link by a third party.
1:08:34
John Pleb Opti get well soon. Hallmark Card Opti's just
1:08:38
flying. He's Opti Opti.
1:08:41
He's fine. Opti won.
1:08:43
The poll. Like what?
1:08:44
What is he bitching about? Oh, OK, apparently so.
1:08:50
Apparently it's not a apparently I'm hearing it.
1:08:55
I'm hearing it. Guys, apparently it's it's not
1:08:57
my it's not this, it's not this mic in particular.
1:08:59
Something's going on with the USBC cable where I'm only coming
1:09:02
out out of 1 ear. I apologize.
1:09:05
Anyways, guys, 011 Last score by Elaine Score Sophie's appearance
1:09:09
on Simply Bitcoin. More.
1:09:10
Bring more ladies into Bitcoin. Absolutely 100%.
1:09:14
Guys, thank you so much for tuning into an episode of Simply
1:09:17
Bitcoin Live. We appreciate you if you enjoyed
1:09:19
the show. Make sure to smash that like
1:09:20
button. Consider subscribing if you feel
1:09:22
like we provided you value. But the number one thing you
1:09:24
could do to help push the show. Help push the peaceful Bitcoin
1:09:27
revolution to share Bitcoin content.
1:09:28
I want to thank Mike. Thank you so much for joining us
1:09:30
today. And our special guest Steve,
1:09:33
very interesting solution to tackle the Oracle problem.
1:09:36
Thank you so much, Mike and Steve for joining us.
1:09:39
Yeah. Thanks for having me.
1:09:41
It was my pleasure, fellas and Sophie.
1:09:44
Nerd. Herd All right, everybody.
1:09:46
Peace out, hope to see you guys at Pacific Bitcoin.
1:09:49
Bye everybody.