Latest / Simply Bitcoin / NEW COLDCARD MK4, Most Secure Bitcoin Hardware Wallet Ever! | EP 482

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NEW COLDCARD MK4, Most Secure Bitcoin Hardware Wallet Ever! | EP 482 · Simply Bitcoin

• 0:04
  Welcome back, everyone. We are simply Bitcoin.
• 0:07
  We break down the news. The daily fail me review,
• 0:10
  software releases Hardware releases and the pleb sites
• 0:15
  joining us today fellow Bitcoin ER, Creator and founder of coin
• 0:22
  kite that makes gold card and open times.
• 0:25
  That's right, long overdue. We've got nvk joining us mvk.
• 0:29
  Thank you. So So much.
• 0:31
  Thanks for having me, guys. All right, here we go.
• 0:34
  We are, we are diving into the numbers.
• 0:36
  Let's do it. People number times.
• 0:38
  Number time is brought to you by, not all they make some of
• 0:41
  the best Bitcoin notes like the novel Dojo.
• 0:43
  Yes, it's in red. That means is faster.
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  Run your own version of Bitcoin core and the light Network all
• 0:48
  in the comfort of your home. Remember, if you do run your own
• 0:51
  Bitcoin node, you're using someone else's.
• 0:53
  So you get yourself a Bitcoin know today.
• 0:55
  Like the nozzle, at the time of this recording.
• 0:57
  The block height is 735,000 Seven the Bitcoin price 30 6205
• 1:03
  chain rewrite days 722, total public, lightning capacity, 3700
• 1:09
  11.75. Moscow time 2762 blocks of the
• 1:14
  having 100 4933 and the samurai Whirlpool.
• 1:19
  Unspent capacity, Samurai Whirlpool is a coin or
• 1:22
  collaborative spend. That is not a mixing service and
• 1:26
  the unspent capacity is 4539 Dot. 20 Nico, the numbers
• 1:32
  numbers that appear. So we got a request, there was a
• 1:36
  pleb. There was a plaid that said
• 1:38
  instead of doing the the million.
• 1:41
  What's one, what's the dollar amount of a million sites?
• 1:44
  Someone requested. What is the dollar amount of
• 1:47
  10,000 SATs? Oh, okay.
• 1:50
  So that's it better. Let's do it.
• 1:52
  Let's do it. Let's go get that metric.
• 1:54
  So we're looking for 10,000 SATs, huh?
• 1:57
  Let's do it. We've got.
• 1:58
  All right, so the price of 10, Those insights is three dollars
• 2:02
  and sixty cents right now USD per 10,000 SATs.
• 2:07
  That's all our parodies coming, it's Robin, it's coming.
• 2:11
  So like nothing right 3x here are bullish and bks, right?
• 2:15
  That it's coming. We think it's inevitable but we
• 2:17
  got someone who tagged us on Tweeter.
• 2:20
  And we're going to talk about this today and they said, hey
• 2:22
  what's going on with the price? All right, so we're not going to
• 2:26
  give you the TA, but we are. I'm gonna I'm gonna bring up
• 2:28
  some of the things I've happened.
• 2:29
  In the last year and we could talk about that, right?
• 2:33
  So this was before, Bitcoin made an all-time high the all these
• 2:36
  things happen, right? So in the last year, Central
• 2:40
  African Republic adopts Bitcoin is legal tender Panama and my
• 2:43
  opinion passed, a better than legal tender law.
• 2:46
  El Salvador, of course, we got Portugal.
• 2:49
  Madeira, you got Cuba. There's 100,000 Cubans
• 2:52
  reportedly that are using Bitcoin.
• 2:53
  You have a city in Texas Fort Worth mining Bitcoin.
• 2:57
  I know it was only two two or three ES Mine's it was symbolic,
• 3:01
  but this is just the beginning of it.
• 3:03
  So again, the price is the noise, which is why we don't
• 3:06
  cover it on our Channel. We try to stick to the signal
• 3:08
  but the signal is that the fundamentals of Bitcoin are just
• 3:11
  getting stronger Bitcoin survived a mining banned by the
• 3:15
  Chinese Communist Party. The migrant the the mining, the
• 3:18
  hash rate, decentralized all around the world and it's
• 3:21
  breaking an all-time high today, right?
• 3:23
  You can't what doesn't kill the honey badger makes it stronger.
• 3:26
  The price is price, it is but it's just cheaper SATs.
• 3:29
  It's a good thing. For you anyways, nvk, you wanna
• 3:33
  help some of our listeners that are a little bummed out by this.
• 3:36
  Eight percent drop in Bitcoin is what like 9 million percent up
• 3:43
  since its Inception. So like it's a little weird to
• 3:50
  to be thumbs up by 8% Bitcoin moves 20% on the same day.
• 3:56
  I mean who cares just wait a little longer.
• 3:59
  Absolutely. I think that's great advice and
• 4:02
  pass it back to you. So nbk your class of much
• 4:05
  earlier than Phil and I how so in the beginning it's definitely
• 4:10
  difficult though. Over time what have you learned?
• 4:13
  Because you know there's no end to the Bitcoin Rabbit Hole.
• 4:16
  You think you get to the end and then you keep discovering things
• 4:18
  new and then you just keep having these crazy moments.
• 4:22
  What piece of advice? Would you give to someone just
• 4:25
  starting their Journey? Bye story in your cold card and
• 4:30
  forget that you have it unless you want to add more to it.
• 4:35
  Seriously like absolutely did not.
• 4:37
  Look at the price for at least two cycles because the first
• 4:41
  time get kicked in the stomach and you go like, oh my God, I
• 4:44
  bought at the top and then, you know, like you go like, oh my
• 4:49
  God, what did I do? And then you go and you buy
• 4:53
  maybe a little more at the bottom, right?
• 4:55
  And then the price Goes up at any crashes again.
• 4:59
  And like, you just gotta go through a few of those, you
• 5:02
  know, develop a little bit of like, a thick skin.
• 5:05
  It's yeah, you know, like training is for suckers just by
• 5:11
  absolutely I'm so completely agree with that by the way.
• 5:14
  Phil and I just want to, I just have to ask this to attend VK
• 5:17
  and I think that this will help a lot of noobs are people that
• 5:19
  are skittish with the price. So, tell me, tell me this.
• 5:24
  When you first started, we did. You also feel like you were late
• 5:28
  Oh my God. Yes.
• 5:29
  And and yeah, totally and everyone know, it's kind of
• 5:34
  fascinating because like the price is to fluctuate a lot more
• 5:38
  and we're talking about like order of magnitude more, right?
• 5:43
  So you go like oh my God, that's miss it.
• 5:45
  Oh my God, he crashed. Oh my God, I just miss it.
• 5:47
  Oh my God, it's just scratched. Like you know and then and then
• 5:50
  in those days and be like, oh my God, it's dead.
• 5:53
  It's just never gonna go up again.
• 5:54
  Maybe that's it. Maybe that's the price.
• 5:57
  It'll many times. It's just like it's over.
• 6:02
  Yeah, it's just, you just got to like, understand that you're
• 6:07
  buying something to hold for years.
• 6:10
  Like don't look at it for at least five years.
• 6:13
  Yeah man, bullish. And BK up one last question.
• 6:17
  One of the things that we always get, right, because we have a
• 6:20
  lot of people that are just joining Bitcoin, you know, they
• 6:23
  start seeing our channel is man, I'm too late, you know.
• 6:27
  Times past for me. Is it too late for someone to
• 6:30
  start stacking Bitcoin in the year 2022?
• 6:35
  No, we're still early. Like it's only being, you know,
• 6:39
  Bitcoins Bar Mitzvah this year, right?
• 6:42
  So you know, Fiat has like a hundred years as, as it is, you
• 6:52
  know, gold is 5,000 years. I mean Bitcoin, it always slide.
• 6:57
  Like is super super, super, super early still.
• 7:00
  Like we may have what like couple hundred million people in
• 7:04
  the world that have it. You know, there's a billion
• 7:07
  people coming, like, it's just, it's just so early.
• 7:11
  It's imagine like saying that you're late to the internet when
• 7:14
  the internet was 10 years old. It's true.
• 7:18
  I think it's I think. Yeah.
• 7:19
  But and so that's not point. I think it's hard to see because
• 7:23
  you know and the the article that I always think of is the
• 7:26
  famous Paul. Rude.
• 7:27
  Main article where he's like the internet is not going to amount
• 7:30
  more than the fax machine and just made himself look like a
• 7:33
  total idiot. I think a lot of great are just
• 7:36
  stuck in it and they can't see ahead.
• 7:39
  So I know this is speculative question but what do you see
• 7:43
  happening in Bitcoin? The next 10 years again.
• 7:45
  No one knows the future but a gazillion dollars and it's the
• 7:51
  end of the math and and now we own the web.
• 7:58
  We totally own it. We're running it.
• 8:03
  He said of Klaus Schwab, we have safety in the head, ha ha ha.
• 8:06
  And we're literally for immunity to eat beef about that.
• 8:12
  That's a reasonable timeline for 10 years, man.
• 8:15
  That, that reminds me of wish that reminds me of your Twitter
• 8:18
  handle, right deterministic, optimism, that is some fucking
• 8:22
  hardcore. Determining, what happens the
• 8:25
  longer you stay in the in the rabbit hole?
• 8:27
  More bullish. You are because you see how
• 8:29
  old's man goals but anyways Phil it's time for the daily fail
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  purchases and soon they're going to have an app that you can
• 8:46
  download. It's a stacking app by fellow
• 8:49
  Bitcoin plebs. The link is down below.
• 8:52
  All right look we we kind of called this already when the
• 8:56
  when the Osment was official for the Central, African Republic
• 9:02
  that they accepted Bitcoin as a currency, not legal tender.
• 9:05
  Okay. And Really not surprised that
• 9:10
  the IMF has started to come out. Now, let's dive into this
• 9:14
  garbage article from the IMF, IMF expresses concern over the
• 9:18
  Central African Republic's Bitcoin, adoption it believes
• 9:22
  that there are legal economic and this is the funniest part
• 9:26
  for me, transparency issues with Bitcoin adoption, keep in mind
• 9:30
  Bitcoin is the only true decentralized public Ledger that
• 9:34
  anybody can examine anything they'd like on the blockchain
• 9:37
  they can build tools That examine all of those
• 9:39
  transactions if they like nobody is stopping them and interesting
• 9:43
  that the IMF of all agencies is worried about the transparency
• 9:49
  issues of Bitcoin. Keep in mind, the IMF issue,
• 9:52
  something called sdrs which no one really ever talks about.
• 9:57
  But it's another layer of fake money.
• 9:59
  Anyways let's let's keep going into this shitshow.
• 10:03
  IMF has voiced concerns over the Central, African Republic's
• 10:06
  adoption of Bitcoin as legal. Tender which that's not exactly
• 10:11
  accurate. Anyways.
• 10:13
  They do accept it as a currency but it's not necessarily under
• 10:16
  the law the laws of legal tender, they did not announce it
• 10:20
  as a legal tender. Anyways saying it raises a
• 10:22
  number of challenges for the country and the region notice
• 10:25
  that they don't actually point to any type of true studies.
• 10:28
  Are they just boom challenges challenges to the region the
• 10:32
  adoption of Bitcoin as legal tender in the Central African
• 10:34
  Republic raises, major legal, transparency, and economic
• 10:37
  policy challenges. The IMF staff are assisting the
• 10:41
  regional and Central Republics authorities in addressing the
• 10:46
  concerns posed by the new law. That's right.
• 10:49
  See the IMF is there to help? Write all of these countries
• 10:54
  that have mind, you all of them have debt, all of the, all of
• 10:57
  the IMF countries, owe money to the IMF.
• 11:00
  But yet the IMF is here to help. Developing countries in
• 11:04
  particular stand to gain from the asset class talking about
• 11:08
  Bitcoin as it can help digitize economies and Foster Innovation
• 11:13
  especially in countries with large unbanked.
• 11:16
  Populations heavily reliant on remittances.
• 11:21
  This is true very nice we appreciate that making Bitcoin
• 11:26
  at legal tender certainly helps adoption but when it comes to
• 11:29
  the larger picture matters, get complicated.
• 11:33
  Even though we can't cite anything for instance, while
• 11:36
  Bitcoin helped increased tourism Revenue in El, Salvador.
• 11:39
  How nice of them? That that's, that's kind of what
• 11:41
  they're doing to throw crumbs, the risks due to volatility make
• 11:46
  it unpredictable, and this is what concerns the IMF the most.
• 11:51
  So as long as it's predictably going down in our value is come,
• 11:55
  you know, being depleted constantly and it's predictable,
• 11:58
  it's all good but the volatility to the upside and Nico and BK,
• 12:03
  what we need to worry about these problems.
• 12:05
  Okay. All right, so let's just before
• 12:07
  we move to the next one. Let's just quickly take a look.
• 12:09
  Remember we covered. Sdrs extensively in a previous
• 12:12
  episode, but I just wanted to remind everyone.
• 12:14
  This is the quote unquote currency that doesn't exist.
• 12:18
  That the IMF issues, two countries.
• 12:21
  The svr is an international Reserve asset created out of
• 12:24
  thin air by the IMF to supplement the official reserves
• 12:28
  of its member countries. The SDR is not a currency, it is
• 12:32
  a potential claim. Email on the freely usable
• 12:35
  currencies of IMF members. As such sdrs, can provide a
• 12:41
  country with liquidity at that sounds like money.
• 12:44
  It just sounds like other fake money on a different level and
• 12:48
  let's just quickly take a look before we get the comments from
• 12:51
  from nvk. Let's just take a look here.
• 12:54
  So the central, the Central African Republic does currently
• 12:58
  have two hundred and ten million dollars of outstanding purchases
• 13:02
  and loans. Loans from from the IMF.
• 13:06
  So again I ask the question. How is the IMF actually helping
• 13:12
  any of these countries and also what I find incredibly psychotic
• 13:18
  is that that comment about Bitcoins transparency.
• 13:23
  We never. This is what I said at the
• 13:24
  beginning. We never hear about sdrs.
• 13:26
  We never hear about this layer of money.
• 13:28
  It never gets added to any country's death.
• 13:30
  It never shows up in anything that anyone talks about on the
• 13:32
  main On the corporate owned media, but it's there and
• 13:35
  countries are beholden to the IMF with this debt anyways.
• 13:41
  Enrique any, any thoughts on this garbage?
• 13:43
  I just read Yeah, I've been there a map is essential
• 13:47
  economically terrorist organization, right?
• 13:52
  They like hey you do you like crack?
• 13:57
  I have some and it's free. Right?
• 14:00
  Like they pick like the countries that are most screwed
• 14:04
  and they're like, hey, let me give you some of this good
• 14:06
  stuff. I promise you.
• 14:08
  It's easy payments, right? Like it's just it, you know,
• 14:13
  like they've been doing this. For so long now it's quite
• 14:16
  fascinating. But at the same time I mean if
• 14:19
  you're playing this right, or if you're like some proper
• 14:22
  dictator, why not get the free money either, right?
• 14:24
  I mean it's like I mean personally if I was like, you
• 14:29
  know, like El Salvador, he said I'm telling the IMF to go fuck
• 14:33
  itself. I'd go and like, take the free
• 14:35
  money from the IMF and buy Bitcoin.
• 14:37
  Yeah. You know, like why not, right.
• 14:44
  I mean obviously ours may as well convert them into Bitcoin
• 14:47
  somehow. That's right.
• 14:48
  I mean and it's going to Fascinate because STIs, go back
• 14:51
  way back to bank or which was like some idea to create like,
• 14:55
  you know, where World sort of like solution for will currency
• 15:00
  which was supposed to be the free market in a way.
• 15:03
  I don't know. It's Tricky.
• 15:04
  I mean that's the ours are like a reasonable solution is just a
• 15:08
  day and a half is an unreasonable organization.
• 15:13
  The and and the other piece Of it is that I don't like how it
• 15:16
  seems as though this mechanism is hidden.
• 15:20
  I mean obviously if you go look for it the information is there
• 15:24
  but it's never really mentioned that and I find that kind of
• 15:26
  disingenuous Yeah, I know it's, yeah, I mean they really don't
• 15:32
  have the best intentions. I know, I completely agree.
• 15:38
  I think, you know, and here's the signal.
• 15:40
  Right is, why is Corporate media giving the wise corporate media?
• 15:45
  Giving it's like a sovereign country decides to make
• 15:50
  something legal tender. We must now, get the imf's
• 15:52
  opinion and see what they have to say, like, like, and I think
• 15:56
  that's a lot of signal. I think that these people feel
• 15:58
  Like they control the world man. And I think Bitcoin is when they
• 16:01
  do, go throw the world. Yeah, there you go.
• 16:03
  They do right and Bitcoin. I mean Brett, yeah, they
• 16:08
  definitely do control it, but you see, it's interesting,
• 16:11
  right, because they get to, because they borrowed because
• 16:15
  they borrowed the sdrs, or purchase the sdrs or whatever it
• 16:18
  is, the Central African Republic.
• 16:20
  Well, here you go. It's exactly what I said that
• 16:22
  they're beholden to them. So now the IMF gets to have an
• 16:24
  opinion on everything Financial from the country.
• 16:27
  So again, it's a I mean they are round about way to get their
• 16:31
  tentacles everywhere, but think about it this way, right?
• 16:34
  If you if you were a company and you sell, you know, 90% of your
• 16:39
  Equity to somebody, they might have a say over how you run your
• 16:44
  business. You know, when you take the
• 16:46
  money from this, this this, you know, this evil people, you
• 16:50
  know, they now technically like their big creditor, right?
• 16:54
  So you you got it, you know, dude.
• 16:58
  Is used. At least have them participate
• 17:01
  in the conversation on how to explore your natural resources
• 17:05
  and keep nothing. Yeah.
• 17:07
  No I agree. How does this end nvk?
• 17:11
  Where does this go? Are they it's like I was saying
• 17:14
  yeah like in 10 years from now now say 15 is going to be the
• 17:19
  head of the weft. It's going to run the IMF and
• 17:22
  you're going to be pushing the beef, narrative be great. you're
• 17:32
  not, you're not worried about the transition nvk, the
• 17:35
  transition into the beef standard, No, he got.
• 17:45
  My prediction is sorry. I missed that.
• 17:46
  My connection got got really screwed up.
• 17:49
  I said so we cover we a lot of our show revolves around the
• 17:53
  transition and all this pushback from governments.
• 17:56
  I don't think they'll be successful.
• 17:57
  I completely agree with you but I think that their transition
• 18:00
  will be a little hairy. Does that worry you at all?
• 18:05
  Oh yeah, that no. I mean you know what are they
• 18:09
  going to do? Like, see the thing that people
• 18:12
  sort of like forget when it comes to this is that
• 18:16
  politicians are still people and politicians to need to live in
• 18:20
  society, right? They just happen to be a, you
• 18:26
  know, what's a rough part describes them as like, the
• 18:28
  political cast, right? So they're just a class of
• 18:32
  humans, the court people, right? Whoo.
• 18:34
  Who get to have their cake and eat it too in a way, right?
• 18:38
  But the laws still apply to them to a certain extent.
• 18:43
  So you know, look at like Nancy Pelosi, right?
• 18:48
  And you know stocks so so the thing is they will always carve
• 18:56
  out right? Like loopholes and solutions
• 19:00
  good free market solutions for themselves on the The things
• 19:04
  that they have bags, right? So the thing that best ease our
• 19:11
  way into the demise of Fiat is to have politicians have Bitcoin
• 19:17
  bags, because it'll deal would never go after their own bags.
• 19:22
  Hahahaha. Absolutely.
• 19:25
  Never write like same for. Did you do Sherry?
• 19:29
  There's a Curative everybody. Let's just get them all to have
• 19:32
  the right bags and We're all going to make it.
• 19:35
  Yeah, my sentence matter incentives.
• 19:39
  Incentives, do matter. Hopefully we do.
• 19:41
  I know, I know that a couple politicians have already folded
• 19:44
  to those. Let's see how they played out.
• 19:46
  Hopefully in 10 years. Every politician will have a
• 19:49
  cold card with some big quite on it, but anyways, Phil, it's time
• 19:52
  for the daily meme review brought to you, by Citadel 21,
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  me move, you will review Bitcoin memes or it would not be a mean
• 20:25
  review. Anyways.
• 20:26
  First mean, it's not really mean sometimes we cover images, but
• 20:29
  it's a very powerful images image images.
• 20:33
  This by is a tweet by Zach, vo, L dominoes are falling and they
• 20:37
  simply cannot stop it. I'm FC's risk after oh,
• 20:40
  Salvadore makes Bitcoin legal tender Bitcoin adoption by
• 20:44
  Central African Republic. A concern IMF says, right?
• 20:47
  Very powerful image. Why did everyone care what the
• 20:50
  IMF says? I think nvk.
• 20:52
  Covered that pretty well. Next meme is by Swan Bitcoin
• 20:56
  Bitcoin are explaining DCA. The crypto traitor, is it good?
• 21:05
  Next one by Chris Reed back then the whole world would stop and
• 21:09
  listen to one guy, say what he was going to do with the price
• 21:12
  of money, huh? Oh, it's not give us Central
• 21:15
  Banking, that's funny. I didn't get it immediately.
• 21:17
  All right, here we go. By Solomon, Ultra, please don't
• 21:21
  make some of you have to elevate this fellow viewers.
• 21:23
  Shout out, bro, it's deeper than money.
• 21:25
  The future version of of you. That's, that's sold your
• 21:29
  Bitcoin, the future version of you that did not.
• 21:33
  It's a pretty pretty cool. You're saying.
• 21:35
  All right. Moving on to the next one.
• 21:36
  This one is absolutely hilarious by Fullmetal hottel funny, email
• 21:40
  from Grandma. I don't know if you listen to
• 21:42
  the news, so if you don't, here's the latest on crypto
• 21:45
  space currency. If you are if you're in it get
• 21:48
  out turns out. It's heavily scams and young
• 21:51
  people like yourself are losing thousands of dollars Grandma,
• 21:54
  thanks for the heads up Grandma. I don't buy cryptocurrency only
• 21:57
  Bitcoin which is different is actual legal tender several
• 22:00
  Nation. Thanks.
• 22:01
  Well I just want to point out. Shout out to that Grandma for
• 22:04
  knowing how To email. All right.
• 22:05
  Next one. Elsie hottel River Compass home,
• 22:09
  minors. Dude, this one's really fucking
• 22:14
  good. All right, shoutouts, have some
• 22:16
  out-breaking Bitcoin CEO says notes?
• 22:18
  I'm F. I love it.
• 22:22
  All right, last but not least it is by Alan Watts.
• 22:25
  No, you can't just save in Bitcoin and focus on your craft.
• 22:28
  I need to you to refresh my phone, every minute to check my
• 22:30
  stocks and then of T's and shit coin bags.
• 22:33
  Plus all season is coming and Bitcoin is going below. 20 k
• 22:36
  whatever works for you bro one Bitcoin having later.
• 22:41
  Bitcoin. Only the Koinonia ha ha ha.
• 22:45
  Alright, awesome scores. Phil, why do you give it your
• 22:48
  score first? I mean, awesome memes.
• 22:50
  Why don't you give your score first and then I'll go no
• 22:53
  problem. No problem.
• 22:54
  Definitely, awesome memes. Yes, these were straight fire
• 22:59
  and I think this is a very fitting score.
• 23:01
  They are getting the Bitcoin companies, honey badger.
• 23:05
  That's right gotta love the honey badger.
• 23:07
  Many nice Bitcoin. Now I'm gonna give it The the
• 23:12
  tone gave me this because I came in 8th, in this poker
• 23:14
  tournament. It's a dealership from
• 23:17
  unconscious capable. That's where I saw him BK and he
• 23:19
  mm, blocked me there. It was awesome.
• 23:21
  And became, what would you give those memes a mug of red wine?
• 23:29
  No, no. Okay.
• 23:31
  All right, it's good scores. Anyways, guys, we want to know
• 23:34
  if you agree with their scores, you disagree less up down in the
• 23:36
  comment section. Make sure to subscribe to us
• 23:38
  alternative video platforms like Rumble.com era.
• 23:41
  So favorite Bitcoin tv.com, they don't censor their because
• 23:43
  Bitcoin TV and of course make sure to join our awesome
• 23:46
  telegram groups or you can link us some dank dank Bitcoin memes
• 23:49
  review. Anyway, so it's time for the
• 23:51
  Daily News brought to you by crypto.
• 23:54
  Cloaks.com they make the best 3D printed Bitcoin March like the
• 23:57
  famous 3D printed Bitcoin art grenade sculpture comes in Gold.
• 24:01
  That means you know it piece of piss is Peter Schiff off and the
• 24:04
  famous 3D printed Bitcoin. Honey.
• 24:06
  Badger comes in three different sizes and you can take advantage
• 24:08
  of Link down below to get 5% off crypto cloaks.com.
• 24:11
  All right, everybody. This was, I don't know.
• 24:14
  I don't like this guy because he's a bit of a shit koiner but
• 24:16
  I think this was a big deal. Let's get everyone's thoughts.
• 24:19
  Bitcoin is a liquid alternative to caches Elon and he recent us
• 24:23
  Securities and Exchange Commission.
• 24:24
  Filing, Tesla and created its Pro Bitcoin position stating
• 24:28
  that Bitcoin has long-term potential and is a liquid
• 24:31
  alternative to cash. The filing also confirmed that
• 24:33
  the electric car maker did not sell any of its Bitcoin
• 24:36
  houghtaling houghtaling. Wow, holding since quarter, I
• 24:40
  keeps it Mixing those words up since the prior quarter problem
• 24:44
  and this to quote, one of the Tesla spokesman provide us with
• 24:47
  more flexibility to further diversify and maximize Returns
• 24:51
  on our cash that is not required to maintain adequate operating
• 24:54
  liquidity and BK what are those very fancy words maintain
• 24:59
  adequate operating liquidity. Yeah, so the you actually want
• 25:04
  to like explanation on that I could if it seems a little
• 25:10
  complex. X.
• 25:11
  I mean, I mean, no, it's pretty simple.
• 25:14
  Okay. So like, think about it this
• 25:15
  way, right? You're a big big company.
• 25:20
  You have many bank accounts in many different countries, in
• 25:23
  many different currencies, and it's very complicated stuff,
• 25:27
  right? Because you have to keep the
• 25:28
  float. Imagine like you have to pay all
• 25:30
  your suppliers. You have to pay your employees
• 25:32
  and stuff, right? So essentially you need
• 25:34
  float:right, you need a capital that's liquid for you to pay for
• 25:38
  stuff but you can't just keep up.
• 25:41
  We heap of cash in the bank account because you know,
• 25:44
  inflation you have risk of banking shit.
• 25:48
  You have risk of country, shit. You have risk of country Plus
• 25:52
  banking shit. You have all kinds of risks,
• 25:55
  right? So this is, by the way, one of
• 25:58
  the reasons why like sailor clued in on bitcoin because they
• 26:02
  were doing business, you know abroad where banking is crap.
• 26:06
  So, you know, Bitcoin allows you as a big coat.
• 26:11
  Company to have liquid cash, right?
• 26:13
  So you have this asset sitting that you don't need permission
• 26:16
  to send anywhere, right? And literally convert that into
• 26:19
  Fiat in in any country and pay the bill That's a huge deal for
• 26:26
  people who maintain like the treasuries and all the liquidity
• 26:30
  for a large company, especially when you get very big.
• 26:33
  Yeah. Okay, that makes sense.
• 26:35
  So what was the, what was the prior alternative like, before
• 26:39
  Bitcoin, what would companies have to do and what problem does
• 26:42
  Bitcoin solve? So it was kind of tricky, right?
• 26:45
  So people would buy local currencies in different
• 26:49
  countries because it takes time to transfer.
• 26:53
  Then you have to hold that shit in their shitty banking's.
• 26:56
  Imagine holding Argentinian Pesos right?
• 27:01
  Like I don't know, tomorrow they need to have yes there because
• 27:05
  there's also Capital controls so you can just move money fast.
• 27:10
  So and most countries will have some form of capital control,
• 27:14
  right? Like including the u.s. not all
• 27:16
  transactions, make it some transactions, get held for
• 27:19
  review and shit like that. So then you have to hedge.
• 27:23
  The currency, right? So you would you would have
• 27:26
  other trades that are hedging the currency directly or
• 27:29
  indirectly, it becomes very complicated, very fast, right.
• 27:33
  Sometimes you're going to use like insurance and times, you're
• 27:36
  going to use collateral like you guys, very complicated and it
• 27:40
  depends on each country because it's so simple for you by.
• 27:43
  And if you can just like, figure out your bitcoin price strategy,
• 27:48
  right? You can do this a lot better.
• 27:51
  That's best. Very awesome.
• 27:53
  Phil, you have any any, any thoughts on this, bro?
• 27:56
  I just want to, I just want to touch back on something.
• 27:59
  Nvk, said that I think that, I don't know how many people are
• 28:04
  really paying attention to how much that means, but this is
• 28:06
  very important about Bitcoin. You're absolutely right.
• 28:09
  Anybody can hold it and then sell it in any country in the
• 28:13
  world. And I'm just thinking to myself
• 28:15
  what other assets could anybody reason that with like their
• 28:19
  choice to use it? You're gonna put like a truck of
• 28:22
  gold in a in a private jet. The private jet won't take off
• 28:28
  its true. No, you don't understand.
• 28:34
  So, think about it this way, a toddler, a toddler know, like a
• 28:38
  small child worth of gold. Okay, is worth about say a
• 28:43
  million dollars. okay, like if you need to transfer a billion
• 28:48
  dollars, that's a lot of children and everything.
• 28:51
  Yeah, let's make hemming to adults, right?
• 28:55
  Like I mean like this shit becomes out of control, very
• 28:59
  fast, airplanes are not good if a lot of weight.
• 29:01
  Yeah, okay. And then there's Capital
• 29:05
  controls on that. You can't just fill up a jet who
• 29:07
  are gold and fucking gold for other country.
• 29:10
  My object that I know. But think of the security you
• 29:15
  have to hire. It's even if you need, it's
• 29:17
  crazy. What if you called?
• 29:20
  What is the playing Falls? We hold the money.
• 29:23
  Are you gonna get insurance on that?
• 29:25
  You mention of a shirt. So, we have a transaction, we
• 29:28
  need to buy more batteries for Tesla.
• 29:31
  Okay, I have a BJ full of gold. Okay, can you get me insurance
• 29:37
  on that? They're going to look at your
• 29:38
  like in finger. Are you retarded?
• 29:42
  You know? So that, what's your next
• 29:43
  option, right? Like you come in dear, an army
• 29:46
  C30 right. Like a proper airplane.
• 29:49
  Looking carries a lot of weight. Wait, I don't know if the
• 29:51
  country is gonna go with that. Are you gonna put in the ship?
• 29:55
  It's going to take a month or two to get it because people
• 30:00
  don't understand, okay? Like when you're in trying to
• 30:03
  carry like a few grand whatever, right like I mean even the
• 30:05
  airport doesn't object to that, you just have to like say that
• 30:09
  you're carrying, it might have to explain yourself.
• 30:12
  But like, as soon as you're trying to carry a 10, Now, this
• 30:16
  is dollars, which the next country might not accept.
• 30:19
  So with gold, is the next best alternative but then gold shows
• 30:23
  up on the X-ray, the airport, right?
• 30:26
  So like when you know, there's only so much gold, you can have
• 30:28
  in your butt, right? So like you can't really get
• 30:32
  that through. Well, fuck you don't raise a
• 30:35
  carry real money right for a person, there's nothing but
• 30:40
  Bitcoin and if you're trying to do this as like a large entity,
• 30:43
  like a big Corporation there, Is nothing else?
• 30:47
  Yeah. No.
• 30:48
  It's true. And I never thought I'd say it's
• 30:50
  just, it's so easy to send and, and you can send a trillion.
• 30:54
  I can send a trillion dollars to the QR code, in this call.
• 30:57
  Yeah, I mean, I don't have a trillion dollars, I mean,
• 31:00
  Bitcoin is not worth a trillion dollars right now.
• 31:02
  But hey, it's your was and I had it.
• 31:05
  I could send it to you in a cure called radio.
• 31:08
  Hey, and you know, what you could do it for less than two
• 31:10
  bucks to, you could do it for very well.
• 31:12
  I would do one sakta bike and ha ha ha.
• 31:15
  Cheap, man, I am cheat OG. He knows he knows that mempool
• 31:20
  is gonna clear. He knows that transactions gonna
• 31:22
  get in, oh, man, we're gonna make it and not only could you
• 31:25
  send it, you could store it in your mind.
• 31:27
  If I don't know if anyone's willing to memorize 12 words,
• 31:31
  and that's the only backup. But theoretically, perhaps, if
• 31:35
  you're under pressure, you could do that.
• 31:37
  Anyways, I want it. Next, I want to talk about the
• 31:40
  new MK4 which is the next version of the cold card.
• 31:45
  It's the Updated version. I'm going to ask for I'm gonna
• 31:48
  I'm gonna seek a some basic questions.
• 31:50
  I know the answer to but I think he's going to explain it much
• 31:53
  better than I do because this is what he does.
• 31:55
  These are some some things of that K over as a USBC connector
• 31:59
  unlimited memory know Bitcoin transaction size restriction.
• 32:02
  Oh that's awesome. Really I did not know that part
• 32:07
  and Fs NFC tap. You're gonna have to explain
• 32:11
  that to us and became even though I asked you backstage of
• 32:14
  the Bitcoin card but I'm asking you again.
• 32:15
  An even more security, do lessee dual secure element, extensive
• 32:20
  duress, pin, multi-vendor solution, and USB virtual disc
• 32:23
  mode and that I saw look, here's a little little picture of that
• 32:27
  looks really, really cool anyways and BK before we get
• 32:31
  into this because I know a lot of people are going to ask is
• 32:33
  there's a lot of people getting into Bitcoin.
• 32:36
  What is that? What is the cold card?
• 32:37
  What does it do? So, cold card is essentially a
• 32:41
  harder wallet, right? A Bitcoin signing device.
• 32:45
  So you should never have Bitcoin keys on a computer because
• 32:49
  computers have, you know, your porn, your, you know, naked
• 32:54
  Britney Spears .exe, right? Like you've click twice on that
• 32:59
  money gone, right? So don't keep like private keys
• 33:04
  on computers. That's a cold card is for cold
• 33:06
  car. Do you have your keys very
• 33:08
  secure device? Is designed to hold keys inside
• 33:11
  the coin transactions. So we've been doing this For I
• 33:17
  was over 11 12 years now and it'll sats are much safer that
• 33:25
  way and quote card is the one we offer.
• 33:30
  It's a very good harder wallet. We're on the fourth version now
• 33:33
  shipping. Yay people are starting to get
• 33:36
  there. So it's kind of awesome and the
• 33:40
  new one does have a lot of new features.
• 33:43
  We tend to try to launch a new sort of hardware.
• 33:46
  Date every couple years or so. Because things evolve security
• 33:51
  is a moving Target and the network involves two.
• 33:55
  So, you know, most heart of all it's always sort of like, when
• 34:01
  big bottleneck for them, is transaction size, not in amount
• 34:05
  of dollars, but in amount of bytes.
• 34:08
  So, for example, you have a big multisig transaction or you have
• 34:12
  like your, you have all your mining tiny little Inputs from,
• 34:16
  I was about to ask you that. I'm like else.
• 34:19
  I was waiting for you. I was like, okay, but can it
• 34:21
  handle mining deposits? Yes, yes.
• 34:25
  So well to the extent cold card is no longer the bottleneck.
• 34:29
  Mmm, I think right now in the market is probably the heart of
• 34:32
  all of the most amount of memory that he can find, and what that
• 34:35
  means is Bitcoin networks to has a limit for a transaction size
• 34:41
  in bytes, right? So, cold card will take as many
• 34:45
  as Bitcoin Network would take. And sign it all up.
• 34:50
  Boom, send it out. So it does help with that part
• 34:54
  of it until two reasons. Why we increase the memory on
• 34:56
  that it's one is people wanted to do complex, multisig
• 34:59
  transactions and to all the miners that I think all the
• 35:05
  miners use cold card as we get older emails and they'd really
• 35:10
  wanted to consolidate pool, mining pool, tiny outputs
• 35:15
  through their cold card. So that's a huge one and it
• 35:19
  gives us more room memory room to add more features.
• 35:22
  As well, our latest firmware now can send the Taproot address
• 35:27
  this, which is really cool which nobody uses yet but it's not is
• 35:34
  what else I'll get? Okay, I'll get to it in VK.
• 35:37
  I have all the list of the features I just wanted to so
• 35:40
  that you could give a definition of what a harbor wall is.
• 35:43
  Now follow up question and VK why would someone want to Have a
• 35:47
  cold card, versus a treasure or Ledger.
• 35:53
  Okay. So treasure is not secure,
• 35:57
  right? It's a very good, very good UI
• 36:01
  device, right? It's like they take different
• 36:04
  sets of trade-offs, right? But but it's insecure.
• 36:10
  So what that means is, you have to use a passphrase and you
• 36:14
  cannot trust the firmware So if you're doing a large
• 36:17
  transactions or you leave it in your desk or whatever, there is
• 36:20
  the risk, somebody could alter the firmware and even still your
• 36:24
  passphrase, for example, right? So there is a mirrored of
• 36:27
  concerns there. If you're using for multisig is
• 36:30
  fine, if you're using for passphrase be cautious, make
• 36:33
  sure that firmware is always up-to-date and stuff like that.
• 36:36
  So, it's tricky, it's full of shit coins.
• 36:40
  And, and it does not have like one percent of the Bitcoin
• 36:44
  features that we have. Because we are a bit coin only
• 36:47
  device. So we support all the Bitcoin
• 36:49
  features because we don't have to break our features to add
• 36:53
  Bitcoin stuff, right? Because it's all Bitcoin based
• 36:57
  The Ledger device. On the other hand is a very
• 36:59
  secure device but it's closed source.
• 37:03
  So you cannot trust it. And also it's four checkpoints
• 37:07
  and he has a tiny little screen is not for me.
• 37:09
  I'm friends with them. They're great people.
• 37:12
  They do make a good device, but it's definitely not a set of
• 37:14
  trade-offs that I prefer. Yeah, cold card is sort of like
• 37:18
  it's open. You verifiable called, you know,
• 37:22
  you can even see the stuff like the parts inside is clear.
• 37:25
  So, I could, it's essentially, don't trust me.
• 37:28
  Kind of device. You can, you can verify
• 37:30
  everything is extremely secure. Physically, you know nothing is
• 37:35
  infallible but it does by your time in case an attacker gets
• 37:39
  hold of it supports passphrase supports.
• 37:41
  Everything, it really is a device for bitcoiners, so let's
• 37:45
  talk a little bit about the design design design decisions,
• 37:49
  right? You decided to update the USB
• 37:51
  port, two USB C. Is there any particular reason
• 37:55
  that you want to do that? I also want to mention which I
• 37:57
  have this as a standard on all my cold cards, you have an
• 38:00
  option to make it Power only, So why you sy USBC okay?
• 38:06
  There's many reasons USBC now is to essentially becoming the
• 38:10
  standard, right? Like for everything new so
• 38:14
  cables and just making life easier.
• 38:17
  The connector is a lot better. Yeah, this to the like it last
• 38:21
  longer, it doesn't break, doesn't come off because people
• 38:24
  were pretty vile. This is my sister, a lie.
• 38:27
  I mean they've seen zip seen the people have done to called cards
• 38:30
  like so like we tried and We can do the tolerances of the case
• 38:35
  around the connector batter. It's just like a lot of little
• 38:38
  things like that power is better delivered on that as well.
• 38:42
  It's just a better connector, its Devolution of it.
• 38:45
  Gotcha. So let's talk a little bit about
• 38:49
  air gap sneaker net, which is, it's a very fancy, and I didn't
• 38:53
  know this, when I was getting into Bitcoin.
• 38:55
  So like an idiot, I asked your co-founder is like what a
• 38:58
  sneaker and he's just like, are you serious?
• 39:00
  So essentially what that is. Is you create a transaction on
• 39:05
  your PC and then instead of connecting your device to, to
• 39:10
  your Hardware wall, in this case, the colds card, what you
• 39:13
  do is the colds card is powered independently, you know, ideally
• 39:16
  to something that isn't connected to a computer, it's
• 39:19
  just power, you guys sell like a little device where you could
• 39:22
  connect it to a battery directly.
• 39:24
  If you have a hardcore tinfoil hat, and essentially you, you
• 39:29
  create the transaction on your computer, you put that on an SD
• 39:32
  card. File, you put that into your
• 39:34
  colds card. You sign the transaction on your
• 39:37
  cold card, after your son signing to transaction, you send
• 39:39
  that back to your computer. So yeah.
• 39:42
  Is that a good explanation? Because three years ago I would
• 39:46
  have made a fool of myself so so it sneakernet is essentially a
• 39:51
  synchronous, right? So it means there is no two-way
• 39:55
  conversation, way of transferring data, right there
• 39:58
  might be a USB stick. Like, I mean, think about it
• 40:01
  this way. Here facilities.
• 40:04
  Right nuclear energy facilities, right?
• 40:06
  They're not connected to the internet because they know
• 40:09
  they're going to get hacked. Right.
• 40:10
  So this CIA and Mossad had to go through the extent of creating
• 40:15
  that virus stuck net to like, get into the like, to the system
• 40:19
  and like, like, you'd have to be a plea with some serious
• 40:24
  problems for somebody to go through that extent to come
• 40:27
  after you. Right there is a quote, let me
• 40:29
  read this quote to you. So you guys understand.
• 40:32
  Okay, the only system which is truly secure, is the one which
• 40:38
  is Switched Off, and unplugged locked in a titanium line.
• 40:43
  Safe Buried buried in concrete, bunker and surrounded by nerve
• 40:49
  gas, and a very highly paid armed guards.
• 40:52
  Even then I wouldn't stake my life on it.
• 40:55
  So this guy, his name is Jean step forward.
• 40:59
  He who is this was decades ago. He was Guy, who did the computer
• 41:04
  operations are in technology for Purdue University and I think
• 41:08
  the army. So, the thing is nothing is
• 41:12
  unhackable, right? And we don't know the bugs that
• 41:16
  we don't know. So if you just don't connect the
• 41:19
  thing to other things, it's very likely a remote guy can access
• 41:26
  your stuff and steal it right? Like I mean, that's like a major
• 41:29
  Innovation right there. Just don't fucking plug it in.
• 41:34
  Like, it's phenomenal. That this is a major, I mean, it
• 41:40
  didn't exist before he came along, right?
• 41:44
  So like we're like, okay? Like this is how you do
• 41:47
  security. Well, that's just not fucking
• 41:48
  plug it in, right? So, We created a more sort of
• 41:55
  like sophisticated and proper way of doing that and especially
• 41:59
  based on PSP T The partially sighted Bitcoin, transaction
• 42:02
  files and all the good stuff. So for the people who need to
• 42:09
  hold a lot of money or paranoid, or just don't want to have to
• 42:13
  think about it, right? Like, I like to sleep at night
• 42:15
  so I keep shit offline. So, this is a great way of
• 42:20
  handling it. You know is that a good solution
• 42:24
  for you to do your everyday? Big coining?
• 42:26
  Probably not right for that. You have a second called card
• 42:29
  that you plug on your computer. You mean like it's like you can
• 42:35
  have to like it. There is nothing and he could
• 42:40
  have you anyways for redundancy. Yeah, you should try it.
• 42:42
  You know, like it doesn't matter how great the hardware is, I
• 42:45
  have two of them. So, you know, it's awesome
• 42:48
  anecdotally. So, like the average quaint kite
• 42:53
  customer buys. Three.
• 42:55
  That's the average door. Yeah, no.
• 42:58
  It's just, it makes sense, right?
• 42:59
  Like you have, like 14. Dungeon see beside the other
• 43:03
  one. That might even have both have
• 43:04
  the key. And then you have another one
• 43:06
  that's just blank somewhere else I have piles.
• 43:10
  But, you know, for me, they are cheaper.
• 43:14
  No, I at least I have about eight or nine in my room, I hand
• 43:18
  them out to people like it's, yes, that's, that's the best way
• 43:21
  and the open died. This is a really good friend,
• 43:24
  you know, that special edition orange one or the Loki green
• 43:27
  one, which is badass. I think I gave one to.
• 43:29
  You feel to be both of those and I keep Keep them that.
• 43:32
  That's actually part of my phone because I don't use them, I
• 43:34
  collect them. So, all right, so nvk now let's
• 43:37
  get to the really in my opinion. These are the most neat
• 43:41
  features, which is you guys added the NFC tap.
• 43:47
  What is that? How does it work?
• 43:49
  Okay. Have you ever tapped a credit
• 43:52
  card to pay for something? Yes.
• 43:54
  Okay. It's the same idea of tapping
• 43:57
  but it's definitely not like that.
• 43:59
  So you're not gonna Hurt because gosh like that.
• 44:06
  So the idea is there's a lot of people who want to have their
• 44:10
  secondary or tertiary cold card to work with their phones on the
• 44:14
  goal for their spending or whatever.
• 44:16
  Right. So we wanted to give you an
• 44:19
  interface that's very good for that or at least to just give
• 44:22
  you safer to be. Wouldn't give the phone and
• 44:24
  address, right? And you have like you don't have
• 44:27
  the latest iPhone and you know, real Mystically speaking QR
• 44:32
  sucks because you know, cures are great on demos but when you
• 44:36
  actually look you ours in real life, it's always kind of a
• 44:38
  problem, especially if there's more data that you are, right?
• 44:41
  So NFC is like a very cheap radio solution has been
• 44:47
  available in phones. Now, the payment industry uses
• 44:51
  and it's like, essentially, the future, right?
• 44:53
  Because cameras are stupid. So what's happening with the
• 44:58
  cold card? And the NFC is you're going to
• 45:01
  Able to essentially like you put close the phone and you can talk
• 45:06
  to each other, right? Called card can take P, SB T
• 45:08
  file, sign it, and send it back in that transaction.
• 45:12
  It could be a lot of data. So it could be, you know, like a
• 45:16
  large transaction. He could be a big multisig
• 45:21
  thing. And then it gets more
• 45:23
  interesting when we get into mu Sig and threshold signatures,
• 45:27
  and Tap Root and all that crap, because it's going to need
• 45:29
  interactive, right? So you might need an interactive
• 45:33
  signature. That might need to have the
• 45:35
  device life and if C is going to be great for that, you want to
• 45:39
  just like quickly send to an address going to be able to use
• 45:43
  for that. So essentially any kind of data
• 45:46
  that cold car can send via USB or micro SD is going to be
• 45:49
  available on the NFC, it's already there.
• 45:52
  It's just that there's not you know the wallets are suing
• 45:55
  degrading and all that stuff but that's sort of like the view one
• 46:00
  of this. And then later on maybe you'll
• 46:03
  Mark 5 gold card could be Holst so you can tap to multisig
• 46:07
  together and do all kinds of crazy shit.
• 46:09
  But just today called card is the client can tap on a phone
• 46:14
  the transactions it that we think it's it's a very good way
• 46:19
  to start pushing Bitcoin sort of like in a good interface for
• 46:25
  four people to do especially because there's the cards coming
• 46:30
  like sets card. Playing all that stuff.
• 46:31
  They're also going to use the NFC have assets card.
• 46:36
  There you go blocks which was Square.
• 46:41
  Hager, wallet is also going to be an FC.
• 46:45
  Let's talking to the guys from Ledger.
• 46:47
  You're also looking at all. Look at that.
• 46:49
  That's card. Yeah, this is really cool.
• 46:53
  You just deposit the Bitcoin there and then you spend it
• 46:55
  right through that. That's right.
• 46:57
  Yeah very very cool. Okay, so he K.
• 47:02
  That's he is awesome and he comes disabled, so K like it is
• 47:06
  off. And if you want to really,
• 47:08
  really off you can actually scrape a little piece of PCB on
• 47:12
  the, on the, on the MicroSD slot there and it's gone forever.
• 47:17
  So, like for my deep, my deep deep cold storage.
• 47:19
  I'm going to scrape them. All out very, very interesting,
• 47:24
  very interesting. But you could always disable it
• 47:26
  in the settings, I must. Yeah, becomes disabled, yeah,
• 47:29
  gotcha, Okay. So So talk to me about the the
• 47:33
  last thing, which is the virtual disk looks really cool.
• 47:36
  With the let me pull up the image so you guys could see what
• 47:39
  I'm talking about because it would suck.
• 47:41
  Describing it so MK4 can emulate a USB disk drive.
• 47:47
  So sending PS BT files could be a drag and drop.
• 47:51
  So is this replacing like, for example, like I use electrum,
• 47:55
  I've always just I'm a big fan of it.
• 47:57
  Is this going to replace the fact that you can connect your
• 47:59
  colds card? And instead it's just going to
• 48:01
  look like a USB drive instead or yes.
• 48:05
  So there's a few things are going on and there's more
• 48:09
  features coming for that thing. So right now essentially if you
• 48:14
  plug into your Mac and if you have that on, you plug in your
• 48:17
  Mac PC or your phone, it shows up as a drive.
• 48:20
  And if you just drop the PSP tea, or safety spt to that, it
• 48:24
  shows up with a code card screen.
• 48:25
  Your you want to sign this? Yeah, and it's like, it is a
• 48:28
  super, super secure connection. Which is really cool, even
• 48:32
  though is USP is extremely limited to that.
• 48:37
  It's not like USB serial. It's like, it's not really
• 48:40
  talking like USB. As you understand is just like,
• 48:44
  as if it was a dumb USB drive. Gotcha, okay.
• 48:47
  And that is replacing. The old USB functionality, where
• 48:50
  it is kind of, it's all about both, okay?
• 48:53
  Yes. We believe in options, all the
• 48:57
  option. So, so the cool Thing about this
• 49:01
  as well is it's not available yet but it's coming in future
• 49:06
  releases. When is you're going to be able
• 49:08
  to store your skeleton file there?
• 49:11
  So you're going to be able to store your electrum wallet file.
• 49:17
  Encrypted in your cold card or MicroSD encrypted, okay?
• 49:22
  So you don't have to leave your electron file on your computer.
• 49:27
  So, when you plug it in, you clear ice, opens electric.
• 49:31
  Yes, okay, that's pretty badass. That is, yeah.
• 49:35
  Okay. That is going to work for core
• 49:38
  is gonna work for it for Wasabi and it's gonna work for sparrow
• 49:43
  and it's going to work for all of them.
• 49:45
  That is a that's a big game changer man and your Hamish I'm
• 49:48
  assuming. Yeah, of course you guys are
• 49:50
  going to work with the wallets and then ah man I have to it's
• 49:54
  all open standard. Yeah.
• 49:56
  No no. They like the way this is
• 49:59
  designed as a nobody needs permission from anybody to make
• 50:01
  it work. Yeah it's really cool.
• 50:04
  Okay and you're going to be able to store arbitrary data there as
• 50:10
  well. Eventually to we're just
• 50:12
  figuring out like the best way of doing it.
• 50:13
  So if you want to pluck your passwords.
• 50:15
  Yes txt in there. You can keep it there too.
• 50:19
  Very nice there. And there is more things coming
• 50:23
  on that they're going to be pretty awesome.
• 50:25
  Like keyboard emulation And all kinds of shit.
• 50:27
  Okay, super cool. Alright, I think this is the the
• 50:30
  the most awesome part and this is the last little piece and VK.
• 50:35
  Okay, so this mean perfectly explains it, so, okay, so first
• 50:40
  I have to explain what 5.0 sacks.
• 50:42
  So first of all, your biggest threat is not a hacker, right?
• 50:47
  It's really someone finding out that you have Bitcoin, so they
• 50:50
  show up to your house with the five dollar Ranch and I think
• 50:53
  this, or a gun or whatever, but they called it.
• 50:56
  Dollar wrench is because it only cost five dollars by the wrench.
• 50:59
  And I think this mean perfectly explains how a lot of us think
• 51:03
  about the specially in the beginning crypto nerds
• 51:05
  imagination his laptop encrypted let's build a multi
• 51:08
  multi-million dollar cluster to crack it.
• 51:11
  No good. It's a 4096 bit RSA blast.
• 51:15
  Our evil plan is foiled what would actually happen.
• 51:18
  His laptop is encrypted drugged him and him with his five dollar
• 51:22
  wrench until he gives us the password.
• 51:24
  Now how do you mitigate Against that.
• 51:26
  Well, we've been were very big advocates for multisig and
• 51:30
  specifically, geographically separating your keys.
• 51:33
  If you can't, if you don't have access to it and neither do
• 51:36
  they, but there is also. But the problem with that is,
• 51:39
  they'll still hit you over the head, right?
• 51:41
  So there is other options, right?
• 51:43
  The brick meet pin, which is kind of this nuclear option,
• 51:46
  where you put in a certain pin of your choosing into the cold
• 51:49
  cart, don't test it because it will just literally break it.
• 51:53
  You can do that, but it will just erase the gold card.
• 51:56
  Perhaps they get angry and still hit you, but there's something
• 51:59
  called the duress pin. Now, the thing about the dress
• 52:01
  pin is essentially you could trick the attacker into making
• 52:06
  you think. Hey this is my actual balance,
• 52:09
  right? And maybe you put a little bread
• 52:11
  come in, there may be a Bitcoin or point one or Point 25.
• 52:15
  Whatever, it's not in the unlikely event that this would
• 52:18
  happen to you. It has to be enough.
• 52:20
  So they lead to go away and not hit you with the five dollar
• 52:23
  wrench, but it's still not gonna, you know, No change your
• 52:27
  life, right? So that's the idea of the dress
• 52:30
  pin and VK, did I explain that correctly?
• 52:33
  You totally did. But then we wanted to to expand
• 52:39
  that greatly, right? So the idea is, we don't want an
• 52:43
  attacker to know what the code card options are.
• 52:48
  Right? Because then he's gonna go,
• 52:49
  you're giving me the, their ass. This is bullshit.
• 52:53
  Hey, so what we did is we created infinite options.
• 52:57
  So it's a total Labyrinth, and the poor guys going to look at
• 53:01
  the clock. I say, fuck it.
• 53:02
  You know, like I give up. So the idea is it's not unlike
• 53:09
  there because it's not a set amount of options, right?
• 53:13
  Like they simply cannot know which permutation you have of
• 53:17
  options, right? So, what happens now is what we
• 53:21
  call trick bins. So you can essentially create a
• 53:24
  little story of what the pins do.
• 53:26
  So he can have a pin that is both duress and your raises the
• 53:30
  seed. You can have a pin.
• 53:33
  That's a, it's a countdown. It doesn't erase the see.
• 53:37
  You can have a countdown daddy raises the seed.
• 53:40
  You can have a countdown to then goes into the rest.
• 53:44
  You can have so your permutation is whatever you want it to be.
• 53:48
  And that just creates this vacuum, right of knowledge,
• 53:53
  we're trying to create an asymmetry of like knowledge,
• 53:56
  right? And slow down the attack.
• 53:58
  So attacker comes and says, I know this, I know ABC and I have
• 54:04
  five minutes. Okay, so what we're doing is,
• 54:07
  attacker comes. And I say like, Hey listen
• 54:10
  there's twenty three letters in the alphabet so like you have a
• 54:14
  to zed to deal with and you don't even though you only Five
• 54:19
  minutes. We're going to make it take 24
• 54:21
  hours. Yep.
• 54:23
  So till attacker now has a problem, right?
• 54:26
  They because they are on a timer in general.
• 54:27
  So they might have to leave, they might take the device with
• 54:31
  them or whatever. So you can create the story that
• 54:33
  suits your sort of security needs.
• 54:37
  But having a countdown is a huge fangs slowing down the attack.
• 54:41
  And then having a plausible deniability, sort of alternative
• 54:46
  is also good, right? Like, you know, you have enough
• 54:49
  Bitcoin in your duras wallet, that they will believe it.
• 54:52
  And do you leave another thing too, is maybe making it stuff
• 54:57
  with the brick me. I like the brick, me more for
• 55:00
  State actors because they can't beat you.
• 55:02
  Like, I mean, in in, technically, maybe even practice
• 55:06
  they can. But, you know, if you break the
• 55:09
  device, the device is bricked. Mean there really is in there is
• 55:12
  no obstruction of justice there either, right?
• 55:13
  Because the device is gone. Yeah.
• 55:16
  Yeah. No.
• 55:16
  And it honestly, I have this like kind Of little scene in my
• 55:20
  head where, you know, how in airports they say, hey don't
• 55:23
  travel more than ten thousand dollars and, you know,
• 55:26
  eventually they'll kind of wise up to that, which, by the way,
• 55:29
  this it chain, Bitcoin changes everything there.
• 55:32
  It's gonna have to change because of just how radically
• 55:36
  Innovative this Technologies, but I have the kind of the movie
• 55:39
  st. Movie scene in my head, where
• 55:40
  it's like, what's on your psyche?
• 55:42
  I don't know. It's like, I'm gonna have to
• 55:44
  keep this. You're just like, all right,
• 55:46
  take it, you know. Sit, I'll put the pin for you.
• 55:53
  That's why I created that option.
• 55:56
  Yeah, it was like, let me help you with that sir.
• 56:03
  I'm sorry. You can keep it, though.
• 56:15
  About 13 bucks to take a seat out of a trouser.
• 56:18
  And you know, you're going to start seeing airports.
• 56:20
  Like they have a little machine that copies the memory of your
• 56:23
  phone. They're going to have a little
• 56:25
  machine that he's take your treasure in it.
• 56:27
  The Bitcoin out. Yeah.
• 56:29
  Like so like it really is important to have a certain
• 56:33
  threshold of physical security be you know because if they take
• 56:37
  it to a quote card to a lab even though it has not been
• 56:39
  demonstrated to us that he can take the seed out of a Mark 3.
• 56:42
  They have demonstrated they can take the seed out of a mark to
• 56:45
  for a couple like was it a quarter million dollars.
• 56:47
  Right. But like you're dealing with
• 56:50
  State actors here, right? I mean, they can print the Fiat
• 56:52
  to pay the lab so given an infinite resources and infinite
• 56:56
  time they will get into anything.
• 56:59
  So we need to buy time, right? And we need to address the
• 57:03
  issue. While the time is, is running.
• 57:06
  Yeah, yeah. No, absolutely.
• 57:08
  And the thing is it really radically changes the balance of
• 57:12
  power, right from the state to the individual.
• 57:15
  And I just think that in itself is going to change a thing
• 57:18
  because it's like fine, right? If they could do that with a
• 57:20
  couple of people. But could you imagine Millions
• 57:22
  upon millions of people holding? It's hopeless.
• 57:24
  Alright. They told police it's not going
• 57:26
  to give them the same return on violence that they used to have.
• 57:29
  Right. So yeah man, I mean wasn't that
• 57:32
  good at doing multisig? Like a geographically only have
• 57:36
  one kid with me. Like can I travel now?
• 57:38
  Like geographically separate your seeds in different
• 57:42
  countries? That is the gold standard and my
• 57:45
  humble opinion. But anyways, Phil, there was an
• 57:47
  Source software release today Juanita, everybody about it
• 57:50
  software releases brought to you by Cipher safe.
• 57:54
  Check them out, Cipher safe dot IO store your seed.
• 57:59
  Make sure it's secure. This is no joke store it in the
• 58:03
  Cipher wheel or store it in the all new Cipher grid.
• 58:07
  They both come with a tamper resistant wire but the grid also
• 58:10
  comes with a punch tool. All right, we've got Tour
• 58:14
  Version 0.4 dot 7.7. That was released.
• 58:18
  It is down below in the show notes don't forget to check us
• 58:22
  out on our Audio, Only platforms, Apple podcast,
• 58:26
  Spotify and anchor. If you want to stream a SATs.
• 58:29
  Check us out on Fountain. Dot f m--.
• 58:31
  You could stream us SATs with Breeze.
• 58:34
  Awesome. Thank you, Phil.
• 58:35
  All right guys. Oh wait.
• 58:37
  Yeah, you finish. This punch.
• 58:39
  Caught broadcast. Shout out anyways.
• 58:41
  Okay guys, that was our show before we go.
• 58:43
  Would it give a very special shout-out to our clothing.
• 58:45
  Sponsor represent LTD.com. They just came out with Bitcoin
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  merch. It's really cool.
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  You can take advantage of the promo, code down below, to get
• 58:52
  10% off. Anything off the represent
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  LTD.com sore. I also want to give a very
• 58:57
  special shout-out to our awesome.
• 58:59
  Guess the legendary and BK and go, give him a follow.
• 59:03
  He is the founder of coin kite and they make the awesome colds
• 59:07
  card. Get yourself in MK4, it just
• 59:09
  dropped it shipping. It's my personal Hardware wallet
• 59:12
  of choice. I love the cold.
• 59:13
  Carter been using it for a long time and also taught me a lot of
• 59:16
  stuff about Bitcoin that I wouldn't know before.
• 59:18
  Anyways guys that was our show. If you enjoyed the show, you
• 59:21
  know what to do, Spanish their life course.
• 59:23
  You want to continue hearing the Bitcoin.
• 59:24
  Use from the pleb bleep left perspective in the catastrophic
• 59:27
  fails from the weft that's gonna be taking over my safety.
• 59:31
  Definitely consider subscribing to Simply Bitcoin and we'll see
• 59:33
  you on the next one to quote our awesome guest.
• 59:36
  Imagine saying you were late to the internet when it was 10
• 59:39
  years old,