Latest / Simply Bitcoin / States Fight Federal Government on Right to Bitcoin Self-Custody | EP 898

Transcript

States Fight Federal Government on Right to Bitcoin Self-Custody | EP 898 · Simply Bitcoin

0:03
It's all going to zero against Bitcoin.
0:07
It's going up forever. You're against Bitcoin.
0:17
You're against freedom. Yeah.
0:20
Welcome to another episode of Simply Bitcoin Live.
0:22
We're your number one source for the peaceful Bitcoin
0:24
revolutionary code breaking news culture, Matic Warfare.
0:25
We will be your guide through the separation of audio and
0:28
state audios. Oh my God, Opti was texting me.
0:33
OK guys, I had the wrong mic. But welcome guys.
0:37
Welcome to another episode of Simply Bitcoin.
0:39
I do want to make an announcement at the very top of
0:41
the show. Yesterday I sent in my
0:44
resignation letter to Swan. I am no longer with the company.
0:49
That being said, Swan is an amazing Bitcoin company with
0:54
amazing bitcoiners. Corey is one of the best
0:58
entrepreneurs I've met in my life.
1:00
He's an extremely talented individual.
1:03
He is able to bring together teams in a way that I I've I've
1:07
really never seen before and so many talented people at Swan, so
1:13
many, so many people to name the PB team is amazing.
1:16
The media team is amazing. The sales team is amazing.
1:20
It's a great company. It was time for me to, you know,
1:25
I'm an entrepreneur at heart and it was time for me to focus
1:29
solely on simply and I love making content and that's what
1:33
it's about. So yeah, it is, you know, it's
1:37
it's a bit of a step, but I am following my heart.
1:39
I I've tended to do that all my life and you know, I think the
1:44
best is yet to come. So we'll see what happens.
1:47
But one thing's for sure, we will be making content for you
1:50
guys anyways. Today we are going to talk about
1:53
a very interesting topic which is we we've talked about this
1:57
right, which is the, the theory from the sovereign individual
2:02
that you know, the option for people to choose alternative
2:06
money was going to empower individuals.
2:09
And the way that individuals get empowered by this new power is
2:13
they have the ability to vote with their feet.
2:15
So what's happening in the US is very interesting because on the
2:18
federal level you have bills that were introduced by Senator
2:24
like Elizabeth Warren for example, and she's basically
2:27
that bill. If it if it's if it gets passed,
2:30
it would be an effective ban on self custody in the United
2:34
States. And it would also be they would
2:38
also, you know, kill Bitcoin mining.
2:40
It would essentially kill the industry.
2:41
And it's on purpose. She's gotten 20 senators to sign
2:45
up to this bipartisan She's gotten Republicans, She's gotten
2:48
Democrats. But on the state level, it's
2:50
pretty interesting because individual states are stepping
2:54
up and they're passing laws to protect the right to self
2:57
custody. And that's what we're going to
2:59
talk about today. Dennis Porter and the Satoshi
3:01
Action Fund has actually done an incredible job really pushing
3:04
this forward. So we have a, you know, a
3:07
representative from the state of Missouri.
3:10
He's, you know, he's introducing a bill called the Digital Bill
3:12
of Rights. I have no idea if it's going to
3:14
pass. Also, you know, you have the
3:16
state of Wyoming, you have the state of Florida, for example.
3:19
Florida is really interesting because Governor Ron DeSantis,
3:23
who's also running for for president by the way, passed a
3:26
law that passed a law in Florida that would make it illegal for
3:31
CBDCS for central bank digital currencies.
3:34
So what I could see playing out in the US is a very interesting
3:38
situation where it may, I don't, I don't put this on a high
3:42
likelihood or high probability, but let's say that they make
3:46
Bitcoin illegal on a federal level, potentially on a state
3:51
level. It could, it could remain legal.
3:56
And it what it reminds me of is like the marijuana industry,
4:00
right. And the marijuana industry is
4:01
really interesting because it's like California, you know,
4:05
marijuana is legal, but on federal level it's illegal,
4:08
right? So there's a, there's a
4:09
marijuana industry like flourishing in California and
4:12
all these U.S. states, but on the federal level, it's still
4:15
looked down upon, right? So it's very interesting how the
4:18
US works like that. And I think that individual
4:22
states have more to gain from a Bitcoin standard.
4:27
So we are going to talk about that.
4:28
It's a really interesting topic. And then on another note, new US
4:33
tax reporting rules require an IRS report for every $10,000
4:38
transaction. And this of course it applies to
4:40
Bitcoin crypto. And it's interesting because
4:44
what they're doing is that they're they're putting onto the
4:48
Bitcoin, onto Bitcoin, the same laws for, you know the Bank
4:54
Secrecy Act. So they packed, they passed this
4:56
in the 1970s. If you adjust $10,000 for for
5:00
inflation. And when this in the 70s when
5:02
they passed this law, it was like the equivalent to like
5:04
$80,000 today. So a lot of people just looked
5:07
by the side. It's like it's not important.
5:09
The amount remained the same, but inflation did its thing and
5:15
that that amount just stays right.
5:17
So from now moving forward, basically every transaction over
5:23
$10,000, you have to report it to the IRS.
5:26
You have to put in the person's name, the person's address, I
5:29
think the Social Security number as well.
5:31
It's pretty crazy to be honest with you.
5:34
So anyways, it's gonna be a great show.
5:36
Also, we're gonna talk about Multi Sig with Opti and Opti is
5:39
very serious today he's wearing a suit.
5:42
How you doing Opti? How you doing, Optimus?
5:44
Fields I am doing Mr. Optimus Fields.
5:46
Nico yeah you know my my dad keeps kind of low key trolling
5:51
me and telling me if I wear you know a button up and look
5:54
presentable on the show maybe people would take me more
5:57
seriously. So I figured what better day
6:01
than today to you know look look good your boy can clean up a
6:04
little bit but yeah man what crazy stuff.
6:07
And and it's really interesting how this news both both of these
6:11
news, I mean one of them hit yesterday and then the the tax
6:15
reporting news that came out earlier this week really kind of
6:18
got swept under the rug all week because of all the the hype
6:21
around the ETF. And man it's I would say very
6:25
egregious you know using big words today.
6:28
And it it's man. It's just it it just goes to
6:32
show that they they are clamping down on control right now is
6:36
because they have lost that control in my opinion.
6:38
And they're figuring out any way possible to try to, you know,
6:42
put the little man back in the box because they're realizing
6:45
that hey man, things can start to get real crazy if we don't,
6:49
you know, hammer people back into their place.
6:51
So interesting times. Obviously we are in the then
6:54
they fight you stage. And we've been talking about the
6:56
fact that, you know, if we can't even have freedom of speech,
6:59
what makes us think that we're going to have freedom to
7:01
transact? And we're seeing more and more.
7:05
I don't have a tie. Why?
7:07
I literally said if I had a tie I would wear one, but I don't
7:09
have one. Ohh man.
7:12
Yeah, dude, you gotta you gotta wear this suit more often.
7:15
I lost my train. Of thought I lost.
7:17
My trains are popping off, bro. He's blooding.
7:20
I lost my train of thought. I don't, I don't remember what I
7:22
was saying. Thank you guys.
7:23
Thank you guys. This this comment Formal
7:25
Fridays. Narwhal Tacos Opti's setting the
7:30
trend for formal Fridays and Bitcoin.
7:32
OK, formal Fridays. No, usually it's casual Fridays
7:35
come. On I'm underdressed, I'm under.
7:37
Fuck Opti, you're making me feel.
7:39
I might have to buy a tie now. You know suits where we got to
7:42
wear suits, bro. To be presentable in Bitcoin?
7:44
Fairly no shout out to my dad. He's a he's a boomer.
7:50
And he he he swears that if if I stop wearing hoodies maybe
7:53
people would take us seriously and I don't know.
7:55
I I just you know I just you gotta.
7:58
Send this episode to your dad. Shouts out to my family.
8:02
You gotta send this episode to your dad.
8:04
Bro, you're making. Your dad proud.
8:05
Right now, excess. This isn't even a jacket.
8:07
This is like a wool overcoat. It is oversized a little bit on
8:12
purpose. Yeah, I I don't even I guys, I
8:14
legitimately don't even own a suit.
8:16
So I I'm just kind of trolling right now, you know?
8:18
But shouts out to my dad. I look kind of presentable.
8:21
Yeah, I mean, I think you look very.
8:22
Fucking wait, wait. Dressed up dressed up for the
8:25
meme review? Shouldn't have.
8:28
Oh yeah, that's right. We're doing the fucking meme.
8:29
Review Yeah, I got the memes. I got the memes, guys.
8:31
I got the memes. Oh man.
8:33
Yeah dude, it's it's. I'm really fucking.
8:35
I'm really excited. This is going to be a great
8:37
show. No have.
8:39
We got to finish. We got to finish Friday strong.
8:42
All right, let's go everybody. Let's start the show.
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at the time of recording. The Bitcoin price is 43,460
10:17
SAT's per dollar. 2301 market cap 851 billion.
10:23
Declined from all time high 37% days since all time high 785
10:30
Bitcoin verse gold market cap 6.23%.
10:34
Supply percentage in corporate treasuries 8.7% Total lightning
10:38
network capacity 4959. Bitcoin block height 824,502 and
10:47
those are the Bitcoin stats. Overall it's good, good numbers
10:51
today anyways. Dude, this is crazy if you guys
10:55
have been in Bitcoin for a while dude.
10:57
And dudettes, right? We got to we got to be inclusive
10:59
here, Opti, with our language. Hey, look, I I got to wear a
11:04
fucking suit, bro. What is this?
11:06
Apparently. It's going to iron my shirt.
11:08
Let's just make it. Let's.
11:09
Just. No, no, no, dude, don't
11:11
embarrass me. I guess my shirt's on.
11:12
Everyone's looking at all the details today.
11:14
You're going to do the show. Just full screen the entire
11:17
show, Opti. All right.
11:18
You're a newscaster. Hello guys, welcome to simply
11:21
Bitcoin Wait. Hold on.
11:23
Hold on a second. Where is?
11:27
There we go. All right, do it again.
11:29
Hello guys, welcome to Simply Bitcoin.
11:31
It is Friday. There's breaking news, bro.
11:34
January 5th and we have a breaking news story.
11:38
Chrissy dumped me today. OK, they're not going to take us
11:43
seriously anyways. Back to the Back to the signal,
11:47
Back to the content. OK, so here's CKCK is the
11:51
absolute legend, and he is retweeting a video.
11:55
Or tweeting a video from Bitcoin Magazine and he says mainstream
11:58
media educating people about the Bitcoin halving.
12:00
We are still early. No one is bullish enough.
12:04
Let's check it out. Hey David, good morning.
12:06
So bitcoin's new bull run. It's being driven by two
12:08
upcoming events. First there's this hope for an
12:10
ETF approval and then something called the halving that's coming
12:13
up in April. It's up 65% or so in the past
12:15
three months. ETF That is a big driver, guys,
12:18
of this price action. The SEC has a January 10th
12:20
deadline to approve or reject the ARC 21 shares ETF.
12:23
That's Kathy Woods proposal there.
12:25
Reuters reporting that the SEC could notify issuers as soon as
12:28
this week if they've been cleared to launch those ETFs.
12:30
If approved, guys, this would be a publicly traded fund tracking
12:33
the price of bitcoins. Investors theoretically wouldn't
12:35
need to go to a crypto exchange or hold Bitcoin directly
12:37
themselves, so it may lower the barrier to entry here.
12:40
Because of that, some are arguing it's gonna bring in a
12:41
wider range of investors and then potentially more
12:43
institutional interests. And you've got something called
12:46
the Bitcoin halving that's coming up in April.
12:48
The key thing to know about that, Bitcoin's new issue gets
12:50
cut in half. So it's a way I think it's
12:52
repeating itself. But the the the thing, the the
12:55
thing that's really fascinating. First of all, like, like Opti
12:59
could have done that job in his suit.
13:02
What are you saying about me? OK, because it was so
13:06
professional. Like she was.
13:08
She was. She's really good at her job,
13:10
you know, like. Agreed, agreed.
13:11
Thank you. Thank you.
13:11
Appreciate it. The the thing like the the
13:13
signal there, like the thing that's really, really
13:15
interesting is like it's like there's something called the
13:17
having and it's like coming up and apparently it's like a big
13:20
deal, which is like absolutely hilarious.
13:23
I'm I'm predicting it right effing now four years from now.
13:29
I think. I think the financial world is
13:32
going to start like incorporating the halving into
13:37
predictions and like into finance and like those types of
13:41
like CNNBC like pieces they're going to start talking about the
13:45
the the halving because it's going to have so I mean people
13:48
are saying that it's not going to have such a significance you
13:50
know because it's it's not as big as Bitcoin supply.
13:53
I'm a big having believer. I think it's like a big deal.
13:57
It caught like it literally cuts the cell pressure by half.
14:01
You have to understand, these massive miners, they are selling
14:04
a percentage of that Bitcoin to pay for expenses.
14:07
The having literally, like 100% makes it so that that cell
14:15
pressure literally gets cut in half, right, 'cause there's
14:18
literally half the amount of Bitcoin that's being mined,
14:22
that's being dumped on the market.
14:23
And I really believe that, like, that's what causes the price to
14:26
go up. I've gotten shit for this in the
14:28
past. People have disagreed, disagreed
14:30
with me. People are a lot more, you know,
14:32
they're more technical and they're like, they get into the
14:34
thing. I just think of the bell curve,
14:37
right? The American huddle bell curve
14:39
that we went through yesterday and it's like, look, what was
14:43
the what was the meme about it yesterday?
14:46
I. I forget it.
14:48
It was like the three at the Is it the three green, one red?
14:51
Yeah, like, it was like, something's like, whatever.
14:53
So like, when I think about the halving, like, that's kind of
14:56
like what I'm thinking about. I was like, yeah, the halving it
14:58
like causes the Bitcoin price to go up like that.
15:01
Literally. If you look at Bitcoin's
15:02
history, it has never broken the cycle of roughly nine months to
15:06
a year after the halving, the price of Bitcoin blows up.
15:09
It has literally never broken that.
15:10
That's not to say it's not gonna break that in the future.
15:14
I don't know. I have a feeling.
15:15
Opti, what are What are your thoughts on something called the
15:17
halving? Well, first and foremost, you
15:20
know, we've been talking about it all last year about how
15:22
Bitcoin. You're so fucking.
15:24
I gotta wear this fucking suit, dude.
15:25
I'm just. Lacking, I literally feel.
15:27
Underdressed. You're using like fancy words
15:29
and shit. Now, like, what the fuck is
15:31
going? I'm gonna look, I'm gonna pull
15:33
out of the source. Bro I I haven't changed anything
15:36
guys. I just put on a button up shirt.
15:38
Anyways, we've been talking about it all last year about how
15:42
Bitcoin has crossed that Ruby con into mainstream
15:45
consciousness. And you know, we started with
15:49
Dang, Charles, Joe Kern and a few other people that are public
15:55
facing, you know, talking heads like ourselves and they are are
16:01
Bitcoiners and and they came out as being Bitcoiners later or
16:03
Tucker and all them, you know, they all understand the value
16:06
proposition of Bitcoin. And we've been slowly but surely
16:09
covering the fact that, wow, it's becoming very, very
16:15
important to talk about Bitcoin, but like a very popular topic
16:18
and we've seen the Bitcoin tickers on all the mainstream
16:20
media and we're seeing that more and more people are at the very
16:25
least forced to talk about what we're doing.
16:27
And it's, you know, on the one hand it's absolutely awesome to
16:29
see. And on the 2nd, of course we're
16:32
gonna see what we just saw right now where people really don't
16:34
know what they're talking about. They they they have to cover the
16:37
news. And you know, for better or
16:39
worse, Nico, I think it just means that we might have a job
16:42
suit or not and we will be able to continue our new show because
16:48
we actually understand what we're talking about and we can
16:51
basically they've been challenged.
16:53
What is it? What's the rest in say no, I
16:57
can't do a bow tie, guys, I'm not a bow tie.
16:59
Go old school Tucker. Carlson Bro.
17:01
I'm not a bow tie kind of guy when I was younger.
17:04
Maybe a bow tie. Anyways, we can do our show and
17:08
for better or worse or rather intelligently or not, we will be
17:13
fact checking everything they're saying and we be can use them as
17:16
jumping off points to talk about what we know is to be the true
17:19
signal going forward. And again, it's just absolutely
17:23
awesome to see you. We saw Wall Street stirring
17:25
their ads. We're seeing every news, news
17:27
anchor going to be talking about Bitcoin.
17:30
And personally I also believe that the having is just the
17:36
mining economics and and Satoshi's brilliance of creating
17:39
this cycle that does have a very meaningful supply shock on the
17:46
Bitcoin price and the network itself.
17:48
And again also we know the mining economics moving forward
17:53
and this is how Bitcoin miners stay efficient, they stay
17:57
profitable if they are doing things correctly.
18:00
And I also do believe that we will be seeing a mining cycle
18:05
play out in the next couple of months.
18:08
I I don't think we have broken that.
18:09
Of course we only have a few data points on on the Bitcoin
18:12
charts. My audio is changing up on me.
18:15
Yeah, it's like sounding weird. All right.
18:17
Maybe. There we go.
18:19
It's back now. Yeah, restreams.
18:20
Yeah, it's not gonna be off anyways.
18:22
I think we will be seeing the same mining economics play out.
18:27
I think the having cycle still intact until further notice
18:30
until we have a meaningful amount of people holding Bitcoin
18:33
and understanding why they hold Bitcoin.
18:36
I don't think the having cycle and is going to change.
18:39
I I think we're still I think we're still good to go.
18:41
So it's going to be very interesting to see these talking
18:45
heads besides ourselves talking about the having and and.
18:49
We gotta wrapper upgrade our game bro.
18:51
Like, what do you think I'm doing?
18:53
I gotta wear a shoe. We gotta get Sophie to, like, be
18:56
like on the ground, reporting like, Sophie, you're on the
18:58
ground. Wait, wait.
18:59
Ruston Ruston gets it. We need a Simply suit fund.
19:03
Oh man. OK.
19:05
OK, but yes, having Psycho still intact.
19:07
And it's gonna be very interesting to see everyone wrap
19:10
their heads around why the Bitcoin price is going up and
19:14
they're going to not understand what is going on.
19:16
And This is why you guys that are here today have that
19:19
asymmetric knowledge and the understanding to live a better
19:23
life and stack as many stats as possible while no one knows what
19:27
is going on. Just absolutely love it. 100
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All right, everybody, let's get to the news.
20:20
We have a lot to talk about. Let's check it out.
20:24
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So this is the news for today. new US tax reporting rule
22:09
requires an IRS report for every $10,000 transaction.
22:13
Quote the Infrastructure Investment and JOBS Act, which
22:16
passed Congress in November 2020, In November of 2021,
22:20
including a provision amending the tax code to require anyone
22:22
who receives $10,000 or more in cryptocurrency in the course of
22:26
their trade or business to make a report to the IRS.
22:29
It goes on to say here is like the logalese I know.
22:36
There's like the legalese I mean, I guess you can call this
22:38
legalese. But anyway, so here's the actual
22:42
thing. It says the effective date, the
22:43
amendments made by the section shall apply to returns required
22:47
to be filled and statements required to be furnished after
22:50
December 31st, 2023. It goes on to say since January
22:54
1st, 2024, individuals who received $10,000 or more in
22:58
Bitcoin have an obligation to report the transaction,
23:01
including names, addresses, Social Security numbers to the
23:06
IRS within 15 days under threat of a felony charge.
23:12
The report must include, among other things, the name, address,
23:16
and Social Security number of the person from whom the funds
23:19
are received, the amount received, and the date and
23:22
nature of the transaction. If you don't file a report
23:26
within 15 days of receiving the transaction, you can be found
23:30
guilty of a felony offense, it goes on to say.
23:35
In June of 2022, Coin Center filed a suit against the
23:40
Treasury Department challenging the constitutionality of the new
23:43
law, but that case is still in the courts.
23:46
I my opinion, I think this is against the 4th Amendment.
23:48
What is the 4th Amendment? The 4th Amendment is no
23:51
unreasonable search and seizure. This sounds really fucking
23:54
unreasonable. My opinion, Excuse my language.
23:57
It's no doubt only a matter of time before someone either buys
24:01
a a table sponsorship for our annual dinner or makes a
24:04
contribution of $10,000 or more to Coin Center and
24:07
cryptocurrency, and then we'll be on the hook for complying.
24:10
We'll have to figure out a way to do so.
24:12
The really tricky nature of this requirement will become clear
24:15
when someone makes a makes such a donation, but does so
24:19
anonymously by simply sending us Bitcoin or ether to our public
24:23
address. Who could we possibly list as
24:25
the sender in that case? These are all questions the
24:28
Treasury Department has yet to answer.
24:30
So, ladies and gentlemen, what you're watching here, what I
24:34
just read to you, is a clash of the old world with the new
24:40
world. If you open a bank account, that
24:43
bank account is tied to your name.
24:45
It is tied to your address. It is tied to your security,
24:49
Social Security number in the United States.
24:53
You can now download a Bitcoin wallet and you can receive 10s,
25:00
millions, billions, trillions of dollars to that Bitcoin wallet.
25:05
And you don't need to put in a name, you don't need to put in
25:08
an address. You don't need to put in who you
25:10
are, right? There's tremendous benefits to
25:14
that system because the system that we live now is a system of
25:19
exclusion. If you happen to be born in a
25:22
certain country, you are not entitled to open a bank account
25:26
in the US. Bitcoin is a system of
25:32
inclusion. Anybody could download a Bitcoin
25:35
wallet and what they're doing here, this is not coming from a
25:40
place of, you know, OK, we got to make sure what the fuck is
25:44
going on. This is coming from a place of
25:46
control. And you have to understand, and
25:49
we read you this book all the time and the passages in this
25:51
book all the time because they predicted this so, so well.
25:58
And I'm just going to read you these passages because I think
26:00
it's very fitting to what is going on.
26:03
Mind you, this book was written in 1999.
26:07
I highly recommend it. I think we talk a lot, talk a
26:10
lot about it on this show and what is happening with these
26:14
types of laws is I think is an example of this.
26:19
I think it is becoming increasingly unattractive to
26:25
hold certain types of citizenships.
26:30
And I think if you have countries like El Salvador, if
26:34
you have countries other maybe other countries are going to
26:36
follow suit making Bitcoin legal tender.
26:38
Or in Argentina where I think the, the the newly elected
26:43
Libertarian president is talking about essentially saying like,
26:46
look, there is no legal tender laws, people are allowed to, you
26:49
know, pick and choose the money they want to use.
26:51
I think what that's going to do is it's going to create
26:53
competition. And I think that the more
26:55
governments try to, you know, squeeze and try to control, I
27:01
think that is going to backfire in the long run.
27:05
So I just want to, I do want to read these two passages.
27:08
So first one says new technologies will allow the
27:10
holders of wealth to bypass the national monopolies that have
27:13
issued and regulated money in the modern period.
27:16
Their importance for controlling the world's wealth will be
27:18
transcended by mathematical algorithms that have no physical
27:21
existence and the new Millennium.
27:24
Cyber money controlled by private markets will supersede
27:27
Fiat money issued by governments.
27:29
Only the poor will be victims of inflation and ensuing collapses
27:33
into deflation that are consequences of the artificial
27:36
leverage which Fiat money injects into the economy.
27:40
Lacking their custom scope to tax and inflate, governments
27:43
even in traditionally civil countries, will turn nasty.
27:47
As income taxes becomes uncollectible.
27:49
Older and more arbitrary methods of extraction, extraction will
27:53
resurface the ultimate form of withholding tax.
27:56
The de facto or even overt hostage taking will be
28:00
introduced by governments desperate to prevent wealth from
28:03
escaping beyond their reach. Unlucky individuals will find
28:06
themselves singled out and held to ransom in an almost medieval
28:10
fashion. Businesses that offer services
28:13
that facilitate the realization of autonomy by individuals will
28:16
be subject to infiltration, sabotage and disruption.
28:20
Arbitrary forfeiture of property.
28:21
Already commonplace in the United States, where it occurs
28:24
5000 times a week. Mind you, this was written in
28:26
the 90s. I'm sure it's a lot worse by
28:28
now. We'll become even more
28:29
pervasive. Governments will violate human
28:32
rights, censor the free flow of information, sabotage, useful
28:37
technologies, and worse. So what I'm calling here, ladies
28:41
and gentlemen, is I think we are living through the death of the
28:43
nation state. And it's not that Bitcoin makes
28:47
kills the nation state, that Bitcoin makes the nation state
28:52
irrelevant. I think that is what is
28:54
happening before our eyes. And I think like a wounded beast
28:58
trapped into a corner, I think you're witnessing the death
29:02
throes. You're witnessing it fight back
29:05
for its very survival. And the way that you do that is
29:09
you control money, right? But I just want to give a little
29:13
bit of context. Governments have had this
29:16
privilege for a very long time, and they've been granted this
29:20
privilege and they've abused this privilege to spend money
29:25
they don't have to fund forever wars to fend, to fund social
29:30
programs you might not necessarily agree with, to boost
29:36
certain politicians to, you know, quote UN quote, get more
29:40
political support by promising free shit.
29:44
So I think really what we're witnessing here is Bitcoin is
29:49
fundamentally a threat to that system.
29:53
Someone put it in the chat, Bitcoin is the exit, and they
29:55
know this. And I think what they're trying
29:58
to do is that they're trying to, like, close the exits.
30:01
Now, is this law enforceable on a large scale if everyone is
30:07
using Bitcoin? I don't think so.
30:11
And that explains why Senator Elizabeth Warren is going after
30:15
self custody altogether. Because that is the thing.
30:18
That is the thing that scares the living shit out of them.
30:23
That there isn't an account. That they can't just tap on an
30:27
intermediary and say, freeze that account, censor that
30:31
account. The fact that you can hold your
30:35
own private keys and then you can send that Bitcoin anywhere
30:38
around the world tone base has the conference unconfiscatable.
30:42
I think it's very fitting. Imagine if the majority of of of
30:48
your society did that, If 10/15/20 percent of the society
30:52
did that, that would change the balance of power, ladies and
30:56
gentlemen. That would reshuffle everything,
30:59
right? Very tough conversations would
31:03
need to be had. The very fabric of society would
31:07
change, the moral code of society would change.
31:10
There are so many implications of Bitcoin becoming money, of a
31:16
non state money becoming money. And I think this is just another
31:21
example of the state trying to use, to use Christine Lagarde's
31:28
own words, really close the that escape valve.
31:34
You know, sending $10,000 worth of Bitcoin right now in the US,
31:42
if you don't report who you're sending it to, what their name
31:47
is, what their address is, what their Social Security is, that
31:50
is now a felony, that is now a crime.
31:53
That's pretty crazy, especially if you know the history of the
31:58
Bank Secrecy Act. Like I said, it was passed in
32:01
the in the 70s. If you adjusted for inflation,
32:05
it was like 7080 K worth of purchasing power.
32:08
That number stayed exactly the same.
32:10
What changed? Tell me what changed?
32:12
I have no idea. Right.
32:15
Of course what they will say is terrorism, crime.
32:19
I just want to remind everybody though, that according to
32:23
Cynthia Lummus's chart that she posted on her Twitter, 99% of
32:29
illicit financial activity happens within the traditional
32:33
financial system. It does not happen in Bitcoin.
32:36
Bitcoin is an open public Ledger, so they don't have a
32:41
response to this. They don't have a response to
32:43
inflation. They're ignoring coin center.
32:46
Why are they ignoring all these people?
32:48
Because they don't give a flying fuck about what is true, what is
32:52
right, what the effectiveness of these laws are, what this is
32:58
really about, what it fundamentally comes down to.
33:01
And this is something that I like.
33:02
I remember I had this like Eureka moment like four or five
33:06
years ago, and I was like, why? I was like I was just talking to
33:10
my dad at the time and I said dad, this really boils down to
33:13
power fundamentally. Like, this is what it is, and
33:19
he's looking like fucking Johnny Depp right now.
33:21
He's unbutting the shirt. There's a crucifix.
33:23
Everyone, everyone wanted in the chat.
33:24
I'm. Like Jesus, the swag is like out
33:28
of control. Like.
33:29
Let's ignore the fact you're. Inspiring.
33:32
Me. Let's make Opti full Opti.
33:33
What's? Your thoughts about this, bro?
33:35
OK, OK. I don't mean to interrupt your
33:38
rant here, but great, great coverage, Nico.
33:41
And I mean, you know, I'm not a constitutional scholar here, but
33:46
I think it would be very obvious to say that this is against the
33:50
4th Amendment, you know, unreasonable search and seizures
33:53
by the government. You know, whatever happened to
33:55
innocent until proven guilty? But my question is, hasn't these
33:59
like rules been instated for like a long, long time?
34:02
I think though now the fact that you're going to have to give or
34:06
get people Social Security, their address, their legal name,
34:10
like they are just ramping up the tyranny.
34:12
And again, it's like you said Nico, we are seeing the demise
34:17
of the nation state of the federal government and like
34:26
that's that's the point of a bearer instrument in the 1st
34:29
place. Guys like that is why you use a
34:32
bearer instrument like cash, like Bitcoin is because you
34:35
don't have to know who you're interacting with.
34:37
You don't have to trust the person you are talking to.
34:40
If they give you, you know, the dollar, if your node verifies
34:44
the Bitcoin transaction, that's all you need to new.
34:47
Like I don't need to know who I'm sending money to.
34:49
All they need to know is that I'm actually sending them
34:51
Bitcoin and I'm receiving whatever benefits or products or
34:55
services that I'm paying for. Like that is the point of a
34:58
bearer instrument. You know, you, you stop us, you
35:01
know you're going to get us copyrighted.
35:04
Dude, you don't. You don't have to know people's
35:06
addresses, their Social Security, their, their home
35:09
address when you interact with cash.
35:11
Why is Bitcoin any different? Again, it's what Nico said,
35:15
mentioning the sovereign individual.
35:17
What we're seeing is that the tyrants out there the as as
35:23
Elaine was saying in the chat, the thieves out there are doing
35:26
their best to accelerate the theft before the inevitable end
35:30
of this. And of course this could be a
35:32
decade. It could be two decades.
35:33
But that acceleration of them trying to overstepped on our
35:36
rights and our liberties and and get as and extract as much value
35:39
from us is becoming more and more obvious if you are paying
35:43
attention and like since when does the common man need to do
35:47
the IR s s job and become tax collectors like this is
35:50
ridiculous. What what what's the federal
35:52
government paying those 86,000 you know IRS army to do if we
35:58
have to do their job for them like no one we don't get to pay
36:01
people to do our job for us like this is ridiculous.
36:04
It's absolutely insane. And the fact that the tyrants
36:07
are working overtime to expand its dystopia and threatening us
36:10
with felonies if we're not as if they like, you know, your
36:13
grandma and mom and everyone's not a tax collector, it's
36:18
absolutely ridiculous. And then and then on the next
36:20
one, next point, it's like, you know Bitcoin does not care about
36:24
the Fiat price. Honey badger don't care like
36:28
what it it's just going to slowly but surely incrementally
36:32
become less and less of a threshold until like every
36:35
transaction has to get basically KYC D on the Bitcoin ever.
36:40
It's absolutely ridiculous like what I don't even know what
36:42
$10,000 in Bitcoin is right now. It's what like point.
36:45
I don't know, is it, it's like 20 million stats or something
36:49
and that's just going to slowly but surely get lower and lower
36:52
and lower until everything gets surveilled on the Bitcoin.
36:54
Now we're like, it's absolutely ridiculous and also it's
36:56
completely unenforceable as far as I'm concerned.
36:59
And then as John said in our chat, our editor, he's like this
37:02
just goes to show the importance of UTXO management Right now.
37:05
The mem pools are starting to clear out and you know, like,
37:09
hey, make sure your UTXOS are hygienic right now because you
37:14
you may not want to dox all your holdings and and like, even if
37:17
you're sending yourself a supposedly we're talking
37:19
allegedly, we're talking hypothetically, theoretically,
37:22
right? Now, exactly hypothetically.
37:25
Hypothetically speaking. And then then also what?
37:27
Like if I send myself a $10,000 transaction, I'm going to have
37:32
to think on myself like what's going on here?
37:34
I I don't even think they. I don't even think they thought
37:37
this. Through I I think they I, I I
37:39
don't think they care. Well obviously this is the type
37:42
of thing where it's like they I don't think that it's it's
37:45
enforceable like logistically enforceable on a on a global
37:49
scale. I think that I think that what
37:52
they're gonna do is they're gonna make examples of certain
37:57
people that don't follow this law.
38:00
Right. No, definitely.
38:01
And and guys, So I don't mean to cut you off, but you reminded
38:04
me, guys, go read Beautyon's medium, Conway's Game of Life,
38:09
and it's going to break down exactly what Nico's saying right
38:12
now. Yeah, 100%.
38:14
So yeah, this is these are some really crazy times ladies and
38:20
gentlemen, but this is the separation of money and state.
38:24
Hopefully it's a lot less bloody than the separation of church
38:27
and state. Cuz that sucked.
38:30
So, but I mean these are very tumultuous times.
38:33
You are witnessing the reorganization of of human
38:37
society because of new technologies.
38:40
This is I, in my opinion the we are entering into new a new
38:45
enlightenment. I think we are witnessing it and
38:49
I think this is part of the process.
38:52
And I'll tell you this, I don't think things haven't even gotten
38:55
ramped up yet. Like, I think like, you know,
38:58
once you get, once you start getting like true Bitcoin
39:03
adoption and people are just opting out of banks, they're
39:07
just opting out of these systems that the governments can
39:10
control. I think, you know, like I said,
39:15
I mean a sovereign individual said it like governments are
39:18
gonna turn nasty. I really believe that because
39:22
they're just incentivized to anyways, let's get to the
39:25
culture. We have a lot to talk about.
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39:56
All right guys, so apparently Nico's house is burning down
39:59
real quick and and he's checking in, but I need Nico for this
40:03
bit. So it's kind of fitting we were
40:06
supposed to have a guest today and and I guess maybe there's
40:09
some miscommunication and it happens all the time.
40:11
And so sometimes we have to kind of pivot and give you guys some
40:14
value on the show as much as possible.
40:16
And I thought, what better way than to pick Nico's brain on
40:21
multi sig. I I would say I hate using the
40:24
word guru but Nico and Loki is a master in multi sig and I even
40:31
asked him these questions all the time behind the scenes and I
40:34
figured what better value to give you than just asking Nico
40:37
some very simple multi sig setup so that you know maybe high
40:40
level concepts on this and then really it's super fitting
40:43
considering what we just covered.
40:45
You might want to just consider it you know.
40:47
I'm kind of a a password maxi myself but I've been thinking
40:51
hey maybe we need to cover more intricate ways to secure your
40:56
Bitcoin considering things are getting very crazy.
40:58
So Nico maybe high level view for those that don't know what
41:02
is a multi sig setup? Yeah.
41:05
So, and I just want to warn everybody, I'm not a technical
41:08
guy, but I am a conceptual guy. So I will explain you the
41:11
concepts of what this is and I understand how it works very,
41:14
very well, but I might butcher some of the definitions and some
41:19
of the technicalities. So I'm just giving you, you guys
41:21
that heads up. So multi sig is essentially, you
41:25
know what a normal Bitcoin address.
41:27
When you're getting into Bitcoin, you're most likely
41:29
using a single sig address, which basically means that you
41:33
know you have this address, you have the CTXO, if you have the
41:35
private key, you can spend that Bitcoin, right?
41:38
What a multi sig is, is essentially you need multiple,
41:43
you need multiple keys in order to spend that Bitcoin.
41:46
And this could vary, right? The most popular one, the one
41:48
I'm a fan of is a two of three. And essentially what that means
41:51
is that you need two of the three keys to spend that
41:55
Bitcoin, right. So think of it like a safety
41:57
deposit box at a bank. If you go to a bank, you get a
42:01
safety deposit box, the bank holds a key and you hold a key,
42:06
right. How do you open that box?
42:08
You need both keys to open the box.
42:10
So multi sig is a very, very similar concept and it protects
42:16
you in a way. Why does it protect you?
42:18
Because the, you know, the infamous $5 wrench attack.
42:21
So people think it's like a hacker is going to come in to
42:25
buy Bitcoin and get my Bitcoin. No, no, no, no, no.
42:27
Someone's going to show up to your house with a gun or with a
42:30
$5 wrench and they're going to be like, give me your Bitcoin.
42:34
And The thing is, with the single sig, you're going to give
42:38
it to them. So with the multi sig, what you
42:41
can do is you can geographically separate your seeds, right?
42:44
So you can put one of your seeds in your home, You could put one
42:48
of your seeds in your office. You can put one of your seeds at
42:51
your friend's house with one seed.
42:55
They can't spend that Bitcoin, right?
42:56
You need multi, you need signatures from multiple seeds.
43:00
And what that does is someone shows up to your house with a
43:04
wrench and they're like, give me your Bitcoin, you physically
43:07
couldn't give it to them even if you wanted to because the other
43:12
seed that's required to to to spend that Bitcoin is at another
43:17
physical location. So that hypothetical attacker
43:22
would literally need to take you from point A to point B, all
43:25
while kind of holding you hostage, right?
43:27
So it what it does is it increases the complexity for
43:32
someone to successfully attack you and steal your Bitcoin.
43:36
And now that, you know, geopolitics is getting involved,
43:40
there's even a level above that you could put different seeds in
43:44
different geographical locations, right.
43:47
So it's like, yeah, the US is having these laws, but another
43:50
country could have other favorable laws.
43:52
And let's say, hey, we're gonna seize your seed in the US It's
43:55
like, OK, dude, you can have it. And another thing that you can
43:59
do as well is that you can be kind of smart about it, right.
44:03
So you can leave, you know, a certain seed in a in a different
44:08
location. You could travel with the seed,
44:10
right. So if you're you're if you're
44:12
traveling and let's say you know they get you.
44:16
You know they they stop you and they're like, well, OK, you we
44:18
have your seed and your Bitcoin we're gonna seize it and you'll
44:22
be like, OK, but you just have one.
44:25
You you you can't do anything with just one, right.
44:27
You need both of them And the other one is waiting for me at
44:30
the location I'm traveling to. So all of this, what it does is
44:34
it again, it moves the IT moves the security model in your
44:41
favor. It buys you time.
44:43
It gives you options to think about in your head how to
44:48
properly secure your Bitcoin without the fear of, you know, a
44:54
a physical attack. And this rabbit hole is really
44:56
deep. You know, the two of three is
44:59
very popular. There's also three of five, so
45:01
it requires 3 signatures instead of two.
45:06
But there's five separate keys, right?
45:09
And if you guys are uncomfortable setting this up
45:11
yourself, you can do this, By the way, on Sparrow, you can do
45:15
this on Electrum. I fucking love Electrum.
45:19
I know a lot of people give me shit for that.
45:20
But you know what? That's what I got accustomed to.
45:24
And the awesome part about that is that if you set it up, you
45:30
can set up on those wallets. You can do it yourself.
45:33
But it is, it is a little bit, it's a little bit difficult
45:35
right now. It's a little bit technical, I'm
45:37
not gonna lie, but there's awesome companies that actually
45:41
offer collaborative custody, multi sig and essentially what
45:45
that means and I'll name some of those companies.
45:47
So first one is Casa. They have an incredible UI and
45:52
they offer two of three and three of five and the setup is
45:56
they keep one of the keys in case, you know, you lose your
46:00
keys, right. So let's say holy cow, you know
46:03
I lost one of my keys. You know that Casa is always
46:05
going to have a backup and you would say OK, but Nico, hold on
46:08
a second, they can spend my Bitcoin.
46:10
No they can't because they only have one of the keys.
46:13
Unchained also offers a two of three.
46:16
Swan just recently announced their multi state collaborative
46:20
custody product called Swan Vault.
46:22
Also two of three you can use Foundation passport and you
46:27
could set it up with a a multi signature wallet.
46:31
Multi sig isn't for everyone, especially if you're getting
46:34
into the space. Remember in security you have to
46:37
think of two opposing things. First of all is obviously the
46:44
the risk of a physical attack. But on the opposite side of the
46:48
spectrum, if you set up a security model that is above
46:52
your technical know how you can potentially be shooting yourself
46:57
in the foot and potentially be putting yourself in a situation
47:01
where you lose access to your Bitcoin because you made it
47:06
overly complex. So what I would recommend to
47:09
people depending on their technical, know how how long
47:12
they've been is, how long they've, you know, been in the
47:16
industry, how how they're, you know they're they're they're
47:19
good to it is I would recommend using single sig first, then
47:29
upgrading to single sig with a with a 25th word.
47:33
So you have a 24 word seed phrase and then you add your own
47:36
25th word and then memorize that.
47:40
Don't, don't write it down Then I think the next evolution to
47:44
that is a collaborative custody company.
47:47
So like using something like Casa, using something like Swan
47:51
Vault, using something like Unchained Capital, using
47:53
something like Nunchuck. Nunchuck is fabulous.
47:56
They're really great too. And then that kind of hands that
48:00
that that holds your hands through creating a multi sig
48:04
wallet and recovering it and the UI is very easy to use and it's
48:08
very comfortable. But you also have to keep in
48:11
mind that there's a downside to collaborative custody.
48:15
What is that downside? That downside is you're doxing
48:20
your balance, right? They they're they're they're
48:23
gonna have access to your pub files, they know what your
48:25
balance is. And then in the unlikely event
48:28
that they make Bitcoin illegal or they pass a law where like we
48:31
can't sign a multi sig transaction unless we know your
48:35
identity and et cetera et cetera, you also could
48:38
potentially put yourself at risk where the collaborative custody
48:42
company can't sign for your transaction.
48:45
Now that doesn't affect you if you still have access to the the
48:50
the amount of keys that are required, but that is also
48:52
something to potentially consider.
48:54
There's always trade-offs, right?
48:57
There's always trade-offs. None of this is perfect.
49:00
If this is too complicated for you, check out the Bitcoin way
49:03
one of our sponsors. They will literally hand hold
49:05
you through this entire process. We could potentially maybe think
49:09
about doing this and just helping people out maybe in the
49:13
future. I don't know I'd you know that
49:15
depends. But but yeah it's it's it's a
49:19
very deep rabbit hole with a ton of trade-offs.
49:22
I think if you hold a significant amount of wealth in
49:25
Bitcoin I highly recommend using multi sig.
49:29
Just understand that you're increasing the level of
49:32
complexity of yourself custody. And if you don't fully
49:35
understand what that means, you can get yourself in a very,
49:40
very, very bad situation where you lose access to your.
49:44
And thank you 'cause that makes us all wealthier, but we don't,
49:47
we don't want you to do that. That would be a really bad
49:49
experience for you and your family, right?
49:52
So yeah, just keep that in mind. There's so many opportunities in
49:57
so many ways to take self custody properly and to do it
50:01
securely and I think multi sig is the future of people taking
50:08
custody of their wealth. I really do, just because of the
50:11
amount of options that it gives you to protect yourself in
50:17
certain situations. I know that was a really long
50:20
ramp. It was great.
50:20
It was great. I think that was a great high
50:22
level overview for people that that don't even know what multi
50:25
sig is and we had a great comment here by Nihilus Fields,
50:28
he says. Don't forget to mention and this
50:29
is about the complexity of of multi sig and what you got to
50:33
even think about. So don't forget to mention that
50:35
multi sig requires backup of the actual multi sig wallet X pubs
50:38
on top of the single signatures of each of the signing devices.
50:40
So guys, you are increasing the complexity with multi sig and
50:44
there is a lot you know that could really realistically go
50:48
wrong if you don't know what you're doing.
50:50
Hence why it's very important to educate yourself on the the
50:53
actual process. You know.
50:55
I'm sure you could watch YouTube videos on sessions channel that
50:58
will show you how to do it, but if you're really unsure about
51:01
how to do this then usually like someone said earlier, you know
51:05
it took me a long time to get to a multi 6 setup.
51:08
It's probably best that you keep it simple as simple as possible.
51:11
Don't complicate it. We know, especially throughout
51:15
the history of Bitcoin, that more Bitcoin has probably been
51:19
lost because of complicated setups than people robbing you.
51:22
So yes, this is something to keep in mind, and as we move
51:24
forward it might even become more prescient.
51:27
But make sure you do the research behind the scenes.
51:30
Like Nico just gave the high level overview and I thought it
51:33
was very fitting considering what we're gonna be talking
51:35
about today, just kind of showing that it the
51:39
impossibility of of any kind of regulation that we're seeing to
51:44
really, you know, take your Bitcoin as the meme is
51:47
unconfiscatable. Like This is why Bitcoin is
51:50
superior to gold. This is why Bitcoin is better
51:53
than cash. Like, these are the reasons that
51:56
Bitcoin is the money of the future.
51:58
And it's just, it's amazing how it's amazing.
52:02
It's amazing. How deep the rabbit hole goes
52:05
and just how little people know when they meet Bitcoin.
52:10
Like, there's still people that hang out with us that this week
52:13
were telling us like how do I take my Bitcoin off exchanges?
52:16
And so This Is Us just kind of exposing you to these ideas.
52:20
Throughout the year I will have more technical breakdowns about
52:24
taking Bitcoin into cold storage.
52:26
Someone was asking how do I roll my own seed phrase.
52:28
I will cover this probably next week and then maybe maybe we can
52:32
get sessions to come on and do like a real live demo of how to
52:36
do this. So like guys, there is ways to
52:38
protect your Bitcoin. It's just right now we're just
52:41
exposing you to these ideas because as you can see things
52:45
are getting frothy. We want to plant some seeds.
52:48
And then also I kind of had to pivot right before the show and
52:50
Nico's like I would say a guru in regards to multi sig.
52:54
He's helped so many people do multi sig and he's always
52:57
harping on the idea of multi sig.
52:59
So guys, I hope we just gave you a high level overview, maybe
53:02
thinking about things you haven't thought about yet.
53:04
Don't complicate it guys. Make sure you do some research
53:07
because like Nika said, we do not want you guys losing your
53:09
Bitcoin, but we know that you need to take your Bitcoin into
53:13
cold storage and secure that Bitcoin correctly.
53:17
Guys take like understand this like there is, and this is
53:22
Andreas by the way. Like one of the people that
53:24
originally orange peeled me, You need to find a balance between
53:29
security and your technical know how, and be right in between
53:33
that because both sides can burn the F out of you and I think
53:38
that a lot of people overestimate by the way I
53:41
learned this the hard way. So like I've I've I've lost
53:46
Bitcoin. I've spent hours and hours and
53:49
hours just setting up multi sigs and then getting them connected
53:52
with the different hardware wallets.
53:56
So like it's like dude, like guys.
53:59
It is, it is, it's right now if you want to do it on your own,
54:04
it's not. How do I say this Opti?
54:10
It's not straightforward like it's not like it's like holy
54:13
shit this is really technical. I encourage you if you guys want
54:18
to go down that rabbit hole and learn it.
54:20
Like, it becomes obvious after the fact.
54:22
You're like, this is so freaking cool, and actually it's pretty
54:24
easy, but like it it's not. It's not a.
54:32
It's not intuitive. It's not trivial, it's not
54:35
intuitive. Right.
54:36
So, but again, there's so many awesome Bitcoin companies that
54:40
are making like like the concierge service for passport
54:43
or nunchucks the Bitcoin way. Nunchuck is great.
54:48
Casa is great. Swan Vault you know they're
54:52
doing a great job over there. I'm.
54:56
I know I'm missing another one. Unchained great kind of
54:59
collaborative custody multi sig and they and and it's so crazy
55:03
because they cover all the complexity behind the UI so
55:07
you're getting the benefits of multi sig without giving up your
55:11
custody of your Bitcoin and you're also having like a backup
55:15
So like it like oh I I, I, I I lost my key.
55:19
You got the backup of that company right Or you can go full
55:23
hardcore like fuck that I'm gonna set up a three of five
55:28
multi sig and I'm literally gonna bury these seeds in on
55:32
different continents all around the fucking world and be like
55:36
super hardcore you know kind of go down that route.
55:41
I do not recommend that whatsoever unless you know
55:45
exactly what the F you're doing. I've had many scares and it is
55:50
not, like I said, is not intuitive at the moment.
55:53
I'm sure that it will change in the future.
55:55
Yeah, and and let's not scare you away.
55:57
And just hold on and I do want to give a very special shout out
56:00
to our boy BTC sessions. If you guys want to see the best
56:05
tutorials in the game covering how to set up a multi sig 'cause
56:09
we this is very surface level we should actually have sessions on
56:11
next week to talk about. This.
56:12
Yeah, that'd be awesome. It's a great topic.
56:15
Check out his channel and check out his multi sig tutorials.
56:19
They're the best in the game and he'll show you how to do that.
56:24
But if you're just getting into Bitcoin, start with a single sig
56:28
then. 25th. 25th word. Then you're gonna inevitably
56:33
come to a conclusion that you're gonna say, wait a second, like,
56:40
what if someone attacks me? Like you know, should I really
56:44
put all this trust into one single thing or should I spread
56:48
out that trust over different things?
56:52
Right. So you inevitably asked these
56:55
questions the longer the more time you you spend in Bitcoin.
56:58
Anyways, I really, really enjoyed today's show guys.
57:01
I I hope you enjoyed Simply Bitcoin this week.
57:05
Wait. Wait.
57:06
Wait. Wait.
57:06
Wait. Nico oh wait, we're doing the
57:08
beam. Review.
57:09
It's Friday. All right, here we go.
57:10
Let's jump into it, the Daily Meme Review.
57:22
Jeez, Nico, Nico, Nico. Trying to avoid the meme review.
57:26
I see you bro. Anyways guys, you guys know the
57:28
deal. It is Friday.
57:30
Kinda like to lead the weekend off, let the weekend off on a on
57:34
a you know jovial funny vibe. And actually this is making my
57:39
job way easier guys, because now I have so many memes to pick for
57:42
pick through for the meme review on Friday.
57:46
Bunch of great memes. I think it's almost more fitting
57:49
that we do this on a Friday because it kind of recaps
57:51
everything that we've seen throughout the week.
57:53
First and foremost, I I got to bring up the legend here.
57:57
But oh, almost forgot. Tweets are the bullets.
57:59
Memes are the artillery. We are in an information war,
58:01
boys and girls, so make sure you are ridiculing the corporate
58:05
press, ridiculing the unproductive class, getting the
58:10
cause of action to your friends and family out there, and then
58:12
of course, making some funny so your friends heads stay in the
58:15
game. Not that, no January 3rd,
58:18
Bitcoin's birthday Tour de Meester dropped this great tweet
58:22
or meme. And it's just a picture of how
58:25
Finney and a quote from how Finney, and it kind of does lend
58:28
into what we were talking about in the news is how Finney goes.
58:31
For Bitcoin to succeed and become secure, bitcoins must
58:35
become vastly more expensive. Number goes up.
58:39
There's only ever going to be 21 million Bitcoin Infinity divided
58:42
by 21 million. It's going up forever, Laura.
58:44
We have the memes constantly that we always talk about.
58:48
And then of course you guys know how valuable Bitcoin is.
58:52
OK, next one shouts at the crypto graffiti for some reason,
58:55
I don't know, I I I saw some Instagram videos about people
58:57
doing crazy Costco meals and I don't know this one just hate
59:01
me. Crypto graffiti goes none of you
59:04
are bullish enough and you guys can see here the Costco hot dog
59:07
and it goes, you know I'll be hot dog or Polish and the soda
59:11
with refill for one sat guys it's what $1.50 right now still
59:16
it's going to one sat. OK, next one shouts out to
59:19
Amanda Fabian and we've been joking about this all week about
59:23
the fact of the the Kramer. Inverse Kramer on Bitcoin The
59:27
beginning of the week. We've covered him on the news
59:29
and he was bullish on Bitcoin and then the Bitcoin prize
59:31
dumped. Who could have saw that one
59:33
coming? Anyways, we got Lizzie Warren
59:35
here speaking to Gary Gensler's ear and whispering it's not
59:39
working. Bring in Jim Cramer, always
59:42
undefeated. Inverse Kramer is never wrong.
59:46
We should have saw this one coming, Mika.
59:48
Actually, I think we did anyways, as we've been covering
59:51
and I think we covered this in the beginning of the week.
59:53
AD IQ left side of the bell curve Right side of the bell
59:57
curve. 3 green dots, one red. The latest meme.
1:00:01
I cover this all the time. We try to keep this as simple as
1:00:04
possible. Shout out to American Hodel.
1:00:06
He's been going hard on this meme.
1:00:08
Anyways, we got Homer Simpson looking at a note here and it's
1:00:11
3 green dots and one red. And of course you guys know the
1:00:15
cycle. We covered this 3 green years in
1:00:18
Bitcoin cycles and then one red year we just passed the one red,
1:00:24
one green. Now we're moving hopefully into
1:00:28
the second green year, moving into the third year for 2024.
1:00:32
And you are right here on the second green dot guys.
1:00:34
Simplify this as much as possible And then the next one,
1:00:37
American huddle still 3 green, one red.
1:00:40
This is the meme guys. And he goes lamo, OK, this one
1:00:43
wins and we got 33 Gigi's in the Green Man suit.
1:00:49
And then Craig Wright who is not Satoshi in his red shirt on
1:00:53
stage 3 green one red. This is the way boys and girls.
1:00:56
And this next one Monsieur he goes, you know we've been
1:01:00
covering the ETF we've been covering it all year.
1:01:02
Everyone's tired about ETFs and macro.
1:01:04
Macro, Macro, yeah we get it. We get it.
1:01:06
But Monsieur goes, it doesn't matter how the price reacts to a
1:01:09
Bitcoin ETF. What matters is that an army of
1:01:12
trad 5 financial advisors will now begin promoting Bitcoin to
1:01:15
millions of clients in perpetuity.
1:01:18
And we got less out of the the bell curve you know little old
1:01:21
Opti unique over here ETF good. And then we have the mid wits in
1:01:24
the middle goes actually it's a little more nuanced And then the
1:01:26
right side of the belt curves. ETF is good guys.
1:01:29
This is good for Bitcoin, obviously.
1:01:31
We know that they are kind of angling in a way to throttle
1:01:36
Bitcoin adoption to try to capture Bitcoin, as Nico has
1:01:39
been calling it for a while. Spot Bitcoin ETF exposure is
1:01:43
captured Bitcoin. And this next one, apparently.
1:01:46
I'm making up words on the show and I don't know how to speak
1:01:49
#opti can't speak, Hashtag Nico can't speak and we got copper
1:01:53
and he goes Opti after today's show and we have Johnny Depp and
1:01:58
Pirates of the Caribbean running away from all the savages and he
1:02:00
goes Opti front, front ranting the suits.
1:02:03
Wait, which is ironic because I'm in a suit today.
1:02:06
Well, not really a suit, but you already know the deal.
1:02:09
Opti Front Ranting. Front front ranting.
1:02:13
Yes, I I guess that's the proper way to say it.
1:02:15
Anyways, guys, drop your meme review score in the chat as we
1:02:20
cover ours live. I I'm actually unprepared for
1:02:25
this. All right, I'm going to give it
1:02:26
to use water glass glasses. Water glasses with electrolyte
1:02:32
residue in them, as you can tell.
1:02:35
This an energy protection energy Saver chip anti radiation
1:02:41
sticker Japanese technology. I think you've done that, bro.
1:02:44
You're, you're, you're lacking. No, I'm not.
1:02:46
I never did that. I never did that.
1:02:49
All right guys, drop your meme review score in the.
1:02:51
Chat Know what your meme score is in the chat.
1:02:55
And and also guys, on that note, since we're asking you to let,
1:02:58
dude, I'm like, I'm legitimately sweating over here, guys.
1:03:00
No more suits. No more suits.
1:03:03
Let us know what you guys want to want, want us to cover on the
1:03:05
show? Like obviously we do what we
1:03:08
think is is best and provide as much value.
1:03:10
But also, you know, we're free market Maxis.
1:03:12
Let us know what you guys like, what you guys want to cover.
1:03:14
I will do my best to either bring on guests that can help us
1:03:17
cover this or I'll do my best to do it myself.
1:03:20
Anyways, worst job interview ever.
1:03:26
All right, all right, all right. No, no, no.
1:03:29
Before we do that though, guys, you already know the deal.
1:03:33
We are not wearing the simply Bitcoin merge, but it really
1:03:36
helps us. Especially consider that Nikas
1:03:39
undeployed now. More than ever if you guys want
1:03:42
to support the. Ship and there it is still going
1:03:45
on, right? Now it is going to be guys like.
1:03:48
In all seriousness, it is going to be a rough two, probably like
1:03:52
6 months or so, so it really, really helps us if you guys
1:03:57
enjoy our content you. Know there is a sale on shirts.
1:04:00
Currently there's 21. Check out our merch and then.
1:04:03
There's less than 21 shouts out to you guys supporting us.
1:04:07
And you know, and drop a like that really, really helps.
1:04:10
Share like all that good stuff. All right, all right.
1:04:13
There's some lean review scores. All right, let's get to them.
1:04:17
I forgot how to do this. Oh, the music is back.
1:04:20
Oh my God, this is fun. OK, first one by Keith Meme
1:04:24
Review each day, even if it is only one or two.
1:04:27
It's the show's hallmark. Oh.
1:04:29
Oh God. Sheesh.
1:04:32
And also announcement from wine. Oops, I just lowered the price
1:04:37
of the hoodies. Wow, so.
1:04:39
OK, my mic is too low. That's weird, like my gain is
1:04:43
very high, update might come in low.
1:04:47
Little bit. A little bit.
1:04:48
Muted you're mute a little bit. Hello, hello.
1:04:50
OK, Nihilus Fields making the daily meme reviews great again
1:04:56
Make the That's hilarious Elaine Opti Soup memes incoming for
1:05:01
next week start memeing Roman meme Score green GREEN green red
1:05:08
green green green green red green Green Green Green red 21
1:05:12
Spiegel Sat Stig 21 Breaking ETFs delayed until March.
1:05:17
Oh, really? Well, I mean.
1:05:19
That's not surprising. I mean, and then they're gonna
1:05:22
be delayed in March. OK, one do you guys not
1:05:24
understand what is happening? I I covered it on today's
1:05:27
episode. One light linen suit for Opti.
1:05:30
If it's huge. If if that's true, the ETF is
1:05:32
not approved, it's not surprising at all.
1:05:35
They're not incentivized to approve it.
1:05:37
I mean, like, this is fucking crazy, OK?
1:05:40
Also also XXI am a huge Linden maxi.
1:05:47
Phil Russo unbuttoned. Nico unbuttoned unbuttons.
1:05:51
Wow, opti's just pulling out. Christopher Alamo Opti dressed
1:05:56
oh OK Chris Opti dressed up nice to hit bar right after this and
1:06:00
spend some sats. It's it's not even 5:00
1:06:03
anywhere. All right, let's see, Let's see.
1:06:06
Do we have? Next one.
1:06:07
Yeah. All right.
1:06:08
We have a good one. All right.
1:06:10
We have a great one on Rumble. It goes Opt Don Bali.
1:06:16
I probably butchered your last name because me and Scholar Opti
1:06:18
can't even afford a suit. But this is true.
1:06:22
I don't even know how to see it. Guys we.
1:06:23
Are changing for you know, for the sake of spelling of selling
1:06:28
sponsorships, Opti is changing his name to Opti Depp that is
1:06:34
his new name. Guys, I'm sweating so much right
1:06:37
now. There we go.
1:06:37
Oh my God, I don't. Want to I don't want to unclose
1:06:40
because then the memes going even more.
1:06:42
His jacket Anyways, guys, if you enjoyed the show, you want to do
1:06:46
Smash I like, but consider subscribing if you feel like we
1:06:48
provided you value. But the number one thing you can
1:06:50
do to help the peaceful Bitcoin revolution is share Bitcoin
1:06:52
content. Share all Bitcoin content.
1:06:53
Don't be exclusive. Be inclusive.
1:06:55
Remember, it's not left versus right.
1:06:56
It's green versus orange. Love you all guys.
1:06:59
Have an amazing weekend and we'll be back on Monday full
1:07:01
force for another episode of Simply Bitcoin Live.
1:07:03
Peace out. Y'all.