Latest / Simply Bitcoin / GOVERNMENTS CANT COMPETE WITH BITCOINS MINING INCENTIVES | EP 498

Transcript

GOVERNMENTS CANT COMPETE WITH BITCOINS MINING INCENTIVES | EP 498 · Simply Bitcoin

0:04
Welcome back everyone. We're simply Bitcoin.
0:06
We break down the news. The daily fail mean review.
0:08
Software releases Hardware, releases and the pledge sites.
0:13
Joining us today fellow Bitcoin ER, minor and the only team
0:18
member for brain systems out of the u.s.
0:21
I'm talking about Zack Vol Zach. Thank you very much for joining
0:24
us on the show man. Thanks for the invite.
0:27
Glad to be here, excited to talk with you guys.
0:30
Very cool. All right.
0:31
Well, you're in for a treat. We are diving into the numbers.
0:34
Let's do it. Mama, Tom brought to you by
0:37
noddle. They make some of the best
0:40
Bitcoin notes like the novel Dojo, the one I'm holding in my
0:43
hand. It's and red.
0:44
That means it's faster, run your own version of Bitcoin core and
0:48
the lightning Network, all in the comfort of your own home.
0:51
Remember guys, if you don't run your own Bitcoin node, you're
0:54
trusting someone else's. That's a big No-No for privacy.
0:58
So you get yourself not. Bitcoin node today at the time
1:02
of this recording. The block height is 730 8910 the
1:05
Bitcoin price 29 thousand, six hundred eighty chain rewrite
1:09
day, 767 total public lightning capacity. 3908 dot eighteen,
1:16
Moscow time 33, 69 locks that I having a hundred, one thousand
1:20
ninety and the samurai Whirlpool unspent capacity.
1:23
Samurai. Whirlpool is a coin or
1:26
collaborative spend. It is not a mixing service and
1:28
the unspent capacity. For that pool is 4770. 1.31.
1:34
Bitcoin Nico. Yeah, it's the same numbers
1:38
again. It's the same numbers, bro.
1:40
Just, I think the block height is really the only thing that
1:43
changes anyways, but lightning kind of moved by like 7:00 VTC
1:47
overnights. True Bitcoin is the new stable
1:49
coin anyways, so I spoke yesterday at the first South
1:55
Florida. Meet up.
1:56
Shout out to Greg zag. He's the one that organized it.
1:59
And Bob put together this, this game that he made me play and it
2:04
was called corrupt or incompetent.
2:07
And essentially he would go through a specific politician or
2:11
someone important and he would say, Nico is this person corrupt
2:14
or incompetent? I want to play that game today
2:17
on simply Bitcoins. So, check this out.
2:19
Let me pull up this Bloomberg article yell it.
2:24
Admits that she was wrong last year on the path of US
2:29
inflation. Ian.
2:30
And this is what she admitted on CNN.
2:32
I was wrong about the path of inflation would take Yellen,
2:34
said in an interview that aired Tuesday on CNN.
2:37
There have been unanticipated and large shocks to the economy
2:40
that have boosted energy, and food prices, Supply bottlenecks
2:43
that have affected our economy badly that.
2:46
At the time, I didn't fully understand.
2:48
I'm calling BS and the reason I'm calling BS is because
2:53
there's no mention of we printed too much money or nothing.
2:56
Again. She's blaming something else and
3:00
You know, the deal is guys simply Bitcoin brings the
3:02
receipts put the politics aside, but RNC research did a great
3:08
Montage of every single time. The government officials were
3:13
saying that inflation wasn't a thing.
3:16
I really doubt that. We're going to see an
3:20
inflationary cycle. Most economic Allen analysts
3:23
believe that it will have a temporary a transitory impact
3:26
faster than expected increase. In some of those prices is
3:28
actually a good sign move. A woman consensus is going to
3:31
pop up a little bit and then go back down.
3:33
No one's talking about this. Great.
3:36
Great. Do you know, this is something
3:38
that will settle down transitory Transit.
3:42
But the data shows that most of the price increases, we've seen
3:46
our were expected and expected to be temporary who nobody
3:50
suggested unchecked inflation on the way.
3:52
It's on, highly unlikely that's going to be long-term.
3:55
Inflation is going to get out of hand.
3:57
I don't know anybody who's worried about.
4:00
Inflation. Over the last couple of months.
4:03
We actually saw it. Trended downward President
4:05
Biden's Chief of Staff, Ron. Klain, enthusiastically
4:08
retweeted an economist who had said in part.
4:11
Most of the economic problems were facing inflation.
4:13
Supply chains, Etc are high-class problem.
4:16
What is the grand Homme plan to increase oil production in
4:21
America? That's getting into the oil
4:23
part. I'm not going to get into that.
4:24
That's a whole other Rabbit Hole.
4:26
Anyways, point is okay. Put the politics.
4:30
Side. You guys know the deal.
4:31
Here. We are a political and simply
4:33
Bitcoin. We don't lean left or right.
4:35
We don't support either political party.
4:36
We support candidates that support Bitcoin, the Sealy think
4:39
we really care about. But anyways, in terms of the
4:42
inflation aspect and that's the thing.
4:44
I want, you two guys to focus on.
4:47
I think it's gaslighting. I think it's total gaslighting.
4:51
Look, the M2 money supply chart which that's public information
4:55
bitcoiners or Screaming there was going to be inflation all of
4:59
2021. Right?
5:00
You increase the money supply. Historically that always
5:04
happens. This time is no different.
5:07
So I'm going to pass it on to Zach is Janet Yellen corrupt or
5:12
incompetent or both? Sure.
5:15
I was going to probably pick a Bose option if that if that's
5:18
one of the cards to play I think like she's retired.
5:23
So she doesn't have much of a scent of in any of this,
5:26
besides. Mr. Reputation.
5:29
And you never see like actively employed politicians coming out
5:34
and saying they're wrong means, but she's the she's the treasury
5:37
secretary. Did she retired?
5:40
I'm pretty sure she retired. I could be wrong.
5:42
She was, she was the head of the Federal Reserve and then she
5:45
became the treasury secretary which is actually really
5:48
important position. True.
5:52
Well, then I'm wrong on that. I guess.
5:55
Like she's one of the outliers and terms of public servants
5:59
coming out and saying she was wrong.
6:04
Yeah, she resigned from the FED board in 2017.
6:10
It's definitely unusual. I don't know if he's.
6:14
Yeah, I'm gonna stick with my answer for both.
6:16
I don't know if he's exclusively corrupt or incompetent, but
6:20
definitely a mixture. Definitely make sure both and
6:23
the corruption element probably isn't like some, you know
6:27
malicious scheme. It's just misrepresenting facts
6:31
and data and just in general. Belliard, you were job that
6:35
comes from something besides, you know, cheering competence.
6:39
Yeah. Okay.
6:41
Fair enough, Phil cover. I think or incompetent.
6:45
Yeah, you know what? I gotta go.
6:46
I gotta go middle of the road with Zach here.
6:49
I'm gonna say, corrupt and incompetent, but to Zacks point,
6:53
right? It has to do it.
6:54
I believe it has to do with the broken incentives.
6:58
People who have worked in large corporations have probably
7:02
experienced this where Asked to do something that is correct for
7:05
the corporation, but that is actually most likely the
7:08
incorrect thing to do for your customer.
7:11
But you have to do the right thing for the corporation.
7:13
It's the same type of situation with, you know, people like
7:16
Janet Yellen, we're at the end of the day, they got to do the
7:19
right thing for the rent seek. And that may mean not telling
7:23
the right thing to the public. But what's completely
7:25
hypocritical in all of these situations is that we are both
7:29
people where the public and where the corporation, so just
7:32
lying to ourselves. So yeah, I'm going to say yeah,
7:35
I'm going to say middle of the road.
7:38
Okay? Okay, I would totally just say
7:42
the thing is and I said this yesterday like at this at this
7:45
meet up. I think that in her eyes, she's
7:49
doing the right thing, right? But I think that the Fiat system
7:53
is architected in such a terrible way.
7:56
That her doing the right thing is just it hurts millions of
8:00
people, but then at the same time you could make the argument
8:02
that it's corrupt because There is no way.
8:05
Look, you can't say Janet Yellen is stupid.
8:07
Okay, you can't say that. She's obviously hides, Highly
8:10
Educated crazy, you know, backgrounds obviously, highly
8:15
accredited. If that means anything.
8:16
Nowadays and yeah, like, it's, I don't think it's rocket science.
8:21
They must have knew that printing.
8:24
This record amount of money would have had catastrophic
8:28
effects specifically on the lower and middle classes.
8:32
And if you remember a part in that, that video, they totally
8:36
gas-lit and they were just like, inflation is a high-class
8:39
problem. Absolutely not inflation
8:42
benefits. The high class because most of
8:45
the high-class have their wealth part in assets, whether that's
8:48
real estate, whether that's equities and that benefits from
8:52
asset inflation. So the rich get richer with
8:55
inflation. And the poor gets significantly
8:57
poor because they don't have the means to save inequities and
9:03
real estate. So I don't know.
9:05
What are your thoughts on that Zack?
9:08
I think you're definitely spot on there and most people don't
9:10
appreciate like how small the sliver of a population that rich
9:17
who are getting richer really is.
9:19
There was I saw some banter and footer about actually mentioned
9:24
at the top of the show to how, you know, people living on life
9:28
250k year a living paycheck to paycheck.
9:31
They're like most of their network isn't hard now.
9:33
So that's they're still know people making 30k or Like nearly
9:37
300 K are all living paycheck-to-paycheck without
9:40
much of a cushion to sort of absorb these inflationary
9:42
pressures. And it's that's not like a
9:46
recipe for a long-term successful economy.
9:49
Things are things are, you know, more likely than not going to
9:53
get kind of rough. And that's a huge swath of the
9:55
population. They're like everyone earning
9:57
30k to 300K who like don't have that cushion to absorb more
10:01
inflation, like maybe inflation has Peaks.
10:05
I'm not really going to speculate on that, but it's
10:06
definitely Ali not gonna reverse course rapidly anytime soon.
10:10
So, going to be a lot of pain and, you know, most people can't
10:14
really absorb that which is, you know, just perfect setup for a
10:18
huge mess. Absolutely.
10:20
Phil does Bitcoin fix this, think Bitcoin does fix this, but
10:26
I just want to make a point about the the inflation, being a
10:28
high-class problem. Yeah, I tear, you know, to your
10:32
point that just made absolutely no sense and it's complete gas
10:35
lighting and As we've shown on multiple occasions, right?
10:40
We've shown on multiple occasions that it the inflation
10:43
actually hurts the poor first and foremost and the worst.
10:48
So it's just absolute nonsense. So I really do think that
10:52
Bitcoin fixes this, but to Zacks point about the people earning
10:55
250k, you know, this is gonna sound cheesy, but, you know,
10:59
people, we all should be living below our means.
11:02
Number one, you know, and and number two, that that's kind of
11:06
a that's that's kind. Problem rights.
11:08
When it when it comes to this is that it's not about how much you
11:11
make it's about how much you save and what you do with the
11:14
money that you make. Because I definitely there are
11:17
people out there who make half a million dollars a year in her
11:19
living paycheck to paycheck and that's that's just sad.
11:21
I mean look if they know that that if they don't know that
11:25
they could be living life differently.
11:27
Okay, then it's a tragedy but if they do know then I guess it's
11:33
their choice, you know, it's I guess they like the struggle.
11:36
Maybe they enjoy. The adrenaline.
11:38
I don't know. I don't know what it is.
11:39
But I do think that Bitcoin fixes this because it does re
11:43
trained us to think in some way and it introduces this low time
11:47
preference, which most people don't know and then when you
11:50
explain it to them, it's like oh that makes sense.
11:53
You know. Yep.
11:54
I got to take a step back and look.
11:56
Absolutely. I think I think it's just the
11:58
incentives of Fiat. The sense of visors you to spend
12:01
whereas in the incentives of Bitcoin.
12:03
And since advises you to save like it's just as simple as
12:05
that, I think a lot of Still stuck in the Fiat Matrix, but I
12:09
hopefully those things will change soon.
12:11
Anyways, Phil it's time for the daily fail brought to you by
12:15
Swan. Check them out.
12:16
Swan Bitcoin.com. That's right.
12:19
It's the best way to build your Bitcoin stock with automated
12:23
Bitcoin savings plans. You can dollar cost average.
12:27
Instant purchases. They're coming out with an app.
12:30
It is a Bitcoin stacking site by fellow plebs.
12:33
The link is down below. All right, got we We got its
12:38
kind of a commentary on the Celsius fail.
12:41
But then we also have another really interesting piece about
12:44
web 3 and and Marc Andreessen and a 16z.
12:48
But first, we're going to dive into this tweet, just quick.
12:51
See if anybody has any comments on this at Nunya business.
12:54
Fellow Bitcoin, who does Bitcoin.
12:55
And put this out there. I'll just leave this here.
12:59
Then shall I. Sir?
13:01
What's he talking about? It's talking about a tweet from
13:04
Vlad fellow bitcoiners, Vlad Castilla.
13:07
Here we go. Let me get this straight.
13:09
People were able to figure out that the CEO of Celsius had
13:14
dumped, lots of cell tokens because of an NF T profile
13:19
picture, which links to one of his wallets talking about Alex
13:24
machines guy. Who's the CEO of Celsius?
13:28
Holy shit. You can't make this up.
13:30
Okay. Now look, Cory has been
13:33
dismantling Celsius in the last two weeks.
13:36
It's been a quarry. Lips.
13:37
Then I was the CEO. Swan has been absolutely
13:39
dismantling Celsius in the last two weeks.
13:41
That's right, Nico. I'm doing the sign.
13:43
There you go. Making everyone happy.
13:44
Okay, but look, so on.com slash simply Bitcoin go right now.
13:49
No. No.
13:50
So look for the people who don't know.
13:51
Right? What Celsius is, it's a, it's a
13:54
investment, the Bitcoin investment savings platform, you
13:57
move your Bitcoin there. You lose complete control of
14:00
your keys and your coin. And for that, for that really
14:04
small amount of risk, really small about her, is you What
14:07
Celsius is you? Just?
14:08
What Celsius is? Yeah, knots knots Juan talk
14:11
about Celsius. Okay, we're I'm just giving
14:12
people context of what Celsius does.
14:15
Okay, so they claim it's, you know, small amount of risk,
14:18
right? And you get this percentage,
14:21
which you get to see every week. So if you put in Bitcoin you get
14:24
a certain amount of satoshi's every week, you know, if you put
14:26
in some other shit coin you get a certain percentage of that
14:28
shit coin every week, but the reality is that you're handing
14:31
them your Bitcoin, you have absolutely no idea what they are
14:35
doing with it. And this tweet from Vlad I think
14:38
is absolutely hilarious that they were able to figure out
14:42
that the tokens were dumped all because of this guy's nft
14:46
profile picture because it all link back to the same wallet.
14:49
Like so maybe this teaches everyone, a lesson in opsec.
14:53
Okay, if you're going to, if you're going to do something
14:56
like this, okay, you're going to be a scammer.
14:58
Okay, or at least or you're gonna dump your bags.
15:02
You may not want to use the same wall at that's going to link
15:05
back to your profile picture. So that people can't put the two
15:07
and two together and figure out that you're dumping on the bag
15:10
holders. All right, like I just I feel
15:13
like he could have done these people.
15:14
This service. Alex is not a stupid guy.
15:16
Supposedly. He created VoIP voice over IP.
15:19
I you know, I've never checked out but he claims to have
15:22
created VoIP, anyways. Zach.
15:24
I don't know if you know what's going on with Celsius.
15:26
It's a huge mess on Twitter. But the, do you have any
15:29
thoughts on this? Before we go to Nico?
15:32
So I followed it Loosely. I think like it is pretty funny
15:38
and there are just so many that off sex stories of like
15:44
specifically nft holders linking things and you know, just
15:48
forgetting about everything else that's linked to whatever nft
15:51
wallet or particular profile picture Avatar.
15:54
They're broadcasting or you know, in many cases for one
15:59
particular type of nft project that I'm not going to But their
16:02
holders are Infamous for, you know, just giving away their
16:04
keys and just losing everything. And, you know, a whole range of
16:09
other fails in between. It's pretty amazing.
16:13
Like also, you know, kind of sad, like, you never want to
16:15
wish someone to lose like, all of their money, but also like
16:18
how are you going to learn without messing up at least once
16:21
or twice? And then this guy's case like,
16:23
you know often? It's better off that.
16:25
You made this opsec fail for everyone else's benefit.
16:29
But yeah, I don't know. I think it's just fun.
16:31
Any and these stories just keep coming.
16:34
That's a very good point about his opsec.
16:36
Absolutely, right? You know, people the smartest
16:38
people learn from others mistakes.
16:40
So very well, put Nico. Yeah.
16:43
First of all, shout out to Cory. Absolutely destroying, you know,
16:48
the shit coins. I think him and Phil are
16:52
competing for the title of the the ultimate shit coin, Slayer.
16:56
Phil had the, you know, Phil was first place.
16:59
And then Corey Just Came Out, Swinging out of nowhere.
17:02
Destroyed plan. Be destroyed Celsius, destroyed,
17:05
Luna dropping nukes. Phil.
17:08
You're under pressure, bro. I'm serious pressure, you know?
17:12
And and then that segment and then that makes me.
17:14
And then that makes me kind of think like, is it, you know, the
17:17
old Trope, right? The old thing that we always say
17:20
it Bitcoin. Do you change Bitcoin Bitcoin
17:22
changes? You, is it a coincidence that,
17:25
you know, the CEO of a Bitcoin exchange, right?
17:30
That actually, it does that. Actually incentivizes you to
17:33
take self custody, does it. You know what I'm saying?
17:36
Does is it a coincidence, that, that CEO happens to be the most
17:40
toxic CEO on bitcoin Twitter? I don't know man that that's
17:44
that's maybe it's Bitcoin working.
17:47
Its magic on Cory. Maybe it's just Cory.
17:49
I don't know. But but yeah, man, that's my
17:52
thoughts on this. I think Celsius just very
17:54
simple. Not your keys.
17:56
Not your coin, something God, exactly.
17:59
Exactly. Just remember, once you Over to
18:02
their platform. It's not yours.
18:04
All right, moving on. Let's dive into this.
18:06
We've got some got some really interesting.
18:08
So this is actually going to tie in the beginnings of the
18:11
internet for the Gen xers who were here before the internet.
18:13
You, you saw what life was like before all of this connectivity.
18:17
You saw what happened as we began to connect?
18:20
You saw all the bullshit that came about the sights and the
18:23
services that would just never be because really, they were
18:26
never useful to begin with anyways.
18:30
Found this very interesting article billionaire and Tech
18:32
Pioneer Marc Andreessen, right? Who is the CEO of a 16z?
18:37
Right? One of the biggest shit coin.
18:38
Funders who recently tried to? I'm going to call it Bitcoin
18:43
washing their industry, right? Because he's investing in
18:45
lightning. So to me, he's Bitcoin washing
18:47
anyways, so here we go. Tech Pioneer, Marc Andreessen
18:50
says crypto industry. Rhyming with rise of the
18:53
internet. Interesting.
18:57
How. So let's dive into it.
18:59
Co-founder of Andreessen Horowitz says he's never before
19:04
compared any new development in Tech to the rise of the
19:07
internet. Until now.
19:11
This is the only time I've ever said this is like the internet.
19:15
If you go back through all of my historical statements, I've
19:18
never said it about any other kind of Technology.
19:20
I've never said it about anything else between the
19:23
original internet and then the emergence of crypto because I
19:27
just wanted people to know like Like I don't take the comparison
19:32
lightly Andreessen, explains that beyond the technology
19:35
itself. Blockchain is bringing together
19:39
many of the world's greatest Minds to solve problems and the
19:43
Phi critics. I would agree that Bitcoin is
19:47
doing this. I would not agree that a slow
19:50
public database that companies can't really use is doing this.
19:55
I I'm sorry. You're just not going to
19:57
convince me of this, but I get it.
19:58
You've got a narrative. Well, so I will proceed
20:02
Andreessen, whose Venture Capital firm just launched.
20:06
Ah, here we go. This is why it's like the
20:07
internet. Here we go.
20:09
Just launched a 4.5 billion dollar.
20:11
Digital assets fund says that web, 30 nice.
20:16
Web 3 is bringing trust and economic utility to the
20:22
Internet. So, right now, there's been
20:24
zero, economic utility that this is what I'm under 20 economic
20:27
utility. There's no trust right now.
20:29
Web three this centralized piece of crap that is mostly funded by
20:34
Andreessen Horowitz and other and other.
20:38
VCS like his there. What's going to usher in this
20:42
trust and the economic utility to the internet.
20:44
God. It's all right.
20:45
Something that was missing in the late 1990s, interesting.
20:50
He mentions the late 90s. What are we missing?
20:55
The other side? We were there for missing, trust
21:00
Authority permission. We were missing the ability to
21:05
transact with people for trusted relationships transact, send
21:09
money store, money, and that have all the other economic
21:12
Arrangements that the world wants to have such as loans,
21:15
contracts and insurance. And all of these other things,
21:20
the way I think about it is web, 30 is bringing Just to an
21:25
untrusted Network. I, I can't even believe I'm
21:29
reading this. I honestly, I don't see it like,
21:31
really, he's just, he's parading for third parties and he's
21:35
parading for centralization. Okay, we could actually imagine
21:38
the entire global economy running on the blockchain like
21:41
30 or 50 years from now, everything Cuts over.
21:44
And what would it mean for that to happen?
21:47
And how would people have to feel about that?
21:49
That's a very different kind of problem than the one we had.
21:52
That's right. That's right.
21:53
I'm putting all of the Power into the technocratic.
21:56
Elite is not necessarily the best idea either.
22:01
Especially not a very small handful of VCS.
22:04
Now, let's go back. He talked about the early 90s.
22:06
How is he? So certain that this web three
22:09
bullshit is going to be so big, right?
22:13
It could be, it could just be because He may have been there.
22:20
Let's take a look. Take a look at some of the big
22:22
internet brands of the 90s. Now.
22:23
I know most of you are going to, you know, probably realize that,
22:25
you know, these names because they're still around today.
22:28
All right, let's dive into them Alta Vista, right?
22:31
Everybody uses Alta Vista today. That was amazing.
22:34
What about Geo cities? Everyone is hosting their sites
22:37
there. That was a fantastic.
22:38
Take out of the 90s. Now again, I'm not bashing the
22:41
fact that they existed. It's fantastic than all these
22:43
things existed, but make no mistake.
22:45
None of these things were changing the world.
22:47
All of Things were tiny little incremental steps that were
22:50
never going to become the big idea.
22:53
Okay, ask Jeeves. And now, let's take a look at
22:57
Netscape a really good. Look.
22:59
At Netscape a brainchild of now, legendary Marc Andreessen and
23:03
Jim Clarkson of silicon Graphics.
23:05
The Netscape browser beat Microsoft to the market in 1994.
23:09
After intense browser Wars detailed by Engadget netscape's
23:13
release of the source code spurred the creation of Mozilla
23:17
a oh, Well, bot net scape from the.com, bubble price of 4.2
23:20
billion in 1998, though. It ended up costing 10 billion
23:24
as Firefox. Gained prominence.
23:26
AOL made several attempts to revive netscape's popularity,
23:29
but eventually stopped supporting it in 2008.
23:31
That's right. And then the last one on the
23:33
list here, is I CQ? Which no one remembers either.
23:36
So my point is, he understands the boom of the 90s, very well.
23:41
He was there to capitalize on something that did not exist,
23:45
Vapor where I use Netscape. It was an awful experience.
23:49
Okay, there were two browsers back then, none of them made
23:52
sense. And you know what, he sees the
23:55
same opportunity today in web 3 and this should tell you
24:01
everything about vaporware. Anyways, that's that's my take
24:06
on this, your thoughts Nico before we go to Zach.
24:10
Dude. He was part of a failed, you
24:12
know, doc. I remember Netscape, right?
24:14
I remember those companies, but he was look the matter of Fact
24:17
is he was part of a failed, you know.com era company.
24:23
That's just the reality. And here he is doing the same
24:27
crap. And at the end of the day, he
24:28
had an exit, like, he had an exit.
24:30
He got out of that similar, very similar to how Mark Cuban made
24:34
money, right. Mark Cuban sold at it was like a
24:37
radio online thing at the top of the.com., Boom came a
24:41
billionaire that company just went to crap.
24:44
And it's funny because both Mark and Mark Cuban both.
24:47
Both marks are selling dog shit once again, but I guess this is
24:54
this arrows.com. Boom.
24:56
And of course, they're completely ignoring Bitcoin
24:59
because in Bitcoin they would have equal footing to everyone.
25:02
Meaning, it's a lot harder to scam people.
25:04
So yeah. Marks.
25:07
Why don't you send me a Bitcoin? I'll send you two back.
25:11
Not anyways, Zack. What are your thoughts?
25:14
Yeah. I was definitely going to
25:15
mention Mark Cuban to He's sort of like, the in my mind that
25:19
poster child of dumb, but lucky coming out of the.com era and
25:23
like, Marc Andreessen, I think is like considerably smarter
25:27
than Mark, even but, you know, they both definitely got lucky
25:30
with the, you know, basically dumping a lot of bags at the top
25:33
of the.com bubble. And I mean, I think, yeah, very
25:38
strong analogy there with a 16z drawing, comparisons to the
25:42
internet era and I don't know some of those a 16-0 For their
25:48
companies are doing so hot right now.
25:49
Like Solana the chains just stopped so they can early
25:54
internet. Maybe that's there's actually a
25:55
stronger than you think credit for but yeah, I don't know.
26:00
I think maybe you guys said this but some people actually Jack
26:05
Dorsey, you know started firing shots.
26:08
Along these lines a while ago like web 3 is just a big basic
26:12
snazzy portfolio company at the end of the day like you will be
26:16
hard for us to find And a company they don't have their
26:20
that they haven't been, you know, at least part of one or
26:22
two rounds in summation. Just start calling it web 16z
26:27
instead of three and little bit more accurate naming there.
26:31
But yeah, look at all those logos, like all like all these
26:34
companies and I'm sure there are some didn't even have on this
26:38
portfolio page, but just ridiculous.
26:40
They're in there and every fundraising announcement and
26:46
yeah, species can be. Plus, I don't know how to
26:48
centralize it is. When you know, you have one big
26:50
backer backing, all these projects going to shops many
26:53
cases. And not my, not my cup of tea,
26:56
like maybe to be a little bit edgy here.
27:00
Like, if your thing is, you know, like crypto investing and
27:02
speculating like, it is still like, you know, pretty wild west
27:05
and like off the hook a little bit like, yeah.
27:08
Sure go gamble if you want, but don't pretend it's anything more
27:12
than that, really. So, yeah, and you and you know
27:16
what? I'm sorry.
27:17
I just want to Say to Zach's point, right?
27:19
It's all about not being disingenuous.
27:21
And that's exactly it. It's that people just need to
27:24
realize that when you are putting your money into this
27:26
stuff. You are indeed gambling.
27:28
Like it is, it is pure speculation, you know, investing
27:31
is really just educated speculation, but this is even I
27:36
think that this is even one step further back from that, you
27:39
know, because as much as you think not you but as much as a
27:41
person thinks they're being educated about investing at the
27:44
end of the day, let's be honest. When you buy one of these
27:47
tokens, Means you get no guarantees.
27:49
There's no legal ties for these corporations.
27:51
Like to me. It's it's it's really not
27:54
investing. It is pure gambling in
27:56
speculation. Absolutely.
27:58
Yeah, and you know for some people that's a thrill for other
28:00
people. That's a most people like they
28:02
have no business doing that. And I think that's part of
28:06
where, you know, Bitcoin shines and I don't I don't not really a
28:11
huge fan of like the like, well, we don't need to get into that.
28:14
Like big Point definitely shined a differently from Um all the
28:18
other cryptocurrencies because all of them are at the end of
28:21
the day, different ways of gambling, whereas Bitcoin is
28:25
obviously a savings technology and those are two just like
28:29
diametrically opposed opposed product offerings.
28:34
Now, you know Unfortunately, they are still sort of like seen
28:37
in this big sector of cryptocurrency all together, but
28:41
you know, like a little bit below the surface, they couldn't
28:44
be more different. So yeah, absolutely.
28:47
Absolutely, and that's the unfortunate part.
28:50
Right? Is that the companies like a
28:52
16z? They, they Market it as if
28:56
they're the equivalent and the example that I always give is
29:00
Solana Labs, actually sent b v mining, which my company.
29:05
Hey, do you want to do a partnership with Solana?
29:08
Right. And goes back to the partnership
29:10
parade because they would like you to make.
29:12
They would like you to think that their legitimate in the way
29:14
that they do. That is they get celebrity
29:16
endorsements. Sore established companies to
29:19
back them. Right?
29:20
And that kind of gives them this illusion of legitimacy.
29:24
And you know, unfortunately a lot of, you know, noobs get
29:27
rekt, which is exactly why we do the daily fail on simply
29:31
Bitcoin, right? But anyways, that's a good time.
29:35
Fill. The daily meme review.
29:37
Brought to you by Citadel 21. They make the best Bitcoin
29:41
cultural Zine its stories articles Comics by actual
29:46
Bitcoin plebs. And every volume has different.
29:49
Artwork does not work for volume 11 and this is artwork for
29:53
volume 2. Volume 1 is already sold out
29:56
because they only make 1,000 physical copies per volume.
30:00
So get your prints. Your physical Prince of Citadel
30:03
21 today before they run out, guys.
30:06
Welcome to the Daily. Bitcoin me Merv, you were review
30:09
Bitcoin memes in this narrative. Trench warfare, that's being
30:13
fought in the battle on the battleground of the internet.
30:16
Memes are Freaking artillery. Let's get to it.
30:19
Here is vitalik, .e the shit coiner of the shit.
30:23
Koiner. Remember that?
30:24
You should always test your dap with at least one.
30:27
Non meta, Mass wallet Brave status browser, and make sure
30:30
that your dap conforms to the etherium standards.
30:33
That's funny. Like what standards and not just
30:37
to Accidental properties of one particular wallet.
30:42
Anyways, of course, we got a fellow pleb money, doesn't
30:45
matter rich. People look still matter.
30:47
Of people, proof-of-work does it matter?
30:49
People who pretty much, haha, very good shots of the plan.
30:54
Okay. Anyways, legendary Lena sheet.
30:57
See, she makes awesome. Awesome memes.
31:00
Shout out to Lena overseas, transactions, gold, cash,
31:05
Bitcoin and cold. So you want to spend money
31:09
overseas, plants, or look, these questions first gold Customs.
31:14
We require further information before we get approved for
31:16
transfer. Finally cold.
31:21
Because it was Heavy. Please allow three to five
31:24
business days for this transaction to be processed
31:27
Bitcoin. Wow, Lena shout out.
31:29
Exactly. This is something that we've
31:30
been describing for so long, but this picture perfectly
31:35
encapsulates. It Anyways, moving on.
31:37
Oh, is this our mean shout-out wanna kiss?
31:40
Simply Bitcoin then then when you're explaining sound money,
31:46
when someone brings up dog coins and monkey jpegs.
31:51
Very good. All Right, Moving On.
31:52
By Rasmus. My daughter asked me what taxes
31:55
are like and so she could understand and went to the
31:58
kitchen and ate 46% of her cookies.
32:03
Highly accurate, highly accurate taxes are theft by the legendary
32:07
labra hottel Bitcoin is slow and not private by my shit coins.
32:11
Be cashiers, lightning Network like Network, Tap Root.
32:15
Very good. Very good, trying lately.
32:19
That's awesome. I saw some some Wait side lunge,
32:22
right? Keep trying.
32:23
Keep I don't know. It's some some pictures even
32:24
happy. What happened to Roger?
32:26
Like, he capitulate and then he came back.
32:28
He's like, let me just give it one last go.
32:31
See what could happen. Anyways, next one by Jason
32:35
Williams Bitcoin. When I started, we saw the
32:37
Byzantine generals problem and created a Global decentralized
32:40
Currency, crypto, stable, koide 69 percent interest per month is
32:45
absolutely accurate. This very accurate means the
32:47
power of memes right there. So effective.
32:51
Skating information quickly because they're based on
32:53
universal truth. Anyways for those means Philip
32:58
and Zach. I'm gonna give this Lucho
33:01
Poletti. You know, artwork, but guess
33:05
what? It's signed by Lucho himself.
33:07
Mmm. So it's a postcard check it out,
33:12
but it's actually signed shout-out Lucho.
33:14
He's a friend of the show. Anyways, Phil.
33:16
What would you give those memes? That is a very deep and awesome
33:20
score. I might add.
33:21
All right. So for my score, I am giving it
33:24
this. Awesome still in, mint in the
33:27
box. That's right.
33:29
Stranger things. What is it?
33:31
It is the surfer, boys. Eats, but it's the T-shirt, very
33:37
nice. Very much like the new show.
33:38
By the way, finally series you. I want it.
33:41
It's good. It's better much better than
33:43
season 3. Season 3 was like, yeah.
33:45
And then this season picked up again.
33:47
So anyways, right Zack, what would you do?
33:50
So I can come get it, but I have if you can picture a perfectly
33:54
ripe pineapple sitting on my counter that I'm about to chop
33:57
up. That's what I drink.
33:59
These means especially the one from Jason on bitcoin.
34:03
When he started crypto, now, that's pretty funny.
34:06
And I just I love that mean format.
34:08
So boom. Yeah, like I'll pop up a
34:11
pineapple. That's a very good score, never
34:13
gotten that before we fill and I used to give fruits a lot, but
34:16
none of those fruits were pineapples.
34:17
I was a very, it's very delicious fruit.
34:20
There's different ways to cut it.
34:21
I know some people just pluck it out.
34:23
They pluck out, the individual. Have you seen that?
34:26
Really is re away. You don't like it.
34:29
There's like, there's like that. Yeah, one people plug out the
34:31
individual ones and they just No, I've never heard of laziest
34:35
thing I've ever seen. But anyways, guys, we want to
34:39
know. If you agree with our scores,
34:40
you disagree. Let us know down in the comment
34:42
section rate. The meme yourself.
34:44
Let us know with. That Meme is to you.
34:46
It helps us with the mysterious YouTube algorithm.
34:48
Make sure to join our awesome telegram group where you can
34:51
link us, some awesome Bitcoin memes to review, its a plead
34:53
party in there. Lots of plebs posting memes and
34:56
other stuff. And of course, make sure to
34:58
subscribe to us on alternative video platforms like Rumble.com
35:02
and our personal favorite. And Bitcoin tv.com.
35:04
It's important you do that because we do talk shit about
35:07
the world economic Forum in central Bankers.
35:09
But anyways, Phil it's time for the Daily News brought to you by
35:13
crypto cloaks.com. They make some of the best 3D
35:17
printed Bitcoin merch like the famous 3D printed Bitcoin
35:21
grenade toy comes in any custom color, your heart desires.
35:26
This just happens to be simply Bitcoin colors.
35:28
You want to Peter Schiff colors. It also known as gold.
35:31
You can have that. But you know, it pisses me off.
35:33
He has a Bitcoin logo on it. They also make the famous
35:36
Bitcoin. Honey badger comes in three
35:39
different sizes. You could also put your Hardware
35:41
while it's in there, really cool stuff, a bunch of other 3D
35:44
printed Bitcoin merch, and you can take advantage of the promo
35:47
code down below to get 5% off. Anything off the crypto cloaks
35:51
online store. All right, so the lot of mining
35:56
news lately that we've been covering and we have Zach on the
36:00
show today. So it's perfect to cover these
36:02
topics. Kazakh.
36:04
Stan expects, at least one point five billion dollars in economic
36:09
activity from really Bitcoin mining.
36:12
It's really Bitcoin mining. The vast majority of that.
36:15
I would say 99% is Bitcoin mining, but of course, it's
36:18
going Telegraph. So anyways, let's check out the
36:23
article shall we? A report from the data center
36:25
industry and blockchain Association of Kazakhstan or NAB
36:29
DC estimated a cryptocurrency mining could bring 1.5 billion.
36:33
Dollars in revenue for the country, over the next five
36:36
years, currently corporate digital currency mining
36:39
activities. Generate about 98 billion Tang
36:42
or 230 million dollars per year in the country.
36:47
This is a quote from the NAB DC. The figure of 238 million
36:54
dollars is just an economic effect from companies that are
36:57
officially involved in mining. If we take into account, the
37:00
gray minors, in this figure can be safe.
37:03
Ali x 2 now, this is what we've been talking about for many,
37:09
many months now, about the economic incentives of Bitcoin.
37:13
Remember that the reason that cause extend has so much
37:17
economic activity of mining is because of the infamous, China
37:22
ban and a lot of those Chinese miners were did they migrated to
37:26
they might have migrated to Kazakhstan?
37:28
So when we say when New York state, banned Bitcoin mining or
37:32
when trying to, Ban Bitcoin mining.
37:34
We always say you guys have fun staying poor.
37:36
This is what we're talking about Bitcoin.
37:40
If you self custody Bitcoin and Bitcoin miners, if they're not
37:44
location-specific, they don't have to be in a certain area.
37:47
All they need to find is cheap stranded electricity.
37:51
There's Streep trended electricity.
37:53
Even if it's in the middle of the Sahara, I guarantee you in
37:56
10 years. You will find a pleb there with
37:59
an S9, right? That's just how it is, right?
38:02
That's the economic. Sensitives of Bitcoin.
38:05
But check this out, the economic incentives of Bitcoin, we
38:07
covered this, but we're going to talk about it again today
38:09
because Zack actually wrote a very good article, and I wanted
38:12
to ask him about it. The economics of Bitcoin are so
38:16
strong, not even after China. Did this giant clusterfuck of a
38:20
mistake that's going to cost them trillions of dollars.
38:23
Chinese citizens are still mining Bitcoin underground.
38:29
But according to this article right?
38:32
There was a sudden Re-emerge, so covert.
38:36
There's a certain re-emerge a re-emergence of the Bitcoin
38:40
miners in China. But like Zach pointed out that
38:45
that wasn't sudden they were they always stayed there.
38:48
It was just the way that they were reporting it.
38:51
That seemed like they disappeared and then they came
38:53
back, right? So Zach a couple questions,
38:57
right? What do you think of Kazakhstan?
39:00
Why did they get the data on China?
39:03
Of wrong. Why like, what were those
39:06
miners? Always kind of in the great?
39:07
I know they weren't industrial miners.
39:09
I know the industrial Miners did actually leave China.
39:12
That's what caused the hash rate drop.
39:14
But why did they report it wrong for so long?
39:17
If it's still estimated between 10 to 20 percent of the Hatchery
39:21
is still located in China, even though the last time I saw, if
39:25
you get caught transacting a Bitcoin by the Supreme Court of
39:28
China, it's like 10 years in prison, some crazy number.
39:31
But yeah, that's the economic. Incentives of Bitcoin, right?
39:35
China bands, Bitcoin mining that Economic Opportunity moves to a
39:39
friendlier jurisdiction. They win China loses it.
39:44
But even, even with the Chinese government still putting
39:46
pressure, the Chinese people still one of my Bitcoin because
39:49
the incentives are so strong. So Zack, what are your thoughts
39:52
on all that? And why did they get the
39:55
reporting so wrong? Yeah, there's a lot to unpack
39:59
there. I think Patrick's Day and it's
40:02
kind of like a very interesting case like in the Tailwind, all
40:06
this China stuff because as you mentioned, a lot of Miners did
40:10
migrate there in addition to, you know, obviously like
40:14
different parts of North America and even parts of Latin America
40:18
and you know, pretty much everywhere else in the world,
40:20
but a good chunk of it once, Kazakhstan and then sort of over
40:24
the course of the six. Eight months after Trying to ban
40:28
the Kazakhstan government was like, all right, that's like
40:31
kind of enough and then they basically what they did is they
40:34
set a cap and like everyone who's here, then stay here.
40:37
And if you want to build new mining Farms, then you like have
40:41
like I think they limited to like 12 10 megawatts or
40:44
something. And then they just the other
40:46
week published like a very formal list of like reporting
40:48
rules and all this stuff. So like and they also revoked
40:52
and like tax incentives for miners had previously existed.
40:55
So like Kazakhstan today is Only a much less friendly place for
41:00
minors and it was you know, even just a year ago, but there's
41:04
still a lot of cash right there and a lot of miners left China
41:08
to go there. But there's a non-trivial amount
41:11
of minors. We kind of got screwed twice
41:13
because they left China and they went to Kazakhstan, then all
41:16
these rules were implemented and incentives, revoked and out of
41:20
looking for a third place to relocate to.
41:24
So, I guess the moral of that story is there's always
41:26
unpredictable like Gia. That will risk for mining
41:28
wherever you end up and obviously like Kazakhstan isn't
41:32
like a full crack down on China and you know something like that
41:34
probably is very unlikely to happen somewhere like North
41:37
America US and Canada, but you know, there's a non zero percent
41:41
chance that could happen anywhere.
41:43
So like long-term the most Nimble miners will always win
41:48
and that kind of brings us full circle to like hash rate in
41:51
China now because those are the type of minors that are still
41:54
online in China, you know, the smaller scale, very nimble.
41:57
How much less easy to detect and like you mentioned, you know,
42:01
the big industrial still minors. They I mean they had no choice
42:04
had to unplug need to relocate for a bunch of minors in China
42:07
and has opted to put their machines and storage and sit
42:10
like, sit on their thumbs basically and like see what
42:12
happens. But Steve Barber from Upstream
42:15
data talks about this. A lot.
42:17
He's a huge champion of like the home mining ecosystem, which I
42:20
love and he, you know, beats the drum a lot on, you know, the
42:25
small scale at home nimble. Miners are the ones who are.
42:29
Sorry. I don't know if you could hear
42:30
that. There's a horn back there.
42:33
He Champions a lot. This small Nimble at home miners
42:37
who can Outlast and are much like Partners at attack than and
42:42
I love Riot and bit farms and all these guys, but, you know,
42:45
they're not exactly like the most Nimble mining steps in the
42:48
world. So the point is like the pass
42:51
rate. Those in China has always been
42:52
there. And what hash rate is that it's
42:54
you know, small-scale mining operations may be like a small
42:57
Sliver of it is like politically tied and you know, people are
43:01
just getting favors and looking the other way and you know, but
43:04
I think that's probably not a huge part of it.
43:07
And there definitely was not like a huge Resurgence pass
43:10
right there because like lists several reasons.
43:12
I kind of outlined some of the big ones.
43:14
And like you mentioned article of a Bitcoin magazine, mostly
43:18
just, I got fed up with people like trumpeting this data
43:21
everywhere like 0% hash rate in China a year ago and now like
43:25
boom 20% like Okay, the China like reverse, their hay was
43:29
always there. It was always that.
43:31
We were saying that to feel, we're like, yeah, it's there.
43:33
Oh man. Yeah.
43:35
Anyway, I'll stop rambling there.
43:36
But like, there's a lot to unpack.
43:38
Those reported wrong. There's lots of good reasons why
43:40
the hash rate is still there. And those miners are the ones
43:43
who like if they can survive that full crack down on China,
43:46
those and types of minors, you can survive anything.
43:48
So, yeah, absolutely. And I think it highlights right
43:52
the mobility of the Bitcoin Network and how this concept
43:56
that I always Kept telling you guys it how it moves the balance
44:00
of power from the state to the individual.
44:02
Right? And I think that those Nimble
44:05
miners, like you said, Zack and China is a really good
44:08
representation of that, right, especially with the consequences
44:12
as there are. And the, the I remember I
44:16
reached out to a buddy of mine who lives in the mainland and I
44:19
said, hey, and I actually said that it's a nun confiscated.
44:22
Well, as well, when we did the panel together, Zach and I said,
44:26
hey, Aren't you concerned that, you know, they're banning
44:31
Bitcoin mining. He's like, he doesn't say, dude,
44:33
but he's like, he's like me could, which is apparently how
44:35
you pronounce my name in Mandarin.
44:37
He's like Nika. They've, they've banned this
44:40
five times. You know, what doesn't kill the
44:42
honey badger makes it stronger and I was like what they're
44:45
using the same language what's going on here?
44:48
So anyways, Phil, I know you've had experience setting up an S9
44:51
at home. So what are your thoughts on all
44:54
this? My friend?
44:55
Yeah. That was so, you know what?
44:56
I really I really enjoy. That experience and like I told
44:59
you Nico, you know, if nothing else I think it's worth it to at
45:02
least at the very least set up an at-home minor.
45:06
Get it connected to a pool and run your own minor.
45:10
Look at the stats, get to know the Bitcoin network from that
45:14
aspect. I really, you know, when Nico
45:16
would tell me at the beginning, you know, you really need to see
45:18
it from the aspect of a minor. It's completely different and
45:21
and it's true. You know, you don't really have
45:23
that full. I personally did not have that
45:25
full appreciation for Or the entirety of the Bitcoin Network
45:30
without setting up a minor, you know, that being said to, you
45:34
know, to Zach's point, you know, the home miners are really
45:37
underestimated. And the Nimble miners are
45:40
resilient Miners, and that's really why I think they are
45:44
underestimated. It's because people just look at
45:47
big farms, right? Like, at the end of the day, a
45:49
lot of times, people just think bigger is better than war
45:52
machines, you have and all this stuff, but look at what China
45:54
proved or again because we didn't have cleared.
45:57
Data, what we believe that China proved is that these Nimble
46:02
miners could just simply get up, move operations, keep things
46:06
going. And that says a lot again for
46:09
the resilience of the Bitcoin Network as well.
46:13
So, yeah, I'm very like I'm, I'm, I wouldn't say that I'm
46:17
surprised that that hash rate came back online because again,
46:20
we're not really sure how much of it was really lost.
46:23
But I think it's interesting that that reporting came out.
46:27
Because you know that, you know, the Chinese government looks at
46:30
news from outside, right? So, I wonder what they think of
46:34
this news. Or are they the ones running
46:37
those miners? Oh man.
46:40
No, I definitely some of them. I don't know.
46:42
Anyways, so Zach, we've been covering this topic for a couple
46:48
months now and actually we cover we covered it as it developed,
46:53
right? And now it's getting to a point
46:55
where we Even we ask Natalie Brunell this question as well.
47:00
She gave a very political answer in my opinion where they are
47:05
clearly using the environment as a social attack on bitcoin.
47:10
It's happening all over the world.
47:12
The me, pull up some examples. So you guys could keep up, you
47:16
know, thankfully the been the band attempt in Europe failed.
47:21
The European parliament's economics and monetary Affairs.
47:24
Committee has rejected efforts to ban Bitcoin and other Our
47:27
energy, intensive, crypto mining in the region and I love how
47:31
they try to set up the narrative, right?
47:34
Energy-intensive. There's no Nuance there, right?
47:37
Bitcoin doesn't Bitcoin. Mining doesn't use energy.
47:40
That was are being used, because it would be too expensive.
47:43
Bitcoin mining uses energy. There's already going to waste
47:46
stranded energy, right? If not, you're going to get
47:50
priced out. You're going to get priced out
47:51
by more efficient miners, especially during bear markets.
47:55
So not only Europe. Did they try to do this?
47:57
They also So have successfully done this in the state of New
48:01
York, New York. Just like China, have fun
48:04
staying poor. But anyways, New York State
48:06
Assembly has passed a bill establishing a two-year more
48:10
more. Phil.
48:12
Nico can't read. What the fuck does that say,
48:14
moratorium? Thank you on.
48:17
You proof-of-work, crypto mining operations.
48:19
Unless 100% renewable energies powered.
48:22
Now, here's the thing, though. Okay.
48:25
This is why I don't believe this part first.
48:27
First of all, if wire Banks not put on the same standard as
48:32
Bitcoin miners, why do Bitcoin miners have to be the ones using
48:37
100% renewable energies, where we know for a fact that Bitcoin
48:42
mining in general, the entire industry is more green and
48:46
environmentally friendly than most other Industries.
48:49
So, why is it set at such a high bar?
48:52
And I think this is the Smoking Gun, but I don't want to jump to
48:55
any conclusions. I want to get Zacks, input to
48:57
this. This is the Narita a Norwegian
49:00
Bitcoin mining ban. It was luckily.
49:03
It was struck down as well. But what was interesting about
49:06
the Norwegian mining ban is that 100%.
49:11
This is just the entire electricity generation in
49:14
Norway. 98% is by renewable energies and Bitcoin.
49:19
Mining 100 percent of Bitcoin mining is powered by renewable
49:25
energies, but Still, they wanted to bet it, which makes me call
49:32
bullshit on the Newark one, and again put the politics aside.
49:38
But this is a factual observation, coincidentally.
49:42
It's all left-wing parties in Europe.
49:46
In Norway and in the United States.
49:50
What's going on there? What is going on there?
49:54
And that's something that we've been asking ourselves a lot.
49:58
Zach, because we covered it first.
50:00
It was Europe and we're like what's going on here?
50:02
Then it was New York dinner. Like what's going on here?
50:04
Then Norway was The Smoking Gun 100% of Bitcoin mining in Norway
50:10
is powered by renewable energies, but they still want to
50:13
ban it. Why do you think that?
50:14
Is that? Yeah, it's it's definitely sort
50:19
of like a whack-a-mole game for Bitcoin miners at least in terms
50:25
of you know, responding to criticisms and objections.
50:28
Is that like the facts and data are always on our side and their
50:32
solutions to like pretty much any problem.
50:36
They can try and articulate some jurisdictions.
50:40
But if it's not one thing it's another and regulators and
50:43
policymakers are definitely. There are Yeah, we're big
50:47
supporters of Bitcoin economy and the Bitcoin mining sector,
50:51
but lots of them, lots of people just like to hate Bitcoin and I
50:56
agree with your point, a lot of, you know, Bitcoin kind of being
51:00
singled out. Like if these standards are
51:02
being held, if the coin is supposed to be held to these
51:04
like energy consumption standards.
51:06
Why not Banks, or even just like large data centers, who
51:10
definitely not running on, you know, a majority of renewable
51:13
energy. Most of the time, why why?
51:15
Just Bitcoin Minds. There's really no good answer to
51:19
that question, people just like to hate Bitcoin, and I think,
51:23
the key strategy for overcoming that is focusing on like the
51:28
other two letters and the ESG which is often like, oh the main
51:33
thrust Behind these attacks, everyone focuses on the E and
51:35
the environmental impacts and has lots of good answers to all
51:38
those that the criticisms, but Bitcoin easily wins the social,
51:41
and the governance aspects also. And if we focus on those little
51:45
bit more, Then, you know, we can sort of start to outweigh that
51:48
he and then, you know, it just puts Bitcoin in much better
51:52
likes for people who, like, sir. Take these things very seriously
51:56
and believe what, you know, like ESP is the Holy Grail of
51:59
business operations and all the stuff.
52:01
They cleanse. Great for society has huge
52:03
social benefits and just sort of read Avant redefines.
52:07
So many different things with individual governance and
52:10
financial management. We also win the e but that's
52:13
sort of like the big consensus hot-button issue and if we can
52:15
just The other two boxes as easy wins, we have a lot more weight
52:19
behind us to win the E. Also.
52:20
So just my two cents, I guess. Absolutely.
52:23
I agree Phil thoughts on this. My friend.
52:26
Are they doing it? Maliciously?
52:27
Is it about control? Phil?
52:29
What's going on there? They're evil and they're
52:32
scheming. No.
52:33
Okay. So, look.
52:35
Yes, that's right. They're twirling their mustaches
52:37
and they're doing nefarious things on purpose.
52:39
Okay? Okay, so like In all
52:46
seriousness, ESG is probably the biggest, the most the most kind
52:53
of like underhanded attack that I have seen on on human freedom
52:57
on happens and capitalism on our human Minds on the human will
53:02
whatever you want to call. It.
53:04
It is this invisible Boogeyman that no one can stop.
53:08
Sorry Boogie person right through.
53:09
Don't offend. Anyone.
53:11
Dave invisible, Boogie thing. That no one can stop that
53:15
everyone must adhere. You're too.
53:16
Because if you don't if we don't, we're not going to be
53:20
safe in the world. The world is going to end and
53:24
it's gonna be chaos. Okay?
53:26
Like this. It's the craziest thing I've
53:28
ever seen and I can't believe that people are buying into it,
53:30
you know, but it's just completely nuts.
53:33
Now, my question is this, okay? Because this is what they're
53:36
going to do is what they're going to do.
53:37
They're going to force bitcoiners to innovate so that
53:40
we get to the point in New York where we can safely say that
53:43
Bitcoin is entirely 100%. Powered off of Renewables what
53:48
happens? Then?
53:50
We already proved it in Norway. They don't give a fuck buddy.
53:53
Any Co butts butts. Look you have to understand has
53:55
to be proven in New York. Yeah.
53:57
That's right. That's it locality dude.
53:59
Locality matters. Okay, when you're trying to
54:02
look, when you're trying to dismantle something and you
54:04
don't have real faith and you don't have any facts behind you,
54:07
all these little things they matter.
54:08
So my question is, what happens then in New York when we can
54:12
show that hundred percent number.
54:14
What's the next goal post? And that's what I'm not sure of.
54:18
Because the ESG, like I said, ESG is already the big bad
54:21
invisible. Anything.
54:22
I you know what, I tweeted this out before we get to the brain
54:26
stuff it they want to get to decide what energy you can use
54:31
and what energy you can't use. And that is really what it's
54:35
about. And I think Norway is a good
54:37
representation of that. I think that the route, I think
54:40
that the hundred percent renewable thing is just a
54:42
smokescreen smokescreen. But again, that's just my
54:45
opinion. See if we can confirm it.
54:47
Anyways, we have Zach on the show.
54:49
We want to talk about this. This is the famous brains OS.
54:54
If you haven't put this firmware on your minor, you are most
55:00
likely mining slightly mining for bit main most likely that's
55:07
that's pretty much everyone knows that.
55:09
So Zach. What is brains Oxo s?
55:13
Why should people put this on? They're minor.
55:16
Why should they update their minor with this firmware?
55:19
What are the benefits of it? Yeah, for sure.
55:23
You're not running brains. Last year.
55:24
You're definitely at least having less fun than other
55:26
miners, but I think some of it is going to B mean.
55:31
Yes there. So that's that's part of the as
55:34
part of the appeal of brain. So it brings OS is basically
55:38
custom open source, firmware that can replace the stock
55:41
firmware on your Bitcoin mining machine, which is not open
55:45
source. And so, you know, that men can
55:49
and like exclusively a bit mean, but They do a little bit of
55:52
history. But any minor you buy.
55:54
As many mining manufacturing, mining machine manufacturer.
55:57
Their firmware is almost guaranteed to not be open
55:59
source, and you're basically just trusting them not to, you
56:01
know, add anything fishy with how your machine operates and
56:05
which state that we have in the. Yeah.
56:08
There's there are a couple very, very notable incidents in the
56:13
past where people just kind of and some of them, you know,
56:16
don't even have like Rock Solid roof like next thing to it.
56:21
Yeah. Yes, but like because the
56:23
firmware is an open source. People is just kind of discover
56:26
these like back doors and other things added to the firmware.
56:29
And the mining industry is like, all right.
56:31
Wait a minute. What does that mean doing here?
56:33
Exactly. Anyway, open source is almost
56:35
always better and brains West is open source, you guys who
56:38
installed on your firmware and the tricky thing is, you know,
56:41
every Every type of Miss have a sec.
56:44
Every different generation requires basically starting from
56:47
scratch because of their unique design, rebuilding a new
56:50
firmware product, basically, all the way up.
56:52
So brain is constantly working on adding, you know, more from
56:56
our product to their library. Next on the list is for
56:59
mikrobitti, what minor, what's minor machine that everyone is
57:02
asking for. But anyway, the high-level
57:04
benefits are, you can increase performance and you just have
57:08
much more fine-tuned control over how your machine operates.
57:11
So, if the noise, Is unbearable, or if it's using too much power,
57:16
you can control both those things based on a variety of
57:19
metrics like time of day for heat emission or you know,
57:22
whatever or you can you know overclock it and have more beats
57:27
and more hashes per second more. Big one as a result.
57:31
So you basically just get to set variables that control different
57:33
things about how your machine performs and it's open source.
57:37
So you can review the code both of which are huge wins, but you
57:42
know, the He disclaimer is that it's not available for all types
57:45
of Asics yet. But the top layer like earlier
57:47
in the show, I guess mean towards the middle.
57:48
We're talking about, like, everyone should.
57:51
And I, I love that you guys advocate for this.
57:55
Everyone should like make the spend of like to $300 by NS 9,
58:00
which is an older, you know, type of machine.
58:02
Obviously kind of like the AK-47 a Bitcoin miners.
58:05
Then. Kaboom rack says started saying
58:08
that a lot more at least they were the ones.
58:10
I think it meant that you know, reference everyone.
58:12
All the time, great starter. And you get the great hands-on
58:15
experience of like this infrastructure part of the
58:19
Bitcoin Network and you can take it apart.
58:22
So you can put it back together again, run it for a little bit
58:27
and along the way, you know, maybe install some custom
58:29
firmware to get that next level experience of Home mining also,
58:32
so many things you can do with mining but buying an old cheap
58:34
machine and plugging it in taking the part is, you know,
58:37
the absolute best way to get started.
58:40
So yeah, if you take that back, Both definitely.
58:44
Look at the brains OS, docs and figure out how to install the
58:46
machine and level up your home buying experience.
58:50
Yeah. That's the shell, I guess.
58:53
Absolutely. I definitely, that's something
58:55
that I've always advocated for people reach out to me.
58:57
It's like Nico. I want to host or feels like,
58:59
dude, like by your own minor At First Bite, you know, pulling it
59:04
at home, run it, see how it feels, and then, let's talk,
59:07
right mining, especially if you're doing it yourself, has a
59:11
very high learning curve, my It's you definitely make a lot
59:14
of mistakes. So you definitely want to start
59:16
with the nest 9, you know, just get your yet.
59:18
You dip your toe in the water. You'll get a feeling you'll be
59:21
like, I like this. Maybe like, maybe not so much.
59:25
And yeah, so definitely definitely get your feet wet and
59:29
you could install custom firmware like brains.
59:32
Anyways, let's talk about slush pool.
59:34
Apparently. I didn't know this until I read
59:36
it on the website. It's the world's first mining
59:39
pool. Guys have mind more than Than
59:42
1.25 million Bitcoin. Since 2010.
59:47
That is absolutely Bonkers. I don't use slush pool,
59:52
personally, myself, just because some stuff that I won't say on
59:56
air but I'm a big fan. I've heard very good.
1:00:00
I've heard many, good things of slush pool.
1:00:03
So Zach, why should people use slush pool?
1:00:06
What's the deal with that? I can't believe you guys have
1:00:08
been around for such a long time.
1:00:11
Yeah, so slush is the world. Such pool is the world's first
1:00:15
Bitcoin pool Bitcoin, mining pool and they yeah, they might a
1:00:21
lot of Bitcoins brains was incorporated.
1:00:23
Firstly, we hold on. Let me let me back up.
1:00:26
Give me give the audience some context.
1:00:28
I apologize. What is a mining pool first?
1:00:31
First of all, no. Yeah, great Point.
1:00:35
Good Concepts there to add a mining pool is basically like
1:00:41
Kind of like what the name implies, I guess.
1:00:43
Just a bunch of people pooling or aggregating.
1:00:45
Their mining activities together and trying to solve blocks
1:00:50
together, which the results of that is, you know, you have a
1:00:53
higher probability of solving a block and you know, claiming the
1:00:56
reward and then everyone who participates, you know, tears
1:00:58
that typically didn't have there's different ways.
1:01:01
You can structure, how you share payouts, and how the pools are
1:01:04
structured. That's the high level idea.
1:01:07
The alternate scenario. Is you to sort of mining by
1:01:10
yourself. With with however, many machines
1:01:12
you have, which in most cases kind of referred to, as Lottery
1:01:16
mining. Because, you know, the odds of
1:01:18
you actually solving a blog or a very, very, very low.
1:01:21
But you know, if we're when it does happen, you get all at this
1:01:25
point. Six point two five beats, you
1:01:26
see? So little bit more of a Gamble
1:01:29
and you know for businesses mining pools definitely sort of
1:01:32
smooth out that variance with revenue of locker words.
1:01:36
That's a cool and special was first created by a guy who goes
1:01:40
by slush. Now he makes Hardware wallets,
1:01:44
but brains Incorporated a couple of years after / school started
1:01:48
and they sort of acquired such cool or just like added it under
1:01:51
their umbrella and no no no hate for you're not using slush.
1:01:57
Cool. You can still use brains West
1:01:59
place without money through / will still take your Desi for
1:02:03
using a car for wear. But yes, let's just great.
1:02:07
Great pool it is it's kind of, its kind of the plug.
1:02:11
Pool, we definitely have a huge maybe even like over 90% of the
1:02:17
plead mining Market uses slush and a huge amount of off-grid
1:02:22
miners. Also, mine was slush.
1:02:23
So those are two pretty nice feathers in our caps, but you
1:02:28
know, lots of great tools out there.
1:02:29
And if they do they will those are kind of all the same
1:02:31
service, the other stuff that will companies or companies that
1:02:36
offer a pool, the other stuff they offer is kind of, you know,
1:02:39
what makes or breaks them. In our case, things like
1:02:42
firmware and Mining data tools and other stuff.
1:02:45
So yeah, plus he's great first, mining pool, but definitely not
1:02:50
the only cool thing that burns has to offer.
1:02:52
Very, very cool stuff. The only reason I don't use it
1:02:55
is because I get a deal on my miners.
1:02:57
If I use a specific pool, I won't mention which one it is,
1:03:01
but you could probably surmise which one it is.
1:03:03
Anyway. Yeah, that's one of those.
1:03:05
That's one of those things that pools used to, you know, to
1:03:08
boost their business. Totally.
1:03:09
Okay, so, Fill any closing, thoughts my friend.
1:03:15
The only thing I can really add to this is saying that I did
1:03:19
install the brains OS. When I got my S9 and I have to
1:03:23
say that I got awesome support from your team and it was a
1:03:27
really great experience and my minor was up and running in, you
1:03:32
know, like just a few hours after I asked for help.
1:03:34
So it was really cool and it was a great experience.
1:03:37
So for me, you know, from the home mining, right?
1:03:40
The mining, you know. At home Enthusiast.
1:03:42
It was going to say that. It was a great experience and
1:03:44
absolutely worthwhile. There you go.
1:03:47
Awesome. Love to hear, it's all money.
1:03:50
Can be as I'm sure you guys know, like, give me like a
1:03:52
little bit intimidating. And it's not like as easy as
1:03:55
using an air fryer, I guess. But like there are some, you
1:03:58
know, stuff stuff to go through. But you might be surprised how
1:04:02
simple it is for anyone watching.
1:04:03
If you actually, you know, take the dive and by Machine, plug it
1:04:07
in and play around with that, not the easiest thing in the
1:04:09
world, but probably easier than You're Expecting.
1:04:12
There you go. And now now thanks to Phil.
1:04:14
Now, you guys know you could reach out to brains and they'll
1:04:18
be more than happy to help you out.
1:04:19
But anyways, filled it was an open source software release
1:04:22
today. Why don't you tell everybody
1:04:24
about it software releases brought to you by Cipher safe?
1:04:29
Check them out. Cipher safe dot IO, print is
1:04:33
dead store. Your seed in the Cipher wheel or
1:04:36
the all new Cipher. Grid, they both come with a
1:04:39
tamper-resistant wire. The grid also comes with a punch
1:04:42
tool. All right, we've got all new
1:04:46
seed signer OS, that's right. You could install the seat
1:04:50
signer OS directly on your Raspberry Pi.
1:04:53
We've got the link to that down below in the show notes, guys.
1:04:58
Don't forget to check us out on our Audio.
1:05:00
Only platforms Apple podcasts Spotify and anchor.
1:05:06
If you want to stream assets, check us out on Fountain dot f
1:05:08
m, you can stream assets through Breeze.
1:05:11
Awesome. Thank you for guys before we
1:05:13
going to give a very special shout-out to our clothing.
1:05:15
Sponsor represent LTD and.com Phil and I wear the hoodies
1:05:20
every single day. They're also making Bitcoin
1:05:24
merch and simply Bitcoin merch and good news.
1:05:26
You can take advantage of the promo code down below to get 10%
1:05:30
off. Anything on the represent
1:05:32
LTD.com store. I want to give a very special
1:05:35
shout-out to our awesome gasps. You can go get Mom, a follow on
1:05:38
Twitter at Zach, vo l. He works for brains is the only
1:05:44
u.s. Worker for brains.
1:05:45
That means that means he must have a lot of brains.
1:05:48
Haha. There's a dad joke.
1:05:49
Anyways, guys, that was our shove.
1:05:51
You enjoyed the show, you know what to do smashed.
1:05:53
And of course, when you continue hearing the Bitcoin use from the
1:05:57
bleep, let perspective. And the catastrophic fails from
1:06:00
the same perspective. Definitely consider subscribing
1:06:03
to Simply Bitcoin. And we'll see you tomorrow guys,
1:06:05
for a brand new episode, to quote, our awesome guests.
1:06:09
Lots of people