Latest / Simply Bitcoin / Why Elon Musk Needs Bitcoin for X.com (New Twitter) | EP 787

Transcript

Why Elon Musk Needs Bitcoin for X.com (New Twitter) | EP 787 · Simply Bitcoin

• 0:12
  Yeah, welcome to Sympathy with Cohen Live.
• 0:13
  We're your number one source for the peaceful Bitcoin revolution.
• 0:16
  record-breaking news. Culture.
• 0:17
  Dramatic warfare. We will be your guide through
• 0:19
  the separation of money and state.
• 0:21
  Interesting news. Elon Musk rebranded Twitter over
• 0:25
  the weekend, changed it from Twitter to x.com.
• 0:30
  This is something that he's been dreaming of doing ever since his
• 0:33
  days in PayPal, and the whole idea of PayPal in the beginning
• 0:39
  was to be to facilitate trade online.
• 0:43
  Now, the reason that didn't work is the same reason that Libre
• 0:47
  didn't work, because they're inherently centralized.
• 0:50
  If they're inherently centralized, that means that it
• 0:52
  makes it very easy for the government to knock on the door
• 0:55
  of these said platforms and say, hey no, no, no, no, no, you
• 0:59
  can't do that. And if Frankenstein PayPal over
• 1:03
  time, right, PayPal becomes very inconvenient sometimes to you.
• 1:08
  Sometimes they freeze people's funds, sometimes they do this.
• 1:11
  And that's not, that's not because PayPal wants to do that.
• 1:15
  In fact, it kind of hurts their business.
• 1:16
  They're they're doing that because they have to do that
• 1:19
  because of compliance, right. So I don't think Elon's going to
• 1:25
  be successful in building this platform to.
• 1:30
  You know his own words, right? He believes that if he does this
• 1:34
  right, you know x.com will be will basically deal with half of
• 1:40
  every single financial transaction of the world.
• 1:43
  But you can't do that. And in in in a centralized
• 1:47
  platform, he's going to learn the same lessons that he did
• 1:50
  back when PayPal tried to do this.
• 1:53
  If Elon really wants to pull this off, the answer is Bitcoin.
• 1:57
  The answer is building these platforms on top of
• 2:02
  decentralized protocols like Noster, like like Bitcoin.
• 2:07
  And remember Noster is a protocol, so you can use that on
• 2:11
  your back end, but that doesn't necessarily mean that people are
• 2:16
  directly like interacting with Noster on on the iPhone.
• 2:19
  It's the Damas app, right? So you could use these protocols
• 2:23
  and the the advantage of using these protocols.
• 2:26
  Is because of their decentralization, even if the
• 2:29
  guy in the suit comes knocking on the door and says hey, no,
• 2:32
  no, no, no, no. We covered this last week on
• 2:35
  Friday's show where in France they were arguing that in in in
• 2:40
  in in cases of the country rioting or you know, like
• 2:49
  instability. The government was basically
• 2:52
  asking for the power to shut down these media platforms,
• 2:55
  right? But The thing is, you can't do
• 2:58
  the same thing with Bitcoin. You can't just shut down
• 3:00
  Bitcoin. You can't just shut down Noster,
• 3:02
  right? You can't.
• 3:02
  You can't take them off the web. So I think that if Elon really
• 3:07
  wants to make his dream come true, I think he's going to
• 3:11
  learn the same lessons of the past, the same lessons that Mark
• 3:15
  Zuckerberg learned when he tried to unveil Libra.
• 3:20
  And the reality is, you know, and it's Satoshi has even said
• 3:23
  this in his, his, his. Want some of his original
• 3:27
  quotes, right? If it's if it's centralized,
• 3:31
  there's in a metaphorical head to chop off.
• 3:35
  But decentralized platform seem to be holding their own.
• 3:38
  And at the time he was of course referencing tour and he was
• 3:41
  referencing a couple a couple other protocols and
• 3:44
  technologies. So it's just interesting, it's
• 3:47
  just interesting that the lessons of the past have not
• 3:50
  have not been learnt. And also one last thing before I
• 3:53
  bring up my legendary cohost. Was always optimistic.
• 3:57
  And our special guest for today is that Bitcoin.
• 4:01
  You need humility to understand Bitcoin, right?
• 4:04
  And for a lot of people, especially if you're a
• 4:05
  billionaire who's made their billions in the Fiat system,
• 4:08
  people like Mark Cuban, people like Nasim Taleb.
• 4:12
  If you don't have that humility, that humility to understand,
• 4:16
  okay, I'm new to Bitcoin and I'm here to fix it.
• 4:19
  That that type of mentality, I'm, I'm new to Bitcoin and I
• 4:22
  could kind of change it. We've played you guys a very
• 4:25
  famous video of Adam back basically saying, look, I spent
• 4:29
  six to seven months and I have a have a PHDI have all these
• 4:32
  things. And I realized that any single
• 4:35
  thing that I changed in Bitcoin had a counter effect.
• 4:39
  It would actually make it worse, right?
• 4:41
  So you need humility to understand Bitcoin.
• 4:44
  You need humility to feel like, OK, look like this thing's not
• 4:48
  perfect, There's pros and there's cons.
• 4:51
  But if I change this thing. It will inherently change
• 4:55
  bitcoins, the centralization. That was what the fork wars were
• 4:58
  all about. Or they wanted to make the
• 5:00
  blocks bigger. But what what would happen if
• 5:02
  you made the blocks bigger? If you made the block bigger, it
• 5:06
  would increase the resource requirements to run a node,
• 5:09
  therefore raising the bar, making it more expensive to run
• 5:13
  a node. If it's more expensive to run a
• 5:14
  node, less people are going to be able to run one.
• 5:18
  And therefore that causes inherent centralization.
• 5:20
  That's exactly what happened when Ethereum migrated to Proof
• 5:23
  of Stake. It is so expensive to run an
• 5:26
  Ethereum node because of its resource requirements.
• 5:29
  So the key is decentralization. Without decentralization,
• 5:33
  without the sly, roundabout way, governments are inherently
• 5:38
  always going to coopt it. Full stop.
• 5:41
  Period, right? So I think maybe he's gonna go
• 5:44
  through this like very tough type of learning experience.
• 5:47
  But at the end of the day, we always say this.
• 5:50
  All roads lead to Bitcoin. It's inevitable.
• 5:54
  Anyways, let's start the show. I wanna bring up my legendary Co
• 5:57
  hosts. Always optimistic.
• 5:59
  How you doing Opti? I'm good.
• 6:01
  I got a fly that's bugging me right now.
• 6:03
  That someone fly got in the room.
• 6:05
  Anyway, that's totally off off topic.
• 6:07
  Did you guys see the rebrand this morning on Twitter?
• 6:09
  It was absolutely atrocious. What are they doing over there?
• 6:13
  But hey, that's a totally different, totally different
• 6:15
  topic. Very interesting.
• 6:17
  I, I are we going to be playing this clip that was going around
• 6:20
  over the weekend, Nico and the numbers or or of Elon Musk
• 6:23
  talking about the half of every transaction?
• 6:26
  It's almost like he might. Not fully understand how money
• 6:30
  works, but hey, I don't know. What do I know?
• 6:32
  He's got more money than I do. I think, I think he just doesn't
• 6:36
  appreciate the necessity for decentralization.
• 6:40
  Like I I I think because, look, this has been tried and tested.
• 6:44
  It was tried with PayPal, it was tried with with Zuck and Libra,
• 6:48
  and now it's going to be tried again.
• 6:50
  And I suspect they're going to run into, they're going to run
• 6:55
  into the same issues, the same. The same.
• 6:58
  Problems, right? Yeah, without a doubt.
• 6:59
  If it's not decentralized, it will inherently be coopted by
• 7:03
  the government anyways. I also want to bring up my very
• 7:07
  special guests, Opti Special guests.
• 7:09
  This is Sally. We have Sally who is literally
• 7:11
  live streaming from the woods. He has disconnected from the
• 7:15
  grid. He is in the middle of nowhere.
• 7:19
  How you doing Sally? I think you muted my friend.
• 7:31
  Going once, going twice, going three times.
• 7:35
  Anyways, Opti, what are we going to talk about during the
• 7:37
  culture, my friend? Well, it was going to be you
• 7:40
  know, some some Sally 58K gang stuff over here.
• 7:44
  It's going to be basically if we can get his audio to work,
• 7:49
  rabbit hole story. He is off the grid as you can
• 7:51
  tell. And creating circular economies
• 7:54
  and of course memes. I mean, he's got rope shirt on
• 7:58
  for today. So you already know he's a, he's
• 8:00
  a memer and hopefully we get the audio back in.
• 8:04
  But if not, I could always pivot.
• 8:06
  But Sally, are you there? Yeah, I wasn't.
• 8:10
  Always. How you doing, Sally?
• 8:14
  Welcome to simply Bitcoin, bro. Thanks for having me guys.
• 8:18
  Well, super, super excited. I'm really looking forward to
• 8:20
  the show. We're gonna cover a lot of
• 8:23
  topics, a lot of ideas, a lot of themes.
• 8:25
  Like always. Let's start Monday strong.
• 8:27
  Let's jump into the show. No more delay.
• 8:29
  Let's do this everybody. The Bitcoin numbers.
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  explain to your grandchildren why you didn't make it over the
• 10:02
  finish line with your Bitcoin. Stand The scan the QR code on
• 10:06
  your screen right now anyways. At the time of recording, the
• 10:09
  Bitcoin price is 29,075 sats per dollar 3439.
• 10:16
  Block height 800,081. 800,000 block height I love that blocks
• 10:23
  that having 39,918 having Estimate April 20th 2024 Total
• 10:28
  lightning network capacity 4941 Bitcoin capacity value
• 10:33
  143,000,000 U.S. dollars Realize monetary inflation rate 1.76%.
• 10:40
  And the market capitalization of Bitcoin, $565 billion with the B
• 10:45
  and the Bitcoin versus gold market cap 4.35%.
• 10:51
  OK guys, gonna pivot a little bit.
• 10:53
  I'm gonna play you guys this clip of Elon basically saying
• 10:56
  the quiet part out loud. Let's check it out and then
• 10:58
  we'll talk about it and then also have some some other stuff
• 11:01
  to show you as well. Essentially if if if done right,
• 11:04
  the X would be. Would serve people's financial
• 11:09
  needs to such a degree that over time it would become, I don't
• 11:14
  know, maybe half of the global financial system or some big
• 11:19
  number. I'm not sure what the number is,
• 11:21
  but pretty big. So it would be by far the
• 11:24
  biggest sort of financial institution.
• 11:27
  If a bit like I said, not, not really in the way that people
• 11:30
  are used to thinking about banks, just just the most
• 11:35
  efficient. Database for the thing that is
• 11:38
  money, I said. Like least amount of fraud,
• 11:43
  everything's real time, and if it involves money in any way, it
• 11:48
  can be dealt with seamlessly on one location, I said.
• 11:53
  That's his dream. And this dream goes back a
• 11:55
  really, really like it goes way back, right?
• 11:59
  Here's Walter, Isaac. Isaac and Elon actually replied
• 12:03
  to this and he said accurate, right?
• 12:05
  So in this description. So this isn't just him
• 12:07
  speculating or just him talking crap.
• 12:10
  So he goes on to say the infatuation of Elon Musk with
• 12:13
  the name x.com goes way back. Quote When his cousin Pete River
• 12:17
  visited visited in early 1999, he found must pouring over books
• 12:22
  about the banking system. Quote, I'm trying to think about
• 12:25
  what to start next, he explained.
• 12:26
  His experience at Scotia Bank had convinced him that the
• 12:29
  industry was right for disruption.
• 12:31
  So in March 1999 he founded x.com.
• 12:34
  His concept for x.com was Grant. It would be a one stop.
• 12:38
  One stop everything. Store for all financial needs,
• 12:41
  banking, digital purchases, checking, credit cards,
• 12:43
  investment in loans. Transactions would be handled
• 12:46
  instantly with no warning for payments to clear.
• 12:49
  His insight was that money is simply an entry into a database
• 12:53
  and he wanted to devise a way that all transactions were
• 12:55
  secured, recorded in real time. Quote if you fix all the reasons
• 13:00
  why, a consumer would take money out of the system, he says.
• 13:03
  Then quote then it would be the place where all the money is and
• 13:06
  that would make it a multi multi trillion dollar company must was
• 13:10
  able to entice the influential head of Sequoia Capital Mike
• 13:13
  Moritz and make a major investment in x.com more.
• 13:16
  It's then facilitated a deal with Barclays Bank and a
• 13:18
  community bank in Colorado to become partners so that x.com
• 13:22
  could offer mutual funds and have a bank charter and be FDIC
• 13:25
  insured one of must management taxes tactics.
• 13:29
  Then, as later, was to set an insane deadline and drive
• 13:32
  colleagues to meet it. He did that in the fall of 1999
• 13:36
  by announcing, in what one engineer called, quote, a Dick
• 13:38
  move that X Comm would launch to the public on Thanksgiving
• 13:42
  weekend. In the weeks leading up to that,
• 13:44
  Musk powered the office every day, including Thanksgiving, in
• 13:47
  a nervous and nervous making friendsly, and slept under his
• 13:50
  desk most nights. One of the engineers who went
• 13:52
  home at 2:00 AM Thanksgiving morning got a call from Musk at
• 13:55
  11:00 AM asking him to come back in because another engineer had
• 13:59
  worked all night and was not quote running on full thrusters
• 14:02
  anymore, it goes on to say. After a merger with a company Co
• 14:07
  founded by Peter Thiel and Max Levetchen, the company became
• 14:11
  known as PayPal Must insited that the company's name should
• 14:14
  be x.com, with PayPal is merely one of its subsidiary bands.
• 14:18
  He even tried to rename the payment system X PayPal.
• 14:21
  There was a lot of pushback, especially from lichen.
• 14:25
  PayPal had become a trusted branded name, like a good pal
• 14:28
  who is helping you get paid. Focus group showed that the name
• 14:31
  x.com, On the contrary conjured of visions of a CD site you
• 14:35
  would not talk about in in polite company, but must was
• 14:39
  unwavering and remain so to this day.
• 14:41
  If you want to be just a niche payment system, PayPal is
• 14:45
  better, he said. But if you want to take over the
• 14:47
  world's financial system, then X is the better name.
• 14:50
  Now key here if you want to take.
• 14:51
  Over the world's financial system, why do you think PayPal
• 14:55
  was not able to achieve this? And if you still don't believe
• 15:00
  me, here is Facebook. And I think this is a
• 15:03
  foreshadowing to what will happen to x.com or now Twitter.
• 15:09
  If they go down the route of using a centralized database or
• 15:13
  a centralized system or a centralized software, it will
• 15:17
  inevitably. Be coopted by governments.
• 15:21
  If you don't have that sly, roundabout way, it's so easy,
• 15:26
  there's there's only one door to knock on and say, hey, what are
• 15:29
  you going? What's going on here?
• 15:31
  So the the DM Association, a group Facebook spearheaded to
• 15:35
  launch the DM stablecoin, said Monday it will sell its
• 15:38
  intellectual property and assets to the California bank
• 15:40
  Silvergate. The announcement caps a nearly
• 15:43
  three-year odyssey on the part of Facebook and its partners to
• 15:46
  launch a digital currency, which was first up Libra in 2019 until
• 15:50
  its rebranding as DM in 2020. Facebook has also renamed itself
• 15:55
  as Meta. Lawmakers and regulators in the
• 15:57
  United States and Europe ultimately derailed DM's
• 16:00
  ambitions, stoked by fears how such an offering on the scale of
• 16:04
  Facebook would impact the financial system and the control
• 16:07
  central banks assert over money. The socalled stablecoin, a type
• 16:12
  of cryptocurrency tied to other kinds of assets, never launched.
• 16:16
  DMDM backers failed to move the needle even after they assembled
• 16:20
  a small army of lobbyists, rebranded the project down,
• 16:24
  downplayed Facebook's involvement, and pared down
• 16:26
  their ambitions for a single digital currency.
• 16:29
  Many assumed that the writing was on the wall after David
• 16:32
  Marcus met us. Point person on DM, the part of
• 16:35
  the project late last year, as well as other key figures
• 16:38
  involved. Quote As we undertook this
• 16:41
  effort, we actively sought feedback from governments and
• 16:43
  regulators around the world and the project.
• 16:46
  Of evolved substantially and improved as a result despite
• 16:50
  giving us a positive substantial feedback on the design and the
• 16:53
  network it nether list became clear from our dialogue with
• 16:56
  federal regulators that the project could not move ahead As
• 16:59
  a result the best forward, the best path forward was the sell
• 17:03
  DM's group assets as we have done today to Silvergate.
• 17:06
  So the question for you is we know that in the United States
• 17:10
  they just launched Fed Now which is the first introduction of an
• 17:13
  American Central Bank digital currency.
• 17:16
  Do you really think that they are going to be okay with
• 17:20
  letting go over says it right here?
• 17:24
  The control central banks assert over money, right.
• 17:28
  And if it's inherently A centralized system, history has
• 17:32
  shown time and time again they will stop that project.
• 17:36
  And even worse, let's say he does get away with this, right.
• 17:39
  Let's say you know, Elon Musk has more influence and he's able
• 17:42
  to kind of go forward with it. What What is eventually going to
• 17:46
  happen? They're going to use that as a
• 17:48
  surveillance platform. They're going to deem who is
• 17:51
  entitled to use money, who is not entitled to use money.
• 17:54
  The solution is Bitcoin. It's always been Bitcoin.
• 17:57
  But The thing is if it's Bitcoin then Elon Musk can't rent seek.
• 18:01
  You can't take a percentage of the transaction fees, right?
• 18:04
  You could already, you know put your Bitcoin address on your on
• 18:08
  your Twitter account and you don't need to go down that path,
• 18:11
  right? I think this is a.
• 18:13
  A solution searching for a problem.
• 18:15
  We know that Bitcoin does this already, and as Noster has
• 18:18
  proved, as Damas has proved right, you literally have the
• 18:21
  payment system right there. Before Apple kind of did their
• 18:25
  thing, you know, I was getting zapped directly from my content.
• 18:28
  It was great, right? You know, you posted, I posted a
• 18:31
  video of simply Bitcoin or simply Bitcoin IRL and people
• 18:34
  would ZAP me and that would go to me directly, right?
• 18:38
  If it's not direct. If there is an intermediary, if
• 18:41
  there is a middleman, that middleman will eventually be Co
• 18:45
  opted, as was the case with PayPal, as was the case with
• 18:49
  Facebook's attempt as well. Right?
• 18:51
  And look, someone in the comment says the government hates
• 18:53
  competition, especially now that the government is launching
• 18:56
  their own thing. They're telling you, look at
• 18:58
  their words, the paper released by the Treasury which we covered
• 19:01
  last week tremendously right in the in, in the eyes of the
• 19:05
  current administration, the future of money and payments.
• 19:10
  Our payment platforms, of which they just conveniently launched
• 19:13
  one, but it is not Bitcoin and the reason it's not Bitcoin is
• 19:17
  obviously they can't control Bitcoin.
• 19:20
  That's the whole point, right? So I think we need to learn from
• 19:23
  the past. In order to not make the same
• 19:26
  mistakes from the past and actually come up with a viable
• 19:29
  solution that allows people from all over the world to transact
• 19:33
  with each other without going through intermediate
• 19:36
  intermediaries of which those intermediaries can and will be
• 19:40
  coopted. And let's say they go along with
• 19:42
  this, look at all Look at what was released with the Twitter
• 19:46
  files. They weren't even allowing
• 19:48
  people to say certain things. The government was literally
• 19:50
  asking Twitter to take down certain posts.
• 19:53
  What makes you think they are going to be okay with you
• 19:57
  transacting freely without them basically giving a thumbs up,
• 20:02
  You know? So it's just interesting how
• 20:04
  this is how this is playing out. I think Elon's going to learn
• 20:07
  the lessons from the past very, very quickly.
• 20:09
  And I'll tell you what. All roads lead to Bitcoin.
• 20:13
  Bitcoin is the solution to this inevitable problem he's gonna
• 20:17
  run into anyways. Opti, what are your thoughts
• 20:19
  bro? Well, yeah, I mean, 2I, I forget
• 20:24
  who that Twitter post was. But x.com does seem kind of
• 20:28
  seedy and it's it's very interesting that it's being
• 20:32
  cloaked in this like, you know I'm just here to.
• 20:35
  Create a better, better payments platform.
• 20:38
  You know, financial Financialize Twitter.com or whatever.
• 20:41
  Make just One Financial product for everything.
• 20:43
  Obviously we've known for a while that Musk has been talking
• 20:47
  about doing a what's it, What's it called again?
• 20:50
  WeChat. WeChat of the West.
• 20:54
  And personally, I I really, you know, I I don't like that at
• 20:59
  all. But like this move does seem
• 21:00
  dystopian and unnecessary if we're being completely
• 21:03
  transparent like we have Bitcoin.
• 21:05
  And again, it just it's just very interesting that this is
• 21:09
  being cloaked as like this is good for you consumer out there.
• 21:13
  You know I just want to make your life easier and more
• 21:16
  transparent and all that stuff. And I don't know, I I just again
• 21:21
  like I I'm with you Nico. Obviously we're bitcoiners and
• 21:24
  we understand the meme. You know you don't change
• 21:26
  Bitcoin. Bitcoin changes you and you do
• 21:29
  need to humble yourself at a certain point and realize that
• 21:32
  like look. This technology is already
• 21:34
  there. It's called Bitcoin.
• 21:35
  It's just about integrating Bitcoin into the products that
• 21:38
  we already have into the services that are that are
• 21:40
  already out there and you don't really need to recreate the
• 21:43
  wheel anymore. I mean, he's tried to do this
• 21:45
  with PayPal in the past. Maybe it's just a certain amount
• 21:50
  of tunnel vision, having your blinders on and and not seeing
• 21:53
  the forest for the trees. But I think in time we'll see
• 21:57
  that Twitter does need Bitcoin and and integrated in a way that
• 22:00
  it's not just like, you know. Having a lot of friction like it
• 22:04
  wasn't was before with the Twitter tips and stuff.
• 22:07
  Just, you know, imagine having the network effect of Twitter,
• 22:11
  but with the Nostras apps, it would it, it would put Bitcoin
• 22:15
  in the hands of. I don't know how many users are
• 22:17
  on Twitter, but I'm going to guess millions of people would
• 22:21
  be exposed to Bitcoin and that would just be beautiful to see.
• 22:24
  But anyways, let's see. Sally, are you there?
• 22:27
  Can we hear you? I think you're muted, bro.
• 22:36
  Going once, going twice, going three times.
• 22:41
  All right, let's see. Let's see if we can get Sally
• 22:44
  back. Seems like he's off the.
• 22:46
  He's off the grid. He's off the grid.
• 22:48
  He's doing off the grid things. Anyways, everybody, let's get
• 22:51
  into the news. We got a lot to talk about, some
• 22:53
  more stuff to talk about. I think today's episodes really
• 22:56
  is going to be the the theme is going to be the the separation
• 22:59
  of money and state. I, I, I, you know, I, I, I
• 23:01
  really agree to that. And look, I I think that again
• 23:05
  Bitcoin is the solution to this. And I think that Bitcoin
• 23:09
  requires humility for people to understand.
• 23:12
  Once you, you know, once you are humble enough to realize okay,
• 23:16
  you know I can't change Bitcoin, right?
• 23:19
  But I could definitely benefit from it.
• 23:22
  I think, you know, it's the solution.
• 23:24
  It is the thing that Elon's going to going to need in order
• 23:27
  to build this out and look. I think Jack Mahler's has shown
• 23:30
  which strike that you don't have to use Bitcoin, the commodity
• 23:34
  per se, but you can use Bitcoin the network to facilitate these
• 23:39
  international transactions and such.
• 23:41
  So anyways, all right everybody, let's move on to the news.
• 23:45
  We got a lot to talk about, let's check it out.
• 23:51
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  All right guys, I also want to give a shout out to the Orange
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  Pill app. They're currently building the
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  social layer for Bitcoin. As crazy as it sounds, without
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  the people, Bitcoin is just ones and zeros.
• 24:39
  Bitcoin is the people. Bitcoin is you.
• 24:40
  It's me. It's Opti, it's Satoshi, It's
• 24:42
  Sally. Download the Orange pill out for
• 24:44
  iOS or Android and connect with other bitcoiners in real life
• 24:46
  today. Find other bitcoiners that live
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  search for other bitcoiners by common interest.
• 24:54
  Orange Pill app is also the world's biggest repository for
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  bitcoiners in real life, this is the app for you.
• 25:02
  Sign up through the App Store and you can even pay in Sats and
• 25:06
  also Opti and I appreciate all the messages and love that we're
• 25:09
  getting through the Orange Pill app.
• 25:10
  We appreciate we appreciate you all and you know thank you guys.
• 25:15
  Anyways moving on to the big news for today.
• 25:19
  This is no BS. Bitcoin says District Court
• 25:22
  dismisses Coin Centers case against unconstitutional
• 25:25
  financial surveillance. Let's look more into it.
• 25:28
  And this passed during the infrastructure bill.
• 25:32
  And it's very interesting. And I'm going to, I'm going to
• 25:37
  read you some passages from the book, the sovereign individual,
• 25:40
  and I'm going to make the case that I think Bitcoin.
• 25:44
  And its current iteration is incompatible with how the
• 25:48
  current system functions. And I think that bit that Elon's
• 25:51
  going to learn, he has this dream of making this app, you
• 25:55
  know, this worldwide phenomenon and and you know this this whole
• 25:59
  thing. But at the same time, it's
• 26:02
  interesting to me because PayPal ran into those issues very, very
• 26:05
  quickly. Why do you think PayPal doesn't
• 26:08
  work in certain countries? Right.
• 26:10
  Do you think the PayPal is, is, is, is doing those decisions or
• 26:14
  does it have to do with compliance?
• 26:16
  Right. So anyways goes on to say today
• 26:18
  Coin Center filed A filed suit in federal District Court
• 26:22
  against the Treasury Department in a facial constitutional
• 26:26
  challenge to the amendment of section 6O50I of the tax code
• 26:31
  that was part of the Infrastructure Investment and
• 26:33
  JOBS Act passed last summer. And now we know this was
• 26:37
  updated, this, this, this case was dismissed, which is very
• 26:42
  interesting. And I'll get to why I believe
• 26:46
  that maybe, perhaps, maybe this is against the 4th Amendment,
• 26:51
  but I I I think that, you know, I I don't think governments
• 26:54
  really care about the constitutional amendments.
• 26:56
  I don't think really governments really care about, you know what
• 27:01
  these what these laws or what these Bill of Rights are.
• 27:05
  In order to protect citizens from from state overreach, I
• 27:08
  don't think they really care. I think that government's
• 27:10
  benefit so much from this privilege of being able to
• 27:14
  create money for free that everyone else has to work for,
• 27:17
  for. From this, from this ability to
• 27:20
  spend money they don't have, from this ability to deficit
• 27:23
  spend. In the case of the United
• 27:25
  States, it's $1 trillion they spend every single year.
• 27:28
  Then they collect in tax revenue, even though they
• 27:30
  collect more tax revenue every single year.
• 27:33
  The government doesn't have a tax collection problem.
• 27:36
  The government has a spending problem.
• 27:38
  But I'll pass it on to you if you had the power of the money
• 27:41
  printer, do you think? That you would be able to resist
• 27:44
  that power. Do you think you would be able
• 27:46
  to resist that temptation And I think that temptation is so
• 27:49
  strong. Right.
• 27:51
  That I don't think governments I I I don't you know I I I think
• 27:55
  that they're you know I think that they're they're going to be
• 27:58
  willing to do anything in order to to maintain that.
• 28:01
  I mean you you you guys remember Nambu Kayla's article right.
• 28:05
  Don't drink the elites kool-aid they're going to they're going
• 28:07
  to lie smear misrepresent print and do whatever it takes.
• 28:12
  Anyways, it goes on to say Coin Center's mission is to defend
• 28:15
  the rights of individuals to build and use free and open
• 28:18
  Bitcoin and shitcoin networks, the right to write and publish
• 28:21
  code, to read and to run it, the right to assemble, assemble into
• 28:25
  peertopeer networks, and the right to do all this privately.
• 28:29
  When the infrastructure bill was introduced last summer, we
• 28:32
  engage with members of Congress and their staff to make the case
• 28:35
  that the bills crypto provision were counterproductive and
• 28:38
  unconstitutional. With the bill passed, we've
• 28:41
  worked with other members of Congress to introduce
• 28:43
  legislation to amend and repeal the offering provisions.
• 28:46
  Several of the bills provisions now law will require the
• 28:49
  Treasury Department to develop rules and guidance to implement
• 28:51
  them, and we look forward to engaging constructively with the
• 28:54
  department in the process to help get to the best possible
• 28:57
  outcomes. But there is one provision in
• 28:59
  the Infrastructure bill that is unconstitutional on its face and
• 29:03
  that simply can't be fixed to regulation.
• 29:05
  It is the socalled 605 oh I amendment and require
• 29:10
  individuals and businesses who receive $10,000 or more in
• 29:13
  crypto to report to the government not just the name of
• 29:16
  who sent them the funds, but that person's date of birth and
• 29:20
  Social Security number as well, right?
• 29:22
  And one of the beauty, one of the most beautiful things about
• 29:25
  Bitcoin, right, is the ability to transact with someone totally
• 29:30
  and on. You don't need to know who they
• 29:32
  are. If they contribute work to you,
• 29:34
  right. And they could be based anywhere
• 29:37
  around the world, right? And I'm gonna read you a book,
• 29:40
  I'm gonna read you a passage from the from the sovereign
• 29:42
  individual. What that's going to unleash for
• 29:44
  the world as well, that's one of the best benefits of Bitcoin is
• 29:48
  the fact that you're able to. You know, pay people without
• 29:52
  having to know who they are, without having to know their
• 29:55
  identity. What if they don't have a Social
• 29:57
  Security number? What if they happen to be born
• 29:59
  in a country that the US that the US government doesn't
• 30:02
  necessarily or or or or isn't in good terms with?
• 30:06
  Right. And again, like just because the
• 30:09
  US government has sanctions, certain countries who are, who's
• 30:13
  actually paying the consequences of those sanctions?
• 30:16
  Is it those governments of those said countries or are or is it
• 30:20
  the people of those said countries?
• 30:22
  Anyways, it goes on to say our suit leads with two major
• 30:25
  claims. Forcing ordinary people to
• 30:27
  collect highly intrusive information about other ordinary
• 30:30
  people and report it to the government without a warrant is
• 30:33
  unconstitutional under the 4th amendment.
• 30:35
  Right. And let me go to what the 4th
• 30:37
  amendment is and you tell me if that was that provision is
• 30:41
  unreasonable. So says so.
• 30:43
  It says the Constitution to the 4th Amendment protects people
• 30:46
  from. Unreasonable searches and
• 30:47
  seizure by the government. The 4th of Amendment, however,
• 30:50
  is not guaranteed against all searches in seizure, but only
• 30:53
  those that are deemed unreasonable under the law.
• 30:55
  I think this is pretty unreasonable.
• 30:56
  I don't know, like, I think it's pretty unreasonable that, you
• 30:59
  know, if you were to receive a $10,000 payment, you have to
• 31:02
  collect the person's Social Security number and then give
• 31:05
  that to the government every single time that happens.
• 31:08
  I think that's a pretty unreasonable ass in my opinion.
• 31:10
  The So the second thing is the demanding that politically
• 31:14
  active organizations create and report list of their donor
• 31:17
  names. Identifying information to the
• 31:19
  government is unconstitutional. Unconstitutional under the First
• 31:22
  Amendment. Remember with WikiLeaks?
• 31:24
  Remember WikiLeaks, right. They they were one of the first
• 31:28
  to adopt Bitcoin because they were deep platforms by all the
• 31:32
  other platforms. So what happens if you're
• 31:35
  reporting? On your reporting on an
• 31:39
  organization that your state or your government isn't
• 31:43
  necessarily this isn't necessarily in good terms with
• 31:46
  that or said organization, right?
• 31:47
  Of course that's not talked about.
• 31:49
  The first claim is about privacy and our 4th Amendment right to
• 31:52
  be secure from unreasonable searches and seizures.
• 31:54
  The 4th Amendment already have has some huge carve outs that
• 31:58
  leave people with precious little space for privacy.
• 32:01
  So again, I think this is kind of another iteration of the old
• 32:07
  World clashing with the new world.
• 32:09
  We've made the theory of the case on the show for a long time
• 32:13
  that we are living through the disintermediation of
• 32:15
  information, but also the disintermediation of money as
• 32:19
  well. And I think that this is the Old
• 32:21
  World clashing with the new World, right?
• 32:24
  But it's not also and you see this most predominantly if
• 32:28
  you're traveling internationally.
• 32:30
  And you go across the border, one of the first things that
• 32:32
  they ask you is, are you traveling with more than $10,000
• 32:36
  in currency, right? That's one of the first things
• 32:39
  that they ask you. Now here's the thing, if you
• 32:42
  have gold bars, it's going to be very easy for them to search
• 32:45
  your luggage and see it. If you have a bunch of cash,
• 32:47
  it's going to be very easy for them to just search and and see
• 32:51
  cash. But what happens if you are a
• 32:53
  political refugee and you're, you know, you're fleeing A
• 32:56
  tyrannical country? Now you could memorize the 12
• 32:59
  word seed phrase. So again, like I think that the
• 33:03
  old rules trying to implement them onto Bitcoin, not only do I
• 33:09
  believe that they'll be unenforceable, but I also think
• 33:12
  that they're they're they're highly unreasonable.
• 33:14
  And here is a book, here's a passage from the sovereign
• 33:18
  individual that predicted this back in the 1990s.
• 33:22
  Now the first passage I want you guys to really, really
• 33:26
  internalize because. This is the benefits of
• 33:30
  something like Bitcoin. This is the benefits of being
• 33:33
  able to pay someone. It doesn't matter who they are,
• 33:37
  where they happen to be born, where they happen to be born,
• 33:39
  what their religion is. These are the benefits of having
• 33:43
  a currency that is able to transact with everyone around
• 33:47
  the world. These is the benefits.
• 33:49
  This is one of the benefits. So it says.
• 33:51
  This from a quote from the book. Genius will be unleashed, freed
• 33:54
  from both the oppression of government and the drags of
• 33:58
  racial and ethnic prejudice in the Information Society.
• 34:02
  No one who is truly able will be detained by the illformed
• 34:05
  opinion of others. It will not matter what most of
• 34:08
  the people on earth might think of your race, your looks, your
• 34:11
  age, your. Your, your your, you know, your
• 34:15
  sexual preferences or the way you wear your hair in the cyber
• 34:19
  economy, they will never see you.
• 34:21
  The ugly, the fat, the old, the disabled will vie with the young
• 34:25
  and and beautiful on equal terms in an utterly colorblind
• 34:29
  anonymity on the new frontiers of cyberspace.
• 34:33
  And I think that these laws that are being passed, and I think
• 34:36
  that they will be implemented on top of Twitter as well, that's
• 34:40
  stopping that. Right.
• 34:42
  So what happens if you have this, this genius person who's
• 34:45
  extremely talented, A talented content creator or just a
• 34:49
  talented person and they're trying to get paid for their
• 34:51
  proof of work, but they happen to live in Nigeria.
• 34:54
  Under the current system, what they're advocating for, or in
• 34:57
  Afghanistan in the current system, what they're advocating
• 35:00
  for is that person is not entitled to use money because of
• 35:03
  where they happen to be born in. That's the system that they're
• 35:07
  advocating for. Remember that.
• 35:09
  It's a system of privilege. It's a system of there's, you
• 35:12
  know, there's people that happen to be born in the US.
• 35:14
  They have the privilege of being born in the US.
• 35:16
  They're entitled to use the financial system.
• 35:18
  If you happen to be born somewhere else, you're not
• 35:20
  entitled to use it, right? So anyways, it goes on to say
• 35:23
  new technologies will allow the holders of wealth to bypass the
• 35:26
  national monopolies that have issued and regulated money in
• 35:29
  the modern period. Their importance for controlling
• 35:31
  the world's wealth will be transcended by mathematical
• 35:34
  algorithms that have no physical existence.
• 35:37
  In the new Millennium, cyber money controlled by private
• 35:39
  markets will supersede Fiat money issued by governments
• 35:44
  lacking their custom scope to tax and inflate.
• 35:47
  Governments, even in traditionally civil countries,
• 35:50
  will turn nasty, and I think that this bill specifically is a
• 35:54
  representation of this passage anyways, businesses that offer
• 35:59
  services. That facilitate the realization
• 36:01
  of autonomy by individuals will be subject to infiltration,
• 36:05
  sabotage, and disruption. I'm talking to you, Elon.
• 36:08
  Arbitrary forfeiture of property, already commonplace in
• 36:11
  the United States, where it occurs 5000 times a week, will
• 36:14
  become even more pervasive. Governments will violate human
• 36:17
  rights, censor the free flow of information, sabotage useful
• 36:21
  technologies, and worse. And this is exactly why we start
• 36:25
  in the beginning of the show. We are living through the
• 36:27
  separation of money and state. But be aware where we are.
• 36:31
  Be aware of what the benefits of a open money and open monetary
• 36:35
  network versus the benefits of their system.
• 36:39
  Right the the the benefits of their system is if you happen to
• 36:43
  be born in the right country, you happen if you happen to have
• 36:46
  the right belief system. If you happen to be this person,
• 36:49
  you're entitled to use money. Everyone else is not entitled to
• 36:52
  use money. So you tell me.
• 36:54
  It's very simple question, what sounds like a more equal and
• 36:57
  equitable system. I mean, to me it's very obvious.
• 37:00
  It's clearly Bitcoin, right? This is something that I think
• 37:03
  Elon is going to learn very, very quickly.
• 37:05
  And I think this is going to be also a very, very tough pill to
• 37:08
  swallow for governments that have been used to controlling
• 37:11
  the money systems for decades. You can even say centuries,
• 37:15
  right? There's going to be a very pill
• 37:17
  to is going to be a very big pill to swallow when they
• 37:20
  realize, holy cow, I can't stop this thing.
• 37:23
  And now people, individuals are going to start voting with their
• 37:27
  feet. And I think you're starting to
• 37:28
  see this a little bit with more and more people giving up their,
• 37:31
  renouncing their, their US citizenship and moving to
• 37:34
  countries like El Salvador. We're moving to other
• 37:36
  jurisdictions that perhaps have better, you know, tax
• 37:39
  agreements, perhaps they have better laws for small
• 37:42
  businesses, right. So, you know, this is a brave
• 37:44
  new world that we're heading into.
• 37:46
  But I also believe it's going to be a much better world, a much
• 37:48
  more equal world, a world where everybody, no matter where you
• 37:53
  happen to be born in, is going to have equal opportunity to
• 37:56
  move forward, right, to be part of the finance, to, to be part
• 38:01
  of the global financial system. So I don't know, Opti, I mean,
• 38:04
  dude, like. It's just it's just so crazy how
• 38:08
  these things are happening. I think that there's going to be
• 38:09
  an inevitable clash, man. I see it happening ever so
• 38:12
  slowly. I think there's going to be a
• 38:14
  clash. I don't think that this system
• 38:16
  is particularly compatible with Bitcoin.
• 38:19
  I I just don't think so. I I just don't think that
• 38:23
  they'll ever want to give up those money controls, you know?
• 38:25
  Christine Lagarde says it right? Look, if people have an escape
• 38:28
  valve, they're going to use it like Bitcoin is clearly that
• 38:31
  escape valve. How long until they demonize it?
• 38:34
  It starts with $10,000. In Europe, it's already at
• 38:36
  $1000, right? How long until that moves to
• 38:39
  500? And remember, that's not even
• 38:41
  taking count into inflation when that $10,000 rule was set up.
• 38:45
  Was back in the 70s ten, $1000 was the equivalent of like I
• 38:49
  think was like 72,000, like 50 to $72,000.
• 38:53
  They never changed the number, right?
• 38:55
  And the reason that they were able to pass that in the 70s is
• 38:57
  like, oh it's. It's $50,000.
• 38:59
  It's $70,000 no one's ever like. That's such a that sounds
• 39:03
  reasonable. And now Fast forward, right?
• 39:06
  That $10,000 stays there. And mind you, what they also
• 39:10
  tried to pass in the infrastructure bill, even though
• 39:11
  this didn't get passed, was that they wanted to pass a law that
• 39:15
  would surveil every $600.00 transaction.
• 39:19
  Right. So I forgive me for saying this.
• 39:22
  I just don't trust them. I don't trust them when they say
• 39:26
  this, right. These are also the telling,
• 39:28
  these are also the people that are telling you, right.
• 39:31
  We want to roll out central bank digital currencies and we're not
• 39:34
  going to use them against you. Forgive me if I don't believe
• 39:38
  you when you say that. I think it's time to try
• 39:40
  something new. I think we've we've, we've we've
• 39:43
  believed them for decades. We've, you know, we've taken
• 39:46
  them at their word. And if they think they've
• 39:48
  consistently shown a pattern of behavior that they'll tell you
• 39:51
  something and as soon as they get it implemented, as soon as
• 39:54
  they get that power right, they end up using that against their
• 39:57
  own citizens. So anyways, that's my take.
• 39:59
  Doesn't my 2 Sats Opti, what's your take?
• 40:02
  And then we'll move on to Sally. Yeah, I mean, I'm gonna double
• 40:05
  down or maybe even triple down on this.
• 40:07
  This is very obviously an attempt at keeping the monopoly
• 40:10
  on money. What do we say every single
• 40:12
  morning or probably every single day on the show?
• 40:14
  It's Bitcoin or slavery, and you can't convince me otherwise and
• 40:17
  that. 6050 eye rule is absolutely insane.
• 40:20
  Like, that's the whole feature of Bitcoin.
• 40:21
  Like, I don't need to know who you are to send you sets.
• 40:24
  That's what it's about. Send me an address.
• 40:28
  I can literally send you money around the world without knowing
• 40:31
  who you are in 10 minutes. And that is a feature.
• 40:35
  Guys like this is out of control.
• 40:37
  The the powers that be are out of control and we talk about all
• 40:40
  the time like they really want to track and bag everything you
• 40:43
  do. And that should absolutely
• 40:45
  terrify you. Like, why is this the status quo
• 40:47
  where we have to trust a small cabal of bankers to allow us to
• 40:52
  use money when we know that money is just a tool to trade
• 40:57
  and yet? Everyone thinks that it's the
• 40:59
  status quo to have a government issue that money and they they
• 41:02
  be the middleman. Like I don't know about you but
• 41:05
  I've opted out of that. I I don't believe that that is
• 41:08
  the way that things should work and like this might be a spicy
• 41:10
  take but either politicians don't care about the
• 41:13
  Constitution or the Constitution can't protect us from this type
• 41:16
  of stuff. Like which one is it.
• 41:17
  So like here we are we're in this place right now where every
• 41:23
  government in the world and. Even most of the politicians in
• 41:26
  the United States are talking about a CBDC and how this is
• 41:30
  for, you know, the good of the citizen.
• 41:32
  And again, remember the framing of CBDC, central bank digital
• 41:35
  control mechanisms. They keep trying to roll this
• 41:38
  out, whether it's from the government or whether it's from
• 41:40
  private institutions. Look at Elon like he's trying to
• 41:43
  do this in like a non nefarious way, but they're still all
• 41:45
  trying to do the same thing. It is a centralized app that
• 41:50
  controls everything about you. All your transactions are tagged
• 41:54
  and back through this application, whether it's from a
• 41:56
  government or private institution.
• 41:58
  And I don't believe in this. And This is why I believe that
• 42:02
  the trend is very obvious. It is Bitcoin or slavery.
• 42:05
  You can either participate in a payment system that wants to
• 42:11
  control everything about you or you opt out into freedom
• 42:15
  technology, which is Bitcoin and then back to that like 10K rule.
• 42:21
  You know, on some respects, obviously if we account for the
• 42:24
  inflation, you can try to make sense of it.
• 42:26
  But again, if you're using their money, they can tell you what to
• 42:29
  do with that money and hence why the 10K rule is is just like.
• 42:34
  All right, I I see what you're doing.
• 42:35
  Obviously I'd be terrified too if if you were working on AA0,
• 42:40
  fractional reserve money and our currency and then you have a,
• 42:45
  you know, a bunch of rich people moving money around, there'd be
• 42:47
  a lot of bank run. So no wonder they're terrified
• 42:49
  about people moving that money around.
• 42:51
  Again, it's not your money if it's in a bank.
• 42:53
  So opt out of this madness. It is Bitcoin.
• 42:56
  Or into slavery. Take your Bitcoin into self
• 42:58
  custody. It is not your Bitcoin if you
• 43:00
  leave it on an exchange Anyways. Let's see, Sally, I hear some
• 43:03
  feedback. So are you there, bro?
• 43:06
  I'm here. Can you hear me?
• 43:07
  Let's go. All right, you're in it.
• 43:08
  Let's go. I will not be doing podcasts
• 43:13
  from here for a little bit. Gotta knock down some trees
• 43:15
  apparently. Whoops.
• 43:19
  So Sully, what's your take on this?
• 43:21
  And I'm actually gonna pull up some things, cuz.
• 43:23
  Guys, at the end of the day you you, you have to understand,
• 43:26
  right, the the 10,000, the $10,000 rule, right?
• 43:30
  You're like Nikko that that's a lot of money.
• 43:32
  But you have to understand like it it, it, it sound.
• 43:37
  You know what? Let me just show you this
• 43:38
  because I, I, I think the evidence will kind of speak for
• 43:42
  itself, OK? Because don't fall for the like
• 43:46
  Niko doesn't sound so unreasonable.
• 43:48
  OK. So let me this is the Bank
• 43:50
  Secrecy Act. OK.
• 43:51
  This was introduced back in 1970.
• 43:54
  OK, Another coincidence, right? I'm going to lay out two
• 43:58
  coincidences for you. When do you think the federal
• 44:01
  income tax was implemented? It was implemented in 1913.
• 44:04
  That was the same year that they launched the Federal Reserve.
• 44:07
  OK, here's another coincidence, right?
• 44:08
  Just happens to be a coincidence, right?
• 44:10
  The Bank Secrecy Act. And then this is what put it
• 44:12
  into law that you had to report any amounts over $10,000, right?
• 44:19
  This was implemented in 1970, right before 1971.
• 44:22
  Now, if you run the inflation calculator in 1970, ten $1000 is
• 44:30
  the equivalent to $78,000 today. When they implemented this law,
• 44:37
  it didn't sound so unreasonable that you don't.
• 44:40
  You don't, you don't. Spend you don't transact $78,000
• 44:44
  at the same time. You don't do that on a regular
• 44:46
  basis, or at least a vast majority of people don't do
• 44:48
  that. It's a lot of money.
• 44:51
  What happened though? That $10,000 arbitrary number
• 44:55
  stayed exactly the same, and now it's $10,000.
• 45:00
  It doesn't go as far as $78,000. So the problem is that if you
• 45:05
  start to normalize these things. They take more from you as time
• 45:13
  progresses. So when they implemented this
• 45:16
  law, it was 7 to the equivalent to $78,000 today.
• 45:20
  And then not to mention last year.
• 45:22
  I'm sure you guys remember this because it was all over Twitter,
• 45:24
  right? They also implemented a law that
• 45:27
  would surveil every transaction over $600.00.
• 45:31
  When does it stop? That's my question to you.
• 45:34
  When does it stop? Do you truly believe that the
• 45:37
  world would burn down? If there wasn't government
• 45:40
  bureaucrats that were literally seeing the name and the person
• 45:45
  of every single transaction that has happened, that's the
• 45:48
  question that I have to you. To me, this is incredibly
• 45:52
  obvious. But yeah, I know a lot of people
• 45:55
  are going to be like, you know what, It's not that bad.
• 45:57
  It's whatever. Look back at history.
• 45:59
  It always starts with some, you know, some, some arbitrary
• 46:02
  number. As time goes by, inflation does
• 46:05
  the saying that arbitrary number stays exactly the same.
• 46:08
  And the controls get stronger and stronger and stronger and
• 46:11
  stronger. I think it's a totally arbitrary
• 46:13
  number, bro. Anyways, Sally, what are your
• 46:15
  thoughts? And then we'll move on to the
• 46:16
  culture. Yeah.
• 46:19
  So a lot to touch on there today, but as far as you know,
• 46:22
  the numbers you just put up, they're playing the long game,
• 46:25
  right? So they'll show you, oh, it's
• 46:27
  the best numbers in the last 10 years.
• 46:29
  But over time, the dollars just been dying.
• 46:34
  You guys hear me right now. Yeah, yeah.
• 46:35
  You're still coming. To move my phone.
• 46:38
  OK. OK, anyways, all right, so was I
• 46:44
  going to say let's, let's move on to the culture OPTI.
• 46:49
  But before we got into the culture guys, we've been talking
• 46:52
  a lot about, you know, sovereignty and we've been
• 46:55
  talking a lot about privacy. And here's the thing, if you are
• 46:59
  not using your own Bitcoin node, you're trusting someone else's.
• 47:03
  So what you got to do is you got to take back control of.
• 47:08
  Your financial privacy and the way that you do that is by
• 47:10
  running your own Bitcoin node. This is the noddle.
• 47:15
  It enables you to connect with the Bitcoin and lightning
• 47:17
  networks. Your noddle acts as a back end
• 47:19
  to the most popular Bitcoin lightning applications you want
• 47:22
  to run. Running a personal Bitcoin node
• 47:24
  is the greatest addition you can make to your financial privacy.
• 47:29
  And this is the noddle Dowjo takes a step at a takes a step
• 47:33
  above. Yes, the red means it is faster.
• 47:37
  Run your own wallet back, end with Samurai Dojo.
• 47:40
  Enjoy state-of-the-art coin. Joining with Samurai Whirlpool.
• 47:43
  Both straight out of your noddle hardware.
• 47:45
  So check out model today. Become a sovereign individual.
• 47:49
  Don't trust someone else's copy of the Bitcoin blockchain.
• 47:53
  Only trust your copy anyways everybody, no more delay.
• 47:57
  Let's jump straight into the culture.
• 47:58
  We got a lot to talk about, let's check it out.
• 48:02
  The Daily Culture. Brought to you by Swan
• 48:06
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  Visit swanbitcoin.com today. All right, guys, I also want to
• 48:28
  tell you about the Pacific Bitcoin Festival.
• 48:31
  It's going to be one of the biggest festivals on the web.
• 48:34
  Bitcoin festivals on the West Coast.
• 48:37
  It's going to be awesome. You think you have fun hanging
• 48:39
  out with Bitcoiners online? Imagine hanging out with people
• 48:42
  that bitcoiners in real Life Speaker list currently includes
• 48:45
  Corey Clipston, yen Pritzker, Preston Pitch, Lynn Alden,
• 48:48
  Natalie Burnell, Stefan the Vera, Pierre Rashard, Jimmy
• 48:51
  Song, Greg Foss and much, much more.
• 48:54
  You can use the promo code simply.
• 48:56
  To get 2021% off the Pacific Bitcoin Festival tickets, I hope
• 49:01
  to see you guys over there. Anyways, Opti, what are we going
• 49:03
  to talk about today during the all?
• 49:04
  Right. I'm going to try this very
• 49:06
  quickly. If I have to pivot, I can pivot
• 49:08
  live. But Sally, are you there?
• 49:10
  Can you tell people some rabbit hole story?
• 49:12
  And then we'll go into, obviously off the grid living,
• 49:15
  as you guys can tell throughout the show.
• 49:16
  So, Sally, you're here for a moment.
• 49:20
  What? How'd you get into Bitcoin?
• 49:24
  Well, I was in mortgages and kind of getting into finance and
• 49:29
  when I was studying from my Series 66 and Series 7,
• 49:34
  basically started realizing that everything I was studying for
• 49:37
  was going to be obsolete because that's when I was actually like
• 49:41
  getting down the rabbit hole with Bitcoin as well.
• 49:44
  So at that point I left, so I left right before I took and.
• 49:53
  I was falling on the lane kind of rabbit holes.
• 49:55
  So I was living in the city, competing with all my friends,
• 49:59
  trying to get the next thing. Like my friend bought like a
• 50:02
  $13,000 golf cart. And I was like, OK, this is
• 50:04
  getting ridiculous. Like everybody's keeps spending
• 50:07
  all their money. I was like, I, you know, I want
• 50:10
  to leave my daughter something that's, you know, better than
• 50:13
  just all this, all these toys. So I sold my house in the city,
• 50:20
  bought property, and I've been building off grid and.
• 50:23
  Raising chickens. So it's been a full 180, but
• 50:27
  it's now the time that you know five anymore.
• 50:33
  Just keep on taking for me. They'll push you, especially in
• 50:39
  mortgage and sales. They'll push you until your
• 50:41
  burnout. And I was burnt the hell out
• 50:43
  after 10 years and that. So that's my whole story.
• 50:49
  Love it. Epic.
• 50:50
  All right, well, let's get into off the grid, Sovereign Land and
• 50:54
  the chickens, bro. Everyone wants to know about the
• 50:56
  chickens. Yeah, before before we get to
• 50:59
  that, guys we're at we're at 82 likes.
• 51:01
  Help us keep our streak going. Smash that like button so we can
• 51:04
  get 100 likes before the live stream ends.
• 51:06
  We're at 82. Help us get to 100.
• 51:08
  We only need 18 likes left anyways.
• 51:11
  Sally, what are you going to say?
• 51:15
  Off grid living, it's it's off I'll see two dozen there.
• 51:24
  I just grew up to almost 1000 chickens and they all live on
• 51:35
  the property so they have grass and then there's also big forest
• 51:39
  as you can see so they get all the good bugs and everything and
• 51:43
  you know that it's. It's the best way to get away
• 51:46
  from the whole fire world. I mean, there's chemicals and
• 51:49
  all the food and you know, the less you have to go to the
• 51:52
  grocery store, the less you're gonna have to, you know come in
• 51:55
  contact with that. I'm.
• 51:58
  I'm gonna build or dig my own well so I don't have to worry
• 52:01
  about city water anything here. But it's, you know, that whole
• 52:06
  mindset like the the further off grid you get and the longer you
• 52:10
  do it. I mean, I've been camping out
• 52:11
  all summer, it feels like. You start to mentally get like I
• 52:17
  don't need all of that. You know, the less is more and
• 52:22
  the further off grid and the less I need to go in town.
• 52:24
  I mean the better. I I control everything that that
• 52:29
  all the food goes into, all the food and it's all I utilize as
• 52:33
  much energy as I can. Right now I'm looking into
• 52:36
  recycling the chicken poop into a gas to to power the house and
• 52:41
  generators and stuff so. Got plenty of chicken poop?
• 52:44
  Got to do something with it? Maybe hook up some minors.
• 52:51
  Interesting. Interesting.
• 52:53
  We lost him. No, he's back in.
• 52:56
  He's back in, so. He keeps switching.
• 52:58
  Cowards. No worries.
• 53:00
  No worries. All right.
• 53:01
  You talked about chickens and you wanted to talk about
• 53:04
  circular economies. So are you selling the eggs for
• 53:06
  Sats? What's going on over here?
• 53:09
  Yeah. Yeah.
• 53:09
  So I I do sell eggs for Sats right now.
• 53:13
  I have contracts with a couple grocery stores because I have to
• 53:18
  get rid of about 1000 eggs a day right now.
• 53:23
  It'll be less like as the sun starts as less sun during the
• 53:27
  day. But yeah, it's it's hard to sell
• 53:29
  that many to to just plebs. But I've been rebuilding A
• 53:33
  circular economy, shaking hands. I mean this is a new area for
• 53:36
  me. So I'm.
• 53:37
  Meeting lots of new people. You know, I I don't really have
• 53:39
  any roots so I'm I'm kind of trying to to get my roots in.
• 53:44
  But it's it's also like a lot of bartering out here.
• 53:46
  You know it's like hey if you do this you know, then I'll do this
• 53:50
  for you. And it's it's a lot more of a
• 53:53
  community out here than like in the city where everybody does
• 53:57
  the same thing. It's all the same strip mall and
• 54:00
  same you know type of bars and all that stuff out there.
• 54:02
  But. Everybody's spread out and you
• 54:06
  don't have that much property to really offer that much.
• 54:08
  So out here everybody has plenty of land, they have plenty to
• 54:11
  offer. So it's, it's been real cool.
• 54:15
  What I was saying earlier as far as like local circular
• 54:18
  economies, we need to rebuild that because as Nico showed
• 54:21
  earlier that chart, you know 78,000 is you know how much it
• 54:26
  would cost or how much that 10,000 was.
• 54:30
  They killed the middle class. You know, and that's that's
• 54:33
  that's what we need to rebuild and that's, you know, instead of
• 54:36
  having all of all of these businesses, I mean especially
• 54:39
  out here, you go downtown, it's all, it's all closed up boards.
• 54:42
  You know, it's it's pretty sad that's because all the Walmarts
• 54:45
  came in and that you no longer shake hands with the people who
• 54:50
  actually make your food, make your yours, your goods and
• 54:53
  everything. So I think we need to rebuild
• 54:56
  that because you know, we don't trust the the big corporations
• 55:00
  anymore. We have to go back to trusting
• 55:03
  each other and that's going to take time to rebuild because
• 55:05
  it's completely fractured in this nation and worldwide
• 55:09
  actually right now. Yeah, man.
• 55:13
  Just a quick question, though. Are you open to having
• 55:16
  bitcoiners out there get in touch with you and sell some
• 55:20
  eggs to them? Like what's going on here?
• 55:22
  Yeah, yeah. I'm about an hour outside
• 55:26
  Charlotte, NC. OK, he's back.
• 55:32
  He's back. In towers.
• 55:35
  There we go. I'm about an hour southwest of
• 55:39
  Charlotte, NC. I'm in.
• 55:41
  I'm in South Carolina. There.
• 55:42
  You guys can always hit me up. Come out here camping.
• 55:45
  Come see the property. Come, come see what I'm doing
• 55:47
  for homesteading. Right now I'm building the
• 55:50
  house. I don't know if you can see it,
• 55:52
  but it's long and yeah, well, come shoot.
• 55:57
  Guns eat. Awesome.
• 56:01
  Very, very cool. All right, Opti, let's let's go
• 56:05
  to the meme review. Let's do it.
• 56:09
  The Daily Meme Review. Brought to you by Kaboom Racks.
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  Kaboom Racks. Alright guys, you already know
• 56:41
  the deal. This is the meme review where
• 56:42
  you send us memes on Twitter. Simply Bitcoin TV.
• 56:46
  Tag me in the memes or I don't know, drop them in our telegram
• 56:50
  group T dot me slash Simply Bitcoin.
• 56:53
  I will scroll through them all and get a good amount of memes
• 56:57
  for you guys. You know, tweet to the bullets
• 56:59
  memes. The other chillery.
• 57:01
  We are in an information war and it's about spreading the signal,
• 57:05
  getting the calls of actions out there, and of course ridiculing
• 57:08
  the corporate press and making some funny.
• 57:10
  So your friends stay in the game, keep their head tight and
• 57:15
  understand what's going on. Keep them laser focused on the
• 57:18
  prize anyways. I said this in Twitter spaces
• 57:21
  earlier and I think I'm going to talk about it more afterwards
• 57:24
  since it's kind of kind of a cool thing.
• 57:27
  We got BTC therapist here and he goes TikTok next block and we
• 57:30
  got the the classic. It ain't much meme, but instead
• 57:34
  of the farmer we got the the Doreen Nakamoto a KA Satoshi
• 57:37
  Nakamoto face on top of it and we got the Bitcoin logo and it
• 57:40
  says it ain't much but it's 800,000 block.
• 57:44
  We made it to 800,000 block. I haven't even got a million
• 57:48
  blocks yet and you guys still don't understand how early we
• 57:50
  are. Y'all bearish a F and it shows.
• 57:53
  Anyways, this next meme is by charts BTC.
• 57:55
  And of course before you throw tomatoes at me, I know it's a
• 57:59
  chart and I know you guys are saying that I'm tea leaf reading
• 58:02
  out here, but I think you guys don't understand where we are in
• 58:06
  the cycle and here we go from charts, BTC goes from one cycle
• 58:09
  peak to the next and these are becoming some of my favorite
• 58:13
  charts again. The point of the meme is to keep
• 58:16
  your head on straight, keep you laser focused on the prize, and
• 58:21
  you can see here the historical what do you call this cycle?
• 58:26
  Cycle peak, from cycle peak to cycle peak, this is the price
• 58:30
  movement and you can see we are what about 300 less than 300
• 58:35
  days going into the having and we are right on time.
• 58:38
  It's probably going to crab market to the to the right for
• 58:42
  the next couple of months until the having and then after the
• 58:45
  having it goes. Absolutely Rocket ship get on,
• 58:50
  so continue stack throughout the summer.
• 58:52
  Continue the stack throughout the end of the year because the
• 58:55
  price will make a run soon Anyways.
• 58:57
  This next meme is by simple BTC. Or simple BTC app and it goes
• 59:02
  hashtag Bitcoin is the captain now and we got the classic I'm
• 59:05
  the Captain now meme. But we have what's it.
• 59:08
  Tom Hanks with the World Economic Forum logo on top of
• 59:11
  them. And then we got the the Somali
• 59:13
  pirate which is the Bitcoin logos.
• 59:14
  Look at me, look at me. I am the forum for world
• 59:17
  economics now. This is the way Bitcoin is the
• 59:21
  true forum for world economics now.
• 59:24
  Opt into it or else you will get abused in the Fiat world.
• 59:28
  Anyways, this next meme is by creases under score BTC.
• 59:30
  And it goes breaking a carrier pigeon land with a special
• 59:33
  message for you hashtag Bitcoin. And you can see it's comic and
• 59:37
  the carrier pigeon land and it's got a note for you and it says
• 59:40
  2023 is the last chance to reach your stacking goals.
• 59:43
  So stay stacking out there. Do not take your foot off the
• 59:47
  gas. This is the time to be stacking
• 59:49
  as many sets as possible. And on that same note we got at
• 59:52
  Rd. under score BTC and it goes glug, glug, hashtag, Bitcoin.
• 59:56
  And we got this sardine from SpongeBob and he has laser eyes
• 1:00:00
  and he's. Drinking his orange drink and it
• 1:00:03
  says sub 30K sets it goes glow Logan.
• 1:00:05
  It just keeps pounding them because we're taking up all the
• 1:00:10
  30K sets. Make sure you are Downing the
• 1:00:14
  sets. Anyways this next meme is by at
• 1:00:16
  Thomas under score far and he goes, you know the Bitcoin log
• 1:00:19
  goes one hour BTC is a cryptocurrency and then he goes
• 1:00:23
  10 hours the government will stop Bitcoin, then 100 hours
• 1:00:26
  Bitcoin is digital gold and then 1000 hours BTC is not.
• 1:00:30
  And then 10,000 hours into your Bitcoin journey, you realize
• 1:00:35
  that Bitcoin frees humanity from state control.
• 1:00:39
  And this is the way. And the last meme shouts out to
• 1:00:41
  my boy Ropeium. He didn't write anything here,
• 1:00:44
  but we have a play on the David Earth Goliath, you know, idea,
• 1:00:49
  story. And we have David here, which is
• 1:00:51
  actually you bitcoiners out here, the free thinkers and the
• 1:00:56
  rock that you sling towards Goliath is your memes.
• 1:01:00
  And Goliath is the trillion dollar propaganda machine
• 1:01:03
  against the truth, which we talk about every single day.
• 1:01:06
  We have truth on our side. Continue to stack, continue to
• 1:01:10
  get the calls of action out there, continue to ridicule the
• 1:01:12
  corporate press, continue to make the funnies so that your
• 1:01:16
  friends keep their heads in the game.
• 1:01:19
  Nico, you go first, because actually, no, I'll go first.
• 1:01:22
  All right. I'm a full screen this one.
• 1:01:24
  Check it out. All right.
• 1:01:26
  I opened this up earlier. But I wanted to make it more
• 1:01:29
  dramatic. Look what I got in the mail.
• 1:01:34
  Shouts out. Shouts out to Ulrich and
• 1:01:37
  everyone else. They sent me a Declaration of
• 1:01:40
  Monetary Independence, simply Bitcoin branded with the logo on
• 1:01:45
  there. Appreciate it guys.
• 1:01:47
  Dude, absolutely epic. Really hyped on this like it
• 1:01:51
  looks so. Oh, sorry.
• 1:01:52
  Oh, I'm breaking it. I'm breaking it.
• 1:01:54
  It's falling off on me. It looks so cool.
• 1:01:57
  Wow. That is funny.
• 1:01:59
  I haven't found out. I think I'm gonna.
• 1:02:01
  I think I'm gonna have it hung right behind here.
• 1:02:03
  So I stare at it every day when we scream.
• 1:02:06
  I'm sure and appreciate it. He sent me one too.
• 1:02:09
  I have to go downstairs in the. Middle room.
• 1:02:11
  Look at that. Beautiful.
• 1:02:12
  Beautiful. I'm gonna give it this black
• 1:02:14
  Sharpie classic with a black Sharpie.
• 1:02:17
  Can't go wrong with a black Sharpie score.
• 1:02:19
  Anyways, Sally, what would you give those memes?
• 1:02:23
  I give those memes a Barry gets to lick the mic once.
• 1:02:29
  Whatever that means all. Right.
• 1:02:31
  I'll take it. And he's out again.
• 1:02:33
  All right, everybody, please put your meme scores in the live
• 1:02:37
  chat and we will read them on the show.
• 1:02:41
  Wait, that way, that way over there.
• 1:02:43
  I think you're somewhere here. We got it.
• 1:02:46
  We got it. We got.
• 1:02:47
  It, I said. I gave it.
• 1:02:48
  I gave it. Barry gets to lick the mic once.
• 1:02:50
  Yeah, yeah. We don't know what it means.
• 1:02:52
  Next score. First score is by Bitcoin for
• 1:02:55
  Canadians. I give the memes 1000 eggs and
• 1:02:57
  1000 satoshi's stacked per day. All right, good, good one.
• 1:03:02
  All right. Going once, going wait.
• 1:03:04
  Wait, wait. Let me see.
• 1:03:05
  Let me see. There's got to be.
• 1:03:07
  We ran out of time, right out of time, 00, we got another 1A
• 1:03:12
  score. My tiny house escape pad in
• 1:03:14
  South Carolina woods. There was a delay.
• 1:03:17
  There's a delay. Today, there's a delay.
• 1:03:19
  I give the memes another Elon Bitcoin dump after it's the only
• 1:03:22
  thing of value he has left. Yeah.
• 1:03:25
  Rope rating those means sell his connection is patchier than
• 1:03:29
  opti's facial here Opti's E Boy ice cream Yum Yum Lick Lick
• 1:03:35
  Chickens are slaughtered inside only while they live outside And
• 1:03:39
  Steve Dre. We got memes, 1000 egg omelets,
• 1:03:46
  and then all right, now it is truly the button.
• 1:03:49
  Guys, thank you so much for tuning into another episode of
• 1:03:51
  Simply Bitcoin Live. If you enjoyed the show, you
• 1:03:53
  know what to do. Smash that like button.
• 1:03:54
  If you feel like we provided you value, consider subscribing.
• 1:03:57
  But the number one thing you could do to help push the
• 1:03:59
  peaceful Bitcoin revolution forward.
• 1:04:01
  Is share Bitcoin content. Share this content.
• 1:04:04
  Share Bitcoin content. Don't be exclusive, be
• 1:04:06
  inclusive. Don't share shit coin content.
• 1:04:08
  That's counterproductive. Don't shit coin.
• 1:04:10
  It's bad for you. If you want to join the after
• 1:04:12
  party, join us on Twitter Spaces, which we cohost with our
• 1:04:16
  friends over at Swan Bitcoin. Best place to build your Bitcoin
• 1:04:19
  stack and Opti is going to be holding it down until 2:00 PM,
• 1:04:22
  so about 40 minutes. And that's your opportunity to
• 1:04:25
  ask Opti questions. Maybe Sally's going to be there
• 1:04:27
  in there as well. Shout out to Sally for joining
• 1:04:30
  us. Yeah, Yeah, Plug.
• 1:04:30
  Sally real quick, even though his his Internet connections
• 1:04:33
  trash. Yeah.
• 1:04:34
  Sally, thank you so much for joining us today, brother.
• 1:04:37
  I I appreciate you and. Oh, he fell off.
• 1:04:43
  Yeah. Anyways, go follow Sally on
• 1:04:45
  Twitter. Don under score T cell.
• 1:04:47
  He makes memes. He's he he puts out content,
• 1:04:50
  guys. He's he's a good dude.
• 1:04:52
  He's part of the front lines of memetic warfare.
• 1:04:55
  He's. And send him some sats so he
• 1:04:57
  gets. Better Internet.
• 1:04:57
  Yeah, his Internet is patchier than my mustache.
• 1:05:00
  But hey, you know the show. Don't stop.
• 1:05:02
  We do this live. All right guys, love you all.
• 1:05:06
  We'll see you tomorrow for brand new episode of Simply Bitcoin
• 1:05:09
  Live. Peace out of y'all.
• 1:05:19
  Sally, Pop. Pop into the spaces.
• 1:05:22
  Oh my goodness. Wow, what a Monday show, dude.
• 1:05:26
  As you can tell me, we're trying to troubleshoot the whole show.
• 1:05:29
  Hey, shit happens. You already know the deal.
• 1:05:31
  We do it live, and this is part of simply Bitcoin.
• 1:05:34
  It's hard to get bitcoiners when they're off the grid like this
• 1:05:38
  to have good Internet, apparently.
• 1:05:41
  But we try. We do our best.
• 1:05:43
  And at least they got some signal from Sally I think
• 1:05:47
  everyone was blown away by. The fact that he has thousands
• 1:05:51
  of chickens and he's selling them part of the.