Latest / Simply Bitcoin / BREAKING: Argentina is DUMPING Dollars for Bitcoin | EP 951

Transcript

BREAKING: Argentina is DUMPING Dollars for Bitcoin | EP 951 · Simply Bitcoin

• 0:03
  It's all. Going to zero against Bitcoin.
• 0:07
  It's going on forever. You're against Bitcoin.
• 0:17
  You're against freedom. Yeah, Welcome to another episode
• 0:24
  of Simply Bitcoin Live. We're your number one source for
• 0:26
  the peaceful Bitcoin revolution. Breaking news culture, Matic
• 0:28
  warfare. We will be your guide through
• 0:29
  the separation of money. And say, ladies and gentlemen,
• 0:31
  welcome to Simply Bitcoin. The most watched daily Bitcoin
• 0:33
  live show on YouTube. Rumble NX.
• 0:36
  Interesting news coming out. There is a Bloomberg article.
• 0:39
  The headline was Bitcoin is trumping dollars for many
• 0:42
  inflation wary Argentines. Now it's really interesting
• 0:46
  because what tends to happen in the developing world.
• 0:48
  I've seen this over and over again is that you have a large
• 0:52
  demand for tether like stable coins, right?
• 0:56
  This is really the first time that I've seen a developing
• 1:00
  country that is going to benefit tremendously from switching to a
• 1:04
  sound money standard actually opted into Bitcoin rather than
• 1:09
  stable coins. Very, very interesting.
• 1:11
  How much does that have to do with the recent presidential
• 1:16
  election, the first time a Libertarian candidate was
• 1:18
  elected in world history? I don't know, maybe the 2GO hand
• 1:23
  in hand, but what I can tell you is that there's kind of like
• 1:25
  this, this global awakening happening and it's kind of
• 1:29
  refreshing like it it feels good.
• 1:31
  Like all these years in clown world, like we were just talking
• 1:34
  about the, you know, the the clown worldness of the pandemic
• 1:37
  a couple minutes before we went on air.
• 1:39
  It's really kind of refreshing to see this in a way, you know,
• 1:44
  in a way you could say you can make a really good argument that
• 1:47
  the fight is halfway one. And the reason I say that is the
• 1:50
  famous quote, you don't change Bitcoin, Bitcoin changes you.
• 1:53
  So if this article really is true and if this is really the
• 1:56
  case and a large percentage of the Argentine population is
• 2:00
  holding on to Bitcoin, you know, they're gonna, they're gonna do
• 2:03
  what bitcoiners do, right? Which is, you know, small
• 2:05
  government. Leave me the F alone.
• 2:07
  You know, hopefully a lot of them are taking self custody.
• 2:10
  If not, you know we got to push that.
• 2:13
  So it's it's really exciting stuff man.
• 2:15
  I I'm, I'm really hopeful about this future but we got to fight
• 2:19
  and not fight in the traditional sense, in the kinetic sense but
• 2:22
  we got to really get the message out there, Bitcoin or slavery.
• 2:26
  Anyways in other news also we had the Coinbase CEO, Brian
• 2:30
  Armstrong, he was being interviewed on Bloomberg TV and
• 2:35
  you know he's just pretty crazy. Coinbase basically accounts for
• 2:38
  90% of the custody of the Bitcoin for the ETFs.
• 2:43
  That's a large amount. And that's just, I just, I hear,
• 2:46
  you know, my brain just can't help to think, you know, 6102.
• 2:50
  And we have a very special guest to talk about that today who has
• 2:54
  a 6102 order in his background. Of course, I'm talking about the
• 2:58
  founder and CEO of Bigel, Adam O'Brien.
• 3:01
  What's up man? How you doing?
• 3:03
  Yo. 61O2 vibes man. I was literally in Vancouver
• 3:08
  talking to a group of incredible bitcoiners and this exact topic
• 3:13
  came up. It was like Coinbase has too
• 3:16
  many bitcoins and that has theft written all over it.
• 3:20
  Yeah, I I think it's just a matter of time.
• 3:22
  Like, I I can't believe not enough people are, you know,
• 3:25
  kind of waking up to that reality.
• 3:27
  You know, they're just, yeah. Even the micro strategies, like,
• 3:31
  you know, I think what he's doing is awesome.
• 3:33
  But like, those aren't sitting in a cold card, man.
• 3:36
  Those aren't sitting in a passport like in, you know, in a
• 3:40
  fireproof safe with backups on a seed plate.
• 3:42
  Like that's just sitting in Brian Custody's treasure chest.
• 3:47
  Hopefully not like actually sitting in the crypto casino of
• 3:50
  Binance. Like, we don't know.
• 3:53
  They don't publish proofs of reserves like we got no clue.
• 3:56
  How funny would it be if you know Brian just had a like a
• 3:59
  hardware wallet with the labels of like Coinbase Micro strategy?
• 4:04
  Micro strategies like this one's for, you know, Wisdom Tree ETF.
• 4:09
  This one's for like, they're just all in this, like his desk
• 4:13
  side drawer. No, his bedside.
• 4:15
  Table. His night table.
• 4:16
  His night table. He's just like, has him there.
• 4:18
  He's got like, how to scam 101 for dummies and then like a
• 4:22
  bunch of a bunch of hardware wallets sitting on top of.
• 4:27
  Dude, I'm just telling you, it's like, yeah, here at Coinbase,
• 4:30
  you know, we, we offer a sophistic level of cold storage
• 4:34
  and you know, and he's just like laughing his ass off, like,
• 4:36
  yeah, you could send the funds, you know, and he's just using
• 4:39
  like Sparrow and like look at. This will Coinbase be Mt Gox 2
• 4:44
  point O? No it won't.
• 4:46
  It'll be it'll be Mt Gox like 6 point O.
• 4:48
  Because we've got we we we've passed two and three and four
• 4:51
  and five point O already It's like oh bad, so bad.
• 4:57
  Yeah keep your keep your coins. You know yourself folks you
• 5:00
  don't have enough Bitcoin. You you simultaneously have too
• 5:05
  much Bitcoin for it to not be important it therefore it is
• 5:09
  important and you don't have enough that you should feel
• 5:12
  scared to hold it yourself. Like, you know, I can kind of
• 5:15
  see sailors like, you know, whatever.
• 5:19
  But like, I think you Kelly taking like that's a like who's
• 5:25
  the giga Chad here, that's like that's pretty dope.
• 5:30
  Yeah, I mean, dude, total, absolute Giga.
• 5:33
  Chad and I, I I think I saw his, his beard grow a little bit, You
• 5:39
  know, I think I've seen their beard grow, 'cause I know like
• 5:42
  by the time after they're in it for a couple cycles, you know,
• 5:45
  it's inevitable that their beards get thicker and longer
• 5:48
  so. Look at look at us like you know
• 5:52
  couple of couple of bearded beard you know it's we're
• 5:54
  hitting in a couple cycles here where this is the way.
• 5:58
  I couldn't grow facial hair when I first got.
• 6:02
  It's like the weirdest thing. I bought Bitcoin and then I
• 6:04
  could grow a beard. It's so strange, you know, You
• 6:07
  don't change Bitcoin, Bitcoin changes you.
• 6:08
  Literally. I want to welcome my optimistic
• 6:11
  Co host. Hold on, hold on.
• 6:13
  I'm sensing a lot of Beardism here because your boy can't grow
• 6:16
  facial hair, so. I don't know that you.
• 6:18
  Got I don't know what's going on here, bro.
• 6:22
  This. Seems a little anti beard here.
• 6:24
  You're way a little too pro beard here.
• 6:26
  You're the Johnny Depp of Bitcoin, bro.
• 6:28
  Hey I could only hope. I could only hope.
• 6:30
  But you also also I got another point of contention.
• 6:33
  You guys are giving Brian Armstrong way too much credit.
• 6:36
  We all know he just has one hardware wallet if that and all
• 6:40
  the coiner is is in one pool and he just does whatever he wants
• 6:44
  with it and it's not separated by companies or holders it's
• 6:47
  just like one bag. Hey, here, take some coins.
• 6:51
  What? Do what you with it?
• 6:52
  Wherever he's hypothecating. Who really cares?
• 6:54
  No one answers. He's like, he's like, Oh no, my
• 6:58
  Utxos are out of whack. I got a UTXO managed.
• 7:00
  Let's just put them all into one address, yeah?
• 7:04
  Exactly. Oh man, we got a comment in the
• 7:06
  chat Optis SB theme Tighty whities for bull market says.
• 7:10
  Is Opti not stacking at all or just?
• 7:13
  Larping Dude, I can't grow facial hair, so I'm Larping out
• 7:16
  here. She took control of the bank
• 7:19
  accounts and that's it. He can't move to Bitcoin
• 7:21
  anymore. It's a Fiat only.
• 7:22
  You know you know if I if I could grow beard guys I would
• 7:26
  have a beard. But like I I is it early enough?
• 7:29
  Yeah. We're we're past in 2 minutes.
• 7:31
  I I don't like growing pubes on my face.
• 7:33
  You. Know.
• 7:33
  I think it's even. Nice and clean.
• 7:37
  All right. All right.
• 7:38
  Fair. Enough.
• 7:38
  All right, ladies and. Gentlemen, it's gonna be an
• 7:41
  amazing show. We have a ton to uncover and ton
• 7:44
  to ton to unpack. But before we get to it, I wanna
• 7:47
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• 9:01
  All right everybody, let's jump into the numbers.
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  On stamp seed. There is 759 of you watching
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  live. Plus, our rumble audience for
• 10:11
  some reason has not been added to restream yet.
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  So plus 50 and if you guys are enjoying the show, make sure to
• 10:17
  smash that like button. If you guys are watching us on
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  rumble that little grade thumb up, you can click it and it'll
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  Twitter. It really, really helps with the
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  algos. Smash the like button if you
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  guys are enjoying the show. And I made it incredibly easy
• 10:31
  for you guys and Opti pulled it down.
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  Thank you, Optimus. Feeling sorry, I thought we were
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  going back. I thought we were past.
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  That and the QR code and it will take you directly to the Stamp
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  so you guys should stop the episode right now.
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  Take advantage of the dip and buy the dip anyways or have fun
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  staying poor at the also. SATS per dollar 1608 block
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  height 835,550 blocks to having 4450 having estimate April 19th
• 11:04
  2024 Total lighting network capacity 4406 Bitcoin capacity
• 11:08
  value 274,000,000. Realized monetary inflation
• 11:10
  1.74% Market capitalization is 1.22 trillion U.S. dollars
• 11:15
  Bitcoin versus gold market cap 8.84% Bitcoin is just getting
• 11:19
  started. Anyways, I totally did not plan
• 11:22
  this. It just happened to come up on
• 11:24
  my feed and we have the perfect guest to kind of offer like a
• 11:28
  little rebuke right because Adam is the CEO of a Bitcoin on ramp,
• 11:33
  a Bitcoin exchange and Bitcoin only exchange.
• 11:36
  Better said and you know I I want to get your thoughts on
• 11:39
  this Adam 'cause this is very interesting coming from the Lex
• 11:43
  Luthor of Bitcoin or crypto or whatever.
• 11:47
  Anyways, let's check out what Brian Armstrong has to say.
• 11:50
  And also you could see in the background this is the night
• 11:53
  table that we were talking about.
• 11:54
  This desk is where all the coins are.
• 11:58
  You're talking so much about other use cases for crypto
• 12:00
  outside of even just being a store of value here as many
• 12:03
  people see it as they're entering this asset class, some
• 12:06
  for the first time. With the advent of these spot
• 12:08
  Bitcoin ETFs, it begs the question, how do you see the
• 12:11
  future of Coinbase? There are a lot of questions
• 12:14
  about the future of crypto exchanges in the world where
• 12:17
  Bitcoin ETFs have gotten so much share.
• 12:20
  Do you see Coinbase going far and above beyond being simply a
• 12:23
  crypto exchange? Yeah.
• 12:25
  So with the, you know, the ETFs that got approved, we've seen a
• 12:28
  huge influx of capital into the system, about $12 billion of
• 12:31
  inflow have happened. And you know some when that
• 12:33
  happens, sometimes people ask us well what does that mean for
• 12:35
  Coinbase? Well, you know it's actually
• 12:37
  incredibly positive for Coinbase.
• 12:39
  We're storing, we're the custodian for about 90% of the
• 12:42
  assets in those Bitcoin ETFs. And so we have monetization
• 12:44
  opportunities there as a custodian, but we, it didn't
• 12:47
  cannibalize any of the opportunity in our direct
• 12:49
  products to our retail app or institutional product.
• 12:51
  We actually saw increased inflows there.
• 12:53
  While the while we saw $12 billion of inflow into the ETFs.
• 12:56
  So the Atfs were incredibly positive for the industry.
• 12:59
  They were a regulatory approval, they unlocked new pools of
• 13:01
  capital. And Coinbase is going to be not
• 13:04
  just a place where you store crypto, it's a place where you
• 13:06
  can actually trade crypto. You can use it increasingly in
• 13:08
  many different applications all over the world.
• 13:10
  And it's not just Bitcoin either.
• 13:11
  You know, we support over 100 different crypto assets.
• 13:13
  So we want Coinbase to be the most trusted and easiest to use
• 13:16
  place to to store crypto, to trade it and to actually use it.
• 13:19
  And we can actually become people's primary financial
• 13:21
  account in some cases in this new crypto economy.
• 13:24
  Kind of like a crypto bank. Yeah, One might say that I don't
• 13:27
  think we're ever going to go get actually a bank license because
• 13:30
  banks get licenses to do fractional reserve of the
• 13:32
  assets. I don't really think that's the
• 13:34
  right path. I think it's caused all kinds of
• 13:35
  issues with bank failures and and that kind of thing.
• 13:37
  We don't want to do fractional reserve.
• 13:38
  We want to store 100% of customers assets or if they
• 13:41
  prefer they don't even have to store it with us.
• 13:42
  They can do self custody and you know if they choose to opt in
• 13:45
  their funds into some product to earn rewards or something like
• 13:48
  that, they can choose to do that.
• 13:49
  We're not going to do it on their behalf in the way the
• 13:52
  banks do with fraction of reserve.
• 13:53
  So it's a new paradigm. I think that there's a new
• 13:55
  generation of people who are looking at they want to see
• 13:57
  crypto update the financial system because you know 87% of
• 14:00
  Americans when you survey them, they say the current financial
• 14:02
  system doesn't work for them. Fractional reserve is just one
• 14:04
  piece of that. But if you look at you know
• 14:06
  credit card fees and overdraft fees and why does it, you know,
• 14:08
  take two or three business days to send an ACH transfer.
• 14:11
  And so our financial system really needs to get updated and
• 14:13
  that's what we think is that crypto is this most important
• 14:15
  technology to update the financial system globally, bring
• 14:17
  economic freedom and good financial infrastructure to
• 14:19
  people all over the world. If they just have a smartphone
• 14:21
  with an Internet connection, you're.
• 14:22
  Talking a couple things here, right?
• 14:24
  So which is the whole Bitcoin not crypto thing thing.
• 14:28
  And in the very beginning she asked him, like, you know, what
• 14:30
  does this mean for the future of Bitcoin?
• 14:32
  I mean what does this mean for the future of Coinbase.
• 14:34
  When I was thinking I was like the real the right question
• 14:36
  should be what does this mean for you know Bitcoin in the
• 14:40
  world future right. I think as bitcoiners I think
• 14:42
  that we that the way that we see it Maybe I'm wrong here.
• 14:45
  Maybe I'm speaking for myself is that Bitcoin is bigger than
• 14:48
  anyone individual, this movement of this technology, you know and
• 14:52
  I think that's what's gonna fundamentally change the world
• 14:54
  looking at it from like company standpoint, how is Coinbase
• 14:58
  going to change the world? I I I just, I don't think.
• 15:01
  I don't think it's it's going to and again one thing is what they
• 15:05
  say, but another thing is what they do.
• 15:07
  It was recently announced a couple weeks ago and it made
• 15:09
  quite a bit of a splash on Twitter, that Coinbase stopped
• 15:13
  accepting Bitcoin for a lot of their merchants.
• 15:16
  Right. So I mean, and talk's a big
• 15:18
  talk, but you know, when it comes down to it, I think it's a
• 15:21
  different story. And it's really interesting that
• 15:23
  we got to see the famous, you know, night table behind him
• 15:28
  where he stores everyone's Bitcoin, which is kind of funny.
• 15:32
  I didn't think he was going to show it on that clip.
• 15:34
  But Adam, what's your take on, you know, that 2-3 minute clip
• 15:38
  on Brian Armstrong? What are some things that you
• 15:40
  noticed? What are some things that you
• 15:42
  didn't notice? And then also another thing I
• 15:44
  got to say is, you know, I I'm a bigger fan of your black shirt
• 15:48
  than Brian's black shirt. Thank you.
• 15:51
  Thank you, man. I appreciate that.
• 15:52
  Brian is looking good. He's obviously spending some
• 15:54
  time in the gym, man. He's talking to both sides of
• 15:58
  his mouth there, isn't he, he's he's kind of saying, you know we
• 16:00
  have lots of new inflows in Coinbase custody which opens up
• 16:04
  monetization opportunities and then saying, but we're never
• 16:07
  going to be fractional. It's like what is the
• 16:09
  monetization opportunity like other than them just paying you
• 16:13
  a fee, which is, which is fine. But like he, it's very, very
• 16:17
  difficult. I think for anybody in their
• 16:20
  right mind to think it's a good idea to give their money to
• 16:25
  somebody else, to give their value that they earn with their
• 16:28
  time, that they spent their time.
• 16:30
  They could have been spending, you know, with their family,
• 16:32
  they could have been spending doing any number of activities,
• 16:35
  but instead they spent that time providing value for someone
• 16:37
  else. They then received that value in
• 16:39
  the form of money and they just hand it over to someone talking
• 16:43
  on what I don't know what that news channel was, CNBC or
• 16:46
  whatever, rather than holding that themself.
• 16:50
  And then he said we're not going to be a bank because we're not
• 16:54
  going to do fractional reserve unless they opt in, which is
• 16:59
  which is incredibly bad. So now we've got the
• 17:01
  opportunity, we've got the FOMO, we've got the scam promotion.
• 17:06
  This is the reason we need more automatic self custody platforms
• 17:09
  because there should never be an opt in to get rid of your value.
• 17:14
  We don't have vending machines where you can opt in to heroin
• 17:18
  because we know heroin is bad. We don't have vending machines
• 17:21
  where you can opt in to murder because we know murder is bad.
• 17:25
  Why do we have platforms where you can opt in to literally
• 17:28
  giving up the value you produce with your time and and throwing
• 17:32
  it into some bucket? For like 8% APY like dog, your
• 17:38
  Bitcoin is better than 8% APYI don't care if it's 100 percent,
• 17:42
  205 hundred 801,000% APY. The risk is not worth it because
• 17:47
  the opportunity cost is so great and you having getting rid of
• 17:52
  your value in that way for this Fiat mindset.
• 17:57
  This is the problem with crypto and This is why it's Bitcoin and
• 18:01
  not crypto. So I think this is spot on for
• 18:03
  Coinbase. Coinbase is obviously a crypto
• 18:06
  company. They are not a Bitcoin company.
• 18:09
  I mean, you just said it. They took away the ability for
• 18:11
  merchants to take Bitcoin, but if you ask them, they will say
• 18:15
  they allow their merchants to accept Bitcoin.
• 18:17
  They're like, oh, Bitcoin, hard on chain fees, bad.
• 18:21
  We need to make it fake. That's fractional guys.
• 18:24
  That's how it works. That's how it starts.
• 18:26
  That's how the 61O2 starts. We pretend like Bitcoin isn't
• 18:30
  working. We pretend like there aren't
• 18:32
  opportunities to just invest and grow and build down the pipe.
• 18:37
  And then we take everyone's Bitcoin.
• 18:38
  We make them use fake Bitcoin. Like, does this sound familiar?
• 18:42
  Does this sound like the Fiat currency?
• 18:44
  Does this sound like taking everyone's gold and then
• 18:46
  removing money from the relationship with gold and then
• 18:50
  just printing and printing and printing trillions of dollars?
• 18:53
  Like, guys, we have seen this movie before.
• 18:56
  We have seen this script, and it's right here.
• 18:59
  Like, come on, let's be better. Amen.
• 19:02
  Let's be better. I completely agree and you got
• 19:06
  and I saw Thomas, shame on you man, you should be using Bitcoin
• 19:09
  well by now, he says. Coinbase stopped working
• 19:11
  yesterday. I had to wait 11 hours for my
• 19:13
  Bitcoin to get sent to the blockchain.
• 19:16
  No, that's like, I think that's down to 33 seconds at
• 19:20
  bitcoinwell.com now. So you you, you hit by and then
• 19:24
  we've got a bunch of scrambly numbers and it says preparing
• 19:27
  your TX ID and then like within 33 seconds that money is is on
• 19:32
  the blockchain. Real Bitcoin.
• 19:34
  Like, not wrapped Bitcoin, not like Bitcoin.
• 19:35
  You can only spend inside the Coinbase ecosystem like real
• 19:38
  Bitcoin that you can just spend anywhere on the blockchain. 33
• 19:42
  seconds. I got, I got I got AI.
• 19:43
  Got an idea for you Adam. What if?
• 19:46
  What if you came up with bitcoinwell.com/drop, Coinbase
• 19:50
  and special special giveaway? Potentially.
• 19:54
  Maybe just thinking out loud. Just thinking out loud.
• 19:57
  Anyways, I did see another another comment and from
• 20:01
  lightning goats Lightning goat says never trust a a guy without
• 20:05
  a beard with your corn. I completely agree.
• 20:08
  I would be extremely skeptical of Opti also.
• 20:11
  Well, hey. I've been telling you guys for a
• 20:13
  while, never trust me with your corn at all.
• 20:16
  But I will take all of your corn.
• 20:18
  All of your Bitcoin is mine. I'll give me one Bitcoin.
• 20:21
  I'll give you 2. You already know the deal.
• 20:24
  No. Fractional.
• 20:26
  Yeah. No.
• 20:26
  Fractional. No, man.
• 20:29
  OK, so it seems like the chat is not a big fan.
• 20:31
  Oh, we got our, we got our boy Stamp seed.
• 20:33
  In the chat, Brian Armstrong stored the seed words in notes.
• 20:38
  That is absolutely. Hilarious on the cloud.
• 20:41
  Those seeds in his in his night drawer.
• 20:44
  Those are on paper. They're not on titanium only.
• 20:46
  Only bit corners store their seed on titanium.
• 20:49
  But that's obvious, right? That's obvious.
• 20:52
  Metal's bad for the environment. I wouldn't want to waste.
• 20:55
  I wouldn't want to make good metal.
• 20:56
  That's that's just bad for our What's the scam du jour?
• 21:00
  It's no longer the ozone layer. I'm I'm sure there's other
• 21:02
  things that. Climate change now?
• 21:04
  Right, right, right. That's bad for the weather.
• 21:06
  This is this. This is not good.
• 21:08
  How? How dare these bitcoiners take
• 21:09
  up metal to protect their generational value?
• 21:13
  Oh man, UT Excel says Opti is going to run for president when
• 21:18
  at six 102, all Bitcoin. Your Bitcoin is mine.
• 21:22
  Our boy says you could hide the corn in your beard.
• 21:27
  It's true man. One of my beard hairs are fake
• 21:29
  and it's a little rolled up. Micro print seed words in there.
• 21:34
  That's the best off SEC in the world now now.
• 21:37
  But see what Nico just did there is now.
• 21:39
  If you see Nico's Beard hair on on on eBay, you should
• 21:42
  definitely bid on it. Gross.
• 21:45
  That's gross Opti. What's your take on the Lex
• 21:50
  Luther, Lex Luther of crypto of of shit coins?
• 21:53
  Yeah, well, I mean, you know, the first part of him saying
• 21:58
  like oh you know, Coin Base never wants to be a bank.
• 22:00
  Like they're already kind of a de facto bank as far as like the
• 22:04
  crypto eco space. And of course, you know, they
• 22:08
  are, quote, UN quote, custodying all of the ETF Bitcoin.
• 22:11
  And then he kind of goes into, like Adam was saying, you know,
• 22:14
  the idea of like, oh, we don't want to fractional reserve your
• 22:17
  Bitcoin unless you opt into it. So it's very interesting that
• 22:21
  he's saying like, Oh yeah, we don't want to fractional reserve
• 22:24
  your Bitcoin. But then again, maybe you might
• 22:26
  want to fractional reserve your Bitcoin and, you know, shouts
• 22:30
  out to lightning goats. He's been putting in the chat.
• 22:32
  Some good signal. He's like friends don't let
• 22:33
  friends use Coinbase. You know, Coinbase is for better
• 22:38
  or worse basically you know, they have the the mind share of
• 22:42
  the newbies coming into Bitcoin. And This is why I think this
• 22:44
  cycle is going to be different is because there's a lot of
• 22:47
  awesome Bitcoin only companies now.
• 22:49
  There's a lot of Bitcoin only media out there and hopefully we
• 22:52
  can get people to go to like Bitcoin well and avoid Coinbase
• 22:56
  and avoid getting psyop into the the shit Coinery out there.
• 23:01
  And so, like, you know, the fact that Brian Armstrong can't even
• 23:05
  say Bitcoin over crypto. It's very interesting.
• 23:08
  It's a long track record of him not being able to say Bitcoin
• 23:12
  and always saying crypto, except for when it comes to like
• 23:15
  Bitcoin being bad. You know, whenever, whenever
• 23:17
  there's a bad take on Bitcoin or the crypto ecosystem at large,
• 23:22
  he always says Bitcoin. But when he's talking about the
• 23:24
  ecosystem in a positive light, he will always say crypto.
• 23:28
  And I know, you know, on a normie level, I understand
• 23:32
  people can confuse Bitcoin and crypto.
• 23:34
  Obviously it's Bitcoin, not crypto, but I mean, Brian
• 23:36
  Armstrong's been in the game for so long and you know, what do we
• 23:40
  always say on the show? Show me the incentive and I'll
• 23:43
  show you the behavior. And obviously he's incentivized
• 23:45
  to keep pushing crypto out there to the masses because his whole
• 23:50
  business model has been built on shit coins.
• 23:52
  And so, I mean, it's very interesting that he said one
• 23:55
  thing and then he might possibly be doing the complete opposite
• 23:59
  on the back end. None of us really know what
• 24:01
  Brian Armstrong's doing back. There, I just wanted to do what
• 24:03
  he was doing, bro. He's putting it on and night
• 24:06
  table on paper, bro. On recycled paper, man.
• 24:10
  That's what he's doing. Yeah, yeah, definitely,
• 24:12
  definitely recycled. Only organic paper.
• 24:16
  Obviously, that's obviously what he's doing anyways.
• 24:20
  Just real quick on your on your note there I just quickly DM Ed
• 24:24
  the team when I was off. If you sign up for Bitcoin, well
• 24:27
  with the ref code drop Coinbase it's not ready yet.
• 24:30
  Give it like give it all all update then we'll add we'll add
• 24:35
  500 points to that account. You can go enter the Bitcoin.
• 24:37
  Jackbox and. Let's let's let's rip it and
• 24:42
  then just DM me on Twitter. If you already have an account,
• 24:44
  then you deserve points. And so we'll also just like DME,
• 24:48
  drop Coinbase or or follow me and and quote tweet me, whatever
• 24:51
  and we'll figure that out. Sweet Opti, could you put Adam's
• 24:55
  name handle on screen? And yeah, boys drop, don't drop
• 25:00
  yet. Not ready.
• 25:01
  Yet you'll be ready. For custody Self custody by
• 25:04
  default, let's go at bitcoinwell.com All right
• 25:07
  everybody, if you want to give a shout out to our merch, we
• 25:10
  teamed up with a Bitcoin artist named Opti.
• 25:14
  Awesome, Ella. Thank you.
• 25:16
  And we got different merch. We got the Peaceful Bitcoin
• 25:18
  Revolution Gold tee, We got the Gold Pill shirt.
• 25:23
  We got the Gold Bitcoin snapback.
• 25:25
  We got the Gold Bitcoin Dad hat. We got the woman's Peaceful
• 25:29
  Revolution tank. And we got the woman's Bitcoin
• 25:31
  pill tank. So get yours.
• 25:32
  While supplies last. It is flying off the shelves.
• 25:34
  We appreciate you all for supporting the show.
• 25:36
  All right, everybody, let's get to the news.
• 25:38
  We have a lot to talk about today.
• 25:39
  Let's check it out. Here we go.
• 25:43
  The Daily News. I want to give a shout out to
• 25:47
  our sponsor, Foundation Devices. It's self custody done right.
• 25:51
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  your Bitcoin off exchanges, this is the one for you.
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  Check out the passport link in the show notes below to learn
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  more. All right, ladies and gentlemen,
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  get yourself what Brian Armstrong is using for cold
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  storage for all the ETFs. Get yourself a Passport.
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  Buy Foundation Devices hardware wallet.
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  Get on that cold storage standard.
• 26:57
  Oh, man, just kidding. It's a bad joke.
• 26:59
  I'm a dad now, so I have the bad dad jokes.
• 27:01
  Anyways, scan the QR code and it'll take you directly to
• 27:04
  Foundation Devices website. OK, ladies and gentlemen, quick
• 27:08
  ETF update. We guys, we you guys know the
• 27:11
  deal. We update you guys on the ETFs
• 27:13
  every single day. Specifically, the battle between
• 27:16
  MicroStrategy in the ETFs. Grayscale.
• 27:19
  Holy Cow continues to gobble up all the corn, 238,000 Bitcoin
• 27:25
  and Fidelity at 135 and MicroStrategy with 214,000
• 27:32
  Bitcoin. So yeah, I mean you know, these
• 27:34
  ETFs, these public companies and I'm sure more public companies
• 27:37
  are going to be joining MicroStrategy very, very soon.
• 27:40
  You know, continue to gobble up all the corn.
• 27:42
  But I just got to remind everyone, right you guys, if you
• 27:46
  stacked Bitcoin before January 9th, 2024, you front run Wall
• 27:52
  Street. Those are good for you.
• 27:53
  Pat yourself on the back, but keep your head in the game,
• 27:56
  right? There's no such thing as having
• 27:58
  too much Bitcoin. That is literally impossible.
• 28:01
  Anyways, I do want to cover today's article because I think
• 28:04
  it would make a great conversation.
• 28:06
  And for audio listeners, the name of the article is Bitcoin
• 28:09
  is Trumping dollars for many inflation wary Argentines.
• 28:13
  It's an article by Ignacio Dole. It's a Bloomberg article goes on
• 28:17
  to say Argentines are buying Bitcoin to protect themselves
• 28:19
  from 276% inflation instead of rushing to exchange pesos for
• 28:24
  dollars, upending A timeless strategy that's made the crisis
• 28:28
  prone country one of the top places for greenbacks in the
• 28:31
  world. Bitcoin purchases in Argentina,
• 28:34
  one of the nations with the highest level of cryptocurrency
• 28:37
  adoption globally, approach their highest level, highest
• 28:40
  weekly value in 20 months at a local cryptocurrency exchange,
• 28:44
  Lemon, the most popular among retail customers in the South
• 28:48
  American country. Now how much does that have to
• 28:50
  do with the Elon Musk and Don Lemon interview?
• 28:53
  I don't know, maybe they are related, but that is surely a
• 28:56
  huge coincidence. Anyways goes on to say
• 28:58
  Argentines are looking for ways to survive a recession and one
• 29:02
  of the world's highest inflation rates as President Javier Mali
• 29:05
  implements his shock therapy policies intend to reset the
• 29:08
  economy. Exchange pesos for dollars, the
• 29:11
  main safe haven for decades, has lost some of its appeal in the
• 29:14
  past two months as the commonly used parallel exchange rate has
• 29:18
  strengthened 10% against the dollar while Bitcoin has rallied
• 29:21
  almost 60% against the greenback.
• 29:24
  Over the the same period. Lemon recorded almost 35,000
• 29:28
  customer transactions to buy Bitcoin in the week ending March
• 29:31
  10th doubled the weekly average last year.
• 29:33
  The the behavior was similar to that of customers of other major
• 29:37
  exchanges in Argentina such as Repo and Bellow.
• 29:40
  A major driver behind the strong peso in recent weeks as Malays
• 29:43
  tight grip of of the amount of money in circulation, not
• 29:47
  letting it grow while the central bank rebuilds its
• 29:50
  stockpile of cash dollars volume and Bitcoin and shit coin have
• 29:53
  increased tenfold so far in 2024 compared to the same period last
• 29:58
  year. At Digital Wallabello CEO Manuel
• 30:01
  Bertwat said in a phone interview.
• 30:04
  He noted that purchases stable coins crypto assets often tied
• 30:07
  to currencies like the US dollar have fallen to 60 from 70% over
• 30:12
  that period as bitcoins rally lured in more buyers.
• 30:15
  I love number go up technology. It's it's just it's such a great
• 30:18
  technology. It is like it just convinces
• 30:21
  people doesn't matter where you are, doesn't matter how hard
• 30:24
  buttoned you are. Eventually everyone bows down to
• 30:27
  the king. It seems like this is no
• 30:29
  different. Anyways it goes on to say quote
• 30:31
  the users decide to buy Bitcoin when they see the news that the
• 30:34
  currency is going up. While stablecoin is more
• 30:36
  pragmatic and many times used for transactional purposes as a
• 30:40
  vehicle to make payments abroad. I mean the and like that's such
• 30:44
  a like, you know, that's such a like that's an education
• 30:50
  problem. Like that's an education
• 30:52
  problem. Like, I don't know about you
• 30:54
  guys, but using Bitcoin for transactions globally is 100
• 30:59
  times easier than anything else like like full stop And then
• 31:03
  also a couple things about stablecoins before I finish the
• 31:05
  article is that stablecoins give you a false sense of financial
• 31:09
  sovereignty. You can freeze a stablecoin.
• 31:11
  Like you can freeze an address to a stablecoin and not to
• 31:14
  mention like it. Like if you're already going
• 31:16
  through the those hoops right? To take a sable coin into self
• 31:20
  custody. But I bet you the vast majority
• 31:21
  of people are not and they're leaving on exchange.
• 31:23
  Like why not do the same for Bitcoin?
• 31:25
  Right? Exactly.
• 31:26
  Someone put in the chart in the chat hard Hoddle said no excuse
• 31:30
  for permission. Permissionless money.
• 31:31
  Yeah, I mean I completely agree. Anyways, the article goes on to
• 31:35
  say thank you, Opti Argentina is one of the top two countries in
• 31:40
  the world, along with Russia, for shipments of U.S. dollar
• 31:43
  banknotes. According to a 2012 Federal
• 31:45
  Reserve paper, the New York Federal Reserve Press office
• 31:48
  declined to provide more recent data.
• 31:49
  Savers in the South American nation hold some $200 billion in
• 31:53
  US currency, a figure only surpassed by the United States
• 31:56
  and Russia. Amid the Bitcoin rally,
• 31:58
  Argentines are now shedding some of their dollar savings and
• 32:01
  initiating investment options that allow them, for the first
• 32:04
  time in years, to save themselves from inflation.
• 32:06
  Subsequently, there was a fivefold jump in reports of
• 32:10
  cryptocurrency scams in February.
• 32:11
  According to Bitcoin Argentina, the country's main non
• 32:15
  governmental organization in the sector quote, Argentine's
• 32:18
  desperation to make it to the end of the month and not lose
• 32:21
  their savings leads them to make hasty decisions without
• 32:24
  measuring the risks, transforming them into easy prey
• 32:27
  for scammers. All right, a lot to unpack
• 32:30
  there. But I got to say the part where
• 32:31
  I was just disappointed the most, I mean, look, this is
• 32:35
  great. This is a step in the right
• 32:36
  direction. Clearly, I think it has to do
• 32:38
  with the rally. You know, that's what it says
• 32:40
  that people, you know, people just tend to buy in when the
• 32:43
  price of Bitcoin is pumping, Everyone's just like, Oh my God,
• 32:45
  I got to buy. Now let's ignore the thing when
• 32:48
  it was over $1000 for many years.
• 32:50
  You know, let's, let's just jump in now, I guess, right.
• 32:53
  It's funny how the human brain works, right?
• 32:55
  Anyways, it goes on to say stablecoin is more pragmatic and
• 32:57
  many times used for transactional purposes as a
• 33:00
  vehicle to make payments abroad. I mean, I'll pass that on to
• 33:03
  you, Adam. Like, I think Bitcoin is the by
• 33:06
  far the easiest thing to transact with.
• 33:09
  People globally like it, you know, you know, you can trust it
• 33:13
  after one. I know you should wait three
• 33:15
  confirmation, but after one confirmation like that thing
• 33:18
  ain't going back right? And like especially like
• 33:22
  traveling abroad it is way easier because all of us should
• 33:25
  already have Bitcoin and self custody.
• 33:28
  You don't have to change from currency to currency.
• 33:30
  When I was in Costa Rica at the Freedom Festival there, which
• 33:33
  was awesome and if they do it again, I highly recommend
• 33:35
  everybody come to Costa Rica and check out the Freedom Festival.
• 33:38
  I didn't have to do anything like I just they grabbed my
• 33:42
  phone and I had my like my Bitcoin wallet and my lightning
• 33:46
  wallet on my phone and it was all good.
• 33:49
  And then I didn't have to like mess around with whatever I
• 33:53
  guess I did in like I did for driving in on on on the toll
• 33:57
  roads. I think the toll roads and the
• 33:59
  Starbucks were the only places that I had to spend.
• 34:02
  I spent USD and not the local currency and I think that's
• 34:06
  that's a testament to how bad money remittance is.
• 34:10
  Everyone just kind of uses USD. I mean, look at even Argentines
• 34:14
  that actually made me think too of this funny world where the US
• 34:18
  dollar now has less business because of Bitcoin.
• 34:22
  Like Bitcoin is just literally a competitor for the US dollar,
• 34:25
  which I think is hilarious. But yeah, if you're spending
• 34:28
  Bitcoin, it is a lot less work, a lot safer, and requires a lot
• 34:33
  less trust to to use Bitcoin rather than swapping your
• 34:37
  Bitcoin into local Fiat or into a like whatever stable coin du
• 34:42
  jour is. Not to mention like we all know
• 34:44
  what the C in USDC stands for, right?
• 34:48
  It's like C is for Coinbase, that is Coinbase's stable coins.
• 34:52
  That's where the money sits. You know, our buddy didn't say
• 34:55
  that he wasn't fractionally reserving the C in USDC,
• 34:59
  although I think that is a bit tighter and more regulated.
• 35:01
  So I won't like, you know, I'm not going to come on here and
• 35:03
  spread FUD, although I kind of just did.
• 35:04
  But I think at the end of the day, we have to realize that
• 35:08
  stable coins, just because it's on a blockchain doesn't mean
• 35:12
  that it's truly decentralized like what the Bitcoin blockchain
• 35:15
  is. The original perfect blockchain
• 35:19
  is decentralized. It is trustless.
• 35:21
  It is not required to. You can audit it, Look at that
• 35:26
  thumbs up, you can audit it, but.
• 35:28
  And that's what makes it awesome.
• 35:30
  But you don't need to in order to transact on it.
• 35:34
  Every other blockchain is just somebody else's database.
• 35:37
  It is not decentralized and we are not able in most blockchains
• 35:42
  cases to audit it. And so why is your money better
• 35:45
  there compared to like in the Fiat system?
• 35:48
  It's exposed to Fiat inflation, it's exposed to worse because
• 35:52
  you can't undo transactions in in in most cases on the
• 35:56
  blockchain, at least with the bank, when the bank screws up,
• 35:59
  they for the most part undo that screw up and they give you your
• 36:02
  money back. What happens if Ethereum screws
• 36:04
  up? What happens if Solana screws
• 36:06
  up? Are they going to actually
• 36:08
  reverse that transaction and give you that money back?
• 36:10
  Probably not. Like it is just the worst of the
• 36:14
  worst. And yeah, there are certain
• 36:17
  niche use cases where sending a stable coin like if the other
• 36:21
  side, you know really doesn't want any volatility or there's
• 36:24
  going to be like there are certain use cases to exist
• 36:26
  there. In my opinion, the use case is
• 36:30
  way, way, way way less than how much stable coins are actually
• 36:34
  used. Stable coins.
• 36:37
  They incentivized high time preference day trading, and I
• 36:41
  personally don't see them as being useful.
• 36:44
  I do see spending Bitcoin as the future and that's where it's
• 36:49
  going to be. Like why?
• 36:50
  Why go through the hoops like just, you know, create value,
• 36:54
  sell the value, store the value, spend the value.
• 36:58
  That's it. Like why make it more complex
• 37:01
  than that? It doesn't.
• 37:01
  It doesn't need to be more complex than that. 100 percent,
• 37:04
  100% Don't. It's it's so simple.
• 37:08
  It's it. People make it complicated.
• 37:10
  That was my dad joke, by the way, for the Super chat Thomas
• 37:13
  hair. I appreciate it.
• 37:13
  We want more dad jokes. There's your dad joke.
• 37:17
  Yeah. I mean, beautifully said.
• 37:19
  I'm. I'm becoming a fan of Adam's
• 37:21
  monologues, man. We'll have, we'll have
• 37:24
  something. Kind of ranty today.
• 37:26
  We'll have something for you guys soon.
• 37:29
  Wink, wink. All right, Opti, what's your
• 37:32
  take on this? You not being a dad?
• 37:35
  Do you want to drop a joke? I'm not a comedian, so I don't
• 37:39
  have anything on the top of mind right now, but yeah, maybe soon.
• 37:41
  Anyways. Honestly, like I I like the, I
• 37:48
  like the evolution and the progression we've seen in
• 37:52
  Argentina. We've been covering this story
• 37:55
  for, I don't know now a couple of months.
• 37:57
  And I know when we first were talking about this story, we
• 37:59
  were kind of wondering how come the Argentinians are going into
• 38:04
  a stable coin. And you know, Peter McCormick
• 38:06
  did a very great documentary on this idea of how there was just
• 38:10
  still so much friction and kind of to what Adam said.
• 38:13
  You know, people are very turned off by quote, UN quote, the
• 38:17
  volatility of Bitcoin and they get loaded to sleep by the idea
• 38:20
  of a again, quote, UN quote stable coin because they're only
• 38:22
  stable until they're not. And I just finished reading The
• 38:25
  Bitcoin Dollar by my friend Mark Goodwin.
• 38:27
  Highly recommend everyone of you guys read it and it just it
• 38:30
  keeps popping up in my head that I'm not here for dollarizing or
• 38:35
  digitalizing the dollar. Like we're here for exactly what
• 38:38
  Adam just said, to create values, store your value in
• 38:41
  Bitcoin and then spend that value in Bitcoin into the things
• 38:45
  that you want. But I also understand that
• 38:48
  humans, you know, it takes a long time for them to learn
• 38:50
  things. And I've been saying for a while
• 38:52
  that we're seeing that there is like a natural progression
• 38:56
  towards people becoming bitcoiners and self custom their
• 38:59
  Bitcoin. And hey, if your currency is
• 39:01
  absolute trash like the Argentinian currency is, then of
• 39:04
  course you're going to move towards a stronger currency
• 39:08
  which in you know for the average person is is a dollar.
• 39:12
  And then once they get used to the dollar, and most people are
• 39:15
  already kind of used to the dollar and Argentina is pretty
• 39:18
  much, you know, dollarized at this point, whether it's on the
• 39:20
  on the black market or what do they call it, the blue market.
• 39:24
  People understand that, yeah, if my local currency is trashed and
• 39:27
  I move into a stronger currency, which for most people is a
• 39:30
  dollar, and then they wake up to the idea that, oh wait, there's
• 39:33
  an even stronger currency, which the end game is obviously
• 39:36
  Bitcoin. So there's steps towards people
• 39:38
  taking self custody. And I mean, at least the
• 39:42
  progression here is that people are starting to wake up that,
• 39:46
  yeah, I want to hold Bitcoin and not a stable coin.
• 39:49
  And again, you know, the, the classic trope of correlation
• 39:52
  does not mean causation. But it's very interesting that
• 39:55
  since Malay has become president that we're seeing a a mass
• 39:59
  inflow into Bitcoin. So it just goes to show that the
• 40:02
  signal is spreading and people are waking up to the idea that,
• 40:06
  oh, maybe I want to hold some Bitcoin over digital dollars and
• 40:10
  hey, you know, Bloomberg. Poor Bloomberg.
• 40:13
  You know, we, we can't, we can't hold them to the same
• 40:17
  journalistic standards that as bitcoiners hold ourselves to.
• 40:20
  So you can, you can, you know very obviously see that they are
• 40:24
  going to kind of say good things about stable coins.
• 40:28
  They don't, they don't want to basically be like, yeah,
• 40:29
  bitcoin's the solution here. Stable coins do have a huge
• 40:32
  market in South America and it's kind of probably because it is
• 40:36
  hard for them to actually just get Bitcoin directly.
• 40:40
  And so they have to make steps towards getting to Bitcoin.
• 40:42
  And again, this is all just kind of going through just how early
• 40:46
  we are in this whole Bitcoin ecosystem and the fact that they
• 40:50
  are coming down and trying to clamp on, on and off ramps.
• 40:52
  And so there are obstacles and there are loopholes that people
• 40:56
  have to jump over to even get into Bitcoin, especially when
• 41:00
  anyone that knows anything understands that they're trying
• 41:04
  to control the currency. So they're not going to make it
• 41:06
  easy for you to get into Bitcoin.
• 41:08
  But I love that we have another, I don't know, another testing
• 41:14
  ground for the same idea that we see in Nigeria.
• 41:16
  You know, Nigeria jumped the CBDC out there.
• 41:18
  No one watched it. They're going into Bitcoin
• 41:21
  Argentina. We saw that they're moving
• 41:22
  towards stable coins. And now we're seeing that like,
• 41:24
  oh wait, we don't want stable coins, we want Bitcoin.
• 41:27
  So the signal is spreading and people are waking up that, yeah,
• 41:30
  we're not here for digital dollars.
• 41:32
  Like digital dollars is just recreating the Fiat system again
• 41:36
  with new fancy buzzwords. And the real end goal is
• 41:39
  Bitcoin. So I love that we're seeing a
• 41:41
  progression from very bad local currencies towards Bitcoin.
• 41:45
  And this is going to take time and This is why we show up every
• 41:48
  single day. This is why we tell you guys
• 41:50
  every single day to have these conversations with your friends
• 41:53
  and family so they understand that the end game is Bitcoin and
• 41:56
  not a stable coin. It's not a digital dollar, it's
• 41:59
  not your local currency. Or it's rather it's not going
• 42:02
  into a stronger currency, It's going into the strongest money
• 42:06
  that man has ever seen, which is Bitcoin.
• 42:08
  Absolutely. Beautifully said.
• 42:09
  I mean, look, I'm gonna, I'm gonna borrow from, you know, our
• 42:12
  friends over at Bitcoin. Well, I'm gonna say, you know
• 42:15
  that that what you guys say enable independence.
• 42:18
  I think that's the key, right. And if you don't push self
• 42:22
  custody by default, 'cause this is an educational thing all
• 42:25
  around the world. Like the the reason I believe
• 42:27
  like in developing world that people are seeking tethers
• 42:30
  versus Bitcoin is I I think it's a it's a generational thing and
• 42:34
  I think it's an educational thing.
• 42:36
  I think self custody isn't more widely used because it's an
• 42:39
  educational thing. I think a lot of people you know
• 42:41
  fall into the convenience trap. So yeah, I mean I think I'm
• 42:46
  gonna pass that on to you guys. Are you guys enabling
• 42:48
  independence? Are you guys pushing, you know,
• 42:52
  sovereignty? Are you guys pushing freedom all
• 42:54
  over the world? Because you know it and I and I
• 42:57
  heard Thomas, I'm. I'm not gonna lie, Thomas, even
• 43:00
  though you sent us a super chat, I was quite disappointed when
• 43:03
  you said you were withdrawing your funds from Coinbase.
• 43:06
  Look guys, if you fall into the convenience trap, if you're
• 43:09
  pushing kind of, you know, these exchanges that don't properly
• 43:14
  incentivize self custody or don't have self custody by
• 43:17
  default, Better said, I'm not going to say it's as bad, but
• 43:21
  you know, self custody is the revolution, right?
• 43:25
  It is the revolution. That's what's actually going to
• 43:27
  change. Thing worldwide is 1,000,000
• 43:29
  upon millions of individuals holding unconfiscatable wealth
• 43:33
  out outside the grasp of government, right.
• 43:35
  That's really what's going to change things.
• 43:37
  And it's not because the government's going to want to
• 43:39
  change, it's that it's going to force the.
• 43:41
  It's going to force the government to change, right.
• 43:44
  Or at least that's what we hope, right.
• 43:46
  So anyways, I want to get your thoughts on that, Adam, and then
• 43:48
  we'll get on to the culture. Yeah, man.
• 43:50
  I mean, I think we talked about it last time I was on the show.
• 43:52
  It's like when you are on a mission to enable independence,
• 43:57
  which which which we are and and I and I truly hope that our
• 44:00
  audience listening right now is also at least keen to help
• 44:05
  enable independence, like we just need the help man.
• 44:09
  I think that building for a community with hyper, hyper
• 44:14
  aligned core values eliminates the ability to fall down the bad
• 44:19
  ways and it also forces us to listen in like what is
• 44:23
  important, like I'm seeing some chat here.
• 44:25
  You know, why doesn't Coinbase enable this?
• 44:27
  You know, Swan's doing that. Like yeah, I fully agree with
• 44:30
  all that and it's good for me and us as a team to be able to
• 44:33
  see what do people care about how do we build a better
• 44:36
  platform that you are comfortable referring your
• 44:38
  grandma to referring your aunt referring but then most
• 44:41
  importantly like onboarding your kids into.
• 44:44
  Because our habits follow our kids and and like I'm a dad of
• 44:47
  four I've got kids aged 7 and younger.
• 44:50
  Without question. What you do is what will show
• 44:55
  your kids what to do. If you are working hard, you're
• 44:57
  in the gym, you're eating properly and you're a generally
• 45:01
  kind individual. Your kids will be that way if
• 45:04
  you tell them work hard and then you sit on the couch and do
• 45:06
  nothing for six hours a day. Your kids are going to be fat,
• 45:09
  lazy slobs. If you tell your kids take self
• 45:11
  custody and then you use a a platform that enables other
• 45:15
  people that even goes as far as to not disincentivize them from
• 45:22
  taking self custody by giving them fancy rewards for opting
• 45:26
  into certain things like that's bad.
• 45:29
  That's teaching your kids that it's OK to be complacent.
• 45:31
  It's OK to take the generational wealth that they are have the
• 45:35
  like it's it's it's our generation and the next
• 45:37
  generation and that's it. That have the opportunity to
• 45:40
  truly decouple money in state like we got 2025 years left and
• 45:45
  that's it. And the way that we raise our
• 45:47
  children, the way that we tell the next generation how to stack
• 45:50
  corn is what will be the future of money.
• 45:54
  And if we're comfortable with, you know, your great, great
• 45:58
  great granddaughter's Bitcoin being stacked in like some, you
• 46:03
  know, closed loop garbage Fiat system, then like great, don't
• 46:07
  use a self custody platform. But if you want to push
• 46:10
  platforms to be better, then you got to like have your voice be
• 46:13
  heard, use those platforms and do it for the kids.
• 46:16
  Man, it sounds like Greg Foss up here.
• 46:17
  Like like do it for the kids. Make sure that the kids and the
• 46:21
  future generations are able to act responsibly because this is
• 46:26
  the worst self custody will ever be.
• 46:28
  This is the hardest it will ever be, and it's only because you
• 46:32
  guys are using and pushing self custody platforms to the next
• 46:36
  level. And I think that's like that's
• 46:38
  so important. Absolutely agree.
• 46:40
  Absolutely agree. All right, ladies and gentlemen,
• 46:42
  let's get to the culture. Let's talk more about self
• 46:45
  custody. Self custody by default.
• 46:46
  And Adam was telling me he gave a interesting presentation at a
• 46:50
  Bitcoin Meet up and want to hear about that?
• 46:53
  All right, ladies and gentlemen. Let's get to the I want to be an
• 46:55
  Optes night stand. That's.
• 47:00
  No you don't. No you don't.
• 47:05
  Bunch of Christmas toys in there.
• 47:07
  Oh, man. All right, what is an optes
• 47:09
  night stand? That's the question.
• 47:10
  I plead the 5th, the daily culture.
• 47:23
  So I do want to give a shout out to our sponsor Kabhi Max, the
• 47:26
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• 47:51
  All right ladies and gentlemen, let's get to the culture, let's
• 47:56
  widen it up cuz Adam was showing us his multi Cam before the
• 48:01
  show. So.
• 48:02
  Wanna see this? You guys ready?
• 48:04
  I don't think. I think I just turned the ready
• 48:07
  for this. Whoa, what's up?
• 48:11
  A real influencer. Real influencing.
• 48:14
  Yeah. This is like a proper studio in
• 48:16
  here. Like this is leveling up so
• 48:18
  much. I'm yeah, this is like wow.
• 48:21
  I'm just so stoked to have two. I got like it's not set up, but
• 48:24
  I could put one up there. If I'm like tinkering with my
• 48:26
  hands a little bit, I'm going full.
• 48:28
  Full content creator full. Influencer on US, Full
• 48:31
  Influencer full. Influencer.
• 48:34
  All right, all right. Well, let's start with we have a
• 48:37
  a lot on the docket today, but let's let's continue the
• 48:39
  conversation of self custody. You, Nico was saying just a
• 48:43
  minute ago, you've been telling us about this presentation
• 48:46
  you've done on self custody. So Adam and everyone in the
• 48:49
  chat's like this guy gets it. So why is self custody
• 48:53
  important? And then you can kind of angle
• 48:55
  that into why Bitcoin, well, is self custody by default.
• 48:59
  Yeah. OK.
• 49:00
  And like, I don't this is a self custody talk.
• 49:03
  This is not intended to be a Bitcoin well talk.
• 49:06
  I'm gonna like note my bias off the top.
• 49:08
  Like obviously I I care about Bitcoin.
• 49:09
  Well, where I think the only self custody, like automatic
• 49:13
  self custody platform in the States were one of two in
• 49:15
  Canada. Like there's a bias there.
• 49:17
  But if we don't all agree that self custody is the most
• 49:20
  important thing, then I I, I this, this will surely convince
• 49:23
  you. So off the top with that
• 49:25
  instead, as promised, if you sign up with Drop Coinbase or
• 49:29
  you tweet me drop Coinbase, I'll add 500 points to your account.
• 49:34
  You can sign up for the Bitcoin jackpot contest and like
• 49:37
  whatever, have some extra stuff and be a part of a self custody
• 49:40
  platform. But the platform or the
• 49:43
  presentation that I gave in in Vancouver was based around three
• 49:46
  things and it was kind of the three risks that that you have
• 49:49
  when you're don't have Bitcoin in self custody.
• 49:51
  The 1st is like nefarious platforms, right?
• 49:54
  We've seen that with Mount Gox. We saw it with Quadriga here in
• 49:57
  Canada. If you guys don't know about the
• 49:58
  Quadriga story in Canada, it is absolutely shocking.
• 50:02
  Dude went like basically this guy was like Sam Bakeman Free
• 50:06
  Junior and did all the stuff that Sam Bakeman Free did, but
• 50:09
  like just for himself. Like he was just gambling on on
• 50:12
  platforms and then you know, obviously FTX.
• 50:15
  So that's like step one, which is the big problem there, right?
• 50:18
  When you give your money to somebody else, you give them the
• 50:21
  ability to spend the money however they want.
• 50:24
  We had Mark Karpolis, who many people probably don't know who
• 50:27
  he is. He was the OG like Bitcoin
• 50:29
  exchange bad guy. Mount Gox was the only Bitcoin
• 50:32
  exchange forever. From inception until I think
• 50:35
  2014 or 2013, that was where like you know I had to buy some
• 50:39
  of my first Bitcoin was like super sketchy wire money to like
• 50:43
  a Russian bank and get it credited onto Mount Gox like
• 50:45
  months later and then be able to buy Bitcoin and then he got
• 50:48
  hacked and went belly up 2018 quadriga, same thing all of
• 50:52
  Canada is using basically this, this, this one platform in
• 50:55
  Canada. Everyone's using it.
• 50:57
  Dude is like sending money to Binance and and FOMO ING into
• 51:00
  ICO scams lost it all and then like allegedly died in India,
• 51:06
  took taking all the Bitcoin with them and then we've got SPF who
• 51:08
  everybody watching probably knows about.
• 51:09
  So it's like that's problem number one.
• 51:12
  But to be fair that problem is probably going away as we get
• 51:17
  more more eyes on the space, more regulation on the space.
• 51:20
  Like you would really really hope the FTX was the peak you
• 51:26
  know crypto exchange guy scam. That's like that should never be
• 51:29
  able to happen again. It can functionally happen
• 51:33
  again, but you'd hope that regulations will at least, you
• 51:36
  know, do whatever regulation can to prevent that.
• 51:39
  But then there's Step 2, which is the honeypot.
• 51:41
  And that's where the, the, the problems are kind of moving to,
• 51:45
  which is like the Coinbase problem, like 90% of what did we
• 51:48
  just say there was like 500,000 bitcoins sitting in Coinbase.
• 51:54
  So you've got all of the ETFs bitcoins sitting in Coinbase and
• 51:57
  then all of the retail bitcoins sitting in Coinbase.
• 52:00
  Like if you're a hacker and you want to try and steal some
• 52:04
  bitcoins, what are you going to do?
• 52:06
  Are you going to try to corrupt myself custody where you're
• 52:09
  going to get one individual's like total bitcoins or are you
• 52:13
  going to try and infiltrate the the honeypot that is a Coinbase
• 52:18
  holding literally hundreds of thousands of Bitcoin?
• 52:22
  Not to mention the opportunity for centralized attacks inside
• 52:26
  of Coinbase. So this is quite popular, not so
• 52:29
  much in banking but in cell phones.
• 52:32
  If anyone has heard of a SIM swap, the only reason SIM swaps
• 52:36
  are possible is because of inside jobs.
• 52:38
  And so the concept is you have a cell phone number tied to a SIM,
• 52:43
  somebody inside somebody as part of like whatever Verizon or in
• 52:47
  Canada like Bell or Telus or Rogers or like whatever,
• 52:50
  somebody's able to change the SIM.
• 52:52
  And once that SIM gets changed, all of the data that was going
• 52:55
  to that SIM card goes to the different one.
• 52:57
  This is only possible because of, you know, men inside that
• 53:00
  are bad actors that are part of bad organization that do these
• 53:03
  things. So what's stopping like you know
• 53:06
  the group that has the keys inside Coinbase from just being
• 53:09
  bad people? There's eventually going to
• 53:11
  become a time where the the money at hand is so life
• 53:16
  changing, is so like like talk about country founding wealth,
• 53:20
  like is so insane. Human beings are are just broken
• 53:24
  human. The human condition is a sinful
• 53:28
  and and blasphemous condition. And do we trust that Coinbase is
• 53:34
  only employing humans without that condition, without the
• 53:39
  ability or with the ability to push back on that temptation of
• 53:44
  like, oh, you know, if me and Jimmy and Johnny, who we eat
• 53:48
  sandwiches with every single day, you know, we could each
• 53:51
  take 100 Bitcoin. Like, come on, there's hundreds
• 53:53
  of thousands in here, that's no problem.
• 53:55
  Well, then what? Right.
• 53:57
  Who repays that? Like, this is a massive problem.
• 54:00
  That's problem #2. And then problem #3, like, guys
• 54:03
  sitting right here, 61021933, Roosevelt's like, OK, you know,
• 54:09
  we're in the middle of The Dirty 30s.
• 54:11
  He probably didn't call it that because it wasn't called that
• 54:13
  then. But he's like economic growth is
• 54:15
  stalled. How do we get people spending
• 54:17
  money right? Are we hearing that same
• 54:19
  language right now? Like economic growth, We need
• 54:21
  more growth. We got to kick start the
• 54:23
  economy. You know, we're going to
• 54:24
  stimulus like blah, blah, blah. In the 30s they were like,
• 54:28
  everyone has too much savings. There are people that are just
• 54:32
  hoarding the value they create with their time and waiting to
• 54:34
  spend it in the future. They're not spending enough.
• 54:36
  What should we do? And the brilliance at hand was,
• 54:40
  let's take the gold, give them a fair value for it, and then that
• 54:45
  will incentivize spending. And it did.
• 54:47
  And for a short period of time, the economy was on cocaine and
• 54:51
  the economy was, was, was working And you know, it pulled
• 54:54
  everyone out of the thirty 30s. But at what cost?
• 54:57
  Because what happened was they gave everyone like 20 bucks per
• 55:00
  ounce of gold, OK, which at the time in those dollars was
• 55:04
  $400.00 per the price, like in in today's dollars.
• 55:08
  So gold right now I think is trading over like $2000.
• 55:12
  So already there's a loss there. But then even worse, the next
• 55:16
  year, 12 months later, gold was magically trading at over $35.00
• 55:22
  an ounce. Like the government on day one
• 55:26
  devalued the money that they traded for the gold.
• 55:29
  And if you think I'm kidding, like just just look it up.
• 55:32
  Like read the order. It was punishable by $10,000
• 55:37
  fines in 1930. Three, $10,000 is a quarter
• 55:41
  $1,000,000 equivalence today. So like the real world example
• 55:45
  of this happening is the Biden administration coming in, being
• 55:48
  like guys, there's too much saving going on.
• 55:51
  The economy needs to grow. What should we do?
• 55:53
  They're like, well, everyone's holding these bitcoins.
• 55:56
  We need to get the bitcoins out of the hands of these savers and
• 55:59
  put and put spending dollars into there.
• 56:01
  It's like, OK, great, let's give them all $80,000 per Bitcoin.
• 56:05
  That's a little bit of a premium.
• 56:06
  All these high time preference idiots are going to take that
• 56:09
  and they're going to go in, Jack that $80,000 into there.
• 56:12
  It's like wow, why would they do that?
• 56:14
  It's like cuz we'll punish them with a $250,000 fine if we don't
• 56:18
  like that was the ultimatum the majority of people had.
• 56:22
  It is absolutely catastrophic. The lengths at which the
• 56:26
  government can and in my opinion will go to, you know, for the
• 56:30
  greater good, right? Let's shut down the economy for
• 56:32
  the greater good. Let's force experimental
• 56:34
  medicines for the greater good, like, like we've seen this
• 56:37
  happen time and time again. It will continue to happen, and
• 56:41
  the worst possible case is that it happens to your value.
• 56:46
  If it happens to your value, your hoops, you're done, because
• 56:48
  there's nothing else you can do. You're then forced to work until
• 56:51
  the day you die if you cannot store your value properly.
• 56:54
  So I think it was a bit longer. There's a bit more examples,
• 56:57
  some fun personal stories. I've got a ton of.
• 56:59
  We were talking off air like, I I've got a ton of hilarious
• 57:02
  personal stories just of like, government overreach.
• 57:05
  I'm like famously debanked here in Canada.
• 57:08
  So I like, there was a bunch of like cool anecdotes that I was
• 57:11
  able to share with the crowd. But the coolest part of it was,
• 57:14
  was after I had five people who didn't know each other, like,
• 57:17
  independently come up and say, hey, I'd heard about self
• 57:22
  custody. I was like, you know, pretty
• 57:24
  sold on it. But this changed my life.
• 57:27
  I'm going home right now to take self custody of my coins, my
• 57:30
  generational wealth. And I was like that that that
• 57:33
  like struck me like quite emotionally, like that was that
• 57:36
  was very, very inspiring that like guys we have to talk more.
• 57:41
  We have to, we have to spread the mission of self custody.
• 57:45
  They knew it was important they said that, but they didn't maybe
• 57:48
  think about how important. They weren't thinking about, you
• 57:51
  know, their bloodline. They weren't thinking about the
• 57:52
  generational wealth that it can be.
• 57:56
  And that's because they had their coins.
• 57:57
  It was convenient. It's like I got Bitcoin
• 57:59
  exposure. I I did it.
• 58:00
  I ended the Fed. It's like, no, you didn't.
• 58:03
  You end the Fed when they can't 6102 you You end the Fed when
• 58:08
  they don't have the power over your value.
• 58:11
  If you have to ask somebody else's permission, that somebody
• 58:15
  has two opportunities, the opportunity to make you ask
• 58:18
  permission and do whatever they want you to do.
• 58:20
  But then you're also exposed to their, to their backbone, you
• 58:24
  know, will they say no to the government at B, you know and
• 58:28
  and personally I don't want that responsibility.
• 58:30
  I don't, I don't want to have a government agent saying like,
• 58:34
  give me Nico's coins. Like, like frankly Nico, I like,
• 58:39
  I love you. But like if somebody stole my
• 58:41
  daughter and said give me Nico's coins or this little girl
• 58:44
  disappears, like bye to your coins, right?
• 58:48
  Like like my daughter's life Trump's your coins.
• 58:50
  I'm sorry every single day And and we have you know, out of
• 58:54
  obligation to our users, but also to like our families and
• 58:58
  the future of this incredible asset class, we have removed
• 59:02
  that that, that scenario from the equation.
• 59:05
  You removed, you removed. You created the incentive
• 59:07
  structure. Right.
• 59:09
  Bingo. Like that.
• 59:10
  That's really like the key. And that's really what's this?
• 59:13
  Fascinating. Clearly you guys really thought
• 59:15
  about that line. Enable independence 'cause you
• 59:18
  know, it's maybe I'm reading too into it, but that's essentially
• 59:21
  what what you're doing when you create a a self custody by
• 59:26
  default platform, because it's exactly what you said.
• 59:30
  Why do you? Of course you will, but but
• 59:35
  that's what that's what you do right when when you create a
• 59:38
  self custody platform in the traditional sense, you'd be
• 59:41
  like, why would you do that? Like from a business
• 59:43
  perspective, 'cause it's a lot more painful, It's low time
• 59:46
  preference, right? It's a lot easier to create the
• 59:49
  kind of convenience, but it's a lot more difficult, I would say,
• 59:53
  from an educational standpoint. And it's just the right thing to
• 59:56
  do from the revolutions aspect, right?
• 59:58
  You know, the separation of money and state, right?
• 1:00:01
  And again, the, you know, with Adam, with with your daughter in
• 1:00:05
  that example, it's a great example because look, no one is
• 1:00:08
  better than their incentives. At the end of the day, I I don't
• 1:00:11
  care who you are, but it's just like no one, no one is better
• 1:00:14
  than their incentives. And if you create an incentive
• 1:00:16
  structure where it's not that you're going to do it every day,
• 1:00:20
  It's not that Brian Armstrong, you know, his night table was
• 1:00:23
  reliable, you know, 364 days out of the year.
• 1:00:27
  But it only just takes one day, you know, for someone to knock
• 1:00:30
  on his door and say, you know, like, hand me over those seed
• 1:00:35
  words in your night table next to a picture of Christine
• 1:00:37
  Lagarde and. He could think it's all totally
• 1:00:40
  fine until it's just not like like nobody needs disaster
• 1:00:48
  protection until disaster has struck.
• 1:00:51
  And like, you know, here we get into the craziness of like, oh,
• 1:00:54
  you know, we got to bunker down and and and you know, we got to
• 1:00:57
  like we got to prepare for the worst and blah blah, blah.
• 1:00:59
  And there's probably a balance there.
• 1:01:01
  Honestly, taking self custody of your Bitcoin is the lowest
• 1:01:04
  possible like disaster preparation that you can
• 1:01:07
  possibly do. Like if you if you even think
• 1:01:10
  about wearing a seat belt when you drive and have car
• 1:01:13
  insurance, you should self custody or Bitcoin, those are
• 1:01:16
  the same things. It's like, you know I'm probably
• 1:01:18
  not going to crash my car, but if I did I don't want to go
• 1:01:21
  through the windshield. So I'm just going to like click
• 1:01:22
  this thing in. It's like you know, takes a
• 1:01:24
  little bit of time. I had to learn how it worked but
• 1:01:26
  it's like it's it's it's very worth it for me to not go to the
• 1:01:30
  windshield in the slim chance that I crashed my car.
• 1:01:33
  I think there's a greater chance that we see one of the three
• 1:01:35
  disasters that I kind of explained either you know, the
• 1:01:37
  theft, the honeypot or the 6102. Those three things are like
• 1:01:41
  historically have happened. I would say it is quite likely
• 1:01:45
  it will happen in the future. Just put your seat belt on self
• 1:01:48
  custody or Bitcoin like it. We need to get this message out
• 1:01:52
  there. We need to normalize self
• 1:01:53
  custody and it's be like we need to look at, you know, how we
• 1:01:57
  like look at people right now when like, like people that are
• 1:02:00
  like jogging with masks on outside and you're like, what
• 1:02:02
  are you doing? Like who?
• 1:02:03
  Who do you think you are? Who are you protecting?
• 1:02:06
  It's like, it's like when you have your coins sitting on
• 1:02:08
  someone else's platform, it's got to be that same look.
• 1:02:11
  It's like, what are you doing? Like why are you doing this?
• 1:02:14
  Why are you part of this charade?
• 1:02:15
  Like, stop this. That's that's what I think.
• 1:02:20
  Beautifully said, that comment from Wine Kiss Wine Kiss, which
• 1:02:26
  is absolutely hilarious. Why can't Brian Armstrong be
• 1:02:28
  like Adam? No beer man.
• 1:02:36
  OK, Opti, what's your take on all this, brother?
• 1:02:39
  I mean, we say it all the time here, we say it all the time
• 1:02:42
  here. And we've had a lot of hype
• 1:02:45
  around the Bitcoin ETFs and stuff because it's like the
• 1:02:49
  latest evolution of the Bitcoin space.
• 1:02:51
  But we say probably every single day like self custody is the
• 1:02:54
  revolution we've seen. As Adam was saying, you know, he
• 1:02:57
  gave us 3 great examples. And we've seen this play out for
• 1:03:01
  basically as long as humans have had history, that if you give
• 1:03:05
  someone the ability to store your money, it's no longer your
• 1:03:09
  money and they're going to do whatever they want with it.
• 1:03:12
  That's like the whole basis of why we tell you guys to take
• 1:03:15
  Bitcoin into custody. Because look, you can be the
• 1:03:18
  most moral, principled person ever.
• 1:03:21
  But like, if your money's just storing with someone, there's
• 1:03:24
  always going to be that, that allure, that possibility of them
• 1:03:29
  fractionally reserving your Bitcoin of you, or rather using
• 1:03:32
  your money in a way that you didn't give them the, you know,
• 1:03:36
  the permission to do. This is literally how we got
• 1:03:38
  into Fiat money in the 1st place.
• 1:03:40
  We saw this happen with the Roman Empire.
• 1:03:42
  We saw this happen with gold. Like now we're just in a new
• 1:03:46
  evolution of this where we have a better money.
• 1:03:48
  We have the strongest money ever.
• 1:03:50
  It is Bitcoin. And I think bitcoiners, being
• 1:03:53
  adversarial thinkers, we're all wondering like, OK, how do we
• 1:03:57
  make sure that we are not just building ourselves a gilded cage
• 1:04:01
  with Bitcoin and recreating the same problems?
• 1:04:03
  Because look, I know a lot of us bitcoiners we we do run with the
• 1:04:06
  meme of like, Bitcoin has already won.
• 1:04:08
  But we still have to stay vigilant out there because like,
• 1:04:12
  we're not out of the woods yet. We we haven't necessarily
• 1:04:16
  created a system where this isn't a possibility like it may
• 1:04:21
  be you know, a very small chance, but it's a non zero
• 1:04:25
  possibility that your Bitcoin can be taken from you if you
• 1:04:29
  aren't taking your custody, your Bitcoin into custody.
• 1:04:31
  And that's why we tell you guys every single day self custody is
• 1:04:34
  the revolution. Because if everyone is holding
• 1:04:37
  their own keys to their Bitcoin then there is no possibility of
• 1:04:40
  this happening. And then we build that
• 1:04:42
  peer-to-peer circular economy that all of us bitcoiners want
• 1:04:45
  to happen, but we're not out of in the woods yet.
• 1:04:47
  You know, we still have to develop this system.
• 1:04:50
  We still have to build the layer twos out there, or else like,
• 1:04:54
  for better or worse, like we can build a system that pretty much
• 1:04:58
  recreates the Fiat system. But just odd, quote UN quote,
• 1:05:01
  the Bitcoin network. And this is what all of us
• 1:05:03
  bitcoiners are looking for and and trying to avoid and being
• 1:05:06
  vigilant that we don't just end up recreating the system again
• 1:05:10
  because we know humans are no better than our incentive.
• 1:05:13
  And look, I jokingly say this, I think I'm a moral, principled
• 1:05:16
  person. But if you guys gave me your
• 1:05:18
  Bitcoin and you didn't touch it for, I don't know, 10 years, I'm
• 1:05:21
  sure, I'm sure that green will take hold and like, look, I can
• 1:05:25
  just. Take like a little bit of this.
• 1:05:26
  Come out of the night stand, baby like.
• 1:05:28
  Exactly like send your Bitcoin to my night stand.
• 1:05:31
  And after a certain while I I can almost convince you that I
• 1:05:36
  will use some of your Bitcoin and try to recreate it.
• 1:05:39
  Like embezzling has been a part of humanity for a long time.
• 1:05:43
  And just got the big. Corners.
• 1:05:45
  A public address on his night stand with my inside the drawer.
• 1:05:49
  It's like deposit to my night stand, please.
• 1:05:52
  Guys, This is why we don't trust banks in the 1st place.
• 1:05:55
  You know, we saw this happen in 2008.
• 1:05:57
  Like, humans aren't better than their incentives.
• 1:06:00
  And This is why we we talk about taking your Bitcoin into
• 1:06:04
  custody. So you completely take that
• 1:06:06
  opportunity off the table and hence why automatic self custody
• 1:06:11
  is such an important thing out there.
• 1:06:12
  It's like, look, I want you to get Bitcoin, but I don't want to
• 1:06:16
  hold your Bitcoin. How do we make this happen?
• 1:06:19
  How do we make sure that the transition and the friction is
• 1:06:21
  minimized so that you own your Bitcoin and you control your own
• 1:06:25
  wealth? Like it?
• 1:06:26
  Really. Another trend.
• 1:06:27
  I'm going to full screen myself here.
• 1:06:29
  Another It really blows my mind that the status quo of humanity
• 1:06:34
  right now is trusting someone else with your wealth.
• 1:06:37
  It absolutely blows my mind that the average people, I think that
• 1:06:42
  giving a bank their money is the safest way to store your value.
• 1:06:46
  Like it it it makes it almost makes me insane when I think
• 1:06:50
  about this is like everyone out here thinks that their money is
• 1:06:53
  in a safety deposit box in a bank and they're not doing crazy
• 1:06:56
  nefarious financial trickery with it.
• 1:06:58
  And it's like, no, you literally gave your money to someone else.
• 1:07:03
  They can do whatever they have. What's the meme?
• 1:07:05
  You know, a possession is 9/10 of the law.
• 1:07:07
  Well, in Bitcoin, possession is 10 tenths of the law.
• 1:07:10
  Like he who owns the keys controls your Bitcoin.
• 1:07:14
  It's literally that simple. And I, you know, actually Adam,
• 1:07:17
  I do want to ask you because we see the meme right now of, you
• 1:07:21
  know, Bitcoin ETFs being a gateway drug to self custody,
• 1:07:25
  but it's also like, you know, Bitcoin ETFs with paper Bitcoin.
• 1:07:29
  So what's your thoughts on this idea of people going to ETFs and
• 1:07:32
  then eventually going into Bitcoin?
• 1:07:35
  Yeah man, I think gate. I think that ETFs are the
• 1:07:37
  gateway drug into self custody. The problem with gateway drugs
• 1:07:41
  is they just cause a lot of heroin addicts.
• 1:07:43
  And I and I think like gateway drugs are bad.
• 1:07:48
  Like, like, no one's ever like, Oh yeah, I started partying with
• 1:07:53
  marijuana and then, you know, then I got hooked on heroin.
• 1:07:56
  And I'm really happy that I had that gateway drug.
• 1:07:58
  Like, and I and I know that like that that's a hyperbolic
• 1:08:01
  progression. Don't come at me about, like,
• 1:08:02
  how weed is a gateway to to, like, smack.
• 1:08:05
  But, like, gateway drugs are not good.
• 1:08:10
  Gateway drugs are the problem. And if we don't normalize you
• 1:08:15
  know opioids and we don't normalize like this party
• 1:08:19
  culture of drug doing, then we don't have the homeless and drug
• 1:08:25
  problem that we have. And so if we don't normalize
• 1:08:28
  ETFs we won't have the problem that exists here.
• 1:08:31
  I think the like you know if we keep this example running the
• 1:08:36
  only reason we do drugs is to feel better, right.
• 1:08:39
  That's it period. That's that that's that's the
• 1:08:40
  reason drugs exist. High time preference dopamine.
• 1:08:44
  Well the only reason we self custody is to be free.
• 1:08:47
  When you own ABTFBTF an an ETF you are not free.
• 1:08:52
  When you own Bitcoin in self custody you are and so like if
• 1:08:57
  you want a quick high tide preference dopamine do some
• 1:08:59
  cocaine. If you want long lasting
• 1:09:02
  dopamine like get up early, work hard, eat steak and drink lots
• 1:09:06
  of water like so. If you want high time preference
• 1:09:10
  Fiat gains from Bitcoin then buy the ETF.
• 1:09:14
  If you want generational wealth and freedom for you and your
• 1:09:17
  family then buy Bitcoin and self custody at bitcoinworld.com.
• 1:09:21
  Like it's it's it's it's not that hard in my opinion.
• 1:09:25
  It's like we need to Unless your Bitcoin is in your custody, it's
• 1:09:30
  not real. Unless you bought Bitcoin and
• 1:09:32
  saw a TXID come out of the blockchain because of it, it's
• 1:09:35
  not real. Anything other than that is
• 1:09:39
  fake. And like, we want fake Bitcoin.
• 1:09:42
  Like, we saw how fake dopamine is ruining society.
• 1:09:46
  Fake Bitcoin will be 25 times worse than that.
• 1:09:50
  On an order of magnitude, let's like be better.
• 1:09:52
  Amen. Amen.
• 1:09:53
  Love that. OK, let's pivot a little bit to
• 1:09:56
  the giveaways that we've been doing the last couple of days
• 1:10:01
  actually. But before we do this, I want to
• 1:10:03
  acknowledge everyone out there, you guys are the real MVPS
• 1:10:06
  because the Bitcoin jackpot has doubled since we announced.
• 1:10:11
  This, but love to see it. But those are rookie numbers.
• 1:10:14
  We gotta pump those numbers up. Those are rookie numbers.
• 1:10:16
  Com contest. Yeah, sign up.
• 1:10:18
  Okay. So just hit.
• 1:10:20
  Just FYI, had just hit 3,000,000 Sats.
• 1:10:22
  I'm looking at a live number 3.0.
• 1:10:24
  OK, it's not live yet, OK? That doesn't update
• 1:10:28
  automatically, unfortunately. 3 point O 34410 is the amount of
• 1:10:31
  Sats sitting in the jackpot and on behalving.
• 1:10:34
  We're going to have our our script figure out who's going to
• 1:10:38
  take home 69% of that jackpot. OK, so back to last week's Are
• 1:10:45
  we announcing the Stamp Seed winners live or you got them or?
• 1:10:50
  So I tweeted last week, before we drew, which blocks would be
• 1:10:54
  determined. Remember, if you Scroll down a
• 1:10:55
  little bit, Opti, you can audit the script that chooses the
• 1:10:58
  contestants. This is like, you know, there's
• 1:11:00
  no funny business here, right there, Audit the script.
• 1:11:04
  So I ran through, I took five blocks.
• 1:11:06
  We had five people that that were, you know how many people
• 1:11:11
  entered on that day with the blah cache, which is obviously
• 1:11:14
  random and yeah, voila. And so I've got 5 usernames
• 1:11:19
  here. I'm gonna just read them out and
• 1:11:24
  I'll be in touch with you later today on who want.
• 1:11:27
  So first username, I'm not gonna show the usernames because, well
• 1:11:31
  just for obvious reasons, but first one is Andrew J, second
• 1:11:36
  one is Mark 123, third one is Dennis Leclair C, third one is
• 1:11:43
  Tavon and fifth one or fourth one is Tavon and 4th one, fifth
• 1:11:47
  one is Randy Bowman. And so those are the usernames,
• 1:11:51
  the well tags of all the people. Congrats to you guys.
• 1:11:54
  You got some free seed plates you can like go stamp your value
• 1:11:58
  into the future. That's super dope.
• 1:12:00
  So nice work. Just as a reminder, like Bitcoin
• 1:12:03
  jackpot contest is still alive. We're going to be giving away
• 1:12:05
  other random prizes later on down the road, but sign up at
• 1:12:08
  bitcoinwell.com/contest and yeah, let's like, let's go guys.
• 1:12:12
  Obviously, you know, I'm super lucky to be able to come on here
• 1:12:15
  and chat with you guys. But if you can't, I'm like, I'm
• 1:12:18
  like looking at myself, I'm like a little flush in the face.
• 1:12:20
  I'm like, I'm so fired up about self custody.
• 1:12:24
  Like, you know, whether you use Bitcoin well or like if you're
• 1:12:28
  in the States, you literally can't use any other platform
• 1:12:30
  that is automatic self custody because they just don't exist.
• 1:12:32
  But if you are in Canada, you know, whether you're using
• 1:12:35
  Bitcoin well or using bull like at the end of the day use a
• 1:12:39
  platform that aligns with your values.
• 1:12:41
  And if your values are like, you know, oh I'm here.
• 1:12:44
  I'm good. I'm.
• 1:12:46
  I'm looking for paper gains and like whatever.
• 1:12:48
  Like Bitcoin well is probably not for you and and and that's
• 1:12:50
  OK if your values are Bitcoin is freedom money.
• 1:12:54
  Bitcoin exists to give me and my family independence based on the
• 1:12:58
  value of our efforts. Then like Bitcoin well is for
• 1:13:01
  you and and and I want to work for you.
• 1:13:03
  I want to work as hard as I possibly can to give you and
• 1:13:07
  your family the best possible platform to use.
• 1:13:10
  And so please like tell me what's working.
• 1:13:14
  Tell me what's not. We had some great feedback like
• 1:13:16
  hey the time delay between funding the the Fiat and be able
• 1:13:20
  to receive Bitcoin too long. We're fixing that.
• 1:13:22
  Like it's it's going to be fixed soon.
• 1:13:23
  You're going to be able to smash by and and and get that Txid.
• 1:13:28
  Like, like we're just making the platform in such a way that we
• 1:13:32
  want the community, the hardcore Bitcoin community, to be able to
• 1:13:35
  use it easily and feel good about onboarding their friends.
• 1:13:39
  So that's the pitch. I don't want to shell anymore,
• 1:13:42
  but I love you guys absolutely. Adam, there is a few questions
• 1:13:46
  in the chat that that I think we should clear up.
• 1:13:49
  First of all, when does the contest and we we say it all the
• 1:13:53
  time, but again refreshing for the people.
• 1:13:55
  Yeah, so the contest is going to go until the halving.
• 1:13:58
  So block 840,000 is going to trigger the end of the contest.
• 1:14:02
  Not a time, it's a this is a, this is a Bitcoin contest.
• 1:14:04
  We are ending in blocks, the 20. So how the jackpot works, it's
• 1:14:09
  split three ways, 69% obviously, 21% obviously and then what's
• 1:14:15
  left is 10%. So 69% goes to the grand prize.
• 1:14:19
  This is drawn out of block 840,000 and two.
• 1:14:23
  So the hash of that block will determine the winner of all of
• 1:14:26
  the entrance. We then have the the secondary
• 1:14:30
  prize which is 21% and that is 840,000 and one.
• 1:14:36
  So block 840-0001 is going to determine that winner and then
• 1:14:43
  and then the last 10% goes to a project on Geyser.
• 1:14:46
  There's currently a poll on the Bitcoin well Twitter at the
• 1:14:49
  Bitcoin Well you can you can you can vote for one of the three
• 1:14:51
  projects that we've chosen to to donate this the rest of the
• 1:14:55
  jackpot too. So even if you don't win you can
• 1:14:58
  feel really good about about funding one of the three
• 1:15:01
  projects on Geyser. So trying to be like, pretty,
• 1:15:04
  you know, community focused and contest ends at the halving.
• 1:15:08
  So enter now. You can enter as many times as
• 1:15:10
  you want. You enter with your Bitcoin,
• 1:15:12
  well, points. You get points by signing up
• 1:15:15
  with Drop Coinbase if you're listening to the show.
• 1:15:17
  You get points by tweeting me. Drop Coinbase right now at Adam
• 1:15:21
  O'Brien under score and you get points by signing up, making
• 1:15:24
  purchases, referring your friends, and all the rest of it.
• 1:15:27
  Love it. Love it.
• 1:15:28
  OK And the last one to clear up for everyone Where is Bitcoin
• 1:15:32
  Well available? And then they're wondering, are
• 1:15:35
  you thinking of expanding? I see that at the beginning of
• 1:15:38
  every episode. Every episode we're we're in
• 1:15:41
  Canada and the US all 50 states. Yeah all 50 states that's that's
• 1:15:46
  that's relatively new. We launched in the states like
• 1:15:49
  9:00-ish 8-9 months ago, but we only got all 50 states in
• 1:15:53
  February, so super stoked on that.
• 1:15:55
  So every single province in Canada, every single states in
• 1:15:58
  the US buy Bitcoin goes automatically to self custody.
• 1:16:02
  I saw someone in the chat asking about selling.
• 1:16:05
  We're going to have sell. You're going to be able to sell
• 1:16:06
  Bitcoin directly from self custody.
• 1:16:08
  So the workflow will be so simple, it's going to be sell
• 1:16:11
  Bitcoin. Which bank do you want the money
• 1:16:13
  to go into This bank, please. Here's your QR code and then
• 1:16:16
  you're going to send Bitcoin and receive Fiat right in that bank.
• 1:16:20
  And so now there's a there's a debate here.
• 1:16:23
  There's there's a question here, well, why would I sell my
• 1:16:25
  Bitcoin? I am.
• 1:16:26
  I'm a hardcore maxi. I don't.
• 1:16:27
  I don't ever sell. Yes, you do.
• 1:16:30
  Only hardcore Maxis sell because only hardcore Maxis are all in.
• 1:16:35
  And if you are all in, you need to sell to live unless you plan
• 1:16:38
  on not consuming anything ever again.
• 1:16:42
  So I do believe that selling Bitcoin is part of creating a
• 1:16:46
  Bitcoin, a hyper bitcoinized society.
• 1:16:49
  Because if you all you're doing is buying, you're just holding
• 1:16:52
  the rest of your value in Fiat. If you have dry powder, it means
• 1:16:55
  you don't have enough Bitcoin. If you have dry powder today,
• 1:16:58
  you didn't stack enough Bitcoin yesterday.
• 1:17:00
  And so giving our customers the ability to sell from self
• 1:17:03
  custody in a super easy and convenient way is the number
• 1:17:08
  one. Like, that's part of it.
• 1:17:10
  It's not #1 maybe, but it's part of the ecosystem.
• 1:17:13
  It's part of creating an environment that's like not a
• 1:17:15
  bank, Brian, but it's like the modern banking ecosystem that
• 1:17:19
  gives our users the ability to use their money in a way that's
• 1:17:24
  from self custody. Amen spend don't sell.
• 1:17:28
  Yeah, I totally agree with that. But like, you can't pay a
• 1:17:30
  mortgage or rent in Bitcoin. The majority of people, yeah,
• 1:17:34
  that's where we're going to yet that's where we're going to.
• 1:17:36
  And in Canada, we're gonna bring this to the States eventually.
• 1:17:38
  You can pay your bills in Bitcoin.
• 1:17:39
  You can literally take like, your Amex card, tap, tap, tap,
• 1:17:42
  and then pay that off at the end of the month with Bitcoin.
• 1:17:44
  That's awesome. But like you just cannot Canada
• 1:17:48
  and the and and the US North America the payments
• 1:17:51
  infrastructure is so incestual and bad but also convenient like
• 1:17:57
  you're not walking into Wendy's to buy a Baconator with Bitcoin
• 1:18:00
  anytime soon in Canada. You can barely do that in El
• 1:18:02
  Salvador and it's legal tender like like the the execs are not
• 1:18:07
  looking at at this with any type of of of reality anytime soon
• 1:18:12
  And so for the for the time being we Bitcoin well and and
• 1:18:17
  other incredible companies need to make ways need to find
• 1:18:21
  products and invent products invent workflows and pathways
• 1:18:25
  for money to move so that you can spend your Bitcoin even if
• 1:18:28
  the merchant doesn't accept and that's the next phase.
• 1:18:31
  So phase one Bitcoin accessibility we're like getting
• 1:18:34
  there pretty good. Phase two make it easy on and
• 1:18:37
  off directly from self custody we're like we're in that phase
• 1:18:40
  and then the next phase the most exciting phase hyper
• 1:18:43
  bitcoinization. How do you as the user have the
• 1:18:46
  ability to have all of your money in self custody but still
• 1:18:50
  have full access to the real world and and being able to
• 1:18:54
  spend that money? That's the Holy Grail.
• 1:18:56
  Amen to that. Amen to that.
• 1:18:57
  We got one more question from Thomas.
• 1:19:00
  Thomas says how long does the identity verification take?
• 1:19:03
  It's pretty effing fast, man. Couple minutes like, yeah, 120
• 1:19:09
  to 180 seconds is kind of our benchmark.
• 1:19:12
  If you're like you know it does, you do have to verify your
• 1:19:15
  identity. So if you're like taking bad
• 1:19:16
  pictures, it'll be longer. If there's like you know things
• 1:19:21
  that are wrong with the verification, like you're a
• 1:19:23
  scammer, then it will also take a little bit longer.
• 1:19:26
  If we think, you know, if the robots that do the verification
• 1:19:29
  think you're a scammer, then it will take longer.
• 1:19:31
  But like our support team, so we had a big meeting 3 weeks ago
• 1:19:37
  and I and I, I welcomed the team to Operation Toro.
• 1:19:40
  And Operation Toro is an absolute maniacal urgency.
• 1:19:44
  All hands on deck 24/7. This is going to be insane while
• 1:19:49
  we on board as many people as possible.
• 1:19:51
  And so like if there's problems, you know, reach over to the
• 1:19:55
  team. There is someone there like all
• 1:19:57
  the time. And if if you want to like, you
• 1:20:00
  know, follow me on Twitter, like hit me up on Twitter.
• 1:20:02
  I am so active. I'm living, sleeping and eating
• 1:20:06
  this operation tomorrow season that we're in.
• 1:20:09
  And yeah, like we want to make sure that you are on board to
• 1:20:12
  the safest possible Bitcoin platform in the world.
• 1:20:15
  That is Bitcoin Well. And we want to make sure that
• 1:20:17
  that happens very fast. Boom.
• 1:20:19
  Boom. All right, Thomas, you literally
• 1:20:21
  have no excuses, bro. I caught.
• 1:20:23
  You. Yeah.
• 1:20:25
  Or dude, stop taking on the zoomer I caught.
• 1:20:27
  You I caught you in the beginning admitting that you
• 1:20:30
  were using Coinbase. You know, transition to self
• 1:20:33
  custody by default. Thomas, you could do it.
• 1:20:35
  You could do it. All right, ladies and gentlemen,
• 1:20:40
  Holy cow. All right, we're at 1743 live
• 1:20:44
  viewers on Twitter, about 350 on YouTube, and about 674 on
• 1:20:49
  Rumble. Shout out to a rumble audience.
• 1:20:50
  I love rumble, man. Rumble makes me feel good.
• 1:20:53
  Anyways, guys, if you are enjoying the show, smash that
• 1:20:56
  like button. We really, really appreciate it
• 1:20:59
  helps convince the algos that we're doing something right.
• 1:21:02
  Anyways, guys, if you enjoyed the show, you know what to do.
• 1:21:04
  Smash that like button. Consider subscribing if you feel
• 1:21:06
  like we provided you value. But the number one thing you
• 1:21:08
  could do to push this peaceful Bitcoin revolution is share
• 1:21:11
  Bitcoin content, Share Bitcoin culture.
• 1:21:13
  Just get the message out there. I also want to thank our very
• 1:21:16
  special guest, the EO and founder of Bitcoin L, the first
• 1:21:21
  Bitcoin on ramp in the United States to have self custody by
• 1:21:24
  default of the heart. Wow.
• 1:21:30
  All right, guys, that was our show.
• 1:21:32
  Oh, that's happened to me before Camera dies.
• 1:21:37
  All right, guys, if you enjoyed the show, you do.
• 1:21:38
  I already said it. Smash the like button.
• 1:21:39
  We'll see you tomorrow for a brand new episode of Simply
• 1:21:42
  Bitcoin Live and back next week for the IRL.
• 1:21:45
  And stay tuned because Ruston's going to come in hot with some
• 1:21:48
  Simply Bitcoin originals as well.
• 1:21:50
  Love you guys. Take care.
• 1:21:51
  I'll see you tomorrow. Peace out, everybody.
• 1:21:55
  Episode was brought to you by bitcoinwell.com, a Bitcoin only
• 1:21:59
  platform on a mission to enable financial independence.