Latest / Simply Bitcoin / Regulators Investigating Celsius Account Freeze | EP 508

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Regulators Investigating Celsius Account Freeze | EP 508 · Simply Bitcoin

0:04
Welcome back everyone. We're simply Bitcoin.
0:06
We break down the news. The daily fail mean review.
0:09
Software releases Hardware, releases and the pleb sites.
0:13
Joining us today. We've got return guest, dr.
0:18
Jeff Ross. That's right, he is the plead
0:21
counselor, the founder and CEO of veil, Shire Capital, Jeff.
0:26
Thank you very much for joining us.
0:28
Phil Nico. Thanks so much.
0:30
Much. I'm really excited to be here.
0:31
I'm honored that you invited me back.
0:33
Absolutely, come on. This is this is the time to
0:36
shine. Here we go.
0:37
Okay, he go, let's dive into the numbers, my friend brought to
0:41
you by, not all they make some of the best Bitcoin notes like
0:44
the not one. It's in Black, it's really cool
0:47
colors. Anyways, run your own version of
0:49
Bitcoin core and the lightning Network and Whirlpool all in the
0:53
comfort of your own home member. Guys, if you don't run your own
0:56
Bitcoin node, you're using someone else's.
0:58
So get yourself, a not Bitcoin note today at the time of this
1:01
recording, the block height is 740 1089 the Bitcoin price 20
1:06
thousand seven hundred and five chain rewrite day 734 total
1:10
public lightning capacity, 3975 dot 61 Moscow time 4830 blocks
1:20
to The Happening. 98,000 911 and the samurai Whirlpool unspent
1:25
capacity, Samurai Whirlpool is a coin or collaborative spend.
1:29
It is is not a mixing service and the unspent capacity for
1:33
that pool is 4644 dot sixty Nico.
1:38
The numbers again. You're muted again.
1:44
Oops, we can't say we can't keep saying that Bitcoin is the new
1:47
stable coin, because we made that joke for like four months
1:51
at Bitcoin at 30k, that it just dumps, it went in the wrong
1:56
direction. Anyways, I got some interesting
1:59
data to talk about today. I'm going to take advantage of
2:01
the fact that we have a very special guest on today to talk a
2:05
little bit about these these, these statistics.
2:09
Anyways let's let's pull it up. I was Better yet.
2:12
Call it data. Let's take a look at glass note,
2:15
shall we? So the number of Bitcoin
2:18
addresses with point zero one or more is continuing to go up?
2:24
Let's take a look at Point 1. Also it's continuing to go up.
2:29
Looks like a lot of people are stacking addresses with one
2:32
Bitcoin or more continues to go up.
2:35
It is we have eight hundred and forty eight thousand Bitcoin
2:39
addresses with one Bitcoin Norm or let's take a look at this.
2:44
The balance on exchanges. It continues to go down.
2:48
It actually peaked March 18th 2020 and has continued to go
2:56
down, really interesting. Now, this is the thing that I
2:58
wanted to talk about today because it looks like we broke a
3:01
record recently especially with this latest crash Bitcoin, net
3:06
realized profit / loss. That means net realized profit /
3:11
loss is the That profit or loss of all moved coins and is
3:15
defined by the difference of realized profit realized loss
3:19
and we broke a record. Check this out the realized loss
3:25
with that dip was 202 million dollars and that that's a record
3:32
Bitcoins never done that before. So absolute Hammer blow Jeff.
3:39
How has the how has this? Oops, bin or you surprised.
3:43
I think a lot of people saw this coming, especially with the
3:46
position that the FED is in right now.
3:49
They have to deal with inflation but they want to do a soft
3:52
Landing as well. We all know that softly is he
3:55
very difficult to say the least Jeff.
3:58
What are your thoughts on this man?
4:00
Oh man, I have lots of thoughts. Oh, I've been bearish since
4:02
January. I actually said, somewhere back
4:05
when Bitcoin was 40,000 that I would not be surprised that it
4:09
may drop as low as twenty thousand, get literally And
4:11
half. I got laughed off many stages
4:13
for saying that. Not that I'm pressing enter
4:17
anything but I thought man the macro that's coming up that
4:19
we're going to be dealing with is going to suck and I said back
4:22
then like yes this is ugly but we haven't even hit the rough
4:26
patch yet and now we're in the rough patch.
4:28
This is what the rough patch looks like.
4:30
The macro is terrible. It's awful.
4:32
There's nothing optimistic that I look at.
4:35
I mean, consumer confidence is way down.
4:38
Manufacturing is way down. Housing starts are way down.
4:41
And on, and on, and on you, literally can pick out any stat
4:45
and its way down. Some of them are at all-time
4:47
lows. Most of them are at just basic,
4:50
like, deep recessionary type lows.
4:52
So it portends to really ugly things.
4:55
Bitcoin. Unfortunately, is still
4:57
misunderstood by the majority of Market participants, so they
5:00
treat it like a small Tech stock, it acts like a small Tech
5:02
stock. It is not anything like a small
5:04
Tech stock, but most people who trade it think that it is.
5:07
So that's why it goes down. Also because of liquidity
5:09
issues, other things that we can talk about.
5:11
Um the question I'm more interested in is what do we do
5:14
from here? Because when I look at all these
5:16
metrics on chain kind of analytics would looking at
5:21
adoption rates, metcalfe's law, those kind of things you showed
5:23
those great charts, they're very simple, but I think they're very
5:26
telling just adoption. How many accounts are we seeing
5:28
that have point one Bitcoin or 0.01 Bitcoin Bubba?
5:31
They just keep going up, right? Up until the right.
5:33
As long as we're seeing that metcalfe's law is still in
5:36
effect. The value of the network is
5:38
increasing hash rate is increasing, security is Saying
5:42
these are Bargain Bin. Praise prices right now.
5:45
I'm just ecstatic about it. I do, I tell people like quit
5:48
trying to time the market quit trying to pick a bottom and pick
5:51
tops. Those kind of things learn to
5:53
recognize value. We are deeply undervalue right
5:57
now and the Bitcoin space. It may go down to 15 or 10 or 5.
6:00
I have no idea, but all I do know is that it is an incredible
6:04
value right now. If you're a long-term saver and
6:06
you should be. So if your time Horizon is two
6:09
years or more normal, I say 10 years or more but This point if
6:12
your time Horizon is two years or more, I think you will be
6:15
very well rewarded for buying these days when there's blood on
6:18
the streets and everybody's panicking and everybody's
6:20
calling for the demise of Bitcoin.
6:22
Yeah. Absolutely.
6:24
So you said something really interesting earlier went about,
6:29
it being treated like a text stock or a risk on asset.
6:35
I heard that fancy term used all the time so I'm going to use it.
6:40
When is the decoupling? Being going to happen, dr.
6:43
Ross, I post this on a Twitter spaces, just before this, and I
6:47
said, who says where is it written?
6:50
I want somebody to show me where it's written that Bitcoin has to
6:53
keep declining and price just because we're entering deeper
6:56
recessionary type conditions. Why does it keep having to be
6:59
coupled with tech stocks and everybody like oh well it has to
7:04
go down and Bob. I'm like why?
7:06
Like it is the world safe-haven asset, it is the world's best
7:10
money by far. Down no question, ask it, is the
7:13
antithesis of the US dollar and all government Fiat garbage,
7:17
people should be flocking and fleeing to bitcoin right now.
7:20
So when will it be couple? It may happen and I'm actually
7:24
sort of cautiously optimistic. I'm almost embarrassed to say
7:27
because I got like laughed off the stage when I, when I brought
7:30
this idea up, it's so deeply undervalued right now and if
7:34
ever there was a time that attention should be drawn to
7:38
bitcoin as being a disinflationary asset versus an
7:41
Ation Airy asset as being better money as being, you know,
7:45
non-governmental apolitical. All of the features of Bitcoin
7:48
is decentralized. Not controlled by goofy Central
7:51
bank's. All these kind of things.
7:53
This is the time and so I'm optimistic.
7:55
And I'm probably wrong and I'll accept it if I'm wrong, but I
7:59
think we start to see some serious decoupling in the next
8:02
six months. So that's I'm on record saying
8:04
that, I'll probably wrong and you, y'all can laugh at me too.
8:07
But I'm quietly optimistic in my deep peasant.
8:11
Pessimism for the macro setup. Right now.
8:14
I'm buying, well, I appreciate your honesty because a lot of
8:17
people can't do that. Phil.
8:21
What are your thoughts on this? What do you?
8:22
What is what is your looking? Are you are you as optimistic as
8:26
Jeff? You're muted.
8:30
Ah, you did the same thing. I did muted trying to be polite
8:34
and then we end up ruining. It's okay.
8:36
So, you know what I, I mean, look, I'm always a permeable.
8:41
But in terms of, in terms of decoupling, I think that there's
8:44
a and Jeff can definitely call me on this because he, he
8:47
understands this picture way better than I do.
8:49
But I think that there's a lot of human emotion at play and
8:52
there's a lot of just our human behavior.
8:54
And although you know, we've said this before even though we
8:57
you know we are big Advocates of Point.
8:59
You know, there's a lot of people that are stacking SATs
9:02
that have not been, that have not made the conviction, right?
9:06
Have not gathered the conviction that we have in it and for them
9:10
as soon as they start to see some people, see some Market
9:12
turbulence immediately. You know they want to sell out
9:15
into a cash position, right? And and they don't understand
9:19
that they're actually they're actually selling out into a
9:24
lower quality position. That being said I want to go
9:28
back to to something you said at the beginning about this soft
9:31
Landing business. Look, this is all bullshit II.
9:34
Don't understand how they say this stuff.
9:35
How do we quantify? What a soft Landing is like
9:38
what? What a soft Landing maybe to a
9:41
hedge fund is going to be completely different to a mom
9:44
and pop shop on the street. It's completely different.
9:47
So Wall Street Main Street, all these are different streets.
9:49
These are different views and the other piece that I wanted to
9:52
say to Jeff's point, right? A lot of people, when it comes
9:56
to timing the market, the reality is Almost nobody sells
10:00
the top and almost nobody catches the bottom, we all live
10:04
in the gray Zone. Okay.
10:06
That's the middle. This is where you're going to do
10:08
the majority of your accumulation because it's almost
10:11
impossible to time the bottom, right?
10:13
Everybody sits there and they talk about all we're waiting for
10:15
capitulation. I understand that feeling I know
10:18
because I'm a sucker that looks at charts and I think to myself,
10:21
you know, maybe I could figure out when capitulation has
10:23
happened. But do I really know?
10:25
No, I've no idea. The only way that I really know
10:28
is After it's happened. And Bitcoin has already started
10:31
to run away from me again and I'm like, oh, that was it.
10:35
So you know what DCA? You're not going to catch the
10:39
bottom. You're not going to sell the
10:40
top, enjoy your life. Bitcoin is here to stay and
10:45
listen to the plead counselor. Jeff Ross, he knows what he's
10:48
talking about, and even said it, if he's wrong, he's going to
10:50
admit he's wrong. And this is the point of being a
10:52
pleb, right? Most of us look, we, we
10:56
understand Bitcoin as much as we do, but we also We don't know
10:59
everything. So hey, it's good to be humble.
11:01
It's good to be objective and just keep stacking your SATs.
11:05
That's what we're doing, absolutely right.
11:08
Unlike the credentialed class, that was telling us that
11:10
inflation was transitory. They can't admit that they were
11:14
wrong, but we can't because replies.
11:15
But anyways Phil, it's time for the Daily News brought to you by
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Cloaks.com, following up on the Celsius, debacle looks like The
11:51
Regulators are now getting involved things aren't adding
11:55
up. Anyways, this check out this
11:56
article by Reuters June 16th State security regulators and
12:01
app Alabama, Kentucky, New Jersey, Texas and Washington are
12:05
investigating crypto lender Celsius.
12:07
Network's decision this week to suspend customer redemptions
12:12
Joseph, Rotonda enforcement director at the Texas.
12:15
State Securities board toward told, Reuters on Thursday
12:18
Celsius said that due to extreme Market can.
12:21
That makes no sense. It sounds like to me, there are
12:25
gambling with people's money. It was pausing withdraw.
12:29
Swaps and transfer between accounts, the company said that
12:32
doing so would put it in a better position to honor over
12:35
time its withdrawal obligations or in everything when
12:38
everything's going up. Everything's all right.
12:42
I'm very concerned that clients, including many retail investors
12:45
may need to immediately access their accounts yet or unable to
12:48
withdraw from their accounts, the inability to access their
12:51
investment. May result in significant
12:53
financial consequences. Anyways, I love this part.
12:59
Is Celsius and CEO Alex machine ski did not immediately respond
13:05
to requests to comment. Anyways, I would, I wouldn't be
13:10
surprised if Celsius was the last The fall.
13:15
I think this happens, every not I think I know this happens
13:18
every bear Market. It just every all the garbage
13:21
just gets flushed out Jeff. Were you surprised where you
13:25
keeping it? Corey did an amazing job.
13:27
So shout out to Cory. Love the swan guys.
13:30
They absolutely, he absolutely just called that out.
13:34
And he's had a record, right? It's he called out Celsius.
13:38
He called out the Luna and he called out, I think one other,
13:41
but I can't can't, it's not coming to mind Jeff.
13:44
What are your thoughts on this collapse bro it looks like
13:46
Regulators are not getting involved.
13:49
Yeah, this is what happens in Bear markets, right?
13:51
When the tide goes out, you see who's swimming naked, we're
13:54
seeing which crypto companies are swimming naked and you see
13:56
which people are doing kind of what you say Shady Financial
14:02
policies to get these yields, you know, look, I don't wish.
14:07
I'm a nice guy. I don't wish the demise of
14:10
anyone or any company, but man, people you get what's coming to
14:13
you and These bear markets you know Corey has been prophetic
14:17
right? I mean it's been incredible and
14:18
I jumped on the bandwagon Tara, Luna, I got reamed by the
14:21
lunatics for warning them that their that their investment
14:25
investment. Speculation was risky right?
14:28
And I said it's literally just built on nothing and so I was I
14:31
was along with Corey talking about that and then it crashed
14:33
and then it people went from saying you know, how dare you
14:37
say that it's risky to you cause the the fall of this you know?
14:42
So Celsius is a different thing. It's Actual company.
14:46
I am not 100% convinced that it goes to 0 but it's everyday.
14:51
It looks a little more like it's creeping closer to being a 02
14:53
going and solvent. If the Bit Coin and crypto Leach
14:59
Market can recover sooner than later, it could possibly
15:03
survive. I'm not optimistic.
15:06
I mean man. You guys you know you guys
15:09
preach this all the time but not your keys.
15:10
Not your coin like don't Scramble for yield.
15:13
I get It. If you know if people wanted to
15:16
do a little bit, they probably learned a painful lesson here a
15:18
little bit. This is why you hold your own
15:21
keys. This is this is a perfect
15:22
example of that. So it's the school is stupid be.
15:24
If you paid some tuition for that school, by going down with
15:28
Celsius, put it in your pocket. Remember this like do not do
15:32
this turn into? This is why people become
15:33
Bitcoin Maxis and hold their own keys.
15:36
So, anyways, my heart goes out to these people, but but don't
15:39
let this Educational Opportunity pass you by.
15:42
Absolutely, I feel now that Ours are getting involved.
15:46
Is the the inventor of the voice over IP the VoIP.
15:51
Alex must in see, the CEO. Is he legal, legal problems?
15:56
You know what I mean? They may end up with some.
15:59
We're not lawyers, by the way, we're not lawyers.
16:02
Are just, we're just talking heads.
16:05
Yeah, exactly. Zero creds, right?
16:07
But it definitely doesn't look good for him.
16:09
I just want to point out because I saw that tweet yesterday and
16:12
and this is the strange thing, right?
16:13
This is to me that That this is part of the red flags.
16:17
He's talking about how his team is working around the clock,
16:19
trying to fix the issue, okay? He's explaining how the
16:22
community has been great all of the support.
16:25
Let me tell you something. For those of us that have been
16:27
in this for a few years and that saw the scams of the previous,
16:32
the previous bull bear cycle. Let me tell you when those scams
16:37
went belly up, they were also cheering on their community and
16:40
their community support and how everybody rallied around them.
16:43
Let me tell you something. When You actually are doing what
16:46
you say you're doing and you are and you actually hold the assets
16:51
that you claim you do give a fuck about the community
16:54
support, okay? Because you actually got the
16:57
coin to pay the bills, okay, there is the other piece that I
17:00
wanted to say, which I put out in a tweet yesterday, it's
17:03
completely insane. It's insane, that the volatility
17:08
is being used as an excuse for not being able to withdraw the
17:11
funds because if they did indeed have the Funds that they claim,
17:15
they do it shouldn't matter. So the reality is, is that
17:19
Celsius? Excuse my language fucked with
17:22
people's money and they got busted, okay?
17:25
They got caught and that's it, he can't hide it anymore.
17:28
So to your point, you know, you don't want to see people get
17:31
rekt right. Like you don't, but to your to
17:35
your other point, it is a teaching.
17:37
It is a learning opportunity that you should not let pass by
17:42
people, like us like myself, learn Getting wrecked in the
17:45
last Market. Okay?
17:47
So and the last piece that I wanted to say, was, how come
17:51
they didn't have this problem with Bitcoins upside volatility
17:54
going to 69k and people were able to withdraw, just fine.
17:57
But now the downside volatility. Whoa, hold hold, the phone here.
18:01
We can't let you take any money out just yet.
18:03
We need to fix some things that the team is looking into it.
18:06
This is psychotic nonsense. Anyways, I you know what?
18:10
Maybe they don't go to zero, maybe they pull a bit connect
18:13
and all of a sudden, then do some kind of a fork and like,
18:16
try to come up with something else, but the red flag should
18:19
have been there as soon as they release their cell token.
18:22
I remember when this product first came out I was like, oh,
18:24
wow, Bitcoin only. Okay, you know, and he's the
18:26
creator of voice over IP. All right, there's some again,
18:29
right? Creating the trust narrative,
18:31
but then then they launched a shit coin and as soon as they
18:35
did that I was like, okay, this thing, this thing is garbage.
18:38
I can't explain why it's garbage yet, but I know it's going to
18:41
fall apart and there you go. Anyways.
18:44
It's crazy. Let's see, let's see the legal
18:47
ramifications. This is just the beginning that
18:49
article came out today. Anyways.
18:51
Taking advantage of dr. Ross coming here on again, we're
18:55
going to talk about a topic that we've advocated for strongly on
19:00
this show. And basically we've been saying
19:02
is that use Bitcoin as savings, don't, don't speculate don't
19:09
leverage yourself, but use it as savings and one of the one of
19:12
our favorite sites that we All up all the time.
19:15
I really recommend it it's called priced and Bitcoin 21.com
19:19
and it really shows the power of what we're talking about and
19:23
these are just consumer goods, right?
19:26
And look, the short term volatility of Bitcoin is
19:29
unknown, you don't know it. But over the long period because
19:33
it has a 21 million Cap supply and because of the artificial
19:37
Supply shock call caused by the having roughly every four years.
19:42
You definitely want to use Bitcoin anyway.
19:44
Check this out, the medium new house price.
19:47
We've known how high house prices have gone up due to the
19:51
money printing. If you were in safe, if you are
19:54
saving and Bitcoin house prices have actually Fallen 39 percent,
19:59
average, new car, 45%, chicken, breast, 44, percent stake.
20:04
I know bitcoiners love steak 32%.
20:06
It's funny because out of all these things, the steak is X.
20:11
Well, I guess eggs are expensive 25%.
20:13
But any Life gets cheaper and if you hottel 45 years gets even
20:18
cheaper than that. These things look like shit
20:20
coins because of how far they'd Fallen, but they're not shit
20:23
coins, everyone loves steak but if you've been saving and
20:27
Bitcoin stake has actually gotten cheaper so dr.
20:30
Ross could you add to that? What is the power of saving in
20:33
Bitcoin? I love it.
20:35
I mean I don't know if you guys know but my pin tweet that I've
20:37
had for I don't know a year or something is exactly this the
20:41
longer you save in u.s. dollars, the more expensive life gets The
20:44
longer you save in Bitcoin the cheaper life gets its just math.
20:47
It's just the way that they're both programmed.
20:49
It's the monetary policy of both forms of money.
20:52
By the way, I'm giving the US dollar too much credit by
20:56
calling it money. It's actually a fiat currency,
20:59
It's Only Money by decree. It's not a real money like
21:02
Bitcoin is so yeah. Yeah, there it is right there.
21:05
See, it's inflation versus disinflation.
21:07
And this just holds over time and people like come at us all
21:10
the time especially this year, right?
21:11
Bitcoins down. Oh you said it wasn't inflation.
21:14
Head, you know what about the basement?
21:16
Blah, blah, blah. How come it's going down, and
21:18
it's Baba. I'm like, you guys back up a
21:21
little bit. Look, three years out.
21:23
Five years out, seven years out, ten years out.
21:25
It is clearly on this downtrend, right?
21:28
Where everything is getting cheaper, cheaper cheaper,
21:30
cheaper, cheaper. Can you imagine a life like
21:32
that? Like, we all grew up with
21:34
inflation. Just being the norm, right?
21:36
I mean, I'm 47, I'm old. So when I was a kid, a Snickers
21:38
bar, in a vending machine was 25 cents.
21:41
I remember when I went up 30 cents then it was 35 cents.
21:44
Then 50 cents, you know? I'm like well why does it do
21:46
that as weird? And everything just seems
21:48
normal, right? Another example I like to give
21:50
is I now have kids who are college age the same college
21:53
that I went to back in the like early to mid 90s is four times
21:58
more expensive than it was when I was there.
22:01
And I'm like, I tell my kids, I'm like, do you think the
22:03
quality of education has increased by four times since I
22:06
was there? And I actually, I think it's
22:08
probably decreased honestly, because I'm a little skeptical
22:10
of the current educational system but I'll that all that is
22:14
Aside, that's what inflation is, it's garbage, it's ridiculous.
22:17
And the Federal Reserve and the government have made it seem
22:20
like that's normal and it's good and it's healthy.
22:23
And what are they really doing? They're stealing the purchasing
22:25
power of us the citizens so that they can get bigger, they can
22:29
survive, they can take on debt. That's not possibly payable and
22:33
sound money so they have to depreciate debase the currency
22:37
in order to pay back. This massive, massive, massive
22:40
amount of debt that they have. Anyways, it's tragic, it's
22:43
terrible. That's why Bitcoin exists is to
22:46
get us to a world. Where life gets cheaper the
22:48
longer you hold Bitcoin. Absolutely.
22:50
Before I pass it on to you feel one more question for you.
22:53
Jeff in the price of Tomorrow. Jeff booths book he mentions
22:58
throughout the book if we allow it to happen or if governments
23:01
allow it to happen a deflationary future.
23:04
What is your stance on that? Are you from the the side of
23:08
Bitcoins in an inevitability? Like we are because Bitcoins
23:12
incentives are just stronger. Other than coercion, which is
23:15
what governments are going to. We're going to need.
23:17
If they want their CBD, cease to beat Bitcoin.
23:21
What what school of thought are you on?
23:22
What side are you on? Are you is this inevitability to
23:25
do the right things need to happen?
23:28
What are your thoughts on this? I mean not to just, you know, be
23:31
a yes man, but I think it's absolutely inevitable.
23:34
Either. The it's clearly better money.
23:37
Like you, if you put any thought into it in any study and study,
23:40
what money is, why does money exists?
23:42
Why does government control money Is that a good thing isn't
23:45
necessary? What are the best properties of
23:48
money? You can't, you can't think about
23:50
that kind of stuff and not Come Away with Bitcoin is Simply the
23:53
Best money. It's simply better money for a
23:55
better world. And so the world is just kind of
23:58
behind the eight ball as usual, right?
23:59
Where this are the early adopters, who figured it out a
24:01
little sooner than most people. The world will figure it out
24:04
eventually. And actually, honestly, at least
24:06
half of the world's population, will never really get it.
24:08
They'll just start using it because it'll just become sort
24:11
of like the internet. Most people don't understand the
24:14
net or how it works. But now everybody uses the
24:16
internet even though they have no idea, this is the exact same
24:19
thing is happening with Bitcoin. I tell people all the time that
24:21
hyper Bitcoin is Asian. I'm kind of bastardizing the
24:23
word here but I think it's already underway.
24:26
We're seeing it happen. Like can you imagine five years
24:29
ago? How many pieces of news we have
24:31
every day that are Bitcoin centered pieces of news, even in
24:35
this massive bear market right now, politicians are talking
24:37
about it countries, you know, are adopting it, or they're
24:40
meeting about it, corporations are have it on there on there,
24:43
you know. Jenna's lightning network is is
24:46
expanding, use cases are expanding.
24:48
You can pay with Bitcoin now and more and more Baba.
24:50
All that stuff we did. That would have been just insane
24:53
to even imagine five years ago that it would be at the
24:56
Forefront of society as much as it is to me.
24:59
It's just absolutely an inevitability it's happening.
25:02
You can deny it all you want but it is happening.
25:05
So I just recommend to people that you quit being so stupid
25:09
and take the time to figure out why it's better money sooner
25:13
than later. So that you Can actually benefit
25:15
from the rise of the price. That's also inevitable with the
25:18
Ascension of Bitcoin. Absolutely.
25:21
Phil tied up. Yeah.
25:23
So just to go on just to go on with with what Jeff said, a
25:26
couple of points. I totally agree.
25:27
We are in the early stages of hyper Bitcoin ization.
25:31
This, you know, I mean, I would even people could even suggest
25:34
that hyper victimization started as soon as the white paper
25:37
dropped, right? Because really, it's it all
25:40
depends. It all depends on where we are
25:42
in the stage, right, just because things are moving
25:44
Slowly, just because adoption is happening at a trickle, doesn't
25:47
mean that that is not part of the process.
25:50
And it doesn't mean that we're not in that whole entire long
25:52
game. So you, you know, you aged
25:55
yourself. I'm going to age myself, I'm 43.
25:57
So we're from the same generation.
25:59
I'm only five years younger than you, we're gen-xers.
26:01
So we were the first generation as I've said in the past.
26:03
We were the first generation to earn less than our parents on a
26:06
grand on, will say, on a grand scale.
26:08
Now the reason why I'm explaining that is, is that I
26:10
think everybody should check out the book dumbing us down, okay.
26:14
It's a very interesting book. Eye-opening about our education
26:18
system and why we are being taught, what we are being taught
26:22
in general. So I think that everybody should
26:24
check that out. I really enjoyed it.
26:26
And the last piece to this is the US dollar purchasing power,
26:30
right? So look, I understand that it's
26:33
painful to see Bitcoin drop 40% 50% 60%, but wouldn't you be
26:39
really pissed off if you're purchasing power dropped 99% and
26:44
you. Didn't know it.
26:45
I know, I know I'd be super pissed.
26:47
So when I found out I was super pissed because that's what the
26:51
US dollar is doing. And this is and it's not just
26:54
the US dollar, right? We're not going to pick on the
26:55
US dollar. You can go take a look at other
26:58
currencies such as the Canadian dollar.
27:00
You can go take a look at the Euro, okay.
27:03
All of these are losing their purchasing power at an alarming
27:06
rate and this is because the monetary policy is being handled
27:12
by human beings. They can constantly change it.
27:16
Okay. And and the other piece to this
27:18
is that they're not all on the same team, right?
27:21
That, you know like the the Europeans Americans, right?
27:24
They're not all on the same team.
27:25
All of these currencies are battling so there's a whole
27:29
bunch of shenanigans that are going on in the background that
27:32
people like me, do not really know in depth.
27:35
So you know what, Bitcoin, we get to remove the people, remove
27:41
the shenanigans and just stick with a sense.
27:44
Ship resistance, the decentralization and the hard
27:48
money, and I'm good with that, amen.
27:50
Wow, for each other. Anyways, Phil, you tied, it up
27:54
perfectly. It's time for the daily meme.
27:56
Review brought to you by Citadel 21.
27:59
It's the best Bitcoin cultural Zine it's stories, articles
28:03
Comics by plebs, an actual bitcoiners.
28:06
This is the artwork for volume to.
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This is the artwork for volume 10, his artwork for volume 11,
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it just dropped and they're scarce is only 1500.
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Physical copies made per volume. Get your prints of Citadel 21
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today before they run out. Right, everybody.
28:20
Welcome to the Bitcoin meme review.
28:22
Where we review Bitcoin memes, not only are they an essential
28:26
part of Bitcoin culture. They play an essential role in
28:29
this narrative. Trench warfare that we're
28:31
fighting hand-to-hand on the Battlegrounds of the internet.
28:34
Anyways let's get to the first mean by the legendary
28:38
psychedelic El Barto I would call him the original pleb bro.
28:43
He was one of the first Plebs Phil anyways, he was one of the
28:46
first toxic accounts that I saw on bitcoin Twitter and I was
28:50
like, where do these people get this conviction about Bitcoin?
28:52
Yeah, I am obviously I am obviously not following the
28:55
right people and I'm definitely not doing the right research.
28:59
Anyways continue, sorry, this is Pinocchio.
29:03
Freddy when he doesn't get that reference and this is B boy, we
29:05
actually covered that Optimus covered this yesterday.
29:09
If some of y'all only knew me for real, it's I don't have a
29:13
lying bone in Why it's hard for me to read this?
29:16
I'm not always right, but I'm always honest to on it.
29:18
So this is B boy. I mean yeah, bit boys attempt at
29:22
bailing himself out because of the Celsius debacle.
29:24
He showed Celsius on this channel maybe he was sponsored
29:27
by them. And this is his attempt to kind
29:29
of walk it back and say, hey, I'm actually on your side.
29:33
Nah anyways, moving on hottel never saw little great name
29:38
Bitcoin then and now I wish I bought earlier 68,000 Bitcoin.
29:44
Was in Bitcoin, it's a scam. It's going to zero.
29:46
Human psychology is fascinating. This is very, very true.
29:51
I usually get a job. Like I usually have a good idea
29:55
of when the Bitcoin price Falls because I always get the text
30:00
message from Mom, are you okay? Always right when it goes up
30:04
like nothing crickets. But when it goes down, I'm like,
30:07
are you okay? And I'm like, Mom, like we got
30:10
in 2016. I'm gonna let some problem here.
30:14
What'd he say? Anyways human psychology.
30:19
So this is Bitcoin Strider. We need to buy the dip.
30:23
I've already bought the dip. You've bought six tips?
30:26
Yes. But what about the seventh tip
30:28
referencing? I think this was Fellowship of
30:31
the Ring and then when they throw the potatoes like oh let's
30:34
have another breakfast. Great, great reference great
30:37
movies. Anyways.
30:38
Moving on, oh shit, cleaner as shit quarters make sometimes
30:42
they make great memes. Anyways, check Out crypto
30:44
Gallows humor is the best kind. They don't know.
30:47
I used to be a crypto millionaire working at
30:49
McDonald's. Absolutely hilarious.
30:51
All right, by Lena sheesh at first of all, she's great.
30:55
OK, she makes these mean she draws him.
30:58
It's not like reusing old Source material on our own.
31:01
She it's all original anyways, check it out.
31:04
Print bur, the economy, print bur, the economy.
31:08
Prince Burr, the economy, its transitory inflation is good for
31:11
you. The virus did it.
31:13
It's a A greedy corporations. It's rushes.
31:16
Oh, oh man. They're full of crap.
31:18
All right, moving on. Liberty Frontier, can you talk
31:21
like an oval? Like a normal person?
31:23
The Federal Reserve is running the economy.
31:25
Intentionally ruining the economy.
31:26
Intensity owning a own a 3D printer because the government
31:29
hates us. All, you know what I would say,
31:33
I today, I was listening to Ben Shapiro on YouTube and
31:37
yesterday, we actually played a jackpot Staubach clip for you
31:41
guys. Both of them mentioned that.
31:44
Federal Reserve is the problem. The fact that these predominant
31:49
mainstream commentators are meant are saying that that ten
31:53
years ago, that would have never happened, right?
31:55
So at least it's seeping into mainstream Consciousness that
31:59
the FED is the problem. Anyways, next one by SAS Joseph
32:02
stack them in my treasure. No Bitcoin is an unproductive
32:05
asset. Have to wrap it on a theory and
32:07
deposit deposited. We've I can't defy Farm yield
32:11
you guys get the point stack of my treasure and It is the bell
32:14
curve joke, which I actually believed by the way, right?
32:17
The really intelligent people and then, you know, the, the
32:20
simpletons it was a video. I'm going to save this for
32:23
tomorrow because that was a lot of memes.
32:24
Phil, there's a lot of memes. Anyways, for those awesome means
32:28
I'm going to give it a special edition opened.
32:31
I'm what about you? What would you give those memes?
32:35
I know. I got a little carried away with
32:37
with all the memes, I was actually going to have like
32:38
three more. But anyways but anyways.
32:40
Okay they're coming to our oh they're coming tomorrow.
32:42
Okay. See you know what?
32:44
Giving it this very unique, I did not know that this company.
32:47
Does this? They give it's the Rippin dicks.
32:50
The Rippin dip sticker pack when you when you buy stuff from
32:54
ripping dip, they give you a whole sticker pack.
32:57
I don't know what that is, but it look no one ever opening
32:59
this. So yeah, feel like things and
33:01
mint. Anyways, I torture Phil by by
33:05
sneaking stickers on to things and he's like that.
33:09
Do that. Anyways, dr.
33:10
Ross, what would you give those memes?
33:13
I don't normally give If something of this quality, but
33:15
today, I'm going to give these beams the screaming goat, man.
33:20
Oh, oh, hey, one more time. Oh awesome, awesome, awesome
33:31
scores for some awesome Eames and you guys.
33:33
Anyways guys, we want to know if you agree with our stores, you
33:34
disagree. Let us know down in the comment
33:37
section. Make sure to subscribe to us
33:40
alternative video platforms, like Rumble.com, Bitcoin tv.com
33:44
and Joiner telegram group. It's a party in there.
33:46
Yeah. Anyways, Phil, it's time for the
33:49
daily fail brought to you by Swan.
33:52
Check them out. On bitcoin.com.
33:55
That's right. It's the best way to build your
33:57
Bitcoin stack with an automated Bitcoin Savings Plan, instant
34:02
purchases. I'm hearing that the app is
34:05
already out so I'm reaching out to find out how we can get it.
34:08
There should be a release date. Anyways it is a Bitcoin
34:11
stacking, a panda site by fellow plebs.
34:15
Check them out. The link is down below, all
34:17
right, on The Narrative of everybody's making shit up as
34:20
they go along. This is, this is kind of the
34:23
hypocritical. Problem that we run into, this
34:25
is a fantastic retweet by ghosts of Becca.
34:28
That's right, fellow Bitcoin, pleb and meaner.
34:31
So thank you very much for this retweet.
34:33
And I'm pretty sure we were tagged by Ico Synod in this one.
34:36
As he tags Us in everything. Let's take a look here.
34:39
What did, what did Ghost of Becca have to say ruling class
34:42
uses electricity, so it's good peasants and tax slave use
34:46
electricity, so, it's bad, same energy, and that's actually a
34:50
really interesting point. So, here we go.
34:53
This is a wreath, Eat from the Bitcoin conference and this is
34:55
hilarious a Tesla uses electricity so it's good Bitcoin
35:00
uses electricity. So what's bad is that about,
35:02
right? And this is exactly part of the
35:06
problem because they can't figure out the, the corporate
35:11
owned media and I guess you'd say politicians and all of these
35:16
paid narratives, they can't get out of their own way.
35:19
And the thing about Bitcoin is it's not run by anyone, it just
35:23
continues to To do what it does. And as we've said, Bitcoin
35:26
exposes everyone's incentives. So we get stuff like this.
35:31
That just goes to show the blatant.
35:33
Insane hypocrisy. That is our current system.
35:37
I will, it's not a painful, it's not insane.
35:40
What they want is they want to be able to decide and the whole
35:44
ESG thing is premised on this. They want to be able to decide
35:47
what electricity use is good and what electricity uses bad like,
35:51
that's what it, it sounds insane.
35:53
That's It's about, right? Yeah, it's not crazy to them,
35:57
I'm just pointing. No, no, I know, it's not crazy
35:59
to them. I definitely know, it's not
36:00
crazy to them, but I do think it's, I do think it's crazy.
36:05
And there was also another piece about you talking about ESG, but
36:09
I never even knew this, but it was supposedly black rock.
36:12
That actually is the one of the biggest proponents of ESG.
36:17
And it's interesting as to how many businesses that they have
36:20
their hands in anyways. Anyways, Jeff before we move,
36:23
Onto the the next tweet. Do you have any any comments on
36:27
the the hypocritical power usage and or not power usage?
36:32
You know, I think it was Nick Carter who first sort of opened
36:35
my eyes to the problem here. You know we spend our days
36:38
trying to defend the energy usage of Bitcoin and he
36:42
basically whittled it down to you either hate Bitcoin or
36:45
you're okay with it. And if you hate Bitcoin you
36:48
think it waste energy right? And so like I always just turn
36:51
it back on people. I'm like, well, is Refrigeration
36:53
a waste of Energy. And I'll know it's, you know,
36:55
pretty well. What air conditioning like you
36:57
don't need air conditioning, you just kind of want it, right?
36:59
It's really hot in Florida. Probably you guys probably have
37:01
your AC on Christmas lights. I mean, that's that's a waste of
37:06
energy kind of in it, but it's kind of cool to Don't, We Like
37:08
Christmas lights and so it's just completely subjective.
37:11
All this stuff Tesla's that you know are the are you wasting
37:13
energy? We're driving around a Tesla.
37:15
What if you just didn't drive a Tesla at all?
37:17
Then you didn't, are you doing good for the environment and is
37:20
it all comes down to do you like Bitcoin or do you hate Bitcoin?
37:23
If you have something against it, you think it waste energy.
37:26
If you don't have anything against it you understand that
37:28
Bitcoin the energy usage is actually a feature, not a bug,
37:31
right? So anyways that whole ESG
37:34
narrative is mostly garbage and I know that the people who are
37:39
into it have some of them have good intentions and maybe even
37:44
good Hearts. They're, you know, they like the
37:46
environment. I like the environment to.
37:48
I want to save the environment. I want the planet to exist, long
37:50
after me and to be even healthier.
37:53
The ESG narrative is basically just political garbage and
37:56
hoopla and it just drives me nuts.
37:59
I completely agree. It's a system of control.
38:01
It truly is and go ahead Nico. Yeah.
38:04
So, the Black Rock thing that you said was interesting, they
38:07
aren't there looking at it from a place of Monopoly power,
38:11
right? Because it like they set up a
38:15
moat, right? It's very, it's very difficult
38:17
to BSG compliance especially if you're like a small business,
38:21
right? So in my opinion, they're really
38:23
Using that as like a mechanism to stomp out competition?
38:27
That's the way that I'm looking at it.
38:29
But yeah, no it's it from our perspective.
38:32
It's evil from their perspective.
38:34
I don't know. Anyways.
38:35
Yeah from their perspective their it's exactly what you just
38:38
said. Nico.
38:38
You hit the nail on the head from their perspective.
38:40
They have ensured their moat, you know, that's exactly what it
38:43
is. Under the guise of environmental
38:47
social governance, right? I'm gonna hold on Phil I want to
38:52
pass it on to Jack because we got I'm well.
38:55
So how did you know what else we were going to do?
38:57
Oh, okay, he did it. That's it.
38:59
You think I've got just this once.
39:02
Okay. Keep going.
39:02
Keep this one thing now, keep going.
39:04
Keep going. That was just our small rips.
39:06
Come on, let's go. Yes, no.
39:07
That was the warm-up. That was in the water.
39:09
All right. Okay.
39:11
All right. The warm-up rip.
39:14
It was appetizer. All right let's write that now.
39:17
We're moving into now it now we're moving into the other
39:19
piece before we get into the real story.
39:21
Okay. So this is a tweet from Lisa,
39:23
Abramovich. Eliza I've actually reached out
39:25
to you a few times. I want to get you to come on,
39:27
simply Bitcoin for some reason, you follow me.
39:29
I don't know why. So, I definitely want you to
39:32
come on simply Bitcoin because you have access to the
39:35
traditional financial markets and I'd love to pick your brain.
39:37
But anyways, this isn't just me, asking for you to come on the
39:40
show. This is us taking a look at
39:43
this, very interesting tweet, and let's take a look at some
39:45
quantitative tightening. So, here we go.
39:49
This is the tweet from Lisa. This was ostensibly the first
39:52
week of quantitative. Tightening.
39:54
But it's hard to spot. Just looking at the fed's
39:57
balance sheet which rose a tick, 28.9 18 trillion, that's right.
40:05
Quantitative, tightening in these environments, remember
40:07
Nico, how we've said that they've pretty much run out of
40:09
all the options. They can't, they can't really
40:13
stop buying any of any of these assets.
40:16
So they're in a really difficult position they have to slow down
40:20
the money printer at the same time, they have to raise in the
40:23
at the same time. They have to raise interest
40:24
rates, but at the same time, they have to start letting go of
40:28
these these assets on their balance sheet.
40:31
How do we do all this? I'm going to give you a hint.
40:35
We can't we can't do it really easy and so we're not going to
40:39
have this soft Landing that they're talking about.
40:41
But again I have zero creds. I'm just a pleb and I don't
40:46
really know what I'm talking about.
40:47
So before we move before, we move on to the main piece of our
40:51
story which is, which is Corporate owned media, trying to
40:55
reframe El Salvador's decision. I want to get the, I want to get
40:59
your thoughts, Nico and then we're going to go to Jeff.
41:02
You have any anything on this real quick is Jeff is absolutely
41:05
more qualified to answer this and I am or meet a quick
41:09
observation okay the GDP of the US has 20 million and the FED
41:14
balance sheet is eight. Sorry eight twenty trillion and
41:17
the FED balance sheet is eight trillion what the fuck's use my
41:22
language, I'm sorry what the Fuck is going on.
41:25
Daddy's crazy. To me, look, I'm a plat.
41:28
All right, I do, I'm not a doctor like dr.
41:31
Ross, but is that, is that crazy?
41:34
I'm I seeing things that's not normal, is it?
41:39
I don't even know what to say. I mean this stuff just it's they
41:42
are in all this is right? We're technically in cutie,
41:45
right? It just started.
41:47
This is just a tiny tiny little pause.
41:49
When you look at the Grand Cosmic scale of things we're in
41:53
Forever. We were already in QE forever.
41:55
They like to pretend that they can do things like control
41:58
things and they can tighten and it'll be okay.
42:01
And the markets are going to get absolutely ruined.
42:03
People are getting lives, are going to be devastated.
42:05
Businesses are going to get crushed.
42:07
Demand is going to get destroyed.
42:08
That's actually what their goal is to destroy demand to bring
42:11
the supply, demand equation back into balance, which is insane,
42:14
by the way, that's totally socialist thinking, like, hey,
42:17
we can't figure out how to improve things.
42:19
So let's just bring everything down to get the equation to be
42:23
about. It just drives me nuts.
42:25
So this is a slight little paws in the quantitative easing there
42:29
will be back to it. Don't worry it robust qe4.
42:31
I've been on record as in this qe4 is going to absolutely
42:34
dwarfed QE 1 2 and 3 combined and it's going to be insane
42:39
right with the next asset bubble inflation is coming.
42:42
It's not going to be for a while, probably next year, 2023
42:44
2024, but it's going to be insane.
42:47
So buckle up for that get ready. Stack SATs while you can stack
42:50
SATs while they're cheap because they won't be cheap for that
42:52
much longer. Oh, Wow, but it could still go
42:56
ahead. I was just gonna say the the key
42:58
the key term to what Jeff just said about bringing everyone
43:01
down, we should all remember the term equitability.
43:04
Okay? Because that's that's, that's
43:07
the that's kind of the, that's kind of the the shit with the
43:10
bow on it, right? That people think they're
43:12
getting as a present. Yes, no.
43:14
But, but inside of it is, is just total scam.
43:17
I'm sorry, Nico go on. No, no, dude.
43:19
Let's, let's hit the else and I'm really excited to.
43:22
Here we go. Found about ourselves.
43:23
How Fedor. All right, here we go.
43:26
Let's dive into it. And and you know what, that
43:28
totally goes on the heels of El Salvador, right?
43:30
So look so we all know what just happened and with the Bitcoin
43:33
price right? We're sitting in the 20K region,
43:36
people are all of a sudden. Oh no what have I done?
43:39
Okay. Well imagine you were a country
43:42
right? And the country was buying
43:43
Bitcoin like El Salvador. So let's dive into what the
43:48
corporate owned media is spinning this as Bitcoin
43:52
boosting Salvadoran. Leader may have second thoughts.
43:56
That's the headline. Okay, pay attention to the,
44:00
that's what the headline is. Now, let's actually dive into
44:02
the story. So, right here, you know, that
44:05
all this was was clickbait. I'm just gonna, I'm just gonna
44:07
ruin it for everyone. It's complete click bait.
44:09
So let's dive into the article. El Salvador's Bitcoin boosting
44:12
president may be having second thoughts about the
44:15
cryptocurrency whose value has tanked in recent weeks.
44:20
Hmm, under President. I boo.
44:22
Kelly's Administration. Has bought a total amount of 105
44:26
million in Bitcoin starting last September and paying an average
44:30
of almost 46,000 per coin, the value of that investment is now
44:35
calculated to a fallen by over 50% or around 51 million.
44:40
When a Bitcoin publication crowed that El Salvador has lost
44:44
only 40 million on its investment in the currency, also
44:47
known as BTC. Be Kelly tweeted with a parent
44:50
incredulity choose day. You're telling me we should buy
44:54
more BTC. He's a stacker, he's definitely
44:58
a stacker. So now the Finance Minister of
45:01
El Salvador saying that because El Salvador hasn't sold any of
45:04
its Bitcoin, it hasn't really suffered any loss.
45:07
I agree with that when they tell me that El, Salvador's budgetary
45:12
risk has increased because of the supposed loss that loss
45:17
doesn't exist. Zelaya said, and that's the
45:20
Finance Minister. That must be made clear.
45:23
Because we have not sold the Finance Minister, okay?
45:28
And on top of that, the president was sitting there
45:31
saying, so we should be buying this.
45:32
Dip. Okay.
45:34
Anyways, most common most companies and governments do
45:37
write down the value of what accountants call an unrealized
45:42
loss to be perfectly honest. That's neither here nor there if
45:46
they didn't sell their Bitcoin. It really this is like a zero
45:48
fucks given statement and they just kind of put it out there in
45:51
order to kind of Breed some fears.
45:54
Like, we'll wait a second, are they trying to hide something?
45:57
Anyways, zelaya also insisted the Bitcoin slide doesn't matter
46:01
very much for El Salvador saying that this doesn't even represent
46:05
0.5 percent of our budget in January El, Salvador rejected
46:11
the recommendation by the international monetary fund to
46:14
drop Bitcoin as legal tender. Remember, we covered is that
46:17
they're like, it really shows who calls the shots, right?
46:22
Like Is that included in the article, what?
46:26
Oh man. And exactly.
46:28
So the IMF right and we know and we see this is from ABC so the
46:32
giant corporate circle jerk. Anyways zalaya said at the time
46:37
that no international organization is going to make us
46:39
do anything at all, calling it an issue of sovereignty and he's
46:44
absolutely correct. The IMF recommended at El
46:46
Salvador dissolve, the 150 million dollar, trust it created
46:50
when it made the cryptocurrency legal tender and Return any of
46:53
those unused funds to its treasury.
46:55
That's right. Okay, we are going to be the
46:57
competent ones, the IMF cited concerns about the volatility of
47:02
Bitcoin prices, the possibility of criminals, using the
47:04
cryptocurrency and we've already shown right Christine Lagarde
47:10
convicted felon I mean don't get me wrong this is just complete
47:14
nonsense. We had dr.
47:15
Ron Paul on to show that all of these KY caml regulations only
47:19
help to facilitate the criminals so that they can check the boxes
47:22
and make Through anyways. And we also showed HSBC and all
47:25
their money laundering. So yada yada.
47:27
Here we go. You Kelly has touted Bitcoin as
47:29
a way to significantly increase Financial inclusion.
47:33
Interesting, interesting. That Bitcoin is mentioned with
47:36
financial inclusion because we always say that Bitcoin is a
47:38
voluntary system. Everyone can come join Bitcoin
47:41
or leave Bitcoin as they please. A true inclusive currency
47:47
anyways. Drawing millions of people who
47:49
previously lacked bank accounts into the financial system.
47:53
That's right Bitcoin actually does Bank the unbanked.
47:57
Now here we go. Let's go take a look.
48:00
See the IMF the IMF has this really interesting thing that
48:04
they do they've got their own funny money that they give to
48:08
people that we've talked about in the past but for some reason,
48:11
people don't seem to pay attention enough to this basket
48:13
of bullshit. So we're going to we're going to
48:16
revisit it again, right? Let's let's take a look special
48:21
drawing rights. Now, what's really Interesting
48:23
about sdrs. Okay, FDR's are just before I
48:28
dive into, this sdrs are made up of a basket of other Fiat
48:31
currencies, which are centrally controlled and printed.
48:34
So it's literally just Fiat into another Fiat.
48:42
That can only be used by countries.
48:44
That's what sdrs are, right? An individual human being cannot
48:48
have an SDR. Go to a store, pay for groceries with it.
48:50
This is special country. Funny Money, Any anyways.
48:54
Anyways, I will proceed here and finish.
48:57
Let's take a look at this piece right here.
49:00
A special one-time a location and this is what I found
49:02
interesting in 2009, right? What happened in 2009 around
49:07
that time it does. Did we have a we have a huge
49:11
financial crisis bailout, maybe some kind of a QE that took
49:15
place maybe was qe1, I don't know.
49:18
Anyways, but in 2009, they enabled the countries that
49:22
joined the IMF. After 1981 and this is the piece
49:25
that I like to participate in the SDR system on an equitable
49:31
basis. That you see we're doing you a
49:33
favor by giving you this shit money and by making sure that
49:38
you stay in our ecosystem under our control.
49:42
Now let's just take a quick look at this graph.
49:45
Before we wrap up and Riff on this.
49:48
Look at what it look at 2021. Look at all of those Escape.
49:53
The year that they started 1970 1972, what happened in 1971
49:58
Bingo. Is that a coincidence?
50:02
It's kind of weird, right? So in 1971 right, I know in
50:05
you're absolutely right because they started making the sdrs as
50:08
soon as the gold got as soon as gold was, the dollar was deep
50:13
egg from gold. And then all of a sudden in 2009
50:17
being the Good Samaritans that they were they allowed other
50:20
countries to take advantage of these low rates.
50:23
And as we can see in 2021, just that kind of like the, the peak
50:28
will say ending of the virus, which shall not be named, they
50:33
managed to help so many countries, the most countries
50:37
they've ever helped with their funny money.
50:41
So look at the end of the day, it's exactly what Nico said
50:45
right, these countries the IMF we can see who's pulling the
50:49
strings, okay? And the IMF wants to make sure
50:52
that everybody understands that they are the ones in control and
50:56
that they are the ones who know best for everyone.
51:00
Now, going back to the beginning of this article, where did
51:04
anyone actually see that naive buchelli was second-guessing his
51:08
Bitcoin purchase in all of this? Like think of the crap?
51:11
I just went through. I mean Jeff will start with you
51:17
was there anywhere in there that you felt that night buchelli or
51:20
the Finance Minister was actually second-guessing their
51:24
purchase of the hardest asset known to humanity.
51:27
Well obviously not and amazingly, the obviously the
51:30
author of this, right. The reporter got to hand pick.
51:33
What quotes to put in there, they were all exactly the
51:36
opposite of what the, you know, the the clickbait title
51:40
inferred. So it's just such nonsense.
51:42
I mean, it's we just isn't Absolute clown World Fiasco that
51:45
we're living through right now. So I think, man, that that is
51:48
like a very highly bullish Bitcoin article, right?
51:51
I mean these guys are like true bitcoiners.
51:53
They're like sweet, it's cheap. I'm going to buy more, you know,
51:56
that's fantastic because they have no doubt where Bitcoin is
51:59
going. If it's cheaper, that means it's
52:01
just a better buy right now. So they're going to hopefully
52:03
swap more of their fight. Hopefully IMF will give him some
52:06
of these SDR is making, you know, swap them for some
52:08
Bitcoin, for some actual real money, that won't happen
52:11
obviously. But yeah, I thought I thought
52:13
that The article is actually pretty inspiring once you look
52:16
past the clickbait title completely agreed Nico.
52:20
Yeah, absolutely. We've been we're and I take, I
52:23
take we take pride better said, we take pride in being one of
52:27
the only channels that at least provide a counter narrative to
52:31
the mainstream media again, Legacy Media better said, at a
52:35
con El Salvador, right? Look, Ukraine sovereignty is
52:41
important El Salvador. No, no, Bitcoin is bad and that
52:46
really shows, right? That how much this scares.
52:50
The powers that be like, how much this scares the living crap
52:53
out of them, right? And how essential the IMF played
52:56
in controlling other countries really through dangling, this
53:00
carrot on a stick, right? So it's absolutely disgusting
53:04
and I really stand with the people of El Salvador.
53:07
I stand with nine buchelli and yeah, like this, they're
53:11
fighting for freedom. That's what they're really
53:13
doing, right? So I wish them the best of luck.
53:16
But anyways, feel there was an open source off early today.
53:19
Why do you tell everybody about it software releases?
53:22
Brought to you by Cipher safe? Check them out.
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tamper-resistant wire and the grid comes with a punch tool.
53:42
Cool. All right, we've got Fountain FM
53:46
podcast version, 0.3 dot twenty that was released.
53:50
That's right, guys. If you want to stream SATs to
53:54
any of the podcasters using podcasting 2.0, check out
53:59
Fountain dot f, m--, they just released a new version.
54:01
It's down below in the show notes, and, of course, don't
54:05
forget to check us out on our Audio, Only platforms, Apple
54:09
podcast, Spotify, and And if you want to stream my SATs, that's
54:14
right, you can stream of SATs through breeze on Fountain.
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Dot f m--. Awesome.
54:19
Thank you. Phil our guys before we go when
54:20
it give a very quick, shout out to fellow pleb pirate.
54:24
Beachbum definitely check out his writings Bitcoin, bear
54:27
Market, Diaries 2022, and our clothing sponsor represent
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LTD.com Phil and I wear the hoodies every single day.
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Phil's wearing the Bitcoin merch.
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I'm wearing represent the represent really cool stuff,
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Very very, very special. Shout-out to our awesome guest.
54:52
The legendary dr. Jeff Ross, he is V.
54:56
Plead counselor is the founder CEO of Val.
54:59
Shire Capital Veil Shire bail ah they'll sire Capital.
55:05
Definitely go check out his Twitter High signal definitely
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recommend the follow. Anyways guys that was our show
55:11
if you enjoyed the show notes useful, Of course you want to
55:14
continue hearing the Bitcoin. Use from the plead pleb
55:16
perspective in the catastrophic fails from the same perspective.
55:19
Definitely consider subscribing to Simply Bitcoin will see you
55:22
tomorrow guys. For a brand-new episode we're
55:25
living in a clown world but nobody's laughing.
55:28
Better believe that Bitcoin fixes this