Latest / Simply Bitcoin / The Truth About Bitcoin Adoption in Africa | EP 446

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The Truth About Bitcoin Adoption in Africa | EP 446 · Simply Bitcoin

0:00
I don't believe sufficient ever have a good money against before
0:04
we take something, almost the names of governments.
0:08
Welcome back, everyone. We're simply Bitcoin.
0:10
We break down the news. The daily fail meme review,
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software releases Hardware releases and the websites by
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plebs joining us today fellow Bitcoin pleb and educator at
0:24
Bitcoin developers Academy foday is joining us but right now we
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are down Diving into the numbers.
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Let's do it. People number time, brought to
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1:00
The time of this recording, the block height is 720 6760 the
1:03
Bitcoin price 39,000 255 chain rewrite day, 729, total, public
1:10
lightning capacity, 3500 and 2.28, BTC Nika.
1:16
We were supposed to have like a Satoshi moment for that, weren't
1:19
we? Yeah, it's 500 BTC and then we
1:22
missed it because the lightning effects.
1:23
I'll have them tomorrow, you can have them to.
1:25
Okay, cool. So yeah, there you go, cross
1:27
that threshold. Anyways.
1:29
Moscow, time 2547 blocks to that happening. 113,000, 240.
1:36
And the samurai Whirlpool, unspent capacity, Samurai
1:40
Whirlpool is a coin join or collaborative spend service.
1:44
They've got four thousand, four hundred and 2.34.
1:47
BTC World pooling away, Nico, the numbers, bro.
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You gotta say something lightning ish, like the Thor,
1:56
like the God of Thunder. You gotta say something like
1:58
that. Phil, so Like that so I can add
2:01
the effects right now, bro. Got a thunder.
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I've no idea what else to say. Okay, cool, that's enough.
2:09
That's enough for the effects. But anyways guys, I got some
2:12
very interesting comments and I'm going to pop them up.
2:15
We're going to kind of do a little round table.
2:17
All right. So I took some screenshots of
2:20
these obviously. I'm going to pop them on the
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screen so you guys could follow along.
2:23
So the first comment is by our and he said what do you guys
2:28
think of compass? Ice mining, especially for
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someone with high power cost. That's a very good question.
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Okay. So I host myself, what are the
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benefits of Hosting benefits of Hosting?
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Is that, if you live in a place with very high electricity,
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usually, if you live in a residential area, if you're not
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getting because there's three rates of electricity for people
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that don't know, there's residential right, which is what
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you pay in your home. There's commercial, which is
2:57
what the subway pays, you know, at the A strip mall, right?
3:01
And then there's industrial. This is what the warehouses and
3:04
factories, and whatever. So, there's different rates for
3:06
each one. Usually, when you host, when
3:09
someone they have industrial rate electricity, right?
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So it's a whole lot cheaper for them.
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Now, the downside of that is that you're not in possession of
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that minor, right? So the host or especially, if
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they're not ethical, they have complete control over.
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You think about it, they have the machine.
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They're running it. If it's down that you can't just
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You know, go into your room and just unplug it and plug it back
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in right, which sometimes happens especially with the s9s
3:37
there in there in the notorious for doing that.
3:40
So again, like you know that, if you want to give it a go, give
3:45
it a go. Now here's the thing because I
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think this is another misconception mining is not
3:49
going to make you rich. I always recommend to people.
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I always tell them if you want to get into mining approach it
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like you want to learn something by an old miner by S9 plug it in
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at home. See if you like it.
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I guarantee you're going to learn something.
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I don't know if you're going to break even.
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I don't know if you know I don't know if it's going to be a good
4:12
investment but that's not the way that you should be
4:14
approaching at it. You should be approaching it as
4:17
an I want to learn something. I want to learn about the
4:19
infrastructure of Bitcoin, that most people don't interact with
4:24
and by just getting your feet wet, then you'll know you'll
4:29
have a niche. You'll Be like wow I really like
4:30
this. I want to get more Miners and
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you'll figure out a way whether it's at home.
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Whether you find you know, you find a Warehouse around where
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you are, you Scout places for cheap electricity.
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Now there's this whole movement around, putting minors around
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stranded energy sources like decommissioned, power plants,
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like, you know, flared gas, right?
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The also wind turbines as well. Right, I know a buddy of mine
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built out the whole thing around this wind turbine thing because
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it's isolated energy. Right?
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And again, wind is very inconsistent.
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Sometimes there's wind or something, there's not right.
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So, again, approach it first, like, I want to learn something,
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the benefit would Compass is that they it's a white glove
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surface. You don't have to do anything,
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you buy the minor, they plug it in, they run it for you, but at
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the end of the day, you're not having the mining experience.
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You're not getting your feet wet and you're also trusting that
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other person and what I little bit that I heard from Compass,
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write it first of all, a great company with It's a good, dude.
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I like how they run things, also, but there's a geopolitical
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risk as well. We know that, a lot of the
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compass miners are running in Russia, and look at what's going
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on with Russia, they're getting clipped out of everything.
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So, is that a tryst? Is that not at risk, right?
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There's a lot of questions, but that only happens because you're
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trusting someone else to run your Hardware versus with your
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mining yourself which is a little bit harder, especially
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finding cheaper electricity, it's all in your hands, right?
5:57
It's kind of like the analogy that I would make is Self
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custody trusting a custodian. I know it's not the same but
6:04
it's basically the same anyways. Filled, you have any thoughts
6:06
and then move on to photo? Yeah.
6:08
So I'm going to be taking a bit of a contrarian view because,
6:11
you know, on your end, you're able to explain a lot of this
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aspect, very elegantly, and provide a proper answer.
6:18
My answer is going to have a little bit more to do with the
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social aspect. I've sat in an enough spaces
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that, at this point, there's, there's a little bit of Doubt
6:27
because the question was specifically, was about to
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Compass - NG and for, you know, for whatever reason I'm hearing
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more and more stories that people have paid to have minors
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put up and these miners have never actually been plugged in
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and we're talking about an egregiously long amount of time.
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So again, I don't really know. Right.
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These are the rumors, but at this point, I've been in several
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Twitter spaces where that's, you know, that that issue has come
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up and it's even been brought up to people from compass.
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And there has been, you know, situations where You know,
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censored the people that were asking those questions and
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expressing those concerns. So for me personally I think
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like, you know what you what you said about learning is spot on
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and absolutely the best approach.
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That's what I did. That's what you know, that's
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what you recommended to me and I think that's the best thing I
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could have done. I got myself, an S9 got myself
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plugged in Saw how this worked and was absolutely you know
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Amazed by it. And it brought me a little bit
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closer to understanding Bitcoin in a in a different way that I
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didn't before. So You know what?
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If you're gonna do it, maybe just get yourself a single Miner
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and do it for the learning process and if you really want
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to get into it, then maybe you take a look for that.
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You know try to find sources of stranded energy absolutely.
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And which is its it has a learning curve, very high
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learning curve. Anyways, foday you have any
7:47
experience with mining, bro. What are your thoughts on this?
7:50
Oh man. Uh awesome, awesome, interesting
7:52
stories, Man. Actually, but I'll keep you like
7:54
this short. I have like maybe two stories.
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I'll give you two like two stories and all of them actually
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happened in Las Vegas, Nevada. Going to Vegas.
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Las Vegas is a very interesting place actually, man.
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Because at the time we had this movement called Vegas Tech and
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it was actually led by Tony shade a CEO of Zappos.
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Alrighty, he actually passed I think last year was so in a fire
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to really like a really sad event, what about Tony actually,
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really actually soldered had a company called suppose he ended
8:16
up selling it to Amazon for like 1.8 some minute billion dollars
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and they ended up moving it from the suburb of Las Vegas.
8:22
Henderson to downtown Las Vegas. So I just happen to move to Las
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Vegas around that time and it was just totally random and I
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just kind of put into the community of Texas Tech.
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Now, in that particular Community, I don't want to say
8:32
that Community because I want to give up the most personal
8:33
information, but there was one group, but for the first group,
8:36
basically, they receive the receipt at the time.
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Imagine this is like 2012. I should 24 2013 long time ago,
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right? And they received us some money
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for the startup and there is erosion, also like office for
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the startup. So what they did was like the
8:48
end of the day, everything was subsidized electricity
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everything so they started mining in a back office.
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The first time I actually saw it, I'm like this is just for
8:55
display, space is full as they security 100%, then up with
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electricity. And it puts some big, some
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political some great, some grapes, and they stack them up
9:03
and they basically set up their Mining and this is like back in.
9:06
And those guys right now, I promise children and I say
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anything that everybody happy about their daily business
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choices, back in the days, right?
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The second one is another friend of mine.
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He went even say his name. Okay?
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For the sake of, I'm savoring. First name is Chris, and this
9:19
had one of the most inspiring stories I've ever witnessed in
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my, in my personal life. So we're in Vegas.
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Understand was one all of us live in downtown.
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Las Vegas. Most of us, right?
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So Chris actually was used to work at Apple Store.
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And he was interested in learning about money, so he
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bought a minor and he put it in his parent's garage, but in Las
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Vegas, is very, very hot, right? So the miner will go down at
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least one a couple times a day. Yeah, it comes from comes a
9:41
couple times a day and he wanted to basically figure out a way to
9:44
maybe even get alerts on like how to basically monitor his
9:46
mind. So reached out to one of these
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young kids like 19 years old amazing, developer, like 29
9:51
years old, never went to college, I think it has could
9:53
drop out, but he ended up basically helping him write a
9:55
small script to basically monitor this actually the minor
9:59
that ended up In a 1.3 million dollar race for a company might
10:02
be right, ended up the ended up basically tell your story
10:06
actually happened. Was so basically the door guy
10:09
gave would little script to basically help with Mike monitor
10:11
this little thing and a basic ended up, cooking the script and
10:14
then as they were looking into mining software itself, they
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realize actually they were like a lot of holes that like really
10:18
poorly written software. So they will try to, like, make
10:20
it better and look into it more. Ultimately, they raise 20 grand
10:24
and then I go to boost PC from Adam Draper, whose temperature
10:27
person over in San Mateo. And Actually I'd end up
10:30
basically the boot space program, they raised, I think
10:32
like 400k, something like that and ultimately raised 1.3
10:35
million dollars. But that came from one person,
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testing how to do mining in his parent's garage and this is real
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story and again it's like it's like this that garage startup
10:42
kind of stories and it's like amazing man because I witnessed
10:44
it myself and so we start. I'm like okay, this is actually
10:46
really possible. I wish it was me.
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I wish I could. The company is called hash
11:00
rabbit and you can go this way, okay?
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When you say don't go around dude, that man that mean thanks
11:06
for sharing. That's that's so cool man.
11:08
I love having Bitcoins from all walks of life on the show there,
11:12
how they always interest me, especially the ones that are
11:15
that that, you know, the because one of the things, right?
11:19
Is what we try to do on the show, right?
11:20
Was we try to have plebs on the show, is because everyone's
11:23
already heard the stories of the well-known people at once that,
11:26
you know, have gone to every show and, you know, That you've
11:29
heard the, you know, I don't want to name Everybody by name
11:32
but you know, there was the the blue chick, the blue chest self
11:39
broadcasters, you know, you've heard their stories, you know
11:41
how they talk but top of the funnel at the top of the funnel
11:45
but it's the plebs better have the most interesting stories
11:48
because no one's ever hurt them before.
11:50
Dude, that is fascinating at look.
11:53
And I've heard that happen. So many times in this space, in
11:56
Bitcoin, there's so much opportunity.
11:59
If it's not mining, you'll find something else.
12:01
Right? So just it, there's so much
12:03
opportunity in is safe and it just it just gives me hope.
12:06
Bro. I hear these stories.
12:08
It's all over the world. Everyone is experiencing this
12:11
peaceful Revolution and it's absolutely beautiful.
12:14
So we don't have time for the sex.
12:17
It's super beautiful. We don't have time for the
12:19
second question, we'll get to it tomorrow guys.
12:21
Don't worry. But our I hope we answered your
12:24
question bro. Anyways Phil it's time for the
12:27
daily fail. To you by Amber app.
12:30
Check them out. Amber dot app it's the best way
12:33
to stack Bitcoin, low fees, smart, automation, Fair,
12:38
spreads, the link is down below. I'm Bo smart ways.
12:42
That sense. Okay, we're going to kick it off
12:45
with this tweet. From Gabriel Weinberg, who is
12:51
let's see. He is the CEO and founder of
12:54
DuckDuckGo and it's kind of scary. 3.
12:59
When you have a privacy focused browser that starts touting, the
13:04
start spouting censorship. Anyways, let's dive into this
13:07
little tweet thrown them to bro, come on, we're going to comment
13:12
on its that was it go guys search search certain subjects
13:17
on Google and it will blow your mind.
13:20
It's like they skew a certain direction so hard and DuckDuckGo
13:26
was like the Oasis, right? It's like you can start
13:28
something on Dr. Kozak you'll get the answer for it.
13:31
You know it's like you get this one but now I guess they're
13:33
going down the slippery slope of anyways I'm sorry Phil no don't
13:38
be don't be that's a great that's a great intro.
13:41
Let's dive in like so many others.
13:44
I'm sickened by Russia's invasion of Ukraine and the
13:47
gigantic humanitarian crisis, it continues to create a tuk-tuk
13:51
go. We've been rolling out search
13:53
updates that down rank sites associated with Russian.
13:57
Disinformation Wonder A who's approving that list of sites
14:02
that are providing this disinformation.
14:04
Anyways in addition to down ranking sites.
14:07
Associated with this information we also often Place news modules
14:10
and information boxes at the top of DuckDuckGo search results.
14:13
The Highlight quality information for Rapid unfolding
14:17
topics. Doctor goes mission is to make
14:20
simple privacy, protection accessible to all privacy is a
14:23
human, right? And transcends politics.
14:26
Which is why about 100 million people around the world use
14:29
DuckDuckGo. And I think hotle knots response
14:33
is perfect. Okay well let's see what mvk
14:38
says he whatever you can to say extremely disappointed will be
14:42
looking for something else politics.
14:44
Don't belong on page right here. It's so great.
14:47
Okay, they were so good. They were so good.
14:51
Oh wait, we're gonna back it up, right.
14:53
So let's let's just be clear. What's going on with the war and
14:57
everything is obviously horrible.
14:59
Okay. We're not talking about support
15:01
for against or anything like that.
15:03
This is an issue of censorship. And it doesn't belong here.
15:08
Okay, this is ridiculous. I mean so what they just pretty
15:12
much came out and told everyone. They are the intranet of search
15:16
engines. They are all becoming intranets
15:18
and it's really scary stuff. I mean to a certain extent, you
15:21
really do want unbiased search results like think about it.
15:24
When you go and do a search, you expect that everything is going
15:28
to show up, depending on your filters.
15:30
You'll maybe see the most popular things, but if you get
15:33
the page 15 you know you'll see some of the more out Our stuff
15:36
that relates to your search and that belongs there.
15:40
Everything belongs there. We should not be censoring this
15:42
stuff whether it offends us or not.
15:45
Look this is how discussions happen.
15:47
If we do this, this is going to destroy our language.
15:50
This is going to destroy our communication.
15:53
It already has begun destroying all these things.
15:56
Anyways, that's that's my rant about this.
15:58
No, I mean spot on dude. Go ahead.
16:01
Fo D, hit it. Hit it, bro.
16:03
What are your thoughts? No, no actually.
16:06
It's funny because actually, it was really one of my actually
16:10
like my role model is actually what I was because I did, I was
16:15
one of the first met the cohorts of the Udacity.
16:17
When you the night, you guys, you guys, you guys you guys City
16:20
launched as a university or my University.
16:21
I was in the first quarter actually, right?
16:24
So we actually learned how to build a search engine and one of
16:26
them actually were the first people they invited to speak was
16:29
Gabriel one word at a time, right?
16:30
So it was like the kind of a guy, Steve Huffman Steve Hoffman
16:33
from like Reddit and Gary Weinberg from laterally from the
16:36
go. And it was spreading like how
16:37
search engines work, that know what drove him to like really
16:39
build the folks. I was really always a big fan of
16:41
know, one of those things, right?
16:42
So I know exactly who he is and actually what he built but
16:45
you're absolutely right. This actually is almost
16:47
equivalent to do hard work. You know, that is like this is
16:52
like really a broken broken promise and this is exactly what
16:56
got me to lead. Syria is exactly as you wanted
16:58
to hear because I wrote them smart contracts engineer for two
17:01
years in San Francisco, right? But one day one day, really
17:04
after the hike when they Hartford, I left, you know,
17:07
because really, that's not really what I signed up for to
17:09
me it's like we have the promise of this like really immutable
17:14
Ledger data structure, right. And these people because it Dave
17:16
own mistakes and it because it on forums they decided to
17:19
basically role in that can change the rules.
17:21
Okay, I think actually obviously the coin is already centralized
17:24
to decentralized system. Someone basically going to work
17:26
on really what I feel like is a true.
17:27
I mean not only to technology but it's almost like I would say
17:32
like a really really actually like real blockchain attend
17:35
college to work on right now. Click on how I want to basically
17:37
Bitcoin. But, like I said, this is a, is
17:40
really a, how do you say, like a broken contract?
17:45
And I'm not sure, man. I really have like a really
17:47
estimate really forgiving, when a group, but I felt like you
17:49
could have addressed it in a different way than actually been
17:52
like meddling with the search results that's not from somebody
17:54
that's not whatever the co-championship 100%.
17:58
It's, you know, it's it's, what's that famous Voltaire
18:01
quote, right? Which is like, I might not like
18:03
what you say, but I'll fight to the death to defend it.
18:06
You know, and again, why are we talk about this?
18:08
Because this is business, Bitcoin is against the Bitcoin
18:11
ethos, right Bitcoin. You know, is a political it's
18:14
neutral, you know it doesn't pick and choose.
18:17
I think that's the problem with money today is that there's a
18:20
group of people that think they know what's best and they censor
18:24
other people in the process, you know, and what is money.
18:26
If not information, right? You're transacting information.
18:29
That's really what you are, right?
18:31
So is this slippery slope for DuckDuckGo?
18:33
That's literally my main search engine.
18:35
You know? I'm Sure that in five or six
18:37
years, you know, they'll start. It's like you don't like certain
18:42
colors. They're gonna start censoring
18:43
that I'll say I'll just leave it at that would be political but
18:46
anyways, Phil what is the next fail?
18:48
Yeah, DuckDuckGo just became a shit coin, huh?
18:51
Yeah dude, just happened there. It's like eating ways.
18:54
It's like you search like I do. I like the color red know, the
18:57
color red is bad and you know like it's slippery slope Dude
19:00
too. Slippery slope.
19:02
Alright. Well look speaking of shit
19:03
coins, let's dive right into it here.
19:06
We go. That's right.
19:07
We're not making this up from clown world today.
19:09
Oh my God. What are you showing me?
19:11
Phil, you know exactly what I'm showing you.
19:13
Okay. That's right.
19:16
Dildo. N ftes, we are not joking.
19:18
You shout out to IC o. Sadat follow that account.
19:20
This is the type of stuff. He tags me in.
19:22
Okay, so here we go. That's right, this just
19:26
happened. Okay, so we there's nothing to
19:28
Riff on this. This is all I have to say, I
19:30
don't see what the point of a nft dildo is the whole point of
19:35
a dildo is the use case. This has no use case, I just
19:38
don't get it. Anyways, moving on, let's look
19:41
good. Moving on, moving on.
19:43
Okay, we were tagged in this several times.
19:51
Okay. And this is the two attacks on
19:54
proof of stake, ghost / etherium, right?
19:57
This is essentially aetherium, moving to its proof of stake and
20:01
these are two attacks that have been outlined in it.
20:03
We're going to take a look at them, guys.
20:05
There's a lot of technical jargon.
20:06
This which I don't think is really going to help anyone.
20:09
So we are going to cover this at a higher level and just possibly
20:14
Riff on it from a different angle.
20:15
So here we go. Okay, let's dive into it in a
20:18
nutshell proof of stake. Allows an adversary with a
20:20
Vanishing amount of steak to produce an unlimited number of
20:25
equivocating blocks. While most equivocating blocks
20:28
will be orphaned, such orphaned, Uncle blocks still influence.
20:32
Fork Choice under the ghost paradigm.
20:36
Toad upon the adversary devastating control over the
20:39
canonical chain, while the latest message driven lmd aspect
20:44
of current POS etherium, prevents a straightforward
20:47
application of this attack. Our second attack shows how lmd
20:51
specifically can be exploited to obtain a new variant of the
20:54
balancing attack that overcomes a recent protocol addition that
20:58
was intended to mitigate balancing type attacks thus in
21:03
its current form POS etherium without With lmd is vulnerable
21:09
to our first and second attack respectively, if you want I will
21:13
never be. He has, we've been saying that
21:16
for a long time so Jay exact. So here, let's we're going to
21:20
finish it up and then we're going to Riff on this.
21:22
So on a higher level, the balancing attack consists of two
21:25
steps. First adversarial, block
21:27
proposers initiate two, competing chains, let us call
21:30
them left and right then a handful of adversarial votes per
21:33
slot released under particular circumstances.
21:36
Suffice to steer honest, validator votes.
21:39
So, as to keep the system in a tie between the two chains and
21:42
consequently stall consensus, that means.
21:46
No transactions are getting through anymore.
21:48
Anyways, it's quite feasible for an adversary to release two
21:51
messages to the network. In such a way that roughly half
21:54
of the honest, validators receive one message first and
21:57
the other half of the honest validators, receive the other
22:01
message first which means they can never come to a consensus.
22:06
So look, so what's happening is this right?
22:10
You've got this first Vector attack, just just to explain it
22:14
as simply as I can. You have a specific type of
22:16
attack that occurs on ethereum point of proof of stake?
22:20
Which doesn't exist yet in in reality, right?
22:24
So, and this attack is fixed by this lmd process, which I just
22:31
described, but this lmd process, introduces its own Bug which
22:37
makes it it's on exploit sorry, which makes it Loose consensus
22:41
completely. Okay, so this is why when we
22:45
talk about Bitcoin and we talk about Simplicity and we talk
22:48
about the base layer, okay, this is why Bitcoins base layer only
22:54
does one specific thing and it does it with the closest
23:00
absolutely possible way to certainty.
23:03
That it can. And all the complexity can be
23:07
built on higher layers, where you don't have to risk, losing
23:12
that value, okay? This is why Bitcoin is simple at
23:16
its base layer. This is why we keep telling you
23:19
that eith is a fucking circus, because all they're going to do,
23:23
you're going to see, they're going to enjoy.
23:24
I work for a software company. They're going to introduce a
23:27
patch which is going to introduce its own issue.
23:31
This is what it does. This is how it works.
23:35
X anyways. No, first of all beautifully
23:39
done, I know that was a very complicated topic, so I think a
23:42
lot of people are going to appreciate that.
23:44
Second. I know photos going to fo days
23:46
going to slay this. So I'll just say this right
23:50
Bitcoin, Bitcoin has one vulnerability and as one point
23:56
of weakness or one, very well known.
23:58
So the 51% attack. If you know, an attacker takes
24:04
over, 81% of the hash rate or, you know, 4948, right?
24:09
They could theoretically, double spent, they can't steal someone
24:14
else's coins, right? But they can double spend the
24:17
coins, which they have, which is happened to should coins.
24:20
By the way, if you re m-- classic and I know a bunch of
24:23
others, the thing is, Bitcoin has reached such a level of of
24:28
hash rate such amount of computational power backing the
24:32
Bitcoin Network that right now even though theoretically
24:35
Theoretically it's possible. It's unfeasible, right?
24:38
It's just it's too much. It's too difficult.
24:41
There's too many hot eyeballs watching it.
24:44
Now with proof of stake. The thing is that there's
24:47
literally five, six seven vulnerabilities, right?
24:52
And there's no way to fix them. Just like there's no way to fix
24:56
the 51% attack the one vulnerability with Bitcoin.
24:59
The thing is they come up with contingencies, right?
25:03
So it's what you said. It's like there is a proof of
25:04
stake. They come up with lnd right to
25:06
try to fix that. Now you'll see is that they're
25:09
going to trim with the come with another solution but none of
25:12
them is a perfect solution. So if you compare proof of work
25:15
and proof of stake, there's a lot more vulnerabilities in the
25:19
architecture of proof of stake than proof of work, which is why
25:24
it's taking the etherium guys so long to migrate to e 2.0.
25:29
Which, by the way we've covered, they rebranded.
25:32
Now it's something different now, right?
25:33
And which is why the or they'll never come, they'll never
25:37
they'll never get to it because what they would like you to
25:40
believe is that you can't you can have a cryptocurrency
25:43
without the expenditure of electricity while the
25:46
expenditure electricity is a feature, not a bug.
25:49
That's what makes everyone play by the rules.
25:52
Anyways, I know the photo is going to dig a little bit deeper
25:56
off so why don't you think? It'll actually I think we
26:01
described earlier but it's called the Lindy effect, right?
26:05
The effects are actually directly, which means that
26:08
actually will say, again, the longer the longer something
26:12
exists, the higher the moment, it is actually longer pump
26:15
ability. It will survive, you will be
26:17
surviving. Yeah, that's right, that's
26:19
right. That's exactly what it is,
26:20
right? And the problem, I feel again,
26:21
like, again, in Bitcoin is like beautifully, simple.
26:24
It has been ticking like a clock for the last 20 years, right?
26:26
The problem if your is a it attack, surface is so huge that
26:31
it doesn't actually immense actually.
26:32
If you actually understand the house It's actually from like
26:36
something that has a virtual machine in it.
26:37
Which is something I should better actually does not because
26:39
actually because it's very, very simple, you know, actually do
26:42
you know that Circle. She is amazing because you know
26:44
why but you know that Bitcoin script is based on a language
26:47
called forth fo R, th I want you to get up right?
26:50
They would have thought that come fo R.
26:52
Th actually is what is based on. If you go to the Bitcoin Ricky,
26:55
he said that basically Bitcoin script in the fourth like
26:57
language I had a chance at rid of cancer.
27:00
Learn Force when I was in Hawaii, was recently, we how I
27:03
have couple years and I was working with Engineer from Apple
27:06
and that guy basically, worked on the Apple firmware.
27:09
So, actually, his job was to minimize the time.
27:12
It takes from, when you press the on button, on your Mac
27:14
computer to when the Apple logo shows up on the screen, right
27:18
every year, they shave a little bit out of it action.
27:20
Yes. So, it makes it faster when you,
27:22
when you press on the button, it basically doubled up a logo
27:25
shows up, I because, I want to make it faster and faster and
27:27
really whatever, right. That actually is written on a
27:30
British Court package, like a battery-powered about the
27:32
remember, but it was within Force And I happen to actually
27:36
spend Christmas with this guy for a week and he decided to
27:38
schmooze language. I don't know why I actually
27:39
decided to do so but I'm okay, let's go.
27:42
I love this thing. And also when I'm like I should
27:43
I just got this kind of crazy because this use for like really
27:46
complex Industrial Systems like those power grids and all those
27:49
things, right? Because this language actually
27:50
sits there but it's a very simple what they call a
27:52
stack-based to programming language and after this how
27:54
basically Bitcoin is built. So if you look at it right it is
27:57
very very simple but it's elegantly simple and highly
28:00
complex animation, right? But attack surface is very very
28:03
Sim like a server because because right now The biggest
28:05
impact I should use a 51% attack.
28:07
And actually if that happens as a matter of fact, right with
28:09
etherium, nobody in the world has ever won from a purple
28:13
purple, worker proof of stake in this world.
28:15
Nobody had democratization, right?
28:16
They say they want to have. They have they have the say
28:19
okay, give it a shot, right? But your sister is already
28:22
complex. As is the attack.
28:24
Surface is immense, right? You said you going to basically
28:26
move from this system truly other.
28:28
But I feel like, what people forget to tend to forget, is
28:30
that the reason Bitcoin works so well is because of mining mining
28:34
is The only thing that ties into the digital world was a trip to
28:38
the real world. Yes, that's the only thing
28:40
wrong. Bingo.
28:41
Really yeah, really yeah, really, it'll about sticking
28:46
whatever. It's going to be more deeply.
29:05
About on that. Go ahead.
29:06
Phil oh no II was I was just gonna say they already lost,
29:10
they already lost when they forked and they did the dowel.
29:13
It's exactly what you said they lost.
29:16
It was done. They should have just kept going
29:19
and they would have had they would have maintained their
29:20
integrity. No, but it's funny.
29:23
That was beautifully, beautifully said, right?
29:25
The miners is what angers Bitcoin to reality.
29:29
You can't cheat, because it's guessing you can't, you can't go
29:32
around it, right? So just requires a Bunch of
29:35
computational power just to guess.
29:37
And that's the lucky. Lucky Chicken Dinner gets the
29:40
block reward but anyway, so it's time for it to exactly review.
29:44
Brought to you by Citadel 21, it's the best Bitcoin cultural
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Zine its stories articles Comics, by toxic Savage.
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Bitcoiners by plebs really, it's real shit pleb signal in here.
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there's only 1000 copies made per volume.
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There's only 1000 physical copies.
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So you get your It's a volume 10 today.
30:07
Alright, first meme is brought To Us by ghosts of wartime
30:10
Lindbergh. Libert if aetherium was a car,
30:16
look at it. Look at it.
30:17
I thought it was a regular car, dude.
30:20
Oh my God. Yes, yes.
30:22
Is exactly what phone a just explained.
30:24
All right, moving on. And this is a this is a reply to
30:28
a 3, coinbase, front page. Unsure what to buy right?
30:31
Does it really say that? Does it really say that?
30:35
Oh my God. Picking assets could be tricky.
30:39
Bro. These people are the devil, man.
30:41
It's so what does Alex Chase? Alex Jones said they're demons.
30:44
They're Damon's. Okay.
30:47
Anyways, here is our d-bryan Armstrong Trader, coinbase?
30:51
Yeah dude, it's so true. That's so fucked up.
30:54
Okay, anyways because it gives the false illusion to people
30:58
getting in that what they're buying is the same as Bitcoin.
31:02
It's just dude it's So my God, okay.
31:05
Anyways, by chair Force huddle normies are exhausting talking
31:08
to normies for 30 minutes. A three-hour conversation with
31:11
Bitcoin. Is this is so true dude you know
31:13
I've lost mine or me friends. I can't you know we don't speak
31:16
the same language anymore. They're in the Fiat Matrix
31:20
anyways. Next 1 by Rd as well.
31:22
Way Beyond that mate. No coiners.
31:24
They're gonna ban it bitcoiners no corners and this is the
31:28
executive order from Biden that we covered yesterday.
31:30
President Biden, to sign executive order and looked To be
31:34
honest with you the executive order was it as bad as people
31:37
were expecting, but it also told us that holy shit.
31:41
They're not going to give over those keys lightly.
31:43
They're going to really, really go hard with that.
31:45
With the Central Bank, digital currencies, and they're going to
31:48
attract Bitcoins proof of work, which is what makes it
31:50
uncorruptible through the environment, you know stuff.
31:53
Anyways, even though we know that actually, Bitcoin could
31:57
potentially make green energy profitable so it's just anyways,
32:01
that's the fight ahead of us is the last meme.
32:05
I forgot to turn on the volume, so,
32:30
Ha ha ha. Oh wow.
32:46
Phil. Well, what would you give those
32:48
grapes? That was awesome, right?
32:49
So you give those memes this is going to be very tough and very
32:52
Niche, but here we go. Because yes, I keep everything
32:56
in mint, even the stickers. All right I've got this Anthony
33:01
Carrera sticker from like 25 years ago.
33:04
That's right. It's a skate sticker If you know
33:06
you know interesting and yours my own forthright.
33:09
I'm going to give it this tequila bottle that I got a ton
33:13
confiscate obol that I won and the poker tournament.
33:16
It is fun. Confiscated will 2222.
33:19
Yes, I had to empty it out. I'm sorry tone.
33:21
I had to empty it out because that's the only way I could fly
33:23
with it and I'm not going to check in my back, okay?
33:26
So but I am keep the bottle. I'm going to put it up there.
33:28
Anyways, fo day, what would you give those memes?
33:35
What do I have over? Whose I said I was saying
33:39
vintage Gucci wallet. That's kind of falling apart.
33:42
He said, wow. Yes, that's right.
34:04
Awesome, awesome scores. Let us know down in the
34:06
comments, guys. Comment comment, comment,
34:08
comment, comment and help us defeat the shit coin channels.
34:10
And of course, make sure to join our telegram group down below
34:13
link of some dank dank dank make Bitcoin means to review and make
34:17
sure to subscribe to us on alternative video platforms,
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like, Rumble.com. And our personal favorite,
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you'll find all the Bitcoin content there, Bitcoin tv.com.
34:26
So if they decide to stick, you can find us on bitcoin TV all
34:30
the time. But anyway so it's time for the
34:32
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cloaks.com. Now I'm sure you guys have
34:57
already heard this by now but you haven't heard it from The
35:01
Plea plead perspective. So, Check this out.
35:04
This is the Wall Street Journal inflation.
35:06
Reached 7.9 percent in February consumer.
35:10
Prices are the highest in 40 years.
35:14
Now if you've been listening to non plead content and you've
35:20
been listening to The Experts, this should come as a surprise
35:23
to you, but simply Bitcoin has been telling you this exact
35:28
thing was going to happen for over a year now.
35:31
And why did we know? Well, because we keep showing
35:35
you, these charts are, is a fact, there's a point in this
35:37
show where Phil would get mad at me, because I would pull this up
35:41
every single day and then use segments and he's like, you're
35:43
pulling it up and I'm like, yes, we have to put it into people's
35:46
minds so when they talk about the supply chains, you know the
35:53
the virus, the war in Ukraine know the inflation is coming
35:59
because they're printing a record amount of money.
36:03
Is the M2 chart, it represents how much what the money supply
36:06
is. And as you could see, look, it
36:08
goes back all the way to 1960, and then in 2020, they
36:13
absolutely lost their fucking minds.
36:16
Excuse my language. Okay.
36:18
So, what is the justification for printing, the money.
36:21
We've also covered this many times on this show.
36:24
Here's 2008. This is when they started doing
36:26
this, the justifications called the Mandrake mechanism is very
36:30
interesting. So, what they do to justify, By
36:33
printing money is that the treasury issues and sells bonds,
36:36
and they usually sell those bonds to the open market but
36:39
nowadays you know who buys those bonds?
36:43
The Federal Reserve. So the so the government is so
36:46
technically the Federal Reserve is an independent bullshit.
36:50
So the government is selling bonds to themselves to justify
36:56
the fucking money printing Clown World, clown fucking world.
37:01
That's what I have to say about this.
37:03
And as you can see, look at the fucking goddamn fed, I separate
37:08
that she. This thing is look in 2008.
37:11
They're like, oh, we're just gonna do it a little bit.
37:16
You think they could reverse this?
37:18
Nah, but they're gonna try to tell you anyways.
37:21
But anyways, let's read some more of the clown World stuff.
37:23
Let's see what they're they're blaming the stuff on strong
37:27
demand for goods from Rumors in supply chain constraints related
37:30
to the virus pandemic of elevated inflation over the past
37:34
year and all of these articles with all these educated news
37:40
journalists and uses. No one is talking about the
37:43
printing of money, the historical amount of printing of
37:48
money. Nobody, that's when, you know,
37:51
you're onto something. It can't be that too fucking
37:53
moron. Sorry, Phil on YouTube.
37:56
Okay, we have a we have a stupid show.
37:59
Like, how the fuck are we more accurate than the experts?
38:04
Clown World anyways, and look, but it's not only the supply
38:07
chains Ville economists, expect additional price increase is
38:10
related to the Ukraine crisis, very convenient.
38:13
After crude oil, prices and MIT and March hit their highest
38:16
level, since 2008. And US gasoline prices reached
38:19
record, highs, clown world. But guess what, Phil, you know,
38:24
how they stop the inflation. They stop printing the money,
38:28
obviously. But no, no, no.
38:30
You can't have that. Check this out, an article by
38:33
Bloomberg opinion. This is real.
38:36
It's a comedy. This is real.
38:38
The FED needs to delay. Its rate hikes.
38:43
The Federal Reserve is widely expected to raise interest rates
38:47
by at least 25 basis points, next week.
38:50
And if inflation stays High, the FED is prepared to raise by more
38:53
than that in the coming months and the next, the next paragraph
38:57
that would be a mistake. Steak.
39:01
Okay, let's stab the stock market in the heart.
39:04
Okay, okay. They're gonna do a couple things
39:08
here, and so she knew this was gonna happen, Okay?
39:12
Literally the Genesis block is, is chancellor on the second
39:14
bailout for banks. One of the things that's it, so
39:16
she said was, you can't trust central banks to not debase the
39:20
currency because that's what they always do.
39:23
Is this the end of Fiat i--dude? I don't see.
39:27
Look guys. Here's the two things, right?
39:28
We had Mark moths Fact, check this.
39:30
So I feel confident saying this, they have, they have a couple
39:33
things. They have three things, really,
39:34
they could do first thing. Say, stop the money printing,
39:38
but in the process, they completely destroy the economy.
39:42
The Democrats get even more destroyed in the midterms, Biden
39:45
has no chance of re-election. I don't think they'll do that.
39:49
Second option is to keep printing money.
39:52
The problem is with they keep printing money, guess what
39:54
happens more inflation, right? And then the third option, which
39:58
we've already seen Senator Senator, Bernie Sanders,
40:00
Elizabeth Warren hinting at this.
40:03
They're going to try price controls right there.
40:05
They'll try to bail, you blaming.
40:06
It's not that we're printing a lot of money.
40:08
It's the evil corporations and their very being very greedy.
40:12
This is clown world. The reason we cover this is
40:16
opted to fuck out of this bullshit.
40:18
Just opt out, just take your energy, your work, your time,
40:21
your wealth, take it out of the system, put into Bitcoin, take
40:26
it into self, custody and you don't have to deal with this
40:29
fucking This because that's what it is and this is what makes
40:32
this show different because you all you have the other shows and
40:35
the new shows and whatever and they're talking about this, but
40:38
we're actually giving you a solution.
40:40
We're actually giving you a way out, right?
40:42
Anyways, rant over Phil beautiful beautifully said, so I
40:48
read, I think I read yesterday that they passed.
40:50
This one point. Six trillion dollar package,
40:52
didn't they where the fuck are they getting this money from?
41:02
It's exactly what you said it is.
41:05
It is total utter clown world. But what's really scary is that
41:10
they can't I don't think they can stop printing and I don't
41:14
think that they can raise interest rates because I don't
41:16
think they're willing to kill the market.
41:17
Look right now. They are not raising interest
41:19
rates and the Dow still plummeted in the last week.
41:23
Okay. So there comes a point right
41:25
there. So it's I'm actually reading.
41:28
I'm actually listening to When money dies, the whole story
41:32
about Weimar Germany. And, and I think that people
41:34
like, I didn't really appreciate how long that whole situation
41:38
took to play out how many different tricks, the Government
41:42
tried to fool people into getting the economy flowing
41:47
again, you know. But, but at the end of the day,
41:49
all that ended up happening was people had to go and spend their
41:52
money faster and faster and faster in order to be able to
41:56
afford the goods that they needed from day to day.
42:00
So unfortunately, I think that they can continue to kick this
42:03
can down the road for a little while, but we are definitely
42:07
entering that stage where it's starting to become painfully
42:10
apparent. I mean, look at these.
42:12
Look at the inflation that we're seeing quarter-to-quarter in the
42:14
past, they were able to hide it right there, able to hide it
42:18
with the the inflation, you know, raising the inflation
42:21
rate, the interest rates and stuff like that.
42:23
But but now we've come to that Tipping Point where you start to
42:27
affect millions of people in a Very real way immediately.
42:31
So you can't just do something and wait for some ripple effect
42:34
months down the line that you do something in a changes right
42:37
away. So now they're getting, they're
42:39
coming to that point. Okay, we're like we're talking
42:42
like the 1920s which is ironic because we are in 2022 so that
42:46
does seem kind of weird. But anyways, I am just I'm
42:52
afraid because they I don't think they actually know how
42:57
stupid their being I died. I just don't write.
43:01
I think it's like you said, they're acting on their own
43:02
incentives. So I just think they don't know
43:04
how and how stupid their be hey work for so long.
43:07
Why is it going to work this time?
43:09
Anyways foday what do you think of this?
43:11
What do you think of this madman is?
43:13
I mean like I mean like I said The future like this currency
43:30
will buy Commodities and whatever else it is, right?
43:32
Because if you look at the knife, even because the Fiat
43:35
game in Africa is even dirty, right?
43:36
Because if you look at West African like where I'm from like
43:39
where it is, I guess 15 French, speaking, African countries,
43:42
right, hoobler control their own money.
43:44
So their Fiat money that we use in Africa.
43:46
In synagogue myself is printed in the south of France.
43:49
Yeah, imagine the right example, it's the Northern Africa.
43:52
It's a North African Frank and then something else right?
43:55
Actually. Yes.
43:56
Yeah, actually, actually, it's what I used to West, kind of
43:58
like we have, like, two groups. I think it was seven years but
44:02
even that actually, even at CFA is in already fungible.
44:04
When you go to like, to see if a is equal to like that is Ivory
44:06
Coast. They look at it, they like,
44:07
maybe it's not the right one. So something with Oliver wanted,
44:09
right? But the idea, but the idea is
44:11
that this book's these African countries, sell their
44:15
Commodities in actual Market. They recently dollars.
44:18
That's worthless. These eyes and the dividend turn
44:21
to the friends and the French. Give them another worthless
44:23
currency. You understand what I'm saying?
44:27
Actually, it was a right. So when we sold, so when we said
44:30
oil in international market for selling fruit salad, with such
44:32
an Insight actually four dollars because better dollars.
44:35
Right. And actually most Commodities as
44:36
well especially Center for career.
44:37
Actually for US Dollars we get the u.s. dollars but we cannot
44:40
pay our people with US dollars. So what do we do?
44:43
We take all that money, send it to friends and Friends Prince.
44:45
This like shit when it went on a paper and said it was first to
44:48
use in Senegal. That's fucking.
44:50
Imagine, that's all knocking, crazy.
44:52
Yeah, but that is actually but it is crazy, right?
44:54
You have a destiny of all these countries being basically
44:57
controlled by this other sovereign country somewhere
44:58
else. But then you're like, okay,
45:00
well, what is it, what is to loosen these two players, two
45:03
options, right? One we let the African
45:06
governments make this money but we know what's going to happen.
45:09
They're going to print even more money than anybody else.
45:11
You know corruption in a phrase like is actually tremendous
45:13
right when this government get get a hold of the printing,
45:15
press is over right? I'm going to put some more money
45:17
for themselves for their friends, their cronies basically
45:20
what's happening in Russia. Right now with all these
45:22
oligarchs and everybody around Couldn't Write Like I said, when
45:24
you get close to the money, you know, you know, you know, what
45:26
happened to her. So to we had to is basically
45:29
because when we go BB go CDC or like this don't work.
45:33
So, now, okay, the digital money is only digital.
45:36
Why does it actually friends have to make this money?
45:38
If you got a question from like peppermint additional money,
45:41
who's going to be in charge of making the digital money because
45:43
again, if you give it to our like governments and we don't
45:45
have a public auditable, blockchain we know what they're
45:48
going to do with actually without actually all that power
45:51
because of the sheer amount of corruption as in Africa.
45:53
Right now So to me, I believe that actually beneficial, maybe
45:56
is going to be, maybe like actually startups is going to be
45:58
actually in charge of making this money man, as crazy as it
46:00
might sound upgrade that much to me.
46:05
So for the first of all, I so I read the story a but you know,
46:09
about the North African Frank and then there's there's,
46:11
there's two version. Absolutely fascinating.
46:14
It's controlled by France, right?
46:15
It's not even issued, you know, by Sovereign countries in
46:19
Africa. That use that currency.
46:20
I'm going to pull up a map just to kind of show you guys where
46:23
Senegal is. We're Senegal is so you guys
46:26
could understand. This is where photos from right
46:29
is Senegal in the west of Africa, really cool stuff.
46:33
So listen and let me pull this up as well.
46:36
This is a, you know, chain analysis, crypto adoption.
46:41
And if it's an interactive map, if you go through in every
46:44
country it tells you you know, the best scores are one, right?
46:48
So it's course it was 0 to 1 now .26 Nigeria.
46:54
To, you know, Venezuela obviously a lot of inflation .25
46:57
India .37, Vietnam One. It sounds like the Vietnamese
47:02
really like like Bitcoin and shit coins.
47:05
China, even though it's illegal still .16, South Africa, .14,
47:09
Nigeria already went that. Senegal .03.
47:12
So, photic my question to you is what is the adoption of?
47:18
What I have to say shit coins fill?
47:19
Because that's the reality when I say should coins, I don't mean
47:23
aetherium or I really mean tether because people really
47:26
attracted to each other because of the false stability that it
47:28
provides. So foday, what is the actual
47:33
adoption? What is the use case?
47:35
What is the situation on the ground?
47:37
In Senegal, do people realize how much power they have or they
47:41
still asleep. No, it's happening.
47:44
It's happening for sure. So again, we go back again to
47:47
the language thing, right? Because most of the world's
47:50
knowledge is in English, right? Mustard was initially.
47:53
I think, like, maybe like, lesson less than 5% of the
47:55
world's knowledge is in French, right?
47:56
So, what was happening in Africa, is that the
47:59
English-speaking parts of Africa are moving way, faster than they
48:02
actually french-speaking part of Africa.
48:03
If you look at the map, right? If you look at them up, the
48:05
scores from like South Africa, Nigeria Kenya Ghana, all these
48:08
places, because I shoulda English-speaking.
48:10
So, they actually did they have access to the information?
48:11
They always have access to the latest information?
48:13
Action. So, when it's actually the kids
48:14
like speak French and English is not their, that the deformation
48:17
trickles down little bit slower to them basically, like,
48:20
actually, right? But there is for sure, an uptick
48:23
in demand, I think I might have to do with it because I really
48:26
have like a strong base in Senegal and like people that I
48:28
work with and stuff like that whatever right?
48:30
But over the years also unfortunately yeah she'd coins
48:32
and any of these and all these things actually start to like
48:34
really pop career. Unfortunately, we Bitcoin.
48:37
If you came back a little bit later, you got so much
48:40
information. You can read this on what from
48:42
what actually, you don't know who's who in the zoo, you know
48:44
what I mean? So the idea is like us.
48:47
We feel like we really take for granted but being an industry or
48:50
being like such. Oh jeez.
48:51
We were there from the early days.
48:53
It was able to it was easy for us.
48:55
Like, actually graphic grasp is information like, you know, like
48:58
absorb it and like, all these things, whatever.
49:00
Right, but at home now, it's funny.
49:03
Actually the number one, most popular coin is Durant.
49:06
Ron unfortunately, actually in Africa.
49:09
We know that's really one of the most popular.
49:10
That's one of the most popular basically coins out there,
49:12
whatever. Right.
49:13
But there's a huge demand for BTC right now because I'm also
49:16
like I also am a advisor for a startup called coin Hub in
49:20
Senegal right now. So whether this is like they
49:22
basically they have the allows anybody to buy Bitcoin with
49:26
mobile money which actually very, very important again,
49:28
right? Because people don't have access
49:30
to credit cards and stuff like that.
49:31
Right there are Visa Mastercard, whatever, but most people
49:33
actually in Africa, in Senegal is a half-ass mobile money.
49:35
And what money is just basically, like when more like
49:38
whatever I do, basically go to a kiosk, give him cash and they
49:41
give you basically this credits on the phone and you can set up
49:43
your aunt or uncle in the village and all that stuff like
49:45
they were just running. So it makes it easier actually
49:48
the natural that that integrates actually is amazing.
49:52
Because anybody can buy quickly by basically BDC with mobile
49:56
money, right? But now the demand is kind of
49:59
crazy because on a Marketplace itself then we let solubility
50:01
see, unless you have like a thousand dollars at least I
50:03
write the middle actually. Wanted a cell is about a grand
50:05
actually right now nowadays. Any any, as it is, huge demand
50:09
in the people who actually able to Arbitrage.
50:12
It's fat is fascinating because I and I want you to explain
50:16
this, right? Because what we're used to in
50:18
the west is we have very good Financial Is here.
50:22
So the exchanges especially in in, in highly developed
50:26
countries, what you'll see is exchanges, and those exchanges
50:30
will connect to your bank account and you could wire and
50:32
have your bank at you money, in the bank account, whatever.
50:35
But what tends to happen in, you know, my, you know, my home
50:38
country of Venezuela or Senegal or or these are, you know, the
50:41
Caribbean is that that doesn't exist.
50:44
So it's all peer-to-peer. It's all peer-to-peer so that's
50:47
right. Why don't you speak a little bit
50:49
about the peer-to-peer and one another?
50:52
On top of that photo. What percentage of the
50:54
population would you say has adopted Bitcoin for its function
50:58
to protect their wealth from debasement?
51:03
Okay, for the first part right now, peer-to-peer mostly
51:08
actually happens on Telegram. And what's up?
51:10
What's up? Is I read number one, right?
51:11
What's up? You have like, is private
51:12
groups. You have to be invited, they
51:13
have the virtue, and you can come in there.
51:15
Then, there's this person is in the middle that that's like all
51:18
the escrow and sending the money recently, the coins actually,
51:20
but they take a huge, a huge cut right now.
51:22
They're making a lot of money, right?
51:23
Because unfortunately, someone someone, somebody Chris in the
51:25
community, they sitting in there and they looking to do, right?
51:28
But I heard also recently, the government is getting actually
51:30
really. Very and like we're getting
51:32
involved because they're worried about money laundering and all
51:34
those things. So they want to make sure that
51:36
these groups are legit, but basically it's on the Crackdown
51:38
or like maybe investigate. I'm not sure exactly what's
51:40
happening. But I heard that there's some
51:41
like rumors on the ground that the element is not too happy
51:43
about this private groups and moving too much funds, like
51:45
under things, right? But but again, if you have to
51:47
have, if you are using mobile money, you can really hide
51:48
because nobody actually is tied to your phone number because
51:51
usually, in after, but your phone number is most, likely
51:53
your ID kind of the social your ideas, your own everything.
51:56
Actually because most likely you are a mobile only user, right?
51:59
No, not people to here is a mobile phone.
52:01
What about like know people actually say in Africa would
52:03
have never experienced internet on the computer?
52:06
They have always experienced Internet.
52:08
Please wait, wait complete. Who's a mobile?
52:10
Just get worried about this Captain.
52:12
Let's go, let's go. You know what I mean?
52:17
So now your mobile number becomes like, actually like your
52:19
identity itself and then your sim card because identity
52:22
because nowadays if you operate a mobile phone with under the
52:26
church SIM card, since the attacks in Kenya, I think there
52:28
was an immediate context years ago.
52:29
The detective right? You We actually get in trouble
52:32
if they catch you with like, an unregistered Sim, right?
52:35
So which means actually your sin and your number kind of become
52:38
your identity, right? Because you're actually your
52:40
wallet itself. So that's how people are able to
52:42
transact and buy things and all that stuff.
52:43
Right? So that's your desktop now
52:45
adoption, like, as like like Bitcoin itself as a store of
52:48
value in such, right, that only a few people outside, like a
52:52
small subset of the people actually do have money,
52:54
understand that right? Everybody has a speculating,
52:58
unfortunately, everybody's speculating, right?
52:59
Because I gave a giveaway. I give A lot of money over the
53:02
years, I give away a lot of settlement.
53:03
A lot of people predicted by the worth a lot of money, right?
53:06
But most of those kids solve the solve that actually yeah.
53:08
Like because any and actually it's funny because the skeptic
53:11
is the same thing. Is happening in El Salvador.
53:13
Yes, right. Ask.
53:14
Anybody Walker Walker has a door and asked me what?
53:17
I should give. You have a BDC in the wallets
53:19
and I guarantee you most likely than not is 0.
53:21
Yep. Nope, I agree in the morning.
53:24
Yeah. The BBC just close that up.
53:26
People are using instead of using BTC which I suspect this
53:29
is going to change as this. Ation thing plays out people are
53:33
seeing the stable coins, specifically tether as the
53:37
savings mechanism rather than Bitcoin.
53:39
And that's the same story. I'm also hearing that coming out
53:42
of Venezuela. I hear that all the time.
53:43
It's it's about tether, right? We read you guys the examples
53:47
about Afghanistan and same thing in Afghanistan, right?
53:50
Its tether tether, tether tether filled with yeah, yeah, the time
53:53
for a small little point and then we got him.
53:56
Okay, here we go. Just a quick question.
53:58
Okay, so just to wrap up about the adoption.
54:00
What is the Just hurdle in Senegal to adoption that you
54:04
think is, you know, in your opinion like what is the biggest
54:08
hurdle to bitcoin adoption there because shouldn't coins take
54:11
should coins? Are more difficult to use?
54:13
You have an extra layer so for me, I just like, I feel like
54:17
well what is it that they're missing?
54:19
You know, what can we provide? You know what, you know what?
54:23
You know what it is? You know, what these ethical
54:24
like this whole experience rather than what I notice,
54:26
right? I think it's two things.
54:28
One is that people don't have money to buy BTC.
54:31
Right, people? How many men but Africa is very
54:33
poor? If you look at if you look at
54:34
the population itself or I dislike people are living
54:37
hand-to-mouth, write whatever they learn today.
54:38
They basically, they basically consume.
54:40
So it's very hard for them to actually put their money in his
54:42
assets that are quite understand.
54:43
And also, the I said is highly volatile because if you pour you
54:46
cannot afford to lose more money.
54:48
Yeah. Right.
54:49
If I have to hold a hundred dollars was a petition to the
54:52
end, I can feed my family. I cannot afford to wake up
54:54
tomorrow in his words like so many books, because there is
54:56
down 30% overnight, as much as possible.
54:58
If you're poor, you can actually have that right, you know, so
55:00
for me what it is, Like also, like sorry, second part is that
55:04
this shit coins are doing massive air drops in Africa
55:06
group. Right.
55:08
The kids because it's free money.
55:10
They do. We like massive air drops were
55:12
and they have been influencers or disorder whatever they call
55:14
them, right? And they do like massive air
55:16
drops, right? So those kids.
55:18
So for someone who never had anything and you give away some
55:20
free money, right? They're going to be excited
55:22
about like that actually wanted. He's got so ultimately, it's
55:24
not, it's one long ago, but BTC is about really where can I get
55:28
this family that I'm hearing about this like a script or is
55:30
coins? Blah, blah, blah, right?
55:31
So it's become like this, Freddie this hustle.
55:33
How do I hustle to get some of these coins?
55:34
A proper blog, whatever? Right?
55:35
This one is. What is one?
55:36
This one went up. What context?
55:38
The next block is, and if you do this, what I hear and they do
55:41
seem like really frustrated me because I'm coming here as a
55:43
software engineer and I want to teach these skills and Dish
55:45
tastes like the value of like really, what I care about and
55:48
this gives want to hear about the shit coin with a checkpoint
55:50
and they usually, like really make me mad, you know, but I
55:52
think was going to happen is that right now?
55:54
We are actually on a second phase.
55:55
You can see. It actually is basically Bitcoin
55:57
as a monitoring Network. I'm going to tell you why,
55:59
because cash up in America, just integrated lightning Network,
56:03
right? Which means that if I have an
56:05
application that my mom has an exam time ago.
56:08
Actually I can somehow some way if you actually if an
56:11
application integration dining is well I can send money to my
56:13
mom through cash app directly. It is possible actually because
56:17
of molecular Network, and if this is actually what and
56:20
actually hit, that is actually got it inside from read actually
56:22
looking at actually hauschild. How much is track was built?
56:25
Yes. Because what is this a joke -
56:26
I'm like, actually, he's absolutely 100%, right?
56:29
The monitoring network is people actually and actually
56:31
underestimate question what. That means what it means is that
56:33
right now. When other companies come on
56:35
this military Network, right? We have no true or true Network
56:38
effect, right? Which means that me again,
56:40
right? And I'm talking about again
56:41
because when you printing Solutions, whatever I do got to
56:44
basically work on problems, I feel like You have yourself,
56:47
right? Because Silicon Valley.
56:49
They don't have the same problems we have in Africa.
56:51
There are the parts that I have. I want to send money to my mom
56:53
from here. I'm in California right now.
56:55
I want to take a moment to learn more from California legal,
56:57
right, to a phone. But I don't, I don't want her to
56:59
have to worry about basically BTC, right?
57:01
As you want the stable value, what is the same?
57:03
But it's a value. I send a lightning payment, some
57:06
to my, to produce a dress, that address in the back, turns it
57:09
into Mobile money. Yes.
57:12
And again this again, bro. Yep, you don't even have to deal
57:14
with Bitcoin, the commodity. you just use the best Fiat money
57:19
rails, Money Network on the 101, a all of a sudden, all of a
57:23
sudden like because, you know, in America right now
57:46
But we're out of time. Phil is an open-source software.
57:49
Release date. Why don't everybody about it
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All right, we've got Knicks. Bitcoin version 0.0, 0.6, T6
58:11
that was released its Down Below in the show notes.
58:14
Don't forget to check us out. Out.
58:16
On our Audio, Only platforms, Apple podcast, Spotify, and
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anchor. Awesome, thank you for all.
58:23
Right guys, that was our show before we going to give a very
58:25
special shout-out to our awesome.
58:27
Guests them is foot it. D up you can go give him a
58:30
follow on Twitter at Deep Voda. He is part of the Bitcoin
58:34
developers Academy. Super cool.
58:37
He's a Bitcoin educator. I also want to give a very
58:39
special shout-out to her awesome.
58:41
Sponsor read part.com represent Phil.
58:44
And I try to wear those hoodies. Every single day at no try.
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We do wear those cities every single day knife and you can
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take advantage of Link down below for 10% off anything on
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the store rep are.com, guys. That was our show.
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If you enjoyed the show, you know what to do.
58:56
So, of course, you want to continue hearing the cat just
59:00
trucked. It fails from the second.
59:02
I laugh every time genuinely because I'm thinking about all
59:05
these things at the central Bankers are doing absolutely
59:08
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59:12
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59:16
For many episode, the quote are awesome guests with shit coins.
59:20
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