Latest / Simply Bitcoin / Max Keiser: Bitcoin to $500k, Saylor Doubles Down! | EP 1011

Transcript

Max Keiser: Bitcoin to $500k, Saylor Doubles Down! | EP 1011 · Simply Bitcoin

• 0:02
  It's. All going to zero against
• 0:05
  Bitcoin. It's.
• 0:06
  Going on forever, you're. Against Bitcoin you're against
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  freedom yo we're going to simply Bitcoin live your number one
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  source for the peaceful Bitcoin revolution car breaking news
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  culture mining warfare. We will be your guide through
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  the separation of money and state.
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  Ladies and gentlemen, you're tuned in to simply Bitcoin Live,
• 0:31
  the most watched daily Bitcoin live show on YouTube.
• 0:34
  Rumble and exit back, relax, enjoy the ride.
• 0:36
  Lots to cover today. Lots of breaking news.
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  I mean, so many things have happened over the two weeks over
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  these last two weeks that just these are things that I thought
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  were going to happen over the next four years, but they've
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  happened a lot quicker than I realized.
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  So of course you had what we were covering yesterday.
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  We have a potential future U.S. President going out and
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  basically said, like I would protect Bitcoin miners in the
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  United States. And what we've seen over the
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  last couple days is essentially a change in tune from not so
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  much in their actions, but in their words from the Biden
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  administration, which I find absolutely fascinating.
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  Here's an there's a, there's an article dropped by the block
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  yesterday. It says Biden campaign and talks
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  to accept crypto donations. Now, of course, they're just
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  pandering, right? Like, I don't think it has
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  anything to do with the fact that they've changed their their
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  mind. And we're going to talk about
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  the that today. But I think that they're
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  realizing that this isn't necessarily a popular thing with
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  their voters. So I just find it interesting
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  that they're trying to walk it back and it tells me something
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  that we've been talking about these last couple days.
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  It's, it's not that Bitcoin needs Trump or RFK, it's that
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  Trump and RFK and now Biden need Bitcoin in order to win an
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  election here in the USI think that is a testament to the power
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  of our movement. And I can't wait to see what
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  we're going to be, you know, in the next 5 to 10 years.
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  Remember, Bitcoin essentially was, was, was born out of
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  rebellion. It was, it was born out of, out
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  of a protest. Remember the message in the
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  genesis block Chancellor on the brink of the 2nd bailout for
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  banks. And here you are 15 years later,
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  and now presidents are going in and basically saying now they're
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  pandering to Bitcoiners in order to get votes, right?
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  So it it's I can't believe we're here.
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  This is insane. So, you know, I think things are
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  just going to get better from here.
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  And I think the sign of us, you know, achieving victory will be
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  Ross walking out of prison. I think that's like the final
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  sign. And Max Kaiser is basically
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  making the case that this is the reason that he believes that,
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  you know, we could potentially see a $500,000 Bitcoin as nation
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  states start to not attack Bitcoin, but pander towards
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  Bitcoin miners. And he's making the case.
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  And, you know, he, he's this is a term that he's coined, which
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  he calls it the hash rate war, that you'll see countries
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  competing for business for Bitcoin miners.
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  And we're already starting to see that in some countries,
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  right? You had, you had parrot the, you
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  know, the Paraguay government come out basically saying like,
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  look like, you know, this is good for our energy industry.
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  You had the Kingdom of Bhutan announced that they're going to
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  increase their mining operations.
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  They're teaming up with bit Deer.
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  And of course, you have El Salvador who's mining Bitcoin
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  with their excess geothermal electric capability.
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  So I just find that fascinating. And of course, the final thing,
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  Michael Saylor continues to use the infinite money glitch in
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  order to buy more Bitcoin. Absolute Chad.
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  Like he's used this multiple times.
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  Like he buys Bitcoin, the price of Bitcoin goes up, the price of
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  his stock goes up, and then he he borrows against his stock in
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  order to get more cash in order to buy more Bitcoin.
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  It's like this self fulfilling prophecy.
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  And we read you a post on Stacker News by Jimmy Song that
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  was basically making the case that this is the speculative
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  attack on the dollar. Like he's using the dollar
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  itself to like the, the Fiat system itself against it in a
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  way which I find absolutely fascinating.
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  Like he's using, you know, Fiat, something that you know, there's
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  no cap to buy, something that there's a, you know, cap supply
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  of. I don't know how that's going to
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  end, but I do find it funny and interesting.
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  Anyways, I do want to bring up my legendary Co host.
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  He is OPT. He was always optimistic.
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  That's why they call him Optimus Fields.
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  How you doing Opti? Honestly, I'm a little cook
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  today. My sleeping schedule's all
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  messed up this week, my elbow feels broken.
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  I don't know what I did, but yeah, I'm struggling today,
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  Nico. I'm struggling, but still
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  optimistic. But man, I'm hurting.
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  I'm. I'm you don't sound very
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  optimistic. It's still a more way of life,
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  but man, my elbow hurts so bad. I have no idea what I did.
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  I'm yeah, I'm in pain over here. I'm in pain, guys.
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  But we show anyways does. Bitcoin fix this.
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  Not today, apparently, because I'm hurting.
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  So no, I'm going to say no. It's the only thing Bitcoin
• 4:59
  doesn't fix is my hurt elbow. Right now I'm.
• 5:02
  I'm wrecked oh man well guys, if you guys are enjoying the show
• 5:04
  so far, make sure to smash that like button and if you smash the
• 5:08
  like button, I heard that Opti will feel better so.
• 5:12
  I hope so. That is, you know, that could be
• 5:15
  a rumor, but I heard I think it's true maybe.
• 5:19
  What? If you smash the like button,
• 5:22
  you'll feel better. Sure, let's see.
• 5:25
  OK, close enough. Anyways, I do want to bring up
• 5:27
  age. I do want to bring up, I do want
• 5:30
  to bring up our guest for today. We have Kent in the house.
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  Kent is the CEO of SAS Mining. SAS Mining is the place to go if
• 5:38
  you want Bitcoin mining as service.
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  Anyways, Kent, thank you so much for joining us today, brother.
• 5:43
  Appreciate it. Kent, it seems like you're on
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  mute. Second time I've done that, man.
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  Hey, it just seems like a live one.
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  I'm honored to be here and happy to happy to share my thoughts.
• 5:57
  And yeah, we make mining as a service accessible to the
• 6:00
  masses. So yeah, you want to DCA a
• 6:02
  different way? Come, come check us out.
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  I love that DCAA different way and you guys, you we got a
• 6:08
  surprise for you guys, man, because I think that's a that's
• 6:12
  an interesting concept for a lot of people.
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  Like people don't realize maybe it's a stretch to say this,
• 6:16
  Kent, but you were explaining it to me before we went on air and
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  I thought I'd find it. I found it fascinating, which is
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  this idea that you can get Bitcoin at a discount if you
• 6:27
  mine it instead of you buy it instead of buying it.
• 6:31
  That's totally accurate. So if we're using a third party
• 6:35
  model, the Galaxy Digital put it out a couple years ago, we just
• 6:39
  plug in the numbers on the mining opportunity and it looks
• 6:43
  at, hey, what is it cost to mine a Bitcoin today?
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  And right now that cost is 45,000.
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  So you know, if you're mining a Bitcoin today was as mining with
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  one of the mining rigs that we offer, we offer two.
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  Then you are your DCA into a Bitcoin position had about a 30%
• 7:01
  discount to the price of Bitcoin on an exchange.
• 7:04
  So you are stacking more SAT's for your dollar.
• 7:07
  That's awesome, man. This is, it's awesome.
• 7:10
  It's fascinating, and I'm sure some people are in the audience
• 7:13
  are gonna find it very, very interesting.
• 7:16
  Cuz that's a crazy concept. Like it almost sounds too good
• 7:19
  to be true in a way. Well, yeah, I think that's just
• 7:22
  it. And I think it took me a couple
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  of years of working here at SAS mining and sort of analyzing the
• 7:28
  value proposition to realize like, hey, why is there so much
• 7:32
  capital flowing into the Bitcoin mining space?
• 7:35
  And it took me actually just taking and putting the price of
• 7:38
  Bitcoin on exchange, which we all know love, watch and track
• 7:41
  every, you know, probably 5 minutes for most of us that
• 7:44
  really geek out on the price. But when you actually compare
• 7:47
  the value proposition to mining to that price, you realize This
• 7:51
  is why capital's flowing in. And to date, nobody has really
• 7:55
  made that accessible to the masses.
• 7:56
  And that's been our aim. So it's a different value
• 8:00
  proposition or different counterparty risk than going to
• 8:03
  an exchange, right? And there's different set of
• 8:05
  risks. But at the end of the day,
• 8:06
  you're just buying a piece of hardware, you're paying for your
• 8:09
  electricity on a month in, month out basis and you're getting
• 8:13
  Bitcoin to your wallet. And that is from a cost average
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  standpoint cheaper than any of the DCA products or exchange
• 8:22
  products that are out there. Absolutely, man.
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  Well, I can't wait to hear more about it and we're going to
• 8:26
  cover it in depth during the culture segment.
• 8:28
  But before we start the show, I do want to give a very special
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  8.25%. In the grand scheme of things we
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  are just getting the party started.
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  Anyways in other news, like I was saying in the beginning,
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  Michael Saylor is using the infinite money glitch to stack
• 12:22
  more Bitcoin. Don't we all wish we had a giant
• 12:24
  public company behind us that we could leverage using the Fiat
• 12:27
  debt system to buy more Bitcoin? Anyways here is the official
• 12:31
  press release. Micro strategy announces
• 12:33
  proposed private offering of 500 million of convertible senior
• 12:38
  notes. Anyways, here is Michael Saylor
• 12:41
  announcing it on Twitter. I think it was this morning that
• 12:43
  he made the announcement, right? Very, very early in the morning,
• 12:46
  6:37 AM, He wanted to let the world know.
• 12:49
  Here's some more information from Bitcoin Magazine.
• 12:53
  Anyways, it goes on to say micro strategy by led by CEO Michael
• 12:57
  Saylor announced it will raise 500 million through a private
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  offering of convertible senior notes.
• 13:02
  The proceeds will fund additional purchases, furthering
• 13:05
  its corporate Bitcoin accumulation strategy.
• 13:07
  MicroStrategy is already the largest public company holder of
• 13:10
  Bitcoin, with over 214,000 BTC worth 15 billion on its balance
• 13:14
  sheet starting in 2020. Under Sailor's direction, it
• 13:18
  adopted Bitcoin as its primary reserve asset.
• 13:20
  Its average purchase price per Bitcoin remains 35,000, while
• 13:24
  Bitcoin trading nearly 68,000. The firm is still significantly
• 13:28
  in the green on its holdings. The latest $500 million capital
• 13:31
  raise comes via selling convertible senior notes to
• 13:34
  qualified institutional buyers. The notes will pay interest semi
• 13:37
  annually and mature in 2032 unless converted and or redeemed
• 13:42
  earlier, according to the announcement.
• 13:44
  MicroStrategy may use the funds for general general corporate
• 13:47
  purposes, but Bitcoin acquisition remains a priority.
• 13:50
  The company will also grant initial purchasers an option to
• 13:54
  buy an additional $75 million in notes.
• 13:57
  Microstrategy's Bitcoin buying obsession has made it a Wall
• 14:00
  Street proxy for Bitcoin itself. The company's stock often rises
• 14:04
  in the falls with bitcoins price movements.
• 14:06
  With investors betting on bitcoins upside with the latest
• 14:09
  capital injection, MicroStrategy is signaling its conviction that
• 14:13
  Bitcoin will continue appreciating over the long term.
• 14:15
  Sailor is ready to double down by acquiring more coins while
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  prices remain relatively low. I mean, like, what is that but
• 14:24
  not conviction, right? What is that but not conviction?
• 14:27
  Now I'll pass it on to you, Kent.
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  Like is he like he's done? He's used this glitch many
• 14:32
  times. Is there at any any moment that
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  he could potentially get in in trouble?
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  Like if if Bitcoin starts going down in price, you know, could
• 14:42
  that potentially put him in a tough spot?
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  Like it's just I like, I wish I had this giant corporation
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  behind me. Like, this is not this is.
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  I didn't even know this was a thing, but I think it just
• 14:53
  highlights the insanity that is the Fiat system.
• 14:57
  Yeah, I, I, I don't know it, I'm certain that there's some sort
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  of price where he could get in trouble with the low leverage
• 15:03
  bet that he's putting on Bitcoin here.
• 15:05
  But his conviction is just otherworldly.
• 15:07
  And it just makes me think, you know, he's he's sort of vying
• 15:10
  with Elon Musk, in my opinion, for God, king of planet earth
• 15:14
  here. You know, they're both, they're
• 15:15
  both angling for just supreme, you know, power by by the amount
• 15:21
  of value that they have under their belts.
• 15:23
  And I, I love it. I love watching him do his
• 15:26
  thing. I think the only thing I find
• 15:27
  really fascinating about his approach is that he, he, he
• 15:32
  always, he never attacks the dollar publicly in his speech,
• 15:37
  yet he does so with his actions. And I think that that's
• 15:40
  fascinating to watch because I think the actions mean a lot
• 15:42
  more than than words here. And, you know, if he, if he
• 15:46
  winds up being like the billionaire role model for other
• 15:50
  publicly traded companies out there, like more power to him.
• 15:54
  You know, I just hope he's the Pied piper leading, leading all
• 15:57
  the folks to the same same playbook because it helps us
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  all. Absolutely, Opti, what's your,
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  what's your take on this? We have Elaine in the chat.
• 16:05
  Sailor addicted to Bitcoin 1,000,000% man, it, it I think
• 16:09
  can't hit the nail on the head. Like Sailor is obviously, you
• 16:13
  know, he's, he's looking at Elon.
• 16:15
  He's like, man, you know, you got Tesla, I got Bitcoin, bro.
• 16:19
  So I mean that's let's see what happens.
• 16:23
  Let's see what happens. Anyways, Opti, what's your take
• 16:24
  on all this brother? Yeah, I mean, I'm not surprised
• 16:28
  at all that sailors continuing to use the infinite money
• 16:31
  glitch. Like you said, I've been joking
• 16:33
  for a while. If we had the same opportunity,
• 16:35
  we'd probably be doing the same thing.
• 16:38
  And to kind of answer your question, can Sailor get in
• 16:42
  trouble? I think first and foremost, I'm
• 16:44
  pretty sure he's in the green by now.
• 16:46
  So like anything he buys on top of here is just only going to
• 16:50
  increase his profits. And the second thing is, I
• 16:54
  remember watching some of the Sailor interviews about when he
• 16:58
  did this micro strategy strategy.
• 17:01
  And it seems like every one of his shareholders and people on
• 17:04
  his board are completely on board with the Bitcoin strategy.
• 17:06
  So at this point, like I don't think he's going to ever get in
• 17:11
  trouble again. And then the Third Point like
• 17:13
  most of these loans and I didn't look at the specifics on this
• 17:17
  one, but I'm guessing it's all roughly the same loan.
• 17:20
  It's pretty much like free money for like 5 to six years.
• 17:22
  So like, I don't, I don't think he's worried about.
• 17:25
  It at all? He's just like, I'm trying to
• 17:27
  get as much Bitcoin as possible at these prices.
• 17:30
  And it really makes me think that he's trying to keep up with
• 17:33
  the demand coming into the ETFs and all that stuff because
• 17:36
  they're scooping up so much Bitcoin.
• 17:38
  And I think he sees the writing on the wall as well where he's
• 17:41
  like, look, it's only a matter of time until this price gets
• 17:44
  ridiculously expensive. I'm not going to be able to get
• 17:46
  as much Bitcoin that I used to. It's like what we always say,
• 17:50
  you know, once you when you first start stacking Bitcoin,
• 17:52
  you know, the coins you accumulate like it makes a debt
• 17:55
  in your Bitcoin holdings. And after a while you're like,
• 17:58
  it doesn't matter how much I buy at these prices, I'm not getting
• 18:01
  as much Bitcoin as I used to. And even though sailors doing
• 18:04
  this on an incredible level, he's probably feeling the same
• 18:07
  way. He's like, man, I'm not getting
• 18:08
  as much Bitcoin as I used to. Like this 500 million buys are
• 18:12
  not like they used to be. And he's like, I need more
• 18:15
  Bitcoin. So hey, man, more power to him.
• 18:18
  But yeah, he's definitely buying for God King on planet Earth.
• 18:22
  He's probably already the richest person, will eventually
• 18:25
  be the first trillionaire on planet Earth.
• 18:27
  You heard it here first. Oh, man, yeah, dude, that's an
• 18:30
  absolute fact. All right, everybody.
• 18:32
  I mean, it feels like it. It feels like it.
• 18:34
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  quickly. Anyways, let's move on to the
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  news lots to talk about today. I'm really excited.
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• 21:01
  All right, everybody, let's talk about this because this is this
• 21:05
  is a bit this someone in the chat.
• 21:07
  Opti is so annoying. Usually it's about me Opti.
• 21:09
  I don't know what's going on. I don't know what you're doing
• 21:11
  there. I have.
• 21:12
  A I have a nasally voice. I I get it.
• 21:14
  If you guys are enjoying the show so far, make sure to smash
• 21:17
  that like button really really helps with the algos.
• 21:20
  We're about to break 1000 live viewers between YouTube and X.
• 21:23
  If you add Rumble, we've already broken 1000 live viewers.
• 21:26
  So shout out to everybody who's watching live anyways.
• 21:29
  Anyways, Nico and Kent are battling for beard suppressed
• 21:32
  supremacy these days. I love it.
• 21:35
  All right, here's David Bailey, CEO of Bitcoin magazine.
• 21:37
  He says in just 15 years, our rebellion has grown into one of
• 21:41
  the world's most powerful political movements in the
• 21:43
  world. Our resources and followers
• 21:46
  double every year. Bitcoin is an unmovable object
• 21:49
  and it cannot be negotiated with or outmaneuvered.
• 21:52
  Change is coming gradually, then suddenly.
• 21:56
  And I think it's happening. And the way that you're seeing
• 21:58
  this is this is the signal, ladies and gentlemen.
• 22:02
  Biden campaign in talks to accept crypto donations.
• 22:06
  The article was initially dropped by the publish, the
• 22:11
  publisher, the Block. Here's Nick Carter kind of
• 22:14
  making fun of it. And he says White House campaign
• 22:16
  strategy. We've been harassing crypto for
• 22:18
  four years and it might cost us an election.
• 22:20
  What should we do junior aide? Undo some of those anti crypto
• 22:23
  policies? The strategist.
• 22:25
  No, that won't do Mr. President Biden is asleep.
• 22:28
  Senior aide. What about a minuscule cosmic
• 22:30
  change which alters absolutely nothing but allows us to posture
• 22:33
  as being probic pro crypto? And then in parentheses, it says
• 22:37
  Biden giggles in his sleep dreaming about ice cream.
• 22:40
  His aides interpret it. Oh, man, dude, that is
• 22:46
  absolutely savage. And normally, you know, I, I
• 22:49
  wouldn't, I would, I would remain neutral.
• 22:52
  But again, I think, I think his administration has been
• 22:55
  extremely hostile. And we have to remember they
• 22:57
  made it political. We didn't make it political.
• 23:00
  It was them that made it political.
• 23:02
  So I mean, it's just interesting that they're trying to walk it
• 23:05
  back. And again, like, I, I think it's
• 23:08
  important that we remember all the things that they've done cuz
• 23:11
  it's, we talk a lot about this, but I think it's important to
• 23:14
  remember what are the actual things.
• 23:16
  And I think Nick Carter, like laid it out perfectly in this
• 23:20
  suite. And it says under Biden, the
• 23:22
  administration bullied the banks into dropping crypto clients,
• 23:25
  engaged in law fair against every major exchange and token
• 23:28
  project. Harassed Bitcoin miners and
• 23:30
  tried to bully utilities into dropping them.
• 23:33
  Forced a great number of high quality projects and stable
• 23:36
  coins abroad. Refused to clarify securities
• 23:38
  law while haphazardly enforcing it.
• 23:41
  Block balled the Bitcoin ETF until the court forced approved.
• 23:45
  Made D5 virtually illegal in the US Made participating in Dallas
• 23:48
  legally risky. Made blockchain privacy
• 23:50
  effectively illegal. Refused to let banks touch
• 23:52
  crypto. Veto the overturn of that rule
• 23:55
  which Congress protested. Dropped crypto specific bank
• 23:58
  charters and denied charters to new crypto focused banks.
• 24:01
  Refused to pass any clarifying legislation until crypto becomes
• 24:05
  existential for the campaign and they have the absolute temidry
• 24:09
  to think we're going to donate crypto to the I mean, that's a
• 24:12
  good point. Like this is like like they're
• 24:16
  pandering, but like it's like, I don't believe it.
• 24:19
  It's just like they haven't changed too.
• 24:21
  Like the guy vetoed one of the, you know, one of the most recent
• 24:25
  things that they tried to pass in Congress like recently.
• 24:28
  So I just don't believe it. And it's just interesting how
• 24:31
  this has escalated so quickly. I think a lot of us inherently
• 24:35
  knew that and that eventually there was going to be a clash.
• 24:38
  This is the separation of money in state.
• 24:40
  I just didn't think we're going to, you know, it was going to
• 24:42
  just become this like mainstream issues so quickly.
• 24:47
  And I think that's, you know, Trump going out and meeting with
• 24:52
  the CEOs of these public miners and, you know, saying basically
• 24:56
  like, look, I'll be anti CBDC pro Bitcoin.
• 24:58
  We'll I'll protect the Bitcoin. He didn't even say I'll protect
• 25:00
  the Bitcoin mining. She's like, I want all the
• 25:02
  Bitcoin to be mined in the USA. Like that is absolutely nuts,
• 25:05
  which is not a good thing, but is a good thing in the sense
• 25:08
  that it will get nation states to compete for the hash rate.
• 25:13
  Max Kaiser calls this the hash roar, right?
• 25:15
  And he says he's making basically making the argument
• 25:18
  that this hash roar, that this hash rate war is going to be one
• 25:22
  of the catalysts that sends Bitcoin to potentially 500K
• 25:25
  according to Max Kaiser anyways. And the article goes on to say
• 25:30
  Bitcoin will hit 500,000 because the United States will start a
• 25:32
  giant hash war with Iran and Venezuela.
• 25:35
  And it's already started. In the latest episode of the
• 25:37
  Kaiser Report TV show, Max Kaiser predicted that the
• 25:40
  Iranian and Venezuela regimes wood forest the Trump
• 25:42
  administration to embrace BTC. You know what's crazy about
• 25:45
  this? This was written in 20/20/2020.
• 25:50
  Hit the nail on the effing head. Anyways, in the latest episode
• 25:54
  of his Kaiser Report TV show, Max Kaiser predicted that the
• 25:57
  Iranian and Venezuelan regimes wood forest the Trump
• 25:59
  administration to embrace BTC. And it goes on to say thanks.
• 26:03
  Since Iran potentially controlling 3% of the Bitcoin
• 26:05
  hash rate already and Venezuela briefly, the US joining the
• 26:08
  fight for Bitcoin supremacy is only a matter of time.
• 26:11
  And then at some point America will say we've got to enter the
• 26:14
  21st century race of mining Bitcoin.
• 26:17
  And then they'll seek to they'll, they'll try to seek 20%
• 26:20
  of the hash rate and then security goes up dramatically
• 26:23
  and the price goes to 400 to 500,000.
• 26:26
  For Kaiser repeating previous arguments, Bitcoin represents
• 26:29
  the Reformation of free speech, which governments deny citizens
• 26:32
  by controlling the currency and therefore the in the entirety of
• 26:36
  their position within the state. Quote.
• 26:38
  Bitcoin is the Mona Lisa of the 21st century.
• 26:40
  It's self aware, it's observing us through the quantum
• 26:43
  mechanical aspects of technology and it's channeling the eyes of
• 26:46
  God. Whoa, OK, so this is God looking
• 26:49
  at us through the protocol and trying to figure out how do we
• 26:52
  fix this human species because they've gone way off track due
• 26:56
  to central banking, unsensible, unconfiscatable, indestructible
• 26:59
  wealth. The current situation on macro
• 27:02
  matters versus the suffering of many Americans.
• 27:05
  And he's referencing some of the political speeches that happened
• 27:08
  over the last four years, anger with the government and the
• 27:11
  dilution of the US dollar. Contrast with stock markets
• 27:14
  seeing seeing their best quarters since 2011.
• 27:17
  At the same time, the Federal Reserve has taken ownership of
• 27:20
  huge, huge chunks of equity markets equal to 30% of USGDP.
• 27:25
  I mean, here's the last quote he says.
• 27:27
  The truth is, if you want individual sovereignty, if you
• 27:30
  want justice, if you want unsensible, unconfiscatable,
• 27:33
  indestructible wealth, there's only one way to go and that's
• 27:36
  Bitcoin. I mean, dude, like, I don't even
• 27:39
  know what else to say. Like this is absolutely insane
• 27:42
  that he wrote this article back in 20.
• 27:45
  And I'll give simply some credit too.
• 27:47
  I mean, Opti, I think we said like multiple times when we were
• 27:50
  talking on the show, especially when the Biden administration
• 27:53
  initially took their steps towards the industry.
• 27:57
  And I think really the straw that broke the camel's back is
• 28:00
  the arrest of the samurai guys. I saw the industry just wake up
• 28:05
  after that happened. That was like a catalyst.
• 28:07
  That was like the moment that sparked something.
• 28:10
  I remember I was so upset. And before that we on simply
• 28:15
  Bitcoin, we've always taken this, you know, this, this
• 28:19
  neutral stance when it came to it.
• 28:21
  But that that episode, I came to the realization that like, look,
• 28:24
  use common sense. There's two sides RFK there,
• 28:28
  there's two sides, RFK junior and Trump on one side that have
• 28:31
  taken an anti CBDC stance, a pro Bitcoin stance.
• 28:35
  And on the other side, you have a president who has taken an
• 28:39
  anti Bitcoin stance and a pro CBDC stance.
• 28:43
  And I said like, look, like I think this is inevitable.
• 28:45
  I think that this is going to become political and it, and it
• 28:48
  started like ever so slowly. Like initially it was the, it
• 28:51
  wasn't any of the primary candidates.
• 28:53
  It was like RFK, it was Ron DeSantis, you know, it's like
• 28:57
  people on the side, but it wasn't really anyone in the top.
• 29:00
  And then all of a sudden, like the more they press, it's almost
• 29:04
  as if the more Bitcoin, the more stronger Bitcoin gets, right,
• 29:08
  Which doesn't surprise me, but it's just, it's, it's still
• 29:11
  surprising to see for the first time because you're seeing it in
• 29:16
  discussions that you would have never have imagined.
• 29:18
  Like I remember 2017 like we, like, I could never like that.
• 29:23
  You could have never have imagined this in your wildest
• 29:25
  dreams. Yet here we are, which I find
• 29:28
  interesting. Now I'll pass it on to Kent.
• 29:31
  Kent. I mean, I, I think Kaiser hit
• 29:33
  the nail on the head and I think he was just, he understood, he
• 29:36
  understands the game theory of Bitcoin.
• 29:38
  If you understand the game theory of Bitcoin, then a lot of
• 29:40
  these predictions, it's not like a question of will this happen,
• 29:45
  It's a question of when will this happen.
• 29:48
  If you understand Bitcoins incentives, you fundamentally
• 29:50
  understand at the core that we've already won.
• 29:53
  What they could do is they could try to slow it, but they can't
• 29:55
  stop it. And if they can't stop it, then
• 29:58
  it's just a matter of time before countries worldwide,
• 30:01
  which by the way, when Kaiser wrote that article, Bhutan
• 30:05
  wasn't mining Bitcoin, El Salvador wasn't mining Bitcoin.
• 30:10
  I remember there was a change in tune by the government of
• 30:12
  Paraguay. They went from, oh, we have to
• 30:14
  ban this thing to actually, no, this is an essential part of the
• 30:17
  energy sector. But this is happening worldwide
• 30:21
  where you see politicians attack Bitcoin and they fall flat.
• 30:24
  And it's just fascinating to see.
• 30:26
  What's your take, Ken? Man, I just think Satoshi
• 30:31
  harnessed human self-interest and I think we all capitulate at
• 30:36
  some point or another to the incentives of Bitcoin.
• 30:38
  And it is inevitable from my standpoint.
• 30:42
  And it has to be fought for. And I think that all the all the
• 30:46
  plebs and Bitcoiners that have been in the ring fighting to
• 30:51
  drive adoption here is ultimately what pushed it up to
• 30:54
  the political class, the RF KS and the and the Trump's.
• 30:58
  I mean, you look at it, they're politicians that need votes,
• 31:01
  right? And they realize that there's
• 31:03
  enough of us out there that our vote carries water and they need
• 31:07
  to cater to it. And it is not a surprise to me
• 31:10
  that we see even the Biden camp starting to put lipstick on a
• 31:14
  pig with their approach here to saying they're pro Bitcoin,
• 31:17
  right? So none of this seems shocking
• 31:20
  or surprising except for the pace, right?
• 31:23
  I think that that is the thing that that gets me as well.
• 31:26
  Nico is holy cow. Like I got in, got my first corn
• 31:29
  at the end of 2015. And remember reading people, you
• 31:34
  know, the O GS, like, holy cow, this is this is going to play
• 31:37
  out in XYZ sort of way. And it's like, yeah, I guess I
• 31:39
  can kind of see that. And now to see it like playing
• 31:43
  out exactly as prescribed and you've got the profit like Max
• 31:47
  Keiser, which I don't know any other word to accurately
• 31:50
  describe him. Don't agree with all of his
• 31:51
  takes, but he's been dead on the money following incentives all
• 31:54
  the way through since Bitcoin was what, 1/4?
• 31:57
  I mean, it's just phenomenal to see how how, how accurately you
• 32:01
  can predict the future with Bitcoin's adoption just given
• 32:05
  the incentives that are inherent in the system.
• 32:07
  So yeah, I continue to just grow more and more bullish and and
• 32:11
  convinced and convicted in my in my holdings of Bitcoin.
• 32:15
  Absolutely. I mean that that's something
• 32:17
  like it, it, it, you know, as time progresses it it's just
• 32:22
  'cause you go, you spend, I would say the first two years in
• 32:25
  Bitcoin like questioning your actions like like, you know, can
• 32:28
  this thing be banned? Could this thing be stopped?
• 32:32
  This this thing like are my private keys OK?
• 32:34
  How's myself custody? Like you go through like, what
• 32:36
  is mining? Like you go through this like
• 32:38
  rabbit hole of existential questions of like what am I
• 32:41
  doing and what I'm, what is this, you know, and then
• 32:44
  sprinkle into that the price action, which like just fucks
• 32:47
  with your emotions and paddling it easy on you.
• 32:50
  Like it's easy in practice. It's not easy in, in the, in
• 32:53
  actually doing it. But through that kind of rabbit
• 32:56
  hole through, you know, going through the gauntlet, of course,
• 32:59
  your conviction gets stronger. You start to learn a lot
• 33:02
  everything and anything about Bitcoin 'cause you're as your
• 33:05
  net worth goes up, you're like, what am I actually holding?
• 33:07
  What is this like? Do I really actually own those
• 33:10
  private keys? Like am I taking self cussy?
• 33:12
  Am I running a node? You know, should I get into my
• 33:14
  you go through all of these kind of questions as an individual,
• 33:18
  as a Bitcoin holder and it's I think it's just part of the
• 33:20
  course anyways, Opti, what's your what's your take on this
• 33:23
  bro? That was some like, you know,
• 33:27
  crazy next level like Alex Jones, the the futures news
• 33:32
  today prediction by Kaiser. Dude, he actually, he hit the
• 33:36
  ball out of the park, bro calling that Trump inevitably
• 33:40
  getting into Bitcoin back in 2020.
• 33:43
  It's, it's, it's absolutely insane.
• 33:45
  Yeah, I mean, Max Kaiser is the type of cosmic Bitcoin rants and
• 33:51
  content that I'm here for. That's and and it really just
• 33:59
  goes to show if you stay bullet hearted enough and you work from
• 34:02
  first print first principles like Bitcoin fundamentals, you
• 34:05
  will always be right on a long enough time frame, you will
• 34:07
  always be right. So shut up, Max Kaiser News that
• 34:12
  we saw come out yesterday. It it's too little too late as
• 34:15
  far as I'm concerned. And I really just can't wait
• 34:18
  until the Biden administration flip flops on that stance next
• 34:21
  week as well, because that seems to be the pattern that, you
• 34:25
  know, embrace it a little bit. And then the next week they do
• 34:27
  something to undermine their position.
• 34:29
  So I'm guessing next week we'll see something else that that
• 34:33
  basically plays into that pattern.
• 34:35
  And I'd like to everyone in the chat basically saying and where
• 34:39
  we all are, are agreeing and saying the same thing.
• 34:41
  Like we all know politicians pander to get votes, but this is
• 34:45
  the worst kind and the most ineffective form of persuasion
• 34:48
  I've seen from a politician in a long time, which I think is
• 34:52
  saying something, you know, like, I'm glad that we brought
• 34:54
  up the Nick Carter tweet because it lays out everything they've
• 34:57
  done the last couple of years to fight Bitcoin.
• 35:00
  And now they're like, oh, look, we're taking Bitcoin donations.
• 35:02
  We're cool. It's literally like the the
• 35:04
  Steve Buscemi meme. Like, hello, fellow kids.
• 35:07
  Like I'm here to join the party. And it's like, man, this is not
• 35:10
  going to get votes. And of course, I, I, I'd be
• 35:14
  remissed here if I didn't say, don't give politicians your
• 35:17
  Bitcoin, any side of the aisle huddle your Bitcoin.
• 35:20
  This is the point of stacking Bitcoin.
• 35:22
  It's to, you know, make a vote to opt out of the system.
• 35:25
  And the more money you give them, the longer they stay in
• 35:28
  power. So as much as they want our
• 35:30
  Bitcoin, don't give it to them. But it really just goes to show
• 35:33
  a very pivotal point that we've been saying for a long time.
• 35:36
  And now at least it's breaking into the mainstream of just how
• 35:39
  powerful a movement and a political class, quote UN quote,
• 35:43
  if if I could say that that Bitcoin is are.
• 35:45
  And I remember saying this last year, and I always forget in
• 35:48
  regards to what the topic was, but something came out from
• 35:52
  Washington, DC. It was some, I forget, they were
• 35:55
  like fighting Bitcoin and Bitcoiners stood up.
• 35:57
  And in one of the official articles coming out from the
• 36:00
  legacy media, they basically said that as a voting bloc,
• 36:04
  Bitcoiners are one of the biggest voting blocs and hence
• 36:06
  why they're trying to pander for our vote and hence why they're
• 36:09
  now trying to make sure that they're on our side.
• 36:12
  So just goes to show that as a Bitcoiner, we're on the right
• 36:16
  side of history. No amount of gaslighting is
• 36:18
  going to stop this movement. And now, you know, I mean,
• 36:22
  obviously if you study Bitcoin, you've been around Bitcoin long
• 36:24
  enough, then, you know, you're right.
• 36:26
  But now you're starting to see this play out.
• 36:28
  And we've been saying for a while, like we thought this was
• 36:30
  going to play out a couple years from now and it's happening
• 36:32
  quicker than we thought. So, you know, 500 K this year or
• 36:36
  next year, Nico, I, I agree with Kaiser.
• 36:38
  Let's go Bull market incoming. Let's go.
• 36:40
  And it's important to remember everybody.
• 36:42
  And also shout out to Balaji because he absolutely hit
• 36:47
  Balaji. Thanks, Opti.
• 36:49
  He killed it with this. The next one isn't red versus
• 36:53
  blue, it's orange versus green, BTC versus USD for all the
• 36:58
  marbles. Like, absolutely hit the nail on
• 37:02
  the head with this. This is something that we've
• 37:03
  been echoing on the show many, many times.
• 37:07
  Honestly, I thought I coined it, but apparently not.
• 37:10
  But wow, it's something. Niko just straight up ripping.
• 37:14
  Stuff down. I mean I didn't.
• 37:16
  This is the first time someone someone tweeted this.
• 37:19
  I think it was in our Telegram or something in the orange pull
• 37:21
  up and I was like, holy crap, this is something that we've
• 37:25
  been saying on the show. So I think it's important to
• 37:27
  remember that guys, fundamentally it's not Democrat
• 37:30
  versus Republican, it's not red versus blue, it's not liberal
• 37:33
  versus conservative. Really it's people that are pro
• 37:37
  Bitcoin or anti Bitcoin. If you're anti Bitcoin, I can
• 37:41
  tell you that you're pro censorship, most likely, that
• 37:43
  you're pro authoritarian, you're pro war, you're pro slavery and
• 37:48
  all those things. Like if you're pro Fiat, if
• 37:50
  you're pro USD, you're all those things because I don't think
• 37:54
  Fiat can exist without an element of coercion.
• 37:56
  It needs to coerce people into the system versus Bitcoin, it's
• 38:01
  a voluntary system. It's just bitcoins incentives,
• 38:03
  like Bitcoins incentives are the best.
• 38:05
  That's why people adopt it. There is no government trying to
• 38:08
  coerce people into using Bitcoin.
• 38:09
  It's just people are just like, this is superior money.
• 38:11
  This is better for me and my family.
• 38:13
  That's why I'm going to use it, right?
• 38:15
  So I find that really, really interesting.
• 38:16
  And that's something important to keep in mind as this election
• 38:20
  year moves forward. And during election years,
• 38:23
  things get heated, right? Things get heated.
• 38:26
  People are like, they don't like certain political candidates.
• 38:28
  And what I got to say is that look, there's two candidates
• 38:31
  that are pro Bitcoin. We have Trump and we have RFK.
• 38:34
  If you don't like Trump, then vote RFK.
• 38:37
  But what I can tell you is that if you vote Biden, you're voting
• 38:40
  for Fiat, you're voting for pro CDBCBDC.
• 38:46
  And I would say that's not a good thing in my opinion
• 38:49
  anyways. Or you could take the camp of
• 38:51
  Opti, right, which is like acceleration is maxi.
• 38:55
  It's like, let's just set the like, let the system burn even
• 38:58
  quicker. Let the final battle commence so
• 39:00
  we can win once and for all. Personally, I don't want to be
• 39:04
  in a gulag, but that's, you know, that's.
• 39:07
  The gulags are going to be lit. I don't know what you're talking
• 39:09
  about. Do you think they'll let us live
• 39:10
  stream from the gulag? We're basically already doing
• 39:14
  it, so yes. That's deep, that's deep all
• 39:17
  right, everybody, before we get on to the culture and talk about
• 39:21
  SAS mining talk also about Kent, I do want to give a very special
• 39:25
  shout out to our leads. No, these Potter, one of our
• 39:28
  sponsors, a great sponsor. Of course I'm talking about
• 39:31
  orange pill app. It's it's the Bitcoin social
• 39:34
  layer stack friends who stack SAT's joined the 10,826 bit
• 39:39
  corners that are currently on the app has a really cool
• 39:43
  geographical feature. So if you're traveling, you move
• 39:45
  to a new city, you don't know any bit corners near you.
• 39:48
  You can pull up the orange pull up and it will literally show
• 39:50
  you. Has also a a filtration system
• 39:53
  so you'll only find like minded and fellow bit corners on the
• 39:56
  application is the best place to DM me.
• 39:59
  Can't really find me anywhere else.
• 40:01
  So if you want to reach me directly, I do answer every
• 40:03
  single person that sends me a message on orange pull up you
• 40:06
  can find me. On Orange Palat.
• 40:07
  All right, everybody, let's get to the culture.
• 40:10
  Talk about SAS mining. Here we go.
• 40:15
  The daily culture. All right, everybody, I do want
• 40:24
  to give a shout out to our sponsor as well.
• 40:26
  Kabir Racks. The best place, the most trusted
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  place to buy, sell and host money human.
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  Check out their racks today by scanning the QR code on your
• 40:33
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• 40:40
  sales team. They make purchasing their
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  products easy and transparent. You could also sell your mining
• 40:44
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• 40:49
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  They'll check out Boom Racks today.
• 40:52
  Scan the QR code or check the link in the video description
• 40:56
  saying did we miss the news? No, we hit the news, brother.
• 40:58
  We talked. About we talked about.
• 41:00
  Passport and Foundation and all that stuff.
• 41:03
  And. Anyways, today we're gonna talk
• 41:05
  about SAS Mining. SAS Mining is is an incredible
• 41:09
  company and for full clarity and transparency, I am an advisor,
• 41:13
  but I wouldn't be advising a company that I truly didn't
• 41:17
  believe in. So it's Bitcoin only and they're
• 41:20
  making the barrier to entry into mining incredibly.
• 41:24
  Like you guys are making it seamless.
• 41:26
  You guys are making it easy to do.
• 41:27
  And I love the, the, the, the me and Kent were talking earlier
• 41:32
  on. I'm like, dude, so like you're a
• 41:34
  Bitcoin hoster. He's like, no, Nico, we're
• 41:37
  Bitcoin mining as a service. And then I thought about him.
• 41:39
  Like, damn. It is.
• 41:41
  Absolutely. As a service.
• 41:43
  And that I think comes with the focus that you guys have paid
• 41:47
  attention to the UI, the focus that you guys have paid
• 41:51
  attention into your reputation, the focus that you guys have put
• 41:56
  into just the user experience overall, including the support
• 42:00
  as well. And I think that goes a long
• 42:03
  way, especially because I'm not gonna name any names, but I
• 42:07
  think the hosting industry gotten a bad name for itself
• 42:11
  over the last four or five years just because there were some
• 42:14
  players that didn't value all the things that I just
• 42:17
  mentioned. So.
• 42:19
  So, Kent, thank you so much for rejoining us on the show today,
• 42:22
  man. And excited to talk about SAS.
• 42:25
  Yeah. So we, we saw that when we set
• 42:30
  out right like we saw that reputational risk and we said,
• 42:33
  hey, you know, the only way to deal with hundreds of people in
• 42:38
  a, in a good equitable manner is to build software to automate
• 42:42
  processes, create transparency and pair it with quality
• 42:48
  customer service. And so that's what we aim to do
• 42:50
  from the very beginning, because we, we correctly deduced that
• 42:54
  just by building reputation, we could elevate ourselves above
• 42:58
  the masses. And so I'm, I think one of the
• 43:00
  things that I'm most proud about here at SAZ Mining is that we've
• 43:02
  only been growing by word of mouth, right?
• 43:05
  Like yourself that, that agreed to be an advisor after we've
• 43:09
  been delivering for clients. And you heard our service.
• 43:12
  That is how most people are finding us, right?
• 43:14
  We had some very early stage people that, that saw what we
• 43:17
  were up to and jumped aboard with our first data center in
• 43:20
  Wisconsin. And then from that we were able
• 43:23
  to to leverage a second data center that we are now almost
• 43:27
  done filling in Paraguay. And you know, giving that
• 43:31
  opportunity, proving that we can work across multiple nation
• 43:35
  states, I think has given us great leverage to to lean out in
• 43:39
  the market and say, hey, look, if you're looking for a place to
• 43:41
  DCA into a Bitcoin position and do so to lower costs in the
• 43:46
  exchange, like you can trust us, right?
• 43:48
  Because at the end of the day, there is no way to provide
• 43:51
  access to this opportunity without a high trust
• 43:55
  relationship with our clients because we have possession of
• 44:00
  their mining rigs, but it's their mining rigs, right.
• 44:02
  So that's just by definition a high trust relationship and we
• 44:05
  recognize that early on and leaned into it and, and
• 44:08
  thankfully we've been able to deliver and, and you know, you
• 44:12
  can see our Trustpilot reviews are reflecting that that we are
• 44:16
  delivering. Absolutely.
• 44:18
  If you were to give for any new viewers and like Nico, What the
• 44:21
  fuck is SAS mining? What are they talking about?
• 44:23
  What is Kent talking about? What are they even talking
• 44:25
  about? Can you give a quick elevator
• 44:27
  pitch one to two minutes? What is SAS mining?
• 44:30
  Why should people care? Yeah, so, so SAS mining, we make
• 44:34
  it easy to mine Bitcoin from from your home, right?
• 44:37
  So anywhere in the world, a couple clicks on our website and
• 44:41
  you can pick up a mining rig with us, buy it traditional
• 44:43
  e-commerce style. We procure it, get it shipped,
• 44:46
  delivered, deployed. Right now that's in Paraguay at
• 44:49
  our data center. And once it's deployed, you set
• 44:52
  up a Service plan and on a monthly basis, you get billed
• 44:56
  just for the electricity that your mining rig consumes.
• 44:59
  And all the Bitcoin that that mining rig produces gets
• 45:02
  delivered to your wallet address.
• 45:04
  So how does SAS Mining make money?
• 45:07
  We don't make money selling mining rigs.
• 45:08
  We don't make money selling electricity or maintenance.
• 45:11
  Where we do make money is taking just 15% of the block reward and
• 45:16
  having the mining pool split that upon payout so that we
• 45:19
  receive that to our Bitcoin wallet and you receive your 85%
• 45:23
  to your Bitcoin wallet. So we never touch your Bitcoin,
• 45:25
  It's yours the entire time. But because the only way we make
• 45:28
  money is the same way our clients do, that means we care
• 45:31
  about the exact same thing that clients do, which is, hey, how
• 45:34
  quickly can we get your rig live?
• 45:36
  How do we maximize its compute or hash rate?
• 45:40
  And how do we make sure that it is up as long as possible,
• 45:44
  regardless if there's curtailment or rig repairs that
• 45:48
  are needed. So yeah, that perfect alignment
• 45:50
  of incentives and transparency with how we make money I think
• 45:53
  has been a key asset as well. Absolutely.
• 45:55
  I mean, alignment of incentives as a bitcoiner, incentives make
• 45:59
  the world go round, right? And I think it's important for
• 46:02
  incentives to align because if not, it's like you're almost
• 46:06
  acting if someone is acting unnaturally if it's not, if the
• 46:10
  incentive structure is not aligned, right.
• 46:13
  So I fundamentally agree with that Opti.
• 46:16
  Yeah. Ken, I know you wanted to stress
• 46:20
  a point here about you believing that SAZ Mining is disrupting
• 46:24
  the Bitcoin exchange industry and your thoughts on it being
• 46:28
  the best way to DCA. So let's talk about that and
• 46:31
  then we'll talk about the cost of mining like you wanted to us
• 46:35
  stress as well. So talk about why you think SAZ
• 46:37
  mining is disrupting the exchange game.
• 46:40
  Well, I, I'm going to, I'm going to make an argument for not a
• 46:43
  very well loved service by a lot of us bitcoiners, but a
• 46:46
  Coinbase. When they came along, they
• 46:48
  created a user experience on an exchange to acquire Bitcoin and
• 46:53
  Bitcoin adoption took off. I I think that there was a clear
• 46:56
  inflection point when they came along.
• 46:58
  The problem is that the entire exchange based approach to
• 47:02
  acquiring Bitcoin is not Bitcoin native.
• 47:05
  The way Satoshi designed the network is for people to acquire
• 47:08
  Bitcoin by mining. The problem is it's not been
• 47:11
  accessible right. So by building this technology
• 47:14
  layer that sits on top of the mining stack, what we're
• 47:17
  ultimately doing is creating a way to compete with the
• 47:22
  exchanges and why it's such a viable approaches.
• 47:25
  First of all, it's just better to mine and acquire your own
• 47:28
  sats. Like there's nothing more
• 47:29
  gratifying than having sats hit your wallet that you created
• 47:32
  with your own mining rig. So that's incredibly powering,
• 47:35
  but there's a whole host of other benefits, right?
• 47:37
  You just purchase your mining rig up front and then the value
• 47:41
  of that is being returned to you by the Bitcoin rewards over
• 47:44
  time. So it's a DCA process.
• 47:46
  And by the way, when you actually go look at what the
• 47:49
  cost to mine a Bitcoin is right now, that's lower with us than
• 47:52
  going to exchange. Now you still have counterparty
• 47:54
  risks with us, right, as compared to an exchange, but
• 47:57
  they're different, right? Like we don't have to know
• 48:00
  exactly who you are because we're selling hardware and
• 48:03
  service, right? We don't have all the regulatory
• 48:06
  overhang that comes with running in exchange.
• 48:08
  So we don't have to hold on to your identifying information and
• 48:12
  potentially have that hacked or or or delivered in a bankruptcy
• 48:16
  proceeding. And so for this reason, it is an
• 48:19
  alternative way to acquire Bitcoin and to maxify your your
• 48:23
  bang for your buck and acquiring your SAT.
• 48:25
  So for this reason, I think that as we make it more and more and
• 48:29
  you know, to be fair, we're not perfect, right?
• 48:31
  We're still a fairly early stage startup and we see where we can
• 48:35
  take this business model. And as we continue to remove the
• 48:38
  friction, you know, I think we're naturally just going to
• 48:40
  peel people away from going to exchanges and other DCA
• 48:43
  services. And at right now, at this point,
• 48:46
  my argument is just, hey, just diversify how you're DCA ING and
• 48:50
  come check out a mining rig with us.
• 48:53
  I don't think we've hit on this yet.
• 48:54
  Right there, there's an advantage from using an
• 48:57
  alternative to using a Bitcoin mining as a service.
• 49:01
  And that advantage is that you get Bitcoin cheaper than if you
• 49:05
  were to just buy spot Bitcoin. Is that true, Ken?
• 49:09
  That is correct. So the way we look at it is
• 49:11
  we're leveraging a model that Galaxy Digital put out, right.
• 49:14
  So Galaxy Digital was one of the big financiers of Bitcoin mining
• 49:19
  rigs by a lot of the the big mining companies, prop companies
• 49:23
  and they put out a model, I think it was in 2021 of how do
• 49:27
  you evaluate your cost to mine a Bitcoin because everybody was
• 49:30
  sort of coming up with their own approach.
• 49:31
  So it's nice to have this third party model.
• 49:33
  We just plug in this this specific opportunity with our
• 49:37
  mining operation. And when you plug it all in, you
• 49:39
  can see that the average cost right now to mine a Bitcoin is
• 49:42
  about 45 K. Now, how does this model work?
• 49:45
  And I think it is important to touch on that.
• 49:47
  First of all, it's not a model that is based on the future
• 49:50
  price of Bitcoin or the future hash, right?
• 49:52
  It is simply saying, hey, if, if I want to mine a Bitcoin today,
• 49:57
  how much is it going to cost based on the current dynamics?
• 50:01
  And so what's beautiful about that is you avoid the entire
• 50:05
  argument about what's Bitcoin's price going to do in the future.
• 50:08
  And it's hash, right? You just look today, what is the
• 50:10
  cost of mine in Bitcoin? And I think that that makes it
• 50:12
  pretty clear and also makes the value proposition for mining
• 50:17
  much more because all of us understand what the price of
• 50:20
  Bitcoin is. But to bring that to mining has
• 50:23
  been, I think, challenging and introduces a whole different set
• 50:26
  of metrics. So my argument is, hey, let's
• 50:29
  leverage this model that a lot of publicly traded mining
• 50:31
  companies are using, plug in our numbers and just make sure to
• 50:34
  educate the market like how this model works and you know, can go
• 50:38
  play with it yourself. But from our our vantage point,
• 50:41
  you know you can DCA into a Bitcoin position right now for
• 50:44
  about a 30% discount as compared to the price of Bitcoin on an
• 50:47
  exchange. Yeah, love it, love it.
• 50:50
  And then and then that gets progressively like if the price
• 50:54
  goes crazy, right? Like if we're at 100 and 120 K,
• 50:57
  like you get even, you get even bigger discounts.
• 50:59
  Is that correct? Yeah, Yeah.
• 51:01
  So if the price is suddenly like our, our cost basis does not
• 51:04
  change near as much as the price of Bitcoin will, right.
• 51:08
  So your cost of your mining rig, yes, it may fluctuate a bit.
• 51:11
  So far it's not moved much with the bull market that we're in.
• 51:16
  So that's good. But hash rate and difficulty do
• 51:19
  do change. And as that changes up, you
• 51:23
  know, if the costs are going to increase, but typically that
• 51:26
  does not move as fast as the price does.
• 51:29
  So you're still going to see a big gap between the price of
• 51:32
  Bitcoin as it runs and your cost to to mine a Bitcoin and it
• 51:36
  should grow. I mean, we've seen it as low as
• 51:38
  about 40% of the the costs on an exchange.
• 51:43
  Absolutely, man, This is this is very, very cool, very
• 51:47
  interesting. And I think a lot of people are
• 51:48
  just they're not aware of it, so to speak.
• 51:51
  Anyways, Opti, what's your take on all this brother?
• 51:55
  I mean, yeah, like if you get cheaper sats for KYC free sats,
• 51:59
  like it's definitely a good, a good idea to consider at the
• 52:03
  very least. And on that point, Ken, you guys
• 52:06
  do have a good visual here on the cost of mining a single
• 52:10
  Bitcoin. So can you educate the audience
• 52:13
  out there what, what exactly are they looking at and what's this
• 52:15
  process like? Yeah.
• 52:17
  So what what you're looking at is an update.
• 52:20
  We, we updated that I think last Monday about 48 K and I just ran
• 52:24
  the numbers as of Friday, it's 45K.
• 52:28
  But what you're looking at is just us trying to make it very
• 52:30
  simple like Hey, your, your, your cost to mine in Bitcoin is
• 52:33
  cheaper than going to an exchange right now and just
• 52:36
  making that comparison. But if you Scroll down a little
• 52:39
  bit, the process is described below for how you get into
• 52:42
  mining, right, which is you purchase your mining rig.
• 52:45
  We get a procured shift to the facility.
• 52:47
  Once it's there, you know, you set up your your payment plan
• 52:52
  and then the rewards go straight to your wallet and it's all done
• 52:55
  in an automated, easy to access way.
• 52:57
  And, and a lot of this was just born from my experience as a
• 53:01
  bitcoiner trying to acquire Bitcoin by mining in Portugal
• 53:05
  and realizing I couldn't do it in a way that was very effective
• 53:08
  and, and tried an in home mining experience.
• 53:11
  And I was like, we, there's got to be a software solution.
• 53:14
  And so, you know, this is, that was a big, big part of the
• 53:17
  inspiration where you are now is we do, we do accept outside
• 53:21
  mining rigs. It takes about 20 mining rigs to
• 53:24
  get shipped to to Paraguay. But we do have some clients that
• 53:28
  have said, Hey, you know, I'm, I've been mining at home or I'm,
• 53:31
  I'm, I'm with another operator and I'm not really happy with
• 53:33
  how that's going. So can I send you my mining rigs
• 53:37
  and we work it out for them. It's a bit of a custom process
• 53:39
  though. I mean, you guys do offer it
• 53:43
  though, right. So yeah, OK.
• 53:45
  And then the but it's 20 miners minimum that that's where it
• 53:48
  makes sense for you guys. Yeah.
• 53:50
  Well, you see that or you kind of have an unknown time delay
• 53:53
  because we need at least a pallet to ship to to Paraguay,
• 53:56
  right And a pallet's about 20 mining rigs.
• 53:58
  So if you're not shipping us a full 20 mining rigs, then we
• 54:02
  need to wait till we accumulate enough.
• 54:04
  Gotcha. Interesting.
• 54:06
  Opti, what's your take on all this, brother?
• 54:08
  Actually, I wanna, I wanna ask a question that was in the chat.
• 54:11
  I think I, I think I lost it. But Kent, someone was saying
• 54:15
  that cloud mining was started 10 years ago and I know you guys
• 54:19
  don't like that framing. So what's the difference between
• 54:21
  SAS mining and Cloud mining? The, the biggest, the biggest
• 54:25
  answer is a serial number, right?
• 54:26
  Like your mining rig is your, your mining rig and we track it
• 54:30
  from the point of procurement. It is your serial number
• 54:33
  attached to your mining rig all the way through.
• 54:35
  And we designed it this way intentionally because what I see
• 54:39
  as cloud mining, it abstracts the hardware from the what you
• 54:44
  own. So it, it separates hardware
• 54:46
  from hash rate. And I think that by doing that,
• 54:49
  it creates an inherent incentive on the business side of the
• 54:53
  model to abstract that and abuse, you know, you do have a
• 54:58
  certain set of control that you can, you can utilize and, you
• 55:02
  know, not not a good way for the customer versus US.
• 55:04
  Like by having every client know and we know whose serial numbers
• 55:08
  or whose we're forced to have a different level of discipline
• 55:12
  that keeps, keeps us from being able to drive the business off
• 55:15
  the rails. And I, I think it's a key
• 55:16
  differentiator. It's much harder to do as well.
• 55:20
  It's much simpler to simply sell hash, right, because it's very
• 55:22
  easy to abstract that that way. But we, we looked at it for two
• 55:26
  reasons. 1, the discipline and, and avoiding that potential
• 55:31
  abuse situation that has occurred in the past.
• 55:34
  Reputationally, it could be damaging.
• 55:36
  And secondly, we looked at and said, you know, the SEC might
• 55:39
  not like that model at some point in the future.
• 55:41
  And if we're just selling hardware and servicing that
• 55:44
  hardware, we're no different than any sort of data compute
• 55:48
  centre and we can kind of, you know, get lost in the the crowd
• 55:52
  of the server based services that are out there.
• 55:55
  Yeah, love it. Ken, I have a question for you.
• 55:58
  I'm just trying to put my, you know, my trying to put myself in
• 56:01
  the shoes of the audience. Bitcoin mining as a service, SAS
• 56:06
  mining, That might seem a little bit out of the technical hands
• 56:11
  of some people who are watching. So if you were to get started,
• 56:14
  right, what would be the process?
• 56:16
  You're like, OK, this sounds interesting.
• 56:18
  I'm gonna head over to sasmining.com.
• 56:19
  What do they need? They need their name, e-mail,
• 56:22
  credit card. How many steps does it take to
• 56:24
  get started? So it's your typical e-commerce
• 56:28
  checkout, right? So I think you can frame it that
• 56:30
  way. We in the beginning, we being
• 56:34
  aligning ourselves with the Bitcoin ethos.
• 56:35
  We tried to be extremely privacy focused and just collect the
• 56:38
  name and e-mail address. And then we found we couldn't
• 56:41
  get a hold of our customers and we forced our customers to give
• 56:43
  us phone numbers as well. So these are just for
• 56:46
  communication purposes. The reason we have it so you
• 56:49
  choose a mining rig, you can proceed to the next page after
• 56:52
  you accept that you know there's going to be a Service plan later
• 56:55
  that you're going to have to sign up for.
• 56:56
  Simply Bitcoin in there Opti Put simply, Bitcoin in there.
• 56:59
  Yeah, yeah, we got a a nice little discount code for all
• 57:02
  your audience members here. You have to press apply promo,
• 57:05
  apply promo to oh man. And then and then you get signed
• 57:08
  in once you got to create an account.
• 57:10
  So yeah, your your typical your typical account based.
• 57:13
  Sign in on yours Nico. I'm still logged in apparently.
• 57:16
  Rip it, rip it. Boom.
• 57:18
  There you go and and so you've got down below a few different
• 57:22
  payment rails. So we've got Bitcoin and
• 57:24
  Lightning that's our favorite. Of course you give a little
• 57:26
  discount to it because it's cheaper genuinely for us than
• 57:30
  any other means at USDTUSDC wire.
• 57:34
  And then credit cards we have to do manually, but we do accept
• 57:37
  those. So once you go through that
• 57:39
  process, it's purchase we're we're getting orders should.
• 57:42
  I purchase some Niko. No.
• 57:46
  But sorry, can you just? Gave me the you just gave me the
• 57:49
  idea, bro. I just paid everyone out, bro.
• 57:52
  You just we just did payroll. No, but you just gave me the
• 57:55
  idea for next month, bro. So that, that actually sounds
• 57:59
  like a really good idea, Kent. We should definitely, definitely
• 58:03
  go through the process of of purchasing a minor next month
• 58:08
  and just show the audience. I think that would be a really
• 58:11
  cool exercise. I agree with you, man.
• 58:14
  I'd love to make that happen. I think maybe we can do it in
• 58:16
  person because I'm going to see it mining disrupt, right?
• 58:19
  Yeah, absolutely, man. I'm looking forward to it.
• 58:22
  Yeah, Mining Disrupt here in Miami, looking forward to.
• 58:24
  It's going to be awesome. Opti, I think I'm flying you
• 58:26
  down, by the way. Really, this news to me.
• 58:29
  Okay, so that's going to Miami. That'll be interesting anyways.
• 58:34
  Wait, wait. One last question for Kent and
• 58:36
  this might be speculation in regards to considering that you
• 58:40
  do work, you know, with mining, you probably have a little more
• 58:43
  insights with the back end on what's going on in the mining
• 58:45
  space. What is, I don't know, maybe
• 58:48
  some predictions that you have for the mining space going into
• 58:51
  2025 or maybe till the end of 2025.
• 58:54
  Are you going to, are you thinking we're going to see
• 58:56
  incredible increases in hash rate?
• 58:58
  Like what's your thoughts on just the general mining space
• 59:00
  right now? Well, I think I'm, I'm a price
• 59:04
  cycle maximalist and and I believe that you don't want to
• 59:08
  be a minor if you don't believe in the price cycles.
• 59:10
  But what that means is that when Bitcoin's price rips, everybody
• 59:15
  that's plugged in is going to absolutely score, right.
• 59:20
  So we are in the phase before that occurs.
• 59:23
  So this is actually kind of the the least profitable time frame.
• 59:27
  If you look at the Bitcoin price cycle, we just have the having
• 59:30
  hash rate, there's still hash rate pressure going on and the
• 59:33
  price hasn't started to rip yet. But once it does start to rip
• 59:36
  again, assuming that the the price cycles play out, you know,
• 59:39
  this is the most profitable time to mine.
• 59:43
  Now afterwards, we'll go into another bear market and things
• 59:46
  will get slim and tight again. But for even the clients that we
• 59:50
  onboard at the beginning of January last year, depths of the
• 59:53
  bear market, you know, they still saw the saw a return on
• 59:55
  their their mining rig. And the way I look at this is a
• 59:58
  little less like hey. You want to look at it from a
• 1:00:01
  month to month, like cash flow basis and more.
• 1:00:03
  Look at this as a Bitcoin acquisition vehicle where you're
• 1:00:06
  just cycling your Fiat through a piece of hardware and into
• 1:00:09
  Bitcoin and you want to hold that because anybody that's held
• 1:00:13
  Bitcoin for at least four years has come out on top.
• 1:00:16
  So I think that if you have that approach that you're looking at,
• 1:00:21
  this is a way to hold Bitcoin, I don't see how you're really
• 1:00:24
  going to lose over a four year time frame.
• 1:00:27
  But that said, you got to analyse the risks on your own
• 1:00:29
  and come to your own conclusions.
• 1:00:31
  But we're just trying to make it really easy for folks to to jump
• 1:00:35
  in on the mining side and further predictions in the
• 1:00:39
  mining space. I mean, I think that there's
• 1:00:41
  some really unique things that are coming out specifically
• 1:00:45
  around eating. I think that almost anything
• 1:00:47
  that's done with heating electrically is going to insert
• 1:00:50
  some sort of Bitcoin mining aspect to it just to reduce the
• 1:00:54
  cost. Because if you're going to, if
• 1:00:57
  you're going to be mining, you're producing heat anyway,
• 1:00:59
  why not put that heat to use? I think that'll become a bigger
• 1:01:02
  factor in the in the years ahead.
• 1:01:04
  And I also think that we're going to see instead of now,
• 1:01:07
  like we're in Paraguay, right, we're consuming excess
• 1:01:10
  electricity. But I think that you're going to
• 1:01:12
  start to see power generation projects designed from the
• 1:01:15
  ground up with Bitcoin mining integrated.
• 1:01:17
  And I think that's the next real phase is, hey, where, where can
• 1:01:20
  we go generate electricity for super cheap?
• 1:01:23
  And by the way, now we've got a buyer of first resort for that
• 1:01:26
  super cheap electricity. So let's go plow the capital
• 1:01:29
  into developing this energy source.
• 1:01:31
  And then by the way, now that we've got the capital and the
• 1:01:33
  energy there, maybe somebody wants to live there and start a
• 1:01:36
  business and start a home. So I think in the long run we're
• 1:01:39
  we're going to see Bitcoin mining actually plant the the
• 1:01:43
  the basis for a future like homesteading movement of sorts.
• 1:01:48
  Absolutely, I 100% agree with you, man.
• 1:01:50
  There, there's going to be so many places around planet earth
• 1:01:53
  that were counted out, right, But they had, they have excess
• 1:01:57
  energy capacity and they're just, it's too far away from any
• 1:02:01
  anyone and anything for it to be economical.
• 1:02:04
  Now Bitcoin miners are like, yo, that looks awfully good over
• 1:02:07
  there. And it, it's kind of like the in
• 1:02:10
  a way, it's a, it's the new, but more sustainable gold rush, you
• 1:02:14
  know, because with, with gold, it's like, you know, that that
• 1:02:17
  easy to plug gold kind of ran out pretty quickly and those
• 1:02:20
  gold towns just died versus I think we'll be good in mining
• 1:02:23
  terms for the next 100 years or so.
• 1:02:26
  And I think even after the subsidy runs out, you know, and
• 1:02:29
  what year 2042 or something, you know, I think that the the fees
• 1:02:34
  on its own, hopefully the Bitcoin network is so massive at
• 1:02:37
  this point, at that point that I think the fees on their own will
• 1:02:40
  be able to carry the day anyways.
• 1:02:42
  Wait, wait. Wait and you go, I got one more
• 1:02:43
  question, sorry. Sure.
• 1:02:45
  Considering we got a little time, Kent, we kind of talked
• 1:02:49
  about it today, you know, with the with the numbers, but
• 1:02:53
  considering all the stuff we see and it's more like a general
• 1:02:56
  overview and you can plead the 5th if you want to, considering
• 1:02:59
  all of the crazy regulatory landscape that we've seen
• 1:03:03
  revolving around Bitcoin mining. And now we're seeing, as Nika
• 1:03:07
  loves to say, the Overton window shifting.
• 1:03:10
  It's exploded. Bro it's.
• 1:03:11
  Exploded I. Have no footage of it.
• 1:03:18
  It explodes, yes, Mika Mika's dad jokes on fleek today.
• 1:03:22
  Anyways, Kent, what is your thoughts on maybe that pivot
• 1:03:27
  happening for Bitcoin mining, for the Bitcoin mining space at
• 1:03:30
  large in America? Like now that we're seeing the
• 1:03:31
  political narrative shift around Bitcoin and the Trump
• 1:03:35
  endorsement, like, how are you feeling as a Bitcoin miner?
• 1:03:39
  Well, I definitely am feeling better about the security of our
• 1:03:43
  operations in the US, right? And well, I don't think that
• 1:03:47
  we're completely out of the woods yet.
• 1:03:49
  You know, certainly endorsements by two of the leading
• 1:03:52
  candidates, presidential contenders, right?
• 1:03:55
  It helps. Now as far as like you know you
• 1:04:00
  some folks have have been asking about like hey, how much
• 1:04:02
  regulatory risk is there both in Paraguay and with you guys.
• 1:04:06
  I think one unique angle that is not entirely obvious about our
• 1:04:11
  operation is, yes, we do represent a single throat to
• 1:04:14
  choke if a regulator came after us.
• 1:04:17
  However, we don't own the equipment, right.
• 1:04:19
  So if a regulator did come after us and say, hey, you got to shut
• 1:04:23
  down your mining rigs, I would say, OK, here's the contact
• 1:04:25
  information for all the folks that we've got, like what would
• 1:04:29
  you like us to do? Because we can't really stop
• 1:04:32
  them from operating with the contracts.
• 1:04:33
  So we've got, you know, we're being paid for this service and
• 1:04:36
  they're not ours. How would you like to handle it?
• 1:04:39
  And I think that that sort of works the system a little bit
• 1:04:41
  because now we've got hundreds of clients that they need to to
• 1:04:44
  speak with directly instead of one single entity that
• 1:04:47
  represents all that hash rate. So I think that that's an
• 1:04:49
  advantage. As far as Paraguay, you know, I
• 1:04:52
  see very little regulatory risk there.
• 1:04:55
  I know that coming from AUS perspective, operating outside
• 1:04:58
  the US is can be seen as as as a bit difficult and risky.
• 1:05:03
  However, we successfully analyzed the incentives there.
• 1:05:08
  You know, they had all this excess power that they were
• 1:05:09
  selling at a loss and, and, and it was a drag on their GDP.
• 1:05:13
  And now Bitcoin miners are turning it into and flipping
• 1:05:17
  that liability into an asset, right.
• 1:05:19
  And so the politicians, I, I said from the beginning, it's
• 1:05:22
  like, man, that's going to be votes for politicians in the
• 1:05:25
  long run. So they're going to embrace
• 1:05:26
  this. And there was a bit of a hiccup
• 1:05:28
  about two months ago where there is a, there is an attempted ban.
• 1:05:31
  And that was from a very small portion of the political class.
• 1:05:34
  And instantly the rest of the political class came out to
• 1:05:37
  embrace it. And now the economic ministry
• 1:05:42
  has embraced Bitcoin mining and saying, look, we only want to
• 1:05:45
  sell this excess electricity to miners.
• 1:05:48
  We don't want to sell it to Brazil anymore, which is where
• 1:05:50
  they were selling it. So I actually see that it's been
• 1:05:53
  de risked in Paraguay and is it is an opportunity to become like
• 1:05:58
  the next Texas really because there's about 5 gigawatts of
• 1:06:01
  excess power that can be harnessed there by Bitcoin
• 1:06:04
  miners such as us. Man, that's absolutely bullish.
• 1:06:07
  I'm bullish on SAS, bullish on Bitcoin, bullish on Paraguay.
• 1:06:10
  Paraguay obviously doesn't want to have fun staying poor.
• 1:06:13
  That that that announcement from the politician was really
• 1:06:17
  interesting where he just say he's like, look like this is
• 1:06:19
  it's what you said. I'm like it it it makes more
• 1:06:23
  sense, you know, using this electricity in country then
• 1:06:27
  sending it to another country and we're going to get more bang
• 1:06:29
  from our buck, right. And I think it boils down to
• 1:06:32
  what we were talking about incentives early on in the show.
• 1:06:34
  No one is better than their incentives.
• 1:06:36
  And I think Bitcoin provides these very clear incentives that
• 1:06:39
  does either two things. It exposes governments for
• 1:06:42
  acting politically or the the politicians and government are
• 1:06:48
  like, you know what, this Bitcoin thing actually makes a
• 1:06:50
  lot of sense, right? And then you have an alignment
• 1:06:53
  of incentives, which is I think something pretty hard to see if
• 1:06:57
  you live in the US. But I think an example of a
• 1:07:01
  country which has fixed the incentive structure thing is El
• 1:07:05
  Salvador. And I think you're going to see
• 1:07:06
  more along the way anyways. Kent, do you have any last words
• 1:07:10
  for our audience watching right now?
• 1:07:13
  Oh yeah, man, just hit me up and study what we're up to and, and,
• 1:07:17
  and prove for yourself that you know, the, that, that we're
• 1:07:20
  earning the reputation and trust of, of the community.
• 1:07:24
  Do your own research, you know, check it out.
• 1:07:26
  Don't don't don't trust verify all those good things, but I I
• 1:07:30
  would say that we're living through a historic time frame
• 1:07:33
  right now. You know, Niko's liking to blow
• 1:07:37
  up the Overton window. I don't know if it's truly
• 1:07:39
  destroyed, but we've I've got a copy of gradually.
• 1:07:43
  Then suddenly I picked up from Parker Lewis here and it feels
• 1:07:45
  like that is exactly where we are and I love it.
• 1:07:49
  I'm here for it. I'm, I'm glad to have so many
• 1:07:51
  other freaks and and crazies out there that are helping to make
• 1:07:55
  this happen because I think by God, we're, we're bringing
• 1:07:58
  ourselves back from the abyss with the movement and the
• 1:08:00
  pendulum starting to shift the the right direction, even if we
• 1:08:04
  haven't seen the policies to follow just yet.
• 1:08:07
  So yeah, let's let's, let's keep going forward here.
• 1:08:10
  Amen man let's stay winning. We're going to win if we're on a
• 1:08:13
  Bitcoin standard anyways Kent, thank you so much for joining us
• 1:08:16
  on simply Bitcoin live guys. That was the show for June 13th
• 1:08:19
  2024. I'm your host Nicos, my
• 1:08:21
  legendary Co host, Optimus Fields, who's hurting today,
• 1:08:24
  which is why man fields 1500 of you guys watching live should
• 1:08:27
  smash the like button. Consider subscribing if you feel
• 1:08:30
  we we provided you value and I do want to give a shout out to
• 1:08:33
  our guest Kent, the CEO of SAS mining.
• 1:08:36
  Check out SAS mining today, Bitcoin mining as a service.
• 1:08:39
  All right, love you all. We'll see you tomorrow for brand
• 1:08:40
  new episode of simply Bitcoin live.
• 1:08:43
  Finish off the week strong. Peace out everybody.
• 1:08:45
  Take care. Episode was brought to you by
• 1:08:48
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