Latest / Simply Bitcoin / How Does the Bitcoin Halving Impact Price?! | EP 972

Transcript

How Does the Bitcoin Halving Impact Price?! | EP 972 · Simply Bitcoin

• 0:03
  It's all going to zero against Bitcoin.
• 0:06
  It's going up forever. You're against Bitcoin.
• 0:16
  You're against freedom. Good morning everybody.
• 0:25
  Welcome to Simply Bitcoin, the number one daily live Bitcoin
• 0:29
  show on YouTube, Twitter and Rumble.
• 0:30
  We cover breaking news, culture and mimetic warfare.
• 0:34
  And usually we bring on bit corners from all around the
• 0:36
  world, from the biggest names to the everyday bit corner.
• 0:38
  But today it's just me and my Co host Sophie.
• 0:41
  But anyways, we will be your guide through the separation of
• 0:44
  money and state. And as you can tell from the
• 0:47
  title, guys, we are about to wrap up the third epoch.
• 0:51
  It is almost officially over. We are little less than 200
• 0:54
  blocks. We'll go over exactly how many
• 0:56
  blocks until the halving in the numbers.
• 0:59
  And I've seen a lot of people confused literally about what
• 1:01
  the halving is, what it's going to do to price and rather more
• 1:05
  on the idea. Like, is this time different?
• 1:08
  So we'll go into that. I got a video here of the
• 1:11
  grayscale CEO. Say what you want about him, but
• 1:13
  making the rounds on the corporate press talking about
• 1:16
  the halving. And then, you know, I, I know
• 1:19
  we're getting trolled in the chat already about, oh, price
• 1:21
  predictions, but hey, I'll tell you right now we are not giving
• 1:25
  you numbers. All we're telling you is number
• 1:27
  will go up. I will bring the historical
• 1:29
  price of Bitcoin around the halving.
• 1:32
  I do have a bit wise, I wouldn't say a thread but a bit wise
• 1:36
  tweet kind of explaining what's going on.
• 1:38
  All we know guys, is Bitcoin is becoming more scarce.
• 1:41
  It's going to officially, undeniably be the hardest money
• 1:46
  in the world right now. It already can technically be
• 1:48
  said it is the hardest money in the world with the lowest
• 1:51
  inflation rate, but it will be undeniable in about 200 blocks
• 1:56
  or so. And then in the news, we got a
• 1:59
  very interesting development happening in El Salvador.
• 2:03
  Google has officially incorporated in El Salvador,
• 2:06
  making it the first technology hub in Central America, really
• 2:10
  leaning into the sovereign individual thesis of if you set
• 2:14
  good incentives in your country, you will attract entrepreneurs.
• 2:18
  And this is what we say about Bitcoin.
• 2:21
  Is it a coincidence that, you know, ever since Bitcoin or El
• 2:24
  Salvador got on the Bitcoin standard that now they are
• 2:27
  incentivizing people to come to their country, they are
• 2:30
  developing their country. It's the safest country in the
• 2:32
  world? Hey, you can make your own
• 2:34
  assumptions on that. But I think it's very
• 2:37
  interesting considering Google's moving down to El Salvador.
• 2:41
  Are they starting to see what we see all the time that they are
• 2:44
  holding melting ice cubes with so much cash on their balance
• 2:48
  sheet? We're not there yet.
• 2:49
  Only time will tell but it is a good signal that they are
• 2:54
  finally giving El Salvador some acknowledgement.
• 2:58
  So you just love to see it. I I just can't wait till this
• 3:00
  happens in more and more countries and more and more
• 3:02
  countries around the world start to embrace Bitcoin and start to
• 3:06
  innovate and of course get richer along the way.
• 3:09
  This is this is a feature not a bug guys.
• 3:11
  And then of course in the number in the culture.
• 3:14
  Sorry, we did get a good comment on YouTube and so I am once
• 3:19
  again back again to talk about self custody and my framework,
• 3:24
  the best practices when it comes to self custom, your Bitcoin.
• 3:28
  He kind of mentioned that he's still a little intimidated when
• 3:30
  it comes to self custody. I know, I still remember the
• 3:33
  first time I took Bitcoin into self custody and it absolutely
• 3:38
  terrified me. But after you get over the
• 3:40
  initial hump, it's super simple. Guys like do not complicate
• 3:43
  this. It's not as hard as you may make
• 3:45
  it out to believe, but hey, there is no rewind button, so
• 3:50
  you will have to take it slow. There are some best practices,
• 3:54
  So I'm going to go over again for the new people in the back,
• 3:57
  for everyone to get up to date so that we can all take our
• 4:01
  Bitcoin into custody. Because as we say all the time,
• 4:03
  self custody is the revolution. And as you can tell, I'm the one
• 4:08
  hosting the show. It's your boy Opty.
• 4:09
  But I'm not alone. We got Sophie back as maternity
• 4:14
  leaves, at least for today. Nico's headed to Nashville right
• 4:17
  now. He's going to be a part of the
• 4:18
  Bitcoin Magazine, a live having stream.
• 4:21
  But anyways, so how you doing? We are doing super well.
• 4:25
  Thank you guys for having me. Well, of course, of course we
• 4:29
  need a little feminine energy on simply Bitcoin sometimes.
• 4:31
  Need a little feminine energy? Just a.
• 4:33
  Little bit. Especially during the halving,
• 4:35
  like now that all of you guys are going to get girlfriends,
• 4:38
  you know, we. Should debatable.
• 4:41
  Debatable. I don't think so.
• 4:42
  I mean, girls. Girls be gold digging or I guess
• 4:46
  what do you call that now? Digging.
• 4:47
  SAT Digging SAT. Digging.
• 4:49
  Yes. So there's help for you guys
• 4:51
  yet? All right.
• 4:52
  Anyways, uh, so super happy to have you here.
• 4:54
  Always. Great.
• 4:55
  Take some selfies. I think she can speak better
• 4:58
  than Nico and Opti. So we finally got a professional
• 5:01
  on the stream. This is going to be great.
• 5:03
  All right, guys, let's get. Regarded, highly regarded.
• 5:06
  Highly regarded TM. Highly regarded TM.
• 5:08
  Anyways, guys, we've got a good show for you guys.
• 5:10
  So sit back, relax. We're going to bring provide the
• 5:13
  signal for you. Let's go.
• 5:16
  The Bitcoin numbers. Is your Bitcoin and cold storage
• 5:19
  really secure? Is your seed phrase really
• 5:22
  secure? Stamp seeds?
• 5:24
  Do it yourself. Kit has everything you need to
• 5:27
  hammer your seed words into commercial grade titanium plates
• 5:31
  instead of just writing them on paper.
• 5:34
  Don't store your generational wealth on paper.
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  Papers prone to water damage, fire damage.
• 5:40
  You want to put your generational wealth on one of
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  the strongest metals on planet earth, Titanium.
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  Your words are actually stamped into this metal plate with this
• 5:48
  hammer and these letter stamps. And once your words are in, they
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  aren't going anywhere. No risk of the plate breaking
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  apart and pieces falling everywhere.
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  Titanium stamp seeds will survive nearly triple the heat
• 6:01
  produced by a house fire. They're also crush proof,
• 6:03
  waterproof, non corrosive, and time proof.
• 6:06
  All things that paper is not allowing you to huddle your
• 6:08
  Bitcoin with Peace of Mind for the long haul.
• 6:12
  Stamp your seed on stamp seed. I jumped the gun on the Bitcoin
• 6:17
  while I but scan the QR code. Oh, wrong one too.
• 6:20
  Wow, your boy's all over the place today.
• 6:22
  Scan the QR code. Damn boy.
• 6:24
  And I'll cover this in the culture.
• 6:26
  But until then, let's let's plug Bitcoin.
• 6:28
  Well, because I just got a message from Adam this morning
• 6:32
  and the Bitcoin jackpot is is at 5.5 million Sats guys.
• 6:37
  So you have literally under I think it's like 195 blocks until
• 6:45
  the jackpot contest is over and you won't be able to win the
• 6:49
  stats. But anyways back to Bitcoin.
• 6:51
  Well guys, we love the boys over at Bitcoin.
• 6:53
  Well it's a Bitcoin only exchange.
• 6:55
  It is self custody by default, no VC money and literally no
• 6:59
  withdrawals when you take your Bitcoin into custody and they
• 7:03
  want your feedback on making it the best self custody Bitcoin
• 7:08
  only platform possible. So go talk to Adam, hit him in
• 7:12
  the DMS, hit him publicly. They want to get your feedback
• 7:15
  and they're constantly listening to your feedback.
• 7:17
  I think he told me every two weeks are going to update it and
• 7:20
  ship new products and and new features for you guys.
• 7:23
  But again, you know the Bitcoin well jackpot guys, 5.5 million
• 7:28
  Sats and you will win 69% of that if you are the winner and
• 7:33
  then the second winner is 21 and the rest, the 10% will go to a
• 7:37
  fund of your choice. So go vote for that on the
• 7:40
  Twitterverse. But guys, you are running out of
• 7:43
  time. So you need to Sign up today, go
• 7:45
  to bitcoinwell.com/contest, sign up, or if you're already a user
• 7:51
  then you got to find the rewards tab.
• 7:53
  Anyways, they're giving out free Sats for you guys who who
• 7:55
  doesn't like free Sats. So let's get into the numbers
• 7:58
  guys. As you can tell, my favorite
• 8:01
  number is the block height. We are currently at a block
• 8:05
  height of 8339, wait 839,803 and the stats per dollar?
• 8:13
  We're at 15165 Stats per dollar. Amazing.
• 8:17
  Remember when we were all complaining about, you know,
• 8:19
  stats being 5000 and when we're going to get under 3000 and
• 8:22
  2001? Now it looks like we're getting
• 8:24
  closer to under 1000 stats. Man.
• 8:27
  Your dollar doesn't go as far as it used to.
• 8:29
  Absolutely incredible. Anyways, the Bitcoin price is
• 8:31
  currently at $63,900. The percentage of Bitcoin that
• 8:36
  will ever be issued is currently at 93.74%.
• 8:40
  The market cap in Fiat terms is 1.26 trillion.
• 8:44
  I think that's roughly above the silver market cap.
• 8:47
  It's holding on above silver. So you know I I I got a few
• 8:50
  people talking about silver in my in my Twitter DMS and and
• 8:56
  what do you call it mentions the other day Bitcoin is superior to
• 9:00
  silver. We don't call it hard money
• 9:02
  because it makes a sound when you drop your money and that's
• 9:05
  literally what someone was basically saying on Twitter
• 9:07
  can't make this up. Anyways, the real inflation
• 9:09
  currently at 1.73 taking Fiat currencies of school and that is
• 9:13
  going down in roughly 200 blocks actually let me let me update
• 9:18
  this so that yeah we get the current block height, the
• 9:21
  Bitcoin versus gold market cap, we are at 9.09%, we're not even
• 9:25
  at 10% of the gold market cap. So there's still so much room to
• 9:28
  run in the hard money games. You just love to see it.
• 9:30
  The total public lightning capacity is 4417.68 BTC and the
• 9:36
  hash rate the last 90 days is at 588 extra hashes.
• 9:40
  The pending fees it's it, it kind of kicked up the last
• 9:43
  couple of days. It kicked up a little bit but
• 9:45
  we'll I honestly guys I think we might see some crazy stuff on
• 9:50
  the having day. So maybe consolidate or wait a
• 9:54
  little bit because there's going to be there's going to be a lot
• 9:57
  of things happening on the having day with all this
• 9:58
  ordinals and whatever this room stuff is.
• 10:01
  So fees might get crazy guys. So do not wait till the having
• 10:05
  to consolidate maybe give it some time maybe do it today.
• 10:07
  Anyways, the pending fees currently is 11.49 BTC at least
• 10:12
  to the men pulls that Clark Moody is connected to.
• 10:14
  And the biggest number here guys, the blocks to happening,
• 10:17
  197 blocks till the happening, let's go.
• 10:22
  And of course where it looks like we're not going to hit the
• 10:24
  meme date of April 20th, but we're going to hit April 19th,
• 10:28
  it's going to be tomorrow. It's going to be in 200 blocks.
• 10:30
  It'll be tomorrow at some point, probably in the evening, it who
• 10:34
  knows what's going to happen, but I think it's going to be a
• 10:36
  late night having, so you know, get your champagne ready if you
• 10:39
  want to go. Have fun, have a good time.
• 10:41
  Wait, if it's a late night, having that means that it might
• 10:44
  be 14. Some people it's.
• 10:46
  Going to be 420 in some parts of the world, but for us, I think
• 10:50
  it's no, you know. What It's it's it's going to be
• 10:53
  420, yeah, in all our hearts. Meme is life and life is meme,
• 10:57
  OK? Right guys, time is meme.
• 11:01
  It's block height. That's the only time that
• 11:03
  matters. Guys, you, you guys are all
• 11:05
  Gregorian Maxis and it shows we are, we are time chain Maxis.
• 11:09
  All right, guys, So, so I was telling you, today's numbers is
• 11:13
  about the halving. Of course everyone's wondering,
• 11:16
  but there's still people out there that don't even know what
• 11:18
  the halving is. There's people out there that
• 11:20
  are wondering what's going to go on with the price.
• 11:22
  Is the price going to tank? Is the price going to go up?
• 11:24
  It doesn't really matter in the short term.
• 11:27
  It might go down. It might go up.
• 11:29
  You know, this is Opti's trading group.
• 11:30
  Hey, you know, I don't know what's going on.
• 11:32
  It might go down. It might go up.
• 11:33
  All you need to know is buy some Bitcoin.
• 11:36
  But the signal is being spread and you can see here the Graceco
• 11:40
  CEO Michael Sun and Shine. I'm butchering your last name.
• 11:43
  Sorry. On Bloomberg discovering discuss
• 11:46
  discussing the upcoming Bitcoin having this week And you know
• 11:49
  very simply if demand for this asset is continuing to increase
• 11:52
  but the supply is slowing down. Historically that's been a
• 11:55
  tailwind for Bitcoin price. So Bitcoin's becoming the
• 11:57
  hardest, soundest money in the world.
• 11:59
  It's it kind of. Technically, officially is
• 12:01
  already the hardest, soundest money in the world.
• 12:04
  But now it will be undeniable. There will be half the amount of
• 12:07
  Bitcoin that circulate throughout the day.
• 12:09
  Which means, hey, less Bitcoin on the market.
• 12:14
  More demand. Number goes up.
• 12:16
  We'd love to see it. Someone in the chat or rather on
• 12:19
  my D timeline was like, all right, that's cool, hardest
• 12:21
  money in the world in one day. What's that mean?
• 12:23
  For me, it means number goes up. It's going up forever.
• 12:26
  But anyways, let's get the signal here.
• 12:27
  And then you know, I, I, I hate to bring a chart for you guys,
• 12:30
  but we're going to, we're going to kind of at least give you a
• 12:33
  framework for what's going to happen to the price after the
• 12:36
  halving. Look towards this Bitcoin
• 12:38
  halving. Maybe it'll happen on Friday.
• 12:40
  Wait, Wait. Wait.
• 12:41
  One second. One second.
• 12:42
  What's going on? My audio's acting up over here.
• 12:46
  Was that coming through for you? Yeah.
• 12:48
  Oh, it seemed like it was coming through my computer.
• 12:51
  All right. Anyways, let's go.
• 12:52
  Imminent. Usually it's a tailwind for
• 12:54
  prices, but are you expecting? Not this time.
• 12:56
  Have we already hit the rally, The peak of the Rally for
• 12:59
  Bitcoin for 2024? Well, it's great to be here.
• 13:03
  Thank you so much for having me. I think for a lot of investors,
• 13:08
  especially this Bitcoin having, it's a little bit different this
• 13:11
  time around. And I really say that because I
• 13:14
  think it's really a function of who and how many investors are
• 13:17
  involved in the crypto ecosystem as compared to other havings.
• 13:21
  So for a lot of investors, this has been a really important
• 13:24
  milestone for them to really revisit the fundamentals of
• 13:28
  Bitcoin. The fact that the overall cap of
• 13:31
  the Bitcoin token supply issuance will only reach 21
• 13:35
  million tokens. On average, new Bitcoin are
• 13:38
  mined about every 10 minutes and new Bitcoin coming into
• 13:41
  circulation, and about every four years that supply gets cut
• 13:46
  in half. So Bitcoin today there's about
• 13:49
  19 + 1,000,000 tokens in circulation.
• 13:52
  It'll take about the next 120 years for the remaining, you
• 13:55
  know, two or so million bitcoins to come online.
• 13:58
  And every time we come up to one of these having events, it
• 14:01
  really does come back to the fundamentals of supply and
• 14:04
  demand. If demand for this asset is
• 14:06
  continuing to increase but the supply is slowing down,
• 14:10
  historically that has been a tailwind for Bitcoin prices.
• 14:13
  So we're just a couple of days away from this next Bitcoin
• 14:16
  having. So I think a lot of investors
• 14:18
  are eagerly anticipating to see what the market reaction will
• 14:21
  be. Let's go.
• 14:23
  Absolutely love to see it. I love when corporate legacy
• 14:28
  media finally get some good signal out there, and especially
• 14:32
  on Bloomberg, like Bloomberg. Yes.
• 14:34
  I was about to say if you, if you hear this guy talk, you
• 14:37
  would think that he's just like 100% Fiat and like kind of, you
• 14:41
  know, not on our side, like definitely doesn't sound like a
• 14:45
  bitcoiner. And then you hear what he has to
• 14:47
  say and it's like, wow, we finally made it.
• 14:50
  We're at, we've arrived. This is finally the moment that
• 14:53
  we've been waiting for. We've made it.
• 14:55
  I love to see Bloomberg finally get some signal out there.
• 14:59
  So they're basically just as bad as the Fiat times.
• 15:02
  Anyways, there is this good tweet from Bitwise on Twitter
• 15:05
  and it goes. Historically the halving has
• 15:07
  been good for bitcoins price long term.
• 15:09
  A look at the data, the change in Bitcoin price in the year
• 15:12
  following the halving 2012, we had an 8839% increase.
• 15:17
  In 2016 we had a 285% increase. In 2020 we had a 548% increase
• 15:24
  and then the change in bitcoin's price in the month following the
• 15:27
  halving 2012 it was 9%. In 2016 it went down 10%.
• 15:31
  In 2020 it went 6%. So the data is limited but the
• 15:35
  picture reveals an intriguing pattern.
• 15:37
  The market prices in the short term impact of the halving but
• 15:40
  underestimate the long term impact and a lot of new people
• 15:44
  are coming into Bitcoin and I I even talked with my boy Alex
• 15:48
  from Kaboom racks. I'm like, yo, is there going to
• 15:50
  be a lot of blood on the streets for the miners?
• 15:51
  He's like, I think there might be some blood on the streets.
• 15:54
  I even talked from another friend.
• 15:56
  He's like man, I even think the men pools are going to get
• 15:58
  crazy. We have all this stuff going
• 16:00
  about you know ordinals and inscriptions and the fees might
• 16:04
  get absolutely insane on that block for the new epoch.
• 16:09
  So buckle up guys. It it looks like it might be a
• 16:12
  celebration and even I I forget where it was.
• 16:14
  Like I think CNBC was basically saying that the halving is like
• 16:18
  the World Cup for Bitcoin. So it it seems like now it's
• 16:24
  becoming a celebration for the having.
• 16:25
  And you know, we just went to El Salvador for a party.
• 16:27
  So maybe the world's waking up a little bit to the importance of
• 16:30
  the having. And here again, I told you guys
• 16:32
  I was going to bring a little chart here and this is not for
• 16:35
  price predictions. There's no TA here, It's just to
• 16:38
  show you on the chart what has happened to the Bitcoin price
• 16:43
  after the halving. So I have them marked here.
• 16:45
  The days of the halving you can see here November 12th, and what
• 16:49
  did it do? It started to run afterwards,
• 16:52
  and that's roughly a year after the halving.
• 16:55
  When the price gets a blow off top, it starts to hit new highs
• 16:58
  again. It'll go sideways, it hits the
• 17:00
  halving, it might dip a little bit and then it starts to make
• 17:02
  it to run. And that was July 20, sixteenth
• 17:05
  again pretty similar the month, the month after the halving, the
• 17:10
  price might kind of consolidate, might go down a little bit, but
• 17:13
  it starts to run roughly 12 to 18 months afterwards and we're
• 17:17
  seemingly doing the same pattern again.
• 17:20
  So you know this month the the, the price kind of went down
• 17:23
  finally a red month and next month who knows what's going to
• 17:26
  happen, maybe it goes down a little bit.
• 17:28
  We saw it's gone historically down maybe you know -10% on the
• 17:32
  monthly close or maybe it goes up 10% on the monthly close.
• 17:35
  So maybe we just go a little sideways, but historically, 12
• 17:39
  to 18 months after the halving, the price starts to make
• 17:42
  absolutely new incredible highs, which is why I had to put the
• 17:47
  sailor mean here, guys, it's going up forever.
• 17:50
  So what's going to happen to the Bitcoin price again?
• 17:52
  Like people are trolling me in the chat.
• 17:54
  I don't know. No one knows what's going to
• 17:55
  happen after the halving. All we know is that Bitcoin is
• 17:59
  becoming scarcer. There's going to be less Bitcoin
• 18:02
  being circulated daily in block subsidies.
• 18:06
  It's going to get cut. I think right now, if if my math
• 18:09
  is correct and I remember, it's like 990 a day, so we'll get cut
• 18:13
  down to about 400 a day, which means that the supply is
• 18:16
  becoming more scarce. It's going to officially be the
• 18:20
  hardest money or synthetic money.
• 18:23
  However you want to frame this in the world, roughly gold is
• 18:26
  around 2% a year. Inflation rate, we're roughly
• 18:29
  around that right now with Bitcoin.
• 18:31
  Yes, it's lower than that and now it's going to get cut in
• 18:33
  half. So what's this mean?
• 18:35
  Less supply with more demand equals number has to respond and
• 18:40
  as we're saying, we might be seeing some bloodbath in regards
• 18:44
  to the miners right now. So I think we will see some
• 18:47
  fireworks guys. But for you guys at home, what's
• 18:50
  it mean? It means stack Sats, continue to
• 18:53
  stack Sats. We might get a buying
• 18:55
  opportunity. But either way, I think in the
• 18:58
  next 12 to 18 months, this is the cheapest Bitcoin will ever
• 19:01
  be. So do not take your foot off the
• 19:03
  gas. We know one thing number will go
• 19:05
  up. It's it's mathematically
• 19:08
  algorithmically defined at this point.
• 19:10
  So hey, for you guys out there, don't complicate this.
• 19:14
  It just means less bitcoins coming out on the market and
• 19:17
  usually 12 to 18 months after the halving the price starts to
• 19:21
  run. So it looks like we might be in
• 19:23
  for a year of nothing but green candles boys and girls.
• 19:27
  So just absolutely love to see it man.
• 19:29
  It feels it's so much better being on a on a Bitcoin having
• 19:32
  and life's so much better on the Bitcoin having anyway.
• 19:34
  So what's your thoughts on this? Life is so much better on a bull
• 19:38
  year. Wait, wait.
• 19:40
  It has this common top roller, so half the price in every
• 19:42
  wallet gets halved? What?
• 19:44
  No. It would be interesting to see
• 19:47
  how much exposure has changed from previous years to this one,
• 19:50
  because as we know, the ETF has been huge in getting people
• 19:56
  exposed to Bitcoin, buying Bitcoin for the first time.
• 19:59
  Even though it's not really Bitcoin, still it's getting
• 20:02
  people to even just like understand what the having is
• 20:05
  and be interested in what it is because they never really gave a
• 20:09
  shit before because their financial advisor never put it
• 20:11
  on the table. I wonder why it's still not, you
• 20:15
  know, the greatest. They're not really incentivized
• 20:18
  to do it, but they have to because that's, you know, where
• 20:21
  the financial institutions are going.
• 20:24
  But either way, it's interesting.
• 20:25
  It would be interesting to know how that exposure is going to
• 20:30
  change the price immediately after, because we're all
• 20:33
  expecting a little bit of a dip, which I'm expecting a little bit
• 20:36
  of a dip. I hope it does so that I can
• 20:38
  stack more Sats it. It would just be interesting to
• 20:42
  see how the exposure now has changed, what that could
• 20:46
  potentially mean after the halving.
• 20:49
  But it doesn't really matter. The price doesn't really matter.
• 20:51
  All we know is that it's going up forever, Laura.
• 20:54
  And whether it dips 10% or it goes up, you just have to keep
• 20:59
  buying Bitcoin. My mom's in the chat, guys,
• 21:01
  She's saying that my grandma's even buying Bitcoin.
• 21:04
  So if your grandma isn't buying Bitcoin, I don't know what to
• 21:09
  tell you. Mine is cooler than yours.
• 21:11
  Let's go. Let's go.
• 21:12
  Yeah. And and just to, I guess to
• 21:14
  clarify, when some hack says maybe I didn't, I misspoke a
• 21:18
  little bit. So the existing Bitcoin doesn't
• 21:20
  change, just the amount of new Bitcoin being created.
• 21:22
  This is exactly on point. And then there's one more
• 21:25
  comment here that I do want to touch on.
• 21:27
  Let me see if I can find it real quick.
• 21:30
  BTC believer goes, oh wait, wrong one, wrong one.
• 21:33
  It was this one. Just less reward for the work,
• 21:38
  Yes. So there's going to be less
• 21:40
  Bitcoin being released daily and more supply, which means
• 21:44
  literally the price has to go up.
• 21:46
  And This is why, as Bitcoiners, we always say, and we got the
• 21:49
  sailor meme here of it's going up forever.
• 21:52
  This is Bitcoin economics playing out in real time.
• 21:55
  This is why you want to huddle. This is why you don't want to
• 21:58
  trade Bitcoin, because no one really knows what's going on
• 22:00
  with the price. If you end up trying to trade
• 22:03
  your Bitcoin, you might end up with less Bitcoin.
• 22:05
  So the name of the game is accumulation.
• 22:07
  The name of the game is Hungry Hippo with Bitcoin.
• 22:10
  This is going to be probably the the last great buying
• 22:13
  opportunity for you guys out there.
• 22:15
  So you want to continue to stack them.
• 22:17
  SATS guys just continue to stack SATS continue to take Bitcoin
• 22:20
  into custody. And this is how you win guys.
• 22:23
  This is literally it's this easy it it don't complicate things
• 22:27
  and and I'll talk about that in the culture what's the best way
• 22:30
  to take your Bitcoin into custody.
• 22:32
  But until then guys let's get into the news let's let's talk
• 22:34
  about El Salvador for a little bit.
• 22:36
  Wait, wait. Wait, wait, wait, wait, wait.
• 22:36
  There's someone in the chat. So if I'm literally a grandpa in
• 22:40
  this chat, stacking stats. Also, is your grandma single
• 22:43
  yet? Yes, she is.
• 22:46
  She only speaks Spanish, though. So yeah, my mom was literally on
• 22:53
  a show with my grandmother called.
• 22:55
  I want to marry my mother. So we're looking.
• 22:59
  We're looking. Interesting.
• 23:00
  All right, boys. So I guess, I guess I'm not the
• 23:04
  only one with the Gilson. Boomer.
• 23:06
  Even the Boomer bitcoiners are gonna be getting girlfriends.
• 23:10
  Oh, my goodness. Your girlfriend's going to get a
• 23:12
  girlfriend. That's that's where we're going
• 23:14
  here, guys. Oh, my God.
• 23:16
  All right, one last comment and then let's get to the news.
• 23:18
  So Andrew Williams goes, I would expect the hash rate to drop a
• 23:20
  little and the men pull to get bigger, then slowly reach an
• 23:24
  equilibrium. Yes, exactly.
• 23:25
  That's exactly what's most likely going to happen.
• 23:27
  But also, there is a lot of things happening on block
• 23:32
  840,000. So I I don't know if you guys
• 23:35
  been following on Twitter, but apparently they're going to do
• 23:38
  some inscriptions. Ordinal seeing about the first
• 23:40
  SAT from the new epoch, some I think they call it rare epic
• 23:44
  sats or something like that. So there might be some
• 23:48
  contention in regards to that first block and then some.
• 23:52
  I I'm not fully aware of what this is but I've I've been
• 23:55
  hearing some hints they're going to activate something called
• 23:58
  runes which is basically some D Gen. shit coinery on top of
• 24:02
  Bitcoin. So the first block might get
• 24:04
  very interesting. We might see some interesting,
• 24:06
  interesting happen on that 840,000 block, which means we
• 24:11
  might be seeing some incredibly high fees on that block.
• 24:15
  But yeah, we'll find an equilibrium.
• 24:17
  Guys, don't freak out. Bitcoins going to work exactly
• 24:19
  as designed is a feature, not a bug.
• 24:22
  But on that? Now let's get into the news.
• 24:28
  The Daily News. I want to give a shout out to
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  the show notes below to learn more.
• 25:27
  Lexi's in the chat. Yo, Dude, I thought you left.
• 25:31
  I thought you were. Leaving.
• 25:32
  I had to go get my beard cut and stuff.
• 25:36
  But anyways guys, get yourself a passport by foundation devices.
• 25:40
  Not your keys, not your Bitcoin. I want to take self custody has
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  Snake on it. Completely open source,
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  absolutely beautiful. It pairs with the Envoy app, and
• 25:48
  it's extremely easy to use. You look so good.
• 25:56
  I'm dead, yo. I love the guest appearance ad
• 25:59
  Reed. Yeah.
• 26:01
  Anyways, anyways, I'm not going to.
• 26:03
  I'm not going to throw Nika live any more than I have news.
• 26:06
  Yeah, we're on the news. We're on the news, yo.
• 26:09
  All right, all right, all right, all right, guys.
• 26:12
  Anyways, Sophie, the the chat is losing it right now for for that
• 26:15
  comment. So maybe, maybe go check out the
• 26:18
  chat they're they're getting. Yeah, they're they're going,
• 26:20
  they're going Ham in the chat. Anyways, guys, let's cover the
• 26:23
  news today. So we had this big announcement
• 26:25
  coming out of El Salvador. Naive Buchelli tweeted this.
• 26:28
  This was April 16th at 9:00 PM. He basically there's a video
• 26:33
  here, but here. Actually, I'll.
• 26:35
  I'll play this without the sound so you guys can kind of see it.
• 26:37
  But Google officially inaugurates its office in El
• 26:40
  Salvador. There's a speech here.
• 26:41
  I I really like this building. It looks beautiful.
• 26:43
  It I honestly like, I think objectively a good building with
• 26:48
  the big Google sign over there. And I I think this really goes
• 26:52
  to show what I what I said in the beginning.
• 26:53
  We talked about this constantly in regards to the incentives of
• 26:57
  Bitcoin, the incentives of entrepreneurship, the incentives
• 27:00
  of a government treating its citizens correctly and
• 27:03
  incentivizing business. And we're seeing that Google
• 27:07
  finally gives a nod to El Salvador, and now they're
• 27:10
  inaugurating an office in El Salvador.
• 27:13
  And it's absolutely beautiful and you just love to see that.
• 27:16
  Look, El Salvador is is a tiny country and they're attracting
• 27:21
  entrepreneurs to their country and they really are the the,
• 27:26
  the, what's it, the shining city on the hill.
• 27:28
  They are really, I think proving to the world that there is an
• 27:33
  alternative way. And if you do things well, then
• 27:36
  people will want to go there anyways.
• 27:37
  I got the tweet, the official announcement from Google
• 27:40
  Spanish. She goes, hello El Salvador, We
• 27:42
  are excited to announce the opening of a new office in San
• 27:45
  Salvador. We are excited decided to be
• 27:47
  part of this journey and contribute to the digital
• 27:49
  transformation of the country. This way we will work together
• 27:52
  to create a better future for everyone.
• 27:55
  In alliance with civil society organizations, Google will
• 27:58
  provide technical and financial support of $200,000 to startups
• 28:02
  in El Salvador in order to provide them with the tools they
• 28:05
  need to start and booth boost the growth of their business.
• 28:09
  We welcome you to Growth Digital LA as our new media sales
• 28:12
  representatives in El Salvador who will provide local support,
• 28:16
  strategic advice, optimization, recommendations and specialized
• 28:19
  training in the country. As part of this agreement signed
• 28:22
  in 2023 between Google Cloud and the Government of El Salvador,
• 28:27
  we have made progress in 1/3 or in the creation of simplified
• 28:31
  and automated digital ecosystem that transform areas such as
• 28:34
  import, export, health and more. The development of A the
• 28:37
  telemedicine platform that takes advantage of the generative AI
• 28:41
  to make medical care more accessible for Salvadorians and
• 28:44
  providing students and training public school teachers in Google
• 28:47
  workspace for education. These are just our first steps
• 28:50
  in El Salvador to contribute to the digital transformation not
• 28:53
  only of the country but of the region.
• 28:56
  So as we have here this is Deputado that the assembly as
• 29:02
  semblance of El Salvador Williams Soriano and he goes El
• 29:06
  Salvador has become Google's first technology hub for Central
• 29:09
  America. Welcome.
• 29:10
  It's just it's it's absolutely awesome to see.
• 29:13
  You know El Salvador put itself on the map when it made Bitcoin
• 29:17
  legal tender. There's been a lot of contention
• 29:20
  about them cleaning up the streets.
• 29:21
  It's becoming the safest country in all of the Americas.
• 29:26
  And now they're attracting some of the biggest tech companies to
• 29:30
  their little country. And you just love to see it.
• 29:32
  And I know, I know what bitcoiners are going to say, you
• 29:35
  know, like it's Google, don't trust Google.
• 29:38
  They might be part of the part of the problem, but you just
• 29:42
  love to see that even they are incentivized to give a nod to El
• 29:46
  Salvador and be like, OK, there's actually something going
• 29:50
  on here. Will it last?
• 29:52
  Only time will tell, but it is, I think, signal to the idea that
• 29:57
  we talk about here all the time, the sovereign individual thesis.
• 30:00
  If your government treats you well, it will attract capital,
• 30:04
  it will attract entrepreneurs, it will attract businesses.
• 30:07
  And if you contrast that to what we're seeing in the UK or the
• 30:11
  US, where they're literally doing the opposite, where they
• 30:14
  are stopping entrepreneurs, they're hampering businesses,
• 30:17
  they're trying to control capital and people are, you
• 30:21
  know, looking to move and you're seeing that happen in real time.
• 30:24
  But I really want to jump on this right here and we've talked
• 30:27
  about this in the past. I'm over here on
• 30:29
  tradingeconomics.com and just talk about the GDP of El
• 30:32
  Salvador. In 20/22, it was 32.49 billion.
• 30:36
  Now it's roughly around 33.14 billion.
• 30:40
  And they're attracting Google, one of the biggest companies in
• 30:43
  the world. Here's Alphabet Inc, their
• 30:45
  stock, the mother company of Google.
• 30:47
  It has a market cap of $1.96 trillion.
• 30:50
  It's bigger than Bitcoin is currently today.
• 30:54
  And they're looking at a tiny country and they're like, yeah,
• 30:56
  like we're going to incorporate there.
• 30:59
  We're going to set up shop in El Salvador.
• 31:01
  We're going to bring innovation to Central America.
• 31:03
  And again, you guys, you know, you guys can fight it all you
• 31:05
  want, but you just love to see that the incentive stay pure.
• 31:09
  And if the incentive stay pure in your country, then you will
• 31:11
  attract capital, you will attract businesses, you will
• 31:13
  attract entrepreneurs. And El Salvador is really a
• 31:17
  blueprint for what's going on in the world.
• 31:20
  Hence why we see so much hate spewed at El Salvador because
• 31:23
  they're afraid of what is going on in El Salvador.
• 31:27
  But this really makes you think, and we are a Bitcoin show after
• 31:31
  all, What exactly is Google's playbook here?
• 31:34
  Are they trying to, you know, add intelligence agencies down
• 31:38
  in El Salvador and control the things?
• 31:39
  I don't know, you can get tinfoil had all you want.
• 31:41
  Are they giving a nod to El Salvador of the fact that they
• 31:44
  went on a Bitcoin standard? Are they just seeing the
• 31:47
  innovation, They're seeing the entrepreneurship, they're seeing
• 31:49
  the business attraction to El Salvador and wanting to be a
• 31:53
  part of that? Who really knows.
• 31:55
  But there was some signal out there from Max Kaiser and you
• 31:58
  can see Alphabet Inc over here, you know, they got total assets
• 32:02
  of $402,000,000. That's what they're holding, its
• 32:05
  total assets. And you know, you got Kaiser
• 32:08
  over here. It's like, welcome to Bitcoin
• 32:09
  country, Google, no shit. Coins allowed.
• 32:11
  I see you have a lot of trashy Fiat money on your balance
• 32:14
  sheet. You realize all this garbage
• 32:16
  goes to zero against Bitcoin, right?
• 32:18
  And so I googled this a little bit.
• 32:20
  I'm on macotrends.net and you can see that as of December
• 32:24
  31st, 2023, Google has $110 billion in cash with A2 per 2.5%
• 32:32
  decline year over year. So again, I I can't do mass, I
• 32:37
  can't do quick mass. But losing 2.5% of $110 billion
• 32:43
  is a sizable chunk of money that they are losing and purchasing
• 32:46
  power. So it just goes to show what
• 32:50
  exactly is their intentions here.
• 32:52
  Are they trying to just get some some foothold in Central
• 32:56
  America? They're trying to innovate as
• 32:58
  they were saying, you know transform El Salvador digitally.
• 33:01
  They're trying to add education. I I think I saw in that video
• 33:04
  that Naibukali was saying that every kid now has a Google iPad,
• 33:09
  a a Google computer to to improve education.
• 33:12
  They want to improve the the healthcare, they want to add and
• 33:17
  update the infrastructure down there.
• 33:19
  So it is, I think on the one hand a beautiful development to
• 33:23
  the idea that if you are an entrepreneur or country, if you
• 33:27
  can attract capital, if you can attract business and you can
• 33:30
  build a country with the right incentives that you will attract
• 33:34
  the richest people in the world. And here we are, yes, the El
• 33:37
  Salvador, it's a recent development.
• 33:39
  Who knows if this is going to have foothold, who knows how
• 33:42
  long El Salvador can continue to innovate.
• 33:45
  But the more tech companies that get attracted to Bitcoin, the
• 33:49
  more you will see that they will be on track to becoming the the
• 33:53
  tech hub of Central America. And again, let's not forget, you
• 33:57
  know, El Salvador's GDP is $32 billion.
• 34:00
  Like Elon Musk could buy El Salvador like 6 times over.
• 34:03
  You know, Google can buy El Salvador a few times over, but
• 34:09
  they want to align with with El Salvador and what they're
• 34:12
  building, which I think just goes to show which a lot of the
• 34:14
  things we talk about here. When you have a strong leader,
• 34:17
  when you have a leader with vision, when you have a country
• 34:19
  that wants to incentivize production and entrepreneurship,
• 34:23
  good things come out of that. And we've been talking about
• 34:26
  that constantly on this show that the incentives right now,
• 34:30
  the way you see them in America, it's starting to hamper the the
• 34:35
  not only the individual but the country.
• 34:37
  And you want to attract entrepreneurs.
• 34:39
  This is why Nico always says constantly like, oh, we might
• 34:42
  have to leave America when I'm like we're never leaving
• 34:44
  America. I don't know what you're talking
• 34:45
  about. America's still the best country
• 34:48
  in the world. As far as I'm concerned.
• 34:49
  It's still the richest country in the world.
• 34:51
  But everyone is seeing the same thing.
• 34:54
  If you are holding cash, you are losing value.
• 34:58
  And imagine being Google right now, you are incorporating in El
• 35:02
  Salvador. There's got to at the very least
• 35:05
  be some conversations about the Bitcoin standard.
• 35:07
  Maybe it's a flippant conversation, but it's on their
• 35:10
  radar. And hey, if Google takes a
• 35:13
  percentage of their cash balance goes into Bitcoin, not only will
• 35:19
  their cash balance improve, but that will also be one of those
• 35:23
  maturing moments in Bitcoin. It will be another nod to
• 35:27
  Bitcoin. Again, we don't necessarily need
• 35:30
  all these tech investors. We don't really need Wall Street
• 35:33
  to come into Bitcoin, but it will go a long way to the normie
• 35:37
  mind out there that, oh wow, Bitcoin maybe is a mature asset.
• 35:41
  Maybe it is something I need to buy.
• 35:43
  Maybe it is something I need to hold on my balance sheet and
• 35:45
  slowly but surely we will get to the point where everyone and
• 35:49
  their mother starts to use Bitcoin.
• 35:51
  We're we're almost there, Sophie, Sophie's already on
• 35:53
  this. So anyway, so what's your
• 35:54
  thoughts? And then I think I might might
• 35:56
  look at some some chats here. You know, on one hand, I think
• 36:00
  it's kind of sad that it takes a company like Google, who has
• 36:05
  invaded all of our privacies and sold our data to the government,
• 36:10
  etcetera, etcetera, that it takes a company like that
• 36:13
  powerful to incentivize the normies to buy Bitcoin.
• 36:18
  And unfortunately, that is the truth.
• 36:19
  Companies like this legitimize Bitcoin to the average
• 36:24
  individual. To everybody else that has been
• 36:26
  stacking Bitcoin, it's like kind of SUS because it's it's it's
• 36:31
  Google. It's somebody who again has
• 36:33
  invaded your privacy, who hasn't done right by you.
• 36:36
  But as a line said in the chat, does Bitcoin fix Google?
• 36:42
  Does Bitcoin fix the incentives that Google has?
• 36:46
  Is Google trying to get orange pilled or did they get orange
• 36:50
  peeled? Is that the real reason that
• 36:52
  they're in El Salvador? Personally, I think that Google
• 36:56
  sees an opportunity for El Salvador to be the next Silicon
• 37:00
  Valley in Central America. Maybe they're trying to bring
• 37:03
  other tech companies into El Salvador and they just want to
• 37:07
  have the first footing in El Salvador.
• 37:09
  So it could be a multiple, a multitude of reasons.
• 37:13
  It could be the the fact that El Salvador has become the safest
• 37:17
  country in Central America. But one thing for sure is that
• 37:22
  Bitcoin is somewhere in the fold.
• 37:26
  And maybe the maybe Bitcoin is the thing that changes Bitcoin
• 37:31
  for the better. Yeah, we'll see.
• 37:35
  I mean they they used to have, and maybe maybe I'm mixing up
• 37:38
  the tech company, but didn't they used to have the the meme
• 37:41
  company memo of don't do evil and then they seemingly have
• 37:45
  gone evil, but maybe they're pulling back now this he.
• 37:48
  Said don't do evil until the government pays us a lot of
• 37:52
  money or threatens to shut us down.
• 37:54
  We don't really know what the story is behind that, you know?
• 37:57
  But one thing, one thing we can know for sure is that maybe
• 38:02
  going to a new country that has a Bitcoin standard will change
• 38:07
  all of that. Yeah, I mean I think that's
• 38:10
  that's probably the biggest thing for us as Bitcoiners.
• 38:12
  Yes, you know you guys, we can all probably agree that Google
• 38:16
  has done a lot of bad things and maybe Google isn't a good thing
• 38:19
  moving down there. But they have just given El
• 38:23
  Salvador a nod. They are a bitcoinized country.
• 38:27
  They are an entrepreneur based country.
• 38:30
  They have a strong leader. So the fact that they're giving
• 38:33
  naive Bukele and El Salvador a nod here and and actually going
• 38:36
  to their because they could have picked any, any Central American
• 38:38
  country in the world, like they could have gone anywhere.
• 38:40
  But they chose a Bitcoin country.
• 38:42
  Yeah, exactly. They chose the Bitcoin country
• 38:46
  to go incorporate so. And like I said, we don't know
• 38:49
  the whole story here. We don't know the full story.
• 38:51
  Maybe they've been cooked by the government this entire time and
• 38:55
  this is their way out. They're saying, OK, let's just
• 38:59
  go to El Salvador and escape the hold of the federal government
• 39:03
  so that we can start again and go back to our roots of not
• 39:06
  doing evil. That could be the thing, You
• 39:09
  never know. And maybe by being on a Bitcoin
• 39:11
  standard and not relying so much on the dollar, they're able to
• 39:15
  become the thing that they once were.
• 39:18
  Wow. You would.
• 39:19
  You can hope a boy can still hope I have a.
• 39:22
  Lot of hopium this, this, this Bitcoin bull market has me just
• 39:26
  so optimistic about life. All right, well we have a few
• 39:31
  comments. Let's read a few comments here.
• 39:32
  So and then says you know what Google did to Ireland.
• 39:35
  I am not totally familiar, so drop it in the chat and we'll
• 39:37
  hopefully cover it. Loco TX goes Google coin
• 39:40
  incoming. Oh lightning go, it's Bitcoin.
• 39:43
  Going to flip Google soon. This is undeniable.
• 39:46
  Bitcoin will flip Google soon. And we got FZ hard acre goes
• 39:52
  Google and Bitcoin do not go together.
• 39:54
  Hey bitcoins for enemies we will see what happened.
• 39:57
  I like this one multi stacker Google got orange pillar I think
• 40:01
  of course we're speculating here but I think this I think that
• 40:05
  might be the case a little bit. They're definitely seeing.
• 40:08
  What's going on in El Salvador? And so guys, maybe over under
• 40:11
  how long until Google announces Bitcoin on their balance sheet
• 40:15
  and like Sophie was saying, super hopeful.
• 40:17
  Maybe they are trying to pull things back.
• 40:19
  I am seeing this pendulum happening right now where you
• 40:23
  know the go woke, go broke meme is happening and people are
• 40:26
  trying to pull it back and understand that hey maybe, uh
• 40:29
  maybe this libertarian, entrepreneur, anarcho capitalist
• 40:33
  stuff may, May maybe it's more profitable.
• 40:35
  Maybe it's more beneficial for my citizens, but hey, or my.
• 40:38
  Win, win. It's a win, win situation
• 40:40
  because if they give into their financial incentives, in this
• 40:45
  particular case, because it's Bitcoin, it actually also kind
• 40:48
  of gives into the moral incentives, right?
• 40:52
  Because if they're making money by going to a country that is on
• 40:57
  a Bitcoin standard, bitcoiners are going to expect privacy.
• 41:02
  Bitcoiners are going to expect this company to cater to them,
• 41:07
  and eventually all tech companies, all companies in the
• 41:10
  world are going to have to align themselves with those
• 41:13
  incentives. And that's how Bitcoin fixes
• 41:15
  things at the very root, because now your consumer, the
• 41:19
  consumer's power is that much more as, as someone said that
• 41:25
  life gets cheaper on a Bitcoin standard, right?
• 41:28
  So if life gets cheaper, you're also less likely to, you know,
• 41:33
  spend your money on things that are frivolous and not good for
• 41:37
  you. And so Google and other
• 41:39
  companies will be forced to change. 100 percent, 100%.
• 41:43
  All right, there is a few comments before I get into self
• 41:46
  custody and culture today, but I like this winsome hacks.
• 41:49
  He goes, El Salvador has been the lighthouse for South
• 41:51
  American countries. Get the IMF and the US dollar
• 41:54
  off their back and they grow. It's almost like, it's almost
• 41:57
  like they're a parasite and they're blood psyching their
• 41:59
  citizens. I mean, I'm just speculating
• 42:01
  here. I don't know what's going on
• 42:02
  here, guys, but how about this one, Elaine?
• 42:05
  Maybe they will change their tagline back to don't be evil to
• 42:09
  buy Bitcoin. Yes, this is the one, all right.
• 42:11
  And last one, When something goes, even if Bitcoin isn't the
• 42:14
  reason for the move, it has contributed to the success of El
• 42:16
  Salvador and Google have to work in a Bitcoin environment by law.
• 42:20
  This is the signal, guys. This is why we're talking about
• 42:23
  it. And of course, we can all
• 42:24
  speculate about who's going to hold Bitcoin on their balance
• 42:26
  sheet, but this is the signal here.
• 42:29
  They have moved to a Bitcoin country and now they have to
• 42:32
  work within a Bitcoin country's laws.
• 42:35
  And so we'll see, man. We'll see how this goes.
• 42:38
  We'll see what actually happened.
• 42:40
  But as this knock said, Google Now answers to Bitcoin.
• 42:43
  You just love to see it, guys. It it really goes to what we say
• 42:45
  here. Constantly, incentives rule the
• 42:48
  world and bitcoins, incentives are pure.
• 42:50
  And if you allow a country to flourish in a seemingly free
• 42:55
  market, well, you're going to attract capital, you're going to
• 42:58
  attract businesses, you're going to attract entrepreneurs.
• 43:01
  And this is the standard that Bitcoin is unleashing on the
• 43:04
  world. Hopefully you guys caught Jeff
• 43:07
  Booth last night on the IRL and if you guys haven't caught it
• 43:10
  yet, go watch it. It's a very hopeful rip.
• 43:12
  Nico got off all giddy. He's like, man, dude, we're
• 43:15
  going to win so hard. Like the future is so bright.
• 43:17
  And it really just goes to show what we keep telling you guys
• 43:20
  constantly man. Fiat world.
• 43:23
  Clown world, however you want to call it.
• 43:24
  It is a world full of nihilism, pessimism.
• 43:28
  It's not a good world. Go talk to your Normie friends
• 43:30
  right now. Everyone's losing their minds
• 43:32
  about the current thing, and all of us bitcoiners are like, hey
• 43:34
  guys, just join us. Like life's so much better.
• 43:36
  Isn't it better when your net worth goes up?
• 43:38
  Isn't it better when you transact voluntarily
• 43:42
  consensually with other humans? It connects the world, and we're
• 43:45
  seeing that happen in real time. The world has never been more
• 43:49
  interconnected and as soon as we can can eliminate the middle
• 43:54
  men, the trusted third parties in the middle and value can flow
• 43:58
  freely. Ideas can flow freely throughout
• 44:01
  planet Earth. The world's going to improve and
• 44:04
  this is what we constantly talk about here.
• 44:05
  This is what we constantly try to push on you guys.
• 44:08
  There is hope at the end of the tunnel, guys, and it starts with
• 44:11
  stacking sets, staying humble, providing value to your fellow
• 44:14
  man, and things will go up. Life is great on a Bitcoin
• 44:20
  standard. Oh man, we're going to.
• 44:23
  Christine's in the chat already. Christine's in the chat already.
• 44:26
  Oh, man. OK guys, let's go to the culture
• 44:29
  because I I got a good comment here during yesterday's show, so
• 44:34
  we're going to cover some basics for you guys.
• 44:38
  The Daily Culture. All right, boys and girls, you
• 44:47
  already know. Smash the Like button.
• 44:49
  If you're enjoying the show, smash the Like button.
• 44:52
  We only have 100 likes. Those are rookie numbers.
• 44:54
  Let's get it to 150 likes. Guys, I'm going to get fired if
• 45:01
  I don't have 100. Likes Oh well, we broke the 100
• 45:04
  likes before the 1st hour, so it's all good.
• 45:06
  It's all good. But yes, guys like the show, if
• 45:09
  you if you provide, if you think we provide value, if you enjoy
• 45:12
  the entertainment, like share, subscribe, all that good stuff.
• 45:15
  But before we get into the culture today, make sure you go
• 45:18
  to orangepillapp.com stack friends who stack sats.
• 45:21
  There's good meetups there. Get in touch with other
• 45:24
  bitcoiners. Network with other bitcoiners.
• 45:26
  If you're in a new country and you want to hang out with like
• 45:28
  minded people, download the Orange Pill app and hit people
• 45:32
  up. See who's around you, Maybe get
• 45:34
  a coffee, maybe get some steak. Whatever it is you're into,
• 45:37
  there are bitcoins all around the world on the Orange Pill
• 45:40
  app. And of course join the Simply
• 45:42
  Bitcoin Orange Pill app group. The link is in the description.
• 45:46
  And Nico and I, we we appreciate all the love guys and and you
• 45:49
  know, I'm kind of bad at it, but we do our best of reaching out
• 45:52
  to every single person that hits us up.
• 45:54
  So I might have a delay but if you if you message me we're
• 45:59
  going to talk to you we're going to get back to you.
• 46:00
  A lot of good conversations in there appreciate all the love
• 46:03
  guys. And then next of course go to
• 46:05
  Kaboom racks. Kaboom Racks the best place to
• 46:10
  buy, sell and host your Bitcoin A6.
• 46:12
  If you are on the fence whether you should buy a six where you
• 46:16
  should get into Bitcoin mining. Get in touch with the kaboom
• 46:19
  racks team. They have a great white glove
• 46:21
  service. They'll they'll talk to you
• 46:23
  about all of the incentives, all of the options, whether it's a
• 46:27
  good time to get into Bitcoin mining.
• 46:29
  Actually a little, a little T here for you guys.
• 46:31
  I was talking again like I said, my boy Alex from Kaboom racks
• 46:34
  and he was basically saying dude might be some blood on the
• 46:38
  streets in the next couple of weeks.
• 46:40
  So it might be a good time to pick up some A6, not right now,
• 46:44
  but in the next couple of weeks. So if you've been on the fence,
• 46:47
  you might be able to pick up some cheap A6.
• 46:49
  I think we're going to see some fireworks.
• 46:51
  It's going to be very interesting to see what happens
• 46:53
  with some of these big miners. I think, you know, even Bob
• 46:56
  Burnett was saying it at Bitlock boom that we we might see some
• 47:00
  miners going down guys. So this is a very interesting
• 47:02
  time for Bitcoin. We are leaving third epoch,
• 47:06
  entering the 4th epoch. Bitcoin scarcity is going down,
• 47:09
  hash rates going to go up. We're going to see what happens
• 47:12
  with the miners out there. So it's going to get very
• 47:14
  interesting. So if you're on the fence, get
• 47:16
  in touch with the Kaboom racks team and they will walk you
• 47:19
  through all of that. There are the boys out there.
• 47:22
  OK, on that note guys, I do this bit all the time.
• 47:26
  We are getting new viewers on the show, so I love to try to
• 47:31
  catch people up. I love getting people up to
• 47:33
  speed. Not only do we bring on cool
• 47:35
  people on this show, but sometimes I go into the the the
• 47:39
  nitty gritty, the weeds here so that you guys can get up to
• 47:42
  speed so you guys can feel better about taking your Bitcoin
• 47:44
  into custody because as we say all the time self custody is the
• 47:49
  revolution. Anyways, we got this comment on
• 47:51
  YouTube, this was I got this in our slack I believe it was last
• 47:56
  night. So the last couple of days we
• 47:59
  have, and forgive me for butchering your name bro, but we
• 48:02
  have at F pass Cavacious, F Cavacious or F Pesky Vicious.
• 48:09
  I don't know bro, sorry but a listener and he goes.
• 48:13
  After months of listening to the show on a daily basis on
• 48:15
  Spotify, today for the first time I decided to watch the show
• 48:18
  on YouTube and put a face on you guys, Nico and Opti.
• 48:21
  I had no idea what you guys look like.
• 48:24
  I pictured Opti as a long haired, chill looking type of
• 48:27
  guy. I'm sorry to disappoint but
• 48:28
  you're not too far off. Don't stop doing what you do.
• 48:32
  There are people definitely listening and this is what we're
• 48:34
  going to talk about today right here.
• 48:35
  It's like I would like you guys to talk more about self custody.
• 48:39
  I know you do, but still sounds intimidating like it is for
• 48:42
  someone else. Get Natalie Burnell on the show
• 48:44
  as well. All right.
• 48:45
  So on today's show, we're going to talk about self custody and
• 48:49
  and I've done this bit a few times, I've updated it.
• 48:52
  I even have some physical hardware wallets for you guys
• 48:54
  here and just to just to touch on the first point guys it is so
• 49:00
  it is intimidating your first time.
• 49:01
  Like I can remember my first time when I took Bitcoin into
• 49:04
  custody. I I had to bought and I know you
• 49:07
  guys are going to throw tomatoes but I had bought in $100 on
• 49:10
  Coinbase. This was 2017.
• 49:12
  Forgive me guys. Forgive me for my sins and I I
• 49:15
  can vividly remember the first time I took Bitcoin into
• 49:18
  custody. It was late at night.
• 49:19
  I didn't have the lights on so maybe that made it a little more
• 49:22
  ominous. I was just like, you know, my
• 49:23
  computer watching Andres Antonopoulos.
• 49:25
  And there's like, you got to take your Bitcoin into custody.
• 49:28
  You can't leave your Bitcoin on an exchange.
• 49:30
  And I remember when I sent it, I didn't know.
• 49:33
  I barely knew anything. And I made a wallet.
• 49:37
  I sent it to my wallet from the exchange, you know, And I my
• 49:40
  heart starts beating. I'm like, Oh my God, like, I'm
• 49:43
  going to lose my 100 bucks if I don't do this correctly.
• 49:45
  Again, there is no rewind. There is no telephone to call if
• 49:50
  you mess up. This is why when you first learn
• 49:53
  how to do this, I highly recommend you take this process
• 49:55
  slow again. You know now don't don't be
• 49:57
  drinking when you do your first seed backup.
• 50:00
  Like you should do this in a clear mind so that you can get
• 50:04
  your Bitcoin back. But it is a little intimidating
• 50:06
  when you first get into Bitcoin. But after the first one, if you
• 50:09
  can send an e-mail, if you can remember a telephone number,
• 50:13
  then you can take custody of your Bitcoin.
• 50:14
  But before I get into my blueprint, I got to touch on the
• 50:18
  Bitcoin white paper. It was literally the first
• 50:21
  sentence of the Bitcoin white paper in the abstract.
• 50:24
  It's the first sentence of the first paragraph of the Bitcoin
• 50:27
  white paper, so I got to highlight it.
• 50:29
  So Bitcoin A Peer-to-peer Electronic Cash System by
• 50:31
  Satoshi Nakamoto October 31st, 2008 Abstract A purely
• 50:36
  peer-to-peer version of electronic cash would allow
• 50:39
  online payments to be sent directly, again be sent directly
• 50:43
  from one party to another without going through a
• 50:45
  financial institution. This is what it's all about.
• 50:48
  peer-to-peer payments. There you become your own bank.
• 50:52
  There is no one you can go to if you mess up.
• 50:54
  And Satoshi wrote this it literally the first sentence.
• 50:57
  And then in the introduction. Commerce on the Internet has
• 51:00
  come to rely almost exclusively on financial institutions
• 51:03
  serving as trusted third parties to process electronic payments.
• 51:07
  While the system works well enough for most transaction, it
• 51:10
  still suffers from the inherent weakness of the trust based
• 51:12
  model. And this is what we're fixing.
• 51:15
  Yes, if you're buying your Bitcoin on an exchange, you are
• 51:18
  trusting that you are the first and foremost buying actual
• 51:21
  Bitcoin from them, and then if you leave it there, you're
• 51:26
  trusting that they're going to hold your Bitcoin.
• 51:28
  But one lesson that all of us Bitcoiners have learned
• 51:31
  throughout this whole process is you cannot leave your Bitcoin on
• 51:35
  an exchange. You do not want to leave your
• 51:37
  Bitcoin on an exchange. If you do it, just know there's
• 51:41
  a possibility of you never actually taking that Bitcoin
• 51:44
  into custody. So This is why we tell you guys
• 51:46
  all the time. The most important aspect
• 51:49
  besides getting off 0 is taking Bitcoin into custody.
• 51:53
  And then we don't need you guys to yell at me about the fact
• 51:56
  that high net worth individuals don't want to take their assets
• 51:58
  in the custody. I get it, I get it.
• 51:59
  But for the average person out there, for the person that wants
• 52:02
  to take Bitcoin into custody, yes, your first transaction
• 52:06
  might be intimidating. But after a couple it becomes
• 52:08
  second nature. And it's it's easy.
• 52:10
  Easier than sending Zelle. Like, have you guys walked into
• 52:13
  a bank recently? Have you guys tried to open a
• 52:15
  bank account? Yes.
• 52:17
  It was terrible. It's.
• 52:18
  Absolutely horrible. It's it's way harder than taking
• 52:22
  Bitcoin into custody. You literally all you have to do
• 52:24
  is download a wallet on your phone and you take Bitcoin into
• 52:27
  custody. But anyways, let's get into the
• 52:30
  nitty gritty here. Let's get into some of the best
• 52:33
  practices. The framework that I use when I
• 52:36
  download a new wallet and I send Bitcoin to it, I would say that
• 52:40
  some of these processes are a must.
• 52:42
  You have to do this because you want to make sure that you do
• 52:45
  this process correctly. Take your time on this process,
• 52:49
  do not rush through this after a while.
• 52:52
  If you're pro then you know you you can adjust this all you
• 52:55
  want. But if you're a noob, I would
• 52:56
  highly suggest that you take take like a a Saturday
• 53:00
  afternoon, you know take take a couple of hours and do this
• 53:04
  process correctly. And again, this is a
• 53:06
  progression. I as much as I'm a maxi bit
• 53:10
  corner and I, you know, I I try to get people to zero to 60 and
• 53:15
  as fast as possible. I've learned that it's a process
• 53:19
  guys don't don't go too hard on people about, oh you need to do
• 53:22
  it this way or else you're not a real big corner bro.
• 53:25
  Like yeah, I get it. I think this is a process where
• 53:28
  you go from, you know, not holding custody of any of your
• 53:32
  money to finally being completely sovereign and holding
• 53:35
  all of your Bitcoin yourself, running a node, all that good
• 53:39
  stuff. But I'm gonna just touch on the
• 53:41
  self custody aspect. And again, this is a
• 53:43
  progression. So first and foremost, as I like
• 53:47
  to always say, and you guys could correct me all you want,
• 53:50
  but usually I think the best way for people to get their Bitcoin
• 53:53
  into custody is by simply downloading a mobile wallet on
• 53:56
  their phone. You know, we all have
• 53:58
  smartphones and it's very simple to just download a mobile
• 54:02
  wallet. But hey, maybe you want to
• 54:04
  download a desktop, a desktop wallet, Maybe you want to do
• 54:08
  that on on your laptop. Again, there's a lot of caveats
• 54:11
  here. There's a lot of trade-offs.
• 54:12
  I'd highly recommend if you do download a desktop wallet that
• 54:15
  you probably don't use your daily driver.
• 54:18
  Like don't use the laptop you use to watch all those naughty
• 54:21
  websites that you're watching because people can hack your
• 54:24
  computer. So usually I like to think of
• 54:28
  this as a progression. It's mobile wallets to a desktop
• 54:30
  wallet to a hardware wallet and then you can connect your
• 54:33
  desktop wallet with your hardware wallet and go multi sig
• 54:36
  or passwords. Again, I'm not trying to confuse
• 54:39
  you here. Usually just download a mobile
• 54:40
  wallet on your phone and then most wallets before you're able.
• 54:45
  Even to send a transaction receiver transaction, you're
• 54:48
  going to have to write down your seat on paper.
• 54:51
  And again, guys, make sure this never hits the Internet.
• 54:53
  So do not screenshot your seed. Do not let your seed phrase go
• 54:58
  to the cloud. Avoid cameras.
• 55:01
  Avoid saying them out loud because you never know who's
• 55:04
  listening. Keep it private, guys.
• 55:07
  And of course, you know, eventually get your seed phrase
• 55:11
  off a piece of paper and on something like titanium, like
• 55:14
  you know, stamp seed. But I don't want to complicate
• 55:17
  this, but just remember he who knows the seed controls the
• 55:21
  Bitcoin. In Bitcoin, possession is 10
• 55:24
  tenths of the law. So if they know your seed, they
• 55:27
  can send your Bitcoin. And we've seen so many people
• 55:31
  get wrecked throughout the 15 years of Bitcoin that the best
• 55:34
  practices are get a piece of paper, write it down, make sure
• 55:38
  it's in pen, make sure that if you're get some.
• 55:41
  Paper. Get some stamps.
• 55:42
  Yes, I know, I know. But I'm trying to minimize the
• 55:46
  obstacles that people have to get to self custody.
• 55:50
  So usually first step, you know, download a mobile wallet, write
• 55:53
  it down on a piece of paper. Final the final steps is get
• 55:56
  yourself a hardware wallet, a stamp seed.
• 55:58
  So if your house does burn down, your seed phrase is still there.
• 56:01
  And as you can see first is paper seed and then it's
• 56:04
  titanium seed and that's what you need to do.
• 56:07
  You want to make sure that your backups are correctly, write
• 56:09
  down your seed phrase, make sure if you want to you can memorize
• 56:12
  them, but you need to download a wallet.
• 56:14
  Mobile wallets are a good place to start.
• 56:16
  Eventually you want to get to a hardware wallet so you are the
• 56:19
  most secure. It depends on how paranoid you
• 56:21
  are. I'm super paranoid, but a good
• 56:23
  advice here is whatever amount of money you put into Bitcoin
• 56:28
  today, 10X AT, and that should be your judge for how paranoid
• 56:33
  you should be about custodying your Bitcoin.
• 56:35
  So you know if you're downloading 100 bucks you bought
• 56:39
  100 bucks, you're putting it to your wallet.
• 56:40
  Maybe if that's all you got. A mobile wallet is fine.
• 56:43
  I've, I've done, I've done worse.
• 56:46
  Where I I've kept, I've kept an inordinate amount of Bitcoin in
• 56:49
  a mobile wallet but finally you end up going to a hardware
• 56:53
  wallet. So once you have your seed
• 56:55
  phrase written down, either on a piece of paper stamped into
• 56:58
  titanium, I think this might be the most important step that
• 57:03
  most people miss. Do a test transaction from your
• 57:06
  exchange. Send a small amount of Bitcoin,
• 57:08
  You know 10-10 dollars, $5 what, Whatever is small to you,
• 57:12
  whatever portion of your actual holdings that you have in.
• 57:16
  On exchange, send a test transaction to your wallet and
• 57:19
  once you receive it, what you want to do is make sure your
• 57:22
  seed phrase is backed up. Wipe your wallet and you're like
• 57:26
  wait, why would I wipe my wallet?
• 57:27
  Because then I lost my Bitcoin. Well now your your Bitcoin
• 57:30
  doesn't actually live in in your wallet, it's just your keys to
• 57:34
  get into the wallet. So what you want to do is do a a
• 57:37
  small test transaction, wipe the wallet, and then reload that
• 57:43
  that seed phrase into your wallet so you can retrieve your
• 57:46
  funds. And what this ensures is that if
• 57:49
  for whatever reason you're you lose the wallet on your phone or
• 57:54
  your hardware wallet gets corrupted or whatever, you have
• 57:57
  the seed phrase. And remember to write down your
• 57:59
  password if you're going that route so that you can get back
• 58:02
  into your wallet. And if you do this on multiple
• 58:04
  wallet infrastructure, like if you do this on blue wallet and
• 58:08
  green wallet or something like that, and you finally get back
• 58:11
  into your Bitcoin, that's usually when the light bulb
• 58:14
  moment comes up and you're like, Oh my God, like my Bitcoin
• 58:17
  doesn't actually live in my wallet.
• 58:18
  I just have access to that Bitcoin.
• 58:21
  And once you retrieve your funds again, you write down your seed
• 58:24
  phrase, do a test transaction, wipe the wallet, retrieve those
• 58:28
  funds, and once you get back into that wallet, then either
• 58:31
  you can, you know, send that out to a new wallet, or just send
• 58:35
  all of your Bitcoin to that wallet.
• 58:37
  And every time you create a new wallet, I would highly suggest
• 58:40
  that you do that same process. Write down your seed phrase,
• 58:45
  send a test transaction, wipe the wallet so that you can
• 58:48
  further retrieve that wallet, retrieve those funds, retrieve
• 58:52
  access to those UT X OS and then finally send all your Bitcoin.
• 58:56
  And if you do that process, then you can start to relieve in your
• 58:59
  own mind that OK, I know my backups are secure, I know I can
• 59:03
  access this Bitcoin if if everything goes wrong.
• 59:06
  And then you can finally send your whole chunk to a Bitcoin
• 59:10
  wallet of your choice. Now I do have some wallets here
• 59:13
  because you know people love to give options and and before I go
• 59:17
  into all the options guys, I don't want to give you, you know
• 59:21
  the paralysis of analysis. I'm giving you a bunch of
• 59:25
  options that I've tried, that I love, that I use constantly and
• 59:29
  there are a lot of options out there.
• 59:31
  So if I right now don't say the wallet, that doesn't necessarily
• 59:35
  mean it's a bad wallet. It just means I haven't actually
• 59:38
  used it and maybe you know the the meme of if it had shit coins
• 59:42
  on it then probably avoid it at all costs.
• 59:44
  So so these are all Bitcoin only wallets and I have I haven't
• 59:49
  broken down in on all different categories.
• 59:51
  So on your mobile phone I absolutely love blue wallet it's
• 59:56
  an on chain wallet they they you know they sunsetted their
• 59:59
  lightning wallet but the first mobile wallets are simply on
• 1:00:03
  chain. So I would highly recommend this
• 1:00:05
  for, you know like bigger chunks Bitcoin connect that to.
• 1:00:11
  Your your phone. So on chain wallets we got blue
• 1:00:14
  wallet. We have envoy wallet which is
• 1:00:15
  our sponsor. Passport of our foundation with
• 1:00:19
  passport is beautiful. And then green wallet and the
• 1:00:22
  new one that I've been trying out bit kit.
• 1:00:24
  I I really love it. I haven't really used it too
• 1:00:26
  much, but on chain wallets, Blue wallet, Envoy, green wallet, bit
• 1:00:30
  kit, and then lightning wallets, my boys over at Mutiny are
• 1:00:33
  creating an awesome wallet. Phoenix is kind of becoming my
• 1:00:36
  new daily Lightning driver. There's Zeus shouts out to the
• 1:00:40
  boys over at Zeus. You can connect your own node to
• 1:00:42
  it and then these three Mutiny, Phoenix and Zeus, they're all
• 1:00:45
  non custodial lightning wallets. And then there's Breeze.
• 1:00:49
  Breeze is it's kind of a runner up.
• 1:00:51
  They they were doing really good things for a while Now I I kind
• 1:00:54
  of I kind of always show Phoenix or mutiny to me.
• 1:00:57
  Mutiny in Phoenix I I think is where wallets are going.
• 1:01:00
  If you're out of the US then you know hey you got some throw
• 1:01:02
  tomatoes but Wallace Satoshi is great it just worked.
• 1:01:04
  Sorry guys. It it just works.
• 1:01:06
  And that's what most people want is just a wallet that works.
• 1:01:08
  So and then the recent one is Primal.
• 1:01:11
  Yes, it's connected to Noster. Yes, it's a social media app,
• 1:01:14
  but they have a pretty good Lightning wallet in it guys.
• 1:01:17
  So if you want to kind of go that route and dip your toes in
• 1:01:20
  the Noster, then you can have a Lightning wallet connected to
• 1:01:22
  it. So again, on your mobile phone,
• 1:01:24
  I highly recommend Blue Wallet. That's probably been my daily
• 1:01:27
  driver on my phone for like 2 to three years now.
• 1:01:30
  I love Blue Wallet. I really am starting to love
• 1:01:34
  Envoy, especially when you connect it with Passport.
• 1:01:36
  It's just it's so easy. I I absolutely love it.
• 1:01:39
  Green Wallet's been around for a long time.
• 1:01:41
  I have a lot of friends using Green Wallet and then Mutiny in
• 1:01:43
  Phoenix. Those are the wallets I'm using
• 1:01:45
  right now. Blue Wallet, Envoy Mutiny in
• 1:01:47
  Phoenix. And I do use Green Wallet every
• 1:01:49
  once in a while. So those are the mobile wallets.
• 1:01:52
  Guys. Usually first step is like, I
• 1:01:54
  all right, Full disclosure, usually first step.
• 1:01:56
  I'd just be like all right bro just download Blue Wallet send
• 1:01:59
  your Bitcoin there. I I run them through the
• 1:02:01
  process. Blue wallet works.
• 1:02:02
  I love Blue wallet. It's it's it's become my my
• 1:02:05
  wallet of choice on my phone. I I use it to this day.
• 1:02:08
  I use it basically every single day.
• 1:02:10
  And then on desktop again there's a lot of different
• 1:02:13
  wallets but I absolutely love Sparrow.
• 1:02:16
  I'm kind of a Sparrow. Maxi.
• 1:02:17
  I think Sparrow is is the best desktop wallet right now and if
• 1:02:22
  you haven't used it I highly recommend you use it.
• 1:02:25
  It'll download Bitcoin core. It has a lot of functionality on
• 1:02:28
  top with Sparrow. There's a it's it's an advanced
• 1:02:31
  wallet guys. So if you're a new maybe you
• 1:02:35
  want to dip your toes in Sparrow because there's a lot of
• 1:02:37
  functionality with Sparrow. But I I absolutely love Sparrow.
• 1:02:40
  I'm a Sparrow maxi. And then there's Spectre.
• 1:02:42
  Spectre's a great wallet as well.
• 1:02:44
  But again I'm just I love Sparrow.
• 1:02:45
  I'm I'm just a Sparrow maxi. I think it's the best.
• 1:02:48
  I think that's like the pinnacle of desktop wallets and Nico's an
• 1:02:50
  Electrum junkie. You know when you've been around
• 1:02:52
  for a while you don't really want to change things.
• 1:02:54
  You use Electrum Electrums on a lot of these pug plug and play
• 1:02:58
  notes. So again just cuz I'm not naming
• 1:03:02
  them doesn't mean that they're not used.
• 1:03:05
  Look let me actually add Bitcoin core.
• 1:03:08
  You should download Bitcoin Core at least once guys, if you
• 1:03:11
  really wanna be a hardcore bitcoiner.
• 1:03:14
  If you really want to go through the initiation process of being
• 1:03:18
  a bitcoiner, just download Bitcoin Core.
• 1:03:20
  See what this is about. They're they're continuing to
• 1:03:22
  update. See what the initial software is
• 1:03:25
  that started this whole thing. It's Bitcoin Core.
• 1:03:28
  Those are the desktop wallets that I highly recommend.
• 1:03:31
  Again, I'm kind of a Sparrow Maxi which is basically Bitcoin
• 1:03:34
  Core with Sparrow and some other usability added on top of it.
• 1:03:38
  So if you want to go the desktop route again, I highly recommend
• 1:03:41
  that you don't just use your daily driver.
• 1:03:44
  My boy Skeef, he's always like just buy a ThinkPad.
• 1:03:47
  It's you know, super cheap and you'll have a great hardware
• 1:03:50
  wallet with Sparrow and Bitcoin Core.
• 1:03:53
  But again, this is progression guys.
• 1:03:55
  So first and foremost I'd say get a mobile wallet.
• 1:03:57
  But I do have my hardware wallets here guys.
• 1:04:01
  Of course, Passport. We absolutely love Passport.
• 1:04:05
  It's so easy. It's beautiful.
• 1:04:07
  It I'm dude, I'm I'm becoming a huge Passport fan and it's not
• 1:04:11
  just because they're our sponsor just because I've used it and
• 1:04:14
  it's so easy. I did a setup the other day
• 1:04:16
  before I went to El Salvador. Like I said I had.
• 1:04:18
  So I had way too much Bitcoin on my phone and I I felt a little
• 1:04:21
  iffy going to El Salvador with that much Bitcoin on my phone.
• 1:04:24
  So I set up a new wallet with Passport and and Envoy and it's
• 1:04:28
  so easy and I know someone yesterday was saying they had
• 1:04:31
  some issues I I didn't get those issues I I it's so easy to me
• 1:04:36
  spare or passport and envoy is it's so it's it's it's OPTI
• 1:04:41
  proof. It's stupid proof here but one
• 1:04:44
  of my other honorary mentioned is seed signer.
• 1:04:46
  I love the seed signer project. They're super cool.
• 1:04:49
  These are great off the shelf. You know I have a 3D printed
• 1:04:52
  case for them. You build it yourself if you
• 1:04:54
  want to feel a little more technical.
• 1:04:55
  If you want to do a little DIY project with your family your
• 1:04:58
  kids or maybe just with your friends you build yourself a
• 1:05:01
  seed signer. They're absolutely cool.
• 1:05:03
  I I really love seed signer. They're really the unsung heroes
• 1:05:07
  I think in the in the Bitcoin process and again there's
• 1:05:09
  trade-offs to all of this and then of course probably the
• 1:05:13
  standard right now the Bitcoin Maxi's favorite wallet is the
• 1:05:16
  cold card. I don't have the queue yet but
• 1:05:19
  cold card. You know I I love the this is
• 1:05:21
  the MK4 I think or maybe this is the three now actually this is
• 1:05:26
  the old one. This is a mark.
• 1:05:27
  Two. Wow old school.
• 1:05:28
  I have the three I think and somewhere locked up and you guys
• 1:05:33
  can also do Jade. Jade's great for the price
• 1:05:36
  point. Literally for the price point.
• 1:05:38
  I think these are $50. Still, this one's great.
• 1:05:40
  And of course I got the awesome translucent green one, which is
• 1:05:43
  probably invisible right now for you guys.
• 1:05:45
  But here, let me let me let me show you guys a little more.
• 1:05:49
  What's going on here? Is it?
• 1:05:51
  Yeah, it's invisible. OK, this is actually Nintendo
• 1:05:53
  green. I love the the jade you hook it
• 1:05:56
  up with green. I've been using that for a while
• 1:05:58
  to move some funds around. I absolutely still use this to
• 1:06:01
  this day. And as you guys can see, I was
• 1:06:04
  you know I was small screen. You can use all of these
• 1:06:08
  together if you want to. If you don't trust any single
• 1:06:11
  company you can use these all together and get yourself a
• 1:06:14
  multi sig set up or really you know again I'm trying to
• 1:06:18
  minimize the hoops that you have to jump through but maybe just
• 1:06:22
  buy them all buy them all use them see which ones you like the
• 1:06:25
  most. And I do have an honorable
• 1:06:27
  mention here and I haven't used this yet guys but I I'm starting
• 1:06:30
  I I think I'm going to buy one as soon as possible.
• 1:06:32
  Is the bit key by Jack Dorsey I've I've been hearing really
• 1:06:35
  good things about him. I haven't actually used it
• 1:06:38
  myself, but the user flow, the user experience I hear is is
• 1:06:42
  absolutely incredible. So I think I'm going to buy a
• 1:06:45
  bit key soon and and I'll let let you guys know what I think
• 1:06:47
  about it and all these other ones.
• 1:06:50
  Everything I named here besides the bit key I've used I still
• 1:06:53
  use to this day. I highly recommend these, but
• 1:06:56
  again, try them yourself. Maybe you like one feature over
• 1:07:01
  another. Maybe you would like 1 workflow
• 1:07:03
  user experience over another. But these are the wallets that I
• 1:07:06
  recommend. These are the wallets that I
• 1:07:07
  usually recommend. The friends right now, if I had
• 1:07:10
  to give you like my my dwindled checklist is it's Blue wallet
• 1:07:16
  mutiny in Phoenix Sparrow and of course Passport.
• 1:07:19
  Just 'cause it's so easy, man. Like, not everyone's a
• 1:07:21
  cyberpunk. And these things are these are
• 1:07:23
  opti proof, so, but also they're all in different price points.
• 1:07:27
  So if you are trying to minimize the the the obstacles to buy
• 1:07:34
  yourself a hardware wallet and then you know seed, Shiner and
• 1:07:37
  jader are at the cheapest price point, highly secured, open
• 1:07:40
  source. Or if you really want to get
• 1:07:43
  cypherpunk, a cold card, or if you want to be cyberpunk but
• 1:07:46
  also have just the cool user experience, Passport with Envoy
• 1:07:50
  is absolutely beautiful. I'm highly recommending the
• 1:07:52
  Passport with Envoy. And again, that's not just
• 1:07:54
  'cause they pay us in their sponsor.
• 1:07:56
  It's just 'cause it works so easy.
• 1:07:57
  I literally was sitting there and I texted Niko.
• 1:07:59
  I was like bro, the passport with the envoy is so, so easy.
• 1:08:02
  Like I absolutely love it and man, so there is a lot of
• 1:08:06
  options, but just download blue wallet on your phone, if there's
• 1:08:09
  first steps, back it up, do a test transaction, get back into
• 1:08:14
  that wallet and then move towards getting yourself a
• 1:08:17
  hardware wallet. The reason you want to have a
• 1:08:19
  hardware wallet is so that these are completely air gap, that
• 1:08:22
  they never touch the Internet so that there is never a chance of
• 1:08:25
  you losing your Bitcoin. This is why you want a hardware
• 1:08:28
  wallet. This is why you want to invest
• 1:08:30
  100 or $200 to get yourself a hardware wallet is so that you
• 1:08:33
  can sleep well knowing that your Bitcoin isn't ever going to be
• 1:08:36
  hacked. Because throughout the time
• 1:08:38
  history of Bitcoin there's been so many hacks in Bitcoin is
• 1:08:42
  because people have complicate this and that's the next PSA
• 1:08:45
  guys. Do not over complicate this if
• 1:08:47
  you're not a tech savvy dude. If you're just an average person
• 1:08:51
  maybe think about not going to a multi 6 setup.
• 1:08:54
  If you think you're going to mess up, you know a password.
• 1:08:57
  I think is pretty simple for most people.
• 1:09:00
  But you're going to have to make these decisions for yourself.
• 1:09:04
  So I can give you the options, and you're going to have to try
• 1:09:07
  them yourself. But before you do any of that,
• 1:09:09
  do not send all of your Don't. Don't just like create a
• 1:09:12
  passport, you know with envoy and then send all of your
• 1:09:15
  Bitcoin and then realize that you messed up your seed phrase.
• 1:09:18
  You need to do some transactions.
• 1:09:19
  I think it's super easy. And then on the last note shouts
• 1:09:22
  out to our boy BTC sessions. If you are getting lost guys, go
• 1:09:25
  to sessions, YouTube and he'll walk you through this.
• 1:09:29
  If if you think it's getting difficult, if you're
• 1:09:31
  intimidated, they'll walk you through it.
• 1:09:33
  But really guys, if you can remember a number, if you sent
• 1:09:38
  an e-mail, you can take your Bitcoin into self custody.
• 1:09:42
  So the first one might be intimidating, you might get a
• 1:09:45
  little scared, but trust me, it'll become second nature.
• 1:09:49
  I think sending Bitcoin and using Bitcoin is easier than
• 1:09:52
  sending money through a bank. I I am a bitcoiner through and
• 1:09:56
  through. There's no way I'm going back
• 1:09:57
  into the legacy Fiat system. I'm a bitcoiner and it's just
• 1:10:01
  it's so simple It it's part of my life now.
• 1:10:04
  I save in Bitcoin, I use Bitcoin.
• 1:10:06
  I'm on the Bitcoin standard. You know I huddle my Bitcoin,
• 1:10:09
  but also I send Bitcoin a lot to friends, to people that I that
• 1:10:13
  that I want to see succeed. So if you want some hardware
• 1:10:16
  wallets, you already know the deal.
• 1:10:19
  These are the ones I love. I think these are all the the
• 1:10:22
  industry standards right now. I'm I'm yet to get a bit key but
• 1:10:26
  I'm going to get one just because they look really cool.
• 1:10:29
  Anyways. I've realized I've been ranting
• 1:10:31
  a lot about this but this is important.
• 1:10:33
  People want to know the self custody route.
• 1:10:35
  They need to self custody their Bitcoin.
• 1:10:37
  But on that note I know Sophie's a passport maxi at this point.
• 1:10:41
  She she wants a bedazzled pink one at this point.
• 1:10:43
  But I don't know, Maybe tell the story of yourself, custody,
• 1:10:46
  journey self and then and then why you love passports so much.
• 1:10:49
  And it's not just because they're a sponsor.
• 1:10:53
  Sorry, I was muted. It's not just because they're
• 1:10:55
  our sponsor. Actually, way before they
• 1:10:57
  sponsored us, I was in love with Passport Wallet.
• 1:11:01
  So and it's because I think it looks like a phone.
• 1:11:05
  It just like it has a camera. It's so easy to use.
• 1:11:08
  So I I definitely do want a bedazzled one.
• 1:11:12
  I want a pink one at the very least or one that's like all
• 1:11:15
  white or something but myself. Custody journey myself custody
• 1:11:21
  journey is that Nico sat me down one day and taught me how to
• 1:11:25
  self custody Bitcoin and actually it goes deeper than
• 1:11:30
  that. This, this is actually the story
• 1:11:31
  of how I learned how to have self custody on a cold card.
• 1:11:37
  We were at Pacific Bitcoin and it was like the day after the
• 1:11:41
  the conference and I thought it was all over, he said.
• 1:11:45
  We just have one more event, it's a workshop, mind you.
• 1:11:48
  All of the events around the Pacific Bitcoin Conference at
• 1:11:52
  this point were like parties and dinners and whatever.
• 1:11:55
  And so I was like sweet. I was at one of the events
• 1:11:59
  before the workshop and it was BTC Sessions workshop.
• 1:12:02
  I hadn't met him at this point and and I didn't know about his
• 1:12:07
  content. I just, you know, I was kind of
• 1:12:09
  there for the ride. So we were at this event.
• 1:12:13
  I was like 2-3 glasses of wine in and then Nico's like, we
• 1:12:17
  gotta go to this workshop. I'm like, sweet.
• 1:12:20
  I'm thinking it's like a brunch or something.
• 1:12:23
  I don't know. What a workshop.
• 1:12:24
  Is. And so we get to this small
• 1:12:27
  little, like office Co working space and I'm like, OK, like
• 1:12:32
  interesting place to, you know, have an after the conference
• 1:12:37
  event. And I I go into the room and
• 1:12:41
  it's all like this fluorescent lighting, typical classroom
• 1:12:47
  setting type of thing. And everybody is on their
• 1:12:49
  computers and I'm just there. Like what did you just bring me
• 1:12:53
  to? Like we just went from like a
• 1:12:55
  Malibu beach house brunch to this like what's about to like
• 1:13:01
  go down right now. Also I'm like a little bit drunk
• 1:13:05
  like what's happening and so and so we sat there and we learned
• 1:13:11
  how to use a cold card and surprisingly to this day, Ben,
• 1:13:16
  is this good? I still know how to use a cold
• 1:13:19
  card today and I actually understood what was happening
• 1:13:23
  and how it actually works to send Bitcoin and have it in self
• 1:13:28
  custody, what it means to sign the transaction, how multi sig
• 1:13:32
  works. It was very interesting and I'll
• 1:13:37
  never forget it because I was taken out of a Malibu beach
• 1:13:41
  house brunch to a workshop to learn how to use the cold card.
• 1:13:48
  Wow, Nico. Such a big corner.
• 1:13:49
  Such a big corner. Such a like, it's really great
• 1:13:52
  that, like, he didn't tell me what we were about to do because
• 1:13:56
  I would have just been like go. By yourself.
• 1:13:58
  Like like like babe, we got a cool date here.
• 1:14:00
  Create a Gold card. Yeah.
• 1:14:02
  No, I thought it was gonna be I I thought at least there would
• 1:14:05
  be like, drinks or something. I'd be OK.
• 1:14:07
  Let's go. No.
• 1:14:09
  OK, actually before we move on though a little bit, there is
• 1:14:12
  some good comments here in the chat that that I do want to hit
• 1:14:15
  on. So OPTI where so back fields
• 1:14:16
  goes. Don't forget to flood electrons
• 1:14:19
  a little bit. There's many fake versions of OS
• 1:14:22
  Electron out there. I learned about this the other
• 1:14:24
  day. You have to verify your.
• 1:14:27
  Software. Yeah, and that's the next point
• 1:14:29
  he hit. And also tell them how to verify
• 1:14:31
  PGP key pairs too. It's slightly hard, but gives
• 1:14:34
  that extra safe feeling. So yeah, I'm I'm so glad you
• 1:14:37
  brought this up because I did forget to imagine this if you
• 1:14:40
  are downloading Bitcoin Core or Sparrow or Spectre or you know,
• 1:14:45
  if you're using Wasabi wallet. Still you want to verify with
• 1:14:51
  PGP that you're actually downloading the the right
• 1:14:54
  software. And I'm I'm, I'm, I'm not going
• 1:14:57
  to butcher it here but this is a very crucial step And every
• 1:15:01
  software that is a desktop on their website, they'll show you
• 1:15:05
  the process here. So I I'm not going to butcher it
• 1:15:07
  but just make sure that you actually do this.
• 1:15:10
  You can go to Bitcoin Core though they'll walk you through
• 1:15:12
  the whole process. You will have to use a little
• 1:15:14
  command line, but it's really not that difficult guys.
• 1:15:17
  Again, it seems a lot harder than it is.
• 1:15:19
  If I can do it, you can do it. I'm not the most tech savvy guy,
• 1:15:21
  but if you really want to take yourself custody seriously, then
• 1:15:26
  these are the steps you have to do.
• 1:15:27
  This is why I told you to, you know, take a Saturday or Sunday
• 1:15:30
  when you have some time. You can sit down here, do this
• 1:15:33
  in steps, you know, read all the all the the information before
• 1:15:37
  you do it. So you kind of have a rough idea
• 1:15:39
  of what you're going to do and then do it all in in little
• 1:15:42
  parts. You know you'll write, you'll
• 1:15:43
  download the wallet, verify the PGP keys, make sure you are
• 1:15:49
  writing the seed phrase down, You know, wipe the wallet, do a
• 1:15:54
  test transaction, all that stuff.
• 1:15:56
  It will be a little process, but highly recommend you do these
• 1:16:00
  processes because I have had friends that just kind of like
• 1:16:04
  Oh no, I know this is a good wallet and then they they got
• 1:16:07
  rug pulled. So you need to do this,
• 1:16:09
  especially if you're downloading a desktop wallet on your
• 1:16:12
  computer because there everyone's a scammer.
• 1:16:14
  There are people out there that want to wreck you.
• 1:16:16
  So that's why I'm telling you take this process slow, you
• 1:16:19
  know, don't do it when you've had a little smoke or a little
• 1:16:22
  drink. Like make sure that you're clear
• 1:16:24
  headed, that you don't overcomplicate this, that
• 1:16:27
  everything is is organized and in order.
• 1:16:30
  Because if you lose the keys to your Bitcoin, you lose your
• 1:16:33
  Bitcoin. He who owns the seed controls
• 1:16:35
  the Bitcoin. So thank you for that Opti
• 1:16:37
  fields. We're so back.
• 1:16:39
  And then also one more this isn't just for this is about
• 1:16:44
  every telegram group guys. Never ever, ever put your seed
• 1:16:50
  phrase into a website. Never ever send your seed phrase
• 1:16:54
  to quote, UN quote support and telegram groups.
• 1:16:57
  They're scammers. If anyone DMS you privately in a
• 1:17:00
  Telegram group Just off rip, think that they are a scammer.
• 1:17:06
  Usually the Telegram group supports will do everything
• 1:17:09
  publicly and no one will ever ask you to send your seed
• 1:17:12
  phrase. But there are people out there
• 1:17:14
  that want to scam you guys, so just stay vigilant.
• 1:17:17
  This is why we're telling you to verify the PGP keys.
• 1:17:20
  This is why we're telling you to eventually take your Bitcoin
• 1:17:22
  into hardware wallets and cold storage and remember the
• 1:17:26
  difference between cold storage and hot wallets.
• 1:17:27
  If you're downloading a Lightning wallet on your phone,
• 1:17:29
  if you're just downloading a mobile wallet, it's a hot wallet
• 1:17:32
  and that means it's connected into the Internet.
• 1:17:34
  So eventually you want to get your huddle stack into cold
• 1:17:37
  storage so that you know it's safe, that you know it's going
• 1:17:40
  to be there for the long, the long run.
• 1:17:43
  And yeah, I I think hopefully, guys, what FP, if you're
• 1:17:48
  listening, respond in the chat again if you need to clear
• 1:17:52
  anything up. But hopefully I gave you guys a
• 1:17:55
  good rundown of this because it's very it's it's really,
• 1:17:59
  really simple. It's not that hard, guys.
• 1:18:02
  But like the first steps and the initial process, it, it is a
• 1:18:07
  little scary. I'm not going to lie, like in
• 1:18:09
  most people probably, maybe they don't think about it.
• 1:18:11
  They're just like, yeah, whatever.
• 1:18:12
  Like I have money on whatever exchange and I download a wallet
• 1:18:15
  and I send it to and I don't even write down the seed phrase.
• 1:18:18
  I'll tell you, I'm guilty of that as well sometimes because
• 1:18:21
  I'm so used to it, I I trust these processes.
• 1:18:23
  But that's because I've been doing it for eight years now.
• 1:18:26
  So for you, if you're new, take it slow, take these processes.
• 1:18:31
  Maybe it'll take you all weekend to do it correctly, but if you
• 1:18:34
  do it correctly the first time, then at least you have some
• 1:18:37
  Peace of Mind that your bitcoins going to be there.
• 1:18:39
  But guys, it's really simple. Don't leave your Bitcoin on an
• 1:18:43
  exchange. Get whatever flavor of a Bitcoin
• 1:18:46
  wallet you want, whether that's mobile, all the way to a
• 1:18:49
  hardware wallet. Write down your seed phrase, do
• 1:18:52
  a test transaction, wipe the wallet, retrieve the funds, and
• 1:18:55
  then send all of your Bitcoin. It's really not as complicated
• 1:18:58
  as you make it out to be. If you're making phone calls, if
• 1:19:00
  you can remember a phone number. If you remember you know the ABC
• 1:19:04
  song, then you will be able to remember your seed phrase.
• 1:19:07
  Write it down, But again, don't let your seed phrase hit the
• 1:19:10
  cloud. Don't take pictures of your seed
• 1:19:12
  phrase. Don't.
• 1:19:14
  Your seed phrase should never enter the digital space.
• 1:19:18
  Yes, exactly. Like, literally, guys, I know, I
• 1:19:21
  know some of you might might be, you know, hard at reading, so
• 1:19:25
  don't read the word out loud to remember it, 'cause you know,
• 1:19:29
  everything is listening, guys, So write it down on a piece of
• 1:19:32
  paper. Eventually transfer that to
• 1:19:34
  titanium. These are the best practices and
• 1:19:36
  This is why we have partnered up with all the companies that we
• 1:19:40
  have partnered up on. Simply Bitcoin.
• 1:19:42
  We have Stamp Seed which is going to go on sale tomorrow
• 1:19:46
  guys. So if you're in the market for
• 1:19:48
  some, buy them now and into tomorrow.
• 1:19:52
  And This is why we love Passport by foundation because it's Opti
• 1:19:56
  proof. It's very simple.
• 1:19:57
  This is why we love Bitcoin. Well is because it's self
• 1:20:00
  custody by default. You literally need to give them
• 1:20:02
  an address to get your Bitcoin. Everything is designed in a way
• 1:20:05
  so that you get the best products and you secure your
• 1:20:09
  Bitcoin. All right.
• 1:20:11
  Yeah, so. So Soph needs to jump off.
• 1:20:13
  So you look, I'm, I'm seeing people say do UTXO
• 1:20:17
  consolidations At some point. I'll, I'll come back and I'll do
• 1:20:19
  all that. But we've been going pretty
• 1:20:21
  long. All right.
• 1:20:22
  So guys, again, take your Bitcoin into custody.
• 1:20:25
  You have to do this. You want to interact with the
• 1:20:28
  Bitcoin network itself. You want to be on the Bitcoin
• 1:20:31
  network, run the software. Eventually I'll get into the
• 1:20:33
  nodes and everything again for you guys, but I just wanted to
• 1:20:35
  do a rundown of what my favorite wallets are and what the
• 1:20:38
  framework is. Anyways, guys, we love you.
• 1:20:43
  Sophie, thank you for coming on today.
• 1:20:45
  Appreciate you always with the signal.
• 1:20:47
  And guys, take your Bitcoin into custody.
• 1:20:49
  Do maybe you know take a moment this weekend it is a having
• 1:20:53
  We're moving into the 4th epoch. Make sure your Bitcoin is in
• 1:20:57
  custody. All right.
• 1:20:58
  So appreciate it. You can pop off and I'll wrap
• 1:21:00
  this one up. All right.
• 1:21:02
  Hold on. I I do want to.
• 1:21:03
  I think. I think FP is in the chat real
• 1:21:06
  quick. So for.
• 1:21:07
  Let me see. Let me see.
• 1:21:11
  I think, Hold on. I'm looking for him.
• 1:21:13
  I'm seeing someone tag him. So let me see if I can see his
• 1:21:16
  comment. All right, let's go, he said.
• 1:21:19
  Well, Robin Hood allowed me to transfer my Bitcoin to cold
• 1:21:21
  storage. I believe so, but I don't use
• 1:21:23
  Robin Hood. I'm pretty sure they allow
• 1:21:25
  withdrawals, but maybe not. But if they don't, someone's
• 1:21:31
  fact checked me right now while I roll it out.
• 1:21:35
  If they don't, don't buy it on Robin Hood.
• 1:21:36
  Again. This is why we've partnered with
• 1:21:38
  Bitcoin. Well, This is why we partnered
• 1:21:40
  with Bitcoin only exchanges. Because you if you aren't able
• 1:21:44
  to take your Bitcoin into custody, then you are just
• 1:21:46
  getting price price exposure. And you don't want to get price
• 1:21:50
  exposure. You don't want to buy a bunch of
• 1:21:52
  Bitcoin on these apps and you can never take your Bitcoin into
• 1:21:56
  self custody. So I wouldn't recommend Robin
• 1:21:59
  Hood, but hey, you do you. This is why we love Bitcoin.
• 1:22:02
  Well, is because they incentivize self custody by
• 1:22:05
  default. You literally need to have a
• 1:22:08
  Bitcoin wallet to buy Bitcoin on their website so that the best
• 1:22:12
  practices are cemented. All right, so BTC believer says
• 1:22:15
  I have transferred off Robin Hood.
• 1:22:17
  All right, so yes, you can take your Bitcoin into cold storage,
• 1:22:19
  bro. So you know, maybe start with
• 1:22:21
  baby steps. Download blue wallet, eventually
• 1:22:24
  get yourself a passport, eventually go to multi sig if
• 1:22:30
  you feel the need again. Guys, what you want to think
• 1:22:32
  about now? Yes, maybe the Bitcoin you own
• 1:22:34
  right now is only worth, you know, a couple 100, maybe $1000
• 1:22:38
  or whatever, but 10X whatever Your holdings are in Bitcoin and
• 1:22:41
  that should be way you're thinking on your security setup.
• 1:22:45
  But don't get don't overcomplicate it guys.
• 1:22:47
  Keep it simple. Anyways, we love you guys.
• 1:22:49
  We'll see you tomorrow. I will be back tomorrow.
• 1:22:52
  Nico's in Nashville, and I'm gonna have a I'm on a fire show
• 1:22:55
  with Adam from Bitcoin. Well, tomorrow.
• 1:22:57
  So on that note, boys and girls, we love you.
• 1:23:00
  Like, subscribe, share, spread all the Bitcoin signal.
• 1:23:02
  This is how we win is by showing people the Bitcoin revolution
• 1:23:06
  and waking them up. All right, peace out.
• 1:23:09
  This episode was brought to you by bitcoinwell.com on a mission
• 1:23:13
  to enable independence.