Latest / Simply Bitcoin / Bitcoin: Building the Base Layer of Sovereign Banking | Simply Bitcoin | EP391

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Bitcoin: Building the Base Layer of Sovereign Banking | Simply Bitcoin | EP391 · Simply Bitcoin

0:00
Welcome. Everyone is simply Bitcoin.
0:02
We break down the news from Twitter.
0:03
The daily fail mean review, software releases Hardware
0:07
releases and the websites by plebs joining us today.
0:12
Very special guest. We've got O'Dell.
0:15
He is the host of a rabbit hole recap and Citadel dispatch and
0:20
co-founder of Bitcoin TV. All right, we're diving into the
0:25
numbers. Let's do it.
0:26
People number time. Number time is brought to you by
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Bitcoin 2022. Who is going to be the largest
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Bitcoin conference ever hosted in sunny sunny.
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Miami Beach, Florida. But you can take advantage of
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the link down below for 10% off your ticket to bitcoin 2022.
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All right, at the time of this recording, the block height is
0:42
715,000 166. The Bitcoin price 49,000 160
0:47
chain rewrite day, 762 total, public lightning capacity up
0:52
from yesterday, 3304 dot for Moscow.
0:57
Time 2034 and blocks that I have an 120, 4834 the numbers numbers
1:06
dude. Okay, so it's the daily time to
1:09
make the joke that now I feel weird telling because Matt
1:11
called it out the block height made an all-time high but look
1:18
but look there. You know, can it help him?
1:21
There's some interesting activity going on on the least
1:23
on the 30-minute chart, you know, this is an interesting
1:26
activity, there's up and to the right and then flat, all right.
1:32
Okay. But okay, so I'm going to take
1:34
Matt's advice because he told us before we started recording.
1:37
He said to pull up the hash rate, he says that it made an
1:40
all-time high. I think it almost did, but I
1:42
think there's a lot to Riff on and I want to Riff on it because
1:45
we got to take advantage of our guests.
1:46
We have legendary mad Odell on. Anyways, let's check out the
1:50
hash rate. Bitcoin hash rate 186 exit
1:54
hashes, right? And this was the infamous China
1:57
banned. We've been talking about it
1:58
quite a bit, right? But I definitely want to get
2:00
Matt starts on this then, you know, I got absolutely crushed.
2:04
Surprise followed and it recovered.
2:08
Absolutely crazy. Absolutely crazy.
2:10
So Matt, I've been saying this a lot on the show feel free to
2:12
correct me. I think that this stress test
2:16
was on magnitudes, I would say a little bit less of the four
2:19
cores. I think a lot of people Don't
2:21
appreciate it as much because they use Bitcoin, but they don't
2:25
appreciate the Bitcoin infrastructure as much and they
2:28
can't visualize tens of millions.
2:31
If not hundreds of millions of dollars worth of Asics
2:34
relocating, physical locations to other places without any
2:37
centralized entity telling them to do though, to tell him to do
2:41
that, just buy Bitcoins incentives alone without a cent
2:46
to say that. Yeah, I mean I think it's it.
2:51
Rivals be cash, segment 2 x and width would be cash segment. 2x,
2:58
it was a different phenomenon because a lot of us saw the
3:01
failure of segue to X happening. We saw the failure of be cash
3:04
happening but it wasn't till like they wrote the open letter
3:07
after they had that off by one error that it started to get
3:12
priced in and got priced them relatively rapidly.
3:14
Like if you remember in 2017 the failure of segments to X1 in
3:20
like a fish. Failed and they wrote their
3:22
little form letter out and signed it.
3:25
We had that insane price run up, we were sitting out like 6K ish.
3:29
And then we went all the way to 20 K in like 30 days and then,
3:33
of course, we collapse data like 3500, but it got priced in very,
3:38
very quickly. The difference here.
3:40
Is it feels like this is this massive thing that happened.
3:45
Massive proof of the robustness of the Bitcoin Network that is
3:49
just not appreciated by. Buddy, it has not been priced in
3:52
at all. I would say one thing though,
3:55
is, I wouldn't be so quick to say so much of that hash
3:59
relocated like some of that hash just went underground in China,
4:04
and it's not very clear. There's no easy way to verify a
4:07
lot of the hash did move because of we've seen operations in
4:11
America, firsthand that, that has happened.
4:14
They've also moved to other locations, but a lot of that
4:18
hash went underground and and the thought experiment I lo is
4:20
like to go. With is like if the US
4:23
government ban Bitcoin mining, would you ever say like there's
4:26
no Bitcoin mining in America after that ban app and like of
4:29
course of course, there's still mining happening those, those
4:34
the smart miners, either relocated or went underground.
4:37
And tried to distribute their operations.
4:39
So they're less obvious, go off grid, do all different
4:42
techniques. I mean you can also see that in
4:44
like the drug wars, right? Like weed was illegal.
4:47
I mean I guess it still is illegal in some places in
4:49
America like that doesn't I mean, people weren't smoking
4:52
weed like that's fucking ridiculous.
4:54
Absolutely, I agree and we actually covered this on Mondays
4:57
episode, The CNBC article claimed it was like 20% of the
5:01
Hat. There's no way to know but it's
5:02
estimated around 20% of the hash rate is still located in China.
5:05
So and Matt so I kind of want to add to your point a little bit,
5:09
right? Because we even also talking
5:10
about this and I want to kind of bring it back to when you're
5:13
talking about weed. So, we went on a limb and we've
5:16
been saying, no, I'm going to connect it.
5:18
I promise we we've been saying, Like, that's what we have.
5:22
That's what we have met on the show.
5:24
No. So, we've been saying this for a
5:25
while now, essentially what we've been saying is that so
5:29
Texas like like this States like Texas States like Wyoming.
5:32
Now States like Florida, we had recently have Rhonda Santa's
5:35
kind of, you know, it's shit coin friendly.
5:37
Hopefully. You know, they'll know my name
5:39
but whatever it's better than nothing.
5:41
It's a start, I guess. But do you see?
5:46
Because essentially, if the federal government, which they
5:48
have all the incentive to make something like Bitcoin, Legal.
5:51
But right, you see at least like private usage?
5:54
Exactly. Do you see them following the so
5:58
like if they make Bitcoin illegal on a federal level or
6:01
Bitcoin mining of illegal on a federal level, do you see?
6:03
Do you see States following the path of the marijuana industry?
6:07
Were essentially in California marijuana's illegal illegal and
6:11
Colorado. Marijuana is legal.
6:12
But on a federal level, it's still illegal.
6:14
But again, it doesn't, you know, because I see States like Texas,
6:17
I see like Ted Cruz, Texas. They're going to protect their,
6:20
their business. To protect their incentives
6:22
right now and their tax revenue and their tax revenue.
6:25
Do you see them following that path?
6:28
I, first of all, it's very important that, when that hash
6:33
drop happened, when we, when we cut 50% of the hash off the
6:37
network, you don't know where that hash is, right?
6:40
So I was actually and and Rapido recap is interesting in that
6:44
regard and your show as well. That rabbit hole recap is a
6:47
weekly show. We've been doing it for three
6:49
years, right? So it's like this little time
6:50
capsule. So and if you go back to those
6:52
Rabbit Hole Recaps, I was really concerned.
6:54
And why was I concerned? I was concerned because 50% of
6:58
the hash rate was not accounted for, right?
7:00
So the bigger fear isn't necessarily doing a soft band of
7:05
Mining and forcing miners to either go on the ground or
7:09
relocate. Bigger fear, is that they
7:11
actually a government goes and sees as the miners takes them
7:16
off. Line starts building a competing
7:18
chain with us and starts attacking the network.
7:21
Right, because until that has comes back on.
7:23
There's no way for us to verify that, that the hash isn't being
7:26
held by malicious actor, that's trying to attack the network.
7:30
So the fact that we dodged that bullet like China really fucked
7:34
up there, like if they really wanted to go after the Bitcoin
7:37
network, if they really want to take down the Bitcoin Network,
7:39
it should have been a seizure operation and it should have
7:41
been kind of close-knit you know hit the big targets and then
7:46
have it the rumor mill start instead of just doing a straight
7:50
band basically give them A heads up, tell them to leave.
7:52
Tell them to go underground. The second thing is so that
7:55
would be the bigger fear with America.
7:56
Right? If we had America, the American
7:59
government come in and I don't think they really have the
8:01
wherewithal to do that, but coming in at the Chinese might,
8:04
but the Americans don't come in and actually sees all the miners
8:07
stuff to answer your question specifically it's a little bit
8:12
different than with weed, right? Because we'd all the states went
8:14
along with it when the band first happened, when the War on
8:17
Drugs first happened now, especially after 2020.
8:21
I feel like there's a lot of stage flexing their rights and
8:24
rightfully so, you know, standing up for their own states
8:28
rights, rather than the federal government coming in and
8:30
dictating things. So I think a lot of States from
8:33
the get-go would just push back and not not do anything in their
8:37
states and basically fight it in the courts.
8:41
So I think that's basically a non-starter like I don't think
8:43
we see a federal Bitcoin mining bed.
8:45
Now, the bigger issue to me, if as we see more hash rate in
8:48
America, is we are the land of kaol Oh, I see when you know bit
8:53
Max said, we're not going to allow any American customers,
8:56
right? But we went out and made sure
8:58
that we arrested two of the three founders and then thread
9:01
in the third founder, until they added kyc, even though
9:04
theoretically, they weren't serving any us customers.
9:06
They had to add kyc just to make sure no us customers were
9:10
participating there. So the bigger fear to me is, you
9:12
have all these corporate miners there being traded on the stock
9:16
market, their public regulated companies, and they start
9:20
imposing these Of kyc things and, and, and like a classic
9:24
government overreach move is, okay.
9:26
So maybe you'll have some people protesting or some people being
9:30
against it, then you let it die down, and then you push a little
9:32
bit further and you let it die down.
9:34
You push a little bit further and that, that slow kyc creep in
9:37
the regulated mining world. That's what, that's what worries
9:40
me the most. So, do you see like, another
9:43
ofac compliant? Yeah, type situation
9:47
unfortunately, yeah, that's that like, On on on steroids.
9:54
Right? So right now what ofac is doing
9:56
is like a black listing system, right?
9:59
So here is the hundred addresses that have been connected to
10:03
terrorism stuff and like you can mine those transactions.
10:06
And a lot of the largest miners in America are are already
10:10
listening to that old fact list definitely.
10:12
All the regulated ones are like the large public Warehouse
10:16
minors. The biggest fear would be like a
10:22
move to, like, more of a whitelist system where if it's
10:26
not on the approved list, then you can include those
10:30
transactions and block and the thing that protects us from that
10:33
is that we have the Bitcoin fee market.
10:36
So there are other miners around the world that are also
10:39
competing. And if your book, if your
10:41
transaction isn't being confirmed because a bunch of the
10:45
miners aren't willing to put that transaction to block, you
10:48
just raise your feet. Eventually someone else should
10:51
mine it, right? But it is it is an ongoing
10:55
concern that people should have in terms of because it's not
10:58
just America, we have large reach, we don't want like
11:02
Warehouse mining to be the overwhelming dominant way
11:07
because even if even if your transaction still goes through,
11:09
if you're paying 10 15 x, you know what a regular transaction
11:14
is paying to do, you know a non-sanctioned transaction?
11:19
I I think that's a big problem like that would be a big problem
11:22
on our hands and I would like us to kind of get ahead of it, and
11:25
one of the really actionable ways to do that, and I've been
11:28
very focused on. It is encouraging home minding,
11:31
encouraging off-grid mining, I think every big corner like like
11:35
yes, depending on where you come in the cycle, how you acquire
11:40
your miners what the electricity rate is you might not be more
11:45
profitable than if you went through like a regulated
11:47
exchange to stack. But it's an ideological thing.
11:51
It's like running a lightning lightning node does not.
11:54
Everyone will not make a pledge money like that whole idea that
11:57
I Nino will make a complete money is mostly bullshit, right?
12:00
Like like the Alex Bosworth's of the world are making bank
12:05
running. Lightning nodes, you know,
12:07
strike is probably making a decent amount of money but
12:09
refills making a ton of money but like the average pleb is not
12:12
going to make a ton of money, but they do it for ideological
12:14
reasons because they want to improve the network.
12:17
And in this case, you also get the Benefit of just a constant K
12:20
YC free stack. And I think if we can encourage
12:24
people to do that we have more off-grid miners.
12:27
We have more people just have to minors in their basement.
12:30
Like that's a that's a massive benefit for us and those those
12:33
people are never going to comply with it.
12:35
You know? Whatever lists are mandated.
12:40
Yeah, absolutely man. I feel like I just went down the
12:44
rabbit hole. Yeah.
12:46
Awesome, awesome. Take very well very well
12:48
explained. Is a good idea to put up the
12:51
hash rate. Look where it let us.
12:52
Look at that rabbit hole. It was worth it.
12:55
Good idea Matt. Anyways Phil it's time for the
12:57
daily fail. The daily fail is brought to you
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Bitcoin, Made Easy, the easiest way to buy Bitcoin.
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It's a stacking app by bitcoiners.
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The link is down below. The more often I have to explain
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to guests that yellow appears. The more awkward it becomes.
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I have to admit I said that last time, Time to and it's true.
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You this time is even more Awkward than the last time, but
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it's okay. Is it potato, yellow smart ways,
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that sex. All right.
13:30
So of course I co Sonata tags Us in this guy's.
13:34
I yeah, I know we're laughing, but it's also sad.
13:36
Right? Here we go.
13:39
This is the sorry. The original tweet is from at
13:43
how at Bitcoin how it's going to count, check this out.
13:51
We're talking about an Olive Garden and ft.
13:56
Look at this own, an Olive Garden on the blockchain.
14:00
Non fungible Olive Gardens, but really all you own is that
14:05
unique hash ID. You don't own any actual Olive
14:09
Garden. Is this being done by Olive
14:10
Garden. I'd like to hope so.
14:14
No, that's our second question. Yeah, here we are a community of
14:18
Olive Garden fans. Right?
14:23
It's always about the community right there, isn't it always,
14:25
it's the community, the community came together to make
14:28
this token what it is. Here we go.
14:31
So, am I buying a picture of an Olive Garden?
14:35
No token artwork is for representation only and confers,
14:38
no ownership over the photograph.
14:40
So you're really buying absolutely nothing related to
14:45
our garden be specific. It's a non fungible token
14:48
franchise. Okay I'm sorry, I'm sorry.
14:51
Sorry, it's a non fungible. Olive Garden franchise.
14:55
I don't even know what that means.
14:56
Oh no, it's a meta verse. You have ownership in a
14:58
metaverse, Olive Garden. Let's tear that up.
15:01
Yeah, not it. Not in meatspace all Garden.
15:04
Not a, not a regular Olive Garden.
15:05
Uh, so yeah. So this goes bitsy.
15:08
So, not even reading this, we already knew that you own
15:10
nothing. Yeah, we're not sophisticated
15:14
enough to understand. Phil, not, not even not.
15:17
I mean, come on. This is ridiculousness.
15:21
But we're supposed to be excited about this and I know we sound
15:23
closed-minded. Anyways.
15:25
Let's get. Don't you care to our, don't you
15:27
like the free market? I love the free market.
15:30
I think it's fantastic. It creates a crazy amount of
15:33
entertainment, it creates so much material for us to go over
15:37
and laugh at. And it's that, we don't get me
15:40
wrong. I never thought I would see
15:43
that, but dude, and at least every day, at least one or two
15:48
comments every day saying, you guys are wrong about Ten ft's.
15:52
I know we are I just don't get it.
15:53
And yes, I know we are totally wrong about the fact that you're
15:56
buying a unique. Hash, you know, we're just,
15:59
we're completely wrong about that even though we read it.
16:01
Then that's exactly what it is. You're paying for a unique apps,
16:03
you have no ownership over the image and we've shown time and
16:06
time again that the even the artists themselves is getting
16:10
ripped off. So this is this is ridiculous.
16:13
Like nft people that create nftl ripping off artists.
16:16
We showed that yesterday and yes.
16:18
Matt's, any thoughts on this before we move into the, the
16:21
actual learn about. Like, I mean, I know what it's
16:26
such a horrible, it's frustrating.
16:28
Talking about energies, because there's so many scams and pump
16:31
and ups, but like, what about like?
16:34
So, like I have, I'm what about in you?
16:38
I have a signed Shaq basketball, right?
16:43
And it has a certificate of authenticity with it.
16:46
I would like to hold that certificate of authenticity on
16:48
my cold card like I lose those certificate authenticity is all
16:52
the time so there's like a there's a minimal viable but use
16:59
case they're right. It's just not what the nft
17:01
marketplace is right now. Can't you just do that already
17:04
on bitcoin? I feel like you can but that's
17:06
all I'm saying. Yeah.
17:07
I mean, I'm Bitcoin or whatever it counterparty or depending on
17:11
how people feel about liquid liquid or something but instead
17:14
of that piece of paper like I Just have the certificate of
17:17
authenticity and I can just hold it digitally.
17:21
Without a, that would be additional third party.
17:23
Wouldn't that? Just be a pgp essentially?
17:26
Really. I mean, you could use pgp for
17:28
you don't even need a blockchain.
17:29
Yeah. But to think.
17:30
But the thing is this, right? With that, I'd rather it has a
17:32
pgp authenticity than 100% but it goes either signed
17:38
basketball. But without the sign basketball,
17:40
what is the point of the certificate?
17:42
I don't know what's the point of the certificate of authenticity
17:44
begin with, is it just like easier trade?
17:46
It's like this third party is saying that this is a legit
17:49
basketball. Yeah.
17:50
You know, through like a series of them looking at Shaq
17:53
signature and stuff like that. It's, I mean, don't get what
17:56
they saw on Shaq, sign it, that's kind of the thing, right?
17:59
They did it. So it's all based on like
18:01
previous patterns of, let's say, Shack signature in different
18:04
situations or something like that.
18:06
Just the hash the hash in the blockchain, the hash in the
18:09
blockchain is the proof of what time it happened.
18:13
It's like the timestamp, right? So like I watch Shack sign it
18:16
and everyone's like oh Matt is like key watches all the been be
18:20
a nurse on the basketball. So I sign that with my pgp key.
18:24
I hash that signature into the into the Bitcoin blockchain
18:28
right and then you have okay. 1994.
18:31
I mean the Bitcoin blockchain did it says yet Shack sign this
18:33
basketball and Matt signed proof that he that he signed.
18:38
There's something there in that respect, right?
18:40
It's true but I could still sell the basketball and doesn't need
18:43
its own token either. I know Dad.
18:46
That's why I'm saying it doesn't need the token.
18:48
It doesn't need you know pumping dumps or whatever.
18:51
But that provable authenticity piece.
18:54
That's what pisses me off about the whole thing is because it's
18:56
bastardized something that could actually be useful.
19:00
Yeah, yeah, exactly. I think they already has a
19:03
technology pgp kind of. Does that already?
19:05
You just have to figure out. You just had to add a little bit
19:08
more detail to. I don't know.
19:10
You just hash it into the change, so you have the time
19:12
stamp, exactly. There you go, boom, at that's
19:17
there it is. Phil, what do you think?
19:20
It's not a shimmy. One piece of it.
19:21
No, the exactly that piece of it is perfectly fine.
19:24
As long as it's not pretending to be any kind of money, right?
19:27
Linking to AWS with like a monkey or whatever and and that
19:31
that I'm trying to. Yeah, I agree.
19:34
I totally did. But it just like for me, like,
19:36
I'm like this old, you know, there's old brain, and I'm just
19:39
like, but the basketball has the signature and it's the
19:42
basketball with the signature that matters.
19:44
But I'm these other things don't, but I think so.
19:46
I think it's the caveman brain authentication or whatever.
19:50
And you go and sell it. I think it's better if you have
19:52
the paper. Yeah so they know I didn't just
19:56
sign it. Yeah like pretend I was shocked
19:58
because I like studied his signature over and over again
20:01
but I think your point just highlighted the dog shit that is
20:04
nft he's even more good. You look at this discussion
20:07
right this is exactly what happens with NF tease.
20:10
Yeah. And this is y and this is why
20:12
they're in such a bad situation. I mean, you can just scroll
20:14
through tweet after tweet of complete confusion and arguing.
20:18
And I would also argue that like, if you're buying as Shaq
20:21
basketball, like you're better off buying SATs.
20:23
Yeah. And we've proven that on that
20:26
website, right? The you know how much does your
20:28
shit worth if you would have bought Bitcoin instead or
20:30
something like that? That's a great site.
20:33
Okay so here we're gonna we're gonna dive into something heavy
20:36
though right now I agree what it what is the Odell famous quote?
20:39
Real estate is a shit coin, but is a chic boom boom,
20:44
everything's a shit coin. I agree everything but you
20:47
definitely rubbed the wrong shoulders.
20:48
When you say that you're going to get one person how a lot of
20:51
people and you say, real estate is not a shit coin.
20:53
Yes it is. I'm aware compare it to bitcoin
20:57
for 10 years and see where it's at.
20:58
And then there's the other comment where it's like, where
21:00
am I gonna live under a bridge or something?
21:02
Yes, that is exactly where you should live.
21:04
That's where me and Phil live. Anyway.
21:05
So what's the next fail? All right.
21:07
I am gonna pull together. Some some interesting strings
21:10
that may or may not make sense. Hopefully, it does make sense
21:14
because it does make sense to me.
21:15
And hopefully, I can help make sense to you with this anyways.
21:20
Nico drop this into our Telegram.
21:22
And we are going to dive into this.
21:24
Eat from Corey, right? Corey Clips in from Swan
21:28
Bitcoin. All right, let's go.
21:30
Jack knows exactly the massive scam at a 16z is perpetrating.
21:36
We're going to instead of flipping over because we're
21:38
going to go through this thread. We're just going to go right
21:40
over here. Has anyone seen web 3?
21:43
I can't find it and then Jack responds back it's somewhere
21:48
between a and z. Very interesting.
21:52
Comment about web three and A and Z.
21:55
Now, of course, right. We're putting on the tinfoil
21:57
hat. We're pulling a, you know an
21:58
Alex Jones moment here. Okay.
22:00
But I'm going to go back to this original tweet, okay?
22:05
First, we're going to, we're going to go through, I just want
22:08
to go through to an interesting piece.
22:10
Okay, here we go. Phil, hold on before it because
22:12
I have no one's gonna. A lot of people are not going to
22:14
understand what 8A 16z is. Could you explain what I'm
22:16
about? Oh you're about to do know that.
22:19
That's why I like once we go once we go through this, right?
22:21
There's going to be an article with a 16z at.
22:24
It's a Vestment tiles. So don't worry there's an
22:26
interest in Horowitz. Yeah, but if you want the eye.
22:30
Okay, fine. So the largest VC firms in the
22:32
country. Yes.
22:35
All right, so we could use that piece if you want, why not?
22:39
It's all good works. Okay, so here we go.
22:42
Okay, let's take a look at this. This is something that Corey
22:45
added here and this is from Kobe and this is this is just one
22:49
piece of it. Here we go.
22:50
Web 3 is going to change everything in biomedical
22:53
science. Here's why my previous role I
22:56
was head of research at a multibillion-dollar med tech
22:59
company called tyranno's, okay? Unfortunate that we had some
23:03
minor problems and the Benito, ultimately failed.
23:07
Many startups do. The renault's was a company
23:10
founded by Stanford, Dropout, Elizabeth Holmes.
23:13
For the people that don't know in 2003 using her tuition money,
23:16
they received seven hundred million in funding.
23:17
In the process, just by fooling everyone what was presented out
23:21
of tyranno's is they were supposed to revolutionize blood
23:24
testing a machine that could run hundreds of tests just from a
23:28
finger prick in the comfort of your own home.
23:31
Okay, let's go back to this thread.
23:33
We did Kobe really work at their nose Is this a copy paste or
23:39
like a joke? Dude, I this is is that I was
23:42
going to ask, man, it like if anybody thinks that this is a
23:45
troll because I'm going to continue to go through this and
23:47
this to me just seems so strange.
23:49
Here we go. I realized earlier this year
23:52
when I discovered in control. It's a total dance.
24:01
Oh yeah, man. It's like, no, because I'm like,
24:03
I'm reading this and I'm like, wait a second.
24:05
I'm like 500 where Ether, announcer to be a huge success.
24:08
Yeah, dude, that is 100% of troll.
24:12
Look like issuing Equity to VCS could have launched a token and
24:16
like, I'm reading your great-grandma, like this is
24:18
brutal, this is an absolutely brutal thread.
24:21
Okay. So anyways, that was just, that
24:23
was just a small piece of it, right a 16z.
24:27
Okay, so check this out. This is kind of really creepy.
24:32
Okay? A 16z Deutsche telekom a 16z and
24:38
the wef all bet on the same payments platform.
24:43
This is kind of creepy stuff man.
24:44
Although blockchain is inherently decentralized,
24:47
there's arguably no Central organization with more power to
24:50
push certain blockchain projects, ahead of others than
24:52
the world economic Forum. It appears such a push is well
24:56
underway, this is creepy stuff. All right, so for the people
25:00
that don't know what the world economic forum is headquartered
25:03
in Geneva. Switzerland World, economic
25:04
forum is a network of Networks. Providing a platform for both
25:07
governments and businesses comprised of over 390
25:11
corporations and Banks across 60 Nations.
25:15
Talk about a network of people, all thinking and doing the same
25:18
thing, huh? Wef aims to smooth out, friction
25:21
between governmental policies, sustainability and economic
25:26
efficiency, that is the giant circle jerk right there.
25:30
As such wef generates initiatives that are then passed
25:34
down to lower. Ranks of organizations across
25:37
the globe. One of them covers Investments
25:39
related to ESG standing for environmental.
25:41
Social and governance, ESG is a framework to gauge company's
25:44
products and services against a particular set of Ethics.
25:47
Another framework is MSC multi-stakeholder capitalism,
25:52
which combines the power of governments corporations and
25:56
communities to achieve broader goals with the help of a
25:59
well-oiled capitalist tools? By the way, that's weird.
26:06
Workout. That's another way.
26:07
That's another word for communism.
26:08
Yeah. Thank you madam.
26:09
Are you kidding me? Also, the world economic forum
26:14
is a partner in consensus. They are the of coin deaths
26:21
annual consensus conference in Austin.
26:22
This year. They're having it.
26:24
Yep, and it's presented by coin desk in the world economic
26:27
Forum, so they're like neck-deep in crypto.
26:29
Oh yes, they are intentionally said crypto and not Bitcoin
26:32
because they are completely in bed.
26:36
That's right. They probably hate.
26:37
Oh this is this is the whole scheme.
26:39
Phil I remember you can go. It's okay.
26:41
Okay okay. It's good stuff.
26:42
Effectively WF sets up expect sets up expectations of how
26:46
businesses should operate. The more expectations are met
26:49
the more integrated. These businesses become within
26:52
the global ecosystem of governments media and finance,
26:56
there is nothing. This system of global governance
26:59
doesn't include, this is an insane circle jerk and it's it
27:03
is really really mind-blowing. How they It pretends, to be
27:08
inclusive, but this is by far one of the, I mean, to me,
27:12
anyways, this is such a sick joke.
27:15
Okay, let's continue wef Venture into blockchain startups.
27:20
Like, we're very surprised right at 20 at 20. 20 s WF conference
27:23
in Davos a swiss-based blockchain startup definity
27:28
unveiled. The application for their
27:30
internet computer. And we know definity was
27:33
invested in by Anderson. It's right.
27:36
Which is a 16z in June 2020, 1wf published cryptocurrencies.
27:41
A guide to getting started in the 23 page paper.
27:45
They picked six blockchain projects representing the future
27:49
of distributed global economy out of six.
27:52
Algar an Cardinals are generalist smart contract,
27:56
blockchains competing with Stellar x r PL and sell, oh,
28:02
dude! No, Bitcoin handed, no Bitcoin,
28:05
no, Course not. They are intended for heist, not
28:08
going to make any sense. No, it's not while Sello Focus
28:11
while cellco focusing on turning mobile phones into virtual
28:15
Banks. Okay, so first, let's just,
28:18
before we move on etherium, right?
28:20
We've already gone through this AME.
28:21
A Gucci, right? The fuck is a it she works.
28:25
She's for the world economic Forum but she's also on the
28:28
Executive Board of the etherium foundation.
28:31
So originally became fascinated in the blockchain space for its
28:33
potential to impact Financial inclusion in the emerging.
28:35
Markets 2013, she joined Kraken as managing director and has
28:39
since worked to educate the pump.
28:41
There you go. Oh yeah man, Regulators on
28:43
cryptocurrencies and blockchain Innovation globally, her passion
28:46
for blockchain and for creating lasting sustainable.
28:49
Social impact. Let her to join the etherium
28:51
foundation as executive director, where she leads the
28:54
foundation's team, and supports the etherium ecosystem.
28:56
Through core development and research activities and
28:59
educational efforts around the technology.
29:01
In 2019, she was appointed to the world economics, the world
29:04
economic forum's, Blockchain Global Council, who else is on
29:08
that Block Chain Global council. Do we have list?
29:11
That that is something that I have been digging through and I
29:15
have had a very difficult time. Finding an official that's
29:18
actually cracking. I feel like cracking gets like a
29:22
free pass. A lot of the time.
29:24
Yeah they do. And I don't know why.
29:26
I'm running. You don't know.
29:27
Why do you think that is? Why do you think they get a free
29:29
pass, man? Well, I give them more leeway
29:35
because Jesse Powell the founder and CEO of Kraken is like,
29:39
really against government surveillance and and talks about
29:42
it. But I think most people give
29:45
them a free pass because they have some big corners on the
29:49
payroll that something that we respect and some that we don't
29:52
respect but I guess different. Different big Corners respect
29:56
the different corners of there and people don't talk about it.
30:01
Yeah. But meanwhile, Don't have
30:03
lightning, they just acquired like a staking provider today
30:06
staked. They have like every shit corn
30:10
in the book. They like email you out with
30:13
with like promotions and explanations about how like the
30:16
latest shit corn is like the best thing ever.
30:20
And then I mean, I talked my book, but obviously there are
30:23
fully kyc exchange. Oh, man.
30:27
So Phil, yeah, we're going, we're going here, wrap up the oh
30:31
yeah, no, we're not even. Yeah.
30:32
No, we're not done yet because this is keep going.
30:35
Yeah this is part of the crap. This is okay.
30:37
So here we were talking about cell.
30:38
Oh that was the last thing right?
30:39
This Innovative self uh Costello blockchain use sir.
30:44
Well here we go right? It's a while.
30:46
We're going to look at their website in a second.
30:48
One of the world's largest telecoms Deutsche telekom joined
30:51
cell Alliance for Prosperity. This April as one would expect
30:56
Deutsche Bank, which is Deutsche telekom's key.
30:59
Financial advisor is a wef Her. So you know celos going to sell
31:04
those going to get a pass right? If you would assume Waf is in
31:07
the mix there you would be correct prolific.
31:09
Venture Capital, firm Andreessen, Horowitz AKA a 16z
31:13
is a heavy investor, in both cellco and coinbase kanna-chan
31:18
partner at a 16z is also glue. It is also a young Global leader
31:22
at the world economic Forum just last month a 16z injected, 20
31:26
million into celos valora wallet, the digital asset space
31:31
is full of Sorry, I can't say that part the digital asset.
31:35
Space is full of uncertainties, but with organizations, like the
31:39
wef complete lunatics, Deutsche telekom and a 16z, all looking
31:44
in the same direction. Very interesting.
31:47
The future looks bright in some spots, more than others.
31:51
I'd say, this is part of the stuff that's not bright.
31:53
But anyways, let's continue. Let's go take a look at cell 0.
31:57
Okay, so here we go. I never heard of this.
32:00
Yeah, me neither, I literally just sort of it for this show.
32:02
I started digging into this. I'm like, what the hell is this
32:05
thing? So, here we go.
32:06
This is what is this crypto made for mobile?
32:10
Okay, my, you know, typical sight.
32:14
Nothing. Nothing really too crazy.
32:16
Let's meet the backers, right. Let's meet the backers.
32:20
A 16z poly. Chain Capital by race.
32:24
Yeah, you're seeing what I'm seeing down here?
32:28
Yeah, coinbase. And I mean Jack Dorsey.
32:32
See. Mmm so it's very so we go back
32:34
to that original tweet, right? From John mean a 16z, Paula,
32:38
Jane coinbase. So Phil what you're trying to
32:41
say Dorsey one hurts. That's right.
32:43
Exactly, it does. So, I mean, look, we unfiltered,
32:47
right? We show it also.
32:49
Okay. Are you trying to say that a 16z
32:52
is a bunch of Communists. So we're trying to say what I'm
32:55
trying to say is, the rot goes very deep and there's, there's a
32:59
giant circle jerk of money and you and I, my friend are Not a
33:02
part of it. Okay, so we are definitely not.
33:06
Okay, let's let's take a look. I would just say though and I'm
33:10
not, I mean, the hope is that that's bullshit, right?
33:16
Like I wouldn't put it past the shit corn project to have door,
33:19
see listed there if he's not involved, keep in mind, right?
33:22
He maybe not even know, right? Like that's what I'm saying.
33:25
Like there's there's there's a good chance that there's shit
33:28
coin pages that say that like Odell is advised There too, or
33:33
something that exists out there Ivy is, that is extremely
33:37
disappointing and that's a possibility as well, but, you
33:40
know, there's also the argument maybe, you know, maybe he was
33:42
involved in this before he knew better or something like that.
33:45
And as a result, right? Maybe that's part of the reason
33:48
why he walked away, you know, we don't, you know, we also give it
33:50
my, all the drama and stuff like it's like and now and, and The
33:54
Tweak that he made right between a and z like he knows he
33:57
definite. Okay, my opinion is that he
33:59
knows more than he lets on that's, you know, my opinion.
34:02
It's let's dive into a little more of the Sello ecosystem
34:06
Venture fund. They've got a whole bunch of
34:08
weirdness. The Sello ecosystem, Venture
34:10
fund is a poly. Chain LED Venture supported by
34:14
founding investors Andreessen Horowitz and sell o with the
34:17
goal of investing in and developing the cellco ecosystem.
34:21
So, so again the the giant, the giant circle jerk of money.
34:24
Now, check this out. Nico, I thought you would find
34:26
this interesting. I went to their about page,
34:29
their about page is one of the weirdest places.
34:31
I think I've gone to on. The internet and it doesn't look
34:33
weird. But check this out.
34:35
Celos philosophy is grounded in the work of Charles Einsteins.
34:40
Sacred economics. Well that's what Einstein that's
34:43
eisenstein. Eisenstein eisenstein
34:46
eisenstein, thank you. Are you Jewish?
34:48
I'm dyslexic, man. So flexing.
34:53
All right, important to laugh at these things because otherwise
34:56
you're just going to drive yourself, crazy, everyone in
34:58
this isn't me wonder. The comments used to Tarzan
35:00
started wrong. Oh gosh.
35:04
Okay. So look guys realize where I
35:06
just brought to you realize, I just brought you to this.
35:08
Have you ever heard of sacred economic somebody?
35:10
There's a song. I haven't heard of it.
35:12
There's a video. There's a re going to listen and
35:15
the concrete not going to, listen, you're not gonna we we
35:19
love bitcoiners. We don't want to destroy them.
35:22
Okay, so but here we go, but we read you.
35:25
The excerpt about this sacred economics traces, the history of
35:30
money because remember, that's what Sello is based on.
35:32
Traces, the history of money from ancient gift economies to
35:36
modern capitalism revealing how the money system has contributed
35:40
to alienation competition, scarcity, destroyed community,
35:45
and necessitated endless growth today.
35:49
These Trends have reached their extreme.
35:51
But in the wake of their collapse, we may find great
35:54
opportunity to transition to a more connected ecological and
35:58
sustainable way of being, I mean, is Mm.
36:03
Sorry, wet cough Nico. We're not going to talk about
36:05
all the money printing. We're not going to talk about
36:07
all the incompetent Central Bankers, around the world
36:10
perpetrating. This absolute nonsense.
36:12
Everywhere we go. We're going to completely leave
36:14
this out of it. The problem is all of these
36:17
things, right? The competition, the scarcity,
36:21
you know, we're going to fix all that.
36:22
We're going to give it to everyone.
36:24
Everyone's gonna have an equal share in, everything's going to
36:26
be Kumbaya because that's how it works.
36:28
And this sacred economics is going to fix everything.
36:32
Yeah, I mean stakeholder capitalism bullish.
36:35
But man, these people are psychopaths and they were just
36:38
created by the Fiat system, the concealing effect Bitcoin fixes
36:43
this, but I kind of want to pull back to something that we said
36:46
off camera. Phil, where I don't think people
36:50
understand how much 16z is involved in every goddamn shit
36:54
coin or the majority of chicoine, 6A 16c, probably funds
36:58
them, or they've previously, it's all of them.
37:01
It's a Teens the poly chain multi coin coin base.
37:07
S a 16. These are is investor in
37:10
coinbase. That's where they dump
37:13
everything on retail. Coinbase has their own
37:15
corn-based Ventures, that's heavily involved in everything.
37:19
And then the last one is dcg digital currency group groans
37:22
coin desk. Like literally, if you look at
37:24
the list, it's just everyone there just in everything.
37:29
So what you trying to say, Matt is that coinbase is actively.
37:32
Funding shit coins and then dumping them on investors and
37:35
that profited from the dump. I mean, look, the best example
37:38
of it and like, don't buy Doge Doge coin, but the best example
37:43
of it was the Dogecoin pump Robin Hood, had it listed
37:48
coinbase didn't have it listed and widened coinbase have it
37:50
listed because it was, it was a proof-of-work.
37:54
Shit coin that wasn't invested in by VC.
37:56
So when Dogecoin pumped, they had every other garbage ship
38:00
coin Under the Sun that a 16z invested.
38:02
They didn't have Dogecoin on and they took them like four months,
38:06
five months. And then by that time, like it
38:08
kind of had died down at that point, but that's why they
38:11
didn't have it. And that's a perfect fucking
38:12
example. That's fucking crazy, dude.
38:15
Just so you know, the more I think about it, it might like
38:19
these people again not in a violent way or not.
38:22
Whatever. Hey, just specify.
38:25
He's dumping us. You do?
38:26
Yeah exactly. These people are all enemies of
38:30
enemies of Bitcoin. All of them.
38:32
Coinbase a 16z because their incentives are to sell more shit
38:37
coins, right? Yeah.
38:39
Yeah I mean their incentives are broken, right?
38:41
Because They're stacking Bitcoin, they're stacking
38:47
Bitcoin long-term, they realize that they can dump this shit on
38:50
the short-term and stack more Bitcoin for it.
38:54
Yep. I'm so long term.
38:56
Their incentives are actually aligned with us but short term
39:00
there They're, they're actively attacking us in building
39:04
narratives to basically pump the individual projects and every
39:07
project even if it doesn't explicitly say is basically
39:10
saying this will outperform Bitcoin.
39:12
Yep. Yep.
39:14
I agree, man. Phil that was go ahead.
39:18
Even the ones that are pretending to build on bitcoin.
39:21
Yeah. Like Stacks, I'm at war with
39:24
right now, ha ha ha. I got dragged into a thread
39:26
today myself, man. I'm so happy I took a break on
39:30
Twitter but anyways, fill its I'm for the Daily Mirror views.
39:34
Let me review is brought to you by Citadel 21.
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It's the best Bitcoin cult Rosine by plebs for plebs, comic
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stories articles and it's scarce.
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There's only 1000 copies per made, yet your print of Citadel
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21 today. Alright, everybody, so check
39:51
this out, it was tweeted by Jack.
39:54
He said 100% agreeing with the meme.
39:57
It was stolen allegedly, allegedly five.
40:00
It was intentional. Mutton by Leva co-write and then
40:08
the original mean supposedly. It was buy Bitcoin Liotta and
40:13
its web, three Silicon Valley VC since such a good me in retail.
40:18
If you want to see what communism looks like, this is
40:20
exactly what it looks like. Anyways, moving on to next one.
40:23
Bye Big, Sean Harris. Remember what's important?
40:26
Web three blockchain metaverse. Proof of sake.
40:28
Blah blah blah blah. Awesome memes.
40:30
Next one it is I Barack Obama. Anyways, blockchain is, the
40:37
tech, Bitcoin is merely the first manifestation.
40:40
I've heard that so many times, okay, anyway, so many times by
40:43
naive Club when you get a 3% raise, but inflation is a S6
40:49
with it. Remember in the beginning of the
40:51
year, there is no inflation. Oh my God, that was bullshit.
40:54
It's transitory. It has fucking bullshit.
40:56
OK. Anyways, do you think crypto is
40:58
don't get me started? Matt, do you think crypto is
41:01
going to replace a dollar? Or Jack Jack was on a roll
41:04
laughs. I don't know what happened.
41:06
Yes, Bitcoin will be results fun.
41:08
I know he wasn't plays he was going off.
41:10
Okay. Yes, tell us more about the
41:12
stability of the US are after this, he blocked me for this.
41:16
By the way, statist absolute nonsense.
41:18
The u.s. dollars backed by the Full Faith and ha ha ha ha.
41:23
Bitcoin is backed by Nothing by are also haha.
41:25
Currencies need to have stability and pivot bro.
41:28
Okay, I lost a lot of words. Come on, I want to say anyway.
41:32
It's Madden blonde. Even rude.
41:34
Yeah. This the u.s. dollar is backed
41:36
by the government's. Absolutely hilarious.
41:41
Okay. The last one this was awesome.
41:42
The original ones but Bitcoin is Kim Bitcoin magazine right and
41:45
now you know it has all the details but I think
41:48
statistically oh she hot oil he fiction evenings.
41:54
I've seen, it's fixed. Absolutely amazing means that
41:57
because they're so amazing. I'm going to give it a Sharpie.
42:01
What about you feel? All right.
42:03
You know what? I told you that I was running
42:05
out. I wasn't lying.
42:07
Alright. So I am going with this value.
42:10
Pack of saw blades. It's right.
42:13
You don't even have a saw. I do have a saw horse.
42:17
Okay. But these are my value pack of
42:18
blades for when the original blade breaks in 20 years from
42:22
now, from the three things I've sought throughout my life value,
42:24
pack annihilates. All right, Matt.
42:26
Oh, Daddy rate, all the memes together as one without
42:30
individuals, whatever, whatever you want.
42:32
Whatever you want. We rate them all together.
42:35
We my two favorites. My two favorites worth it.
42:38
Where the, the one that LE Vizio stole apparently, that one that
42:45
Jack tweeted, I thought that was fucking fire and the one with
42:48
all the crossed out inflation things and I raised them both
42:52
Mosey lager try to Mosey but it sounds good, it sounds smooth.
42:59
Excellent scores saw blades, am Özil a Eager and a Sharpie very
43:04
good scores. Anyways guys, we want to know.
43:05
Do you agree with our scores and scores?
43:08
They are very good scores. They follow the rule book.
43:10
The Ticket rating system. Very serious over, seriously.
43:13
Anyways guys, we want to know. Do you agree this Christmas
43:16
tree? Let us know down in the comment
43:17
section and subscribe to us on alternative video platforms.
43:21
We say things that piss off a whole bunch of people check us
43:25
out on Rumble.com. And our personal favorite
43:27
Bitcoin tv.com, they don't censor their obviously, because
43:31
it's Bitcoin. V.com of course, join our
43:33
telegram group like us, a Bitcoin memes to review because
43:35
the Bitcoin review and we need me to review anyways.
43:37
Phil it's time for the Daily News.
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All right everybody check this out I waited too.
44:02
Cover this article until Matt came on the show so he can
44:04
explain it to you much better than we can.
44:06
Anyways, check it out. Hrf strike to launch three
44:09
lightning bounties of one BTC. I think a lightning Bounty means
44:13
that if they figure out this problem, they will get a bounty
44:16
of one Bitcoin. That's awesome.
44:18
Okay. Anyways, human rights,
44:19
foundation and strike will grant one Bitcoin for developers that
44:22
eat that solve each of the three challenges.
44:25
They're putting out for lightning development.
44:26
The human rights Foundation. Shout out.
44:28
Alex is partnering. He's been killing it.
44:30
Lately is partnering lightning. Yep.
44:32
It has been partnering with lightning networks payments,
44:34
platform strike two to launch a set of bounties for lightning
44:37
Network seeking, to incentivize the implementation of crucial
44:41
wallet features, geared towards the most pressing needs of
44:44
global Bitcoin users today. Alright, let's go through each
44:48
one. The first challenge relates to
44:50
bitcoin donations through lightning.
44:52
Its goal is to enable anyone to use free and open-source
44:56
software to print a QR code that can be used for receiving
44:59
lightning payments privately, Matt.
45:02
Why do we need this? Why is this such a problem?
45:04
Why is it hard to solve? So first of all, I don't think
45:07
you realized, but I've actually been heavily involved with this
45:11
initiative. They're using one of my projects
45:14
is open SATs which I co-founded which is to support Bitcoin,
45:18
open source development. It's supposed to be a pleb
45:20
funded initiative. We've had a lot of difficulty.
45:23
Getting off the ground, we should hopefully have our public
45:26
donation page up soon, but this was something we were working on
45:31
with hrf. And strike and our board.
45:34
We have a nine-person board of rather die bitcoiners is going
45:38
to approve these bounties. So when people see release give
45:42
us their submissions, our board is the one who's going to say,
45:46
you actually, you know, met the met, the specifications of this
45:50
of this submit of this bounty. And now we are going to give you
45:54
a Bitcoin now hrf in Striker, going to give you a big hug.
45:57
It's not our money, but we're judging it.
46:00
So I worked with gladstein. On these different Bounty
46:03
targets. And basically, the whole idea
46:05
is, what are the bounties that are best for activists around
46:09
the world? The best progress we can make in
46:13
the Bitcoin space so that activists can use it.
46:16
And I mean, we worked hand-in-hand with activists at
46:19
the Oslo Freedom Forum, which happened in Miami, because
46:21
everything happens in Miami. Now that covid happened and
46:26
these were actually pressing needs for them.
46:28
So the first one was lightning tip jar.
46:30
This is idea that You can just have a static QR code or text
46:34
string that you can post anywhere.
46:36
You can post on Twitter, Tick, Tock, Facebook, LinkedIn, don't
46:40
use LinkedIn. I don't know just anywhere you
46:42
want email messaging anywhere and people can donate to you
46:47
through lightning, without you running like a full BGC, pay
46:50
server instance, right? Because that fucking sucks that
46:53
you have to. And if you're an activist and
46:56
like an authoritarian country, it's really difficult to get
47:01
like a no kyc. Server.
47:02
You can actually run a BTC Pacer it's not that accessible.
47:06
It'd be nice. If you had a mobile wallet,
47:08
you're able to just show an invoice that is a reusable
47:12
invoice and that they don't know what the your IP address is and
47:16
they can just donate to you. And the main spec for that is
47:18
bold, 12C lightning has added Bowl 12 support, I believe, Alan
47:23
d and the other implementations haven't we needed to become a
47:26
standard. So that's probably the lowest
47:28
hanging fruit of all the bounties.
47:31
The Second Bounty. Let me, let me give some, let me
47:34
give some preface and then you can answer it, man.
47:37
Okay, preface, preface, thank you.
47:40
It's okay. I mispronounced everything.
47:41
So when I guess recti, dude, I have no shame.
47:44
Everyone knows it go can't read English.
47:47
My literally second third language, learned it at an older
47:51
age, okay? Anyways, the second
47:54
functionality would enable anyone to Peg an amount of
47:57
Bitcoin to US Dollars without needing an exchange or another
48:01
token. So Matt, why is that necessary?
48:04
Why is that cool draw? This is like gladstein loves
48:08
this idea. Like I'm not as excited about
48:11
this idea but activists around the world, want to hold US
48:17
dollars, they don't want to hold Bitcoin.
48:19
They don't want to see the volatility of Bitcoin, of
48:21
course, to me sad for my stable coin.
48:23
Like I don't need anything else so what he wants to see as he
48:27
wants to see some kind of like contracts for difference Market.
48:32
On Lightning where there's not a token but it's like one person
48:35
want to go short Bitcoin one person wants to go long Bitcoin
48:38
and as a result in a lightning wallet in a relatively trust
48:41
minimized way without like a tether or something like that.
48:45
You can basically just take the slider.
48:47
And if you have like 30 dollars with a Bitcoin, you can be like
48:50
I want to be all USDA. I want to be 15%, I want to be
48:53
25% and like it just handles it in the mobile wallet for that
48:57
activists so they can just keep it in a quote unquote stable
49:01
form of value. Kind of kind of Bitcoin to be
49:04
honest. Besides the activists portion of
49:06
it. That's a tether killer.
49:08
Yes, that's fantastic because at least like it's just more it's
49:11
just, you know, another another arrow in the quiver to kill the
49:16
tether Fudd, you know, like another pair 100%, you don't
49:19
need to exist, you know. So, except I would say that,
49:23
like tether and, and if you're if you're a an off-the-books
49:29
traitor tether, or if you're a regular, In a traitor like a
49:32
u.s. DC or whatever is just like
49:34
super easy to trade between exchanges.
49:36
Right? And like, those are my people.
49:38
Like I don't do that but like, people do that died.
49:42
I got it. So the use case.
49:44
Okay. So Challenge number three, and
49:46
we have mad O'Dell so explain it.
49:49
Once again, let me give a little bit of a preface.
49:52
Wolfe Co right. Nico.
49:55
Upgrading now that I okay, check this out.
49:57
Challenge number 3, e cash, the third and final challenge aims
50:01
to tackle need. For transactional, privacy
50:03
through Phil. What does that word mean?
50:06
Xiaomi and Akash. Why do they use, okay?
50:09
Anyways, cha Me Andy cache arrangement to enable Anonymous
50:13
Bitcoin usage for users human rights foundation will give a
50:15
prize of one Bitcoin to a Faust, not Sonia wallet, that gives
50:19
their users, the option to enter into a likely custodial
50:22
Arrangement, where Bitcoin could be sent to other users of that
50:25
wall and using Charming e-cash. The statement said, the
50:28
arrangement should be such that. The wall administrators cannot
50:30
know the identity of the Users are balances transaction
50:33
history, once aspects. This would be a Federated system
50:36
but all submissions will be considered.
50:39
All right, so Matt why is this important?
50:41
Why should people care and why is it a suit?
50:44
This is the hardest bounty to complete.
50:47
There's a specific Bitcoin developer working on Eric Syria
50:50
and I had them on sale dispatch my show and Stefan just had them
50:54
on the Stefan. Lovera podcast block stream is
50:57
funding him right now. The reason they call it charm me
51:00
and is because it was created By David cham, the concept of
51:04
charm. Any cash, the biggest issue with
51:06
it is the actual situation where you need to Peg it out to a
51:11
dollar because Cham originally created it with dollars in mind.
51:14
So you had to have Banks involved.
51:17
But if you introduce Bitcoin, then all of a sudden you can
51:20
make it more programmatic programmatic instead of like
51:23
actually involving regulated Fiat Banks, this x, this actual
51:28
proposal in result. What would that look like it?
51:32
Look like a custodial lightning wallet like a wall of the
51:34
Satoshi, so super easy to use low fees.
51:40
No Channel management, right? These are all issues that people
51:43
have with lightning on mobile. What are the issues?
51:46
We've always associate, their a centralized point of failure, so
51:50
they can get hit by regulators and add kyc.
51:52
They know your full transaction history.
51:55
They know everything you're doing.
51:56
There you have no privacy from wallet is Satoshi and they can
52:00
take all your money right. Right?
52:02
So the charmian portion gives you privacy from the custodian.
52:06
The Federated idea, the Federated concept which is what
52:10
Eric is working on. Is this idea that instead of
52:12
having one child me in server? You have basically a multisig
52:17
server kind of setup where you need like 7 of 15 of the
52:24
custodians to glued together to steal your money.
52:27
So the custodians can't see your transactions.
52:29
They can only steal your money. If there were a bunch of them.
52:31
Cool. Food and then because it's a
52:33
lightning wallet, it can interact with the glyph, greater
52:36
lightning Network. So the end result ends up being
52:39
a lightning wallet on mobile, that's easy to use with no
52:42
Channel management, that is extremely low fees that and and
52:47
so you have you have both a price incentive and at ease of
52:53
use incentive to actually have a more private transaction than if
52:56
you did like a naive Bitcoin transaction or if you did like a
52:59
traditional lightning transaction.
53:00
So I'd say Okay, like that'd be like a really nice place for us
53:04
to be in and you kind of imagine that there would be a bunch of
53:06
different federation's. A bunch of different wallets
53:08
that are all competing with each other.
53:10
So they're not all just one and they can all work any lightning.
53:13
Invoice can pay any lightning invoice.
53:16
They can receive they can send on the greater lightning
53:18
Network. Awesome.
53:19
So they'll go ahead. I was going to say that kind of
53:22
sounds like some some kind of you know the I guess you'd say
53:28
the the ground structure for an interesting banking.
53:32
You're on on the point. Because if I understood
53:34
correctly, right? Like the users don't need to
53:36
know each other in any way, shape or form a part of it.
53:39
And part of that is that it keeps, it keeps everything
53:41
separate. So, as a result, we, you know,
53:44
we could feasibly see, I guess these types of custodial.
53:48
Well, these types of solutions, not custodial Solutions, but
53:51
these types of it is custodial ish.
53:53
Oh, it's the only custodial. It's like, it's a Federated
53:55
custodial model, right? So, like seven of the fifteen
53:58
custodians would have to fuck you together, so it sounds I
54:02
mean it does it does it totally sounds like a base for like a,
54:05
you know, like a base structure for a proper banking system
54:08
built on bitcoin 100% like private banking on bitcoin with
54:13
the Privacy guarantees. The Privacy key aspect is key
54:16
here and that's where the charm menu cash comes in.
54:19
So Matt who could enter into these bounties, could anyone,
54:22
participating anyone? Is it one Bitcoin for challenge?
54:26
I'm assuming. Yes, okay, honest, three Bitcoin
54:30
put away these funds, these funds.
54:32
Part of the Bitcoin, race card, that, that was an indie.
54:37
So strike raised all these donations.
54:39
Remember, the QR code was on the car and stuff?
54:42
Strike raised all those donations.
54:43
And this is, this is part of that.
54:45
I think they still have more money that kmn to give open
54:49
source developers. And if no one claims this by the
54:52
end of the year, it just goes, It goes into a giraffe's General
54:57
Bitcoin Development Fund, which they've been doing great work
55:00
with, you know, Paying out grants to bitcoin developers as
55:04
well. So it won't, it won't go to way.
55:07
It's not like it's going to be a situation where I can 5 years,
55:09
someone claims this. And at the end of next year, if
55:11
it doesn't get claimed, they will be.
55:13
They will be passed into the general fund.
55:15
Awesome. So, what do you think, so, why
55:18
these such difficult challenges and why haven't they been solved
55:22
already? I'm asking, you know, I could
55:25
answer that, but I want you to answer it, man.
55:28
I think all of these things are about like user.
55:32
As well except for the stabilized.
55:35
Okay? So two of the three are about
55:37
user-accessible privacy easy to use Bitcoin privacy.
55:45
There is not necessarily that much of demand about that in the
55:48
western world right now, but we see a ton of demand for that in
55:53
an activist circles that are thinking about accepting
55:56
Bitcoin. I mean, when I was at hrf event
56:00
in Miami, like I was talking Talking to one of the lawyers
56:06
for one of the leading activists in Russia and like they just
56:10
accept all their Bitcoin to a static Bitcoin address because
56:12
it's easy, they don't have to run a BTC pay server but like
56:16
literally you can just like paste that into blocks dream dot
56:20
info, you know, just paste it into blogs or not never get to
56:23
see all their donations, not ideal.
56:26
They need something easier. So, I mean, obviously, that's
56:29
something that gladstein has felt very closely about On this,
56:34
the stabilized lightning thing, I think, is I think it's
56:39
something that I think gladstein really worries about tether
56:44
blowing up or getting taken down by the government.
56:47
And we need to basically have a option that is not, you know,
56:51
owned by bitfenix. I think he just did they were
56:55
running it. Well, this whole time but like
56:58
it's a matter of time things, get a fucking blow up.
57:00
Yeah. Amanda US Government.
57:03
Already has in its crosshairs, right?
57:05
I think I completely agree with Matt.
57:07
I think it's it's inevitable, but Phil there was an open
57:10
source. Software release today.
57:12
Why do you tell everybody about it software releases?
57:15
The software releases are brought to you by Cipher safe?
57:19
Check them out. Cipher safe dot IO, it's the
57:22
best place to store your seed. Got the Cipher wheel right here,
57:26
pet proof tamper-proof, Nico proof Phil proof, maybe even
57:31
Odell proof, but That might be going too far.
57:33
Anyways, the link is down below in the show notes.
57:36
All right. We've got Sparrow, wallet,
57:37
version, 1.5.2. 3 beta 1. That was released that it's not
57:41
just beta is beta 1. Anyways, that's down below in
57:44
the show notes. Alright, guys, you know, the
57:46
drill we release episodes Monday to Monday through Saturday.
57:51
Unless we tell you that, we're not releasing an episode.
57:54
Anyways, check us out on our Audio Only channels, right?
57:58
We've got Apple podcast, we've got Spotify, Pocket, Casts,
58:02
Anchor. Check us out.
58:03
Awesome. Thank you for all right guys,
58:05
that was our show before we go. I want to give a very special
58:08
shout-out to the legendary. Matt Odell, you can give him a
58:11
follow, you probably already do. So at Odell on Twitter and
58:14
definitely go check out all his podcast.
58:17
Tales from the Crypt, Citadel dispatch Rabbit Hole recap and
58:21
of course a website where most Bitcoin shows are probably going
58:26
to end up when the banhammer eventually comes Bitcoin tv.com.
58:30
He is the co-founder Anyways guys, if that was the show, if
58:33
you enjoyed the show, you know what to do smashed.
58:36
And of course, if you want to continue hearing the
58:38
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58:47
And we'll see you tomorrow guys. For a brand new episode.
58:49
Let's simply Fair coin steer, clear of the VC swamp