Latest / Simply Bitcoin / Global Bitcoin Take Over Will be Slower than You Think | EP 443

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Global Bitcoin Take Over Will be Slower than You Think | EP 443 · Simply Bitcoin

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I don't believe sufficient ever never good money against before
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we take something out of the hands of governments.
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Welcome everyone. We're simply Bitcoin, we break
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down the news. The daily failed meme review,
0:14
software releases, Hardware releases and the websites by
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plebs joining us today fellow Bitcoin ER and author of layered
0:24
money. I'm talking about Nick Bhatia is
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joining us but right now we are diving into the numbers.
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Let's do it one more time, brought to you, by Bitcoin 2022.
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At the time of this recording, the block head is 725,000 477,
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the Bitcoin price 43. 1540 chain rewrite days. 713 total public
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lightning capacity, 3447 dot 70, Moscow time 22, 97 blocks to the
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having 114,000 523 and the samurai Whirlpool unspent
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capacity, Samurai Whirlpool is a coin join or collaborative spend
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service the unspent capacity of that pool is 4300 He's 62.
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That went up Nico. The numbers, the numbers, bro.
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So something the last couple days if you guys haven't been
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living under a rock, we had a massive green candle, but again,
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we don't talk. We don't like to talk about the
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price. Again, you can't really steps,
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not really speculation. That's actually what happened,
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right? Phil, how big was it?
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How big was the pump? It was crazy because I see it
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seems that it was about 5 K. It may have been a slightly over
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5K. So it was a big bump.
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Right. So that's not what I want to
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talk about, but if you actually look at some metrics right, what
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happened was fascinating, and I think this was really
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interesting, and I think it's, you know, let's let's kind of,
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you know, get everyone's thoughts on this, right?
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This is glass node and a very interesting metric.
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It's called Bitcoin number of addresses with balance of 1K or
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above. Now, something really
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fascinating happened yesterday, right?
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Check this out. Let me minimize this so you guys
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can see, right. Here's the number of Bitcoin.
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Addresses is. K drops, right?
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There's only 2000. Check this out.
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Fill look what happened yesterday?
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Oh my gosh. That, I don't think that's that.
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The last time that happened really was in the beginning of
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2019, right? Yeah, so, all of a sudden out of
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nowhere, right? We had a giant accumulation
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going up now. There's people on Twitter that
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are saying, oh, that's just people reorganizing their
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addresses or custodians doing that but I Don't believe them in
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the reason. I don't believe that is because
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all of a sudden, we had a 5k candle.
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So I don't think it's a coincidence that we had a 5k
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candle and we had a jump in addresses that have 1K Bitcoin
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or more from 2112 addresses to 2259 addresses.
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So that's 100 addresses that all of a sudden they had 1K Bitcoin
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or more right? And 1K Bitcoin 1000 times 43,000
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it's a lot of money, right? Up I'm gonna say the signal.
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Is that first that first candle that you showed from 2019,
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right? Because we were still in the if
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I because Bitcoin time completely screws me up.
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I think that we were still in the bear Market at that point
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and we were just starting to pick up or maybe not even, but
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the point is, is that, it was, it was a time when quote-unquote
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Bitcoin was dying or dead and yet, take a look at the
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activity. We just saw yesterday at the
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These price levels. And then we couple that with the
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amount of the amount of Bitcoin that is locked and lightning
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channels that is growing and the development.
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I think we're I hate the Hopi. Mm.
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But right now I'm feeling very hopeful absolutely Nick again,
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you know, but but it get this is total speculation because
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there's absolutely no way to know what's going on.
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But you know if you had some ballpark it right, what?
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Like that is a huge that you saw it, right?
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The graph. For itself it was literally a
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candle stuck Candlestick, 90 degrees, all the way up.
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So what do you what do you think that?
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Could be my favorite chatter on Twitter.
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Was that it was 100 Russian oligarchs that all of a sudden
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now have 40 million in Bitcoin. Each in these single addresses.
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Some people had fun with that, you know it could have been a
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withdrawal. We were you know saying
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something about the exchanges I believe something like a
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withdrawal amass withdrawal, maybe something like that where
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you're seeing you know, maybe people that are involved in the
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Swift swift ramifications or something along those lines that
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they're taking Bitcoin off their exchanges into their own custody
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or some sort of reorg, which, you know seems Seems likely with
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such a jarring jump, but it is important to put it in the
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context of Our and, and how we haven't seen a war like this in
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quite a long time. So, you know, it's
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understandable that something unexpected could happen from the
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blockchain data perspective. Absolutely.
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And so, do you think so my my dad kind of comes from that
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perspective to which is and he told me he's like Nico.
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This might be the Catalyst that, you know, essentially props up
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Bitcoin and shows to the world like holy crap.
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Right. In Just to kind of give you guys
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a for a refresher of what has happened in the lot in this last
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year, really, we had Canada, the Canadian government Banning, you
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know, we're essentially freezing people's accounts because, you
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know, they were donating to certain political, you know,
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movements and stuff. And then Bitcoin was the only
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thing standing, right Bitcoin was the only thing that they
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could not freeze and then we had not too long ago.
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You had the, the Ukrainian government, raising money
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directly from the whole Old directly in Bitcoin.
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And I think they had a shit coin.
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I think they had a theorem as well, right?
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So Nick, do you believe that as well like do you think that this
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might be the Catalyst that you know, puts Bitcoin in the eyes
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of everyone? It really shows everyone that it
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cannot be stopped. Yeah, I'm more in the camp of
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the slow and steady adoption. I tweeted something yesterday
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about hyper Bitcoin ization versus the slow and steady
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Bitcoin ization. I believe every one of these
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events geopolitically Attracts people to bitcoin at the margin
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and it shows that use case of Bitcoin one thing at a time and
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the Russia Ukraine conflict in which Russia is looking to
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potentially use Bitcoin as a cross-border payment Rail and
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Ukraine. Looking to use Bitcoin as a
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fundraising tool, both sides of the war are using Bitcoin.
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It is without a doubt, a really big important moment.
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A Bitcoin and its young history, but I don't think it's, you
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know, before Russia. Ukraine, after Russia Ukraine.
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I think it's just this steady adoption, El Salvador being one
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of those moments where people thought is this the moment?
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No, it's one thing at a time, and this is another one of those
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things, but it's a big one also. Yeah, I really like that
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perspective. The showing Bitcoins use cases
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one at a time. I I really like that a lot and
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it also kind of it also kind of made me think of this this point
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about I've heard people talk about this, you know, the the
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slow unwinding of the current Financial system.
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So you know what? I think to your point Nick, I
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mean slow and steady would probably just be better for
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everyone right when I speak. You think about, when you think
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about the Federal Reserve and the way that they've responded
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to events since 2007, Each one of those times could have been
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the end of the dollar but it's not each time because the FED is
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willing to come in step in X we call it extend the extend and
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pretend or Kick the Can down the road whatever they're doing.
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They will continue to do that. Assuming that the FED is not
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going to kick. The can down the road.
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Next time we have a financial crisis and there will be another
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time it's silly. We have to assume that they are
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going to have the slowest death possible for the dollar.
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Or instead of anything that's going to happen in Rapid
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fashion. So I believe Bitcoin will again,
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attract, the adoption in the users, on the way out for the
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dollar and at just going to happen over a long period of
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time. So be this is a I'll just say
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this guy's this is a very fascinating time to be alive,
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you know. This is so many things are just
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happening. All at once, it's the the
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Catalyst was really, you know, the election of Donald Trump.
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It's Just like things, just Band-Aid, just kept ripping off
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and all these things that you would think that you would see
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just you started happening. You know, the war in Ukraine,
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the the, you know, Bitcoin becoming legal tender, and El
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Salvador. So many event Bitcoin being
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banned in China, right? There was a recent announcement,
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that the Supreme Court in China if they catch you transacting in
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Bitcoin, you get ten years in prison like it's just crazy.
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How all of this is playing out fascinating time.
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And you know, there's no better time in history.
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I think to stack Bitcoin. It's always a good time.
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Yes. I pick one.
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And and and let's not ignore the fact that there are plenty.
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I don't want to quantify it, but let's say plenty of Chinese
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Millionaires, and billionaires and communist, Chinese Communist
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Party officials, that own Bitcoin.
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They have their own Cold Storage situation and because we know
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how much Bitcoin was mined in China, over the last many years,
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so, We know for sure that they're hoarding Bitcoin in
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China even though they're making it illegal for their citizens to
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mine etcetera. So there's always, even though
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you see the band, there's always another story or another layer
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behind it. So, mix tunics point.
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Oh, sorry. To Nick's point though.
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This is something that I learned back in 2017, and I don't
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remember who said it first, but government's who sensor, the
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most need sensor, resistant money.
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The most absolute, and, and there you go.
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Now. Just points that, you know, just
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proves that right there with China and I totally agree with
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that. I mean, come on, they understand
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the system that they're living in.
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You're going to tell me that the people higher up Elite though.
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The ones capable with the means of course.
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Of course. They're hoarding.
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Good point. Oh man.
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But at the end of the oldest, it really shows the world that the
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incentives of Bitcoin are irresistible.
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And unless governments replace that those incentives which I
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don't think they'll be able to write, you know, there's always
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going to be someone trying to stack sats are trying to mind.
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Anyways Phil it's time for the daily fail.
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ways, that sets these are cringe just thought.
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I'll just start that off right there, right off the bat.
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These are these are cringe fails.
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And you know what though? They reminded me a lot of when I
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was an Early Equity investor when I first got into it and I
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made a lot of mistakes. So with that intro, we are going
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to dive into stuff. Tokens that don't need to exist,
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for use cases, that right now. If they were monitored, if they
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could be monetized, they would be.
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And when they can be monetized, they are.
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Anyways, let's dive right into it.
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Smart kem's token launch to push for.
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Cleaning products, nice, it never stops with the ESG stuff,
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Nico it. Even if it's just these kind of
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creepy, weird little shit coins that are completely
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insignificant. It doesn't matter because
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they're always just putting that message out there for you.
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Anyways, here we go. So the 50, the Euro 50 billion
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Global industrial cleaning product Market, is having a
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significant ecological impact, smart chem uses its patent
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chemical, technology of intelligent fluids to prevent.
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Provide a safer alternative to remove grease dust and dirt with
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ingredients that are biodegradable and ph-neutral.
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If you're wondering why this needs to be money, let me
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continue to raise awareness and allow for ease of access to
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eco-friendly products. Smart cam is holding a token
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sale, very clever here we go. Smac acts as and that's the shit
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coined by the way, acts as the made of utility token for the
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smart chem platform. Unlike Tokens available on the
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market smack is more than just a token for transactions.
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Part of the change to Green campaign.
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Supporting the token means that individuals and firms represent
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a commitment to a better Earth sustaining the environment,
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commitment to a positive impact backing up, the efforts of
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environmental ngos raising their support of the un's sustainable.
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What does that sustainable development goals?
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None of that needs to be money. Anyways, other Block chain based
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tokens only Insight investors from a financial impact while
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smack also has a monetary benefit.
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It has a fallback option and this is, this is the part right
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here. It can be redeemed on the smart
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Kemp platform in lieu of purchasing any cleaning product
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offered by intelligent fluids, okay, okay.
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So it's a gift card. It's a gift card that if you
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decide not to hold a token, you can buy their crappy cleaning
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product anyways. Okay.
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Look before I dive into the next fail.
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I just want to go back to my point about equities.
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So once upon a time, there was a company, which I completely
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forget the name of that was gonna clean the oceans.
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They were going to clean up all the oceans.
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They had developed these, very sophisticated sponges, they were
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going to put these sponges in the, the most toxic places of
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the ocean and the sponges just absorb all the grease, all the
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oil. And then the company just comes
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by Picks Them Up and supposedly, they can be disposed.
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Dove in an eco-friendly way. Well I gotta tell you this made
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sense to 22 year old or 23 year old Phil.
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Okay 23 year old version of me was like yeah let's fix the
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environment. This is genius sponges that suck
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up all the crap in the ocean. So I bought shares.
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Do you know? Those Shares are worth today.
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The company doesn't exist anymore.
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That should give you a hint. Those Shares are worth zero.
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Now going back to the original point about this.
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This particular product You don't have to invest in a
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Chuck-E-Cheese token, okay? In order to buy, you know,
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essentially asked am offering, you can just go do what I do.
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Go get an equity, and if they can pull it off the share, price
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will actually go up and because its shares you have voting
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rights, you get a little bit more than a token that is
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completely detached from anything of value under that
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token. Anyways, so before we move to
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the next one, I just I as soon as I saw that, I had to give
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that story because this is nonsense.
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It doesn't need to be a token cleaning up.
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The ocean does not need to be money.
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This is a ruse. That's all it is man.
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Dude, so this is my favorite part of the show when I watch
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it, but when I go through it, I'm like, oh my God.
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So, dude, give it to the shit coiners to always, come up.
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If phenomenal ideas and phenomenal names to take away
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your Bitcoin, I I think the cleaning product token.
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I think it's it went a little bit too far, but, you know,
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anyways, I'm still I still feel uncomfortable so I can't think
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of things. Nick.
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What are your final thoughts on this?
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I will bring it back to what Phil was talking about with
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shares. This is, this is the Ico scam
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all over again. Where the coin the token doesn't
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mean anything in a court of law from United States property, law
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perspective, from a security perspective, it doesn't mean
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anything not to mention that we don't need to monetize cleaning.
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Detective cards, I'm all for cleaning the ocean find out, you
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know, in a more serious, you know, way when we talk about all
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this ESG, ESG stuff and, you know, across the planet, we know
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how much I think malice is in there, in terms of the West, not
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wanting China and India to develop especially China by
17:56
restricting their coal usage. So there's that whole
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perspective but then there's also Also the perspective that
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corporations multinational corporations are polluting the
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planet in a very significant way.
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So what are I do? Like to find the good actors
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within the ESG narrative that are actually trying to help the
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planet in real ways? I don't like the climate change
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- I like, the pollution narrative because pollution is
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something we can see with our own eyes and you know that trash
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pile in the middle of the Pacific Ocean.
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These All things I actually genuinely feel passionate about.
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So I do hope that, you know, as a society, we can find ways to
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clean the ocean and, and other things like that without shit
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coins and ico's and anything to do with the token.
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These giant bureaucratic institutions as well.
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Right. Exactly, exactly.
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Phil, what is the next fail? We're going to want to terrorize
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out on, get ready. All right, here we go.
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To put the best part of the show is that we Get, you know, some
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of the brightest people in between the Bitcoin industry.
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And this is what Phil makes the stock.
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That's what I make people want, it's brutal.
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No, but look, it's really good because we have, because we
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have, you know, the brightest Minds in Bitcoin, coming on the
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show and examining these things with us number one, they can
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call us out, right? They think it sit there and be
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like Phil, you're totally full of shit.
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This thing is totally legit. Okay.
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And here's why haven't had that happen yet but who knows maybe
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we're wrong about. It called it's not, okay.
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Anyways, first aid. Okay.
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Let's let's dive into. Let's dive into this one.
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Like I think that this was another share from fellow
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Bitcoin ER at Hans films. I think it was him that that
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shared this with us, let's dive into it.
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A project called fries Deo, raises 5.4 million dollars to
19:51
purchase fast food restaurants. That's right guys.
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The first, the first fail had a theme and this one is very
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similar. Early themed as well.
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Anyways, let's dive into it a new day out.
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Dedicated to purchasing fast food restaurants called fries
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Deo has raised more than 5.4 million to achieve its goal.
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Sorry, we don't even need to go through this whole thing.
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All we have is this tiny little piece.
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Last week, Bitcoin.com reported on a newly launched a 0 that is
20:21
attempting to purchase the NFL, the NFL's Denver Broncos,
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football franchise for 4 billion, ever since 2016's
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Genesis Dale, which we covered a few days ago.
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The day o hack and subsequent hack that followed Dale,
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Concepts have grown in popularity and security.
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Seems stronger. That means nothing.
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That means nothing at all. All I understood was, hey, there
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was this massive rug pull through this, you know, through
20:51
this loophole, we should do more products that involve this
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loophole. Anyway, that's that's all I
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understood. Okay, so look a day over fast
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food. Hans, I am going to help
21:01
everyone out. And no, this is not investment
21:03
advice in any way, shape, or form.
21:06
Again, I want to show you that if you want to own a piece of
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multiple restaurants, you don't need a shit coin and you
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actually can have voting rights. If that's what you desire, and
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you can get paid a dividend, even if you want, let's examine
21:22
Darden Restaurants. All right.
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This is a company out of the US and lo and behold Darden
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Restaurants owns a Bunch of Brands you can buy shares of
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Darden Restaurants if you want. Okay.
21:36
They go for about a hundred forty.
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Five dollars a share but guess what?
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That gives you voting rights, okay?
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You don't need a day. Oh, where you have?
21:45
Absolutely. No.
21:48
Again, it's a representation of ownership.
21:50
You have no owner ownership over any of this.
21:53
That token can go straight to 0 and you will have no recourse,
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okay? So if you want to own a bunch of
21:59
restaurants, Don't be an idiot, go and buy some shares, okay?
22:03
In Canada, there's another company called Mighty food group
22:07
and they own all of these restaurants.
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Do you notice how what I'm showing you is what that garbage
22:14
day, o is trying to do pretending that they're offering
22:18
some type of value to the market.
22:20
Don't get fooled by this crap. These, these dados.
22:24
These are just liquidity pools designed to rug pull you, okay?
22:30
Else. None of this needs to be money
22:33
and that liquidity is not for you it's for someone else to
22:38
take. Anyways, you want to own a piece
22:41
of the restaurants. Do it correctly.
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Don't go with this garbage shit coin imitation.
22:48
Man, give it to the shit Corners to come up with anything and
22:52
everything. Like I always say to try to get
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you to willingly, sell your Bitcoin for their should coin.
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So yeah like that The Branding the marketing its genius but
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that's all it is, it's branding and marketing, there's nothing
23:06
below that what you said, Phil and the goat.
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And Nick actually brought a really good point earlier in the
23:12
first fail, right? Which is essentially, you get no
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legal protection and if T's are the same, you There's no
23:19
copyright protection for an EFT, he's either, right?
23:21
So why would I sell Court precedent?
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Correct. So why would I buy?
23:28
Why would I buy the Dow if I'm not protected?
23:32
It doesn't make sense, right? But again it doesn't need to
23:35
make sense. All these people are concerned
23:37
about is you willingly selling your Bitcoin, getting exciting
23:42
about getting excited about it so that they can enrich
23:45
themselves with Bitcoin because that's what all these should
23:48
coin devs. Do and you get stuck holding a
23:50
worthless token, right? So, yeah, Nick, what are your
23:53
thoughts on this? Okay, two quick thoughts here.
23:57
I'm not going to touch the fries thing, it's just too ridiculous.
24:01
But let's talk about this decentralized, autonomous
24:05
organization, constant for a second.
24:07
Okay, ignoring the 2016 hack in which we proved in that a
24:12
theorem is a scent is a centralized product and you
24:15
know, with one chain rollback it's more than 0.
24:18
And therefore, you know, it's a centralized offering but with
24:25
the Constitution bid that we had a few months ago, just to bring
24:29
everyone up to speed a group, tried to buy the US Constitution
24:34
and was outbid, and then you think about the Broncos for
24:37
billion dollar bid here, the idea that you would pre-announce
24:41
your bid is the most stupid auction Behavior I've ever seen
24:47
in my life. So, It just makes no sense that
24:50
you would pre-announced. The goal just to that.
24:53
Somebody else can bid 4.1 billion and take it from you.
24:57
It's just ridiculously stupid. Then when the Constitution bid
25:01
failed because they pronounced it and can Griffin outbid, you
25:05
know, how bid them easily? Because he knew what number to
25:09
Eclipse when because it's all smart contract based and they
25:14
had to put their money in and then get their money out.
25:18
They Spent so much on gas which is whatever the hell that is
25:21
that people took massive Capital loss just doing a failed bid for
25:26
the Constitution. So like you could have written
25:30
on the paper that I will commit this and done it in a private
25:35
way. That doesn't actually cost
25:37
physically any money when committing or ordi committing
25:41
from that. So yeah, there's just a lot of
25:44
stupidity here. I hope I covered some of them.
25:47
Absolutely. Phil.
25:48
You actually covered that. We did a daily fail on the
25:51
Constitution. That's right.
25:53
We that was one of our daily fails and you bring up an
25:56
excellent point about publicizing.
25:59
The bid beforehand, that is pure marketing, that that's all it,
26:04
right? Because because that's what it
26:06
is there. And I say this a million times
26:07
over that all they're doing is selling the sizzle.
26:09
You get this idea in your head. Hey look, this organization is
26:13
going to own a national football team.
26:15
This organization is going to own a piece of the Constitution.
26:19
Like, you know, so all of a sudden, you start to think all
26:21
of this imaginary, hope IAM type of stuff.
26:24
But really at the end of the day, none of this needs to be
26:26
money. None of it needs to be
26:27
monetized. This is just it, all it is is
26:30
designed to separate you from your time value.
26:34
That's all it is, dude. A man, it is.
26:38
It's, it's fascinating to see all this play out.
26:42
People are going to scam, this is why you should only six a
26:45
Bitcoin. This is why, you know, where
26:47
Bitcoin only. I think all of Coins.
26:49
They suffer from one thing, right?
26:50
Is they don't need to be too. I mean, two things really?
26:53
They don't need to be tokens. And the monetary policy or the
26:57
ability for a human being to manipulate money for their
27:00
advantage is not taking out of the equation, only Bitcoin fixes
27:04
that. So man, excellent fails fries,
27:07
and what is it restaurant fries? And what was the other one?
27:11
Phil, what was the other one fries and social beneath, the
27:15
oceans, the oceans, there we go. All right.
27:18
Go. Anyways, let us know down in the
27:20
comments guys. Comment, comment, comment.
27:22
But anyways, Phil is time for the daily meme review, brought
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to you by sale 21, it's the best Bitcoin cultural zeenat stories
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articles Comics by actual bitcoiners.
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copies made per volume. Get your print of Citadel 21
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today. All right.
27:48
Ready. First meme for today is brought
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To Us by legendary beam. Lord, came up with laser Rachel
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that came up with laser. It's 100 K Rd underscore PTC.
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Anyways, this will be interesting superpowers fucking
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with the monetary rails bitcoiners in the back.
28:03
Excellent template, very good meme, that template brought To
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Us by Sal. Check this out.
28:08
Reporters uniform until February, 20 22 report is
28:11
uniform from February 23 2022. It's so true.
28:15
Okay, moving on to the next one but Bitcoin Liotta if you still
28:18
don't Own Bitcoin. After the last two years, you're
28:20
a fucking idiot with the sun and the background.
28:24
It's so good. You because you think it's going
28:26
to say something serious and inspirational, you know.
28:28
All right, next one. Bye puppy.
28:30
Good luck to everyone. Trying to sort out all the
28:32
propaganda, this information. Gaslighted going on with the
28:34
world today, seemingly endless Ukraine, commie NATO media us,
28:38
Russia thing that I cannot say. All right, next one, brought To
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Us by Luke, it's getting tough out there.
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I'm doing my best, but if you feel like if I ever made a
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mistake, let me know me after Trying to figure out what news
28:49
is real. Wouldn't uses it regarding
28:51
Ukraine and Russia. It's so true.
28:54
I have no, I still have no idea what's going on.
28:57
Anyways, here we go. Next one, is brought To Us by
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honk honk capital B, TC Patrick. You can see after Putin invaded,
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the M2 money supply exploded. We need liquidity to combat
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these problems. Ha ha, ha.
29:11
That's the best one. Okay, awesome memes by some
29:15
awesome plans for that film. Going to give a very special
29:17
score. It's a boy.
29:18
Box. But in the Box, it's a little
29:20
mouse and one be earpod thing. Only one, just one.
29:30
Not to exit. The box, is a good idea that the
29:33
pair just one, literally one and the mouse.
29:38
Oh yeah. Is that is that a Disney Mouse?
29:42
I don't think we could say Disney.
29:44
We can't say Disney it, okay. Is that a cartoon mouse?
29:47
Yes. Well known.
29:48
It's a cartoon mouse. Cartoon mouse.
29:50
That's well known. Okay, cool.
29:52
Well, you know what? Like I said, yesterday, guys, I
29:54
am totally running out of stuff in my basement because I'm
29:56
moving. So we are going with We are
30:04
going with this wrist guard. Oh, that's rights from
30:09
skateboarding because when you bail you usually land on your
30:13
wrists and eventually your hands well they're not in good shape.
30:17
It's true. This is very true, very good
30:19
score first. Thanks.
30:20
Anyways, Nick, what would you give those awesome memes.
30:25
I'm gonna give it a ba 2 plus because there were two memes in
30:29
there that really happened. You had me laughing.
30:32
Pretty hard. That's huge.
30:37
I'm a huge meme fan. And Bitcoin memes is I mean it's
30:41
where it's why I'm here, let's be honest.
30:43
Absolutely it, they can sit in it gets it.
30:46
So we've been saying, guys right in the narrative.
30:49
Trench warfare that we're currently fighting if tweets
30:52
are, if tweets are bullets, memes are freaking artillery.
30:56
But anyways guys, we want to know if you agree with our
30:58
scores, you disagree, let us know down in the The comment
31:02
section comment, comment, comment, help us defeat the shit
31:05
coin channels, of course, join our Telugu, a blink of some dank
31:08
dank. Bitcoind means to review.
31:09
And of course, make sure to subscribe to us on alternative
31:12
video platforms, like, Rumble.com, and our personal
31:14
favorite Bitcoin tv.com. They don't censor their because
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Bitcoin TV. But anyways Phil it's time for
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31:37
So we're just gonna, you know, talk about Nick and you know
31:40
that talk about Nick, we're going to talk about Nick.
31:42
We're going to talk about what Nick is expert on, right?
31:45
He wrote this awesome book called layered Bunny and we're
31:48
going to get to that. But first we're going to talk
31:49
about a tweet that Nick accidentally covered in the
31:54
fail. So we're going to retouch it
31:56
again. We're going to elaborate a
31:57
little bit on it but Nick tweeted yesterday, I'm realizing
32:00
that I believed much more including Slow Bitcoin ization,
32:03
rather than hyper be going ization slow and steady
32:05
adoption. While we're in the race.
32:07
So I'm not going to ask Nick what he said during the fail.
32:10
But I'm going to ask him why he thinks that Nick?
32:12
What what makes you think that? What made you change?
32:16
Or would you all? Were you always kind of just
32:18
waiting and see you never bought the idea of hyper Bitcoin
32:21
ization. So like explain your logic, my
32:26
favorite reaction was there were a few dot eats that were labeled
32:31
me. Labeling this tweet as cope, I
32:35
found that really really funny because they think that The
32:39
Narrative of hyper Bitcoin ization is the one and only
32:43
narrative that all bitcoiners for all X have ever gone with
32:47
and have to go with in the future, which is pretty
32:50
ridiculous. To answer your question though.
32:52
I've never believed in a hyper Bitcoin ization scenario, but I
33:01
will say That when the article was written many years ago, it
33:05
was speculative. It was also theoretical.
33:09
And it was also a forecast as well.
33:14
That adoption would keep going for this thing that had very
33:18
little adoption. At the time, I believed hyper
33:20
bit quantization was written in 2012 or 13 or 14.
33:23
So it was a really, really long time ago.
33:27
I've never believed in this idea that we would just rapidly go to
33:32
Bitcoin future, you know right away my book.
33:36
Covers this, how I explain that gold has unraveled as a many
33:43
thousand years story. And in the monetary systems
33:46
perspective, seven eight hundred year story there.
33:50
Bitcoin story is going to take decades.
33:54
I think that's very it's always been obvious to me that
33:58
something like this will take a long time to unravel.
34:02
Ville as well as the fact that we have one of the first things
34:06
that attracted me to bitcoin was, when I started to
34:10
understand the discrepancy between the amount of Assets in
34:14
the world and the amount of safe Assets in the world.
34:19
So that's like looking at the US Treasury Market, which is today
34:23
at 30 trillion, but the total assets if you include stocks,
34:28
bonds, and property let's say is something like half of One
34:32
quadrillion. So you know at least 10 times
34:36
the size of the safe asset base is the total asset base.
34:40
Now with gold being only one third of the treasury asset base
34:46
it makes Bitcoin which is a fraction of gold.
34:51
It makes Bitcoin to me. An obvious play to reach gold at
34:57
the very minimum. That there's so many Assets in
35:00
the world that when they get demonetized, this something
35:05
sailor talks about D. Monetizing stocks D monetizing
35:09
property, that money finds its way out of assets that were
35:14
previously held only for their monetary purpose, not for their
35:18
real purpose which is voting rights in companies, productive,
35:23
land, all these things It makes Bitcoin very obvious to me, this
35:28
was my original Bitcoin thesis in 2016 toward the mr.
35:33
Popular Bitcoin. Iran Twitter, his work from 2013
35:37
to 2015 was the stuff that I've been judged in 2016 when I was
35:42
falling down the rabbit hole as well as Adam back and, and
35:46
things like that. So I've always believed in slow
35:50
Bitcoin ization. I think it's easier to talk
35:54
about now. Because I've never used the,
35:57
I've never used the word hyper bit quantization in any of my
36:01
written material. I think that should also explain
36:04
to people readers or new people that are finding my work.
36:08
For the first time that this is not something that I've, you
36:11
know, been married to. I'm much more in this slow and
36:15
steady camp. And I think that every like the
36:18
Canadian truckers and the Russia, Ukraine crisis are both
36:21
perfect examples of how it hits heads you know.
36:25
The mainstream news headline news that Bitcoin is being used
36:29
for Canada Bitcoins being used in the Eastern European war and
36:32
then what happens? This Bitcoin go up by a hundred
36:35
percent, does it go to a million dollars?
36:38
Do you know, 50 countries, adopt Bitcoin as legal tender in the
36:42
next 30 days? No, none of that stuff happens.
36:46
In fact the price cannot even be correlated to anyone
36:49
geopolitical event ever. So how do we, how is that I per
36:53
Bitcoin ization? not it's just slow and steady
36:57
and maybe I'll be wrong when we, you know, somebody said, oh
37:02
you're you're you're not understanding that the hyper
37:07
Bitcoin ization is basically one day in the future to the next
37:11
day we're okay. It happened in the most rapid
37:15
way that it could have well. Okay, maybe I'll be wrong in a
37:19
few years. If we go from, you know, one
37:22
speed to the next. But I just I just view this as a
37:24
long journey, Phil, I think. Yeah, I think, you know, you
37:29
bring up a really good point about hyper Bitcoin ization
37:31
because for me, every single time I saw that turn my, I came
37:34
into Bitcoin Late 2016 and I had only heard that term maybe a
37:38
year or so later. And and for me, I never really,
37:42
I feel like it's very much subject to interpretation.
37:45
Like, I feel like the Hopi. Mm, I'm sorry to say it this
37:48
way, but like the Hopi, mm sellers right.
37:49
They want us to think that hyper Bitcoin ization is this like
37:53
turn of a switch or this this moment in time where everything
37:57
else changes and all of a sudden, we go forward.
38:00
But to your point, I feel like Maybe it's just a poor way to
38:05
use that word, but all of this is Bitcoin ization, right?
38:09
All of these little steps, what you just talked about, you know,
38:11
Ukraine and Russia, the China ban, you know until coming to
38:15
the table and providing you know starting to create a starting to
38:18
build their second generation my minor like to me that like I
38:24
don't know, I guess I've always I've always just kind of stayed
38:28
away from trying to define a timeline because I'm really, I'm
38:32
really knowledgeable about the That my timelines are going to
38:36
be biased based on my incentives and and my desire.
38:41
Absolute. Yeah.
38:41
And think of me think about the fact that you know, to defend
38:46
the hyper Bitcoin ization narrative, which you say is up
38:49
for interpretation. If we think about monetary human
38:53
history as a 5,000-year story if Bitcoin rapidly achieves money
38:58
in 20 years, that counts as hyper Bitcoin ization.
39:02
Because 20 years in a 5,000 years, Story is pretty fucking
39:05
fast. So, you know, so I, you know,
39:09
you do have to put it in context and it is a descriptive.
39:14
It's just a way to describe an adoption cycle and I support,
39:19
you know, the concepts in it, but maybe if we want to put a
39:23
timeline on it, if you want to describe hyper as something that
39:27
happens within months or a year, it's it's not something that I
39:32
necessarily believe it. Absolutely agreed.
39:35
I love the way that you explained it Nick.
39:37
I can't help. But to think when, so when you
39:41
were describing the process, right?
39:45
Look there's going to be definitely value from other
39:48
assets to bitcoin, right? Like you said.
39:51
But I think in the process I think that really takes away.
39:54
Power from governments, right? What are your thoughts on that?
39:59
Because you were describing that and then that just was like a
40:01
red flag in my head, right? So the bond Market.
40:04
You said it was no 30 trillion dollar.
40:07
What did you say was the the US Treasury Market is 30 trillion
40:12
and then the u.s. Total Bond Market is about
40:15
double that 60 trillion and the global Bond markets about 100
40:19
children and I'm going to make this, I'm going to Define it
40:22
like a pleb, Nick. So feel free to correct me but
40:24
I'm so you know, bonds are one of the ways that the u.s.
40:27
government raises money is that correct to say that?
40:30
Yes. And clearly right Bitcoin.
40:34
Provides a better solution for people trying to store value.
40:39
So would it be a stretch to say that it's a threat to the bond
40:44
market? It takes away, it takes away
40:46
power, right? Because this is how the US
40:48
government raises money. If people decide to put their
40:51
money in Bitcoin instead, wouldn't you say that's a
40:54
threat. How our governments are
40:56
responding to that. And how do you see this playing
40:58
out? Yes.
40:59
So if Bitcoin people choose Bitcoin, or Chester's choose
41:04
Bitcoin over government bonds whether their us treasuries or
41:09
German Boons, Etc. That does pose a threat to
41:14
governments because it impacts their ability to finance
41:17
themselves. We are not seeing that today in
41:23
any material way. I would say at the institutional
41:28
level where let's say, you know, the US Treasury auctions over
41:33
100 billion of gross securities every week.
41:40
And that includes bills all the way out to 30, you know, seven
41:44
day bills all the way out to 30-year bonds.
41:48
So that volume, let's say the the gross issuance in a month
41:56
from from the treasury Department, Mike equal the
41:59
entire market cap of Bitcoin which is you know like seven
42:03
hundred billion eight hundred billion, right?
42:06
So they're just not in the same ballpark yet and that listen I'm
42:14
long Bitcoin. I'm long Bitcoin personally
42:17
ended my career. So I think this is the direction
42:20
we're going. But when you want to have the
42:23
conversation about Bitcoin, and its store of value advantages,
42:28
taking away from the US, government's ability to finance
42:31
it, financed itself, we just are not there yet.
42:35
We're not there any time in the next couple of years, either
42:38
from the US government's perspective.
42:40
So, but it's not something to ignore and I'm not dismissing
42:43
your question. It's just materially, it's not
42:47
there, it's the same. Reason Nico.
42:49
Why Russia is not going to be using Bitcoin only to replace
42:54
Swift tomorrow? It's not.
42:56
It's already made you know, a minimum of eight years of
43:00
preparations. And actually if you go back to
43:03
the China agreement, bilateral you have 12 years of
43:06
preparation. That Russia you know is doing
43:10
for to avoid Swift sanctions and the dollar and it's not Bitcoin,
43:15
okay? That doesn't mean that some
43:17
oligarchs. Buying Bitcoin Russian citizens,
43:20
or the government's thinking about mining Bitcoin or
43:23
accumulating it it's probably doing all of that, but it's not
43:27
ready to step in today for the rails for cross-border finance.
43:31
Holy may, be marginally, but not wholly.
43:33
In the same thing, is for the Government Bond question that
43:37
you're asking, why would you say it's not ready?
43:40
Is it more? So, because the necessary
43:42
infrastructure isn't there, or is it more of a straight
43:46
infrastructure is solid infrastructure.
43:48
Sure, is solid, the size, isn't there?
43:51
Now, just because Bitcoin is a 800 billion in market.
43:55
Cap doesn't mean that there's 800 billion of Bitcoin to use
43:59
for cross-border payments. A lot of Bitcoin has been lost,
44:02
a lot of it is held tightly, a lot of it is on exchanges and
44:06
very little bit is in the free float.
44:09
Clark Moody might have it on the dashboard.
44:11
I'm not sure. You know what the what the float
44:14
is, you know right now but it's It's a very small portion of
44:20
Bitcoin, okay? That can actually be used to
44:24
transact. And so, for cross-border
44:26
payments to happen with Russia and other countries, Russia, and
44:29
those countries would have to go acquire the Bitcoin and then
44:33
start using it, and that would drive the price way up.
44:37
So it's a bullish Catalyst for Bitcoin.
44:39
This is something I'm going to publish about in the next couple
44:42
days. People are think saying, oh,
44:45
Bitcoin can't step in today. That's bearish for Bitcoin.
44:48
It's super bullish because it means that they haven't taken
44:53
advantage of those rails yet. And so, the marginal Trader will
44:58
be a buyer, not a seller as it tries to, you know, make its way
45:02
into that Network. So it can use it.
45:04
So I hope that answers your question.
45:05
Yeah, phenomenal answer. So Nick you said something very
45:08
interesting as well, right? Where the US treasuries issuing,
45:13
what was the the monetary number?
45:16
Yeah, so there's two numbers. A there's net and gross, the net
45:20
number that the treasury issues is how much the debt goes up by
45:24
every week or every month. The gross number is how much
45:27
they physically issue. And we offset, we offset that
45:31
against what has matured and that's where the net number
45:35
comes from. So every day, there's treasury
45:38
debt. That's maturing and the
45:40
government has to pay back the bondholders, but then every
45:43
week, they're also, you know, borrowing the money back.
45:46
So a lot of that money that they borrow Just goes to pay maturity
45:50
and then the excess is introduced into the supply.
45:54
So we have twenty to fifty billion dollar auction sizes, /
46:02
Bill note meaning you know, one month, Bill to month, Bill
46:06
three-month, Bill six-month Bill 12-month.
46:09
Build two year, Note, 3 or Note 5 your notes.
46:11
Seven-year note 10-year note, 20-year Bond, 30-year Bond each
46:14
one of those issues. Is the bills on a weekly basis
46:20
and the shorter ones on a weekly basis and then the longer ones
46:24
on a monthly or quarterly basis are issued 2050, 2050 billion
46:28
all the time so you're getting numbers that can total up to
46:34
Bitcoins market cap in Gross issuance in one month from the
46:38
treasury. If they issued 700 billion
46:41
dollars of Treasury bonds, even if they've had 500 million in
46:45
maturing that still 700 billion of Paper that they've printed in
46:50
one month and it just, it Bitcoin is so tiny relative to
46:57
these numbers that were saying, I sat on a treasury trading
47:00
desk. That's my background.
47:01
So I got to see these issues in real time and just kept thinking
47:06
about how really small Bitcoin is still.
47:10
Today, there's so much way to go.
47:12
So Nick, the question that I was going to ask you is we know that
47:16
not even the biggest Sovereign wealth funds, whether it's in
47:20
the region, Sovereign, wealth. They don't have the money to be
47:23
buying all that. So, the question is, who's
47:24
buying that the FED is? Buying that, right?
47:26
The FED is buying those bonds. Am I correct to say that?
47:30
Yes, the FED owns right now about six plus trillion of
47:38
Treasury Securities. So, like 1/5 of the I'm just
47:44
roughly saying about 1/5 of the float, and in terms of Then than
47:53
the net marginal, buyer of treasuries.
47:56
It's been only the FED for the last few years as you know, the
48:03
treasury issues, all this debt and then the FED buys it through
48:06
QE. It's a way of monetizing the
48:09
debt. In an indirect way, it's one of
48:11
the things that offended me most as an economics student in 2010.
48:16
When my professors trying to tell me that the that QE is not
48:20
monetizing the debt when I Can see the actual identifier being
48:25
issued by the treasury. Two weeks later being purchased
48:28
by Goldman Sachs and then, and then being purchased by the fed
48:33
from Goldman Sachs through open market operations and that's how
48:37
quantitative easing works. So, yes, the FED is one of the
48:42
largest buyers and when they do step away, this is now a little
48:46
bit of technical bond market stuff.
48:50
But when the FED steps away it in, Increases the net amount of
48:54
treasuries that have to land in private hands.
48:57
The private hands, meaning the investment Universe, when they
49:01
take those treasuries on, they actually have no problem taking
49:06
them on as long as the yield is high enough and that purchase of
49:13
treasuries, instead of the rest of the risk Market actually can
49:18
affect prices of other things. And so I know it's a little
49:23
tangent there, but when the FED steps away, Those treasuries,
49:28
they don't go unpurchased, they get purchased, but what gets
49:32
unpurchased everything else and so risk?
49:35
Prices are in Jeopardy when the FED steps away.
49:38
And that's a flow, that's a flow issue here, and a little
49:42
technical, but it's very important.
49:45
So, an accounting that's kosher right this mechanism that they
49:48
have to buy, you know, by the things that they're issuing.
49:53
But the way that I see is a little bit of black magic,
49:56
right? Was it there's really no buyer
49:58
of these bonds there. It's like as if the analogy that
50:02
I want to make it's like in the Monopoly game.
50:05
It's like as if the bank was a player and one of the rules that
50:07
it says, in the monopolies, the bank never runs out of money,
50:10
right? So I want to say something
50:12
though, Nico because it's very your bring up a very important
50:15
point. But I will say, the point, the
50:18
reason I bring out the chain reaction is because we don't
50:24
actually know the answer to that if the FED steps away.
50:28
I believe everybody ends up buying us, treasuries and not
50:34
everything else, meaning not stocks, not corporate bonds, not
50:37
high-yield, not emerging market, stocks not Emerging Market
50:41
currencies, the lack of liquidity, from the FED creates
50:45
a fear complex that drives people into treasuries and away
50:49
from risk assets. So we will, I don't think we'll
50:53
ever know because whenever the FED steps away risk, Prices
50:57
crash and US, Treasury prices go up in in all of that liquidity
51:04
crisis. So it's why the FED will never
51:08
step away. It's why the dollar is
51:11
permanently in disrepair. That's what I talked about in
51:14
layered money and it's why Bitcoin is the sensible long
51:19
position over a long period time period because the dollar is
51:24
dying a slow death because the FED can never step away.
51:28
So this is a, first of all, is a fascinating conversation, I'm
51:32
really enjoying it. Thank you, Nick.
51:34
So Nick, it will, there ever be a time in, you know, you
51:39
emphasize the fact that all clearly not now or in the, you
51:42
know, the recent future or, you know, the next couple of years.
51:47
But how will this transition happen?
51:50
How will these big giant financial institutions?
51:54
You know, because it's what you said, right at the bonds are the
51:57
PowerPoint or the stability of the financial world that.
52:00
So people see bonds, how do you ever see that changing in the
52:04
future? I know it's very hard to see it
52:05
right now, like it was very difficult to see ten years ago
52:08
that Bitcoin will become legal tender of a sovereign country.
52:11
Right? But, you know, and we are
52:13
getting into speculation territory but how do you see
52:17
that transition playing out? Nick like how, you know in your
52:20
mind? You know, you clearly you have
52:22
experience in this. Do you see it ever happening?
52:26
What needs to change? JH, etc.
52:28
Etc. Right now, the importance of
52:33
government bonds in The Current financial system and the rails.
52:37
It's something that's not going away anytime soon.
52:41
And it is why I talk about Bitcoin adoption happening at
52:44
the margin because you have, you'll have smaller countries,
52:47
add Bitcoin to their reserves and those reserves are were
52:52
previously held in US Treasury Securities.
52:56
So that Type of activity, is what I'm looking toward.
53:01
Not necessarily looking for Citibank to start housing,
53:05
Bitcoin. They're just not going to,
53:09
because especially the American bangs European banks that are
53:12
primary dealers. They are primary dealers because
53:16
the word primary means, they are obligated to show up at the
53:19
treasury auctions and the primary market and engage with
53:24
the trick with the fed and the investing public to deal those
53:31
treasuries their dealers and they are in the primary market.
53:34
So as long as we have primary dealers, And this, you know,
53:41
Trio of the fed the treasury and the primary dealers working
53:45
their magic in your, their black magic.
53:46
As you say, they're just it's just going to be status quo.
53:51
You'll look at the Bitcoin price for the signal as to how the
53:55
rest of the world is viewing that status quo, but that status
53:58
quo isn't going away, it's going to keep going.
54:01
The Bitcoin price is going to be our signal that.
54:04
I love that. That's fascinating.
54:06
Nick, we're running out of time, so I want to hit you with one.
54:08
Last question, which is and and you said this to me, when we had
54:12
her long format style podcast and I thought it was
54:14
fascinating. You said that central banks
54:18
reaction to bitcoin was Central Bank, digital currencies, could
54:23
you elaborate a little bit on that?
54:26
Yes, Bitcoin is an innovation that we've never seen before, as
54:32
a human society, right? It has taken value and made it
54:36
scarce and digital at the same time.
54:39
That's not something that's ever existed.
54:40
Before when the world woke up, to this, this fact over, let's
54:47
say from 2010 to 2013, Bitcoin had its first entrance to the
54:54
mainstream Each or people recognize that this is a new
54:58
technology, maybe early stages of the internet potential and
55:04
central banks and Banks woke up and said there's something going
55:09
on here that we didn't in innovate.
55:11
We didn't create it but it is it is a threat to us.
55:16
It's an it's an existential threat right now but it's there.
55:20
People are into digital money that's digitally native and they
55:26
Stand to the tune of ten billion dollar market cap at the time.
55:29
They understand that it's not the same thing as your iPhone
55:34
deposit balance at Wells. Fargo, those are not the same
55:39
type of digital money central banks.
55:43
The bank of England is where the first speech came out of they
55:46
recognized that, this was the case.
55:49
And so they had to do, basically, a PR campaign for
55:55
themselves, To continue their relevancy in going into the
56:01
future. So they said we'll still Bitcoin
56:04
as a framework, modernize our financial infrastructure, but it
56:09
won't be anything like Bitcoin. We won't even, we won't even
56:13
reference, it will call it something else.
56:16
We'll use private Solutions and we'll pretend like, Bitcoin
56:21
doesn't matter. Because we have this new thing
56:24
that we'll try out. So Yeah, Bitcoin, Bitcoin
56:29
success, early success sparked, a fear in central banks that
56:34
made them have to do something. And we still don't know the
56:37
final form that it will take, but there's plenty of speeches
56:40
and papers that have been written over the last several
56:43
years, about CDC. Absolutely, the FED just
56:46
release, it was like a 40 page document we covered on the show.
56:50
Nick, how last question, how will this play out the battle
56:53
between cvtc's and Bitcoin? I think it will play out in a
56:59
market-driven way. I said that the price will
57:02
reflect the situation. I still believe that we are
57:08
heading into, not heading into L, say we are in a multipolar
57:12
world. Now this is the new geopolitical
57:15
framework that we all have to go with.
57:17
It's not us only, it's not u.s. versus China.
57:21
It's it's everybody for themselves and I'll plug GOP.
57:26
Called strategist and friend of mine, real quick.
57:28
His name is Mark, koep a pitch Pap.
57:31
I see he gave a great interview this week about the Russia
57:34
situation. He's reminding us that the
57:37
Huawei situation where the United States is trying to get
57:40
countries around the world to ban Chinese 5G technology
57:44
because of this bipolarity that the u.s. thinks it's in, they
57:48
barely got anybody to go along with it.
57:50
So the US has no pull on the global stage anymore.
57:55
China is. Is up against a lot of issues,
57:59
domestically demographic issues energy issues, their Advance on
58:04
the global stage is probably done for the next several years
58:07
according to Marco and that, and then you bring in Putin trying
58:12
to flex his muscles. We are in a multipolar world and
58:16
so in a multipolar world, Any country that adopts Bitcoin is a
58:24
win for Bitcoin, because it's not going to have this equal and
58:28
opposite reaction from a bipolar world.
58:32
And so the again it at the margin, the advance just keeps
58:36
happening and over a long enough time Horizon, Bitcoin starts
58:41
challenging, you know, first it'll be the Yen, then it'll be
58:45
the Renminbi, then it'll be the pound, then it'll be the Euro.
58:49
And all of a sudden you'll The dollar and Bitcoin on equal
58:54
footing, in terms of who's using what rail across the world over
58:59
over the next course of many, many years.
59:01
Fascinating. Thank you so much Nick.
59:03
But Phil there was an open source software released today,
59:07
why don't you tell everybody about it software releases?
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in the show notes. Guys don't forget we release
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every episode in audio only as well.
59:39
Don't forget to check us out on Apple podcast, Spotify, and
59:43
anchor, awesome. Thank you, Phil.
59:45
All right, guys, that was the show but before we go, I want to
59:48
give a very special shout out. To our awesome guest, he is the
59:53
author of layered money in the book.
59:56
He takes you into the origins of how money has evolved to
1:00:00
function and a layered manner. Very cool.
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I also want to give a very special shout-out to our
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awesome. Sponsor rep heart.com, Phil and
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Definitely consider subscribing to Simply Bitcoin and we'll see
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you when we get back from Vegas, guys.
1:00:28
On Tuesday to quote, our awesome guest, the dollar is dying a
1:00:32
slow death because the FED can't walk away.